<SEC-DOCUMENT>0001062993-18-001429.txt : 20180330
<SEC-HEADER>0001062993-18-001429.hdr.sgml : 20180330
<ACCEPTANCE-DATETIME>20180330160539
ACCESSION NUMBER:		0001062993-18-001429
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20180530
FILED AS OF DATE:		20180330
DATE AS OF CHANGE:		20180330

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:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36204
		FILM NUMBER:		18726197

	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>PRE 14A
<SEQUENCE>1
<FILENAME>pre14a.htm
<DESCRIPTION>PRE 14A
<TEXT>
<HTML>
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   <TITLE>Energy Fuels Inc. - Schedule PRE14A - 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=center><B><FONT size=5>UNITED STATES </FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR>Washington, DC 20549
</P>
<P align=center><B><FONT size=5>SCHEDULE 14A</FONT></B></P>
<P align=center>Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (No. ___) </P>
<P align=left>Filed by the Registrant [X] <BR>Filed by a Party other than the
Registrant [&nbsp;&nbsp; ] <BR></P>
<P align=left>Check the appropriate box: </P>
<P align=left>[X] Preliminary Proxy Statement <BR>[&nbsp; &nbsp;]
<B>Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2)) </B><BR>[&nbsp; &nbsp;] Definitive Proxy Statement <BR>[&nbsp;
&nbsp;] Definitive Additional Materials <BR>[&nbsp; &nbsp;] Soliciting Material
Pursuant to &#167;240.14a -12 <BR></P>
<P align=center><B><U><FONT size=5>ENERGY FUELS INC.</FONT></U></B><BR>(Name of
Registrant as specified in its charter) </P>
<P align=center><B><U>Not Applicable</U></B><BR>
  (Name of Person(s)
Filing Proxy Statement), if other than Registrant) <BR></P>
<P align=justify>Payment of Filing Fee (Check the appropriate box): </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>[X] </TD>
    <TD align=left width="95%" >No fee required. </TD></TR>
  <TR vAlign=top>
    <TD align=left>[&nbsp;&nbsp; ] </TD>
    <TD align=left width="95%" >Fee computed on table below per
      Exchange Act Rules 14a-6(i)(1) and 0-11. </TD></TR></TABLE>
<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>Title of each class of securities to which transaction
      applies:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Aggregate number of securities to which transaction
      applies:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Per unit price or other underlying value of transaction
      computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which
      the filing fee is calculated and state how it was determined): </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >(4) </TD>
    <TD >
      <P align=justify>Proposed maximum aggregate value of transaction:
  </P></TD></TR></TABLE>
<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>Total fee paid:</P></TD></TR></TABLE>
<P align=justify>[&nbsp; &nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fee paid
previously with preliminary materials. <BR>[&nbsp;
&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check box if any of the fee is offset as
provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the
offsetting fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing. </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>Amount Previously Paid:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Form, Schedule or Registration Statement No.:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Filing Party:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Date Filed:</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center><IMG src="lrglogo.jpg" border=0 width="208" height="125"> </P>
<P align=justify>&nbsp;</P>
<P align=center><B>ENERGY FUELS INC. </B></P>
<P align=center>&nbsp;</P>
<P align=center><B>NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS
</B><BR><B>TO BE HELD ON WEDNESDAY MAY 30, 2018 </B><BR></P>
<P align=center>&nbsp;</P>
<P align=center><B>MANAGEMENT INFORMATION CIRCULAR </B><BR><B>____,
2018</B><BR></P>
<P align=center>&nbsp;</P>
<P align=center>1</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>&nbsp;<BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=6 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left rowSpan=4>
    <IMG src="mdlogo.jpg" border=0 width="149" height="99"></TD>
    <TD align=center width="50%"><B>ENERGY FUELS INC.</B> </TD>
    <TD align=center width="25%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center width="50%"><B>NOTICE OF ANNUAL AND SPECIAL MEETING</B>
    </TD>
    <TD align=center width="25%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center width="50%"><B>OF SHAREHOLDERS TO BE HELD ON</B> </TD>
    <TD align=center width="25%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="50%"><B>WEDNESDAY, MAY 30, 2018</B> </TD>
    <TD align=center width="25%">&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><B>TO THE HOLDERS OF COMMON SHARES:</B> </P>
<P align=justify>Notice is hereby given that an annual and special meeting (the
&#147;<B>Meeting</B>&#148;) of the holders of common shares of <B>Energy Fuels Inc.
</B>(the &#147;<B>Corporation</B>&#148;) will be held at the Corporation&#146;s offices at 225
Union Blvd., Suite 600, Lakewood Colorado, USA, 80228 on Wednesday, May 30, 2018
at 10:00 am (Mountain time) for the following purposes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>to elect directors of the Corporation;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>to appoint the auditors of the Corporation and to
      authorize the directors to fix the remuneration of the auditors;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>to consider and, if deemed appropriate, pass an ordinary
      resolution approving the amendment and extension of the Corporation&#146;s
      Shareholder Rights Plan for a three-year term, as more particularly
      described under &#147;<I>Particulars of Matters to be Acted Upon at the Meeting
      &#150; Amendment and Extension of Shareholder Rights Plan of the Corporation&#148;
      </I>in the accompanying management information circular (the
      &#147;<B>Circular</B>&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>to consider and, if thought advisable, to pass an
      ordinary resolution ratifying and approving the Corporation&#146;s 2018 Omnibus
      Equity Incentive Compensation Plan for a further three-year term, as more
      particularly described under &#147;<I>Particulars of Matters to be Acted Upon
      at the Meeting &#150; Ratification and Approval of 2018 Omnibus Equity
      Incentive Compensation Plan for a Further Three-Year Term</I>&#148; in the
      Circular;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>to consider and, if thought advisable, to pass an
      ordinary resolution ratifying and approving a consulting arrangement, and
      approving the issuance of common shares as compensation thereunder, as
      more particularly described under &#147;<I>Particulars of Matters to be Acted
      Upon at the Meeting &#150; Approval of Consulting Arrangement</I>&#148; in the
      Circular; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>to transact such other business as may properly be
      brought before the Meeting or any adjournment
thereof.</P></TD></TR></TABLE>
<P align=justify>The accompanying Circular provides additional information
relating to the matters to be dealt with at the Meeting and forms part of this
Notice. </P>
<P align=justify>The Corporation has elected to use the notice-and-access
provisions under National Instrument 54-101 &#150; <I>Communication with Beneficial
Owners of Securities of a Reporting Issuer</I> (the &#147;<B>Notice-and-Access
Provisions</B>&#148;) and the applicable rules of the United States Securities and
Exchange Commission (the &#147;<B>SEC</B>&#148;) for the Meeting. The Notice-and-Access
Provisions are a set of rules developed by the Canadian Securities
Administrators that reduce the volume of materials that must be physically
mailed to shareholders by allowing the Corporation to post the Circular and any
additional materials online. Shareholders will still receive this Notice of
Meeting and a form of proxy and may choose to receive a paper copy of (i) the
Circular; (ii) the Corporation&#146;s Annual Report on Form 10-K, together with any
document, or the pertinent pages of any document, incorporated therein by
reference, and/or (iii) the Corporation&#146;s audited financial statements for the
most recently completed financial year, together with the report of the auditor
thereon, and any interim financial statements of the Corporation subsequent to
the financial statements for the Corporation&#146;s most recently completed financial
year. The Corporation will not use the procedure known as 'stratification' in
relation to the use of Notice-and-Access Provisions. Stratification occurs when
a reporting issuer using the Notice-and-Access Provisions provides a paper copy
of the Circular to some shareholders with this notice package. In relation to the Meeting, all
shareholders will receive the required documentation under the Notice-and-Access
Provisions, which will not include a paper copy of the Circular. </P>
<P align=center>2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=justify>Please review the Circular carefully and in full prior to
voting, as the Circular has been prepared to help you make an informed decision
on the matters to be acted upon. The Circular is available on the website of the
Corporation&#146;s transfer agent, AST Trust Company, Inc. at
www.meetingdocuments.com/astca/EFR, and under the Corporation&#146;s SEDAR profile at
www.sedar.com and on EDGAR at www.sec.gov. Any shareholder who wishes to receive
a paper copy of the Circular, should contact AST Trust Company, Inc., at
1-888-433-6443 or fulfilment@astfinancial.com. Shareholders may also use the
toll-free number noted above to obtain additional information about the
Notice-and-Access Provisions. </P>
<P align=justify>Shareholders who cannot attend the Meeting in person may vote
by proxy. Instructions on how to complete and return the proxy are provided with
the proxy form and are described in the Circular. To be valid, proxies must be
received by AST Trust Company, Inc. by mail at c/o Cover-All, P. O. Box 721,
Agincourt, Ontario, Canada, M1S 0A1 or by fax to 1-866-781-3111 (toll-free) or
416-368-2502 or by email to proxy@astfinancial.com, or by telephone to
1-888-489-7352, no later than 10:00 a.m. (Toronto time) on May 28, 2018, or if
the Meeting is adjourned, no later than 10:00 a.m. (Toronto time) on the last
business day preceding the day to which the Meeting is adjourned. </P>
<P align=justify>Dated at Lakewood, Colorado, USA this __ day of _____, 2018.
</P>
<P align=justify>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>BY ORDER OF THE BOARD</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 align=left width="50%">(Signed) &#147;Mark S. Chalmers&#148; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">President and Chief Executive Officer
  </TD></TR></TABLE>
<P align=center>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=center><B>MANAGEMENT INFORMATION CIRCULAR OF ENERGY FUELS INC.
</B><BR><B>(the &#147;Circular&#148;) </B><BR></P>
<P align=center><B>TABLE OF CONTENTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_7">APPOINTMENT
      AND REVOCATION OF PROXIES </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_7">1
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_7">VOTING
      OF SHARES REPRESENTED BY MANAGEMENT PROXIES </A></TD>
    <TD align=right width="5%" ><A
      href="#page_7">1
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_8">VOTING
      BY NON-REGISTERED SHAREHOLDERS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_8">2
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_9">DISTRIBUTION
      OF MEETING MATERIALS TO NON-OBJECTING BENEFICIAL OWNERS </A></TD>
    <TD align=right width="5%" ><A
      href="#page_9">3
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_9">VOTING
      SECURITIES AND PRINCIPAL HOLDERS OF VOTING SECURITIES </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_9">3
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_9">PARTICULARS
      OF MATTERS TO BE ACTED UPON AT THE MEETING </A></TD>
    <TD align=right width="5%" ><A
      href="#page_9">3
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_9">Proposal
      1 - Election of Directors </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_9">3
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_15">Proposal
      2 - Appointment of Auditors </A></TD>
    <TD align=right width="5%" ><A
      href="#page_15">9
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_15">Proposal
      3 &#150; Amendment and Extension of Shareholder Rights Plan </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_15">9
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_16">Objectives
      and Background of the Rights Plan </A></TD>
    <TD align=right width="5%" ><A
      href="#page_16">10
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_17">Summary
      of the Rights Plan </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_17">11
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_20">Shareholder
      Approval </A></TD>
    <TD align=right width="5%" ><A
      href="#page_20">14
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_20">Proposal
      4 - Ratification and Approval of 2018 Omnibus Equity Incentive
      Compensation Plan for a Three-Year Term </A></TD>
    <TD align=right width="5%"  bgColor=#eeeeee ><A
      href="#page_20">14
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_20">Summary
      of Equity Incentive Plan </A></TD>
    <TD align=right width="5%" ><A
      href="#page_20">14
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_21"><I>Common
      Shares Issuable Pursuant to the Equity Incentive Plan</I> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_21">15
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_21"><I>Types
      of Awards</I> </A></TD>
    <TD align=right width="5%" ><A
      href="#page_21">15
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_23"><I>Assignability</I>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_23">17
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_23"><I>Cessation
      of Awards</I> </A></TD>
    <TD align=right width="5%" ><A
      href="#page_23">17
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_23"><I>Corporate
      Reorganization and Change of Control</I> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_23">17
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_24"><I>Amending
      the Equity Incentive Plan</I> </A></TD>
    <TD align=right width="5%" ><A
      href="#page_24">18
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_26">Awards
      Granted under the Equity Incentive Plan Prior to the Date hereof </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_26">20
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_28">Proposal
      5 - Approval of Share Issuances Pursuant to Consulting Arrangement </A></TD>
    <TD align=right width="5%" ><A
      href="#page_28">22
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_30">EXECUTIVE
      OFFICERS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_30">24
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_32">EXECUTIVE
      COMPENSATION </A></TD>
    <TD align=right width="5%" ><A
      href="#page_32">26
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_32">Compensation
      Governance </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_32">26
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_34">Compensation
      Committee Interlocks and Insider Participation </A></TD>
    <TD align=right width="5%" ><A
      href="#page_34">28
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_34">Compensation
      Discussion and Analysis </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_34">28
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_34">Objectives
      of the Compensation Program </A></TD>
    <TD align=right width="5%" ><A
      href="#page_34">28
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_34">Elements
      of Compensation </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_34">28
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_34">Determination
      of Compensation </A></TD>
    <TD align=right width="5%" ><A
      href="#page_34">28
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_36">Performance
      Goals </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_36">30
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_38">Performance
      Graph </A></TD>
    <TD align=right width="5%" ><A
      href="#page_38">32
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_40">Equity
      Incentive Awards </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_40">34
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_40">Summary
      Compensation Table </A></TD>
    <TD align=right width="5%" ><A
      href="#page_40">34
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_42">Incentive
      Plan Awards </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><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>
<A name=page_6></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_42">Outstanding
      Share-Based Awards and Option-Based Awards </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_42">36
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_43">Incentive
      Plan Awards &#150; Value Vested or Earned </A></TD>
    <TD align=right width="5%" ><A
      href="#page_43">37
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_43">Pension
      Plan Benefits and Deferred Compensation Plans </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_43">37
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_43">Employment
      Agreements and Termination and Change of Control Benefits </A></TD>
    <TD align=right width="5%" ><A
      href="#page_43">37
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_46">Compensation
      Committee Report </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_46">40
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_47">Director
      Compensation </A></TD>
    <TD align=right width="5%" ><A
      href="#page_47">41
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_47">Director
      Compensation Table </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_47">41
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_47">Retainer
      and Meeting Fees </A></TD>
    <TD align=right width="5%" ><A
      href="#page_47">41
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_48">Incentive
      Plan Awards </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_48">42
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_48">Outstanding
      Share-Based Awards and Option-Based Awards as at December 31, 2017 </A></TD>
    <TD align=right width="5%" ><A
      href="#page_48">42
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="#page_49">Incentive
      Plan Awards &#150; Value Vested or Earned During the 12-Month Period Ended
      December 31, 2017 </A></TD>
    <TD align=right width="5%"  bgColor=#eeeeee ><A
      href="#page_49">43
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_49">Share
      Ownership Requirement </A></TD>
    <TD align=right width="5%" ><A
      href="#page_49">43
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_49">Securities
      Authorized For Issuance under Equity Compensation Plans </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_49">43
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_50">2015
      Omnibus Equity Incentive Compensation Plan </A></TD>
    <TD align=right width="5%" ><A
      href="#page_50">44
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_50">Summary
      of Equity Incentive Plan </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_50">44
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_52"><I>Amending
      the Equity Incentive Plan</I> </A></TD>
    <TD align=right width="5%" ><A
      href="#page_52">46
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_53">Uranerz
      Replacement Options </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_53">47
      </A></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=right width="5%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_53">SECURITY
      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
      STOCKHOLDER MATTERS </A></TD>
    <TD align=right width="5%"  bgColor=#eeeeee ><A
      href="#page_53">47
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_54">INTEREST
      OF MANAGEMENT &amp; OTHERS IN MATERIAL TRANSACTIONS </A></TD>
    <TD align=right width="5%" ><A
      href="#page_54">48
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_55">AUDIT
      COMMITTEE DISCLOSURE </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_55">49
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_56">Audit
      Committee Report </A></TD>
    <TD align=right width="5%" ><A
      href="#page_56">50
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_56">CORPORATE
      GOVERNANCE DISCLOSURE </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_56">50
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_57">Board
      Mandate </A></TD>
    <TD align=right width="5%" ><A
      href="#page_57">51
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_58">Position
      Descriptions </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_58">52
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_59">Orientation
      and Continuing Education </A></TD>
    <TD align=right width="5%" ><A
      href="#page_59">53
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_59">Ethical
      Business Conduct </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_59">53
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_60">Nomination
      of Directors </A></TD>
    <TD align=right width="5%" ><A
      href="#page_60">54
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_60">Term
      Limits </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_60">54
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_60">Board
      Diversity </A></TD>
    <TD align=right width="5%" ><A
      href="#page_60">54
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_61">Majority
      Voting Policy </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_61">55
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_61">Compensation
      Committee </A></TD>
    <TD align=right width="5%" ><A
      href="#page_61">55
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_62">Environment,
      Health and Safety Committee </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_62">56
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<A
      href="#page_62">Assessments
      </A></TD>
    <TD align=right width="5%" ><A
      href="#page_62">56
      </A></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>SCHEDULE &#147;A&#148; &#150; FORM 8-K REGARDING 2017
      CHANGE OF AUDITOR </TD></TR>
  <TR vAlign=top>
    <TD align=left>SCHEDULE &#147;B&#148; -- AMENDED AND RESTATED SHAREHOLDER RIGHTS
      PLAN AGREEMENT </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>SCHEDULE &#147;C&#148; &#150; 2018 OMNIBUS EQUITY
      INCENTIVE COMPENSATION PLAN </TD></TR>
  <TR vAlign=top>
    <TD align=left>SCHEDULE &#147;D&#148; &#150; CONSULTING AGREEMENT </TD></TR></TABLE>
<P align=center>ii </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<P align=center><IMG src="mdlogo.jpg" border=0 width="149" height="99"> </P>
<P align=center><B><FONT color=#ff0000>PRELIMINARY</FONT></B><BR><B>MANAGEMENT
INFORMATION CIRCULAR </B></P>
<P align=justify>The information contained in this management information
circular (&#147;<B>Circular&#148;</B>) is furnished in connection with the solicitation of
proxies to be used at the annual and special meeting of shareholders of Energy
Fuels Inc. (the &#147;<B>Corporation</B>&#148;) to be held at the Corporation&#146;s offices at
225 Union Blvd., Suite 600, Lakewood Colorado, USA, 80228 on Wednesday, May 30,
2018 at 10:00 am (Mountain time) (the &#147;<B>Meeting&#148;</B>), and at all adjournments
thereof, for the purposes set forth in the accompanying Notice of Meeting. It is
expected that the solicitation will be made primarily by mail but proxies may
also be solicited personally by directors, officers or regular employees of the
Corporation. <B>The solicitation of proxies by this Circular is being made by or
on behalf of the management of the Corporation. </B>The total cost of the
solicitation will be borne by the Corporation. </P>
<P align=justify>Except as otherwise indicated, information in this Circular is
given as of _______, 2018. </P>
<P align=center><B>APPOINTMENT AND REVOCATION OF PROXIES </B></P>
<P align=justify>The persons named in the form of proxy accompanying this
Circular are officers and/or directors of the Corporation.<B> A shareholder of the Corporation has the right to appoint a
person other than the persons specified in such form of proxy and who need not
be a shareholder of the Corporation to attend and act for the shareholder and on
the shareholder&#146;s behalf at the Meeting. </B>Such right may be exercised by
striking out the names of the persons specified in the proxy, inserting the name
of the person to be appointed in the blank space provided in the proxy, signing
the proxy and returning it in the reply envelope in the manner set forth in the
accompanying Notice of Meeting. </P>
<P align=justify>A shareholder of the Corporation who has given a proxy may
revoke it by an instrument in writing, including another completed form of
proxy, executed by the shareholder or the shareholder&#146;s attorney authorized in
writing, deposited at the registered office of the Corporation, or at the
offices of AST Trust Company, Inc. by mail to c/o Cover-All, P.O. Box 721,
Agincourt, Ontario, Canada, M1S 0A1 or by fax to 1-866-781-3111 (toll-free) or
416-368-2502 or by email to <U><FONT
color=#0000ff>proxy@astfinancial.com</FONT></U>, or by telephone to
1-888-489-7352, up to 10:00 a.m. (Toronto time) on the second business day
preceding the date of the Meeting, or any adjournment thereof, or with the Chair
of the Meeting prior to the commencement of the Meeting on the day of the
Meeting or any adjournment thereof, or in any other manner permitted by law.
</P>
<P align=center><B>VOTING OF SHARES REPRESENTED BY MANAGEMENT PROXIES </B></P>
<P align=justify>The persons named in the enclosed form of proxy will vote the
common shares in respect of which they are appointed by proxy on any ballot that
may be called for in accordance with the instructions thereon. If a shareholder
of the Corporation specifies a choice with respect to any matter to be acted
upon, the shares will be voted accordingly. <B>In the absence of such
instructions, such shares will be voted in favour of each of the matters
referred to herein. </B></P>
<P align=justify>The enclosed form of proxy confers discretionary authority upon
the persons named therein with respect to amendments to or variations of matters
identified in the Notice of Meeting and with respect to other matters, if any,
which may properly come before the Meeting. At the date of this Circular, the
management of the Corporation knows of no such amendments, variations, or other
matters to come before the Meeting. However, if any other matters which are not now known to management should properly
come before the Meeting, the proxy will be voted on such matters in accordance
with the best judgement of the named proxy holder.<B> </B> </P>
<P align=center>1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A>
<P align=center><B>VOTING BY NON-REGISTERED SHAREHOLDERS </B></P>
<P align=justify>Only registered shareholders or the persons they appoint as
their proxies are permitted to vote at the Meeting. However, in many cases,
common shares owned by a person (a &#147;<B>non-registered owner</B>&#148;) are registered
either (a) in the name of an intermediary (an &#147;<B>Intermediary</B>&#148;) that the
non-registered owner deals with in respect of the common shares (Intermediaries
include, among others, banks, trust companies, securities dealers or brokers and
trustees or administrators of self-administered registered savings plans,
registered retirement income funds, registered education savings plans and
similar plans); or (b) in the name of a clearing agency (such as The Canadian
Depository for Securities Limited in Canada (&#147;<B>CDS</B>&#148;), or The Depository
Trust Company in the United States) of which the Intermediary is a
participant.</P>
<P align=justify>In accordance with applicable laws, non-registered owners who
have advised their Intermediary that they do not object to the Intermediary
providing their ownership information to issuers whose securities they
beneficially own (&#147;<B>NOBOs</B>&#148;) will receive by mail: (i) a voting information
form which is not signed by the Intermediary and which, when properly completed
and signed by the non-registered holder and returned to the Intermediary or its
service company, will constitute voting instructions (often called a &#147;<B>Voting
Instruction Form</B>&#148;); (ii) a letter from the Corporation with respect to the
notice and access procedure; and (iii) the request for financial statements form
(collectively, the &#147;<B>Notice and Access Package</B>&#148;). The Circular and the
Notice of Meeting may be found at and downloaded from
<B>www.meetingdocuments.com/astca/EFR.</B></P>
<P align=justify>NOBOs who have standing instructions with the Intermediary for
physical copies of the Circular will receive by mail the Notice and Access
Package, the Circular and the Notice of Meeting.</P>
<P align=justify>Intermediaries are required to forward the Notice and Access
Package to non-registered owners who have advised their Intermediary that they
object to the Intermediary providing their ownership information (&#147;<B>OBOs</B>&#148;)
unless an OBO has waived the right to receive them. Very often, Intermediaries
will use service companies to forward proxy-related materials to OBOs.
Generally, OBOs who have not waived the right to receive proxy-related materials
will either: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>be given a form of proxy which has already been signed by
      the Intermediary (typically by a facsimile stamped signature), which is
      restricted as to the number and class of securities beneficially owned by
      the OBO but which is not otherwise completed. Because the Intermediary has
      already signed the form of proxy, this form of proxy is not required to be
      signed by the non-registered owner when submitting the proxy. In this
      case, the OBO who wishes to vote by proxy should otherwise properly
      complete the form of proxy and deliver it as specified; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>be given a Voting Instruction Form which the Intermediary
      must follow. The OBO should properly complete and sign the Voting
      Instruction Form and submit it to the Intermediary or its service company
      in accordance with the instructions of the Intermediary or its service
      company.</P></TD></TR></TABLE>
<P align=justify>In either case, the purpose of this procedure is to permit
non-registered owners to direct the voting of the common shares they
beneficially own. Should a non-registered owner who receives either form of
proxy wish to vote at the Meeting in person if a ballot is called, the
non-registered owner should strike out the persons named in the form of proxy
and insert the non-registered owner&#146;s name in the blank space provided.
Non-registered owners should carefully follow the instructions of their
Intermediary including those regarding when and where the form of proxy or
Voting Instruction Form is to be delivered. </P>
<P align=justify>Management of the Corporation does not intend to pay for
Intermediaries to forward the Notice and Access Package to OBOs. An OBO will not
receive the Notice and Access Package unless the Intermediary assumes the cost
of delivery. </P>
<P align=center>2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A>
<P align=center><B>BROKER NON-VOTES </B></P>
<P align=justify>In the United States, brokers and other intermediaries holding
shares in street name for their customers are generally required to vote the
shares in the manner directed by their customers. If their customers do not give
any direction, brokers may vote the securities at their discretion on routine
matters, but not on non-routine matters. Other than the proposal for the
appointment of KPMG LLP as our auditors for the fiscal year ended December 31,
2018, all of the other matters to be voted on at the Meeting are non-routine
matters and brokers may not vote the securities held in street name for their
customers in relation to these items of business without direction from their
customers.</P>
<P align=justify>The absence of a vote on a non-routine matter is referred to as
a broker non-vote. Any securities represented at the Meeting but not voted
(whether by abstention, broker non-vote or otherwise) will have no impact in the
election of directors or any other matter to be voted on at the Meeting, except
to the extent that the failure to vote for an individual nominee results in
another individual receiving a larger proportion of votes cast for the election
of directors. For purposes of the Corporation&#146;s majority voting policy, a broker
non-vote is not considered to be a vote withheld. </P>
<P align=center><B>DISTRIBUTION OF MEETING MATERIALS TO NON-OBJECTING BENEFICIAL
OWNERS </B></P>
<P align=justify>The Notice and Access Package is being sent to both registered
and non-registered owners of the securities using notice and access pursuant to
applicable laws. Electronic copies of the Circular and the Notice of Meeting may
be found and downloaded from <B>www.meetingdocuments.com/astca/EFR</B>. If you
are a NOBO, and the Corporation or its agent has sent the Notice and Access
Package directly to you, your name, address and information about your holdings
of securities have been obtained in accordance with applicable securities
regulatory requirements from the Intermediary holding on your behalf. </P>
<P align=justify>The Corporation (and not the Intermediary holding on your
behalf) has assumed responsibility for (i) delivering the Notice and Access
Package to you, and (ii) executing your proper voting instructions. Please
return your voting instructions as specified in the request for voting
instructions. </P>
<P align=center><B>VOTING SECURITIES AND PRINCIPAL HOLDERS OF VOTING SECURITIES
</B></P>
<P align=justify>The authorized capital of the Corporation consists of an
unlimited number of common shares (&#147;Common Shares&#148;), an unlimited number of
preferred shares issuable in series, and an unlimited number of Series A
preferred shares. On November 5, 2013, the Corporation consolidated the then
outstanding common shares on the basis of one post-consolidation share for every
fifty pre-consolidation shares (the &#147;<B>Consolidation</B>&#148;). All share
information in this Circular for periods prior to Consolidation have been
adjusted to give effect to the Consolidation. No fractional common shares were
issued pursuant to the Consolidation. As of March 29, 2018, the Corporation had
issued and outstanding 75,761,761 Common Shares and no preferred shares.</P>
<P align=justify>The Corporation will make a list of all persons who are
registered holders of Common Shares as of the close of business on April 2, 2018
(the &#147;<B>Record Date</B>&#148;) and the number of Common Shares registered in the
name of each person on that date. Each shareholder as of the Record Date is
entitled to one vote for each Common Share registered in his or her name as it
appears on the list on all matters which come before the Meeting. </P>
<P align=justify>To the knowledge of the directors and senior officers of the
Corporation, as of March 29, 2018, no person beneficially owns or exercises
control or direction over securities carrying more than 10% of the voting rights
attached to any class of outstanding voting securities of the Corporation
entitled to be voted at the Meeting. </P>
<P align=center><B>PARTICULARS OF MATTERS TO BE ACTED UPON AT THE MEETING
</B></P>
<P align=justify><B>Proposal 1 - Election of Directors </B></P>
<P align=justify>The board of directors of the Corporation (the "<B>Board</B>")
may consist of a minimum of three and a maximum of fifteen directors, who are
elected annually. The Board is currently composed of eight directors, and
management is proposing that eight directors be elected at the Meeting.</P>
<P align=justify>The Corporation has adopted an advance notice requirement in
its by-laws for nominations of directors by shareholders. Among other things,
the advance notice requirement fixes a deadline by which shareholders must submit to the Corporation a notice of director nominations
prior to any annual or special meeting of shareholders at which directors are to
be elected, and sets forth the information that a shareholder must include in
the notice for it to be valid. As of the date hereof, the Corporation has not
received notice of any director nominations in connection with the Meeting. </P>
<P align=center>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A>
<P align=justify>Shareholders will vote for the election of each individual
director separately. The Corporation has adopted a majority voting policy for
the election of directors whereby, in an uncontested election, any nominee who
receives a greater number of shares withheld from voting than shares voted in
favour of his or her election is expected to tender his or her resignation to
the Board, to take effect upon acceptance by the Board. The Board will, within
90 days of the Meeting, determine whether to accept any such offer to resign.</P>
<P align=justify>The following table provides the names of and information for
the nominees for election as directors of the Corporation (the
&#147;<B>Nominees</B>&#148;). <B>The persons named in the enclosed form of proxy intend to
vote for the election of each of the Nominees. </B>Management does not
contemplate that any of the Nominees will be unable to serve as a director. All
directors so elected will hold office until the next annual meeting of
shareholders or until their successors are elected or appointed, unless their
office is vacated earlier in accordance with the by-laws of the Corporation or
the provisions of the <I>Business Corporations Act</I> (Ontario). Unless
otherwise indicated, the address of each director in the table set forth below
is: care of Energy Fuels Inc., 225 Union Blvd., Suite 600, Lakewood, Colorado,
USA 80228. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center bgcolor="#E6EFFF"><B>Name and Municipality of</B> <BR>
      <B>Residence</B> </TD>
    <TD width="20%" align=center bgcolor="#E6EFFF"><BR>
      <B>Office Held</B> </TD>
    <TD width="20%" align=center bgcolor="#E6EFFF"><BR>
      <B>Director
      Since</B><B><SUP>(1)</SUP></B> </TD>
    <TD width="20%" align=center bgcolor="#E6EFFF"><B>Principal Occupation, if</B>
      <BR>
      <B>different than Office Held</B> </TD>
    <TD width="20%" align=center bgcolor="#E6EFFF"><BR>
    <B>Age</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>J. Birks Bovaird<SUP>(2)(3)</SUP> <BR>Toronto, Ontario,
      Canada </TD>
    <TD align=left width="20%">Chair and Director </TD>
    <TD align=center width="20%">2006 </TD>
    <TD align=left width="20%">Consultant, providing advisory services to
      natural resource companies </TD>
    <TD align=center width="20%">70 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Paul A. Carroll<SUP>(2)(4)</SUP> <BR>Toronto, Ontario,
      Canada </TD>
    <TD align=left width="20%">Director </TD>
    <TD align=center width="20%">2010 </TD>
    <TD align=left width="20%">President of Carnarvon Capital Corporation;
      President &amp; CEO of World Wide Minerals Ltd. </TD>
    <TD align=center width="20%">76 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mark S. Chalmers<SUP>(4)</SUP> <BR>Arvada, Colorado, USA
</TD>
    <TD align=left width="20%">President, Chief Executive Officer and Director
    </TD>
    <TD align=center width="20%">2018 </TD>
    <TD align=left width="20%">Same </TD>
    <TD align=center width="20%">60 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Benjamin Eshleman III<SUP>(3)(5)</SUP> <BR>Corpus Christi,
      Texas, USA </TD>
    <TD align=left width="20%">Director </TD>
    <TD align=center width="20%">2017 </TD>
    <TD align=left width="20%">Self-employed businessman; President and CEO
      Meste&#241;a, LLC </TD>
    <TD align=center width="20%">62 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Barbara A. Filas<SUP>(4)</SUP> <BR>Grand Junction,
      Colorado, USA </TD>
    <TD align=left width="20%">Director </TD>
    <TD align=center width="20%">2018 </TD>
    <TD align=left width="20%">Professor of Practice, Mining Engineering
      Department, Colorado School of Mines; Partner, Filas Engineering and
      Environmental Services LLC </TD>
    <TD align=center width="20%">62 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bruce D. Hansen<SUP>(2)(5)</SUP> <BR>Golden, Colorado, USA
    </TD>
    <TD align=left width="20%">Director </TD>
    <TD align=center width="20%">2007 </TD>
    <TD align=left width="20%">CEO of General Moly Inc., a US- based mineral
      company </TD>
    <TD align=center width="20%">60 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dennis L. Higgs<SUP>(4)</SUP> <BR>Vancouver, British
      Columbia, <BR>Canada </TD>
    <TD align=left width="20%">Director </TD>
    <TD align=center width="20%">2015 </TD>
    <TD align=left width="20%">Chairman and Director, Nevada Exploration Inc.
    </TD>
    <TD align=center width="20%">60 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Robert W. Kirkwood<SUP>(3)(5)</SUP> <BR>Casper, Wyoming,
      USA </TD>
    <TD align=left width="20%">Director </TD>
    <TD align=center width="20%">2017 </TD>
    <TD align=left width="20%">Co-owner and Managing Member, Kirkwood Oil
      &amp; Gas, LLC </TD>
    <TD align=center width="20%">59 </TD></TR></TABLE></DIV>
<P align=center>4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A>
<P align=justify>Notes: </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>Directors are elected annually and hold office until a
      successor is elected at a subsequent annual meeting of the Corporation,
      unless a director&#146;s office is earlier vacated in accordance with the
      by-laws of the Corporation or the provisions of the <I>Business
      Corporations Act </I>(Ontario).</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Member of the Audit Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Member of the Governance and Nominating
  Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Member of the Environment, Health and Safety
      Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Member of the Compensation
Committee.</P></TD></TR></TABLE>
<P align=justify>Information about each Nominee, including present principal
occupation, business or employment and the principal occupations, businesses or
employments within the five preceding years, is set out below. </P>
<P align=center><B><I>J. Birks Bovaird </I></B></P>
<P align=justify>For a majority of his career, Mr. Bovaird&#146;s focus has been the
provision and implementation of corporate financial consulting and strategic
planning services. He was previously the Vice President of Corporate Finance for
one of Canada&#146;s major accounting firms. He is Chairman of GTA Resources and
Mining Inc. as well as a member of the audit and compensation committees. He is
an independent director of Noble Mineral Exploration Inc. where he is a member
of the audit committee and chair of the compensation committee. He also serves
as an independent director and member of the audit committee of Interactive
Capital Partners Corporation which is a reporting issuer whose common shares are
not currently trading. Additionally, he acts as Chairman of the Board of
Buccaneer Gold Corp., a TSX.V listed company. Mr. Bovaird has previously been
involved with numerous public resource companies, both as a member of management
and as a director. He is a graduate of the Canadian Director Education Program
and holds an ICD.D designation. </P>
<P align=center><B><I>Paul A. Carroll </I></B></P>
<P align=justify>Mr. Carroll has had a lengthy business career in the mining
industry, both as a lawyer and as a director and/or officer of many mining
companies. He has been engaged in the mineral exploration and mining industry in
Canada, the U.S., Mexico, Central and South America, Africa, China, Russia and
Kazakhstan. Mr. Carroll is President of Carnarvon Capital Corporation, a
corporate management and advisory company based in Toronto, Canada. Companies
with which he has been extensively involved include Dundee Corporation, a
full-service investment bank, Corona Corporation, where he was a member of the
Executive Committee, Zemex Corporation, Royex Gold Mining Corporation, Campbell
Resources Inc., Cobra Emerald Mines Ltd., Lacana Mining Corporation where he was
Chair, Arcon International Resources plc where he was Chair, Tahera Corporation,
World Wide Minerals Ltd. where he is President and Chief Executive Officer, Poco
Petroleums Ltd., Mascot Gold Mines Ltd., United Keno Hill Mines Ltd., Repadre
Capital Corporation (now IAMgold Corporation), Crowflight Minerals Inc., War
Eagle Mining Company Inc. and Diadem Resources Ltd. From 2004 to 2005, as one of
the committee of &#147;independent directors&#148; thereof, Mr. Carroll was a director of
Argus Corporation Limited and Hollinger Inc. and in 2005 he was Chief Executive
Officer. He was a director of The Uranium Institute (now the World Nuclear
Association) in 1998. In addition to the Corporation, Mr. Carroll is currently a
director of: World Wide Minerals and War Eagle Mining Company Inc.</P>
<P align=center><B><I>Mark S. Chalmers </I></B></P>
<P align=justify>Mr. Chalmers is currently the President and Chief Executive
Officer of the Corporation, a position he has held since February 1, 2018. From
July 1, 2016 to January 31, 2018, Mr. Chalmers was President and Chief Operating
Officer of the Corporation, and from July 1, 2016 to July 1, 2017 was Chief
Operating Officer of the Corporation. From 2011 to 2015, Mr. Chalmers served as
Executive General Manager of Production for Paladin Energy Ltd., a uranium
producer with assets in Australia and Africa, including the Langer Heinrich and
Kayelekera mines where, as head of operations, he oversaw sustained, significant
increases in production while reducing operating costs. He also possesses
extensive experience in ISR uranium production, including management of the
Beverley Uranium Mine owned by General Atomics (Australia), and the Highland
mine owned by Cameco Corporation (USA). Mr. Chalmers has also consulted to
several of the largest players in the uranium supply sector, including BHP
Billiton, Rio Tinto, and Marubeni, and until recently served as the Chair of the
Australian Uranium Council, a position he has held for 10 years. Mr. Chalmers is
a registered professional engineer, and holds a Bachelor of Science in Mining
Engineering from the University of Arizona.</P>
<P align=center>5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A>
<P align=center><B><I>Benjamin Eshleman III </I></B></P>
<P align=justify>Mr. Eshleman is currently the President and CEO of Meste&#241;a,
LLC, a privately held energy company headquartered in Corpus Christi, Texas. As
President and CEO, he is responsible for the oil, gas, and uranium leasing
activities under 200,000 mineral acres located in South Texas. Meste&#241;a built,
operated, and mined several million pounds of uranium through its Alta Mesa
plant in the mid-2000&#146;s. Mr. Eshleman also sits on the board of the Texas and
Southwestern Cattle Raisers Association, a well-known business association
advocating land owner rights. Ben is a 1979 graduate of Menlo College, with
Bachelor of Science in Business Administration. </P>
<P align=center><B><I>Barbara A. Filas </I></B></P>
<P align=justify>Ms. Filas currently serves as the Nominations Chair and Chair
of the Board of Governors for the National Mining Hall of Fame and Museum in
Leadville, Colorado and is a part-time Professor of Practice at the Colorado
School of Mines in Golden, Colorado. From 2003 to 2009, Ms. Filas served as the
President and Chief Executive of Knight Pi&#233;sold and Co., a leading global mining
and environmental consulting firm, where she held various roles of increasing
responsibility from 1989 to 2009. From 2011 to 2013, Ms. Filas served as the
President of Geovic Mining Corp., a publicly-traded mining company with an
advanced cobalt, nickel and manganese exploration project in Cameroon, among
other exploration ventures. From 2015 to 2016, she was a Director of Moroccan
Minerals Ltd., a private company that explored copper, gold, and silver
prospects in Morocco and Serbia. Ms. Filas&#146; operational background includes
hands-on experience with operating gold and coal mines and processing
facilities; executive experience in consulting, public companies, and
non-profits; and technical expertise in base and precious metals, coal, uranium
and industrial metals in various engineering and environmental capacities. In
addition, Ms. Filas was the first female President of the Society for Mining,
Metallurgy and Exploration (&#147;SME&#148;), the world&#146;s largest technical mining
organization. She is internationally recognized as a thought-leader on a variety
of topics including mining, waste management, environmental and social
responsibility, leadership, and sustainability, and she has experience in both
developed and developing countries on six continents. Ms. Filas is a graduate of
the University of Arizona, and a Licensed Professional Mining Engineer in
Colorado and Nevada. </P>
<P align=center><B><I>Bruce D. Hansen </I></B></P>
<P align=justify>Mr. Hansen is currently Chief Executive Officer and a director
of General Moly Inc., a position he has held since 2007. Prior to that, Mr.
Hansen was Senior Vice-President, Operations Services and Development with
Newmont Mining Corporation. He worked with Newmont for ten years holding
increasingly senior roles, including CFO from 1999 to 2005. Prior to joining
Newmont, Mr. Hansen spent 12 years with Santa Fe Pacific Gold, where he held
increasingly senior management roles including Senior Vice President of
Corporate Development and Vice President Finance and Development. Mr. Hansen
holds a Masters of Business Administration from the University of New Mexico and
a Bachelor&#146;s of Science Degree in Mining Engineering from the Colorado School of
Mines. Mr. Hansen is also a director and serves as the chair of the Audit
Committee of ASA Gold and Precious Metals Ltd.</P>
<P align=center><B><I>Dennis L. Higgs </I></B></P>
<P align=justify>Mr. Higgs has been involved in the financial and venture
capital markets in Canada, the United States, and Europe for over thirty years.
He founded his first junior exploration company in 1983 and took it public
through an initial public offering in 1984. Since then, Mr. Higgs has been
involved in the founding, financing, initial public listing, and building of
several companies. Mr. Higgs was directly involved with the founding and initial
public offering of Arizona Star Resource Corp. and the listing and financing of
BioSource International Inc., both of which were the subject of take-over bids.
Most recently, Mr. Higgs was one of the founding Directors and subsequently
Executive Chairman of Uranerz before it merged with Energy Fuels. Mr. Higgs was
Executive Chairman of the Board of Directors of Uranerz from February 1, 2006
until June 18, 2015. Mr. Higgs holds a Bachelor of Commerce degree from the
University of British Columbia. </P>
<P align=center><B><I>Robert W. Kirkwood </I></B></P>
<P align=justify>Mr. Kirkwood is a principal of the Kirkwood Companies,
including Kirkwood Oil and Gas LLC, Wesco Operating, Inc., and United Nuclear
LLC. Mr. Kirkwood has been with the Kirkwood Companies for over 35 years and has been involved in all aspects of oil and gas exploration and
operations. From 2000 to date, the Kirkwood Companies have grown from less than
500 barrels of oil per day and 7 employees to over 3,000 barrels of oil per day
and 60 employees with field offices in Ft. Washakie, Wyoming; Baggs, Wyoming;
Moab, Utah; and Ely, Nevada. The Kirkwood Companies have identified, evaluated,
negotiated and closed over $110,000,000 of production acquisitions in the Rocky
Mountain States. Bob is a 1982 graduate of the University of Wyoming, with a
Bachelor of Science in Petroleum Engineering.
</P>
<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>
<P align=justify><U>Cease Trade Orders, Bankruptcies and Legal Proceedings</U>
</P>
<P align=justify>We do not currently know of any legal proceedings against us
involving our Nominees, executive officers or shareholders of more than 5% of
our voting shares. Except as set out below, to the knowledge of the Corporation,
no Nominee is, or has been in the last 10 years, (a) a director, chief executive
officer or chief financial officer of a company that (i) while that person was
acting in that capacity, was the subject of a cease trade order or similar order
(including a management cease trade order) or an order that denied the relevant
company access to any exemptions under securities legislation, for a period of
more than 30 consecutive days, or (ii) after that person ceased to act in that
capacity, was the subject of a cease trade or similar order or an order that
denied the issuer access to any exemption under securities legislation, for a
period of more than 30 consecutive days, which resulted from an event that
occurred while that person acted in such capacity, or (b) a director or
executive officer of a company that, while that person was acting in that
capacity, or within a year of that person ceasing to act in that capacity,
became bankrupt, made a proposal under any legislation relating to bankruptcy or
insolvency or was subject to or instituted any proceedings, arrangement or
compromise with creditors or had a receiver, receiver manager or trustee
appointed to hold its assets; or (c) became bankrupt, made a proposal under any
legislation relating to bankruptcy or insolvency, or became subject to or
instituted any proceedings, arrangement or compromise with creditors, or had a
receiver, receiver manager or trustee appointed to hold his assets. </P>
<P align=justify>Mr. Bovaird was a director of HMZ Metals Inc. (&#147;<B>HMZ&#148;</B>) at
the time a management cease trade order was issued on September 6, 2005
requiring the directors, officers and insiders of HMZ to cease all trading in,
or acquisition of, the securities of HMZ due to HMZ&#146;s failure to file its
interim financial statements for the six month period ended June 30, 2005. The
management cease trade order issued on September 6, 2005 expired on October 20,
2005. The management cease trade order issued on April 3, 2006 expired and was
replaced with a permanent management cease trade order dated April 17, 2006,
which was allowed to expire on June 2, 2008. Mr. Bovaird became an independent
director of Interactive Capital Partners Corporation (&#147;<B>ICPC</B>&#148;) on July 3,
2014 when such corporation was the subject of a cease trade order issued on May
8, 2012 as a result of its failure to meet timely disclosure filing obligations.
Mr. Bovaird was instrumental in resuscitating ICPC and having the cease trade
order revoked on April 4, 2016.</P>
<P align=justify>Mr. Carroll is a director and President and Chief Executive
Officer of World Wide Minerals Ltd., a Canadian public company which is subject
to an issuer cease trade order issued by the Ontario Securities Commission on
May 9, 2011 for failure to file financial statements and has not been revoked.
</P>
<P align=justify>No Nominee or officer of the Corporation is a party adverse to
the Corporation or any of its subsidiaries, or has a material interest adverse
to the Corporation or any of its subsidiaries. Unless noted above, during the
past ten years, no Nominee or executive officer of the Corporation has: </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%">(a) </TD>
    <TD>
      <P align=justify>filed or has had filed against such person, a petition
      under the U.S. federal bankruptcy laws or any state insolvency law, nor
      has a receiver, fiscal agent or similar officer been appointed by a court
      for the business or property of such person, or any partnership in which
      such person was a general partner, at or within two years before the time
      of filing, or any corporation or business association of which such person
      was an executive officer, at or within two years before such
    filings;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>been convicted or pleaded guilty or <I>nolo contendere
      </I>in a criminal proceeding or is a named subject of a pending criminal
      proceeding (excluding traffic violations and other minor
  offenses);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>been the subject of any order, judgment, or decree, not
      subsequently reversed, suspended or vacated, of any court of competent
      jurisdiction, permanently or temporarily enjoining, barring, suspending or
      otherwise limiting such person&#146;s activities in any type of
      business, securities, trading, commodity or banking activities;</P></TD></TR></TABLE>
<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><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%">(d) </TD>
    <TD>
      <P align=justify>been the subject of any order, judgment or decree, not
      subsequently reversed, suspended or vacated, of any U.S. federal or state
      authority barring, suspending or otherwise limiting for more than 60 days
      the right of such person to engage in any type of business, securities,
      trading, commodity or banking activities, or to be associated with persons
      engaged in any such activity;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>been found by a court of competent jurisdiction in a
      civil action or by the United States Securities and Exchange Commission
      (the &#147;<B>SEC</B>&#148;), or by the U.S. Commodity Futures Trading Commission to
      have violated a U.S. federal or state securities or commodities law, and
      the judgment has not been reversed, suspended, or vacated;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>been the subject of, or a party to, any U.S. federal or
      state judicial or administrative order, judgment, decree, or finding, not
      subsequently reversed, suspended or vacated, relating to an alleged
      violation of: (i) any U.S. federal or state securities or commodities law
      or regulation; or (ii) any law or regulation respecting financial
      institutions or insurance companies including, but not limited to, a
      temporary or permanent injunction, order of disgorgement or restitution,
      civil money penalty or temporary or permanent cease-and-desist order, or
      removal or prohibition order; or (iii) any law or regulation prohibiting
      mail or wire fraud or fraud in connection with any business entity;
    or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>been the subject of, or a party to, any sanction or
      order, not subsequently reversed, suspended or vacated, of any
      self-regulatory organization (as defined in Section 3(a)(26) of the United
      States Securities Exchange Act of 1934, as amended (the &#147;<B>Exchange
      Act</B>&#148;) (15 U.S.C.78c(a)(26))), any registered entity (as defined in
      Section 1(a)(29) of the U.S. Commodity Exchange Act (7 U.S.C.1(a)(29))),
      or any equivalent exchange, association, entity or organization that has
      disciplinary authority over its members or persons associated with a
      member.</P></TD></TR></TABLE>
<P align=justify><U>Family and Certain Other Relationships</U></P>
<P align=justify>There are no family relationships among the members of the
Board or the members of senior management of the Corporation. There are no
arrangements or understandings with major shareholders, customers, suppliers or
others, pursuant to which any member of the Board or member of senior management
was selected.</P>
<P align=justify><U>Section 16(a) Beneficial Ownership Reporting
Compliance</U></P>
<P align=justify>Section 16(a) of the Exchange Act requires the Corporation&#146;s
officers and directors and persons who own more than 10% of a registered class
of the Corporation&#146;s equity securities, to file reports of ownership and changes
in ownership on Forms 3, 4 and 5 with the SEC. Officers, directors and such 10%
shareholders are required to furnish the Corporation with copies of all Forms 3,
4 and 5 they file. </P>
<P align=justify>The Corporation believes all transactions required to be
reported pursuant to Section 16(a) were timely reported by the Corporation&#146;s
officers, directors and greater than 10% shareholders, except as set out below:
</P>
<P align=center>8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>J. Birks Bovaird</TD>
    <TD align=center width="50%" bgColor=#e6efff>One late filing; one late
      transaction </TD></TR>
  <TR vAlign=top>
    <TD align=left>Paul A. Carroll</TD>
    <TD align=center width="50%">One late filing; one late transaction </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Bruce D. Hansen</TD>
    <TD align=center width="50%" bgColor=#e6efff>One late filing; one late
      transaction </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dennis L. Higgs</TD>
    <TD align=center width="50%">Three late filings; ten late transactions
  </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Mark S. Chalmers</TD>
    <TD align=center width="50%" bgColor=#e6efff>One late filing; one late
      transaction </TD></TR>
  <TR vAlign=top>
    <TD align=left>W. Paul Goranson</TD>
    <TD align=center width="50%">One late filing; one late transaction </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>David C. Frydenlund</TD>
    <TD align=center width="50%" bgColor=#e6efff>One late filing; one late
    transaction </TD></TR>
  <TR vAlign=top>
    <TD align=left>Curtis Moore</TD>
    <TD align=center width="50%">One late filing; one late transaction
  </TD></TR></TABLE>
<P align=justify><B>Proposal 2 - Appointment of Auditors </B></P>
<P align=justify>The management of the Corporation has proposed the appointment
of KPMG LLP of Denver, Colorado (&#147;<B>KPMG Denver</B>&#148;), as the auditors of the
Corporation to hold office until the close of the next annual meeting of the
Corporation or until a successor is appointed. It is proposed that the
remuneration to be paid to the auditors be fixed by the Board of Directors
through the Audit Committee.</P>
<P align=justify><B>The persons named in the form of proxy accompanying this
Circular intend to vote for the reappointment of KPMG Denver as the auditors of
the Corporation for the ensuing year or until their successors are appointed and
to authorize the directors of the Corporation to fix the remuneration of the
auditors</B>, unless the shareholder has specified in the form of proxy that the
Common Shares represented by such proxy are to be withheld from voting in
respect thereof.</P>
<P align=justify>KPMG Denver was first appointed as the auditors of the
Corporation on March 31, 2017. The Corporation changed its auditors from KPMG
LLP, Toronto, Ontario (&#147;<B>KPMG Toronto</B>&#148;) to KPMG Denver, effective March
31, 2017. The change was made because the Corporation switched to reporting its
financial statements pursuant to United States generally accepted accounting
principles, and the Corporation&#146;s principal place of business is located in a
suburb of Denver. Therefore, conducting the Corporation&#146;s audit out of the
Toronto office of KPMG LLP was no longer cost effective to the Corporation. At
the request of the Corporation and upon mutual agreement, KPMG Toronto resigned
as the principal independent registered public accountant of the Corporation,
and KPMG Denver was engaged as the Corporation&#146;s principal independent
registered public accountant, effective March 31, 2017. For United States
securities law purposes, KPMG Toronto and KPMG Denver are separate accounting
firms, and therefore for United States securities law purposes, the switch from
KPMG LLP&#146;s Toronto office to the Denver office constituted a change of auditor
for the Corporation. For purposes of complying with National Instrument 51-102
Continuous Disclosure Obligations of the Canadian Securities Administrators, and
for complying with the requirements of Schedule 14A, a copy of the Corporation's
disclosure in regard to the change of auditor in the U.S. is attached as
Schedule &#147;A&#148; and incorporated herein by reference<B>. </B></P>
<P align=justify>The Corporation expects that a representative of KPMG Denver
will be present at the Meeting and will be available to answer questions.</P>
<P align=justify><B>Proposal 3 &#150; Amendment and Extension of Shareholder Rights
Plan</B><B><I> </I></B></P>
<P align=justify>At the Meeting, Shareholders will be asked to consider and, if
thought advisable, approve the amendment and extension of the shareholder rights
plan (the &#147;<B>Rights Plan</B>&#148;) as originally established pursuant to a
shareholder rights plan agreement dated February 3, 2009 (the &#147;<B>Original SRP
Agreement</B>&#148;) between the Corporation and AST Trust Company (initially entered
into with CIBC Mellon Trust Company and later novated to AST Trust Company), as
rights agent. At a meeting of the Board of Directors held on March 29, 2018, the
Board approved, subject to ratification by shareholders, the adoption of an amended and
restated shareholder rights plan agreement dated March 29, 2018 (the &#147;<B>Amended
SRP Agreement</B>&#148;). A copy of the Amended SRP Agreement is attached as Schedule
&#147;B&#148; to this Circular.</P>
<P align=center>9 </P>
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<P align=justify>&nbsp;<U>Objectives and Background of the Rights Plan</U> </P>
<P align=justify>The Rights Plan had an initial term until the date of the
Corporation&#146;s annual meeting of shareholders in 2012 unless extended. On
February 10, 2012, at an annual and special meeting of shareholders, the Rights
Plan was extended for a further three years, and on June 16, 2015, at an annual
and special meeting of shareholders, the Rights Plan was extended for a further
three years. The Rights Plan is currently in effect but will expire at the
conclusion of the Meeting, unless the Amended SRP Agreement, which includes an
amendment of the definition of the Expiration Time of the Rights Plan to the
annual meeting of shareholders to be held in 2021, as well as certain other
amendments intended to bring the Rights Plan in line with current Canadian
take-over bid legislation, is approved by Shareholders at the Meeting. To be
effective, the resolution approving the amendment and extension of the Rights
Plan must be passed by a majority of the votes cast at the Meeting. The Rights
Plan was not adopted by the Board in response to, or in anticipation of, any
offer or takeover bid, and the Board is not currently aware of any pending or
threatened offer or takeover bid for the Common Shares. The Board has determined
that the amendment and extension of the Rights Plan is in the best interest of
the Corporation and its Shareholders.</P>
<P align=justify>In originally adopting the Rights Plan in 2009, the Board of
Directors considered the legislative framework governing take-over bids in
Canada as it existed at that time. On February 25, 2016, the Canadian Securities
Administrators (the &#147;CSA&#148;) published amendments to the take-over bid regime that
subsequently came into force on May 9, 2016 as National Instrument 62-104 &#150;
<I>Take-Over Bids and Issuer Bids</I> (&#147;NI 62-104&#148;). The amendments, among other
things, lengthen the minimum bid period to 105 days (from the previous 35 days),
require that all non-exempt take-over bids meet a minimum tender requirement of
more than 50% of the outstanding securities held by Independent Shareholders,
and require a ten day extension after the minimum tender requirement is met.
Regarding the minimum bid period, a target issuer will have the ability to
voluntarily reduce the period to not less than 35 days. Additionally, the
minimum bid period may be reduced due to the existence of certain competing
take-over bids or alternative change in control transactions. </P>
<P align=justify>As the legislative amendments do not apply to exempt take-over
bids, there continues to be a role for rights plans in protecting issuers and
preventing the unequal treatment of shareholders. Some remaining areas of
concern 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%"><li>&nbsp;</li></TD>
    <TD align=left>
      <P align=justify>protecting against &#147;creeping bids&#148; (the accumulation of
      more than 20% of the Common Shares) through purchases exempt from Canadian
      takeover bid rules, such as (i) purchases from a small group of
      shareholders under private agreements at a premium to the market price not
      available to all shareholders, (ii) acquiring control through the slow
      accumulation of shares not available to all shareholders, (iii) acquiring
      control through the slow accumulation of shares over a stock exchange
      without paying a control premium, or (iv) through other transactions
      outside of Canada that may not be formally subject to Canadian take-over
      bid rules), and requiring the bid to be made to all shareholders;
    and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><li>&nbsp;</li></TD>
    <TD>
      <P align=justify>preventing a potential acquirer from entering into
      lock-up agreements with existing shareholders prior to launching a
      take-over bid, except for permitted lock-up agreements as specified in the
      Rights Plan.</P></TD></TR></TABLE>
<P align=justify>By applying to all acquisitions of 20% or more of the Common
Shares, except in limited circumstances including Permitted Bids (as defined in
the Rights Plan), the Rights Plan is designed to ensure that all shareholders
receive equal treatment. In addition, there may be circumstances where bidders
request lock-up agreements that are not in the best interest of the Corporation
or its shareholders. Shareholders may also feel compelled to tender their shares
to a take-over bid, even if they consider such bid to be inadequate, out of a
concern that failing to do so may result in a shareholder being left with
illiquid or minority discounted shares in the Corporation. This is particularly
so in the case of a partial bid for less than all the Common Shares. </P>
<P align=justify>The Rights Plan encourages a potential acquirer who makes a
takeover bid to proceed either by way of a Permitted Bid (described below),
which generally requires a takeover bid to satisfy certain minimum standards
designed to promote fairness, or with the concurrence of the Board. If a
takeover bid fails to meet these minimum standards and the Rights Plan is not
waived by the Board, the Rights Plan provides that holders of Common Shares,
other than the Acquiring Person (defined below), will be able to purchase
additional Common Shares at a significant discount to market, thus exposing the
Acquiring Person to substantial dilution of its holdings. Even where a takeover
bid does not meet the Permitted Bid criteria, the Board is always bound to
consider any bid for the Corporation and consider whether or not it should waive
the application of the Rights Plan in respect of such bid. In discharging such
responsibility, the Board is obligated to act honestly and in good faith with a
view to the best interest of the Corporation. </P>
<P align=center>10 </P>
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<P align=justify>The Rights Plan does not preclude any shareholder from
utilizing the proxy mechanism of the <I>Business Corporations Act</I> (Ontario),
to promote a change in the management or direction of the Corporation, and will
have no effect on the rights of holders of Common Shares to requisition a
meeting of shareholders in accordance with the provisions of applicable
legislation. </P>
<P align=justify>The Rights Plan is not expected to interfere with the
day-to-day operations of the Corporation, nor in any way alter the financial
condition of the Corporation, impede its business plans, or alter its financial
statements. In addition, the Rights Plan is initially not dilutive. However, if
a &#147;Flip-in Event&#148; (described below) occurs and the Rights separate from the
Common Shares, reported earnings per share and reported cash flow per share on a
fully-diluted or non-diluted basis may be affected. In addition, holders of
Rights not exercising their Rights after a Flip-in Event may suffer substantial
dilution. </P>
<P align=justify>The Amended SRP Agreement was not adopted by the Board of
Directors in response to any proposal to acquire control of the Corporation, nor
is the Board of Directors currently aware of any pending or threatened take-over
bid for the Corporation. </P>
<P align=justify><U>Summary of the Rights Plan</U> </P>
<P align=justify>The following is a summary of the principal terms of the Rights
Plan, which is qualified in its entirety by reference to the text of the Amended
SRP Agreement.</P>
<P align=justify><I>Effective Date</I> </P>
<P align=justify>The effective date of the original Rights Plan is February 3,
2009. The Amended SRP Agreement became effective on March 29, 2018. </P>
<P align=justify><I>Term</I> </P>
<P align=justify>If the amendment and extension of the Rights Plan is not
approved by shareholders at the Meeting, the Rights Plan will terminate at the
conclusion of the Meeting. If the extension of the Rights Plan is approved by
shareholders, the Rights Plan will terminate as of 5:00 p.m. (Toronto time) on
the date of the Corporation&#146;s annual meeting of shareholders held in 2021, at
which time the Rights will expire, unless prior to that date, the Rights are
terminated, redeemed, or exchanged by the Board. </P>
<P align=justify><I>Issue of Rights</I> </P>
<P align=justify>To implement the Rights Plan, the Board authorized the issuance
of share purchase rights (&#147;<B>Rights</B>&#148;) to the shareholders of the
Corporation at the rate of one Right for each EFI Common Share outstanding as at
5:00 p.m. (Toronto time) on February 3, 2009 (the &#147;<B>Record Time</B>&#148;). In
addition, one Right has been and will be issued with each Common Share issued
after the Record Time and prior to the earlier of the Separation Time (as
defined below) and the redemption or expiration of the Rights.</P>
<P align=justify><I>Rights Exercise Privilege</I> </P>
<P align=justify>The Rights will trigger (i.e. separate from the Common Shares)
(the &#147;<B>Separation Time</B>&#148;) and will become exercisable 10 Business Days
after a person (an &#147;<B>Acquiring Person</B>&#148;) becomes the beneficial owner of
20% or more of, or commences or announces a takeover bid for, the Corporation&#146;s
outstanding Common Shares, other than by an acquisition pursuant to a Permitted
Bid or a Competing Permitted Bid (each as defined below) or pursuant to certain
other transactions as described in the Rights Plan. The acquisition by an
Acquiring Person of 20% or more of the Common Shares is referred to as a &#147;Flip-in Event.&#148;</P>
<P align=center>11 </P>
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<P align=justify>Any Rights held by an Acquiring Person will become void upon
the occurrence of a Flip-in Event. By making any takeover bid other than a
Permitted Bid or a Competing Permitted Bid prohibitively expensive for an
Acquiring Person, the Rights Plan is designed to require any person interested
in acquiring more that 20% of the Common Shares to do so by way of a Permitted
Bid or Competing Permitted Bid or to make a takeover bid which the Board
considers to represent the full and fair value of the Common Shares. </P>
<P align=justify>Prior to the rights being triggered, they will have no value
and no dilutive effect on the Common Shares. </P>
<P align=justify><I>Flip-In Event</I> </P>
<P align=justify>A Flip-in Event is triggered in the event that a transaction
occurs pursuant to which a person becomes an Acquiring Person. Upon the
occurrence of a Flip-in Event, each Right (except for Rights beneficially owned
by the Acquiring Person and certain other persons specified below) shall
thereafter constitute the right to purchase from the Corporation upon exercise
thereof in accordance with the terms of the Rights Plan that number of Common
Shares having an aggregate Market Price (as defined in the Rights Plan) on the
date of the consummation or occurrence of such Flip-in Even equal to twice the
Exercise Price (as defined in the Rights Plan and equal to $10.00) for an amount
in cash equal to the Exercise Price. Accordingly, if one assumes a market price
of $2.00 per share, each Right allows a shareholder to purchase 10 Common Shares
for $10.00, effectively allowing the exercising holders of Rights to acquire the
Common Shares at a 50% discount to the then prevailing market price and
resulting in the issue of 10 Common Shares for each Right, thus creating
substantial dilution. </P>
<P align=justify>The Rights Plan provides that, upon the occurrence of a Flip-in
Event, Rights that are beneficially owned by: (i) an Acquiring Person or any
affiliate or associate of an Acquiring Person, or any Person acting jointly or
in concert with an Acquiring Person, or any affiliate or associate of such
Acquiring Person; or (ii) a transferee or other successor in title of Rights of
an Acquiring Person (or and affiliate or associate of an Acquiring Person or of
any person acting jointly or in concert with an Acquiring Person) who becomes a
transferee or successor in title concurrently with or subsequent to the
Acquiring Person becoming an Acquiring Person; shall become null and void
without any further action and any holder of such Rights (including transferees
or successors in title) shall not have any right whatsoever to exercise such
Rights under any provision of the Rights Plan. </P>
<P align=justify><I>Acquiring Person</I></P>
<P align=justify>An Acquiring Person is a person who &#147;Beneficially Owns&#148; (as
defined in the Rights Plan) 20% or more of the Common Shares. An Acquiring
Person does not, however, include the Corporation or any subsidiary of the
Corporation, or any person who becomes the Beneficial Owner of 20% or more of
the outstanding Common Shares as a result of Permitted Bid, Competing Permitted
Bids and certain other exempt transactions. </P>
<P align=justify><I>Permitted Bids and Competing Permitted Bids </I></P>
<P align=justify>A &#147;Permitted Bid&#148; is a takeover bid made by takeover bid
circular in compliance with the following additional provisions: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Bid must be made to all holders of record of Common
      Shares;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The bid must be open for a minimum of 105 days following
      the date that the bid circular is sent to shareholders, or such shorter
      period as may be permitted under NI 62-104 in certain circumstances, and
      no Common Shares may be taken up prior to completion of such
  period;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Take-up and payment for the Common Shares may not occur
      unless the bid is accepted by persons holding more than fifty percent
      (50%) of the outstanding Common Shares, exclusive of Common Shares held by
      the person responsible for triggering the Flip-in Event or any person who
      has announced a current intention to make, or who is making, a takeover
      bid for the Common Shares and the respective affiliates and associates of
      such persons and persons acting jointly or in concert with such
      persons;</P></TD></TR></TABLE>
<P align=center>12 </P>
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  <TR>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Common Shares may be deposited into or withdrawn from the
      bid at any time prior to the takeup date; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>If the bid is accepted by the requisite percentage
      specified in (c) above, the bidder must extend the bid for a period of 10
      business days to allow other shareholders to tender into the bid should
      they so choose and must make a public announcement to such
  effect.</P></TD></TR></TABLE>
<P align=justify>A &#147;Competing Permitted Bid&#148; is a takeover bid that satisfies
all of the criteria of a Permitted Bid except that since it is made after a
Permitted Bid has been made, the minimum deposit period and the time period for
the takeup of and payment for Common Shares tendered under a Competing Permitted
Bid is not less than the time period required under NI 62-104 and the earliest
date on which Common Shares may be taken up under the prior Permitted Bid then
in existence. </P>
<P align=justify>Neither a Permitted Bid nor a Competing Permitted Bid need be
approved by the Board and may be taken directly to the shareholder of the
Corporation. Acquisitions of Common Shares of the Corporation made pursuant to a
Permitted Bid or a Competing Permitted Bid do not give rise to a Flip-in Event.
</P>
<P align=justify><I>Lock-up Agreements </I></P>
<P align=justify>A &#147;lock-up agreement&#148; is an agreement between an Offeror (as
defined in the Rights Plan) and a person (the &#147;locked-up person&#148;) whereby the
locked-up person agrees to deposit or tender Common Shares to the Offeror&#146;s
takeover bid. Common Shares which are subject to a lock-up agreement will be
considered to be beneficially owned by the Offeror, unless the lock-up agreement
is a &#147;Permitted Lock-up Agreement&#148; as defined in the Amended SRP Agreement,
being a lock-up agreement which permits the locked-up person to withdraw its
Common Shares from the lock-up agreement in order to tender or deposit the
Common Shares to another takeover bid or to support another transaction, where
(i) the price per Common Share offered under the other bid or transaction
exceeds by a specified percentage (which may not exceed 7%) the price per Common
Share offered under the Offeror&#146;s take-over bid, or (ii) the number of Common
Shares to be purchased under the other bid or transaction exceeds by a specified
percentage (which may not exceed 7%) the number of Common Shares proposed to be
purchased by the Offeror and the price per Common Share offered in such
alternative bid or transaction is not less than the price contained in or
proposed to be contained in the offer to be made pursuant to the lock-up
agreement.</P>
<P align=justify><I>Certificates and Transferability </I></P>
<P align=justify>Prior to separation, the Rights will be evidenced by the Common
Share certificates and will not be transferable separately from the Common
Shares. Common Share certificates do not need to be exchanged to entitle a
shareholder to these Rights. A legend referring to the Rights Plan will be
placed on all new share certificates for Common Shares issued by the Corporation
following the Effective Date. From and after separation, the Rights will be
evidenced by Rights certificates and will be transferable and traded separately
from the Common Shares. </P>
<P align=justify><I>Redemption and Waiver </I></P>
<P align=justify>The Board may, at any time prior to the occurrence of a Flip-in
Event, and subject to shareholder approval, elect to redeem all but not less
than all of the Rights at a redemption price of $0.0005 per Right (the
&#147;<B>Redemption Price</B>&#148;), which has been adjusted to take into account the
Consolidation, and which may be further appropriately adjusted in certain events
in the future. Rights will be deemed to automatically be redeemed at the
Redemption Price where a person who has made a Permitted Bid, a Competing
Permitted Bid or a takeover bid otherwise exempted by the Board, takes up and
pays for the Common Shares under the terms of the bid. If the Board elects or is
deemed to have elected to redeem the Rights, the right to exercise the Rights
will terminate and each Right will, after redemption, be null and void and the
only right thereafter of the holders of Rights shall be to receive the
Redemption Price. Under the Rights Plan, the Board has discretion to waive
application of the Rights Plan to a takeover bid made by way of a takeover bid
circular, subject to an automatic waiver with respect to all other takeover bids
made while the waived takeover bid is outstanding. The Board may also waive the
application of the Rights Plan to a Flip-in Event which occurs through
inadvertence, subject to the &#147;inadvertent&#148; Acquiring Person reducing its holding
of the Common Shares within an agreed upon time. Other waivers of the Rights
Plan will require shareholder approval.</P>
<P align=center>13 </P>
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<P align=justify><I>Amendment</I></P>
<P align=justify>The Rights Plan provides that prior to ratification by
shareholders, the Board may in its sole discretion supplement or amend the
Rights Plan. Once the Rights Plan has been ratified by the shareholders,
however, any amendments or supplements to the terms of the Rights Plan (other
than for clerical errors or to maintain the Rights Plan&#146;s validity and
effectiveness as a result of changes in applicable legislation or regulatory
requirements) will require prior shareholder approval. Changes arising from
changes in applicable legislation will require subsequent shareholder
ratification. </P>
<P align=justify><U>Shareholder Approval</U> </P>
<P align=justify>At the Meeting, shareholders will be asked to approve the
amendment and extension of the Rights Plan by a majority of the votes cast
thereon.</P>
<P align=justify>Shareholders will be asked to consider and, if deemed
advisable, to approve, with or without amendment, the following resolution: </P>
<P align=justify><B>BE IT RESOLVED </B>that<B>: </B></P>
<TABLE
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  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>The Amended and Restated Shareholder Rights Plan
      Agreement dated March 29, 2018 between the Corporation and AST Trust
      Company, as rights agent (the &#147;<B>Amended SRP Agreement</B>&#148;), in the form
      attached as Schedule A to the management information circular of the
      Corporation dated March 29, 2018, be and is hereby ratified and approved,
      such that the amendments to the original shareholder rights plan agreement
      dated February 9, 2009, including the extension of the expiration time of
      the Rights Plan to 5:00 p.m. (Toronto time) on the date of the
      Corporation&#146;s annual meeting of shareholders held in 2021, is hereby
      ratified, approved and confirmed; and</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>any one director or officer of the Corporation, be, and
      each of them is hereby, authorized and directed for and on behalf, and in
      the name, of the Corporation, to execute or cause to be executed and to
      deliver or cause to be delivered all such documents, and to do or cause to
      be done all such acts and things, as in the opinion of such director or
      officer may be necessary or desirable in order to give effect to this
      resolution.</P></TD></TR></TABLE>
<P align=justify><B>The Board recommends to the Corporation&#146;s Shareholders that
they approve the resolution. The persons named in the enclosed form of proxy
intend to vote in favour of the resolution unless a shareholder has specified in
his or her proxy that his or her shares are to be voted against such resolution.
</B></P>
<P align=justify><B>Proposal 4 - Ratification and Approval of 2018 Omnibus
Equity Incentive Compensation Plan for a Three-Year Term</B></P>
<P align=justify>The Corporation originally adopted its 2015 Omnibus Equity
Incentive Compensation Plan (the &#147;<B>2015</B> <B>Equity Incentive Plan</B>&#148;) on
January 28, 2015, which was ratified by the Corporation&#146;s shareholders on June
16, 2015. Under the 2015 Equity Incentive Plan, the Board may in its discretion
grant from time to time stock options, restricted stock units and other forms of
equity to employees, directors, officers and consultants of the Corporation and
its affiliates. At a meeting of the Board of Directors held on March 29, 2018,
the Board approved, subject to ratification by shareholders, the adoption of an
amended and restated 2018 Omnibus Equity Incentive Compensation Plan dated March
29, 2018 (the &#147;<B>Equity Incentive Plan</B>&#148;). As discussed in more detail
below, the 2015 Equity Incentive Plan was amended to reflect tax law changes to
the deductibility of compensation paid out to certain employees under Section
162(m) of the U.S. Internal Revenue Code of 1986 (the &#147;<B>Code</B>&#148;). Certain
other minor amendments were made to the definition of change of control to
better align with industry practice. A copy of the Equity Incentive Plan is
attached as Schedule &#147;C&#148; to this Circular. At the Meeting, shareholders will be
asked to approve all unallocated options, rights, or other entitlements under
the Equity Incentive Plan and to ratify and approve the Equity Incentive Plan
for a further three-year term. </P>
<P align=justify><U>Summary of Equity Incentive Plan</U> </P>
<P align=justify>The following is a summary of the principal terms of the Equity
Incentive Plan, which is qualified in its entirety by reference to the text of
the Equity Incentive Plan, a copy of which is attached as Schedule &#147;C&#148; to the
Circular.</P>
<P align=center>14 </P>
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<P align=justify>Employees, directors and consultants of the Corporation and its
affiliates are eligible to participate in the Equity Incentive Plan (the
&#147;<B>Eligible Participants</B>&#148; and, following the grant of an award (an
&#147;<B>Award</B>&#148;) pursuant to the Equity Incentive Plan, the
&#147;<B>Participants</B>&#148;). The Board or a committee authorized by the Board (the
&#147;<B>Committee</B>&#148;) will be responsible for administering the Equity Incentive
Plan.</P>
<P align=justify>The Equity Incentive Plan will permit the Committee to grant
Awards for non-qualified stock options (&#147;<B>NQSOs</B>&#148;), incentive stock options
(&#147;<B>ISOs</B>&#148; and together with NQSOs, &#147;<B>Options</B>&#148;), stock appreciation
rights (&#147;<B>SARs</B>&#148;) restricted stock (&#147;<B>Restricted Stock</B>&#148;), deferred
share units (&#147;<B>DSUs</B>&#148;),<B> </B>restricted stock units (&#147;<B>RSUs</B>&#148;),
performance shares (&#147;<B>Performance Shares</B>&#148;), performance units
(&#147;<B>Performance Units</B>&#148;) and stock-based awards (&#147;<B>SBAs</B>&#148;) to Eligible
Participants. </P>
<P align=justify><I>Common Shares Issuable Pursuant to the Equity Incentive
Plan</I></P>
<P align=justify>The number of Common Shares reserved for issuance under the
Equity Incentive Plan shall not exceed 10% of the then issued and outstanding
Common Shares from time to time. Subject to applicable law, the requirements of
the TSX or the NYSE and any shareholder or other approval which may be required,
the Board may in its discretion amend the Plan to increase such limit without
notice to any Participants.</P>
<P align=justify>The number of Common Shares reserved for issuance to insiders
of the Corporation pursuant to the Equity Incentive Plan together with all other
share compensation arrangements shall not exceed 10% of the outstanding Common
Shares. Within any one-year period, the number of Common Shares issued to
insiders pursuant to the Equity Incentive Plan and all other share compensation
arrangements of the Corporation will not exceed an aggregate of 10% of the
outstanding Common Shares.</P>
<P align=justify><I>Ongoing Shareholder Approval of the Equity Incentive Plan
</I></P>
<P align=justify>Pursuant to the rules of the TSX, since the Equity Incentive
Plan provides for a maximum number of Common Shares issuable thereunder based on
a percentage of the outstanding Common Shares from time to time, the Equity
Incentive Plan must be renewed by approval of the shareholders of EFI every
three years. </P>
<P align=justify><I>Types of Awards</I></P>
<P align=justify><U>Options. </U>The Committee may grant Options to any Eligible
Participant at any time, in such number and on such terms as will be determined
by the Committee in its discretion. ISOs may be granted only to employees of the
Corporation or a parent subsidiary corporation of the Corporation within the
meaning of Section 424 of the Code. The exercise price for any Option granted
pursuant to the Equity Incentive Plan will be determined by the Committee and
specified in the Award Agreement, provided however, that the price will not be
less than the fair market value (the &#147;<B>FMV</B>&#148;) of the Common Shares on the
day of grant (which cannot be less than the greater of (a) the volume weighted
average trading price of the Common Shares on the TSX or the NYSE for the five
trading days immediately prior to the grant date; or (b) the closing price of
the Common Shares on the TSX or the NYSE on the trading day immediately prior to
the grant date), provided further, that the exercise price for an ISO granted to
a holder of 10% or more of the Common Shares (a &#147;<B>Significant
Stockholder</B>&#148;)<B> </B>shall not be less than 110% of the FMV.</P>
<P align=justify>Options will vest and become exercisable at such times and on
the occurrence of such events, and be subject to such restrictions and
conditions, as the Committee in each instance approves. </P>
<P align=justify>Options will expire at such time as the Committee determines at
the time of grant; provided, however that no Option will be exercisable later
than the tenth anniversary date of its grant and, provided further, that no ISO
granted to a Significant Stockholder shall be exercisable after the expiration
of five years from the date of grant, except where the expiry date of any NQSO
would occur in a blackout period or within five days of the end of a blackout
period, in which case the expiry date will be automatically extended to the
tenth business day following the last day of a blackout period. </P>
<P align=justify><U>Stock Appreciation Rights. </U>A stock appreciation right or
a SAR entitles the holder to receive the difference between the FMV of an EFI
Common Share on the date of exercise and the grant price. The Committee may
grant SARs to any Eligible Participant at any time and on such terms as will
be determined by the Committee and may grant SARs in tandem with Options or as
standalone SARs. The grant price of a SAR will be determined by the Committee
and specified in the Award Agreement. The price will not be less than the FMV of
the Common Shares on the day of grant. The grant price of an SAR granted in
tandem with an Option will be equal to the price of the related Option. SARs
will vest and become exercisable upon whatever terms and conditions the
Committee, in its discretion, imposes. Additionally, tandem SARs will only be
exercisable upon the surrender of the right to receive Common Shares under the
related Options. SARs will expire at such time as the Committee determines and,
except as determined otherwise by the Committee and specified in the Award
Agreement, no SAR will be exercisable later than the tenth anniversary date of
its grant.</P>
<P align=center>15 </P>
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<P align=justify>Upon the exercise of an SAR, a Participant shall be entitled to
receive payment from the Corporation in an amount representing the difference
between the FMV of the underlying Common Shares on the date of exercise over the
grant price. At the discretion of the Committee, the payment may be in cash,
Common Shares or some combination thereof. </P>
<P align=justify><U>Restricted Stock and Restricted Stock Units.</U> Restricted
Stock are awards of common shares that are subject to forfeiture based on the
passage of time, the achievement of performance criteria, and/or upon the
occurrence of other events, over a period of time, as determined by the
Committee. Restricted Stock Units are similar to Restricted Stock, but provide a
right to receive common shares or cash or a combination of the two upon
settlement. The Committee may grant Restricted Stock and/or RSUs to any Eligible
Participant at any time and on such terms as the Committee determines. The
specific terms, including the number of Restricted Stock or RSUs awarded, the
restriction period, the settlement date and any other restrictions or conditions
that the Committee determines to impose on any Restricted Stock or RSU shall be
set out in an Award Agreement. </P>
<P align=justify>To the extent required by law, holders of Restricted Stock
shall have voting rights during the restricted period, however, holders of RSUs
shall have no voting rights until and unless Common Shares are issued on the
settlement of such RSUs.</P>
<P align=justify>Unless otherwise determined by the Committee or as set out in
any Award Agreement, no RSU will vest later than three years after the date of
grant.</P>
<P align=justify><U>Deferred Share Units</U><I>. </I>DSUs are awards denominated
in units that provide the holder with a right to receive common shares or cash
or a combination of the two upon settlement. The Committee may grant DSUs to any
Eligible Participant at any time, in such number and on such terms as will be
determined by the Committee in its discretion and as will be set out in the
applicable Award Agreement.</P>
<P align=justify><U>Performance Shares and Performance Share Units</U><I>.
</I>Performance Shares are awards, denominated in Common Shares, the value of
which at the time it is payable is determined as a function of the extent to
which corresponding performance criteria have been achieved. Performance Units
are equivalent to Performance Shares but are denominated in units. The Committee
may grant Performance Shares and/or Performance Units to any Eligible
Participant at any time, in such number and on such terms as may be determined
by the Committee in its discretion. Each Performance Share and Performance Unit
will have an initial value equal to the FMV of an EFI Common Share on the date
of grant. The Committee will set performance criteria for a Performance Share or
Performance Unit in its discretion and the period of time during which the
performance criteria must be met. The extent to which the performance criteria
are met will determine the ultimate value and/or number of Performance Shares or
Performance Units that will be paid to the Participant.</P>
<P align=justify>The Committee may pay earned Performance Shares or Performance
Units in the form of cash or Common Shares equal to the value of the Performance
Share or Performance Unit at the end of the performance period. The Committee
may determine that holders of Performance Shares or Performance Units be
credited with consideration equivalent to dividends declared by the Board and
paid on outstanding Common Shares.</P>
<P align=justify><U>Stock-Based Awards</U><I>. </I>The Committee may, to the
extent permitted by the TSX, grant other types of equity-based or equity-related
Awards not otherwise described by the terms of the Equity Incentive Plan in such
amounts and subject to such terms and conditions as the Committee determines.
Such SBAs may involve the transfer of actual Common Shares to Participants, or
payment in cash or otherwise of amounts based on the value of Common Shares.
</P>
<P align=center>16 </P>
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<P align=justify>Recent changes to Section 162(m) of the Code remove the ability
to grant awards prospectively to employees considered &#147;covered employees&#148; for
purposes of Section 162(m) that may be excluded from its US$1 million
compensation deduction limit per covered employee. While the Corporation was not
obligated under the 2015 Equity Incentive Plan to issue awards to covered
employees that would qualify as performance-based compensation for purposes of
Section 162(m), by adopting the Equity Incentive Plan, the Corporation has
amended the 2015 Equity Incentive Plan to remove the plan provisions that
formerly enabled the exemption of awards intended to qualify as
performance-based compensation. The Committee will continue to administer any
awards grandfathered for purposes of Section 162(m) in a manner that may
preserve the compensation paid thereunder as excludable performance-based
compensation for purposes of Section 162(m) of the Code.</P>
<P align=justify><I>Assignability </I></P>
<P align=justify>Other than Restricted Stock and RSUs, Awards will be
non-transferable and non-assignable except as provided in an Award Agreement, by
will or by the law of descent and distribution. Such Awards will be exercisable
during the Participant&#146;s lifetime only by the Participant. Restricted Stock and
RSUs will be non-transferable and non-assignable until the end of the applicable
period of restriction specified in the Award Agreement (and in the case of RSUs
until the date of settlement through delivery or other payment), or upon earlier
satisfaction of any other conditions, as specified by the Committee.<B> </B></P>
<P align=justify><I>Cessation of Awards</I></P>
<P align=justify><U>Death.</U> If a Participant dies while an employee, officer
or director of, or consultant to, the Corporation or an Affiliate: (i) any
Options held by the Participant that are exercisable at the date of death
continue to be exercisable by the executor or administrator of the Participant&#146;s
estate until the earlier of twelve months after the date of death and the date
on which the exercise period of the particular Option expires and any Options
that are not exercisable at the date of death shall immediately expire; (ii) any
RSUs held that have vested as at the date of death will be paid to the
Participant's estate, and any RSUs that have not vested as at the date of death
will be immediately cancelled; and (iii) the treatment for all other types of
Awards shall be as set out in the applicable Award Agreement. </P>
<P align=justify><U>Termination other than Death. </U>Upon termination of the
Participant&#146;s employment or term of office or engagement with the Corporation
for any reason other than death: (i) any of the Options held by the Participant
that are exercisable on the termination date continue to be exercisable until
the earlier of three months (six months in the case of a voluntary retirement)
after the termination date and the date on which the exercise period of the
Option expires, and any Options that have not vested at the termination date
shall immediately expire; (ii) any RSUs held by a Participant that have vested
at the termination date will be paid to the Participant and any RSUs that have
not at the termination date will be immediately cancelled; and (iii) the
treatment for all other types of Awards shall be as set out in the applicable
Award Agreement.</P>
<P align=justify><I>Corporate Reorganization and Change of Control </I></P>
<P align=justify><U>Corporate Reorganization</U><I>. </I>In the event of any
merger, arrangement, amalgamation, consolidation, reorganization,
recapitalization, separation, stock dividend, extraordinary dividend, stock
split, reverse stock split, split up, spin-off or other distribution of stock or
property of the Corporation, combination of securities, exchange of securities,
dividend in kind, or other like change in capital structure or distribution to
stockholders of the Corporation, or any similar corporate event or transaction
(a &#147;<B>Corporate Reorganization</B>&#148;), the Committee will make or provide for
such adjustments or substitutions as are equitably necessary in: (i) the number
and kind of securities that may be issued under the Equity Incentive Plan, (ii)
the number and kind of securities subject to outstanding Awards, (iii) the price
applicable to outstanding Awards, (iv) the award limits, (v) the limit on
issuing Awards except as provided for in the Equity Incentive Plan, and (vi) any
other value determinations applicable to outstanding Awards or to the Equity
Incentive Plan. </P>
<P align=justify>In connection with a Corporate Reorganization, the Committee
will have the discretion to permit a holder of Options to purchase, and the
holder shall be required to accept, on the exercise of such Option, in lieu of
the Common Shares, securities or other property that the holder would have been
entitled to receive as a result of the Corporate Reorganization if that holder
had owned all Common Shares that were subject to the Option. </P>
<P align=center>17 </P>
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<P align=justify><U>Change of Control</U><I>. </I>In the event of a Change of
Control (as defined in the Equity Incentive Plan), subject to applicable laws
and rules and regulations of a national exchange or market on which Common
Shares are listed or as otherwise provided in any Award Agreement, (a) all
Options and SARs shall be accelerated to become immediately exercisable; (b) all
restrictions imposed on Restricted Stock and RSUs shall lapse and RSUs shall be
immediately settled and payable; (c) target payout opportunities attainable
under all outstanding Awards of performance-based Restricted Stock,
performance-based Restricted Stock Units, Performance Units and Performance
Shares shall be deemed to have been fully earned; (d) unless otherwise
specifically provided in a written agreement entered into between the
Participant and the Corporation or an Affiliate, the Committee shall immediately
cause all other Stock-Based Awards to vest and be paid out as determined by the
Committee, and (e) the Committee will have discretion to cancel all outstanding
Awards, and the value of such Awards will be paid in cash based on the change of
control price.</P>
<P align=justify>Notwithstanding the above, no acceleration of vesting,
cancellation, lapsing of restrictions, payment of an Award, cash settlement or
other payment will occur with respect to an Award if the Committee determines,
in good faith, that the Award will be honoured, assumed or substituted by a
successor corporation, provided that such honoured, assumed or substituted Award
must: (a) be based on stock which is traded on the TSX and/or an established
securities market in the United States; (b) provide such Participant with rights
and entitlements substantially equivalent to or better than the rights, terms
and conditions applicable under such Award; (c) recognize, for the purpose of
vesting provisions, the time that the Award has been held prior to the Change of
Control; (d) have substantially equivalent economic value to such Award; and (e)
have terms and conditions which provide that in the event a Participant&#146;s
employment with the Corporation, and Affiliate or a successor Corporation is
involuntarily terminated or constructively terminated at any time within twelve
months of the Change of Control, any conditions on a Participant&#146;s rights under,
or any restrictions on transfer or exercisability applicable to such alternative
Award shall be waived or shall lapse, as the case may be.</P>
<P align=justify><I>Amending the Equity Incentive Plan</I><B><I> </I></B></P>
<P align=justify>Except as set out below, and as otherwise provided by law or
stock exchange rules, the Equity Incentive Plan may be amended, altered
modified, suspended or terminated by the Committee at any time, without notice
or approval from shareholders, including but not limited to for the purposes of:
</P>
<TABLE
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%">(a) </TD>
    <TD>
      <P align=justify>making any acceleration of or other amendments to the
      general vesting provisions of any Award;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>waiving any termination of, extending the expiry date of,
      or making any other amendments to the general term of any Award or
      exercise period thereunder provided that no Award held by an insider may
      be extended beyond its original expiry date;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>making any amendments to add covenants or obligations of
      the Corporation for the protection of Participants;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>making any amendments not inconsistent with the Plan as
      may be necessary or desirable with respect to matters or questions which,
      in the good faith opinion of the Board, it may be expedient to make,
      including amendments that are desirable as a result of changes in law or
      as a &#147;housekeeping&#148; matter; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>making such changes or corrections which are required for
      the purpose of curing or correcting any ambiguity or defect or
      inconsistent provision or clerical omission or mistake or manifest
      error.</P></TD></TR></TABLE>
<P align=justify>Amendments requiring the prior approval of the Corporation&#146;s
shareholders are: (i) a reduction in the price of a previously granted Option or
SAR benefitting an insider; (ii) an increase in the total number of Common
Shares available under the Equity Incentive Plan or the total number of Common
Shares available for ISOs; (iii) an increase to the limit on the number of
Common Shares issued or issuable to insiders; (iv) an extension of the expiry
date of an Option or SAR other than in relation to a blackout period; and (v)
any amendment to the amendment provisions of the Equity Incentive Plan.</P>
<P align=center>18 </P>
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<P align=justify><U>U.S. Federal Income Tax Consequences</U> </P>
<P align=justify>The following is a brief summary of certain United States
federal income tax consequences generally arising with respect to awards under
the Equity Incentive Plan. This discussion does not address all aspects of the
United States federal income tax consequences of participating in the Equity
Incentive Plan that may be relevant to participants in light of their personal
investment or tax circumstances and does not discuss any state, local or
non-United States tax consequences of participating in the Equity Incentive
Plan. Each participant is advised to consult his or her personal tax advisor
concerning the application of the United States federal income tax laws to such
participant&#146;s particular situation, as well as the applicability and effect of
any state, local or non-United States tax laws before taking any actions with
respect to any awards. </P>
<P align=justify><I>Grant of Stock Options </I></P>
<P align=justify>The grant of stock options is not expected to result in any
taxable income for the recipient and the Corporation will not be entitled to an
income tax deduction in connection with a grant of stock options under the
Equity Incentive Plan. </P>
<P align=justify><I>Exercise of Stock Options, SARs and Disposition of Shares
</I></P>
<P align=justify>Upon exercising a SAR or a non-qualified stock option, the
optionee must recognize ordinary income equal to the excess of the fair market
value of the shares acquired on the date of exercise over the exercise price,
and we generally will be entitled, at that time, to an income tax deduction for
the same amount, subject to the limitations on deductibility for compensation
paid to covered employees under Section 162(m). The optionee will recognize
ordinary income upon exercise in an amount equal to the difference between the
fair market value of the shares and the exercise price on the date of exercise.
Any gain or loss recognized upon any later disposition of the shares generally
will be a capital gain or loss.</P>
<P align=justify>The holder of an incentive stock option generally will have no
taxable income upon exercising the stock option (except that an alternative
minimum tax liability may arise), and the Corporation will not be entitled to an
income tax deduction. The gain or loss recognized by the optionee on a later
sale or other disposition of such shares will either be long-term capital gain
or loss or ordinary income, depending upon whether the optionee holds the shares
for the legally-required period of two years from the date of grant and one year
from the date of exercise. If the shares are not held for the legally-required
period, the optionee will recognize ordinary income equal to the lesser of (i)
the difference between the fair market value of the shares on the date of
exercise and the exercise price, or (ii) the difference between the sales price
and the exercise price. Generally, there will be no tax consequences to the
Corporation in connection with the disposition of shares acquired pursuant to an
incentive stock option, except that the Corporation may be entitled to an income
tax deduction with respect to a disposition of shares acquired pursuant to an
incentive stock option before the applicable incentive stock option holding
periods set forth in the U.S. Internal Revenue Code have been satisfied, subject
to the limitations on deductibility for compensation paid to covered employees
under Section 162(m). </P>
<P align=justify><I>Restricted Stock, Restricted Stock Units and DSUs </I></P>
<P align=justify>Unless a special election is made by the holder of a restricted
stock award under the Internal Revenue Code, the holder must recognize ordinary
income equal to the excess of (1) the fair market value of the restricted stock
received (determined as of the first time the restricted stock becomes
transferable or not subject to substantial risk of forfeiture, whichever occurs
earlier) over (2) the amount (if any) paid for the restricted stock by the
holder of the award. The holder of a restricted stock unit or deferred stock
unit award shall be taxable on the fair market value of any shares delivered and
cash paid at the time such property is issued to the holder. With respect to
such award, the holder of The Corporation will generally be entitled to an
income tax deduction at the time the holder recognizes taxable income, subject
to the limitations on deductibility for compensation paid to covered employees
under Section 162(m). </P>
<P align=center>19 </P>
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<P align=justify><I>Performance Awards </I></P>
<P align=justify>A recipient of a performance award will not recognize taxable
income at the time of grant, and the Corporation will not be entitled to an
income tax deduction with respect to the performance award grant at that time.
Upon settlement of a performance award, the recipient thereof will recognize
compensation taxable as ordinary income in an amount equal to the fair market
value of any shares delivered and the amount of cash paid, and the Corporation
will be entitled to an income tax deduction in that amount at that time, subject
to the limitations on deductibility for compensation paid to covered employees
under Section 162(m). </P>
<P align=justify><I>Stock Awards </I></P>
<P align=justify>With respect to awards granted under the Equity Incentive Plan
that are payable in shares that are not subject to a substantial risk of
forfeiture, the holder thereof must recognize ordinary income equal to the
excess of the fair market value of the shares received (determined as of the
date the shares are received) over the amount (if any) paid for the shares by
the holder of the award. The Corporation generally will be entitled at that time
to an income tax deduction for the same amount, subject to the limitations on
deductibility for compensation paid to covered employees under Section 162(m).
</P>
<P align=justify><I>Dividend Equivalents </I></P>
<P align=justify>A recipient of dividend equivalents with respect to their award
under the Equity Incentive Plan will not recognize taxable income at the time of
grant, and we will not be entitled to an income tax deduction with respect to
the dividend equivalent award at that time. When a dividend equivalent is paid,
the recipient thereof will recognize compensation taxable as ordinary income in
an amount equal to the fair market value of any shares delivered and the amount
of cash paid by us, and the Corporation will be entitled to an income tax
deduction in that amount at that time, subject to the limitations on
deductibility for compensation paid to covered employees under Section 162(m).
</P>
<P align=justify><I>Special Rules for Executive Officers and Directors Subject
to Section 16 of the Exchange Act </I></P>
<P align=justify>Special rules may apply to individuals subject to Section 16 of
the Exchange Act. In particular, unless a special election is made pursuant to
the Internal Revenue Code, shares received through the exercise of a stock
option may be treated as restricted as to transferability and subject to a
substantial risk of forfeiture for a period of up to six months after the date
of exercise. Accordingly, the amount of ordinary income recognized and the
amount of our income tax deduction will be determined as of the end of that
period. </P>
<P align=justify><I>Section 409A of the Internal Revenue Code </I></P>
<P align=justify>Awards under the Equity Incentive Plan are intended to satisfy
the requirements of Section 409A of the Internal Revenue Code, in order to avoid
any adverse tax results thereunder, and the Committee will administer and
interpret the Equity Incentive Plan and all award agreements in a manner
consistent with that intent. If any provisions of the Equity Incentive Plan or
any award agreement would result in adverse tax consequences under Section 409A
of the Internal Revenue Code, the Committee may amend that provision or take any
other actions reasonably necessary to avoid any adverse tax consequences and no
action taken to comply with Section 409A of the Internal Revenue Code will be
deemed to impair or otherwise adversely affect the rights of any holder of an
award under the Equity Incentive Plan or any beneficiary thereof. </P>
<P align=justify><U>Awards Granted under the Equity Incentive Plan Prior to the
Date hereof</U> </P>
<P align=justify>Since the Equity Incentive Plan was adopted by the Board on
January 28, 2015, a total of 3,996,758 RSUs have been awarded to Participants,
which were awarded as follows: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>153,850 granted on January 28, 2015, vesting 50% on January 28, 2016 and
  25% on January 28, 2017 and 2018.
  <LI>31,129 granted on August 6, 2015, vesting 50% on January 28, 2016 and 25%
  on January 28, 2017 and 2018.
  <LI>80,469 granted on September 24, 2015, vesting 50% on January 28, 2016 and
  25% on January 28, 2017 and 2018. </LI></UL>
<P align=center>20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_27></A>
<UL style="TEXT-ALIGN: justify">
  <LI>17,241 granted on October 1, 2015, vesting 50% on January 28, 2016 and 25%
  on January 28, 2017 and 2018.
  <LI>948,047 granted on January 27, 2016, vesting 50% on January 27, 2017 and
  25% on January 27, 2018 and 2019.
  <LI>42,887 granted on July 1, 2016, vesting 50% on January 27, 2017 and 25% on
  January 27, 2018 and 2019.
  <LI>31,798 granted on July 5, 2016, vesting 100% on January 27, 2017.
  <LI>168,964 granted on August 4, 2016, vesting 100% on January 27, 2017
  <LI>13,640 granted on August 4, 2016, vesting 50% on January 27, 2017 and 25%
  on January 27, 2018 and 2019.
  <LI>6,798 granted on January 24, 2017, vesting 50% on January 27, 2017 and 25%
  on January 27, 2018 and 2019.
  <LI>1,150,881 granted on January 24, 2017, vesting 50% on January 27, 2018 and
  25% on January 27, 2019 and 2020.
  <LI>232,846 granted on July 1, 2017, vesting 100% on January 27, 2018
  <LI>883,626 granted on January 23, 2018, vesting 50% on January 27, 2019 and
  25% on January 27, 2020 and 2021.
  <LI>234,375 granted on February 1, 2018, vesting 100% on February 1, 2018
  <LI>76,751 granted on March 29, 2018, vesting 50% on January 27, 2019 and 25%
  on January 27, 2020 and 2021. </LI></UL>
<P align=justify><U>Annual Burn Rate for the Three Most Recently Completed
Fiscal Years</U></P>
<P align=justify>The Annual Burn Rate (the number of securities granted under
the Equity Incentive Plan during the applicable fiscal year divided by the
weighted average number of securities outstanding for that year) for the three
most recently completed fiscal years for this arrangement, calculated in
accordance with Section 613(p) of the TSX Company Manual, is as follows:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>For the year ended December 31, 2017: 3.0%
  <LI>For the year ended December 31, 2016: 2.0%
  <LI>For the year ended December 31, 2015: 1.3% </LI></UL>
<P align=justify>Such burn rates were calculated using the values provided in
the below chart; no multiplier was included: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=6 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="22%"><B>2017</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="22%"><B>2016</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="22%"><B>2015</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Weighted Average Shares </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="22%">70,859,107 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="22%">56,441,058 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="22%">33,389,972 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Options Granted </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="22%">738,893 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="22%">449,537 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="22%">135,922 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Restricted Stock Units Granted </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="22%">1,390,705 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="22%">1,205,336 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="22%">282716 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Total Securities Awarded Under Arrangement </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="22%">2,129,598 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="22%">1,654,873 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="22%">418,638 </TD></TR></TABLE></DIV>
<P align=justify><U>Ratification and Approval of Equity Incentive Plan for a
Further Three Years</U> </P>
<P align=justify>At the Meeting, shareholders will be asked to approve all
unallocated options, rights, or other entitlements under the Equity Incentive
Plan and to ratify and approve the Equity Incentive Plan for a further
three-year term. A copy of the Equity Incentive Plan is attached as Schedule &#147;C&#148;
to this Circular and a summary of the terms of the Amended Plan is set out
above. </P>
<P align=justify>The Corporation&#146;s Shareholders will be asked to consider and,
if deemed advisable, to approve, with or without amendment, the following
resolution: </P>
<P align=justify>&#147;<B>BE IT RESOLVED</B>, as an ordinary resolution of the
shareholders of Energy Fuels Inc. (the &#147;Corporation&#148;), that: </P>
<P align=center>21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_28></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%">1. </TD>
    <TD>
      <P align=justify>all unallocated options, rights, or other entitlements
      under the Energy Fuels Inc. 2018 Equity Incentive Compensation Plan as set
      forth in Schedule &#147;C&#148; to the Corporation&#146;s Management Information Circular
      dated March 29, 2018 (the &#147;<B>Equity Incentive Plan</B>&#148;), are hereby
      approved;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>the Equity Incentive Plan is hereby ratified and approved
      for a further three-year term, until 5:00 p.m. (Toronto time) on May 30,
      2021; and</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>any officer or director of the Corporation be and is
      hereby authorized and directed, for and on behalf of the Corporation, to
      execute and deliver all such documents and to do all such acts and things
      as he or she may determine to be necessary or desirable in order to carry
      out the foregoing provisions of this resolution, the execution of any such
      document or the doing of any such acts and things being conclusive
      evidence of such determination.&#148;</P></TD></TR></TABLE>
<P align=justify>To be effective, the above resolution must be passed by a
simple majority of the votes cast thereon by the Corporation&#146;s Shareholders
present in person or by proxy at the Meeting. If approval is not obtained at the
Meeting, Awards which have not been allocated as of May 30, 2018 and Awards
which are outstanding as of May 30, 2018 and are subsequently cancelled,
terminated or exercised will not be available for a new grant of Awards.
Previously allocated Awards will continue to be unaffected by the approval or
disapproval of the resolution. </P>
<P align=justify><B>The Board recommends to the Corporation&#146;s shareholders that
they approve the resolution. The persons named in the enclosed form of proxy
intend to vote in favour of the resolution unless a shareholder has specified in
his or her proxy that his or her shares are to be voted against such resolution.
</B></P>
<P align=justify><B>Proposal 5 - Approval of Share Issuances Pursuant to
Consulting Arrangement </B></P>
<P align=justify>On December 19, 2017, the EFI Board approved a consulting
agreement (the &#147;<B>Consulting Agreement</B>&#148;) with Liviakis Financial
Communications, Inc. (the &#147;<B>Consultant</B>&#148;), under which the Corporation
engaged the Consultant to provide investor communications and financial public
relations services with existing and prospective shareholders, brokers, dealers
and other investment professionals relating to the Corporation&#146;s current and
proposed activities, and to consult with the Corporation&#146;s management concerning
such activities. Under the Consulting Agreement, the Corporation will issue
Common Shares from time in payment of such services, unless such issuance of
Common Shares is not approved by shareholders at the Meeting, in which case the
Corporation shall pay cash for the services provided under the Consulting
Agreement. At the Meeting, shareholders will be asked to consider and approve
the Consulting Agreement and the issuance of Common Shares thereunder. </P>
<P align=justify>A copy of the Consulting Agreement is attached as Schedule &#147;D&#148;
to the Circular. A summary of the terms of the Consulting Agreement is provided
below. </P>
<P align=justify><U>Summary of Consulting Agreement</U> </P>
<P align=justify><I>Services </I></P>
<P align=justify>The Consultant will provide investor communications and
financial public relations services with existing and prospective shareholders,
brokers, dealers and other investment professionals relating to the
Corporation&#146;s current and proposed activities, and consult with the
Corporation&#146;s management concerning such activities, including the following:
</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>consult and assist the Corporation in developing and
      implementing appropriate plans and means for presenting the Corporation
      and its business plans, strategy and personnel to the financial community,
      establishing an image for the Corporation in the financial community, and
      creating the foundation for subsequent financial public relations
      efforts;</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>consult and assist the Corporation in communicating
      appropriate information regarding the Corporation&#146;s plans, strategy and
      personnel to the financial community;</P></TD></TR></TABLE>
<P align=center>22 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_29></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%">c) </TD>
    <TD>
      <P align=justify>assist and consult with the Corporation with respect to
      its (i) relations with stockholders, (ii) relations with brokers, dealers,
      analysts and other investment professionals, and (iii) financial public
      relations generally;</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>perform the functions generally assigned to stockholder
      relations and public relations departments in major corporations,
      including responding to telephone and written inquiries (which may be
      referred to the Consultant by the Corporation); preparing reports and
      other communications with or to shareholders, the investment community and
      the general public; consulting with respect to the timing, form,
      distribution and other matters related to such, reports and
      communications;</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>upon the Corporation&#146;s direction and approval,
      disseminate information regarding the Corporation to shareholders,
      brokers, dealers, other investment community professionals and the general
      investing public;</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>upon the Corporation&#146;s approval, conduct meetings, in
      person or by telephone, with brokers, dealers, analysts and other
      investment professionals to communicate with them regarding the
      Corporation&#146;s plans, goals and activities, and assist the Corporation in
      preparing for press conferences and other forums involving the media,
      investment professionals and the general investment public;</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>at the Corporation&#146;s request, review business plans,
      strategies, mission statements budgets, proposed transactions and other
      plans for the purpose of advising the Corporation of the public relations
      implications thereof; 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%">h) </TD>
    <TD>
      <P align=justify>otherwise perform as the Corporation&#146;s consultant for
      public relations and relations with financial
  professionals.</P></TD></TR></TABLE>
<P align=justify><I>Term </I></P>
<P align=justify>The initial term (the &#147;<B>Initial Term</B>&#148;) of the Consulting
Agreement is from October 1, 2017 to September 30, 2018. The term of the
Consulting Agreement may be extended at the end of the Initial Term and
thereafter on a yearly basis for up to an additional three years after the end
of the Initial Term, by the mutual agreement of the parties. The Consulting
Agreement may be cancelled by the Corporation at the end of any calendar
quarter. </P>
<P align=justify><I>Fees </I></P>
<P align=justify>The fees payable to the Consultant are $120,000 per calendar
quarter, payable in arrears at the end of each quarter for services performed
during the quarter. Subject to approval of the Consulting Agreement by the
Shareholders of the Corporation at the Meeting, the fees will be payable in
Common Shares. During the Initial Term, all Common Shares will be issued at the
price of US$1.9395 per share (the &#147;<B>Initial Term Share Price</B>&#148;), which is
the volume weighted average trading price of the Common Shares on the NYSE
American for the 5 trading days ending on and including December 18, 2017 (the
day before the December 19, 2017 Board meeting at which the Consulting Agreement
was approved). All fees earned from October 1, 2017 through the date of the
Meeting will be accrued and will not have been paid at the time of the Meeting.
If the Shareholders of the Corporation approve the Consulting Agreement at the
Meeting, all accrued fees up to the date of the Meeting will be paid at that
time in Common Shares at the Initial Term Share Price of US$1.9395 per share. If
the shareholders of the Corporation do not approve the Consulting Agreement at
the Meeting, then all accrued fees up to the date of the Meeting will be paid in
cash in an amount equal to 80% of the product of the number of Common Shares
that would otherwise have been issued under the Consulting Agreement up to that
time multiplied by the volume weighed average price of the Common Shares on the
NYSE American for the five trading days ending on the day before the Meeting,
and all other fees payable under the Consulting Agreement after the date of the
Meeting will be paid in cash. </P>
<P align=justify>The parties will agree to the annual compensation for each
one-year term extension, if any, and the Common Shares issuable during any such
one-year extension period will be re-priced based on the volume weighted average
price of the Common Shares on the NYSE American for the 5 trading days ending on
the day prior to the beginning of the extended term, provided that the number of
shares issued under the Consulting Agreement for the Initial Term and for all
extended terms shall not exceed 900,000 Common Shares in total without further
shareholder approval.</P>
<P align=center>23 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_30></A>
<P align=justify><I>Approvals </I></P>
<P align=justify>The Consulting Agreement is considered a security-based
compensation arrangement under TSX rules and the issuance of Common Shares
thereunder must be approved by the Corporation&#146;s shareholders at the Meeting.
</P>
<P align=justify>The Corporation&#146;s Shareholders will be asked to consider and,
if deemed advisable, to approve, with or without amendment, the following
resolution: </P>
<P align=justify>&#147;<B>BE IT RESOLVED</B>, as an ordinary resolution of the
shareholders of Energy Fuels Inc. (the &#147;Corporation&#148;), 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>The entering into by the Corporation of the consulting
      agreement effective as of October 1, 2017 (the &#147;Consulting Agreement&#148;)
      between the Corporation and Liviakis Financial Communications, Inc. (the
      &#147;Consultant&#148;) is hereby ratified and approved.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>The issuance by the Corporation of up to a maximum of
      900,000 Common Shares of the Corporation as compensation for the services
      to be provided by the Consultant pursuant to the Consulting Agreement
      during the initial term of the Consulting Agreement and any extension
      thereof is hereby approved.</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>Any officer or director of the Corporation be and is
      hereby authorized and directed, for and on behalf of the Corporation, to
      execute and deliver the Consulting Agreement and all such other documents
      and to do all such acts and things as he or she may determine to be
      necessary or desirable in order to carry out the foregoing provisions of
      this resolution, the execution of any such document or the doing of any
      such acts and things being conclusive evidence of such
    determination.&#148;</P></TD></TR></TABLE>
<P align=justify>To be effective, the above resolution must be passed by a
simple majority of the votes cast thereon by the Corporation&#146;s shareholders
present in person or by proxy at the Meeting. </P>
<P align=justify><B>The Board recommends to the Corporation&#146;s Shareholders that
they approve the resolution. The persons named in the enclosed form of proxy
intend to vote in favour of the resolution unless a shareholder has specified in
his or her proxy that his or her shares are to be voted against such resolution.
</B></P>
<P align=center><B>EXECUTIVE OFFICERS </B></P>
<P align=justify>As of March 29, 2018, the three senior executive officers of
the Corporation, their ages and their business experience and principal
occupation during the past five years were as follows: </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=center bgcolor="#E6EFFF"><B>Name and Municipality of</B>
      <BR>
      <B>Residence</B><B><SUP>(1)(2)</SUP></B> </TD>
    <TD width="20%" align=center bgcolor="#E6EFFF"><BR>
      <B>Office Held</B> </TD>
    <TD width="20%" align=center bgcolor="#E6EFFF"><BR>
      <B>Officer Since</B> </TD>
    <TD width="30%" align=center bgcolor="#E6EFFF"><BR>
    <B>Age</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mark S. Chalmers <BR>Colorado, USA </TD>
    <TD align=left width="20%">President and Chief Executive
      Officer<SUP>(3)</SUP> </TD>
    <TD align=center width="20%">2016 </TD>
    <TD align=center width="30%">60 </TD></TR>
  <TR vAlign=top>
    <TD align=left>David C. Frydenlund <BR>Colorado, USA <BR></TD>
    <TD align=left width="20%">Chief Financial Officer, General Counsel and
      Corporate Secretary<SUP>(4)</SUP> </TD>
    <TD align=center width="20%">2012 </TD>
    <TD align=center width="30%">60 </TD></TR>
  <TR vAlign=top>
    <TD align=left>W. Paul Goranson <BR>Colorado, USA </TD>
    <TD align=left width="20%">Chief Operating Officer<SUP>(5)</SUP> </TD>
    <TD align=center width="20%">2015 </TD>
    <TD align=center width="30%">56 </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 width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Stephen P. Antony, our former Chief Executive Officer,
      was an executive officer during the financial year ended December 31,
      2017. Mr. Antony retired effective January 31, 2018.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Daniel G. Zang, our former Chief Financial Officer, was
      an executive officer during the financial year ended December 31, 2017.
      Mr. Zang ceased being an executive officer effective March 1,
  2018.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Mr. Mark S. Chalmers, the Current President and Chief
      Executive Officer of the Corporation was the Chief Operating Officer of
      the Corporation until July 1, 2017, at which time he became the President
      and Chief Operating Officer of the Corporation. Mr.
  Chalmers was appointed President and Chief Executive Officer of
      the Corporation on February 1, 2018, following the retirement of Mr.
      Stephen P. Antony as Chief Executive Officer of the Corporation.</P></TD></TR></TABLE>
<P align=center>24 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_31></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%">(4) </TD>
    <TD>
      <P align=justify>Mr. David C. Frydenlund became Chief Financial Officer,
      General Counsel and Corporate Secretary of the Corporation on March 2,
      2018. Prior to that date, Mr. Frydenlund was Senior Vice President,
      General Counsel and Corporate Secretary of the Corporation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Mr. W. Paul Goranson became Chief Operating Officer of
      the Corporation on February 14, 2018. Prior to that date, Mr. Goranson was
      Executive Vice President, Operations since February 1, 2017 and prior
      thereto was Executive Vice President, ISR
Operations.</P></TD></TR></TABLE>
<P align=center><B><I>Mark S. Chalmers </I></B></P>
<P align=justify>Mr. Chalmers is currently the President and Chief Executive
Officer of the Corporation, a position he has held since February 1, 2018. From
July 1, 2016 to January 31, 2018, Mr. Chalmers was President and Chief Operating
Officer of the Corporation, and from July 1, 2016 to July 1, 2017 was Chief
Operating Officer of the Corporation. From 2011 to 2015, Mr. Chalmers served as
Executive General Manager of Production for Paladin Energy Ltd., a uranium
producer with assets in Australia and Africa, including the Langer Heinrich and
Kayelekera mines where, as head of operations, he oversaw sustained, significant
increases in production while reducing operating costs. He also possesses
extensive experience in ISR uranium production, including management of the
Beverley Uranium Mine owned by General Atomics (Australia), and the Highland
mine owned by Cameco Corporation (USA). Mr. Chalmers has also consulted to
several of the largest players in the uranium supply sector, including BHP
Billiton, Rio Tinto, and Marubeni, and until recently served as the Chair of the
Australian Uranium Council, a position he has held for 10 years. Mr. Chalmers is
a registered professional engineer, and holds a Bachelor of Science in Mining
Engineering from the University of Arizona.</P>
<P align=center><B><I>David C. Frydenlund </I></B></P>
<P align=justify>Mr. Frydenlund is the Corporation&#146;s Chief Financial Officer,
General Counsel and Corporate Secretary, a position he has held since March 2,
2018, and prior thereto was Senior Vice President, General Counsel and Corporate
Secretary of the Corporation since June 2012. In addition to his
responsibilities as Chief Financial Officer, Mr. Frydenlund&#146;s responsibilities
include all legal matters relating to the Corporation&#146;s activities. His
expertise extends to United States Nuclear Regulatory Commission, United States
Environmental Protection Agency, State and Federal regulatory and environmental
laws and regulations. From 1997 to July 2012, Mr. Frydenlund was Vice President
Regulatory Affairs, Counsel, General Counsel and Corporate Secretary of Denison
Mines Corp., and its predecessor International Uranium Corporation (IUC), and
was also a director of IUC from 1997 to 2006 and Chief Financial Officer of IUC
from 2000 to 2005. From 1996 to 1997, Mr. Frydenlund was a Vice President of the
Lundin Group of international public mining and oil and gas companies, and prior
thereto was a partner with the Vancouver law firm of Ladner Downs (now Borden
Ladner Gervais LLP) where his practice focused on corporate, securities and
international mining transactions law. David holds a bachelor&#146;s degree in
business and economics from Simon Fraser University, a master&#146;s degree in
economics and finance from the University of Chicago and a law degree from the
University of Toronto.<B><I> </I></B></P>
<P align=center><B><I>W. Paul Goranson </I></B></P>
<P align=justify>Paul Goranson is the Corporation&#146;s Chief Operating Officer, a
position he has held since February 14, 2018, and prior thereto was the
Corporation&#146;s Executive Vice President, Operations since February 1, 2017 and
from June 16, 2015 to February 1, 2017 was the Corporation&#146;s Executive Vice
President, ISR Operations. Mr. Goranson has over twenty-eight years of mining,
processing and regulatory experience in the uranium extraction industry that
includes both conventional and in-situ recovery ("<B>ISR</B>") mining. Prior to
the acquisition of Uranerz by the Corporation, Mr. Goranson served as President,
Chief Operating Officer and Director for Uranerz, where he was responsible for
operations of the Nichols Ranch ISR Uranium Project. Prior to his time with
Uranerz, Mr. Goranson was President of Cameco Resources, a wholly-owned U.S.
subsidiary of Cameco Corporation. Mr. Goranson was responsible for executing the
"Double U" growth strategy for Cameco's U.S. operations, including developing
production expansion projects such as the North Butte ISR uranium recovery
facility and the refurbishment of the Highland Central Processing Plant. While
President of Cameco Resources, Mr. Goranson's responsibilities included
executive leadership for the operations at the Smith Ranch-Highland, Crow Butte
and North Butte ISR uranium recovery facilities. Prior to Cameco Resources, Mr.
Goranson was Vice President of Meste&#241;a Uranium LLC (&#147;<B>Meste&#241;a</B>&#148;) where he
led the construction, start-up and operation of the Alta Mesa project. Prior to
Meste&#241;a, Mr. Goranson was the manager for radiation safety, regulatory
compliance and licensing with Rio Algom Mining LLC, a division of BHP Billiton.
Mr. Goranson is a registered Professional Engineer, and holds a Master of
Science in Environmental Engineering from Texas A&amp;M University, Kingsville along
with a Bachelor of Science in Natural Gas Engineering from Texas A&amp;I
University, Kingsville. Mr. Goranson is a Director of enCore Energy Corp.
(TSXV:EU). </P>
<P align=center>25 </P>
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<P align=center><B>EXECUTIVE COMPENSATION </B></P>
<P align=justify><B>Compensation Governance </B></P>
<P align=justify>The Corporation's Compensation Committee is made up of three
directors, being Bruce D. Hansen, Benjamin Eshleman III and Robert W. Kirkwood,
each of whom is independent pursuant to Section 805(c) of the NYSE American
Corporation Guide (the &#147;<B>Corporation Guide</B>&#148;) and pursuant to applicable
Canadian securities laws. Each of Messrs. Hansen, Eshleman and Kirkwood has
direct educational and work experience that is relevant to his responsibilities
in executive compensation. The Compensation Committee has been delegated the
task of reviewing and recommending to the Board, the Corporation&#146;s compensation
policies, and reviewing such policies on a periodic basis to ensure they remain
current, competitive and consistent with the Corporation&#146;s overall goals.</P>
<P align=justify>The Compensation Committee also has the authority and
responsibility to review and approve corporate goals and objectives relevant to
the compensation of the Chief Executive Officer (&#147;<B>CEO</B>&#148;), evaluating the
CEO&#146;s performance in light of those corporate goals and objectives, and making
recommendations to the Board with respect to the CEO&#146;s compensation level
(including salary, incentive compensation plans and equity-based plans) based on
this evaluation, as well as making recommendations to the Board with respect to
any employment, severance or change of control agreements for the CEO. The
ultimate decision relating to the CEO&#146;s compensation rests with the Board,
taking into consideration the Compensation Committee&#146;s recommendations,
corporate and individual performance, and industry standards. </P>
<P align=justify>The Compensation Committee has also been delegated the task of
reviewing and approving for executive officers, other than the CEO, all
compensation (including salary, incentive compensation plans and equity-based
plans) and any employment, severance or change of control agreements, although
the ultimate decision relating to any stock option or other equity grants rests
with the Board. The experience of Board and committee members who are also
involved as management of, or board members or advisors to, other companies also
factors into decisions concerning compensation. </P>
<P align=justify>In January 2017, the Corporation engaged the Harlon Group, a
compensation consulting Corporation to conduct a compensation study for
employees, the executive officers and the Board, and to provide data on equity
incentive practices in the industry for the executive team and the Board. The
compensation survey data utilized in the Harlon Group&#146;s review was from a
benchmark analysis of the following public companies, collectively considered to
be a peer group for the Corporation, utilizing 2015 data from their respective
2016 proxy statements (the information below relating to each of the peer
companies is taken from such proxy statements or other publicly available
information regarding such companies): </P>
<UL style="TEXT-ALIGN: justify">
  <LI><B>McEwen Mining Inc. </B>&#150; (NYSE:MUX; TSX:MUX) &#150; engages in the
  exploration, development, and production of gold, silver, and copper in the
  Americas, including the San Jose mine in Argentina, the El Gallo Gold mine in
  Mexico, the Black Fox mine in Canada, the Gold Bar project in Nevada, USA, and
  the Los Azules copper project in Argentina;
  <LI><B>Asanko Gold Inc. </B>&#150; (NYSE American:AKG; TSX:AKG) &#150; engages in the
  exploration, development, and production of gold in Ghana, including the
  Asanko Gold mine;
  <LI><B>Klondex Mines Ltd. </B>&#150; (NYSE American:KLDX; TSX:KDX) &#150; engages in the
  exploration, development, and production of gold and silver projects,
  including the Fire Creek project, the Midas mine and ore milling facility, the
  Aurora Mine and ore milling facility, and the Hollister Mine in Nevada, USA,
  and the True North Mine and mill in Manitoba, Canada;
  <LI><B>Kirkland Lake Gold Ltd. </B>&#150; (NYSE: KL; TSX:KL) &#150; is a mid-tier gold
  producer with properties in Canada and Australia, including the Macassa mine
  and Taylor mine, located in northeastern Ontario, and the Fosterville mine
  located in the State of Victoria, Australia;
  <LI><B>Continental Gold Inc. </B>&#150; (TSX:CNL) &#150; engages in the acquisition,
  exploration, evaluation, and development of gold projects in Columbia,
  including the Buritica project; </LI></UL>
<P align=center>26 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI><B>Polymet Mining Corp. </B>&#150; (NYSE American:PLM; TSX:POM) &#150; engages in
  the development of the NorthMet copper-nickel-precious metals project in
  northeastern Minnesota;
  <LI><B>Paladin Energy Ltd. </B>&#150; (ASX:PDN) &#150; develops and operates uranium
  mines in Namibia and Malawi, including the Langer Heinrich mine;
  <LI><B>Dundee Precious Metals Inc</B>. &#150; (TSX:DPM) &#150; engaged in the
  acquisition, exploration, development, and mining of precious metals from
  projects in Europe and Africa, including the Chelopech copper-gold-silver
  project in Bulgaria, the Tsumeb complex copper smelter in Namibia, and the
  Krumovgrad gold project in Bulgaria;
  <LI><B>Seabridge Gold, Inc. </B>&#150; (NYSE:SA; TSX:SEA) &#150; engages in the
  acquisition and exploration of gold, copper, and silver properties in Canada,
  including the Kerr-Sulphurets-Mitchell project in British Columbia, the
  Courageous Lake gold project in the Northwest Territories of Canada, and the
  Iskut project in British Columbia;
  <LI><B>Teranga Gold Corporation </B>&#150; (TSX:TGZ) &#150; engages in the exploration,
  development, and production of gold from projects in West Africa, including
  the Sabodala gold mine in Senegal and the Banfora Gold project in Burkina
  Faso;
  <LI><B>Energy Resources of Australia Ltd. </B>&#150; (ASX:ERA) &#150; engages in the
  production of uranium from the Ranger project in Australia;
  <LI><B>Silvercorp Metals Inc. </B>&#150; (NYSE American: SVM; TSX:SVM) &#150; engages in
  the exploration, development, and mining of silver from properties in China,
  including four silver-lead-zinc mines in the Ying Mining District in Henan
  Province, China, the BYP gold-lead-zinc mine in Hunan Province, China, and the
  GC silver-lead-zinc mine in the Guangdong Province;
  <LI><B>Peninsula Energy Ltd. </B>&#150; (ASX:PEN) &#150; engages in the exploration,
  development and production of uranium from projects in the United States,
  including the Lance Project in Wyoming, USA;
  <LI><B>NexGen Energy Ltd. </B>&#150; (NYSE American: NXE; TSX:NXE) &#150; engages in the
  acquisition, exploration and development of uranium properties in Canada,
  including the Rook I property/Arrow deposit in the Athabasca Basin, Canada;
  <LI><B>Dalradian Resource Inc. </B>&#150; (TSX:DNA; LSE:DALR) &#150; engages in the
  acquisition, exploration, and evaluation of gold projects in Northern Ireland,
  including the Curraghinalt gold project;
  <LI><B>Largo Resources Ltd. </B>&#150; (TSX:LGO) &#150; engages in the acquisition,
  exploration, and development of vanadium, iron, tungsten, molybdenum,
  chromite, and platinum properties in Brazil and Canada, including the Maracas
  Menchen mine;
  <LI><B>Uranium Energy Corp. </B>(NYSE American:UEC) &#150; engages in the
  exploration, extraction, and processing of in situ uranium projects and
  titanium projects in the U.S. and Paraguay, including the Hobson processing
  plant and Palangana, Goliad, and Burke Hollow uranium projects in Texas, USA,
  the Reno Creek uranium project in Wyoming, USA, the Oviedo and Yuty uranium
  projects in Paraguay, and the Alto Parana titanium project in Paraguay;
  <LI><B>Gold Resource Corp. </B>&#150; (NYSE American:GORO) &#150; engages in the
  exploration and production of gold and silver in Mexico and the U.S.,
  including its flagship El Aquila project in the State of Oaxaca and
  exploration projects in Nevada; and
  <LI><B>UR-Energy Inc. </B>&#150; (NYSE American: URG; TSX:URE) &#150; engages in the
  acquisition, evaluation, exploration, development, and operation of in situ
  uranium projects, including the Lost Creek project and Shirley Basin property
  in Wyoming. </LI></UL>
<P align=justify>This peer group was chosen to be representative of the pool
from which the Corporation can expect to draw its management talent. The
Corporation has three production centers, with the only operating uranium mill
in the United States. Twenty four similar companies in the mining industry with
market capitalizations of between one half and two times the Corporation&#146;s
market capitalization were listed by the Harlon Group for the Compensation
Committee&#146;s review. The companies were rated based on their similarity with the
Corporation in the categories of primary exchange of public listing of
securities (Canada, Australia, USA), sub-mining industry (uranium or other
metals) and primary source of revenue (production or exploration and
development). Additionally, Compensation Committee members reviewed the peer
group list using their own criteria developed through their experiences in
tracking mining industry trends and companies in other metals and uranium
mining. This resulted in the adoption of the foregoing peer group to be used to
determine Executive Compensation. </P>
<P align=center>27 </P>
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<P align=justify>The Harlon Group&#146;s January 2017 report was considered by the
Compensation Committee in making its determinations and recommendations to the
Board for executive compensation in January 2017. </P>
<P align=justify>The following table sets forth the fees paid to consultants and
advisors related to determining compensation for executive officers and
directors for each of the two most recently completed financial years. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center bgcolor="#E6EFFF"><B>Year</B> </TD>
    <TD width="33%" align=center bgcolor="#E6EFFF"><B>Executive Compensation-Related
      Fees</B><B><SUP>(1)</SUP></B> </TD>
    <TD width="33%" align=center bgcolor="#E6EFFF"><B>All Other Fees</B><B><SUP>(2)</SUP></B>  </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>Financial Year Ended December 31, 2017 </TD>
    <TD align=center width="33%">US$22,322 </TD>
    <TD align=center width="33%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=center>Financial Year Ended December 31, 2016 </TD>
    <TD align=center width="33%">US$24,885 </TD>
    <TD align=center width="33%">Nil </TD></TR></TABLE></DIV>
<P align=justify>Notes: <BR>(1) The aggregate fees billed by each consultant or
advisor, or any of its affiliates, for services related to determining
compensation for any of the Corporation&#146;s directors or executive officers.
<BR>(2) The aggregate fees billed for all other services provided by each
consultant or advisor, or any of its affiliates, that are not reported as
&#147;Executive Compensation Related Fees.&#148; </P>
<P align=justify>The Harlon Group was engaged on behalf of and took instructions
from the Compensation Committee, not management. There were no conflicts of
interest between the Compensation Committee and the Harlon Group. </P>
<P align=justify><B>Compensation Committee Interlocks and Insider Participation
</B></P>
<P align=justify>No person who served as a member of the Compensation Committee
during the fiscal year ended December 31, 2017 was a current or former officer
or employee of the Corporation or engaged in certain transactions with the
Corporation required to be disclosed by regulations of the SEC. Additionally,
there were no compensation committee &#147;interlocks&#148; during the fiscal year ended
December 31, 2017, which generally means that no executive officer of the
Corporation served as a director or member of the compensation committee of
another entity, which had an executive officer serving as a director or member
of the Corporation&#146;s Compensation Committee.</P>
<P align=justify><B>Compensation Discussion and Analysis </B></P>
<P align=justify><U>Objectives of the Compensation Program</U> </P>
<P align=justify>The objectives of the Corporation&#146;s compensation programs are
to attract and retain the best possible executives and to motivate the
executives to achieve goals consistent with the Corporation&#146;s business strategy.
The compensation program is designed to reward executives for achieving these
goals.</P>
<P align=justify><U>Elements of Compensation</U> </P>
<P align=justify>The compensation practices are intended to be competitive with
the peer group, geared to meeting the requirements of the individual, and hence
securing the best possible talent to manage the Corporation. During fiscal 2017,
the three key elements used to compensate the executive officers of the
Corporation were: (i) base salary; (ii) cash bonuses (which were paid in 2017 in
the form of RSUs); and (iii) long-term incentives in the form of equity awards.
The Corporation had five Named Executive Officers (&#147;<B>NEOs</B>&#148;) for the
financial year ended December 31, 2017: Stephen P. Antony (our former Chief
Executive Officer); Mark S. Chalmers; David C. Frydenlund; W. Paul Goranson; and
Daniel G. Zang (our former Chief Financial Officer).</P>
<P align=justify><U>Determination of Compensation</U> </P>
<P align=justify><I>Base Salaries </I></P>
<P align=justify>Base salary is a fixed component of pay that compensates
executives for fulfilling their roles and responsibilities and aids in
attracting and retaining qualified executives.</P>
<P align=justify>Base compensation for the CEO is generally fixed by the Board
at its regularly scheduled meeting in January of each year for that year, based
on recommendations from the Compensation Committee. In making its
recommendations to the Board, the Compensation Committee evaluates levels of
compensation provided by the peer group that has been approved by the Compensation Committee. Generally, base
salary for the CEO is set relative to base salaries paid to CEOs by the peer
group, but the Board may also take into account the Compensation Committee&#146;s
recommendation to the Board and the Board&#146;s assessment of the performance of the
Corporation overall, the Corporation&#146;s projects and the CEO&#146;s individual
contribution.</P>
<P align=center>28 </P>
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<P align=justify>Base compensation for the NEOs, other than the CEO, is
generally fixed by the Compensation Committee at its regularly scheduled meeting
in January of each year for that year. Generally, base salaries for the NEOs,
other than the CEO, are set relative to levels of compensation provided by the
peer group that has been approved by the Compensation Committee. The
Compensation Committee may also take into account its assessment of the
performance of the Corporation overall, the Corporation&#146;s projects and the
particular individual&#146;s contributions. </P>
<P align=justify><I>Cash Bonuses </I></P>
<P align=justify>Along with the establishment of competitive base salaries and
long-term incentives, one of the objectives of the executive compensation
strategy is to encourage and recognize strong levels of performance by linking
the overall performance of the NEO, and in particular the contribution of the
NEO, to the objective of maximizing value for the Corporation&#146;s
shareholders.</P>
<P align=justify>The cash bonus for the CEO for each financial year is approved
by the Board, based on the overall financial performance of the Corporation,
levels of bonuses provided by benchmark companies, consistent with any target
bonus percentages of base salary that may be set out in the CEO&#146;s employment
agreement, and the achievement of objective measures and individual performance
of the CEO. Generally, the target cash bonus level is set at a competitive level
relative to the cash bonuses paid by the peer group as a percent of base salary,
and the CEO&#146;s actual bonus is based on how well the CEO and the Corporation met
the annual performance goals set by the Board in the Corporation&#146;s Short Term
Incentive Plan (&#147;<B>STIP</B>&#148;) as described under &#147;<I>Performance Goals&#148;</I>,
below. The bonus for the CEO is determined in the sole discretion of the Board,
based on recommendations from the Compensation Committee.</P>
<P align=justify>The bonuses for the NEOs, other than the CEO, for each
financial year are approved by the Compensation Committee, based on the overall
financial performance of the Corporation, levels of bonuses provided by
benchmark companies, consistent with any target bonus percentages of base salary
that may be set out in the individual NEO employment agreements, and the
achievement of objective measures and individual performance of the NEO, and
based on recommendations from the CEO. Generally, the target cash bonus levels
for the NEOs, other than the CEO, are set at competitive levels relative to cash
bonuses paid by the peer group as a percent of base salary, and each NEO&#146;s
actual bonus is based on how well the NEO and the Corporation met the annual
performance goals set by the Board in the Corporation&#146;s STIP as described under
&#147;<I>Performance Goals</I>&#148;, below. </P>
<P align=justify>The cash bonus in respect of each financial year of the
Corporation may be paid in one or more instalments, as determined by the Board,
or the Compensation Committee, as the case may be. </P>
<P align=justify>In addition, the Board may from time to time, grant additional
cash bonuses to one or more of the NEOs, in special circumstances, such as the
successful completion of a major transaction.</P>
<P align=justify>In order to preserve cash under current uranium industry
conditions, all bonuses paid to NEOs in 2017 that would otherwise have been
payable in cash were paid in an equivalent amount of RSUs. No cash bonuses were
paid to NEOs in 2017.</P>
<P align=justify><I>Long-Term Incentives &#150; Equity Compensation</I> </P>
<P align=justify>Under the Equity Incentive Plan, which was approved by the
Board on January 28, 2015 and ratified by the shareholders of the Corporation at
the June 2015 Annual General and Special Meeting, the Board may, in its
discretion, grant from time to time, Options, Stock Appreciation Rights
(&#147;<B>SARs</B>&#148;), Restricted Stock and RSUs, Deferred Share Units, Performance
Shares and Performance Units, and Stock-Based Units to employees, directors,
officers and consultants of the Corporation and its affiliates.</P>
<P align=center>29 </P>
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<P align=justify>In 2017, the Corporation relied on the grant of RSUs to align
the NEOs&#146; interests with shareholder value. All of the RSUs granted in 2017
vested as to 50% on January 27, 2018, will vest as to an additional 25% on
January 27, 2019 and as to the remaining 25% on January 27, 2020. Upon vesting,
each RSU entitles the holder thereof to receive one Common Share in the capital
of the Corporation for the payment of no additional consideration. </P>
<P align=justify>All equity grants are approved by the Board, based on
recommendations from the Compensation Committee. Generally, equity grants are
set at competitive levels relative to equity awards granted by the peer group as
a percent of base salary, consistent with any target equity award percentages of
base salary that may be set out in the individual NEO employment agreements, and
recognize the level of experience and seniority of the Corporation&#146;s senior
management team, in order to provide incentive to improve the retention of
executives. The Board may also take into account the Compensation Committee&#146;s
recommendation to the Board and the Board&#146;s assessment of the performance of the
Corporation overall, the Corporation&#146;s projects and the NEO&#146;s individual
contribution. Equity incentives granted to NEOs may be made subject to specific
vesting requirements which may include vesting over a particular period. In
addition, the Board may from time to time, grant additional equity awards to one
or more of the NEOs, in special circumstances, such as the successful completion
of a major transaction.</P>
<P align=justify><U>Performance Goals</U> </P>
<P align=justify><I>STIP Goals.</I></P>
<P align=justify>In January 2016, the Corporation adopted a Short Term Incentive
Plan (&#147;<B>STIP</B>&#148;). The purpose of the STIP is to align short term (generally
one-year or less) performance of executives of the Corporation with the
Corporation&#146;s annual business plan and other specified criteria through awarding
participants with cash compensation calculated as a percent of annual base
salary.</P>
<P align=justify>Each year, the Compensation Committee completes a STIP matrix
including goals, metrics and weightings to serve as the basis for measuring
short-term performance of the Corporation and the participants during and at the
end of the year. The STIP matrix generally contains several objective criteria
(such as criteria tied to successful implementation of the annual business plan
for the year), as well as a subjective category. The objective performance goals
generally apply equally to all NEOs, recognizing the need for all top executives
to work as a team to achieve corporate goals. The objective criteria serve as
the short-term Key Performance Indicators (&#147;<B>KPI&#146;s</B>&#148;) for the CEO and the
top management group. For 2016 the STIP performance goals related to: share
price performance for 2016 (25% weighting); meeting 2016 production guidance
(15% weighting); maintaining cash required for 2016 operations within certain
limits (10% weighting); maintaining a liquid working capital balance for 2016 at
a set level (20% weighting); meeting certain goals for obtaining or advancing
permits for projects in 2016 (10% weighting); and a subjective evaluation
specific to each NEO (20% weighting). Performance against these 2016 goals was
used to determine the cash bonuses awarded under the STIP for payment in 2017
(which were paid in RSUs).<SUP>3</SUP></P>
<P align=justify>The performance metrics for the objective performance goals are
generally structured so that, if the senior management team performs as
expected, the mid-level (100% of Plan) will be achieved for each of the
objective performance goals, and the target cash bonus level will be achieved.
If performance is lower than expected for an objective performance goal, then
the lower level (generally expected to be set at approximately 0-50% of Plan)
will apply, and likewise if performance is greater than expected for the
criteria, the higher level (generally expected to be set at approximately 150%
of Plan) will apply. </P>
<P
align=justify><SUP>__________________________________________________<BR>3</SUP>
In January 2017, the Compensation Committee set STIP performance goals for 2017,
which were used to determine cash bonuses awarded for payment in January 2018,
and which will be reported in next year&#146;s Circular. The 2017 performance goals
related to: share price performance (25% weighting); meeting production guidance
(15% weighting); maintaining cash required for operations within certain limits
(15% weighting); maintaining a liquid working capital balance at set levels (10%
weighting); securing activities that are expected to result in a net cash
increment at the White Mesa Mill for 2018 (10% weighting); meeting certain goals
for obtaining or advancing permits for projects (5% weighting); and a subjective
evaluation specific to each NEO (20% weighting). </P>
<P align=center>30 </P>
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<P align=justify>The subjective evaluation for each participant will be
performed by the Compensation Committee, upon the recommendations of the CEO,
and may take into consideration individual contributions and achievements of
participants, workloads, reaction to market conditions over which the
participant has no control, leadership, relationship with the Board of
Directors, and other elements specific to the Participant that warrant attention
during the year. The weighting of the subjective category generally does not
exceed 20% of the total bonus amount for each participant, recognizing the need
for all top executives to focus primarily on working as a team to achieve the
objective corporate goals set for the CEO and the senior management team.</P>
<P align=justify>The Compensation Committee will determine the target cash bonus
level for each participant; generally to be set as a percentage of base salary
at the same time it determines the matrix. Generally, the Compensation Committee
will set the target cash bonus percent for each participant for the year by
reference to the cash bonuses awarded to comparable positions in the peer group
established by the Compensation Committee for the most recent year for which
data is publicly available, consistent with the target bonus percentages of base
salary that may be set out in the individual NEO employment agreements. The
actual cash bonus award could be lower or higher than the target bonus level
depending on the Compensation Committee&#146;s actual evaluation of the performance
metrics for the year, as well as any information for industry trends, price
level adjustments etc. that would indicate that data for the comparison year
would understate or overstate the expected cash bonuses for comparable positions
in the peer group during the year.</P>
<P align=justify>The STIP also applies an overriding health and safety factor,
which serves to discount or eliminate any cash bonuses otherwise payable if the
Corporation fails to meet stipulated health and safety performance criteria. The
Board also has the authority to vary from the STIP as it sees fit. </P>
<P align=justify>The Corporation believes shareholder value is primarily driven
by results, both in terms of financial strength and operating measures such as
production, production capability, and mineral reserve and resource growth, as
well as protection of public health, safety and the environment and good
corporate governance. Each executive&#146;s performance is also evaluated against
expectations for fulfilling the executive&#146;s individual responsibilities and
goals within his or her particular employment functions and areas of expertise,
which also reflects on the executive&#146;s contribution to the Corporation&#146;s success
in meeting its objectives.</P>
<P align=justify><I>LTIP Goals </I></P>
<P align=justify>In January 2018, the Corporation adopted a Long Term Incentive
Plan (&#147;<B>LTIP</B>&#148;). The purpose of the LTIP is to align long-term (generally
in excess of one year) performance of executives of the Corporation with the
Corporation&#146;s long-term goals and other specified criteria through awarding
participants with equity awards calculated as a percent of annual base salary.
As the LTIP was adopted in 2018, it did not factor into compensation paid to
NEOs in 2017.</P>
<P align=justify>Each year, the Compensation Committee completes an LTIP matrix
including goals, metrics and weightings to serve as the basis for measuring
long-term performance of the Corporation and the participants during and at the
end of the year. The LTIP matrix generally contains several objective criteria
as well as a subjective category. The objective performance goals generally
apply equally to all NEOs, recognizing the need for all top executives to work
as a team to achieve corporate goals. The objective criteria serve as the
long-term KPI&#146;s for the CEO and the top management group. For 2018 the LTIP
performance goals related to: share price performance (35% weighting); providing
a budget for 2019 that meets specified cash flow requirements (35% weighting);
securing additional activities that are expected to result in a net cash
increment to the Corporation beyond 2019 (10% weighting); and a subjective
evaluation specific to each NEO (20% weighting). Performance against these 2018
goals will be used to determine equity awards under the LTIP for payment in
2019.</P>
<P align=justify>The performance metrics for the objective performance goals are
generally structured so that, if the senior management team performs as
expected, the mid-level (100% of Plan) will be achieved for each of the
objective performance goals, and the target equity award level will be achieved.
If performance is lower than expected for an objective performance goal, then
the lower level (generally expected to be set at approximately 0-50% of Plan)
will apply, and likewise if performance is greater than expected for the
criteria, the higher level (generally expected to be set at approximately 150%
of Plan) will apply. </P>
<P align=center>31 </P>
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noShade SIZE=5>
<A name=page_38></A>
<P align=justify>The subjective evaluation for each participant will be
performed by the Compensation Committee, upon the recommendations of the CEO,
and may take into consideration individual contributions and achievements of
participants, workloads, reaction to market conditions over which the
participant has no control, leadership, relationship with the Board of
Directors, and other elements specific to the Participant that warrant attention
during the year. The weighting of the subjective category generally does not
exceed 20% of the total equity award amount for each participant, recognizing
the need for all top executives to focus primarily on working as a team to
achieve the objective long-term corporate goals set for the CEO and the senior
management team.</P>
<P align=justify>The Compensation Committee will determine the target equity
award level for each participant; generally to be set as a percentage of base
salary at the same time it determines the matrix. Generally, the Compensation
Committee will set the target equity award percent for each participant for the
year by reference to the equity amounts awarded to comparable positions in the
peer group established by the Compensation Committee for the most recent year
for which data is publicly available, consistent with any target equity award
percentages of base salary that may be set out in the individual NEO employment
agreements. The actual value of equity awarded could be lower or higher than the
target equity award level depending on the Compensation Committee&#146;s actual
evaluation of the long-term performance metrics for the year, as well as any
information for industry trends, price level adjustments etc. that would
indicate that data for the comparison year would understate or overstate the
expected equity awards for comparable positions in the peer group during the
year.</P>
<P align=justify>The LTIP also applies an overriding health and safety factor,
which serves to discount or eliminate any equity awards otherwise payable if the
Corporation fails to meet stipulated health and safety performance criteria. The
Board also has the authority to vary from the LTIP as it sees fit. </P>
<P align=justify>The Corporation believes shareholder value is primarily driven
by results, both in terms of financial strength and operating measures such as
production, production capability, and mineral reserve and resource growth, as
well as protection of public health, safety and the environment and good
corporate governance. Each executive&#146;s performance is also evaluated against
expectations for fulfilling the executive&#146;s individual responsibilities and
goals within his or her particular employment functions and areas of expertise,
which also reflects on the executive&#146;s contribution to the Corporation&#146;s success
in meeting its long-term objectives.</P>
<P align=justify><U>Consideration of Risks Associated with Compensation
Policies</U> </P>
<P align=justify>The Compensation Committee considers the implications of risks
associated with compensation policies and practices by working closely with the
CEO. The CEO is tasked with ensuring that: (i) fair and competitive practices
are followed regarding employee compensation at all levels of the Corporation;
(ii) the compensation practices do not encourage an NEO or individual at a
principal business unit or division to take inappropriate or excessive risk or
that are reasonably likely to have a material adverse effect on the Corporation;
and (iii) compensation policies and practices include regulatory, environmental
compliance and sustainability as part of the performance metrics used in
determining compensation. The CEO&#146;s recommendations on these matters are taken
into consideration by the Compensation Committee when reviewing and recommending
to the Board the Corporation&#146;s compensation policies. </P>
<P align=justify>The Corporation has in place a policy that restricts NEOs and
directors from purchasing financial instruments, such as prepaid variable
forward contracts, equity swaps, collars, or units of exchange funds, which are
designed to hedge or offset a decrease in market value of equity securities
granted as compensation or held, directly or indirectly, by the NEO or director.
</P>
<P align=justify><U>Performance Graph</U> </P>
<P align=justify>The following graph compares the total cumulative shareholder
return for $100 invested in the Common Shares on December 31, 2012 with the
total returns of each of the NYSE Composite Index, Russell 2,000 Index, NASDAQ
Composite Index, NYSE American Natural Resources Index, and a group of uranium
companies consisting of Ur-Energy, Peninsula Energy, Berkeley Energy, Toro
Energy, Uranium Energy Corp., Paladin Energy, UEX Corp., Denison Mines Corp.,
Uranium Resources Inc., and Energy Resources of Australia, for the five most
recently completed financial years (assuming reinvestment of dividends) and
reflects the Consolidation which occurred on November 5, 2013. The Common Shares are listed for trading on
the NYSE American under the symbol &#147;UUUU&#148; and on the TSX under the symbol &#147;EFR.&#148; </P>
<P align=center>32 </P>
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noShade SIZE=5>
<A name=page_39></A>
<P align=center><IMG
src="chart.jpg"
border=0 width="642" height="451"></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center bgcolor="#E6EFFF" ><BR></TD>
    <TD width="13%" align=center bgcolor="#E6EFFF"><B>December</B> <BR>
      <B>31, 2012</B> </TD>
    <TD width="13%" align=center bgcolor="#E6EFFF"><B>December</B> <BR>
      <B>31, 2013</B> </TD>
    <TD width="13%" align=center bgcolor="#E6EFFF"><B>December</B> <BR>
      <B>31, 2014</B> </TD>
    <TD width="13%" align=center bgcolor="#E6EFFF"><B>December</B> <BR>
      <B>31, 2015</B> </TD>
    <TD width="13%" align=center bgcolor="#E6EFFF"><B>December</B> <BR>
      <B>31, 2016</B> </TD>
    <TD width="13%" align=center bgcolor="#E6EFFF"><B>December</B> <BR>
    <B>31, 2017</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Energy Fuels Inc.<SUP>(1)</SUP> </TD>
    <TD vAlign=center align=left width="13%">$13.50 </TD>
    <TD vAlign=center align=left width="13%">$9.00 </TD>
    <TD vAlign=center align=left width="13%">$5.70 </TD>
    <TD vAlign=center align=left width="13%">$6.19 </TD>
    <TD vAlign=center align=left width="13%">$2.95 </TD>
    <TD vAlign=center align=left width="13%">$1.64 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp;<I>Value of $100
      Investment</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$100.00</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$63.33</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$68.78</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$32.78</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$18.22</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$19.89</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >NYSE Composite Index </TD>
    <TD vAlign=center align=left width="13%">$7,477.03 </TD>
    <TD vAlign=center align=left width="13%">$8,443.51 </TD>
    <TD vAlign=center align=left width="13%">$10,400.33 </TD>
    <TD vAlign=center align=left width="13%">$10,839.24 </TD>
    <TD vAlign=center align=left width="13%">$10,143.42 </TD>
    <TD vAlign=center align=left width="13%">$11,056.90 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp;<I>Value of $100
      Investment</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$100.00</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$123.18</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$128.37</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$120.13</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$130.95</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$151.70</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Russell 2000 </TD>
    <TD vAlign=center align=left width="13%">$744.92 </TD>
    <TD vAlign=center align=left width="13%">$849.35 </TD>
    <TD vAlign=center align=left width="13%">$1,163.64 </TD>
    <TD vAlign=center align=left width="13%">$1,204.70 </TD>
    <TD vAlign=center align=left width="13%">$1,135.89 </TD>
    <TD vAlign=center align=left width="13%">$1,357.13 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp;<I>Value of $100
      Investment</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$100.00</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$137.00</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$141.84</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$133.74</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$159.78</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$180.79</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >NASDAQ Composite </TD>
    <TD vAlign=center align=left width="13%">$2,783.67 </TD>
    <TD vAlign=center align=left width="13%">$3,269.46 </TD>
    <TD vAlign=center align=left width="13%">$4,581.05 </TD>
    <TD vAlign=center align=left width="13%">$5,256.55 </TD>
    <TD vAlign=center align=left width="13%">$5,622.56 </TD>
    <TD vAlign=center align=left width="13%">$5,383.12 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp;<I>Value of $100
      Investment</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$100.00</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$140.12</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$160.78</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$171.97</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$187.22</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$242.71</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >NYSE American Natural Resources Index </TD>
    <TD vAlign=center align=left width="13%">$481.33 </TD>
    <TD vAlign=center align=left width="13%">$453.11 </TD>
    <TD vAlign=center align=left width="13%">$441.25 </TD>
    <TD vAlign=center align=left width="13%">$454.38 </TD>
    <TD vAlign=center align=left width="13%">$313.09 </TD>
    <TD vAlign=center align=left width="13%">$363.70 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp;<I>Value of $100
      Investment</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$100.00</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$98.62</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$102.47</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$69.72</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$81.70</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$83.05</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><I>Peer Group Value of $100</I>
      <I>Investment</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$100.00</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$81.83</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$33.52</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$49.61</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$51.78</I> </TD>
    <TD vAlign=center align=left width="13%"><I>$63.70</I>
</TD></TR></TABLE></DIV>
<P align=justify>Notes: <BR>(1) Reflects the Consolidation of common shares of
the Corporation.<BR></P>
<P align=center>33 </P>
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noShade SIZE=5>
<A name=page_40></A>
<P align=justify>The Corporation&#146;s compensation to executive officers has
generally increased during the five most recently completed financial years. The
total cumulative shareholder return for an investment in the Common Shares has
decreased over the same period, commencing in 2012, due in part to the Fukushima
natural disaster which occurred in March 2011 and the resulting decrease in
uranium prices since that time. Executive compensation has increased during that
period, in part due to the competition among organizations operating in the
natural resources sector to attract and retain the best possible executives.
</P>
<P align=justify><U>Equity Incentive Awards</U> </P>
<P align=justify>The 2013 Option Plan had been used for the grant of stock
options prior to 2015. The Equity Incentive Plan was adopted in January 2015 and
provides for the award of stock options, stock appreciation rights, restricted
stock and RSUs, deferred share units, performance shares and performance units,
and stock-based units, at the discretion of the Board. The 2013 Option Plan was
terminated upon adoption of the Equity Incentive Plan, and all stock options
previously granted pursuant to the 2013 Option Plan which were then outstanding
were incorporated into the Equity Incentive Plan and treated as Awards under the
Equity Incentive Plan. In 2017, RSUs were granted to Executive Officers and
other senior management personnel, and stock options were granted to other
Corporation employees. Equity awards are granted in consideration of the level
of responsibility of the executive as well as his or her impact or contribution
to the longer-term operating performance of the Corporation. All equity grants
are approved by the Board, based on recommendations from the Compensation
Committee. Generally, in determining the equity incentive awards to be granted
to the NEOs, equity grants are set at competitive levels relative to equity
awards granted by the peer group as a percent of base salary, consistent with
any equity award targets that may be set out in the NEO&#146;s employment agreements,
and recognizing the level of experience and seniority of the Corporation&#146;s
senior management team, in order to provide incentive to improve the retention
of executives. The Board may also take into account the Compensation Committee&#146;s
recommendation to the Board and the Board&#146;s assessment of the performance of the
Corporation overall, the Corporation&#146;s projects and the NEO&#146;s individual
contribution. Equity incentives granted to NEOs may be made subject to specific
vesting requirements which may include vesting over a particular period </P>
<P align=justify><B>Summary Compensation Table </B></P>
<P align=justify>The following table shows the compensation paid to each of the
Corporation&#146;s NEOs over the last three financial years. The compensation of the
NEOs is paid and reported in United States dollars. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 9pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="6%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD colspan="2"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>Non-Equity Incentive</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="6%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD colspan="2"
    align=center bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"><B>Plan Compensation ($)</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="6%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap>&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap>&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Share-Based</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Option- Based</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Annual</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Long-Term</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Pension</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>All Other</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Total</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>Name and</B> </TD>
    <TD width="6%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap>&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Salary</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Awards</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Awards</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Incentive</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Incentive</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Value</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Compensation</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Compensation</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Principal Position</B> </TD>
    <TD width="6%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" nowrap><B>Year</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" nowrap><B>(US$)</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" nowrap><B>(US$)</B><B><SUP>(1)(4)</SUP></B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" nowrap><B>(US$)</B><B><SUP>(2)</SUP></B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" nowrap><B>Plans</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" nowrap><B>Plans</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" nowrap><B>(US$)</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" nowrap><B>(US$)</B><B><SUP>(3)(4)(5)(6)</SUP></B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" nowrap><B>(US$)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Stephen P. Antony <BR>President &amp; CEO<SUP>(7)(8)</SUP> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="6%">2017 <BR>2016 <BR>2015 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">333,450 <BR>399,295 <BR>374,700 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">910,077 <BR>718,670 <BR>267,771 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>Nil <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>127,000 <BR>269,500 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>Nil <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>Nil <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">172,550 <BR>196,500 <BR>10,600 </TD>
  <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
  <p style="margin-right: 5">1,416,077 <BR>1,441,465 <BR>922,571</TD></TR></TABLE>
</DIV>
<P align=center>34 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_41></A><BR>
<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=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="6%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD colspan="2"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;<B>Non-Equity Incentive</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="6%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD colspan="2"
    align=center bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"><B>Plan Compensation ($)</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="6%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap>&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap>&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Share-Based </B></TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><STRONG>Option- Based</STRONG>&nbsp;&nbsp;</TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Annual</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Long-Term </B></TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap
    ><STRONG>Pension</STRONG>&nbsp;&nbsp;</TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>All Other</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Total</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><B>Name and</B> </TD>
    <TD width="6%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap>&nbsp; </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Salary</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Awards</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Awards</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Incentive</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Incentive</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Value</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><B>Compensation</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" nowrap><STRONG>Compensation&nbsp;</STRONG>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Principal Position</B> </TD>
    <TD width="6%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" nowrap><B>Year</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" nowrap><B>(US$)</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" nowrap><B>(US$)</B><B><SUP>(1)(4)</SUP></B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" nowrap><B>(US$)</B><B><SUP>(2)</SUP></B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" nowrap><B>Plans</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" nowrap><B>Plans</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" nowrap><B>(US$)</B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" nowrap><B>(US$)</B><B><SUP>(3)(4)(5)(6)</SUP></B> </TD>
    <TD width="9%"
    align=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" nowrap><B>(US$)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Mark S. Chalmers <BR>President and Chief <BR>Operating
      Officer<SUP>(9)</SUP> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="6%">2017 <BR>2016 <BR>2015 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">298,606 <BR>145,000 <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">267,126 <BR>102,500 <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>Nil <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>Nil <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>Nil <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>Nil <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">45,900 <BR>3,383 <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">611,632 <BR>250,883 <BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>David C. Frydenlund <BR>Sr. VP, General Counsel and
      <BR>Corporate Secretary<SUP>(10)</SUP> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="6%">2017 <BR>2016 <BR>2015 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">246,240 <BR>245,720 <BR>239,167 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">258,047 <BR>195,062 <BR>144,793 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>Nil <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>73,000 <BR>101,500 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>Nil <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>Nil <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>9,231 <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">504,287 <BR>523,013 <BR>485,460 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>W. Paul Goranson<SUP>(11)</SUP> <BR>Executive VP, ISR
      <BR>Operations </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="6%">2017 <BR>2016 <BR>2015 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">246,240 <BR>248,292 <BR>128,877 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">226,116 <BR>195,062 <BR>83,998 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>Nil <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>43,000 <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>Nil <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>Nil <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">14,150 <BR>69,749 <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">486,506 <BR>556,103 <BR>212,875 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Daniel G. Zang<SUP>(12)</SUP> <BR>CFO <BR></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="6%">2017 <BR>2016 <BR>2015 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">246,240 <BR>245,720 <BR>236,667 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">255,240 <BR>195,062 <BR>117,839 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>Nil <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>73,000 <BR>103,000 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>Nil <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">Nil <BR>Nil <BR>Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
    <p style="margin-right: 5">10,800 <BR>19,066 <BR>10,600 </TD>
  <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">
  <p style="margin-right: 5">512,280 <BR>532,848 <BR>468,106</TD></TR></TABLE>
</DIV>
<P align=justify>Notes: </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>The share-based awards were comprised of RSUs, which were
      granted during 2015, 2016 and 2017. The fair value of each RSU award
      granted was calculated as the higher of (a) the closing trading price on
      the NYSE American on the last trading day prior to the date of grant of
      the RSU, or (b) the volume weighted average trading price on the NYSE
      American ending on the last trading day prior to the date of grant of the
      RSU.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The fair value of each option award (an &#147;Option&#148;) granted
      at the time of the grant was calculated using the Black-Scholes
      option-pricing model. For the assumptions made in calculating the fair
      value of these options, see &#147;Note 18 &#150; Share-Based Payments&#148; to the
      Corporation&#146;s financial statements for the financial year ended December
      31, 2017. Option fair values were calculated in US dollars for the
      financial period ended December 31, 2017, December 31, 2016 and December
      31, 2015.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>These amounts include retirement savings benefits
      contributed by the Corporation under the Corporation&#146;s 401k
plan.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>In 2017, Mr. Antony was paid a succession bonus upon the
      appointment of Mr. Chalmers as President and Chief Operating Officer
      effective July 1, 2017 of $150,000 in cash and $375,000 paid in RSUs in
      lieu of cash. In 2016, Mr. Antony was paid a succession bonus upon the
      appointment of Mr. Chalmers as COO effective July 1, 2016 of $150,000 in
      cash and $375,000 paid in RSUs in lieu of cash.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Includes $58,055 in compensation to Mr. Goranson in 2016
      related to relocation.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Includes payout in 2016 of all accrued vacation pay, as a
      result of a reduction in the amount of vacation permitted to be
      accrued.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Mr. Antony was President and Chief Executive Officer
      until Mr. Mark S. Chalmers was appointed President and Chief Operating
      Officer effective July 1, 2017, after which time Mr. Antony continued as
      Chief Executive Officer. Mr. Antony retired from his position as Chief
      Executive Officer effective January 31, 2018.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>Mr. Antony deferred $66,690 of compensation earned in
      2017 until January 2018</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(9) </TD>
    <TD>
      <P align=justify>Mr. Chalmers joined the Corporation as Chief Operating
      Officer on July 1, 2016, was promoted to President and Chief Operating
      Officer effective July 1, 2017 and to President and Chief Executive
      Officer effective February 1, 2018, upon the retirement of Stephen P.
      Antony as Chief Executive Officer of the Corporation on January 31,
      2018.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(10) </TD>
    <TD>
      <P align=justify>Mr. Frydenlund was appointed to the office of Chief
      Financial Officer, General Counsel and Corporate Secretary effective March
      2, 2018.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(11) </TD>
    <TD>
      <P align=justify>Mr. Goranson was appointed as Executive Vice President,
      ISR Operations effective June 18, 2015, as Executive Vice President,
      Operations effective February 1, 2017 and as Chief Operating Officer
      effective February 14, 2018. From December 2, 2013 to June 18, 2015, Mr.
      Goranson was President of Uranerz, which became a wholly owned subsidiary
      of the Corporation on June 18, 2015. Amounts shown do not include amounts
      paid to Mr. Goranson by Uranerz prior to June 18, 2015.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(12) </TD>
    <TD>
      <P align=justify>Mr. Zang ceased being Chief Financial Officer effective
      March 1, 2018.</P></TD></TR></TABLE>
<P align=center>35 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_42></A>
<P align=justify>Incentive Plan Awards </P>
<P align=justify>The table below shows the number of Options and RSUs
outstanding for each NEO and their value as at December 31, 2017 based on the
last trade of Common Shares on the NYSE American prior to the close of business
on December 31, 2017 of US$1.79.</P>
<P align=justify><U>Outstanding Share-Based Awards and Option-Based Awards</U>
</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center bgcolor="#E6EFFF"><BR>
      <BR><BR><BR><BR><BR><BR><B>Name</B> </TD>
    <TD width="12%" align=center bgcolor="#E6EFFF"><BR>
      <BR><BR><B>Number of</B>
      <BR><B>Securities</B> <BR><B>Underlying</B> <BR><B>Unexercised</B>
      <BR><B>Options</B><B><SUP>(1)</SUP></B> </TD>
    <TD width="12%" align=center bgcolor="#E6EFFF"><BR>
      <BR><BR><BR><B>Option</B>
      <BR><B>Exercise</B> <BR><B>Price</B>
      <BR><B>(US$)</B><B><SUP>(1)(2)</SUP></B> </TD>
    <TD width="12%" align=center bgcolor="#E6EFFF"><BR>
      <BR><BR><BR><BR><B>Option</B>
      <BR><B>Expiration</B> <BR><B>Date</B> </TD>
    <TD width="12%" align=center bgcolor="#E6EFFF"><BR>
      <BR><B>Value of</B>
      <BR><B>Unexercised</B> <BR><B>In-the-</B> <BR><B>Money</B>
      <BR><B>Options</B> <BR><B>(US$)</B> </TD>
    <TD
      width="12%" align=center bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"><BR>
      <B>Number of</B> <BR><B>Shares or</B> <BR><B>Units of</B>
      <BR><B>Shares that</B> <BR><B>Have Not</B> <BR><B>Vested</B>
      <BR><B>(#)</B><B><SUP>(3)</SUP></B> </TD>
    <TD
      width="12%" align=center bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"><B>Market or</B> <BR>
      <B>Payout</B> <BR><B>Value of</B>
      <BR><B>Share-Based</B> <BR><B>Awards that</B> <BR><B>Have Not</B>
      <BR><B>Vested</B> <BR><B>(US$)</B> </TD>
    <TD
      width="12%" align=center bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"><B>Market or</B> <BR>
      <B>Payout Value</B> <BR><B>of Vested</B>
      <BR><B>Share-Based</B> <BR><B>Awards Not</B> <BR><B>Paid Out or</B>
      <BR><B>Distributed</B> <BR><B>(US$)</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>Stephen P. <BR>Antony<SUP>(4)</SUP> </TD>
    <TD vAlign=center align=center width="12%">16,000 <BR>40,000 </TD>
    <TD vAlign=center align=center width="12%">6.97 <BR>7.21 </TD>
    <TD vAlign=center align=center width="12%">7/16/2018 <BR>1/23/2019 </TD>
    <TD vAlign=center align=center width="12%">Nil <BR>Nil </TD>
    <TD vAlign=center align=center width="12%"><BR>556,947 </TD>
    <TD vAlign=center align=center width="12%"><BR>996.934 </TD>
    <TD vAlign=center align=center width="12%"><BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>Mark S. <BR>Chalmers<SUP>(5)</SUP> </TD>
    <TD vAlign=center align=center width="12%">Nil </TD>
    <TD vAlign=center align=center width="12%">Nil </TD>
    <TD vAlign=center align=center width="12%">Nil </TD>
    <TD vAlign=center align=center width="12%">Nil </TD>
    <TD vAlign=center align=center width="12%">135,115 </TD>
    <TD vAlign=center align=center width="12%">241,856 </TD>
    <TD vAlign=center align=center width="12%">Nil </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>David C. <BR>Frydenlund<SUP>(6)</SUP> </TD>
    <TD vAlign=center align=center width="12%">8,000 <BR>20,000 </TD>
    <TD vAlign=center align=center width="12%">6.97 <BR>7.21 </TD>
    <TD vAlign=center align=center width="12%">7/16/2018 <BR>1/13/2019 </TD>
    <TD vAlign=center align=center width="12%">Nil <BR>Nil </TD>
    <TD vAlign=center align=center width="12%"><BR>161,504 </TD>
    <TD vAlign=center align=center width="12%"><BR>289,091 </TD>
    <TD vAlign=center align=center width="12%"><BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>W. Paul <BR>Goranson<SUP>(7)</SUP> </TD>
    <TD vAlign=center align=center width="12%">63,750 <BR>18,615 </TD>
    <TD vAlign=center align=center width="12%">4.16 <BR>4.48 </TD>
    <TD vAlign=center align=center width="12%">12/1/2023 <BR>6/16/2025 </TD>
    <TD vAlign=center align=center width="12%">Nil <BR>Nil </TD>
    <TD vAlign=center align=center width="12%"><BR>144,085 </TD>
    <TD vAlign=center align=center width="12%"><BR>257,913 </TD>
    <TD vAlign=center align=center width="12%"><BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>Daniel G. <BR>Zang<SUP>(8)</SUP> </TD>
    <TD vAlign=center align=center width="12%">6,000 <BR>6,000 <BR>20,000 </TD>
    <TD vAlign=center align=center width="12%">6.38 <BR>6.97 <BR>7.21 </TD>
    <TD vAlign=center align=center width="12%">5/10/2018 <BR>7/16/2018
      <BR>1/23/2019 </TD>
    <TD vAlign=center align=center width="12%">Nil <BR>Nil <BR>Nil </TD>
    <TD vAlign=center align=center width="12%"><BR>158,191 <BR></TD>
    <TD vAlign=center align=center width="12%"><BR>283,161 <BR></TD>
    <TD vAlign=center align=center width="12%"><BR>Nil
<BR></TD></TR></TABLE></DIV>
<P align=justify>Notes: </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>The number of Options and the exercise price of the
      Options have been adjusted to take into account the
  Consolidation.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The Options were granted and are reported in Canadian
      dollars and were translated into US dollars at the December 29, 2017
      foreign exchange rate of 1 Cdn$ = $0.7971 US dollar.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>The share-based awards were comprised of RSUs, which were
      granted during 2015 and 2016. One half of the RSU&#146;s vest on the first
      anniversary of the date of grant, another 25% will vest on the second
      anniversary of the date of grant and the remaining 25% will vest on the
      third anniversary of the date of grant. Upon vesting, each RSU entitles
      the holder thereof to one Common Share without the payment of any
      additional consideration.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Mr. Antony was President and Chief Executive Officer
      until Mr. Mark S. Chalmers was appointed President and Chief Operating
      Officer effective July 1, 2017, after which time Mr. Antony continued as
      Chief Executive Officer. Mr. Antony retired from his position as Chief
      Executive Officer effective January 31, 2018.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Mr. Chalmers joined the Corporation as Chief Operating
      Officer on July 1, 2016, was promoted to President and Chief Operating
      Officer effective July 1, 2017 and to President and Chief Executive
      Officer effective February 1, 2018, upon the retirement of Stephen P.
      Antony as Chief Executive Officer of the Corporation on January 31,
      2018.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Mr. Frydenlund was appointed to the office of Chief
      Financial Officer, General Counsel and Corporate Secretary effective March
      2, 2018.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Mr. Goranson was appointed as Executive Vice President,
      ISR Operations effective June 18, 2015, as Executive Vice President,
      Operations effective February 1, 2017 and as Chief Operating Officer
      effective February 14, 2018. From December 2, 2013 to June 18, 2015, Mr.
      Goranson was President of Uranerz, which became a wholly owned subsidiary
      of the Corporation on June 18, 2015. Amounts shown do not include amounts
      paid to Mr. Goranson by Uranerz prior to June 18, 2015.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>Mr. Zang ceased being Chief Financial Officer effective
      March 1, 2018.</P></TD></TR></TABLE>
<P align=center>36 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_43></A>
<P align=justify><U>Incentive Plan Awards &#150; Value Vested or Earned</U></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center bgcolor="#E6EFFF"><BR>
      <BR><BR><B>Name </B></TD>
    <TD width="25%" align=center bgcolor="#E6EFFF"><BR>
      <B>Option-Based Awards &#150; Value
      </B><BR><B>Vested During the Year </B><BR><B>(US$) </B></TD>
    <TD width="25%" align=center bgcolor="#E6EFFF"><BR>
      <B>Share-Based Awards &#150; Value
      </B><BR><B>Vested During the Year </B><BR><B>(US$) </B></TD>
    <TD width="25%" align=center bgcolor="#E6EFFF"><B>Non-Equity Incentive Plan
      </B><BR>
      <B>Compensation &#150; Value Earned </B><BR><B>During the Year
      </B><BR><B>(US$) </B></TD></TR>
  <TR vAlign=top>
    <TD align=center>Stephen P. Antony <SUP>(1) </SUP></TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">615,913 </TD>
    <TD align=center width="25%">&nbsp; 140,049</TD></TR>
  <TR vAlign=top>
    <TD align=center>Mark S. Chalmers<SUP>(2) </SUP></TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">48,246 </TD>
    <TD align=center width="25%">113,750 </TD></TR>
  <TR vAlign=top>
    <TD align=center>David C. Frydenlund <SUP>(3)</SUP></TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">131,376 </TD>
    <TD align=center width="25%">&nbsp; 86,184 </TD></TR>
  <TR vAlign=top>
    <TD align=center>W. Paul Goranson <SUP>(4) </SUP></TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">122,758 </TD>
    <TD align=center width="25%">&nbsp; 86,184 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Daniel G. Zang <SUP>(5)</SUP></TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">126,607 </TD>
    <TD align=center width="25%">&nbsp; 86,184 </TD></TR></TABLE></DIV>
<P align=justify>Notes: </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>Mr. Antony was President and Chief Executive Officer
      until Mr. Mark S. Chalmers was appointed President and Chief Operating
      Officer effective July 1, 2017, after which time Mr. Antony continued as
      Chief Executive Officer. Mr. Antony retired from his position as Chief
      Executive Officer effective January 31, 2018.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Mr. Chalmers joined the Corporation as Chief Operating
      Officer on July 1, 2016, was promoted to President and Chief Operating
      Officer effective July 1, 2017 and to President and Chief Executive
      Officer effective February 1, 2018, upon the retirement of Stephen P.
      Antony as Chief Executive Officer of the Corporation on January 31,
      2018.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Mr. Frydenlund was appointed to the office of Chief
      Financial Officer, General Counsel and Corporate Secretary effective March
      2, 2018.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Mr. Goranson was appointed as Executive Vice President,
      ISR Operations effective June 18, 2015, as Executive Vice President,
      Operations effective February 1, 2017 and as Chief Operating Officer
      effective February 14, 2018. From December 2, 2013 to June 18, 2015, Mr.
      Goranson was President of Uranerz, which became a wholly owned subsidiary
      of the Corporation on June 18, 2015. Amounts shown do not include amounts
      paid to Mr. Goranson by Uranerz prior to June 18, 2015.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Mr. Zang ceased being Chief Financial Officer effective
      March 1, 2018.</P></TD></TR></TABLE>
<P align=justify><B>Pension Plan Benefits and Deferred Compensation Plans
</B></P>
<P align=justify>The Corporation does not provide defined pension plan benefits
or any other pension plans that provide for payments or benefits at, following
or in connection with retirement to its directors or officers. </P>
<P align=justify>The Corporation does not have any deferred compensation plans
relating to its NEOs.</P>
<P align=justify>The Corporation has a 401k plan for the benefit of all of its
employees. Under the 401k plan employees are entitled to contribute up to
statutorily permitted amounts, and the Corporation matches 100% of contributions
up to the first 3% of base salary, and 50% of contributions up to the next 2% of
base salary made by each employee into his or her 401k plan.<B> </B></P>
<P align=justify><B>Employment Agreements and Termination and Change of Control
Benefits </B></P>
<P align=justify>The Corporation has employment agreements with each of its
current NEOs. A summary of the material terms of each employment agreement is
set out below. </P>
<P align=justify>The events that trigger payment to an NEO on account of a
termination or a change of control are negotiated and documented in each
employment contract. These benefits attempt to balance the protection of the
employee upon the occurrence of such events with the preservation of the
executive base in the event such a change of control occurs. As noted below,
there are certain circumstances that trigger payment, vesting of stock options,
or RSUs, or the provision of other benefits to an NEO upon termination and
change of control. </P>
<P align=justify><U>Mark S. Chalmers </U></P>
<P align=justify>Mr. Chalmers&#146;s employment agreement (the &#147;<B>Chalmers
Agreement</B>&#148;), effective February 1, 2018, has a term of two years and will
automatically renew for additional one year terms unless either party provides a
notice not to renew at least 90 days prior to the end of the initial two-year
term or any subsequent one-year term. Pursuant to the Chalmers Agreement, Mr.
Chalmers will be paid an annual salary of $350,000 (the &#147;<B>Chalmers Base
Salary</B>&#148;), subject to review and increase at the discretion of the
Corporation. Pursuant to the Chalmers Agreement, Mr. Chalmers will act as
President and Chief Executive Officer of the Corporation.</P>
<P align=center>37 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_44></A>
<P align=justify>Mr. Chalmers is also entitled to receive benefits such as
health insurance, vacation and other benefits consistent with the Corporation&#146;s
benefit plans extended to other employees of the Corporation with similar
position or level. In addition, Mr. Chalmers has a cash bonus opportunity during
each calendar year with a target equal to 50% (the &#147;<B>Chalmers Target Cash
Bonus Percentage</B>&#148;) of his Base Salary (the &#147;<B>Chalmers Target Cash
Bonus</B>&#148;), in accordance with the Corporation&#146;s Short Term Incentive Plan, and
an equity award opportunity during each calendar year with a target value equal
to 100% (the &#147;<B>Chalmers Target Equity Award Percentage</B>&#148;) of his Base
Salary (the &#147;<B>Chalmers Target Equity Award</B>&#148;), in accordance with the
Registrant&#146;s Long Term Incentive Plan. </P>
<P align=justify>The Corporation may terminate the Chalmers Agreement for just
cause, without just cause or in the event of a disability. Mr. Chalmers may
terminate his employment for &#147;good reason&#148; upon occurrence of any of the
following: (i) a material reduction or diminution in his level of responsibility
or office, provided that ceasing to be the Chief Financial Officer shall not
constitute a material reduction or diminution in his level of responsibility or
office; (ii) a reduction in the Chalmers Base Salary, Chalmers Target Cash Bonus
Percentage or Chalmers Target Equity Award Percentage; or (iii) a proposed
forced relocation to another geographic location greater than 50 miles from his
current location at the time a move is requested after a change of control. </P>
<P align=justify>In the event Mr. Chalmers&#146;s employment is terminated by the
Corporation without just cause or upon a disability or by the Corporation giving
a notice not to renew the Chalmers Agreement, or Mr. Chalmers elects to resign
for good reason, or upon his death, he or his estate will be entitled to
severance pay (the &#147;<B>Chalmers Severance Amount</B>&#148;) equal to two and one-half
(2&#189;) times the sum of the Chalmers Base Salary, the Chalmers Target Cash Bonus
and Chalmers Target Equity Award for the full year in which the date of
termination occurs. The estimated Chalmers Severance Amount payable to Mr.
Chalmers in the case of such a termination, assuming that the termination took
place on December 31, 2017, would be a cash payment in the amount of
US$2,187,500.</P>
<P align=justify>Further, in the event that upon a change of control, Mr.
Chalmers&#146;s employment is terminated and/or the successor entity does not assume
and agree to perform all of the Corporation&#146;s obligations under Mr. Chalmers&#146;s
employment agreement with the Corporation, then Mr. Chalmers&#146;s employment will
be deemed to have been terminated without just cause and Mr. Chalmers will be
entitled to receive the same Chalmers Severance Amount as described above for a
termination without just cause under the normal course. In addition, if Mr.
Chalmers&#146;s employment is terminated without just cause or for a disability, or
Mr. Chalmers elects to resign for good reason, within 12 months after a change
in control, then, in addition to the payment of the Chalmers Severance Amount
described above, all of Mr. Chalmers&#146;s unvested stock options and restricted
stock units will automatically vest. The estimated Severance Amount payable to
Mr. Chalmers in the case of termination upon a change of control would be a cash
payment in the amount of US$2,187,500, plus the value attributable to the
accelerated vesting of previously issued RSUs payable in Common Shares of the
Corporation of US$241,856, assuming that the triggering event took place on
December 31, 2017.<B> </B></P>
<P align=justify>If Mr. Chalmers voluntarily retires from the Corporation at any
time after the fifth anniversary of the effective date of the Chalmers
Agreement, all of Mr. Chalmers&#146; unvested stock options and restricted stock
units will automatically vest. </P>
<P align=justify>Mr. Chalmers is subject to non-solicitation provisions during
the term of his employment agreement and for a period of 12-months after
termination, under which Mr. Chalmers may not solicit any business from any
customer, client or business relation of the Corporation, or hire or offer to
hire or entice any officer, employee consultant or business relation away from
the Corporation. </P>
<P align=justify><U>David C. Frydenlund</U> </P>
<P align=justify>Mr. Frydenlund&#146;s employment agreement (the &#147;<B>Frydenlund
Agreement</B>&#148;), effective March 2, 2018, has a term of two years and will
automatically renew for additional one year terms unless either party provides a
notice not to renew at least 90 days prior to the end of the initial two-year
term or any subsequent one-year term. Pursuant to the Frydenlund Agreement, Mr.
Frydenlund will be paid an annual salary of $270,864 (the &#147;<B>Frydenlund Base
Salary</B>&#148;), subject to review and increase at the discretion of the
Corporation. Pursuant to the Frydenlund Agreement, Mr. Frydenlund will act as
Chief Financial Officer, General Counsel and Corporate Secretary of the
Corporation.</P>
<P align=center>38 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_45></A>
<P align=justify>Mr. Frydenlund is also entitled to receive benefits such as
health insurance, vacation and other benefits consistent with the Corporation&#146;s
benefit plans extended to other employees of the Corporation with similar
position or level. In addition, Mr. Frydenlund has a cash bonus opportunity
during each calendar year with a target equal to 40% (the &#147;<B>Frydenlund Target
Cash Bonus Percentage</B>&#148;) of his Base Salary (the &#147;<B>Frydenlund Target Cash
Bonus</B>&#148;), in accordance with the Corporation&#146;s Short Term Incentive Plan, and
an equity award opportunity during each calendar year with a target value equal
to 80% (the &#147;<B>Frydenlund Target Equity Award Percentage</B>&#148;) of his Base
Salary (the &#147;<B>Frydenlund Target Equity Award</B>&#148;), in accordance with the
Corporation&#146;s Long Term Incentive Plan. </P>
<P align=justify>The Corporation may terminate the Frydenlund Agreement for just
cause, without just cause or in the event of a disability. Mr. Frydenlund may
terminate his employment for &#147;good reason&#148; upon occurrence of any of the
following: (i) a material reduction or diminution in his level of responsibility
or office, provided that ceasing to be the Chief Financial Officer shall not
constitute a material reduction or diminution in his level of responsibility or
office; (ii) a reduction in the Frydenlund Base Salary, Frydenlund Target Cash
Bonus Percentage or Frydenlund Target Equity Award Percentage; or (iii) a
proposed forced relocation to another geographic location greater than 50 miles
from his current location at the time a move is requested after a change of
control. </P>
<P align=justify>In the event Mr. Frydenlund&#146;s employment is terminated by the
Corporation without just cause or upon a disability or by the Corporation giving
a notice not to renew the Frydenlund Agreement, or Mr. Frydenlund elects to
resign for good reason, or upon his death, he or his estate will be entitled to
severance pay (the &#147;<B>Frydenlund Severance Amount</B>&#148;) equal to one and
one-half (1&#189;) times the sum of the Frydenlund Base Salary, the Frydenlund Target
Cash Bonus and Frydenlund Target Equity Award for the full year in which the
date of termination occurs. The estimated Frydenlund Severance Amount payable to
Mr. Frydenlund in the case of such a termination, assuming that the termination
took place on December 31, 2017, would be a cash payment in the amount of
US$893,851.</P>
<P align=justify>Further, in the event that upon a change of control, Mr.
Frydenlund&#146;s employment is terminated and/or the successor entity does not
assume and agree to perform all of the Corporation&#146;s obligations under Mr.
Frydenlund&#146;s employment agreement with the Corporation, then Mr. Frydenlund&#146;s
employment will be deemed to have been terminated without just cause and Mr.
Frydenlund will be entitled to receive the same Frydenlund Severance Amount as
described above for a termination without just cause under the normal course. In
addition, if Mr. Frydenlund&#146;s employment is terminated without just cause or for
a disability, or Mr. Frydenlund elects to resign for good reason, within 12
months after a change in control, then, in addition to the payment of the
Frydenlund Severance Amount described above, all of Mr. Frydenlund&#146;s unvested
stock options and restricted stock units will automatically vest. The estimated
Severance Amount payable to Mr. Frydenlund in the case of termination upon a
change of control would be a cash payment in the amount of US$893,851, plus the
value attributable to the accelerated vesting of previously issued RSUs payable
in Common Shares of US$289,856, assuming that the triggering event took place on
December 31, 2017.<B> </B></P>
<P align=justify>In addition to payment of the Frydenlund Severance Amount in
either of the circumstances set out above, in the event of any termination, the
Corporation will reimburse all direct costs of relocating Mr. Frydenlund and his
family to Canada, provided such relocation occurs within 14 months from the date
of termination. Such reimbursement will not apply to the extent the costs
contemplated are paid by another employer. </P>
<P align=justify>Mr. Frydenlund is subject to non-solicitation provisions during
the term of his employment agreement and for a period of 12-months after
termination, under which Mr. Frydenlund may not solicit any business from any
customer, client or business relation of the Corporation, or hire or offer to
hire or entice any officer, employee consultant or business relation away from
the Corporation. </P>
<P align=justify><U>W. Paul Goranson</U> </P>
<P align=justify>Mr. Goranson&#146;s employment agreement (the &#147;<B>Goranson
Agreement</B>&#148;), effective February 14, 2018, has a term of two years and will
automatically renew for additional one year terms unless either party provides a
notice not to renew at least 90 days prior to the end of the initial two-year
term or any subsequent one-year term. Pursuant to the Goranson Agreement, Mr.
Goranson will be paid an annual salary of $270,864 (the &#147;<B>Goranson Base
Salary</B>&#148;), subject to review and increase at the discretion of the
Corporation. Pursuant to the Goranson Agreement, Mr. Goranson will act as Chief
Operating Officer of the Corporation.</P>
<P align=center>39 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_46></A>
<P align=justify>Mr. Goranson is also entitled to receive benefits such as
health insurance, vacation and other benefits consistent with the Corporation&#146;s
benefit plans extended to other employees of the Corporation with similar
position or level. In addition, Mr. Goranson has a cash bonus opportunity during
each calendar year with a target equal to 40% (the &#147;<B>Goranson Target Cash
Bonus Percentage</B>&#148;) of his Base Salary (the &#147;<B>Goranson Target Cash
Bonus</B>&#148;), in accordance with the Corporation&#146;s Short Term Incentive Plan, and
an equity award opportunity during each calendar year with a target value equal
to 80% (the &#147;<B>Goranson Target Equity Award Percentage</B>&#148;) of his Base Salary
(the &#147;<B>Goranson Target Equity Award</B>&#148;), in accordance with the
Corporation&#146;s Long Term Incentive Plan. </P>
<P align=justify>The Corporation may terminate the Goranson Agreement for just
cause, without just cause or in the event of a disability. Mr. Goranson may
terminate his employment for &#147;good reason&#148; upon occurrence of any of the
following: (i) a material reduction or diminution in his level of responsibility
or office, provided that ceasing to be the Chief Financial Officer shall not
constitute a material reduction or diminution in his level of responsibility or
office; (ii) a reduction in the Goranson Base Salary, Goranson Target Cash Bonus
Percentage or Goranson Target Equity Award Percentage; or (iii) a proposed
forced relocation to another geographic location greater than 50 miles from his
current location at the time a move is requested after a change of control. </P>
<P align=justify>In the event Mr. Goranson&#146;s employment is terminated by the
Corporation without just cause or upon a disability or by the Corporation giving
a notice not to renew the Goranson Agreement, or Mr. Goranson elects to resign
for good reason, or upon his death, he or his estate will be entitled to
severance pay (the &#147;<B>Goranson Severance Amount</B>&#148;) equal to one and one-half
(1&#189;) times the sum of the Goranson Base Salary, the Goranson Target Cash Bonus
and Goranson Target Equity Award for the full year in which the date of
termination occurs. The estimated Goranson Severance Amount payable to Mr.
Goranson in the case of such a termination, assuming that the termination took
place on December 31, 2017, would be a cash payment in the amount of
US$893,851.</P>
<P align=justify>Further, in the event that upon a change of control, Mr.
Goranson&#146;s employment is terminated and/or the successor entity does not assume
and agree to perform all of the Corporation&#146;s obligations under Mr. Goranson&#146;s
employment agreement with the Corporation, then Mr. Goranson&#146;s employment will
be deemed to have been terminated without just cause and Mr. Goranson will be
entitled to receive the same Goranson Severance Amount as described above for a
termination without just cause under the normal course. In addition, if Mr.
Goranson&#146;s employment is terminated without just cause or for a disability, or
Mr. Goranson elects to resign for good reason, within 12 months after a change
in control, then, in addition to the payment of the Goranson Severance Amount
described above, all of Mr. Goranson&#146;s unvested stock options and restricted
stock units will automatically vest. The estimated Severance Amount payable to
Mr. Goranson in the case of termination upon a change of control would be a cash
payment in the amount of US$893,851, plus the value attributable to the
accelerated vesting of previously issued RSUs payable in Common Shares of
US$257,913, assuming that the triggering event took place on December 31,
2017.<B> </B></P>
<P align=justify>Mr. Goranson is subject to non-solicitation provisions during
the term of his employment agreement and for a period of 12-months after
termination, under which Mr. Goranson may not solicit any business from any
customer, client or business relation of the Corporation, or hire or offer to
hire or entice any officer, employee consultant or business relation away from
the Corporation. </P>
<P align=justify><B>Compensation Committee Report </B></P>
<P align=justify>Based on the Compensation Committee&#146;s review of the
Compensation Discussion and Analysis and discussions with the Board and the
Corporation&#146;s management, the Compensation Committee recommended that the
Compensation Discussion and Analysis be included in this Circular. </P>
<P align=justify>Submitted by the members of the Compensation Committee of the
Board: </P>
<P align=justify>Bruce Hansen <BR>Benjamin Eshleman III <BR>Robert W. Kirkland,
Chair <BR></P>
<P align=center>40 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_47></A>
<P align=justify><B>Director Compensation </B></P>
<P align=justify><U>Director Compensation Table</U></P>
<P align=justify>The Corporation&#146;s policy with respect to directors&#146;
compensation was developed by the Board, on recommendation of the Compensation
Committee. The following table sets forth the compensation awarded, paid to or
earned by the directors of the Corporation during the most recently completed
financial year. Directors of the Corporation who are also officers or employees
of the Corporation are not compensated for service on the Board; therefore no
fees were payable to Stephen P. Antony for his service as a director of the
Corporation during 2017.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center bgcolor="#E6EFFF"><BR>
      <BR><BR><B>Name</B><B><SUP>(1)</SUP></B> </TD>
    <TD width="12%" align=center bgcolor="#E6EFFF"><BR>
      <B>Fees</B> <BR><B>Earned</B>
      <BR><B>(US$)</B><B><SUP>(2)</SUP></B> </TD>
    <TD width="12%" align=center bgcolor="#E6EFFF"><B>Share-</B> <BR>
      <B>Based</B>
      <BR><B>Awards</B> <BR><B>(US$)</B><B><SUP>(3)</SUP></B> </TD>
    <TD width="12%" align=center bgcolor="#E6EFFF"><B>Option-</B> <BR>
      <B>Based</B>
      <BR><B>Awards</B> <BR><B>(US$)</B> </TD>
    <TD width="12%" align=center bgcolor="#E6EFFF"><B>Non-Equity</B> <BR>
      <B>Incentive Plan</B>
      <BR><B>Compensation</B> <BR><B>(US$)</B> </TD>
    <TD width="12%" align=center bgcolor="#E6EFFF"><BR>
      <B>Pension</B> <BR><B>Value</B>
      <BR><B>(US$)</B> </TD>
    <TD width="12%" align=center bgcolor="#E6EFFF"><BR>
      <B>All Other</B> <BR><B>Compensation</B>
      <BR><B>(US$)</B> </TD>
    <TD width="12%" align=center bgcolor="#E6EFFF"><BR>
    <BR><B>Total</B> <BR><B>(US$)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>J. Birks Bovaird </TD>
    <TD align=right width="12%">40,000 </TD>
    <TD align=right width="12%">80,000 </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">120,000 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Ames Brown<SUP>(4)</SUP> </TD>
    <TD align=right width="12%">&nbsp; &nbsp;18,333 </TD>
    <TD align=right width="12%">61,333 </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Nil </TD>
    <TD align=right width="12%">79,666 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Paul A. Carroll </TD>
    <TD align=right width="12%">33,333 </TD>
    <TD align=right width="12%">66,667 </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">100,000 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Glenn Catchpole<SUP>(5)</SUP> </TD>
    <TD align=right width="12%">12,637 </TD>
    <TD align=right width="12%">66,667 </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">79,304 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Benjamin Eshleman III<SUP>(6)</SUP> </TD>
    <TD align=right width="12%">19,040 </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">19,040 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Bruce D. Hansen </TD>
    <TD align=right width="12%">37,333 </TD>
    <TD align=right width="12%">74,667 </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">112,000 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Dennis Higgs </TD>
    <TD align=right width="12%">30,667 </TD>
    <TD align=right width="12%">61,333 </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">92,000 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Ron F. Hochstein<SUP>(5)</SUP> </TD>
    <TD align=right width="12%">12,637 </TD>
    <TD align=right width="12%">66,667 </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">79,304 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Robert W. Kirkwood<SUP>(6)</SUP> </TD>
    <TD align=right width="12%">20,696 </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">Nil </TD>
    <TD align=right width="12%">20,696 </TD>
  </TR></TABLE></DIV>
<P align=justify>Notes: </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>Barbara A. Filas was appointed to the Board on March 12,
      2018, and was not a director in 2017. Mark S. Chalmers, the current
      President and Chief Executive Officer of the Corporation, was appointed to
      the Board on February 1, 2018, and was not a director in 2017. As
      President and Chief Executive Officer, Mr. Chalmers will not be paid any
      fees for acting as a director</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>All fees were calculated in US dollars. Messrs. Bovaird,
      Carroll, Higgs and Hochstein were then paid in Cdn$ equivalents based on
      rates at the time of payment.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>The share-based awards were comprised of RSUs, which were
      granted during 2016 and 2017. One half of the RSU&#146;s issued in 2016 vested
      on January 27, 2017, another 25% vested on January 27, 2018 and the
      remaining 25% will vest on January 27, 2019. One half of the RSU&#146;s issued
      in 2017 vested on January 27, 2018, another 25% will vest on January 27,
      2019 and the remaining 25% will vest on January 27, 2020. Upon vesting,
      each RSU entitles the holder thereof to one Common Share without the
      payment of any additional consideration.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Mr. Brown resigned from the Board effective June 12,
      2017.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Messrs. Catchpole and Hochstein did not stand for
      re-election in 2017, and accordingly ceased to be directors on May 17,
      2017.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Messrs. Eshleman and Kirkwood were appointed to the Board
      on May 17, 2017.</P></TD></TR></TABLE>
<P align=justify><U>Retainer and Meeting Fees</U></P>
<P align=justify>The Corporation&#146;s director compensation program is designed to
enable the Corporation to attract and retain highly qualified individuals to
serve as directors. Based on advice from the Harlon Group, to ensure that the
compensation payable to the Corporation&#146;s directors is in line with the peer
group used for determining NEO compensation, and on recommendation of the
Compensation Committee, during 2017, the compensation payable to directors,
which is paid only to non-employee directors, was: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>annual retainer for board member of $30,667;
  <LI>annual retainer for committee (other than Audit Committee) Chairs of
  $33,333;
  <LI>annual retainer for audit committee Chair of $37,334;
  <LI>annual retainer for Chair of the Board of $40,000;
  <LI>reimbursement of related travel and out-of-pocket expenses; and
  <LI>no additional fees for attendance at Board or committee meetings. </LI></UL>
<P align=center>41 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_48></A>
<P align=justify><B>Incentive Plan Awards </B></P>
<P align=justify>The table below shows the number of stock options and RSUs
outstanding for each director (other than Mr. Antony) and their value as at
December 31, 2017 based on the last trade of the Common Shares on the NYSE
American prior to the close of business on December 31, 2017 of US$1.79.</P>
<P align=justify><U>Outstanding Share-Based Awards and Option-Based Awards as at
December 31, 2017</U></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD rowSpan=2 align=center vAlign=center bgcolor="#E6EFFF"><B>Name</B><B><SUP>(2)
      </SUP></B><BR>
      <BR><BR><BR><BR><BR><BR><BR><BR><BR></TD>
    <TD colspan="4" align=center bgcolor="#E6EFFF">&nbsp; &nbsp;<B>Option-Based Awards </B> </TD>
    <TD colspan="2" align=center bgcolor="#E6EFFF">&nbsp;<B>Share-Based Awards</B><B><SUP>(1)
      </SUP></B></TD>
    </TR>
  <TR vAlign=top>
    <TD width="14%" align=center vAlign=bottom bgcolor="#E6EFFF"><B>Number of
      </B><BR>
      <B>Securities </B><BR><B>Underlying </B><BR><B>Unexercised
      </B><BR><B>Options <SUP>(3) </SUP></B></TD>
    <TD width="14%" align=center vAlign=bottom bgcolor="#E6EFFF"><BR>
      <B>Option      </B><BR><B>Exercise </B><BR><B>Price </B><BR><B>(US$) <SUP>(3)(4)
      </SUP></B><BR></TD>
    <TD width="14%" align=center vAlign=bottom bgcolor="#E6EFFF"><BR>
      <BR><B>Option
      </B><BR><B>Expiration </B><BR><B>Date </B><BR><BR></TD>
    <TD width="14%" align=center vAlign=bottom bgcolor="#E6EFFF"><B>Value of
      </B><BR>
      <B>Unexercised In- </B><BR><B>the-Money </B><BR><B>Options
      </B><BR><B>(US$) </B></TD>
    <TD width="14%" align=center vAlign=bottom bgcolor="#E6EFFF"><B>Number of Shares
      </B><BR>
      <B>or Units of Shares </B><BR><B>that Have Not </B><BR><B>Vested
      </B><BR><B>(US$) </B></TD>
    <TD width="14%" align=center vAlign=bottom bgcolor="#E6EFFF"><B>Market or <BR>
      Payout Value
      of </B><BR><B>Share-Based </B><BR><B>Awards that </B><BR><B>Have Not
      Vested </B><BR><B>(US$) </B></TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>J. Birks Bovaird <BR>(Chair) </TD>
    <TD vAlign=center align=center width="14%">10,000 <BR>10,000 </TD>
    <TD vAlign=center align=center width="14%">6.97 <BR>7.21 </TD>
    <TD vAlign=center align=center width="14%">7/16/2018 <BR>1/23/2019 </TD>
    <TD vAlign=center align=center width="14%">Nil <BR>Nil </TD>
    <TD vAlign=center align=center width="14%">56,358 </TD>
    <TD vAlign=center align=center width="14%">100,881 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>Ames Brown<SUP>(5) </SUP></TD>
    <TD vAlign=center align=center width="14%">Nil </TD>
    <TD vAlign=center align=center width="14%">Nil </TD>
    <TD vAlign=center align=center width="14%">Nil </TD>
    <TD vAlign=center align=center width="14%">Nil </TD>
    <TD vAlign=center align=center width="14%">42,609 </TD>
    <TD vAlign=center align=center width="14%">76,270 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>Paul A. Carroll </TD>
    <TD vAlign=center align=center width="14%">10,000 <BR>10,000 </TD>
    <TD vAlign=center align=center width="14%">6.97 <BR>7.21 </TD>
    <TD vAlign=center align=center width="14%">7/16/2018 <BR>1/23/2019 </TD>
    <TD vAlign=center align=center width="14%">Nil <BR>Nil </TD>
    <TD vAlign=center align=center width="14%">47,146 </TD>
    <TD vAlign=center align=center width="14%">84,391 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>Glenn Catchpole <SUP>(6) </SUP></TD>
    <TD vAlign=center align=center width="14%">31,875 <BR>17,850 <BR>34,425
      <BR>34,425 <BR>54,825 <BR>18,615 </TD>
    <TD vAlign=center align=center width="14%">10.36 <BR>5.22 <BR>7.42
      <BR>5.18 <BR>4.79 <BR>4.48 </TD>
    <TD vAlign=center align=center width="14%">1/7/2018 <BR>1/5/2020
      <BR>12/12/2021 <BR>12/16/2022 <BR>7/11/2023 <BR>1/16/2025 </TD>
    <TD vAlign=center align=center width="14%">Nil <BR>Nil <BR>Nil <BR>Nil
      <BR>Nil <BR>Nil </TD>
    <TD vAlign=center align=center width="14%">46,058 </TD>
    <TD vAlign=center align=center width="14%">82,444 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>Benjamin Eshleman III<SUP>(7) </SUP></TD>
    <TD vAlign=center align=center width="14%">Nil </TD>
    <TD vAlign=center align=center width="14%">Nil </TD>
    <TD vAlign=center align=center width="14%">Nil </TD>
    <TD vAlign=center align=center width="14%">Nil </TD>
    <TD vAlign=center align=center width="14%">Nil </TD>
    <TD vAlign=center align=center width="14%">Nil </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>Bruce D. Hansen </TD>
    <TD vAlign=center align=center width="14%">10,000 <BR>10,000 </TD>
    <TD vAlign=center align=center width="14%">6.97 <BR>7.21 </TD>
    <TD vAlign=center align=center width="14%">7/16/2018 <BR>1/23/2019 </TD>
    <TD vAlign=center align=center width="14%">Nil <BR>Nil </TD>
    <TD vAlign=center align=center width="14%">52,908 </TD>
    <TD vAlign=center align=center width="14%">94,705 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>Dennis Higgs </TD>
    <TD vAlign=center align=center width="14%">15,937 <BR>5,100 <BR>8,925
      <BR>17,212 <BR>17,212 <BR>27,412 <BR>18,615 </TD>
    <TD vAlign=center align=center width="14%">10.36 <BR>2.55 <BR>5.22
      <BR>7.42 <BR>5.18 <BR>4.79 <BR>4.48 </TD>
    <TD vAlign=center align=center width="14%">1/7/2018 <BR>1/5/2019
      <BR>1/5/2020 <BR>12/12/2021 <BR>12/16/2022 <BR>7/11/2023 <BR>1/16/2025 </TD>
    <TD vAlign=center align=center width="14%">Nil <BR>Nil <BR>Nil <BR>Nil
      <BR>Nil <BR>Nil <BR>Nil </TD>
    <TD vAlign=center align=center width="14%">42,609 </TD>
    <TD vAlign=center align=center width="14%">76,270 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>Ron F. Hochstein <SUP>(6) </SUP></TD>
    <TD vAlign=center align=center width="14%">10,000 <BR>10,000 </TD>
    <TD vAlign=center align=center width="14%">6.97 <BR>7.21 </TD>
    <TD vAlign=center align=center width="14%">7/16/2018 <BR>1/23/2019 </TD>
    <TD vAlign=center align=center width="14%">Nil <BR>Nil </TD>
    <TD vAlign=center align=center width="14%">47,146 </TD>
    <TD vAlign=center align=center width="14%">84,391 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>Robert W. Kirkwood<SUP>(7) </SUP></TD>
    <TD vAlign=center align=center width="14%">Nil </TD>
    <TD vAlign=center align=center width="14%">Nil </TD>
    <TD vAlign=center align=center width="14%">Nil </TD>
    <TD vAlign=center align=center width="14%">Nil </TD>
    <TD vAlign=center align=center width="14%">Nil </TD>
    <TD vAlign=center align=center width="14%">Nil </TD></TR></TABLE>
</DIV>
<P align=justify>Notes: </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>The share-based awards were comprised of RSUs, which were
      granted during 2015 and 2016. One half of the RSU&#146;s vest on the first
      anniversary of the date of grant, another 25% will vest on the second
      anniversary of the date of grant and the remaining 25% will vest on the
      third anniversary of the date of grant. Upon vesting, each RSU entitles
      the holder thereof to one Common Share without the payment of any
      additional consideration;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Barbara A. Filas was appointed to the Board on March 12,
      2018, and was not a director in 2017. Mark S. Chalmers, the current
      President and Chief Executive Officer of the Corporation, was appointed to
      the Board on February 1, 2018, and was not a director in 2017. As
      President and Chief Executive Officer, Mr. Chalmers will not be paid any
      fees for acting as a director;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>The number of options and the exercise price of the
      options have been adjusted to take into account the
  Consolidation.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>The Options were granted and are reported in Canadian
      dollars and were translated into US dollars at the December 29, 2017
      foreign exchange rate of 1 Cdn$ = $0.7991 US dollar.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Mr. Brown resigned from the Board effective June 12,
      2017. Upon resolution of the Board, the Corporation has agreed that all of
      Mr. Brown&#146;s existing RSUs will continue to vest in accordance with their
      normal vesting schedules up until January 1, 2019, and all unvested RSUs
      outstanding on January 1, 2019 will vest on that date.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Messrs. Catchpole and Hochstein did not stand for
      re-election in 2017, and accordingly ceased to be directors on May 17,
      2017. Upon resolution of the Board, the Corporation has agreed that all of
      Mr. Hochstein&#146;s and Mr. Catchpole&#146;s existing stock options will continue
      to be exercisable until the earlier of their normal expiry dates and
      December 31, 2018, after which all unexercised stock options will expire,
      and all of Mr. Hochstein&#146;s and Mr. Catchpole&#146;s existing RSUs will continue
      to vest in accordance with their normal vesting schedules up until January
      1, 2019, and all unvested RSUs outstanding on January 1, 2019 will vest on
      that date.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>Messrs. Eshleman and Kirkwood were appointed to the Board
      on May 17, 2017.</P></TD></TR></TABLE>
<P align=center>42 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_49></A>
<P align=justify><U>Incentive Plan Awards &#150; Value Vested or Earned During the
12-Month Period Ended December 31, 2017</U></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center bgcolor="#E6EFFF"><BR>
      <BR><BR><B>Name</B><B><SUP>(1)</SUP></B> </TD>
    <TD width="25%" align=center bgcolor="#E6EFFF"><BR>
      <B>Option-Based Awards &#150; Value</B>
      <BR><B>Vested During the Year</B> <BR><B>(US$)</B> </TD>
    <TD width="25%" align=center bgcolor="#E6EFFF"><BR>
      <B>Share-Based Awards &#150; Value</B>
      <BR><B>Vested During the Year</B> <BR><B>(US$)</B> </TD>
    <TD width="25%" align=center bgcolor="#E6EFFF"><B>Non-Equity Incentive Plan</B>
      <BR>
      <B>Compensation &#150; Value</B> <BR><B>Earned During the Year</B>
      <BR><B>(US$)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>J. Birks Bovaird </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">50,204 </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ames Brown<SUP>(2)</SUP> </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">37,145 </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Paul A. Carroll </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">42,244 </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Glenn J. Catchpole<SUP>(3)</SUP> </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">39,798 </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Benjamin Eshleman III<SUP>(4)</SUP> </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bruce D. Hansen </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">47,552 </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dennis L. Higgs </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">37,145 </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ron F. Hochstein<SUP>(3)</SUP> </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">42,244 </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Robert W. Kirkwood<SUP>(4)</SUP> </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD></TR></TABLE></DIV>
<P align=justify>Notes: </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%" align="center">1. </TD>
    <TD>
      <P align=justify>Barbara A. Filas was appointed to the Board on March 12,
      2018, and was not a director in 2017. Mark S. Chalmers, the current
      President and Chief Executive Officer of the Corporation, was appointed to
      the Board on February 1, 2018, and was not a director in 2017. As
      President and Chief Executive Officer, Mr. Chalmers will not be paid any
      fees for acting as a director.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" align="center">2. </TD>
    <TD>
      <P align=justify>Mr. Brown resigned from the Board effective June 12,
      2017. By resolution of the Board, the Corporation has agreed that all of
      Mr. Brown&#146;s existing RSUs will continue to vest in accordance with their
      normal vesting schedules up until January 1, 2019, and all unvested RSUs
      outstanding on January 1, 2019 will vest on that date.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" align="center">3. </TD>
    <TD>
      <P align=justify>Messrs. Catchpole and Hochstein did not stand for
      re-election in 2017, and accordingly ceased to be directors on May 17,
      2017. By resolution of the Board, the Corporation has agreed that all of
      Mr. Hochstein&#146;s and Mr. Catchpole&#146;s existing stock options will continue
      to be exercisable until the earlier of their normal expiry dates and
      December 31, 2018, after which all unexercised stock options will expire,
      and all of Mr. Hochstein&#146;s and Mr. Catchpole&#146;s existing RSUs will continue
      to vest in accordance with their normal vesting schedules up until January
      1, 2019, and all unvested RSUs outstanding on January 1, 2019 will vest on
      that date.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" align="center">4. </TD>
    <TD>
      <P align=justify>Messrs. Eshleman and Kirkwood were appointed to the Board
      on May 17, 2017.</P></TD></TR></TABLE>
<P align=justify><U>Share Ownership Requirement</U> </P>
<P align=justify>At its meeting held on January 23, 2014, the Board adopted a
share ownership requirement for Board members. It provides that all non-employee
directors must own a requisite number of Common Shares by the later of five
years from the commencement of their directorship or the date on which the
Common Share ownership requirement was adopted. Under this requirement,
non-employee directors are required to own Common Shares with a value equal to
twice the value of their annual director retainers. The Common Shares are valued
at the higher of the price they were acquired or the year-end closing price of
the Common Shares on the TSX for the previous year. Further, until such time as
a non-employee director reaches his or her share ownership requirement, the
non-employee director is required to hold 50% of all Common Shares received upon
exercise of stock options (net of any the Common Shares utilized to pay for the
exercise price of the option and tax withholding), and shall not otherwise sell
or transfer any Common Shares. This requirement does not apply to a nominee of a
shareholder of the Corporation pursuant to a contractual right of the
shareholder to nominate one or more directors to the Board. Although not
required to demonstrate compliance with this policy until the later of five
years from the commencement of their directorships or January 23, 2014, a
majority of the directors of the Corporation are currently in compliance with
this policy. </P>
<P align=justify><B>Securities Authorized For Issuance under Equity Compensation
Plans </B></P>
<P align=justify>The following table provides information as of December 31,
2017, concerning options and RSUs outstanding pursuant to the Equity Incentive
Plan as well as options outstanding Uranerz Replacement Options, which have been
approved by shareholders:</P>
<P align=center>43 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_50></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left><B>Plan Category</B> <BR><BR><BR></TD>
    <TD align=center width="25%"><B>Number of Common Shares</B> <BR><B>to be
      issued upon exercise of</B> <BR><B>outstanding options, warrants</B>
      <BR><B>and rights</B><B><SUP>(1)</SUP></B> </TD>
    <TD align=center width="25%"><B>Weighted-average exercise price</B>
      <BR><B>of outstanding options,</B> <BR><B>warrants and rights
      (US$)</B><B><SUP>(1)</SUP></B> <BR></TD>
    <TD align=center width="25%"><B>Number of Common Shares</B>
      <BR><B>remaining available for future</B>
      <BR><B>issuance</B><B><SUP>(1)</SUP></B> <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Energy Fuels Omnibus Equity Incentive Plan </TD>
    <TD align=center width="25%">3,159,945<SUP>(2)</SUP> </TD>
    <TD align=center width="25%">3.63 </TD>
    <TD align=center width="25%">4,276,738 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Uranerz Replacement Options </TD>
    <TD align=center width="25%">778,379 </TD>
    <TD align=center width="25%">5.98 </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total </TD>
    <TD align=center width="25%">3,938,324 </TD>
    <TD align=center width="25%">5.80 </TD>
    <TD align=center width="25%">4,276,738 </TD></TR></TABLE></DIV>
<P align=justify>Notes: <BR>(1) The number of Common Shares, and the exercise
price thereof, has been adjusted to take into account the Consolidation. <BR>(2)
Includes 1,250,468 stock options and 1,909,477 RSUs. With a few exceptions, each
RSU generally vests as to 50% one year after the date of grant, as to another
25% two years after the date of grant and as to the remaining 25% three years
after the date of grant. Upon vesting, each RSU entitles the holder to receive
one Common Share without any additional payment. <BR>(3) 1,909,477 RSUs have
been excluded from the weighted average exercise price because they have no
exercise price. </P>
<P align=justify><B>2015 Omnibus Equity Incentive Compensation Plan </B></P>
<P align=justify><U>Summary of Equity Incentive Plan</U> </P>
<P align=justify>The following is a summary of the principal terms of the Equity
Incentive Plan, which is qualified in its entirety by reference to the text of
the Equity Incentive Plan.</P>
<P align=justify>The Equity Incentive Plan will permit the Committee to grant
Awards for non-qualified stock options (&#147;<B>NQSOs</B>&#148;), incentive stock options
(&#147;<B>ISOs</B>&#148; and together with NQSOs, &#147;<B>Options</B>&#148;), stock appreciation
rights (&#147;<B>SARs</B>&#148;) restricted stock (&#147;<B>Restricted Stock</B>&#148;), RSUs,
deferred share units (&#147;<B>DSUs</B>&#148;),<B> </B>performance shares (&#147;<B>Performance
Shares</B>&#148;), performance units (&#147;<B>Performance Units</B>&#148;) and stock-based
awards (&#147;<B>SBAs</B>&#148;) to Eligible Participants. </P>
<P align=justify>The number of Common Shares reserved for issuance under the
Equity Incentive Plan shall not exceed 10% of the then issued and outstanding
Common Shares from time to time. Subject to applicable law, the requirements of
the TSX or the NYSE American and any shareholder or other approval which may be
required, the Board may in its discretion amend the Plan to increase such limit
without notice to any Participants. The number of Common Shares reserved for
issuance to insiders of the Corporation pursuant to the Equity Incentive Plan
together with all other share compensation arrangements shall not exceed 10% of
the outstanding Common Shares. Within any one-year period, the number of Common
Shares issued to insiders pursuant to the Equity Incentive Plan and all other
share compensation arrangements of the Corporation will not exceed an aggregate
of 10% of the outstanding Common Shares.</P>
<P align=justify>Pursuant to the rules of the TSX, since the Equity Incentive
Plan provides for a maximum number of Common Shares issuable thereunder based on
a percentage of the outstanding Common Shares from time to time, the Equity
Incentive Plan must be renewed by approval of the shareholders of the
Corporation every three years. </P>
<P align=justify><I>Options </I></P>
<P align=justify>The exercise price for any Option granted pursuant to the
Equity Incentive Plan will be determined by the Committee and specified in the
Award Agreement, provided however, that the price will not be less than the fair
market value (the &#147;<B>FMV</B>&#148;) of the Common Shares on the day of grant (which
cannot be less than the greater of (a) the volume weighted average trading price
of the Common Shares on the TSX or the NYSE American for the five trading days
immediately prior to the grant date; or (b) the closing price of the
Corporation&#146;s Common Shares on the TSX or the NYSE American on the trading day
immediately prior to the grant date), provided further, that the exercise price
for an ISO granted to a holder of 10% or more of the Corporation&#146;s Common Shares
(a &#147;<B>Significant Stockholder</B>&#148;)<B> </B>shall not be less than 110% of the
FMV.</P>
<P align=justify>Options will expire at such time as the Committee determines at
the time of grant; provided, however that no Option will be exercisable later
than the tenth anniversary date of its grant and, provided further, that no ISO
granted to a Significant Stockholder shall be exercisable after the expiration
of five years from the date of grant, except where the expiry date of any NQSO
would occur in a blackout period or within five days after the end of a blackout
period, in which case the expiry date will be automatically extended to
the tenth business day following the last day of a blackout period. </P>
<P align=center>44 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_51></A>
<P align=justify>A stock appreciation right or an SAR entitles the holder to
receive the difference between the FMV of a Common Share on the date of exercise
and the grant price. The grant price of an SAR will be determined by the
Committee and specified in the Award Agreement. The price will not be less than
the FMV of the Corporation&#146;s Common Shares on the day of grant. Common Shares
under the related Options. </P>
<P align=justify>Upon the exercise of an SAR, a Participant shall be entitled to
receive payment from the Corporation in an amount representing the difference
between the FMV of the underlying Common Shares on the date of exercise over the
grant price. At the discretion of the Committee, the payment may be in cash,
Common Shares or some combination thereof. </P>
<P align=justify><I>Restricted Stock and RSUs</I>.</P>
<P align=justify>RSUs are similar to Restricted Stock, but provide a right to
receive Common Shares or cash or a combination of the two upon settlement.</P>
<P align=justify>To the extent required by law, holders of Restricted Stock
shall have voting rights during the restricted period; however, holders of RSUs
shall have no voting rights until and unless Common Shares are issued on the
settlement of such RSUs.</P>
<P align=justify><I>Deferred Share Units (&#147;</I><B><I>DSUs</I></B><I>&#148;). </I></P>
<P align=justify>DSUs are awards denominated in units that provide the holder
with a right to receive Common Shares or cash or a combination of the two upon
settlement.<I> </I></P>
<P align=justify><I>Performance Shares and Performance Share Units.</I></P>
<P align=justify>Performance Shares are awards, denominated ina Common Share on
the date of grant. The extent to which the performance criteria are met will
determine the ultimate value and/or number of Performance Shares or Performance
Units that will be paid to the Participant.</P>
<P align=justify>The Committee may pay earned Performance Shares or Performance
Units in the form of cash or Common Shares equal to the value of the Performance
Share or Performance Unit at the end of the performance period. The Committee
may determine that holders of Performance Shares or Performance Units be
credited with consideration equivalent to dividends declared by the Board and
paid on outstanding Common Shares.</P>
<P align=justify><I>Stock-Based Awards. </I></P>
<P align=justify>The Committee may, to the extent permitted by the TSX and the
NYSE American, as applicable, grant other types of equity-based or
equity-related Awards not otherwise described by the terms of the Equity
Incentive Plan in such amounts and subject to such terms and conditions as the
Committee determines. Such SBAs may involve the transfer of actual Common Shares
to Participants, or payment in cash or otherwise of amounts based on the value
of Common Shares. </P>
<P align=justify>Upon termination of the Participant&#146;s employment or term of
office or engagement with the Corporation for any reason other than death: (i)
any of the Options held by the Participant that are exercisable on the
termination date continue to be exercisable until the earlier of three months
(six months in the case of a voluntary retirement) after the termination date
and the date on which the exercise period of the Option expires, and any Options
that have not vested at the termination date shall immediately expire; (ii) any
RSUs held by a Participant that have vested at the termination date will be paid
to the Participant and any RSUs that have not vested at the termination date
will be immediately cancelled; and (iii) the treatment for all other types of
Awards shall be as set out in the applicable Award Agreement.</P>
<P align=justify>In connection with a Corporate Reorganization, the Committee
will have the discretion to permit a holder of Options to purchase, and the
holder shall be required to accept, on the exercise of such Option, in lieu of
Common Shares, securities or other property that the holder would have been
entitled to receive as a result of the Corporate Reorganization if that holder had owned all Common Shares that
were subject to the Option. </P>
<P align=center>45 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_52></A>
<P align=justify>In the event of a Change of Control (as defined in the Equity
Incentive Plan), subject to applicable laws and rules and regulations of a
national exchange or market on which the Common Shares are listed or as
otherwise provided in any Award Agreement, (a) all Options and SARs shall be
accelerated to become immediately exercisable; (b) all restrictions imposed on
Restricted Stock and RSUs shall lapse and RSUs shall be immediately settled and
payable; (c) target payout opportunities attainable under all outstanding Awards
of performance-based Restricted Stock, performance-based RSUs, Performance Units
and Performance Shares shall be deemed to have been fully earned; (d) unless
otherwise specifically provided in a written agreement entered into between the
Participant and the Corporation or an Affiliate, the Committee shall immediately
cause all other Stock-Based Awards to vest and be paid out as determined by the
Committee, and (e) the Committee will have discretion to cancel all outstanding
Awards, and the value of such Awards will be paid in cash based on the change of
control price.</P>
<P align=justify>Notwithstanding the above, no acceleration of vesting,
cancellation, lapsing of restrictions, payment of an Award, cash settlement or
other payment will occur with respect to an Award if the Committee determines,
in good faith, that the Award will be honoured, assumed or substituted by a
successor corporation, provided that such honoured, assumed or substituted Award
must: (a) be based on stock which is traded on the TSX and/or the NYSE American
or another established securities market in the United States; (b) provide such
Participant with rights and entitlements substantially equivalent to or better
than the rights, terms and conditions applicable under such Award; (c)
recognize, for the purpose of vesting provisions, the time that the Award has
been held prior to the Change of Control; (d) have substantially equivalent
economic value to such Award; and (e) have terms and conditions which provide
that in the event a Participant&#146;s employment with the Corporation, and Affiliate
or a successor Corporation is involuntarily terminated or constructively
terminated at any time within twelve months of the Change of Control, any
conditions on a Participant&#146;s rights under, or any restrictions on transfer or
exercisability applicable to such alternative Award shall be waived or shall
lapse, as the case may be.</P>
<P align=justify><I>Amending the Equity Incentive Plan</I><B><I> </I></B></P>
<P align=justify>Except as set out below, and as otherwise provided by law or
stock exchange rules, the Equity Incentive Plan may be amended, altered
modified, suspended or terminated by the Committee at any time, without notice
or approval from shareholders, including but not limited to for the purposes of:
</P>
<TABLE
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%">(f) </TD>
    <TD>
      <P align=justify>making any acceleration of or other amendments to the
      general vesting provisions of any Award;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>waiving any termination of, extending the expiry date of,
      or making any other amendments to the general term of any Award or
      exercise period thereunder provided that no Award held by an insider may
      be extended beyond its original expiry date;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>making any amendments to add covenants or obligations of
      the Corporation for the protection of Participants;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>making any amendments not inconsistent with the Plan as
      may be necessary or desirable with respect to matters or questions which,
      in the good faith opinion of the Board, it may be expedient to make,
      including amendments that are desirable as a result of changes in law or
      as a &#147;housekeeping&#148; matter; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>making such changes or corrections which are required for
      the purpose of curing or correcting any ambiguity or defect or
      inconsistent provision or clerical omission or mistake or manifest
      error.</P></TD></TR></TABLE>
<P align=justify>Amendments requiring the prior approval of the Corporation&#146;s
shareholders are: (i) a reduction in the price of a previously granted Option or
SAR benefitting an insider; (ii) an increase in the total number of Common
Shares available under the Equity Incentive Plan or the total number of Common
Shares available for ISOs; (iii) an increase to the limit on the number of
Common Shares issued or issuable to insiders; (iv) an extension of the expiry
date of an Option or SAR other than in relation to a blackout period; and (v)
any amendment to the amendment provisions of the Equity Incentive Plan.</P>
<P align=center>46 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify><B>Uranerz Replacement Options </B></P>
<P align=justify>On June 18, 2015, in connection with the acquisition of
Uranerz, the Corporation issued 2,048,000 stock options of the Corporation, by
assuming the then-existing options granted pursuant to the Uranerz 2005 Stock
Option Plan, as amended on June 10, 2009 (the &#147;<B>2005 Stock Option Plan</B>&#148;).
As of the date hereof, there are 778,379 stock options outstanding under the
2005 Stock Option Plan. These options are now exercisable for Common Shares of
the Corporation, adjusted to take into account the share exchange ratio
applicable to that acquisition. No further stock options will be granted
pursuant to the 2005 Stock Option Plan. The options have varying expiry dates
with the last options expiring in June 2025. </P>
<P align=center><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT AND </B><BR><B>RELATED STOCKHOLDER MATTERS </B></P>
<P align=justify>The following tables set forth information as of March 29, 2018
regarding the ownership of our Common Shares by each NEO, each director and all
of our directors and NEOs as a group. The Corporation is not aware of any person
who owns more than 5% of our Common Shares. </P>
<P align=justify>The number of Common Shares beneficially owned and the
percentage of common shares beneficially owned are based on a total of
75,761,761 Common Shares issued and outstanding as of March 29, 2018.</P>
<P align=justify>Beneficial ownership is determined in accordance with the rules
and regulations of the SEC. Common Shares subject to options that are
exercisable within 60 days following March 29, 2018 are deemed to be outstanding
and beneficially owned by the optionee or holder for the purpose of computing
share and percentage ownership of that optionee or holder but are not deemed to
be outstanding for the purpose of computing the percentage ownership of any
other person. No RSUs vest within 60 days after March 29, 2018. Except as
indicated in the footnotes to this table, and as affected by applicable
community property laws, all persons listed have sole or shared voting and
investment power for all Common Shares shown as beneficially owned by them.</P>
<P align=justify>As of March 29, 2018, there were 75,761,761 Common Shares
issued and outstanding as fully paid and non-assessable, and carrying a right to
one vote per share. The following table sets forth certain information regarding
the direct ownership of Common Shares as of March 29, 2018 by: (i) each of
Energy Fuels&#146; directors; (ii) each of Energy Fuels&#146; NEOs; and (iii) all of
Energy Fuels&#146; NEOs and directors as a group.</P>
<P align=justify><B>Beneficial ownership</B></P>
<DIV>
<TABLE
style="FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse"
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center noWrap align=center bgColor=#e6efff>Beneficial Owner
      <BR>(Executive Officers and <BR>Directors)<SUP>(1)(2)(3)</SUP> </TD>
    <TD vAlign=center noWrap align=center width="20%" bgColor=#e6efff>Shares
      of Common Stock <BR>Currently Owned </TD>
    <TD vAlign=center noWrap align=center width="20%" bgColor=#e6efff>Shares
      of Common Stock <BR>Acquirable Within 60 days<SUP>(4)</SUP> </TD>
    <TD vAlign=center noWrap align=center width="20%" bgColor=#e6efff>Total
</TD>
    <TD vAlign=center noWrap align=center width="20%" bgColor=#e6efff>Percent
      of Class<SUP>(5)</SUP> </TD></TR>
  <TR vAlign=top>
    <TD align=left>J. Birks Bovaird </TD>
    <TD align=right width="20%">52,305 </TD>
    <TD align=right width="20%">20,000 </TD>
    <TD align=right width="20%">72,305 </TD>
    <TD align=right width="20%">0.095% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Paul A. Carroll </TD>
    <TD align=right width="20%" bgColor=#ffffff>32,594 </TD>
    <TD align=right width="20%" bgColor=#ffffff>20,000 </TD>
    <TD align=right width="20%" bgColor=#ffffff>52,594 </TD>
    <TD align=right width="20%" bgColor=#ffffff>0.069% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Mark S. Chalmers </TD>
    <TD align=right width="20%" bgColor=#ffffff>60,746 </TD>
    <TD align=right width="20%" bgColor=#ffffff>Nil </TD>
    <TD align=right width="20%" bgColor=#ffffff>60,746 </TD>
    <TD align=right width="20%" bgColor=#ffffff>0.080% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Benjamin Eshleman III<SUP>(6)</SUP> </TD>
    <TD align=right width="20%" bgColor=#ffffff>4,278,032</TD>
    <TD align=right width="20%" bgColor=#ffffff>Nil </TD>
    <TD align=right width="20%" bgColor=#ffffff>4,278,032</TD>
    <TD align=right width="20%" bgColor=#ffffff>5.647% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Barbara A. Filas<SUP>(7)</SUP> </TD>
    <TD align=right width="20%" bgColor=#ffffff>Nil </TD>
    <TD align=right width="20%" bgColor=#ffffff>Nil </TD>
    <TD align=right width="20%" bgColor=#ffffff>Nil </TD>
    <TD align=right width="20%" bgColor=#ffffff>0.000% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>David C. Frydenlund </TD>
    <TD align=right width="20%" bgColor=#ffffff>96,167 </TD>
    <TD align=right width="20%" bgColor=#ffffff>28,000 </TD>
    <TD align=right width="20%" bgColor=#ffffff>124,167 </TD>
    <TD align=right width="20%" bgColor=#ffffff>0.164% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>W. Paul Goranson </TD>
    <TD align=right width="20%" bgColor=#ffffff>96,943 </TD>
    <TD align=right width="20%" bgColor=#ffffff>82,365 </TD>
    <TD align=right width="20%" bgColor=#ffffff>179,308 </TD>
    <TD align=right width="20%" bgColor=#ffffff>0.237% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Bruce D. Hansen </TD>
    <TD align=right width="20%" bgColor=#ffffff>62,906 </TD>
    <TD align=right width="20%" bgColor=#ffffff>20,000 </TD>
    <TD align=right width="20%" bgColor=#ffffff>82,906 </TD>
    <TD align=right width="20%" bgColor=#ffffff>0.109% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Dennis L. Higgs </TD>
    <TD align=right width="20%" bgColor=#ffffff>542,869 </TD>
    <TD align=right width="20%" bgColor=#ffffff>110,413 </TD>
    <TD align=right width="20%" bgColor=#ffffff>653,282 </TD>
    <TD align=right width="20%" bgColor=#ffffff>0.862% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Robert W. Kirkwood<SUP>(8)</SUP> </TD>
    <TD align=right width="20%" bgColor=#ffffff>391,858</TD>
    <TD align=right width="20%" bgColor=#ffffff>Nil </TD>
    <TD align=right width="20%" bgColor=#ffffff>391,858</TD>
    <TD align=right width="20%" bgColor=#ffffff>0.517% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Current Directors and <BR>Executive Officers as a <BR>Group
      (10 total)<SUP>(9)</SUP> </TD>
    <TD align=right width="20%">1,125,113</TD>
    <TD align=right width="20%">280,778 </TD>
    <TD align=right width="20%">1,405,891 </TD>
    <TD align=right width="20%">1.856% </TD></TR></TABLE></DIV>
<P align=justify>&nbsp;</P>
<TABLE
style="FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse"
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center noWrap align=center bgColor=#e6efff>Other entities that
    control over 5% of the <br>
    Shares of Common Stock</TD>
    <TD vAlign=center noWrap align=center width="20%" bgColor=#e6efff>Shares
      of Common Stock <BR>Currently Owned </TD>
    <TD vAlign=center noWrap align=center width="20%" bgColor=#e6efff>Shares
      of Common Stock <BR>Acquirable Within 60 days<SUP>(4)</SUP> </TD>
    <TD vAlign=center noWrap align=center width="20%" bgColor=#e6efff>Total
</TD>
    <TD vAlign=center noWrap align=center width="20%" bgColor=#e6efff>Percent
      of Class<SUP>(5)</SUP> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Global X Management Co. LLC <br>
    600 Lexington Ave, 20th Floor<br>
    New York, NY 10022 </TD>
    <TD align=right width="20%">9,241,195<sup>(10)</sup></TD>
    <TD align=right width="20%">Nil</TD>
    <TD align=right width="20%">9,241,195</TD>
    <TD align=right width="20%">12.198% </TD></TR>
  </TABLE>
<P align=justify>Notes: </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>Except as otherwise indicated, the address for each
      beneficial owner is 225 Union Blvd., Suite 600, Lakewood, Colorado 80228.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Stephen P. Antony, our former Chief Executive Officer,
      and Daniel G. Zang, our former Chief Financial Officer, were named
      executive officers during the financial year ended December 31, 2017. Mr.
      Antony retired from his position effective January 31, 2018 and Mr. Zang
      ceased being Chief Financial Officer effective March 1, 2018, and
      therefore are not included on this table.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Mr. Ames Brown retired from the Board effective June 12,
      2017 and Messrs. Glenn Catchpole and Ron Hochstein did not stand for
      re-election as directors in 2017, and therefore are not included on this
      table.</P></TD></TR>
  <tr>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>With respect to Energy Fuels&#146; named executive officers
      and Energy Fuels&#146; directors, this amount includes common shares, which
      could be acquired upon exercise of stock options which are either
      currently vested and exercisable or will vest and become exercisable
      within 60 days after March 29, 2018. No RSUs vest within 60 days after
      March 29, 2018.</P></TD>
  </tr>
  <tr>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Based on 75,761,761 Common Shares outstanding on March
      29, 2018.</P></TD>
  </tr>
  <tr>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Benjamin Eshleman III has an indirect beneficial interest
      in Common Shares of the Corporation as follows: 1,203,369 held by Jones
      Ranch Unproven Limited Partnership; 212,359 held by Meste&#241;a Unproven
      Limited Partnership; and 2,862,304 held by Meste&#241;a, LLC. In total, these
      indirect beneficial interests in Common Shares represent 5.647% of the
      Class. Mr. Eshleman does not have any direct beneficial interest in Common
      Shares of the Corporation, other than unvested restricted stock units that
      will not become exercisable within 60 days after March 29, 2018.</P></TD>
  </tr>
  <tr>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>Barbara A. Filas was appointed to the Board on March 12,
      2018.</P></TD>
  </tr>
  <tr>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>Robert W. Kirkwood has an indirect beneficial interest in
      Common Shares of the Corporation as follows: 211,275 held by Kirkwood Son
      Trust #2. Mr. Kirkwood has a direct beneficial interest in the remaining
      180,583 Common Shares reported. In total, this indirect beneficial
      interest in Common Shares represents 0.279% of the Class. </P></TD>
  </tr>
  <tr>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify>The Percent of Class of Common Shares both directly and
      indirectly held by the Officers and Directors of the Corporation is
      7.781%.</P></TD>
  </tr>
  <tr>
    <TD vAlign=top width="5%">10.</TD>
    <TD>
      The information was obtained from Global X Funds&#146; website and is up to
      date as of March 29, 2018.</TD>
  </tr>
</TABLE>
<P align=center>47 </P>
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<P align=justify><B>INTEREST OF MANAGEMENT &amp; OTHERS IN MATERIAL TRANSACTIONS
</B></P>
<P align=justify>The Corporation reviews all known relationships and
transactions in which the Corporation and its directors and executive officers
or their immediate family members are participants to determine whether they
qualify for disclosure as a transaction with related persons under Item 404(a)
of Regulation S-K of the Exchange Act. We screen for these relationships and
transactions through the annual circulation of a Directors and Officers
Questionnaire, or a D&amp;O Questionnaire, to each member of the board of
directors and each of our officers who is a reporting person under Section 16 of
the Exchange Act. The D&amp;O Questionnaire contains questions intended to
identify related persons and transactions between the Corporation and related
persons. The Corporation&#146;s Code of Business Conduct and Ethics requires that any
situation that presents an actual or potential conflict between a director,
officer or employee&#146;s personal interest and the interests of the Corporation
must be reported to the Corporation&#146;s General Counsel or, in the case of reports
by directors to the Chair of the Corporation&#146;s Audit Committee. Generally, any
related-party transaction that would require disclosure pursuant to Item 404 of
Regulation S-K would require prior approval. Any waivers from these requirements
that are granted for the benefit of the Corporation&#146;s directors or executive
officers, must be granted by the Board of Directors of the Corporation.</P>
<P align=justify>Except as described in this Circular, no (i) officer, director
promoter or affiliate of the Corporation, (ii) proposed director of the
Corporation, or (iii) associate or affiliate of any of the foregoing persons,
has had any material interest, direct or indirect, in any transaction during the
two fiscal years ended December 31, 2017 and 2016 or in any proposed transaction
which has materially affected or would materially affect the Corporation or its
subsidiaries. <B></B>On May 17, 2017, the Board of Directors of the Corporation
appointed Robert W. Kirkwood and Benjamin Eshleman III to the Board of Directors
of the Corporation. </P>
<P align=justify>Mr. Kirkwood is a principal of the Kirkwood Companies,
including Kirkwood Oil and Gas LLC, Wesco Operating, Inc., and United Nuclear
LLC (&#147;United Nuclear&#148;). United Nuclear, owns a 19% interest in the Corporation&#146;s
Arkose Mining Venture while the Corporation owns the remaining 81%. The
Corporation acts as manager of the Arkose Mining Venture and has management and
control over operations carried out by the Arkose Mining Venture. The Arkose
Mining Venture is a contractual joint venture governed by a venture agreement
dated as of January 15, 2008 entered into by Uranerz Energy Corporation (a
subsidiary of the Corporation) and United Nuclear (the &#147;Venture Agreement&#148;).
</P>
<P align=justify>United Nuclear contributed $0.37 million to the expenses of the
Arkose Joint Venture based on the approved budget for the twelve months ended
December 31, 2017. </P>
<P align=justify>Mr. Benjamin Eshleman III is President of Meste&#241;a LLC, which
became a shareholder of the Corporation through the Corporation&#146;s acquisition of
Meste&#241;a Uranium, L.L.C (now Alta Mesa LLC) in June 2016 through the issuance of
4,551,284 common shares of the Corporation to the direction of the Sellers (of
which 4,303,032 common shares of the Corporation are currently held by the
Sellers). In connection with the Purchase Agreement, one of the Acquired
Companies, Leoncito Project, L.L.C. entered into an Amended and Restated Uranium
Testing Permit and Lease Option Agreement with Meste&#241;a Unproven, Ltd., Jones
Ranch Minerals Unproven, Ltd and Meste&#241;a Proven, Ltd. (collectively the
&#147;Grantors&#148;), which requires Leoncito Project, L.L.C., to make a payment in the
amount of $0.60 million to the Grantors in June 2019 (of which up to 50% may be
paid in common shares of the Corporation at the Corporation&#146;s election). At
December 31, 2017, the Corporation has accrued $0.30 million of this liability
on the balance sheet. The Grantors are managed by Meste&#241;a LLC. </P>
<P align=center>48 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_55></A>
<P align=justify>Pursuant to the Purchase Agreement, the Alta Mesa Properties
held by the Acquired Companies are subject to a royalty of 3.125%of the value of
the recovered U<SUB>3</SUB>O<SUB>8 </SUB>from the Alta Mesa Properties sold at a
price of $65.00 per pound or less, 6.25% of the value of the recovered
U<SUB>3</SUB>O<SUB>8 </SUB>from the Alta Mesa Properties sold at a price greater
than $65.00 per pound and up to and including $95.00 per pound, and 7.5%of the
value of the recovered U<SUB>3</SUB>O<SUB>8 </SUB>from the Alta Mesa Properties
sold at a price greater than $95.00 per pound. The royalties are held by the
Sellers, and Mr. Eshleman and his extended family hold all of the ownership
interests in the Sellers. In addition, Mr. Eshleman and certain members of his
extended family are parties to surface use agreements that entitle them to
surface use payments from the Acquired Companies in certain circumstances. The
Alta Mesa Properties are currently being maintained on care and maintenance to
enable the Corporation to restart operations as market conditions warrant. Due
to the price of U<SUB>3</SUB>O<SUB>8</SUB>, the Corporation did not pay any
royalty payments or surface use payments to the Sellers or to Mr. Eshleman or
his immediate family members in the year ended December 31, 2017 and does not
anticipate paying any royalty payments or surface use payments to the Sellers or
to Mr. Eshleman or his immediate family members during the remainder of 2017.
Pursuant to the Purchase Agreement, surface use payments from June 2016 through
December 31, 2018 have been deferred until June 30, 2019 at which time the
Corporation will pay $1.35 million to settle this obligation. As of December 31,
2017, the Corporation has accrued $0.81 million of this liability on the balance
sheet. </P>
<P align=center><B>AUDIT COMMITTEE DISCLOSURE </B></P>
<P align=justify>The Corporation has a separately designated standing audit
committee (the &#147;<B>Audit Committee</B>&#148;) which complies with the Rule 10A-3 of
the United States Securities Exchange Act of 1934, as amended (the &#147;<B>Exchange
Act</B>&#148;) and the requirements of the Corporation Guide. The Audit Committee was
established in accordance with section 3(a)(58)(A) of the Exchange Act. The
directors of the Corporation have determined that each member of the Audit
Committee is considered to be &#147;independent&#148; and &#147;financially literate&#148; within
the meaning of National Instrument 52-110 &#150; <I>Audit Committees </I>(the <B>&#147;NI
52-110&#148;</B>). The Board has further determined that each member of the Audit
Committee qualifies as a financial expert (as defined in Item 407(d)(5) of
Regulation S-K under the Exchange Act), is financially sophisticated, as
determined in accordance with Section 803B(2)(iii) of the Corporation Guide, and
is independent (as determined under Exchange Act Rule 10A-3 and section 803A and
803B of the Corporation Guide). The current members of the Corporation&#146;s Audit
Committee are: J. Birks Bovaird, Paul A. Carroll and Bruce D. Hansen. Bruce D.
Hansen is the Chair of the Audit Committee. </P>
<P align=justify>The Board has adopted a Charter for the Audit Committee which
sets out the Committee&#146;s mandate, organization, powers and responsibilities. A
copy of the Audit Committee charter can be found on our website at
www.energyfuels.com. Our Audit Committee Charter complies with Rule 10A-3 and
the requirements of the NYSE American. During the fiscal year ended December 31,
2017, the Audit Committee met five times. </P>
<P align=justify>The Audit Committee is a committee established and appointed by
and among the Board to assist the Board in fulfilling its oversight
responsibilities with respect to the Corporation. In so doing, the Audit
Committee provides an avenue of communication among the external auditor,
management, and the Board. The Committee&#146;s purpose is to ensure the integrity of
financial reporting and the audit process, and that sound risk management and
internal control systems are developed and maintained. In pursuing these
objectives, the Audit Committee oversees relations with the external auditor,
reviews the effectiveness of the internal audit function, and oversees the
accounting and financial reporting processes of the Corporation and audits of
financial statements of the Corporation.</P>
<P align=justify><U>Principal Accountant Fees and Services</U></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><B>Year Ended </B></TD>
    <TD noWrap align=left width="20%" bgColor=#e6efff><B>Audit
      Fees</B><B><SUP>(1) </SUP></B></TD>
    <TD noWrap align=left width="20%" bgColor=#e6efff><B>Audit-Related
      Fees<SUP>(2) </SUP></B></TD>
    <TD noWrap align=left width="20%" bgColor=#e6efff><B>Tax
      Fees</B><B><SUP>(3) </SUP></B></TD>
    <TD noWrap align=left width="20%" bgColor=#e6efff><B>All Other
      Fees</B><B><SUP>(4) </SUP></B></TD></TR>
  <TR vAlign=top>
    <TD align=left>December 31, 2017 </TD>
    <TD align=left width="20%">$395,000 </TD>
    <TD align=left width="20%">$110,000 </TD>
    <TD align=left width="20%">$37,381 </TD>
    <TD align=left width="20%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>December 31, 2016 </TD>
    <TD align=left width="20%" bgColor=#ffffff>C$679,916 </TD>
    <TD align=left width="20%" bgColor=#ffffff>C$123,050 </TD>
    <TD align=left width="20%" bgColor=#ffffff>C$48,202 </TD>
    <TD align=left width="20%" bgColor=#ffffff>Nil </TD></TR></TABLE></DIV>
<P align=justify>Notes: <br>
(1) &#147;Audit Fees&#148; are the aggregate fees billed by KPMG in
auditing the Corporation&#146;s annual financial statements <BR>(2) &#147;Audit Related
Fees&#148; are fees billed by KPMG for the assurance and related services that are
reasonably related to the performance of the audit or review of the
Corporation&#146;s statements or as related to a prospectus. <BR>(3) &#147;Tax Fees&#148; are
fees for professional services rendered by KPMG for tax compliance, tax advice
and tax planning. <BR>(4) &#147;All Other Fees&#148; consist of fees for product and
services other than the services reported above. </P>
<P align=center>49 </P>
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<P align=justify><U>Policy on Pre-approval by our Audit Committee of Services
Performed by Independent Auditors</U></P>
<P align=justify>Pursuant to the Audit Committee Charter, the Audit Committee
has the responsibility to review and approve the fees charged by the external
auditors for audit services, and to review and approve all services other than
audit services to be provided by the external auditors, and associated fees. All
of the engagements and fees for the fiscal year ended December 31, 2017 were
pre-approved by the Audit Committee.</P>
<P align=justify><U>Audit Committee Report</U> </P>
<P align=justify>In the course of providing its oversight responsibilities
regarding the Corporation&#146;s financial statements for the year ended December 31,
2017, the Audit Committee reviewed and discussed the audited financial
statements, which appear in our Annual Report on Form 10-K, with management and
our independent auditors. The Audit Committee reviewed accounting principles,
practices and judgments as well as the adequacy and clarity of the notes to the
financial statements.</P>
<P align=justify>Since the commencement of our most recently completed fiscal
year, our Board has not failed to adopt a recommendation of the Audit Committee
to nominate or compensate an external auditor.</P>
<P align=justify>The Audit Committee reviewed the independence and performance
of the independent auditors who are responsible for expressing an opinion on the
conformity of those audited financial statements with accounting principles
generally accepted in the United States, and such other matters as required to
be communicated by the independent auditors in accordance with Statement on
Auditing Standards 61, as superseded by Statement of Auditing Standard 114 &#150; the
Auditor&#146;s Communication with Those Charged with Governance.</P>
<P align=justify>The Audit Committee meets regularly with the independent
auditors to discuss their audit plans, scope and timing on a regular basis,
without management present in executive sessions. The Audit Committee met five
times during the fiscal year ended December 31, 2017. The Audit Committee has
received the written disclosures and the letter from the independent auditors
required by applicable standards of the Public Corporation Accounting Oversight
Board for independent auditor communications with Audit Committees concerning
independence as may be modified or supplemented, concerning its independence as
required under applicable standards for auditors of public companies.</P>
<P align=justify>In reliance on the reviews and discussions referred to above,
the Audit Committee recommended to the Board, and the Board has approved, that
the audited financial statements be included in the Annual Report to
Shareholders on Form 10-K for the year ended December 31, 2017. The Audit
Committee and the Board have also recommended the appointment of KPMG as
independent auditors for the Corporation for the fiscal year ending December 31,
2018.</P>
<P align=justify><U>Submitted by the Audit Committee Members:</U> </P>
<P align=justify>J. Birks Bovaird <BR>Paul A. Carroll<BR>Bruce D. Hansen, Chair
</P>
<P align=center><B>CORPORATE GOVERNANCE DISCLOSURE </B></P>
<P align=justify>The Board is currently comprised of eight directors.</P>
<P align=justify>The Board is responsible for determining whether or not each
director is independent. This assessment is made in accordance with standards
set forth in the Corporation Guide and the Corporation&#146;s corporate governance
policies. Under NI 52-110, a director is considered to be unrelated and
independent by the Board if the Board determines that the director has no direct
or indirect material relationship with the Corporation. A material relationship
is a relationship that could, in the view of the Board, be reasonably expected
to interfere with the exercise of the director&#146;s judgment independent of
management. With the assistance of the Governance and Nominating Committee, the
Board reviews each director&#146;s independence annually and upon the appointment or
election of a new director. The Board last considered this matter at its meeting
on March 29, 2018. </P>
<P align=center>50 </P>
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<P align=justify>Seven of the eight directors are considered by the Board to be
independent within the meaning of NI 52-110 and Section 803A of the Corporation
Guide. Mark S. Chalmers is not an independent director as he is the President
and CEO of the Corporation. However, each of the remaining directors, namely, J.
Birks Bovaird, Paul A. Carroll, Benjamin Eshleman III, Barbara A. Filas, Bruce
D. Hansen, Dennis L. Higgs, and Robert W. Kirkwood are independent directors of
the Corporation.</P>
<P align=justify>A number of directors of the Corporation are also directors of
other reporting issuers. See &#147;<I>Particulars of Matters to be Acted Upon at the
Meeting &#150; Election of Directors</I>.&#148; </P>
<P align=justify>The Chair of the Board, J. Birks Bovaird, is not a member of
management and is an unrelated and independent director. One of his principal
responsibilities is to oversee the Board processes so that it operates
efficiently and effectively in carrying out its duties and to act as a liaison
between the Board and management.</P>
<P align=justify>The independent directors of the Board are encouraged by the
Board to hold private sessions as such independent directors deem necessary in
the circumstances. In the year ended December 31, 2017, the independent
directors held separate <I>in camera </I>sessions following eight Board
meetings, and had informal discussions from time to time.</P>
<P align=justify>The Board held a total of 9 meetings during the year ended
December 31, 2017. The following table shows the number of Board meetings each
director attended during that period. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD vAlign=center noWrap align=center bgColor=#e6efff>
      <B>Name<sup>(1)</sup></B><sup> </sup> </TD>
    <TD vAlign=center noWrap align=center width="33%"
      bgColor=#e6efff><B>Number of Board Meetings</B> <BR><B>Held While a
      director</B> </TD>
    <TD vAlign=center noWrap align=center width="33%"
      bgColor=#e6efff><B>Number of Board <BR>Meetings</B> <B>Attended</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>J. Birks Bovaird </TD>
    <TD align=center width="33%">9 </TD>
    <TD align=center width="33%">9 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Stephen P. Antony<SUP>(2)</SUP> </TD>
    <TD align=center width="33%" bgColor=#ffffff>9 </TD>
    <TD align=center width="33%" bgColor=#ffffff>9 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Ames Brown<SUP>(3)</SUP> </TD>
    <TD align=center width="33%" bgColor=#ffffff>5 </TD>
    <TD align=center width="33%" bgColor=#ffffff>5 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Paul A. Carroll </TD>
    <TD align=center width="33%" bgColor=#ffffff>9 </TD>
    <TD align=center width="33%" bgColor=#ffffff>6 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Glenn Catchpole<SUP>(4)</SUP> </TD>
    <TD align=center width="33%" bgColor=#ffffff>4 </TD>
    <TD align=center width="33%" bgColor=#ffffff>4 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Benjamin Eshleman III<SUP>(5)</SUP> </TD>
    <TD align=center width="33%" bgColor=#ffffff>5 </TD>
    <TD align=center width="33%" bgColor=#ffffff>5 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Bruce D. Hansen </TD>
    <TD align=center width="33%" bgColor=#ffffff>9 </TD>
    <TD align=center width="33%" bgColor=#ffffff>9 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Dennis Higgs </TD>
    <TD align=center width="33%" bgColor=#ffffff>9 </TD>
    <TD align=center width="33%" bgColor=#ffffff>9 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Ron F. Hochstein<SUP>(4)</SUP> </TD>
    <TD align=center width="33%" bgColor=#ffffff>4 </TD>
    <TD align=center width="33%" bgColor=#ffffff>2 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Robert W. Kirkwood<SUP>(5)</SUP> </TD>
    <TD align=center width="33%" bgColor=#ffffff>5 </TD>
    <TD align=center width="33%" bgColor=#ffffff>5 </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>Notes: </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%">1. </TD>
    <TD>
      <P align=justify>Barbara A. Filas was appointed to the Board on March 12,
      2018, and was not a director in 2017. Mark S. Chalmers, the current
      President and Chief Executive Officer of the Corporation, was appointed to
      the Board on February 1, 2018, and was not a director in 2017.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Stephen P. Antony retired from his position as Chief
      Executive Officer effective January 31, 2018, at which time he retired
      from the Board.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Ames Brown resigned from the Board effective June 12,
      2017.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Messrs. Catchpole and Hochstein did not stand for
      re-election in 2017, and accordingly ceased to be directors on May 17,
      2017.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Messrs. Eshleman and Kirkwood were appointed to the Board
      on May 17, 2017.</P></TD></TR></TABLE>
<P align=justify>During 2017, each director attended more than 75% of the
aggregate of the total number of meetings of the Board (held during the period
for which he or she was a director) and the total number of meetings held by all
committees of the Board on which he or she served (during the periods the he or
she served).</P>
<P align=justify>Board members are not required, but are expected to make every
effort, to attend the Annual Meeting of shareholders. A majority of the then
sitting directors attended last year&#146;s Annual Meeting.<B> </B></P>
<P align=justify><U>Board Mandate</U> </P>
<P align=justify>The Board&#146;s mandate is set out in the Corporation&#146;s Corporate
Governance Manual as approved by the Board. The Board is responsible, directly
and through its committees, for the supervision of the management of the
business and affairs of the Corporation. The Board seeks to ensure the viability
and long-term financial strength of the Corporation and the creation of enduring
shareholder value. In pursuing these objectives, the Board will have regard to
the best interests of shareholders and the Corporation and to the needs of its
other stakeholders, including the needs of the communities in which the
Corporation conducts its business and the needs of its employees and
suppliers.</P>
<P align=center>51 </P>
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<P align=justify>To assist the Board in the implementation of its mandate, it
delegates some of its responsibility to committees. The Board reviews and
approves the structure, mandate and composition of its committees. It also
receives and reviews periodic reports of the activities and findings of those
committees. </P>
<P align=justify>The Board selects and appoints the Corporation&#146;s President and
CEO and, through him or her, other officers and senior management to whom the
Board delegates certain of its power of management. The Board approves strategy,
sets targets, performance standards and policies to guide them; monitors and
advises management; sets their compensation and, if necessary, replaces them.
</P>
<P align=justify>The Board reviews and approves, for release to shareholders,
quarterly and annual reports on the performance of the Corporation, and certain
other material public communications. The Board has implemented a Corporate
Disclosure Policy, which it reviews annually, to ensure effective communication
between the Corporation, its shareholders, prospective investors, the public and
other stakeholders, including the dissemination of information on a regular and
timely basis. The CEO has dedicated a portion of his time to communicate with
shareholders and prospective investors. Through its officers, the Corporation
responds to questions and provides information to individual shareholders,
institutional investors, financial analysts and the media. </P>
<P align=justify>The Board ensures that mechanisms are in place to guide the
organization in its activities. The Board reviews and approves a broad range of
internal control and management systems, including expenditure approvals and
financial controls. Management is required by the Board to comply with legal and
regulatory requirements with respect to all of the Corporation&#146;s activities.
</P>
<P align=justify><U>Position Descriptions</U> </P>
<P align=justify>The Board has adopted a written position description for the
CEO of the Corporation. The primary role of the CEO is to develop and recommend
to the Board a long-term strategy and vision for the Corporation that leads to
the creation of shareholder value, to develop and recommend to the Board annual
business plans and budgets that support the Corporation&#146;s long term strategy,
and to ensure that the day-to day business affairs of the Corporation are
appropriately managed, including evaluation of the Corporation&#146;s operating
performance and initiating appropriate action where required. In order to
fulfill this role, the CEO is expected to ensure that the Corporation has an
effective management team and to have an active plan for its development and
succession, and to foster a corporate culture that promotes ethical practices,
encourages individual integrity and fulfills social responsibility, including
ensuring that the Corporation is in compliance with its Corporate Disclosure
Policy and Environment, Health and Safety Policy and internal controls and
procedures. Finally, the CEO is expected to ensure that the Corporation builds
and maintains strong, positive relationships with its investors, employees and
the corporate and public community.</P>
<P align=justify>The position description for the Chair of the Board is set out
in the Corporation&#146;s Corporate Governance Manual. The primary role of the Chair
is to provide leadership to the Board, to ensure that the Board can function
independently of management and fully discharges its duties. This involves
acting as a liaison between the Board and management, working with management to
schedule Board meetings and with committee chairs to coordinate scheduling
committee meetings, ensuring the appropriate agendas for meetings, ensuring the
proper flow of information to the Board, and reviewing the adequacy and timing
of documented material in support of management&#146;s proposals. The Chair of the
Board also works with the Governance and Nominating Committee to ensure proper
committee structure, including assignments of members and committee Chairs, as
well as chairs all meetings of the Board, and when requested by the CEO,
meetings of shareholders. </P>
<P align=justify>The Board has developed written position descriptions for the
Chair of each committee. The primary responsibilities of the Chair of each
committee are to: develop the agenda for each meeting of the committee; preside
over committee meetings; oversee the committee&#146;s compliance with its Charter;
work with management to develop the committee&#146;s annual work plan; together with
management, identify, review and evaluate matters of concern to the committee;
and report regularly to the Board. </P>
<P align=center>52 </P>
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<P align=justify><U>Orientation and Continuing Education</U> </P>
<P align=justify>New directors are provided with a comprehensive information
package on the Corporation and its management and are fully briefed by senior
management on the corporate organization and key current issues. The information
package includes contact information, the Corporation&#146;s organizational chart,
the Articles and By-Laws of the Corporation, the Corporation&#146;s Corporate
Governance Manual and certain key documents and plans such as the Corporation&#146;s
Equity Incentive Plan, Shareholder Rights Plan, Directors&#146; and Officers&#146;
Insurance Policy and Indemnity Agreement. The Corporation&#146;s Corporate Governance
Manual describes the roles, responsibilities and mandates of the Board, its
committees, its directors, the Chair of the Board, the Chairs of each committee
and the CEO, and includes copies of all of the Corporation&#146;s adopted codes and
policies. In addition, new directors are introduced to the Corporation&#146;s
website, which includes the Corporation&#146;s most recent annual filings, Proxy
Statements and Management Information Circulars, press releases, material change
reports and other continuous disclosure documents, all of which provide the
information necessary for a new director to become familiar with the nature and
operation of the Corporation&#146;s business. Management is also available to answer
any questions from or to provide any additional orientation for new directors
that may be required. Visits to key operations may also be arranged for new
directors. <B></B></P>
<P align=justify>Although the Corporation does not generally provide formal
training programs for its directors, the Board encourages directors to
participate in continuing education programs. One director has successfully
completed a director certification program offered by a major Canadian
university. In addition, Board members are often provided with notices and other
correspondence from counsel and other advisors, which report on developments
affecting corporate and securities law matters and governance generally. Any
material developments affecting the ability of directors to meet their
obligations as directors are brought to the attention of the Governance and
Nominating Committee (the &#147;<B>GN Committee</B>&#148;) by management, and appropriate
actions are taken by the GN Committee to ensure that directors maintain the
skill and knowledge necessary to meet their obligations. </P>
<P align=justify><U>Ethical Business Conduct</U> </P>
<P align=justify>The Board has adopted a written Code of Business Conduct and
Ethics (the &#147;<B>Code</B>&#148;) for directors, officers, and employees of the
Corporation, which is contained in the Corporation&#146;s Corporate Governance
Manual. The Corporate Governance Manual is provided to each new director, and a
copy of the Code is provided to each new employee. The Code is also published on
the Corporation&#146;s website at www.energyfuels.com. In addition, at the time of
each annual meeting of shareholders, the directors and officers of the
Corporation are required to affirm their compliance with the Code in
writing.</P>
<P align=justify>The Code sets out in detail the core values and the principles
by which the Corporation is governed, and addresses topics such as: conflicts of
interest, including transactions and agreements in respect of which a director
or executive officer has a material interest; protection and proper use of
corporate assets and opportunities; confidentiality of corporate information;
fair dealing with the Corporation&#146;s security holders, customers, suppliers,
competitors and employees; compliance with laws, rules and regulations; and
reporting of any illegal or unethical behaviour. Under the Code and applicable
law, any director or officer who has a material interest in a transaction or
agreement is required to disclose his or her interest and refrain from voting or
participating in any decision relating to the transaction or agreement. </P>
<P align=justify>The Corporation&#146;s management team is committed to fostering and
maintaining a culture of high ethical standards and compliance that ensures a
work environment that encourages employees to raise concerns to the attention of
management and that promptly addresses any employee compliance concerns. Under
the Code, all directors, officers, and employees must take all reasonable steps
to prevent contraventions of the Code, to identify and raise issues before they
lead to problems, and to seek additional guidance when necessary. If breaches of
the Code occur, they must be reported promptly. The Corporation maintains
appropriate records evidencing compliance with the Code. It is ultimately the
Board&#146;s responsibility for monitoring compliance with the Code. The Board will
review the Code periodically and review management&#146;s monitoring of compliance
with the Code, and if necessary, consult with members of the Corporation&#146;s
senior management team and Audit Committee, as appropriate, to resolve any
reported violations of the Code. Any waivers from the Code that are granted for
the benefit of the Corporation&#146;s directors or executive officers shall be
granted by the Board. Violations of the Code by a director, officer or employee are grounds for disciplinary action, up to and
including immediate termination and possible legal prosecution.</P>
<P align=center>53 </P>
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<P align=justify>Where a material departure from the Code by a director or
executive officer constitutes a material change, the Corporation will file a
material change report disclosing the date of the departure, the parties
involved in the departure, the reason why the Board has or has not sanctioned
the departure, and any measures the Board has taken to address or remedy the
departure. No material change reports have been filed and no waivers of the Code
have been made since the beginning of the year ended December 31, 2017 that
pertain to any conduct of a director or executive officer that constitutes a
departure from the Code.<B> </B></P>
<P align=justify>The Corporation also expects all agents, consultants and
contractors to comply with the Code. </P>
<P align=justify><U>Nomination of Directors</U> </P>
<P align=justify>The Board has a Governance and Nominating Committee, which is
composed entirely of independent directors. The GN Committee has the general
responsibility for developing and monitoring the Corporation&#146;s approach to
corporate governance issues and for identifying and recommending to the Board
nominees for appointment or election as directors. The GN Committee has a
charter which can be found on the Corporation&#146;s website at www.energyfuels.com.
The GN Committee&#146;s responsibilities include the following: assessing the
effectiveness of the Board as a whole, the Chair of the Board, the committees of
the Board and the contribution of individual directors on a periodic basis;
ensuring that, where necessary, appropriate structures and procedures are in
place to ensure that the Board can function independently of management;
periodically examining the size of the Board, with a view to determining the
impact of the number of directors upon effectiveness; identifying individuals
qualified to become new Board members and recommending to the Board all director
nominees for election or appointment to the Board; assessing directors on an
ongoing basis; and recommending to the Board the members to serve on the various
committees. In addition, the GN Committee reviews the Corporation&#146;s disclosure
of its corporate governance practices in the Corporation&#146;s Circular each year.
</P>
<P align=justify>During the year ended December 31, 2017, the GN Committee met
four times and was responsible for proposing new candidates for Board
nomination. In making its recommendations to the Board, the GN Committee
considers what competencies and skills the Board, as a whole, should possess,
the competencies and skills each existing director possesses, and the
competencies and skills each new nominee will bring to the boardroom. The GN
Committee also considers whether or not each new nominee can devote sufficient
time and resources to his or her duties as a Board member. </P>
<P align=justify><U>Term Limits</U></P>
<P align=justify>It is proposed that each of the persons elected as a Director
at the Meeting will serve until the close of the next annual meeting of the
Corporation or until his successor is elected or appointed. The Board has not
adopted a term limit for directors. The Board believes that the imposition of
director term limits on a board may discount the value of experience and
continuity amongst board members and runs the risk of excluding experienced and
potentially valuable board members. The Board relies on an annual director
assessment procedure in evaluating Board members and believes that it can best
strike the right balance between continuity and fresh perspectives without
mandated term limits. The Board has demonstrated the effectiveness of its
approach, as five of the eight current directors, or 62.50% of the Board, have
been appointed after 2014. The Board reviews all of its policies annually, and
intends to reconsider its position on term limits during 2018. </P>
<P align=justify><U>Board Diversity</U> </P>
<P align=justify>On January 28, 2015, the Board adopted a written diversity
policy that sets out the Corporation&#146;s approach to diversity, including gender,
on the Board and among the executive officers of the Corporation. The GN
Committee and the Board aim to attract and maintain a Board and an executive
team that have an appropriate mix of diversity, skill and expertise. All Board
and executive officer appointments will be based on merit, and the skill and
contribution that the candidate is expected to bring to the Board and the
executive team, with due consideration given to the benefits of diversity. </P>
<P align=center>54 </P>
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<P align=justify>Pursuant to the diversity policy, when considering the
composition of, and individuals to nominate or hire to, the Board and the
executive team, the GN Committee and the Board, as applicable, shall consider
diversity from a number of aspects, including but not limited to gender, age,
ethnicity and cultural diversity. In addition, when assessing and identifying
potential new members to join the Board or the executive team, the GN Committee
and the Board, as applicable, consider the current level of diversity on the
Board and the executive team.</P>
<P align=justify>The GN Committee and the Board are responsible for developing
measurable objectives to implement the diversity policy and to measure its
effectiveness. The GN Committee annually considers whether to set targets based
on diversity for the appointment of individuals to the Board or the executive
team, recognizing that notwithstanding any targets set in any given year, the
selection of diverse candidates will depend on the pool of available candidates
with the necessary skills, knowledge and experience. At their January 2018
meetings, the GN Committee and the Board confirmed, as a priority, that the
Corporation is committed to increasing Board gender diversity, and will set
measurable targets relating to obtaining and maintaining adequate gender
diversity on the Board. In furtherance of this commitment, the Board
specifically resolved to take proactive steps to attempt to identify a suitable
woman candidate for appointment to fill an existing vacancy, or for election to
the Board, as soon as reasonably possible, and set a measurable target of having
a woman on the Board or putting a suitable women nominee to the shareholders for
election as a director of the Corporation no later than at the Corporation&#146;s
Annual Meeting of Shareholders to be held in 2019. </P>
<P align=justify>The Corporation is very pleased that Barbara A. Filas was
appointed to the Board effective March 12, 2018, to fill the vacancy created by
the resignation of Mr. Ames Brown from the Board, and the Corporation is
nominating Ms. Filas for election as a director of the Corporation at the
Meeting. Ms. Filas is currently the sole woman director or member of the
executive team of the Corporation. </P>
<P align=justify><U>Majority Voting Policy</U> </P>
<P align=justify>On January 25, 2013, the Board adopted a majority voting
policy. Pursuant to the majority voting policy, forms of proxy for meetings of
the shareholders of the Corporation at which directors are to be elected provide
the option of voting in favour, or withholding from voting, for each individual
nominee to the Board. If, with respect to any particular nominee, the number of
shares withheld from voting exceeds the number of shares voted in favour of the
nominee, then the nominee will be considered to have not received the support of
the shareholders, and such nominee is expected to submit his or her resignation
to the Board, to take effect on acceptance by the Board. The GN Committee and
the Compensation Committee will review any such resignation and make a
recommendation to the Board regarding whether or not such resignation should be
accepted. The Board will determine whether to accept the resignation within 90
days following the shareholders&#146; meeting. If the resignation is accepted,
subject to any corporate law restrictions, the Board may (i) leave the resultant
vacancy in the Board unfilled until the next annual meeting of shareholders of
the Corporation, (ii) fill the vacancy by appointing a director whom the Board
considers to merit the confidence of the shareholders, or (iii) call a special
meeting of the shareholders of the Corporation to consider the election of a
nominee recommended by the Board to fill the vacant position. The majority
voting policy applies only in the case of an uncontested shareholders&#146; meeting.
</P>
<P align=justify><U>Compensation Committee</U> </P>
<P align=justify>The Corporation has a Compensation Committee, which is
comprised entirely of independent directors within the meaning of Section 805(c)
of the Corporation Guide. The Compensation Committee has been delegated the task
of reviewing and recommending to the Board the Corporation&#146;s compensation
policies, and reviewing such policies on a periodic basis to ensure they remain
current, competitive and consistent with the Corporation&#146;s overall goals. The
Compensation Committee also has the authority and responsibility to review and
approve corporate goals and objectives relevant to the CEO&#146;s compensation,
evaluating the CEO&#146;s performance in light of those corporate goals and
objectives, and making recommendations to the Board with respect to the CEO&#146;s
compensation level (including salary incentive compensation plans and
equity-based plans) based on this evaluation, as well as making recommendations
to the Board with respect to any employment, severance or change of control
agreements for the CEO. The ultimate decision relating to the CEO&#146;s compensation
rests with the Board, taking into consideration the Compensation Committee&#146;s
recommendations, corporate and individual performance, and industry standards.
The Compensation Committee has also been delegated the task of reviewing and
approving for NEOs, other than the CEO, all compensation (including salary,
incentive compensation plans and equity-based plans) and any employment, severance or change in control agreements, although
the ultimate decision relating to any stock option or other equity grants rests
with the Board. The experience of Board and committee members who are also
involved as management of, or board members or advisors to, other companies also
factors into decisions concerning compensation. The Compensation Committee has a
charter which can be found on the Corporation&#146;s website at www.energyfuels.com. </P>
<P align=center>55 </P>
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<P align=justify>The Compensation Committee is also responsible for making
recommendations to the Board with respect to the adequacy and form of
compensation payable to and benefits of directors in their capacity as directors
(including Board and committee retainers, meeting and committee fees, incentive
compensation plans, and equity-based plans), so as to ensure that such
compensation realistically reflects the responsibilities and risks involved in
being an effective director. Additional responsibilities of the Compensation
Committee include: (i) considering the implications of the risks associated with
the Corporation&#146;s compensation policies and practices and the steps that may be
taken to mitigate any identified risks; (ii) reviewing executive compensation
disclosure before the Corporation publicly discloses such information; and (iii)
reviewing, and approving periodically management&#146;s succession plans for
executive management, including specific development plans and career planning
for potential successors, and recommending them to the Board. </P>
<P align=justify>During the year ended December 31, 2017, the Compensation
Committee met eight times and was responsible for administering the executive
compensation program of the Corporation. For further information regarding how
the Board determines the compensation for the Corporation&#146;s directors and
officers please see &#147;<I>Executive Compensation</I>&#148; in this Circular. </P>
<P align=justify><U>Environment, Health and Safety Committee</U></P>
<P align=justify>The mining industry, by its very nature, can have an impact on
the natural environment. As a result, environmental planning and compliance must
play a very important part in the operations of any Corporation engaged in these
activities. The Corporation takes these issues very seriously and has
established the Environment, Health and Safety Committee (&#147;<B>EHS
Committee</B>&#148;) to assist the Board in fulfilling its oversight responsibilities
for environmental, health and safety matters. The mandate of the EHS Committee
is to oversee the development and implementation of policies and best practices
relating to environmental, health and safety issues in order to ensure
compliance with applicable laws, regulations and policies in the jurisdictions
in which the Corporation and its subsidiaries carry on business. Due to the
complexity of uranium exploration, mining, recovery and milling, the Board
determined that it was appropriate that a member of management sit on the EHS
Committee to ensure that technical expertise is properly brought before the EHS
Committee. The fact that all of the members of the EHS Committee are not
independent is balanced by the fact that a majority of the members of the EHS
Committee and the Chair of the EHS Committee are independent, and that the key
recommendations of the EHS Committee are considered by the full Board. During
2017, the EHS Committee met three times.</P>
<P align=justify><U>Assessments</U> </P>
<P align=justify>The GN Committee distributes, receives and reviews the results
of written Board effectiveness assessments each year. The assessments question
members of the Board as to their level of satisfaction with the functioning of
the Board, its interaction with management, and the performance of the standing
committees of the Board. The assessments also include peer reviews of all other
directors and a self-assessment as to each director&#146;s effectiveness and
contribution as a Board member. After the assessments are reviewed, the GN
Committee reports the results to the Board and makes any recommendations to the
Board to improve the Corporation&#146;s corporate governance practices. This process
occurs prior to the consideration by the GN Committee of nominations for Board
member elections at the Annual Meeting of Shareholders each year. </P>
<P align=center>56 </P>
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<P align=center><B>SCHEDULE &#147;A&#148;</B></P>
<P align=center><B><FONT size=5>UNITED STATES </FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B><B> </B><BR><B>Washington,
D.C. 20549 </B></P>
<P align=center><B><FONT size=5>FORM 8-K</FONT></B><B> </B></P>
<P align=center><B>CURRENT REPORT</B><B> </B><BR><B>Pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934 </B></P>
<P align=center>Date of Report (Date of earliest event reported): <B><U>March
23, 2017 </U></B></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><U><B>Ontario </B></U></TD>
    <TD align=center width="33%"><U><B>001-36204 </B></U></TD>
    <TD align=center width="33%"><U><B>98-1067994 </B></U></TD></TR>
  <TR vAlign=top>
    <TD align=center>(State or other jurisdiction of </TD>
    <TD align=center width="33%">(Commission File Number) </TD>
    <TD align=center width="33%">(I.R.S. Employer </TD></TR>
  <TR vAlign=top>
    <TD align=center>incorporation) </TD>
    <TD align=left width="33%">&nbsp; </TD>
    <TD align=center width="33%">Identification No.) </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=center><B>225 Union Blvd., Suite 600 </B></TD>
    <TD align=center width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><U><B>Lakewood, Colorado </B></U></TD>
    <TD align=center width="50%"><U>&nbsp;<B>80228 </B></U></TD></TR>
  <TR vAlign=top>
    <TD align=center>(Address of principal executive offices) </TD>
    <TD align=center width="50%">(Zip Code) </TD></TR></TABLE>
<P align=center><B><U>(303) 974-2140</U></B><BR>(Registrant&#146;s telephone number,
including area code)</P>
<P align=center><B><U>N/A</U></B><BR>(Former name or former address, if changed
since last report) <BR></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate box below
if the Form 8-K is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions: </P>
<P style="MARGIN-LEFT: 10%" align=justify>[ &nbsp;] Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P>
<P style="MARGIN-LEFT: 10%" align=justify>[ &nbsp;] Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12) </P>
<P style="MARGIN-LEFT: 10%" align=justify>[&nbsp; ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d
-2(b)) </P>
<P style="MARGIN-LEFT: 10%" align=justify>[&nbsp; ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e
-4(c)) </P>
<P align=center>A-1 </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>Item 4.01.</B> </TD>
    <TD align=left width="90%"><B>Change in Registrant&#146;s Certifying
      Accountant</B> </TD></TR></TABLE>
<P align=justify>On March 23, 2017, the Board of Directors (the &#147;<B>Board</B>&#148;)
of Energy Fuels Inc. (the &#147;<B>Registrant</B>&#148;) approved the change of its
auditors from KPMG LLP, Toronto, Ontario (&#147;<B>KPMG Toronto</B>&#148;) to KPMG LLP,
Denver, Colorado (&#147;<B>KPMG Denver</B>&#148;) effective March 31, 2017. The change was
made because the Registrant has switched to reporting its financial statements
pursuant to United States generally accepted accounting principles and its
principal place of business is located in a suburb of Denver. Therefore,
conducting the Registrant&#146;s audit out of the Toronto office of KPMG LLP was no
longer cost effective to the Registrant. At the request of the Registrant and
upon mutual agreement, KPMG Toronto has resigned as the principal independent
registered public accountant of the Registrant effective March 31, 2017. The
request for resignation of KPMG Toronto was recommended and approved by the
Registrant&#146;s audit committee. </P>
<P align=justify>KPMG Toronto&#146;s principal accountant reports on the Registrant&#146;s
consolidated financial statements for each of the past two fiscal years ended
December 31, 2016 and 2015 did not contain any adverse opinion or disclaimer of
opinion and were not qualified or modified as to uncertainty, audit scope or
accounting principles. </P>
<P align=justify>In the two most recent fiscal years and any interim period
preceding the resignation of KPMG Toronto, the Registrant is not aware of any
disagreements with KPMG Toronto on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure, which
disagreement(s), if not resolved to the satisfaction of KPMG Toronto, would have
caused it to make references to the subject matter of the disagreement(s) in
connection with its reports on the Registrant&#146;s consolidated financial
statements for such years. </P>
<P align=justify>The Registrant is not aware of any reportable events (as
defined in Item 304(a)(1)(v) of Regulation S-K) that have occurred during the
two most recent fiscal years and the interim period preceding the resignation of
KPMG Toronto. </P>
<P align=justify>KPMG Toronto has been provided the disclosure in this Current
Report on Form 8-K, and has provided herewith a letter commenting on the
disclosure, pursuant to Item 304(a)(3) of Regulation S-K, which is attached as
Exhibit 16.1. </P>
<P align=justify>The Registrant, upon the recommendation of its audit committee,
and effective March 31, 2017 has engaged KPMG Denver as its principal
independent registered public accountant. </P>
<P align=justify>During the Registrant&#146;s two most recent fiscal years and
through the date of this Form 8-K, neither the Registrant nor anyone on its
behalf has consulted with KPMG Denver regarding either (i) the application of
accounting principles to a specific transaction, either completed or proposed,
or the type of audit opinion that might be rendered on the Registrant&#146;s
consolidated financial statements, nor did KPMG Denver provide either a written
report or oral advice that KPMG Denver concluded was an important factor
considered by the Registrant in reaching a decision as to accounting, auditing
or financial reporting issues, or (ii) any matter that was either the subject of
a disagreement within the meaning of Item 304(a)(1)(iv) of Regulation S-K, or a
reportable event within the meaning of Item 304(a)(1)(v) of Regulation S-K. </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>Item 9.01.</B> </TD>
    <TD align=left width="90%"><B>Financial Statements and Exhibits.</B>
  </TD></TR></TABLE>
<P align=justify>(d) Exhibits. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=center ><B><U>Exhibit No.</U></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="88%"><B>Description</B> </TD></TR>
  <TR>
    <TD noWrap align=center >&nbsp;</TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=left width="88%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >16.1 </TD>
    <TD align=center width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>Letter to Securities and
      Exchange Commission from KPMG LLP, Toronto, Ontario dated March 28, 2017.
    </TD></TR></TABLE>
<P align=center>A-2 </P>
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<P align=center><B>SIGNATURES</B> </P>
<P align=justify>Pursuant to the requirements of the Securities Exchange Act of
1934, the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="50%"><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="50%">(Registrant) </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 >Dated: March 28, 2017 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">By:
      <I>/s/ </I>David C. Frydenlund </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="50%">David C. Frydenlund </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="50%">Senior Vice President, General Counsel and
      Corporate </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="50%">Secretary </TD></TR></TABLE>
<P align=center>A-3 </P>
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<P align=center><B>SCHEDULE &#147;B&#148; </B></P>
<P align=center><B>AMENDED AND RESTATED SHAREHOLDER RIGHTS PLAN AGREEMENT
</B></P>
<P align=center><B>March 29, 2018 </B></P>
<P align=center><B>between </B></P>
<P align=center><B>ENERGY FUELS INC. </B></P>
<P align=center><B>and </B></P>
<P align=center><B>AST TRUST COMPANY </B></P>
<P align=center><B>as Rights Agent </B></P>
<P align=center>Borden Ladner Gervais LLP <BR>Bay Adelaide Centre, East Tower
<BR>22 Adelaide Street West <BR>Toronto, Ontario, Canada M5H 4E3 </P>
<P align=center>B-1 </P>
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<P align=center><B>AMENDED AND RESTATED SHAREHOLDER RIGHTS PLAN AGREEMENT
</B></P>
<P align=center><B>Table of Contents </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee colSpan=3><B>ARTICLE 1
      INTERPRETATION</B> </TD>
    <TD noWrap align=right width="10%" bgColor=#eeeeee><B>5</B> </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp;</TD>
    <TD noWrap align=left width="10%" >1.1 </TD>
    <TD noWrap align=left width="70%">Certain Definitions </TD>
    <TD noWrap align=right width="10%">5 </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#eeeeee >1.2 </TD>
    <TD noWrap align=left width="70%" bgColor=#eeeeee>Holder </TD>
    <TD noWrap align=right width="10%" bgColor=#eeeeee>17 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >1.3 </TD>
    <TD align=left width="70%">Acting Jointly or in Concert </TD>
    <TD align=right width="10%">17 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >1.4 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Application of Statutes,
      Regulations and Rules </TD>
    <TD align=right width="10%" bgColor=#eeeeee>18 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >1.5 </TD>
    <TD align=left width="70%">Currency </TD>
    <TD align=right width="10%">18 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >1.6 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Headings and References </TD>
    <TD align=right width="10%" bgColor=#eeeeee>18 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >1.7 </TD>
    <TD align=left width="70%">Singular, Plural, etc. </TD>
    <TD align=right width="10%">18 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >1.8 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Generally Accepted Accounting
      Principles </TD>
    <TD align=right width="10%" bgColor=#eeeeee>18 </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=3><B>ARTICLE 2 THE RIGHTS</B> </TD>
    <TD align=right width="10%"><B>18</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >2.1 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Issuance and Legend on Common
      Share Certificates </TD>
    <TD align=right width="10%" bgColor=#eeeeee>18 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >2.2 </TD>
    <TD align=left width="70%">Initial Exercise Price; Exercise of Rights;
      Detachment of Rights </TD>
    <TD align=right width="10%">19 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >2.3 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Adjustments to Exercise Price,
      Number of Rights </TD>
    <TD align=right width="10%" bgColor=#eeeeee>22 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >2.4 </TD>
    <TD align=left width="70%">Date on Which Exercise is Effective </TD>
    <TD align=right width="10%">27 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >2.5 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Execution, Authentication,
      Delivery and Dating of Rights Certificates </TD>
    <TD align=right width="10%" bgColor=#eeeeee>28 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >2.6 </TD>
    <TD align=left width="70%">Registration, Registration of Transfer and
      Exchange </TD>
    <TD align=right width="10%">28 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >2.7 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Mutilated, Destroyed, Lost and
      Stolen Rights Certificates </TD>
    <TD align=right width="10%" bgColor=#eeeeee>29 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >2.8 </TD>
    <TD align=left width="70%">Persons Deemed Owners </TD>
    <TD align=right width="10%">29 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >2.9 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Delivery and Cancellation of
      Certificates </TD>
    <TD align=right width="10%" bgColor=#eeeeee>30 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >2.10 </TD>
    <TD align=left width="70%">Agreement of Rights Holders </TD>
    <TD align=right width="10%">30 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=3><B>ARTICLE 3 ADJUSTMENTS TO THE
      RIGHTS IN THE EVENT OF CERTAIN</B> <B>TRANSACTIONS</B> </TD>
    <TD align=right width="10%" bgColor=#eeeeee><B>&nbsp;31</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >3.1 </TD>
    <TD align=left width="70%">Flip-in Event </TD>
    <TD align=right width="10%">31 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=3><B>ARTICLE 4 THE RIGHTS AGENT</B>
    </TD>
    <TD align=right width="10%" bgColor=#eeeeee><B>32</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >4.1 </TD>
    <TD align=left width="70%">General </TD>
    <TD align=right width="10%">32 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >4.2 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Merger or Amalgamation or
      Change of Name of Rights Agent </TD>
    <TD align=right width="10%" bgColor=#eeeeee>33 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >4.3 </TD>
    <TD align=left width="70%">Duties of Rights Agent </TD>
    <TD align=right width="10%">33 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >4.4 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Change of Rights Agent </TD>
    <TD align=right width="10%" bgColor=#eeeeee>35 </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=3><B>ARTICLE 5 MISCELLANEOUS</B> </TD>
    <TD align=right width="10%"><B>35</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >5.1 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Redemption and Waiver </TD>
    <TD align=right width="10%" bgColor=#eeeeee>35 </TD></TR></TABLE>
<P align=center>B-2 </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>&nbsp;</TD>
    <TD align=left width="10%">5.2 </TD>
    <TD align=left width="70%">Expiration </TD>
    <TD align=right width="10%">37 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>5.3 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Issuance of New Rights
      Certificates </TD>
    <TD align=right width="10%" bgColor=#eeeeee>37 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">5.4 </TD>
    <TD align=left width="70%">Supplements and Amendments </TD>
    <TD align=right width="10%">38 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>5.5 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Fractional Rights and
      Fractional Common Shares </TD>
    <TD align=right width="10%" bgColor=#eeeeee>39 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">5.6 </TD>
    <TD align=left width="70%">Rights of Action </TD>
    <TD align=right width="10%">40 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>5.7 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Holder of Rights Not Deemed a
      Shareholder </TD>
    <TD align=right width="10%" bgColor=#eeeeee>40 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">5.8 </TD>
    <TD align=left width="70%">Notice of Proposed Actions </TD>
    <TD align=right width="10%">40 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>5.9 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Notices </TD>
    <TD align=right width="10%" bgColor=#eeeeee>40 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">5.10 </TD>
    <TD align=left width="70%">Costs of Enforcement </TD>
    <TD align=right width="10%">42 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>5.11 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Successors </TD>
    <TD align=right width="10%" bgColor=#eeeeee>42 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">5.12 </TD>
    <TD align=left width="70%">Benefits of this Agreement </TD>
    <TD align=right width="10%">42 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>5.13 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Governing Law </TD>
    <TD align=right width="10%" bgColor=#eeeeee>42 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">5.14 </TD>
    <TD align=left width="70%">Counterparts </TD>
    <TD align=right width="10%">42 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>5.15 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Severability </TD>
    <TD align=right width="10%" bgColor=#eeeeee>42 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">5.16 </TD>
    <TD align=left width="70%">Determinations and Actions by the Board of
      Directors </TD>
    <TD align=right width="10%">42 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>5.17 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Effective Date </TD>
    <TD align=right width="10%" bgColor=#eeeeee>43 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">5.18 </TD>
    <TD align=left width="70%">Approval of Holders of Rights </TD>
    <TD align=right width="10%">43 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>5.19 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Declaration as to Non-Canadian
      and Non-United States Holders </TD>
    <TD align=right width="10%" bgColor=#eeeeee>43 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">5.20 </TD>
    <TD align=left width="70%">Regulatory Approvals </TD>
    <TD align=right width="10%">44 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>5.21 </TD>
    <TD align=left width="70%" bgColor=#eeeeee>Time of the Essence </TD>
    <TD align=right width="10%" bgColor=#eeeeee>44 </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 >Exhibit &#147;A&#148; </TD>
    <TD align=left width="90%">Form of Rights Certificate </TD></TR></TABLE>
<P align=center>B-3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_69></A>
<P align=center><B>AMENDED AND RESTATED SHAREHOLDER RIGHTS PLAN AGREEMENT
</B></P>
<P align=justify style="text-indent: 5%">THIS AGREEMENT dated as of
February 3, 2009, as amended and restated as of March 29, 2018. </P>
<P align=justify><B>B E T W E E N: </B></P>
<P style="MARGIN-LEFT: 10%" align=justify><B>ENERGY FUELS INC.</B> <BR>a
corporation existing under the laws of the Province of Ontario <BR>(the
&#147;<B>Corporation</B>&#148;) </P>
<P style="MARGIN-LEFT: 10%" align=justify>- and - </P>
<P style="MARGIN-LEFT: 10%" align=justify><B>AST TRUST COMPANY</B> <BR>a trust
company existing under the laws of Canada <BR>(the &#147;<B>Rights Agent</B>&#148;)
<BR></P>
<P align=justify style="text-indent: 5%"><B>WHEREAS</B> the Corporation
and the Rights Agent (as successor to CIBC Mellon Trust Company) are parties to
a shareholder rights plan agreement dated as of February 3, 2009 (the
&#147;<B>Original SRP Agreement</B>&#148;) pursuant to which the Corporation adopted a
shareholder rights plan (the &#147;<B>Rights Plan</B>&#148;); </P>
<P align=justify style="text-indent: 5%"><B>AND WHEREAS</B> in
implementation of the Rights Plan, the Board of Directors of the Corporation:
(a) authorized and declared a distribution of one (1) right (&#147;<B>Right</B>&#148;) in
respect of each Common Share (as hereinafter defined) outstanding as of 5:00
p.m. (Toronto time) on February 3, 2009 (the &#147;<B>Record Time</B>&#148;) to each
holder of record of Common Shares at the Record Time; and (b) authorized the
issuance of one (1) Right (subject to adjustment as hereinafter provided) in
respect of each Common Share issued after the Record Time and prior to the
earlier of the Separation Time and the Expiration Time (each as hereinafter
defined); </P>
<P align=justify style="text-indent: 5%"><STRONG>AND WHEREAS</STRONG> each
Right entitles the holder thereof, after the Separation Time, to purchase
securities of the Corporation pursuant to the terms and subject to the
conditions set forth herein; </P>
<P align=justify style="text-indent: 5%"><STRONG>AND WHEREAS</STRONG>, the
Rights Agent has agreed with the Corporation to act on behalf of the Corporation
in connection with the issuance, transfer, exchange and replacement of Rights
Certificates (as hereinafter defined), the exercise of Rights and other matters
referred to herein; </P>
<P align=justify style="text-indent: 5%"><STRONG>AND WHEREAS </STRONG>the
Board of Directors of the Corporation has approved certain amendments to the
Original SRP Agreement to reflect certain changes to securities laws in Canada,
which amendments are incorporated into this Agreement; </P>
<P align=justify style="text-indent: 5%"><STRONG>NOW, THEREFORE</STRONG>,
in consideration of the premises and respective agreements set forth herein, the
parties hereby agree as follows: </P>
<P align=center>B-4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<!--$$/page=--><A name=page_70></A>
<P align=center><B>ARTICLE 1</B><B> </B><BR><B>INTERPRETATION </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1.1 </TD>
    <TD>
      <P align=justify>Certain Definitions</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>In this Agreement, unless the context
otherwise requires: </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Acquiring Person</B>&#148; means any
Person who is the Beneficial Owner of 20% or more of the outstanding Common
Shares; <I>provided, however</I>, that the term &#147;<B>Acquiring Person</B>&#148; shall
not include: </P>
<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>the Corporation or any Subsidiary of the
    Corporation;</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>an underwriter or member of a banking or selling group
      that acquires Common Shares from the Corporation in connection with a
      distribution by the Corporation to the public of securities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>any Person who becomes the Beneficial Owner of 20% or
      more of the outstanding Common Shares solely as a result of one or any
      combination of:</P></TD></TR></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%">(A) </TD>
    <TD>
      <P align=justify>a Common Share Reduction;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>a Permitted Bid Acquisition;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>an Exempt Acquisition;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(D) </TD>
    <TD>
      <P align=justify>a Pro-Rata Acquisition; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(E) </TD>
    <TD>
      <P align=justify>a Convertible Security
Acquisition,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>in each such case, until such time
thereafter as such Person shall become the Beneficial Owner (otherwise than
pursuant to any one or more of a Common Share Reduction, a Permitted Bid
Acquisition, an Exempt Acquisition, a Pro-Rata Acquisition, or a Convertible
Security Acquisition) of additional Common Shares constituting more than 1% of
the Common Shares then outstanding, in which event such Person shall become an
Acquiring Person as of the date and time of acquisition of such additional
Common Shares; </P>
<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%">(iv) </TD>
    <TD>
      <P align=justify>for a period of 10 days after the Disqualification Date
      (as hereinafter defined), any Person who becomes the Beneficial Owner of
      20% or more of the outstanding Common Shares as a result of such Person
      becoming disqualified from relying on clause (iii) C of the definition of
      Beneficial Owner. In this definition, &#147;<B>Disqualification Date</B>&#148; means
      the first date of public announcement of facts indicating that such Person
      has or is making or has announced an intention to make a Take-over Bid
      alone or by acting jointly or in concert with any other Person;
  or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>any Person (a &#147;<B>Grandfathered Person</B>&#148;) who is the
      Beneficial Owner of 20% or more of the Common Shares determined as at the
      Record Time, provided, however, that this exception shall not, and shall
      cease to, apply if, after the Record Time the Grandfathered Person: (A)
      ceases to own 20% or more of the outstanding Common Shares; or (B) becomes
      the Beneficial Owner of more than 1% of the number of outstanding
      Common Shares then outstanding in addition to those Common Shares such
Person already holds other than pursuant to a Common Share Reduction, a
Permitted Bid Acquisition, an Exempt Acquisition, a Pro Rata Acquisition, or a
Convertible Security Acquisition or any combination thereof. </P></TD></TR></TABLE>
<P align=center>B-5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Affiliate</B>&#148;, when used to
indicate a relationship with a specified Person, means a Person that directly,
or indirectly through one or more intermediaries, controls, or is controlled by,
or is under common control with, such specified Person and a body corporate
shall be deemed to be an Affiliate of another body corporate if one of them is
the Subsidiary of the other or if both are Subsidiaries of the same body
corporate or if each of them is controlled by the same Person. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Agreement</B>&#148; means this Amended
and Restated Rights Plan Agreement, as amended from time to time. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Associate</B>&#148;, when used to
indicate a relationship with a specified Person, means (i) a spouse of such
specified Person, (ii) any Person of either sex with whom such specified Person
is living in a conjugal relationship outside marriage, or (iii) any relative of
such specified Person or of a Person mentioned in clauses (i) or (ii) of this
definition if that relative has the same residence as the specified Person.</P>
<P style="MARGIN-LEFT: 5%" align=justify>A Person shall be deemed the
&#147;<B>Beneficial Owner</B>&#148; and to have &#147;<B>Beneficial Ownership</B>&#148; of and to
&#147;<B>Beneficially Own</B>&#148;:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

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

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

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>any securities that are Beneficially Owned within the
      meaning of clauses (i), (ii) or (iii) of this definition by any other
      Person with which such Person is acting jointly or in concert, provided
      that a Person shall not be deemed the &#147;<B>Beneficial Owner</B>&#148; of, or to
      have &#147;<B>Beneficial Ownership</B>&#148; of, or to &#147;<B>Beneficially Own</B>&#148;,
      any security solely because:</P></TD></TR></TABLE>
<P align=center>B-6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_72></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>the holder of such security has agreed to deposit or
      tender such security to a Take-over Bid made by such Person or any of such
      Person&#146;s Affiliates or Associates or any other Person referred to in
      clause (iii) of this definition pursuant to a Permitted Lock-up
      Agreement;</P></TD></TR>
  <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>such security has been deposited or tendered pursuant to
      a Take-over Bid made by such Person or any of such Person&#146;s Affiliates or
      Associates or made by any other Person acting jointly or in concert with
      such Person until such deposited or tendered security has been taken up or
      paid for, whichever shall first occur;</P></TD></TR>
  <TR>
    <TD width="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>such Person, any Affiliate or Associate of such Person or
      any other Person acting jointly or in concert with such Person holds such
      security where:</P></TD></TR></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%">(i) </TD>
    <TD>
      <P align=justify>the ordinary business of such Person (the &#147;<B>Portfolio
      Manager</B>&#148;) includes the management or administration of investment
      funds or mutual funds for other Persons and such security is held by the
      Portfolio Manager in the ordinary course of such business in the
      performance of the Portfolio Manager&#146;s duties for the account of any other
      Person (a &#147;<B>Client</B>&#148;) including non- discretionary accounts held on
      behalf of a Client by a broker or dealer or broker-dealer registered under
      applicable law;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>such Person (the &#147;<B>Trust Company</B>&#148;) is licensed to
      carry on the business of a trust company under applicable law and, as
      such, acts as trustee or administrator or in a similar capacity in
      relation to the estates of deceased or incompetent Persons (each, an
      &#147;<B>Estate Account</B>&#148;) or in relation to other accounts (each, an
      &#147;<B>Other Account</B>&#148;) and holds such security in the ordinary course of
      and for the purposes of the activities of such Estate Accounts or for such
      Other Accounts;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>such Person (the &#147;<B>Crown Agent</B>&#148;) is established by
      statute for purposes that include, and the ordinary business or activity
      of such Person includes, the management of investment funds for employee
      benefit plans, pension plans, insurance plans, or various public bodies
      and the Crown Agent holds such security in the ordinary course of and for
      the purposes of its activities as such;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>such Person (in this definition, a &#147;<B>Statutory
      Body</B>&#148;) is established by statute for purposes that include the
      management of investment funds for employee benefit plans, pension plans
      and insurance plans (other than insurance plans administered by insurance
      companies) of various public bodies, if such security is held by the
      Statutory Body for the purposes of its activities as Statutory Body;
    or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>such Person (the &#147;<B>Plan Administrator</B>&#148;) is the
      administrator or the trustee of one or more pension funds or plans
      registered under the laws of Canada or the United States of America or any
      province or state thereof (each, a &#147;Plan&#148;) or is a Plan and such security
      is Beneficially Owned or held by the Person in the ordinary course of and
      for the purposes of its activities as such; </P></TD></TR></TABLE>
<P align=center>B-7 </P>
<A name=page_1></A>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_73></A>
<P style="MARGIN-LEFT: 20%" align=justify>provided, however, that in any of the
  foregoing cases, the Portfolio Manager, the Trust Company, the Crown Agent, the
  Statutory Body, the Plan Administrator or the Plan, as the case may be, is not
  then making or has not then announced an intention to make a Take-over Bid,
  alone or by acting jointly or in concert with any other Person, other than an
  Offer to Acquire Common Shares or other securities pursuant to a distribution by
  the Corporation, a Permitted Bid or by means of ordinary market transactions
  (including pre-arranged trades entered into in the ordinary course of business
  of such Person) executed through the facilities of a stock exchange or organized
over-the-counter market in respect of securities of the Corporation;</P>
<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%">(D) </TD>
    <TD>
      <P align=justify>such Person is a Client of the same Portfolio Manager as
      another Person on whose account the Portfolio Manager holds such security,
      or because such Person is an Estate Account or an Other Account of the
      same Trust Company as another Person on whose account the Trust Company
      holds such security or because such Person is a Plan with the same Plan
      Administrator as another Plan on whose account the Plan Administrator
      holds such security;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(E) </TD>
    <TD>
      <P align=justify>such Person is a Client of a Portfolio Manager and such
      security is owned at law or in equity by the Portfolio Manager or because
      such Person is an Estate Account or an Other Account of a Trust Company
      and such security is owned at law or in equity by the Trust Company or
      such Person is a Plan and such security is owned at law or in equity by
      the Plan Administrator of such Plan; or</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(F) </TD>
    <TD>
      <P align=justify>such Person is the registered holder of securities as a
      result of carrying on the business, or acting as a nominee, of a
      securities depositary.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>For purposes of this Agreement, the
percentage of Common Shares Beneficially Owned by any Person at any time shall
be and be deemed to be the product determined by the formula:</P>
<P align=justify style="text-indent:5%">
<IMG
src="pre14ax73x1.jpg" border=0 width="90" height="42"></P> <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>&nbsp;</TD>
    <TD align=left width="5%">where: </TD>
    <TD align=left width="5%">A = </TD>
    <TD align=left width="85%">
      <P align=justify>the number of votes for the election of all directors
      generally attached to the Common Shares Beneficially Owned by such Person
      at such time; and </P></TD></TR></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>&nbsp;</TD>
    <TD align=left width="5%">B = </TD>
    <TD align=left width="85%">
      <P align=justify>the number of votes for the election of all directors
      generally attaching to all Common Shares actually outstanding.
  </P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Notwithstanding the foregoing, where
any Person is deemed to Beneficially Own unissued Common Shares, such Common
Shares shall be deemed to be outstanding for the purpose of calculating the
percentage of Common Shares Beneficially Owned by such Person, but unissued Common Shares which another Person may
be deemed to Beneficially Own shall not be included in the denominator of the
above formula.</P>
<P align=center>B-8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Board of Directors</B>&#148; means the
  board of directors for the time being of the Corporation or any duly constituted
or empowered committee thereof. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Business Day</B>&#148; means any day
other than a Saturday, Sunday or, unless otherwise specified, a day on which
Canadian chartered banks in Toronto, Ontario, (or after the Separation Time, the
principal office of the Rights Agent in Toronto, Ontario) are generally
authorized or obligated by law to close. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Canadian-U.S. Exchange Rate</B>&#148;
means, on any date, the inverse of the U.S.-Canadian Exchange Rate.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Canadian Dollar Equivalent</B>&#148; of
any amount which is expressed in United States dollars means, on any date, the
Canadian dollar equivalent of such amount determined by reference to the
Canadian-U.S. Exchange Rate on such date. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Close of Business</B>&#148; on any given
date means 5:00 p.m. (Toronto time, unless otherwise specified), on such date
<I>provided, however</I>, that if such date is not a Business Day, &#147;<B>Close of
Business</B>&#148; on such date shall mean 5:00 p.m., (Toronto time, unless otherwise
specified), on the next succeeding Business Day. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Common Share Reduction</B>&#148; means
an acquisition, redemption or cancellation by the Corporation of Common Shares
which by reducing the number of Common Shares outstanding, increases the
percentage of Common Shares Beneficially Owned by any Person to 20% or more of
the Common Shares then outstanding.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Common Shares</B>&#148; means the common
shares which the Corporation is authorized to issue, as such shares may be
subdivided, consolidated, reclassified or otherwise changed from time to time,
and &#147;common shares&#148; when used with reference to any Person other than the
Corporation means the class or classes of shares (or similar equity interests)
with the greatest per share voting power entitled to vote generally in the
election of all directors of such other Person or the equity securities or other
equity interest having power (whether or not exercised) to control or direct the
management of such other Person or, if such other Person is a Subsidiary of
another Person, of the Person or Persons (other than an individual) which
ultimately control such first mentioned other Person.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Competing Permitted Bid</B>&#148; means
a Take-over Bid that:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>is made after a Permitted Bid or Competing Permitted Bid
      has been made and prior to the expiry of that Permitted Bid or Competing
      Permitted Bid (in this definition, the &#147;<B>Prior Bid</B>&#148;);</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>satisfies all components of the definition of a Permitted
      Bid other than the requirements set out in clauses (ii)(A), (B), and (D)
      of that definition; and</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>contains, and the taking up and payment for securities
      tendered or deposited thereunder are subject to, irrevocable and
      unqualified conditions that:</P></TD></TR></TABLE>
<P align=center>B-9 </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%">(A) </TD>
    <TD>
      <P align=justify>no Common Shares shall be taken up or paid for pursuant
      to the Take- over Bid (x) prior to the Close of Business on a date that is
      not earlier than the last day of the minimum initial deposit period that
      such Take- over Bid must remain open for deposits of securities thereunder
      pursuant to NI 62-104 after the date of the Take-over Bid constituting the
      Competing Permitted Bid, and (y) then only if, at the time that such
      Common Shares are first taken up or paid for, more than 50% of the then
      outstanding Common Shares held by Independent Shareholders have been
      deposited or tendered pursuant to the Take-over Bid and not
    withdrawn;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>Common Shares may be deposited pursuant to such Take-over
      Bid, unless the Take-over Bid is withdrawn, at any time prior to the Close
      of Business on the date that the Prior Bid described in clause (A) above
      expires; and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>in the event that the requirement set forth in subclause
      (iii)(A)(y) of this definition is satisfied, the Offeror will make a
      public announcement of that fact and the Take-over Bid will remain open
      for deposits and tenders of Common Shares for not less than 10 days from
      the date of such public announcement.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>provided always that a Competing
Permitted Bid will cease to be a Competing Permitted Bid at any time when such
bid ceases to meet any of the provisions of this definition and provided that,
at such time, any acquisition of Common Shares made pursuant to such Competing
Permitted Bid, including any acquisition of Common Shares theretofore made, will
cease to be a Permitted Bid Acquisition.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>controlled</B>&#148;: a Person shall be
deemed to be &#147;controlled&#148; by another Person or two or more Persons if:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>securities entitled to vote in the election of directors
      (including, for Persons other than corporations, the administrators,
      managers, trustees or other persons performing similar functions in
      respect of any such Person) carrying more than 50% of the votes for the
      election of directors are held, directly or indirectly, by or for the
      benefit of the other Person or Persons; and</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the votes carried by such securities are entitled, if
      exercised, to elect, appoint or designate a majority of the board of
      directors of such corporation or other Person;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>and &#147;<B>controls</B>&#148;,
&#147;<B>controlling</B>&#148; and &#147;<B>under common control with</B>&#148; shall be interpreted
accordingly.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Convertible Securities</B>&#148; means
at any time any securities issued by the Corporation from time to time (other
than the Rights) carrying any exercise, conversion, or exchange right pursuant
to which the holder thereof may acquire Common Shares or other securities which
are convertible into or exercisable or exchangeable for Common Shares (whether
such right is exercisable immediately or exercisable after a specified period
and whether or not on condition or the happening of any contingency).</P>
<P align=center>B-10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Convertible Security
Acquisition</B>&#148; means the acquisition of Common Shares upon the exercise of
Convertible Securities received by a Person pursuant to a Permitted Bid
Acquisition, an Exempt Acquisition or a Pro-Rata Acquisition.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Effective Date</B>&#148; is the date as
defined in Section 5.17. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Exempt Acquisition</B>&#148; means a
Share acquisition: (i) in respect of which the Board of Directors has waived the
application of Section 3.1 pursuant to the provisions of subsections 5.1(c), (d)
or (e) hereof; (ii) pursuant to a regular dividend reinvestment or other plan of
the Corporation made available by it to all holders of a class or series or
Shares where such plan permits the holder to direct that dividends paid in
respect of such Shares be applied to the purchase from the Corporation of
further securities of the Corporation; (iii) pursuant to a distribution of
Common Shares, or securities convertible into or exchangeable for Common Shares
made by the Corporation pursuant to a prospectus or a securities exchange
take-over bid or by way of a private placement, provided that the Person does
not acquire a greater percentage of the securities offered in the distribution
than the percentage of Common Shares Beneficially Owned by that Person
immediately prior to the distribution, or (iv) pursuant to an amalgamation,
merger or other statutory procedure requiring shareholder approval.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Exercise Price</B>&#148; means, as of
any date, the price at which a holder may purchase the securities issuable upon
exercise of one (1) whole Right. Until adjustment thereof in accordance with the
terms hereof, the Exercise Price shall equal $10.00. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Expansion Factor</B>&#148; has the
meaning ascribed to such term in subsection 2.3(a) hereof. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Expiration Time</B>&#148; means the
earliest of: (i) the Termination Time; (ii) the Close of Business on the date of
the Corporation&#146;s annual meeting of shareholders in 2021; and (iii) the time
this Agreement becomes void pursuant to the provisions of Section 5.17.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Fiduciary</B>&#148; means, when acting
in that capacity, a trust company registered under the trust company legislation
of Canada or any province thereof, a trust company organized under the laws of
any state of the United States, a portfolio manager registered under the
securities legislation of one or more provinces of Canada or an investment
adviser registered under the United States <I>Investment Advisers Act of
1940</I>, as amended, or any other securities legislation of the United States
or any state of the United States.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Flip-in Event</B>&#148; means a
transaction or event that results in a Person becoming an Acquiring Person. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Independent Shareholders</B>&#148; means
all holders of Common Shares other than (i) any Acquiring Person, (ii) any
Offeror, (iii) any Affiliate or Associate of any Acquiring Person or Offeror,
(iv) any Person acting jointly or in concert with any Person referred to in
clauses (i), (ii) or (iii) above, and (v) any employee benefit plan, deferred
profit sharing plan, stock participation plan or trust for the benefit of
employees of the Corporation or a wholly-owned Subsidiary of the Corporation,
unless the beneficiaries of such plan or trust direct the manner in which such
Common Shares are to be voted or direct whether the Common Shares are to be
tendered to a Take-over Bid, in which case the plan or trust shall be considered
to be an Independent Shareholder. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Market Price</B>&#148; per security of
any securities on any date means the average of the daily closing prices per
security of such securities (determined as described below) on each of the 20
consecutive Trading Days through and including the Trading Day immediately
preceding such date; <i>provided, however</i>, that if an event of a type
analogous to any of the events described in Section 2.3 hereof shall have caused
the closing prices used to determine the Market Price on any Trading Days not to
be fully comparable with the closing price on such date (or, if such date is not
a Trading Day, on the immediately preceding Trading Day), each such closing
price so used shall be appropriately adjusted in a manner analogous to the
applicable adjustment provided for in Section 2.3 hereof in order to make it
fully comparable with the closing price on such date (or, if such date is not a
Trading Day, on the immediately preceding Trading Day). The closing price per
security of any securities on any date shall be: </P>
<P align=center>B-11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_77></A>
<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>the closing board lot sale price on such date or, if such
      price is not available, the average of the closing bid and asked prices
      per security, as reported by the principal stock exchange or securities
      quotation system in Canada on which such securities are listed or admitted
      to trading (based on the volume of securities traded during the most
      recently completed financial year), or if for any reason neither of such
      prices is available on such day or the securities are not listed or
      admitted to trading on a stock exchange or securities quotation system in
      Canada, the closing board lot sale price or, if such price is not
      available, the average of the closing bid and asked prices, for such
      securities as reported by such other securities exchange on which such
      securities are listed or admitted for trading;</P></TD></TR>
  <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>if, for any reason, none of such prices is available on
      such date or the securities are not listed or admitted to trading on a
      stock exchange or other securities exchange or securities quotation system
      in Canada, the last sale price, or in case no sale takes place on such
      date, the average of the high bid and low asked prices for such securities
      in the over-the- counter market, as quoted by any reporting system then in
      use (as selected by the Board of Directors); or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>if the securities are not listed or admitted to trading
      as contemplated in clauses (i) or (ii) above, the average of the closing
      bid and asked prices as furnished by a professional market maker making a
      market in the securities selected by the Board of Directors;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>provided, however</I>, that if on any such date the
      closing price per security cannot be determined in accordance with the
      foregoing, the closing price per security of such securities on such date
      shall mean the fair value per security of such securities on such date as
      determined by the Board of Directors, after consultation with an
      internationally recognized investment banking firm as to the fair value
      per security of such securities. The Market Price shall be expressed in
      Canadian dollars and if initially determined in respect of any day forming
      part of the 20 consecutive Trading Day period in question in United States
      dollars, such amount shall be translated into Canadian dollars at the
      Canadian Dollar Equivalent thereof.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>NI 62-104</B>&#148; means National
Instrument 62-104 - <I>Take-Over Bids and Issuer Bids</I> adopted by the
Canadian securities regulatory authorities. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Offer to Acquire</B>&#148; includes:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>an offer to purchase, or a solicitation of an offer to
      sell, Common Shares or Convertible Securities; and</P></TD></TR>
  <TR>
    <TD width="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>an acceptance of an offer to sell Common Shares or
      Convertible Securities, whether or not such offer to sell has been
      solicited;</P></TD></TR></TABLE>
<P align=center>B-12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify style="margin-left:10%">or any combination thereof, and the Person accepting an offer
to sell shall be deemed to be making an Offer to Acquire to the Person that made
the offer to sell. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Offeror</B>&#148; means a Person who is
making or has announced a current intention to make a Take-over Bid (including a
Permitted Bid or Competing Permitted Bid but excluding an ordinary market
transaction (including a prearranged trade in the ordinary course of business)
contemplated in clause (iii)(C) of the definition of Beneficial Owner) but only
so long as the Take-over Bid so announced or made has not been withdrawn or
terminated or has not expired.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Permitted Bid</B>&#148; means a
Take-over Bid which is made by means of a Take-over Bid circular and which also
complies with the following additional provisions:</P>
<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>the Take-over Bid is made to all holders of record of
      Common Shares, other than the Offeror;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the Take-over Bid shall contain, and the take-up and
      payment for securities tendered or deposited thereunder shall be subject
      to, irrevocable and unqualified conditions
that:</P></TD></TR></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>no Common Shares shall be taken up or paid for pursuant
      to the Take- over Bid (x) prior to the Close of Business (Toronto time) on
      a date which is not earlier than 105 days following the date of the
      Take-over Bid or such shorter minimum period as determined in accordance
      with section 2.28.2 or section 2.28.3 of NI 62-104 for which a Take-over
      Bid (that is not exempt from any of the requirements of Division 5 (Bid
      Mechanics) of NI 62-104) must remain open for deposit of securities
      thereunder; and (y) then only if, at the Close of Business on the date
      Common Shares are first taken up or paid for under the Take-over Bid, more
      than 50% of the then outstanding Common Shares held by Independent
      Shareholders have been deposited or tendered pursuant to the Take-over Bid
      and not withdrawn;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>Common Shares may be deposited pursuant to such Take-over
      Bid, unless such Take-over Bid is withdrawn, at any time prior to the
      Close of Business on the date Common Shares are first taken up or paid for
      under the Take-over Bid;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>any Common Shares deposited or tendered pursuant to the
      Take-over Bid may be withdrawn until taken up and paid for; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(D) </TD>
    <TD>
      <P align=justify>in the event that the requirement set forth in subclause
      (A)(y) of this definition is satisfied, the Offeror will make a public
      announcement of that fact and the Take-over Bid will remain open for
      deposits and tender of Common Shares for not less than 10 days from the
      date of such public announcement;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>provided always that a Permitted Bid
will cease to be a Permitted Bid at any time when such bid ceases to meet any of
the provisions of this definition and any acquisitions of Common Shares made
pursuant to such Permitted Bid, including any acquisition of Common Shares
theretofore made, will cease to be a Permitted Bid Acquisition.</P>
<P align=center>B-13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Permitted Bid Acquisition</B>&#148;
means a Share acquisition made pursuant to a Permitted Bid or Competing
Permitted Bid.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Permitted Lock-Up Agreement</B>&#148;
means an agreement between a Person and one or more holders of Common Shares
(each, a &#147;<B>Locked-up Person</B>&#148;) (the terms of which are publicly disclosed
and a copy of which is made available to the public, including the Corporation,
not later than the date of the Lock-up Bid (as defined below) or, if the Lockup
Bid has been made prior to the date on which such agreement is entered into, not
later than the date of such agreement and if such date is not a Business Day,
the next Business Day) pursuant to which each such Locked-up Person agrees to
deposit or tender Common Shares to a Take-over Bid (the &#147;<B>Lock-up Bid</B>&#148;)
made or to be made by the Person, any of such Person's Affiliates or Associates
or any other Person acting jointly or in concert with such Person, provided
that:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the agreement permits any Locked-up Person to terminate
      its obligation to deposit or tender to or not to withdraw Common Shares
      from the Lock-up Bid in order to tender or deposit the Common Shares to
      another Take-over Bid or support another
transaction:</P></TD></TR></TABLE><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>where the price or value per Common Share offered under
      such other Take-over Bid or transaction is higher than the price or value
      per Common Share offered under the Lock-up Bid; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>if:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the price or value per Common Share offered under the
      other Take-over Bid or transaction exceeds by as much as or more than a
      specified amount (the &#147;<B>Specified Amount</B>&#148;) the price or value per
      Common Share offered under the Lock-up Bid, provided that such Specified
      Amount is not greater than 7% of the price or value per Common Share
      offered under the Lock-up Bid; or</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>the number of Common Shares to be purchased under the
      other Take-over Bid or transaction exceeds by as much as or more than a
      specified number (the &#147;<B>Specified Number</B>&#148;) the number of Common
      Shares that the Offeror has offered to purchase under the Lock-up Bid at a
      price or value per Common Share that is not less than the price or value
      per Common Share offered under the Lock-up Bid, provided that the
      Specified Number is not greater than 7% of the number of Common Shares
      offered to be purchased under the Lockup Bid,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>and, for greater clarity, the
agreement may contain a right of first refusal or require a period of delay to
give such Person an opportunity to match a higher price in another Take-over Bid
or transaction or other similar limitation on a Locked-up Person's right to
withdraw Common Shares from the agreement, so long as the limitation does not
preclude the exercise by the Locked-up Person of the right to withdraw Common
Shares during the period of the other Take-over Bid or transaction; and</P>
<P align=center>B-14 </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="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>no &#147;break-up&#148; fees, &#147;top-up&#148; fees, penalties, expenses or
      other amounts that exceed in the aggregate the greater
  of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

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

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>200% of the aggregate amount of cash dividends declared
      payable by the Corporation on its Common Shares in its immediately
      preceding fiscal year;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>300% of the arithmetic mean of the aggregate amounts of
      cash dividends declared payable by the Corporation on its Common Shares in
      its three immediately preceding fiscal years; and</P></TD></TR></TABLE>
<P align=center>B-15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

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

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the Stock Acquisition 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%">(ii) </TD>
    <TD>
      <P align=justify>the date of the commencement of, or first public
      announcement of the intent of any Person (other than the Corporation or
      any Subsidiary of the Corporation) to commence, a Take-over Bid (other
      than a Permitted Bid or a Competing Permitted Bid, as the case may be);
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the date upon which a Permitted Bid or Competing
      Permitted Bid ceases to be such;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>or such later date as may be determined
by the Board of Directors in good faith, provided that: (x) if the foregoing
results in a Separation Time being prior to the Record Time, the Separation Time
shall (subject to any determination of the Board of Directors as aforesaid) be
the Record Time, (y) if any such Take-over Bid expires, is cancelled, is
terminated or is otherwise withdrawn prior to the Separation Time without
securities deposited thereunder being taken up and paid for, then such Take-over
Bid shall be deemed, for purposes of this definition never to have been made,
and (z) if the Board of Directors determines, pursuant to Section 5.1, to waive
the application of Section 3.1 to a Flip-In Event, then the Separation Time in
respect of such Flip-In Event shall be deemed never to have occurred. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Shares</B>&#148; means shares in the
capital of the Corporation.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Stock Acquisition Date</B>&#148; means
the first date of public announcement (which, for purposes of this definition,
shall include, without limitation, a report filed pursuant to Section 102.1 or
102.2 of the <I>Securities Act</I> (Ontario) or National Instrument 62-103, each
as amended from time to time and any provision substituted therefor) by the
Corporation or an Acquiring Person of facts indicating that a Person has become
an Acquiring Person.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Subsidiary</B>&#148;: A body corporate
is a Subsidiary of another body corporate if: </P>
<P align=center>B-16 </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%">(i) </TD>
    <TD>
      <P align=justify>it is controlled by (A) that other, or (B) that other and
      one or more bodies corporate, each of which is controlled by that other,
      or (C) two or more bodies corporate, each of which is controlled by that
      other, or</P></TD></TR>
  <TR>
    <TD width="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>it is a Subsidiary of a body corporate that is that
      other&#146;s Subsidiary.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Take-over Bid</B>&#148; means an Offer
to Acquire Common Shares or Convertible Securities (or both), where the
securities subject to the Offer to Acquire, together with the Common Shares, if
any, into which the securities subject to the Offer to Acquire are convertible
and the Common Shares Beneficially Owned by the Offeror at the date of the Offer
to Acquire constitute, in the aggregate, 20% or more of the then outstanding
Common Shares.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Termination Time</B>&#148; means the
time at which the right to exercise Rights shall terminate pursuant to Section
5.1 hereof.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Trading Day</B>&#148;, when used with
respect to any securities, means a day on which the principal securities
exchange or securities quotation system in Canada on which such securities are
listed or admitted to trading is open for the transaction of business, or if the
securities are not listed or admitted to trading on any securities exchange or
securities quotation system in Canada, a Business Day.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>U.S.-Canadian Exchange Rate</B>&#148;
means, on any date:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>if on such date the Bank of Canada sets an average noon
      spot rate of exchange for the conversion of one (1) United States dollar
      into Canadian dollars, such rate; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>in any other case, the rate for such date for the
      conversion of one (1) United States dollar into Canadian dollars
      calculated in the manner which shall be determined by the Board of
      Directors from time to time.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>U.S. Dollar Equivalent</B>&#148; of any
amount which is expressed in Canadian dollars means, on any date, the United
States dollar equivalent of such amount determined by reference to the
U.S.-Canadian Exchange Rate on such date.</P>
<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%"><B>1.2</B> </TD>
    <TD>
      <P align=justify><B>Holder</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">As used in this Agreement, unless
the context otherwise requires, the term &#147;<B>holder</B>&#148; when used with
reference to Rights, means the registered holder of such Rights or, prior to the
Separation Time, the associated Common Shares.</P>
<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%"><B>1.3</B> </TD>
    <TD>
      <P align=justify><B>Acting Jointly or in
Concert</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">For purposes of this Agreement,
it is a question of fact whether a Person is acting jointly or in concert with
another Person but a Person shall be deemed to be acting jointly or in concert
with every other Person who (i) is an Associate or Affiliate of such first
mentioned Person; or (ii) who is a party to any agreement, commitment or
understanding, whether formal or informal, with the first mentioned Person or
any Associate or Affiliate thereof, to acquire Common Shares (other than
customary agreements with and between underwriters and/or members of banking
groups and/or selling group members with respect to a distribution of securities
pursuant to a prospectus or by way of private placement and other than pursuant
to pledges of securities in the ordinary course of business). </P>
<P align=center>B-17 </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 vAlign=top width="5%"><B>1.4</B> </TD>
    <TD>
      <P align=justify><B>Application of Statutes, Regulations and
    Rules</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Unless the context otherwise
requires, any reference to a specific section, subsection, clause or rule of any
act or regulation shall be deemed to refer to the same as it may be amended,
re-enacted or replaced or, if repealed and there shall be no replacement
therefor, to the same as it is in effect on the date of this Agreement. </P>
<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%"><B>1.5</B> </TD>
    <TD>
      <P align=justify><B>Currency</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">All sums of money which are
referred to in this Agreement are expressed in lawful money of Canada, unless
otherwise specified. </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%"><B>1.6</B> </TD>
    <TD>
      <P align=justify><B>Headings and References</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">The headings of the Articles and
Sections of this Agreement and the Table of Contents are inserted for
convenience of reference only and shall not affect the construction or
interpretation of this Agreement. All references to Articles, Sections and
Exhibits are to articles and sections of and exhibits to, and forming part of,
this Agreement. The words &#147;<B>hereto</B>&#148;, &#147;<B>herein</B>&#148;, &#147;<B>hereof</B>&#148;,
&#147;<B>hereunder</B>&#148;, &#147;<B>this Agreement</B>&#148;, &#147;<B>the Rights Agreement</B>&#148; and
similar expressions refer to this Agreement including the Exhibits, as the same
may be amended, modified or supplemented at any time or from time to time. </P>
<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%"><B>1.7</B> </TD>
    <TD>
      <P align=justify><B>Singular, Plural, etc.</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">In this Agreement, where the
context so admits, words importing the singular number include the plural and
vice versa and words importing gender include the masculine, feminine and neuter
genders.</P>
<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%"><B>1.8</B> </TD>
    <TD>
      <P align=justify><B>Generally Accepted Accounting
  Principles</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Wherever in this Agreement
reference is made to generally accepted accounting principles, such reference
shall be deemed to be the recommendations at the relevant time of the Canadian
Institute of Chartered Accountants, or any successor institute, applicable on a
consolidated basis (unless otherwise specifically provided herein to be
applicable on an unconsolidated basis) as at the date on which a calculation is
made or required to be made in accordance with generally accepted accounting
principles. Where the character or amount of any asset or liability or item of
revenue or expense is required to be determined, or any consolidation or other
accounting computation is required to be made for the purpose of this Agreement
or any document, such determination or calculation shall, to the extent
applicable and except as otherwise specified herein or as otherwise agreed in
writing by the parties, be made in accordance with generally accepted accounting
principles applied on a consistent basis. </P>
<P align=center><B>ARTICLE 2</B><B> </B><BR><B>THE RIGHTS </B></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%">2.1 </TD>
    <TD>
      <P align=justify>Issuance and Legend on Common Share
  Certificates</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>One (1) right in respect of each Common Share outstanding
      at the Record Time and each Common Share that may be issued after the
      Record Time and prior to the earlier of the Separation Time and the
      Expiration Time shall be issued in accordance with the terms
  hereof.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Certificates for Common Shares issued after the Record
      Time hereof but prior to the Separation Time (and whether upon the
      conversion of Convertible Securities or otherwise) shall evidence one (1) Right for each Common Share
represented thereby and shall have impressed, printed, or written thereon or
otherwise affixed thereto a legend in substantially the following form: </P></TD></TR></TABLE>
<P align=center>B-18 </P>
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<P style="MARGIN-LEFT: 15%" align=justify>&#147;Until the Separation Time (as such
  term is defined in the Rights Agreement referred to below), this certificate
  also evidences and entitles the holder hereof to certain Rights as set forth in
  a Rights Agreement, made as of February 3, 2009, as amended and restated
  effective March 29, 2018 (the &#147;<B>Rights Agreement</B>&#148;), between Energy Fuels
  Inc. (the &#147;<B>Corporation</B>&#148;) and AST Trust Company, as Rights Agent, the
  terms of which are hereby incorporated herein by reference and a copy of which
  is on file and may be inspected during normal business hours at the principal
  executive offices of the Corporation. Under certain circumstances, as set forth
  in the Rights Agreement, such Rights may be amended or redeemed, may expire, may
  become void (if, in certain circumstances, they are &#147;Beneficially Owned&#148; by a
  &#147;Person&#148; who is or becomes an &#147;Acquiring Person&#148; or any Person acting jointly or
  in concert with an Acquiring Person or with an &#147;Affiliate&#148; or &#147;Associate&#148; of an
  &#147;Acquiring Person&#148;, as such terms are defined in the Rights Agreement, or a
  transferee thereof), or may be evidenced by separate certificates and may no
  longer be evidenced by this certificate. The Corporation will mail or arrange
  for the mailing of a copy of the Rights Agreement to the holder of this
  certificate without charge within five days after the receipt of a written
request therefor.&#148; </P>
<P style="MARGIN-LEFT: 10%" align=justify>Failure to legend any certificate
representing Common Shares shall not affect the validity of this Agreement or
the Rights issued hereunder. </P>
<P style="MARGIN-LEFT: 10%" align=justify>Certificates representing Common
Shares that are issued and outstanding at the Record Time shall evidence one (1)
Right for each Common Share evidenced thereby notwithstanding the absence of a
legend in substantially the foregoing form until the earlier of the Separation
Time and the Expiration Time. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2.2 </TD>
    <TD>
      <P align=justify>Initial Exercise Price; Exercise of Rights; Detachment of
      Rights</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

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

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the Rights shall not be exercisable and no Right may be
      exercised; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>for administrative purposes, each Right shall be
      evidenced by the certificate for the associated Common Share registered in
      the name of the holder thereof (which certificate shall be deemed to
      represent a Rights Certificate) and shall be transferable only together
      with, and shall be transferred by a transfer of, such associated Common
      Share.</P></TD></TR></TABLE>
<P align=center>B-19 </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%">(c) </TD>
    <TD>
      <P align=justify>From and after the Separation Time and prior to the
      Expiration Time, the Rights (i) may be exercised and (ii) shall be
      registered and transferable independent of Common Shares. Promptly
      following the Separation Time, the Corporation shall prepare and the
      Rights Agent shall mail to each holder of record of Common Shares as of
      the Separation Time (other than an Acquiring Person, any other Person
      whose Rights are or become void pursuant to the provisions of subsection
      3.1(b) hereof and, in respect of any Rights Beneficially Owned by such
      Acquiring Person which are not held of record by such Acquiring Person,
      the holder of record of such Rights), at such holder&#146;s address as shown in
      the records of the Corporation (the Corporation hereby agreeing to furnish
      copies of such records to the Rights Agent for this
  purpose):</P></TD></TR></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>a certificate (a &#147;<B>Rights Certificate</B>&#148;) in
      substantially the form of Exhibit &#147;A&#148; hereto appropriately completed and
      registered in such holder&#146;s name, representing the number of Rights held
      by such holder at the Separation Time and having such marks of
      identification or designation and such legends, summaries or endorsements
      printed thereon as the Corporation may deem appropriate and as are not
      inconsistent with the provisions of this Agreement, or as may be required
      to comply with any applicable law or with any rule or regulation made
      pursuant thereto or with any rule or regulation of any stock exchange or
      quotation system on which the Rights may from time to time be listed or
      traded, or to conform to usage; and</P></TD></TR>
  <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>a disclosure statement describing the
  Rights.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

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

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>In case the holder of any Rights shall exercise less than
      all the Rights evidenced by such holder&#146;s Rights Certificate, a new Rights
      Certificate evidencing (subject to the provisions of subsection 5.5(a)
      hereof) the Rights remaining unexercised will be issued by the Rights
      Agent to such holder or to such holder&#146;s duly authorized
assigns.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>The Corporation covenants and agrees to:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>take all such action as may be necessary on its part and
      within its powers to ensure that all Shares delivered upon exercise of
      Rights shall, at the time of delivery of the certificates evidencing such
      Shares (subject to payment of the Exercise Price), be duly and validly
      authorized, executed, issued and delivered and be fully paid and non-
      assessable;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>take all reasonable action as may be necessary on its
      part and within its power to comply with any applicable requirements of
      the <I>Business Corporations Act </I>(Ontario), the <I>Securities Act
      </I>(Ontario) or comparable legislation of each of the provinces and
      territories of Canada and of the United States of America, and the rules
      and regulations thereunder, and any other applicable law, rule or
      regulation, in connection with the issuance and delivery of Rights
      Certificates and of any securities of the Corporation upon exercise of
      Rights;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>use its reasonable efforts to cause all Shares of the
      Corporation issued upon exercise of Rights to be listed upon The Toronto
      Stock Exchange or such other stock exchange and/or securities quotation
      system on which the Common Shares are listed at that time;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>pay when due and payable any and all Canadian federal,
      provincial transfer taxes (not including any taxes referable to the income
      or profit of the holder or exercising Person or any liability of the
      Corporation to withhold tax) and charges which may be payable in respect
      of the original issuance or delivery of the Rights Certificates or of any
      Shares of the Corporation issued upon the exercise of Rights, provided
      that the Corporation shall not be required to pay any transfer tax or
      charge which may be payable in respect of any transfer involved in the
      transfer or delivery of Rights Certificates or the issuance
  or delivery of certificates for securities in a name other than
that of the holder of the Rights being transferred or exercised;</P></TD></TR></TABLE>
<P align=center>B-21 </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%">(l) </TD>
    <TD>
      <P align=justify>if necessary, cause to be reserved and kept available out
      of its authorized and unissued Common Shares the number of Common Shares
      that, as provided in this Agreement, will from time to time be sufficient
      to permit the exercise in full of all outstanding rights; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>after the Separation Time, except as permitted by Section
      5.1 or Section 5.4, not take (or permit any Subsidiary to take) any action
      if at the time such action is taken it is reasonably foreseeable that such
      action will diminish substantially or otherwise eliminate the benefits
      intended to be afforded by the Rights.</P></TD></TR></TABLE><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%">2.3 </TD>
    <TD>
      <P align=justify>Adjustments to Exercise Price, Number of
  Rights</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

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

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>declare or pay a dividend on Common Shares payable in
      Common Shares (or other Shares or securities exchangeable for or
      convertible into or giving a right to acquire Common Shares or other
      Shares) otherwise than pursuant to any optional share dividend program,
      dividend reinvestment plan or if the dividend payable is paid in Common
      Shares in lieu of a regular periodic cash dividend;</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>subdivide or change the outstanding Common Shares into a
      greater number of Common Shares;</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>consolidate or change the outstanding Common Shares into
      a smaller number of Common Shares; or</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>issue any Common Shares (or other Shares or securities
      exchangeable for or convertible into or giving a right to acquire Common
      Shares or other Shares) in respect of, in lieu of, or in exchange for,
      existing Common Shares in a reclassification or redesignation of Common
      Shares, an amalgamation or a statutory arrangement,</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>

    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>the Exercise Price and the number of Rights outstanding,
      or, if the payment or effective date therefor shall occur after the
      Separation Time, the securities purchasable upon exercise of Rights shall
      be adjusted in the manner set forth below. If an event occurs which would
      require an adjustment under both this Section 2.3 and subsection 3.1(a),
      the adjustment provided for in this Section 2.3 shall be in addition to,
      and shall be made prior to, any adjustment required under subsection
      3.1(a). If the Exercise Price and number of Rights are to be
    adjusted:</P></TD></TR></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 Exercise Price in effect after such adjustment shall
      be equal to the Exercise Price in effect immediately prior to such
      adjustment divided by the number of Common Shares (or other Shares of
      capital) (the &#147;<B>Expansion Factor</B>&#148;) that a holder of one (1) Common
      Share immediately prior to such dividend, subdivision, change,
consolidation or issuance would hold immediately thereafter as a result thereof
(assuming the exercise of all such exchange or conversion rights, if any);
and</P></TD></TR></TABLE>
<P align=center>B-22 </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>each Right held prior to such adjustment shall become
      that number of Rights equal to the Expansion Factor, and the adjusted
      number of Rights shall be deemed to be distributed among the Common Shares
      with respect to which the original Rights were associated (if they remain
      outstanding) and the Shares issued in respect of such dividend,
      subdivision, change, consolidation or issuance, so that each such Common
      Share (or other whole share or security exchangeable for or convertible
      into a whole Share of capital) shall have exactly one (1) Right associated
      with it.</P></TD></TR></TABLE><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%">(c) </TD>
    <TD>
      <P align=justify>If the securities purchasable upon exercise of Rights are
      to be adjusted, the securities purchasable upon exercise of each Right
      after such adjustment shall be the securities that a holder of the
      securities purchasable upon exercise of one (1) Right immediately prior to
      such dividend, subdivision, change, consolidation or issuance would hold
      immediately thereafter as a result thereof. To the extent that any such
      rights of purchase, exchange, conversion or acquisition are not exercised
      prior to the expiration thereof, the Exercise Price shall be readjusted to
      the Exercise Price which would then be in effect based upon the number of
      Common Shares (or securities convertible into or exchangeable for Common
      Shares) actually issued upon the exercise of such rights. If after the
      Record Time and prior to the Expiration Time the Corporation shall issue
      any shares of its authorized capital other than Common Shares in a
      transaction of a type described in the first sentence of this subsection
      2.3(a), such shares shall be treated herein as nearly equivalent to Common
      Shares as may be practicable and appropriate under the circumstances and
      the Corporation and the Rights Agent agree to amend this Agreement in
      order to effect such treatment.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>If the Corporation shall at any time after the Record
      Time and prior to the Separation Time issue any Common Shares otherwise
      than in a transaction referred to in the preceding paragraph, each such
      Common Share so issued shall automatically have one (1) new Right
      associated with it, which Right shall be evidenced by the certificate
      representing such Share.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>If the Corporation shall at any time after the Record
      Time and prior to the Separation Time fix a record date for the making of
      a distribution to all holders of Common Shares of rights or warrants
      entitling them (for a period expiring within 45 days after such record
      date) to subscribe for or purchase Common Shares (or securities
      convertible into or exchangeable for or carrying a right to purchase or
      subscribe for Common Shares) at a price per Common Share (or, in the case
      of a security convertible into or exchangeable for or carrying a right to
      purchase or subscribe for Common Shares, having a conversion, exchange or
      exercise price per share (including the price required to be paid to
      purchase such convertible or exchangeable security or right)) that is less
      than 90% of the Market Price per Common Share on such record date, the
      Exercise Price shall be adjusted. The Exercise Price in effect after such
      record date shall equal the Exercise Price in effect immediately prior to
      such record date multiplied by a fraction, of which the numerator shall be the number of Common
Shares outstanding on such record date plus the number of Common Shares which
the aggregate offering price of the total number of Common Shares so to be
offered (and/or the aggregate initial conversion, exchange or exercise price of
the convertible or exchangeable securities or rights so to be offered (including
the price required to be paid to purchase such convertible or exchangeable
securities or rights)) would purchase at such Market Price and of which the
denominator shall be the number of shares of Common Shares outstanding on such
record date plus the number of additional Common Shares to be offered for
subscription or purchase (or into which the convertible or exchangeable
securities or rights so to be offered are initially convertible, exchangeable or
exercisable). In case such subscription price may be paid in a form other than
cash, the value of such non-cash consideration shall be as determined by the
Board of Directors. To the extent that any such rights or warrants are not so
issued or, if issued, are not exercised prior to the expiration thereof, the
Exercise Price shall be readjusted to the Exercise Price which would then be in
effect if such record date had not been fixed or to the Exercise Price which
would then be in effect based upon the number of Common Shares (or securities
convertible into or exchangeable for Common Shares) actually issued upon the
exercise of such rights or warrants, as the case may be. For purposes of this
Agreement, the granting of the right to purchase Common Shares (whether
previously unissued, treasury shares or otherwise) pursuant to any optional
dividend reinvestment plan and/or any Common Share purchase plan providing for
the reinvestment of dividends payable on securities of the Corporation and/or
employee stock option, stock purchase or other employee benefit plan (so long as
such right to purchase is in no case evidenced by the delivery of rights or
warrants) shall not be deemed to constitute an issue of rights or warrants by
the Corporation; <i>provided, however</i>, that, in the case of any dividend
reinvestment plan, the right to purchase Common Shares is at a price per share
of not less than 90% of the then current market price per share (determined as
provided in such plan) of the Common Shares.</P></TD></TR></TABLE>
<P align=center>B-23 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_89></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%">(f) </TD>
    <TD>
      <P align=justify>If the Corporation shall at any time after the Record
      Time and prior to the Separation Time fix a record date for the making of
      a distribution to all holders of Common Shares of evidences of
      indebtedness or assets (other than a Regular Periodic Cash Dividend or a
      dividend paid in Common Shares) or rights or warrants (excluding those
      referred to in subsection 2.3(a) or 2.3(b)), the Exercise Price shall be
      adjusted. The Exercise Price in effect after such record date shall,
      subject to adjustment as provided in the penultimate sentence of
      subsection 2.3(b), equal the Exercise Price in effect immediately prior to
      such record date less the fair market value (as determined by the Board of
      Directors) of the portion of the assets, evidences of indebtedness, rights
      or warrants so to be distributed applicable to the securities purchasable
      upon exercise of one (1) Right. Such adjustment shall be made
      successively/whenever such a record date is fixed.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>Each adjustment made pursuant to this Section 2.3 shall
      be made as of:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>the payment or effective date for the applicable
      dividend, subdivision, change, consolidation or issuance in the case of an
      adjustment made pursuant to subsection 2.3(a) above;
and</P></TD></TR></TABLE>
<P align=center>B-24 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_90></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%">(i) </TD>
    <TD>
      <P align=justify>the record date for the applicable dividend or
      distribution, in the case of an adjustment made pursuant to subsections
      2.3(b) or (c) above, subject to readjustment to reverse same is such
      distribution shall not be made.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>Subject to the prior consent of the holders of Common
      Shares or Rights obtained in accordance with the provisions of subsection
      5.4(b) or (c), as applicable, if the Corporation shall at any time after
      the Record Time and prior to the Expiration Time issue any Shares (other
      than Common Shares), or rights or warrants to subscribe for or purchase
      any such Shares, or securities convertible into or exchangeable for any
      such Shares, in a transaction referred to in clause (a)(i) or (a)(iv)
      above and if the Board of Directors determines that the adjustments
      contemplated by subsections 2.3(a), (b) and (d) above in connection with
      such transaction will not appropriately protect the interests of the
      holders of Rights, the Board of Directors may determine what other
      adjustments to the Exercise Price, number of Rights and/or securities
      purchasable upon exercise of Rights would be appropriate and,
      notwithstanding such clauses, such adjustments (rather than the
      adjustments contemplated by subsections 2.3(a), (b) and (d) above) shall
      be made and the Corporation and the Rights Agent shall amend or supplement
      this Agreement as appropriate to provide for such adjustments.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>Notwithstanding anything herein to the contrary, no
      adjustment to the Exercise Price shall be required unless such adjustment
      would require an increase or decrease of at least 1% in such Exercise
      Price; <I>provided, however</I>, that any adjustments which by reason of
      this subsection 2.3(f) are not required to be made shall be carried
      forward and taken into account in any subsequent adjustment. Each
      adjustment made pursuant to this Section 2.3 shall be calculated to the
      nearest cent or to the nearest one one-hundredth of a Common Share or
      Right, as the case may be.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>If as a result of an adjustment made pursuant to Section
      3.1, the holder of any Right thereafter exercised shall become entitled to
      receive any securities other than Common Shares, thereafter the number of
      such other securities so receivable upon exercise of any Right and the
      applicable Exercise Price thereof shall be subject to adjustment from time
      to time in a manner and on terms as nearly equivalent as practicable to
      the provisions with respect to Common Shares contained in the provisions
      of this Section 2.3 and the provisions of this Agreement with respect to
      the Common Shares shall apply on like terms to any such other
      securities.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>All Rights originally issued by the Corporation
      subsequent to any adjustment made to an Exercise Price hereunder shall
      evidence the right to purchase, at the adjusted Exercise Price, the number
      of Common Shares purchasable from time to time hereunder upon exercise of
      the Rights, all subject to further adjustment as provided
herein.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>Unless the Corporation shall have exercised its election
      as provided in subsection 2.3(a)(i), upon each adjustment of an Exercise
      Price as a result of the calculations made in subsections 2.3(b) and (c),
      each Right outstanding immediately prior to the making of such adjustment
      shall thereafter evidence the right to purchase, at the adjusted Exercise
      Price, that number of Common Shares (calculated to the nearest one
      one-hundredth) obtained by:</P></TD></TR></TABLE>
<P align=center>B-25 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_91></A>
<P style="MARGIN-LEFT: 10%" align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; multiplying (A) the number of Common Shares covered by a Right immediately prior
to this adjustment, by (B) the Exercise Price in effect immediately prior to
such adjustment of the Exercise Price; and </P>
<P style="MARGIN-LEFT: 10%" align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; dividing the
product so obtained by the Exercise Price in effect immediately after such
adjustment of the Exercise Price. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>The Corporation may elect on or after the date of any
      adjustment of an Exercise Price to adjust the number of Rights, in lieu of
      any adjustment in the number of Common Shares purchasable upon the
      exercise of a Right. Each of the Rights outstanding after the adjustment
      in the number of Rights shall be exercisable for the number of Common
      Shares for which a Right was exercisable immediately prior to such
      adjustment. Each Right held of record immediately prior to such adjustment
      of the number of Rights shall become the number of Rights (calculated to
      the nearest one one-hundredth) obtained by dividing the Exercise Price in
      effect immediately prior to the adjustment of the Exercise Price by the
      Exercise Price in effect immediately after adjustment of the Exercise
      Price. The Corporation shall make a public announcement of its election to
      adjust the number of Rights, indicating the record date for the adjustment
      and, if known at the time, the amount of the adjustment to be made. This
      record date may be the date on which the Exercise Price is adjusted or any
      date thereafter, but, if the Rights Certificates have been issued, shall
      be at least 10 calendar days after the date of the public announcement. If
      Rights Certificates have been issued, upon each adjustment of the number
      of Rights pursuant to this subsection 2.3(j), the Corporation shall, as
      promptly as practicable, cause to be distributed to holders of record of
      Rights Certificates on such record date, Rights Certificates evidencing
      the additional Rights to which such holder shall be entitled as a result
      of such adjustment, or, at the option of the Corporation, shall cause to
      be distributed to such holders of record in substitution or replacement
      for the Rights Certificates held by such holders prior to the date of
      adjustment, and upon surrender thereof, if required by the Corporation,
      new Rights Certificates evidencing all the Rights to which such holders
      shall be entitled after such adjustment. Rights Certificates so to be
      distributed shall be issued, executed and countersigned in the manner
      provided for herein and may bear, at the option of the Corporation, the
      adjusted Exercise Price and shall be registered in the names of the
      holders of record of Rights Certificates on the record date specified in
      the public announcement.</P></TD></TR>
  <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%">(p) </TD>
    <TD>
      <P align=justify>Irrespective of any adjustment or change in the
      securities purchasable upon exercise of the Rights, the Rights
      Certificates theretofore and thereafter issued may continue to express the
      securities so purchasable which were expressed in the initial Rights
      Certificates issued hereunder.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(q) </TD>
    <TD>
      <P align=justify>If, as a result of an adjustment made pursuant to Section
      3.1, the holder of any Right thereafter exercised shall become entitled to
      receive any securities other than Common Shares, thereafter the number of
      such other securities so receivable upon exercise of any Right and the
      applicable Exercise Price thereof shall be subject to adjustment from time
      to time in a manner and on terms as nearly equivalent as may be
      practicable to the provisions with respect to the Common Shares contained
      in the foregoing subsections of this Section 2.3 and the provisions of
      this Agreement with respect to the Common Shares shall apply on like terms
      to any such other securities.</P></TD></TR></TABLE>
<P align=center>B-26 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_92></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%">(r) </TD>
    <TD>
      <P align=justify>In any case in which this Section 2.3 shall require that
      any adjustment in the Exercise Price be made effective as of a record date
      for a specified event, the Corporation may elect to defer until the
      occurrence of such event the issuance to the holder of any Right exercised
      after such record date of the number of Common Shares and other securities
      of the Corporation, if any, issuable upon such exercise over and above the
      number of Common Shares and other securities of the Corporation, if any,
      issuable upon such exercise on the basis of the Exercise Price in effect
      prior to such adjustment; <I>provided, however</I>, that the Corporation
      shall deliver to such holder an appropriate instrument evidencing such
      holder&#146;s right to receive such additional Common Shares or other
      securities upon the occurrence of the event requiring such
    adjustment.</P></TD></TR>
  <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%">(s) </TD>
    <TD>
      <P align=justify>Notwithstanding anything in this Section 2.3 to the
      contrary, the Corporation shall be entitled to make such reductions in the
      Exercise Price, in addition to those adjustments expressly required by
      this Section 2.3, as and to the extent that, in their judgment, the Board
      of Directors determines advisable in order that any (i) subdivision or
      consolidation of the Common Shares, (ii) issuance wholly for cash of any
      Common Shares at less than the applicable Market Price, (iii) issuance
      wholly for cash of any Common Shares or securities that by their terms are
      exchangeable for or convertible into or give a right to acquire Common
      Shares, (iv) stock dividends, or (v) issuance of rights, options or
      warrants referred to in this Section 2.3, hereafter made by the
      Corporation to holders of its Common Shares, and subject to applicable
      taxation laws, shall not be taxable to such shareholders.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(t) </TD>
    <TD>
      <P align=justify>After the Separation Time, the Corporation will not,
      except as permitted by the provisions hereof, take (or permit any
      Subsidiary of the Corporation to take) any action if at the time such
      action is taken it is reasonably foreseeable that such action will
      diminish substantially or otherwise eliminate the benefits intended to be
      afforded by the Rights.</P></TD></TR>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(u) </TD>
    <TD>
      <P align=justify>Whenever an adjustment to the Exercise Price or a change
      in the securities purchasable upon the exercise of Rights is made pursuant
      to this Section 2.3, the Corporation shall
promptly:</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; prepare a
certificate setting forth such adjustment and a brief statement of the facts
accounting for such adjustment; </P>
<P style="MARGIN-LEFT: 10%" align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; file with the
Rights Agent and with each transfer agent for the Common Shares, a copy of such
certificate; and </P>
<P style="MARGIN-LEFT: 10%" align=justify>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cause notice of the
particulars of such adjustment or change to be given to the holders of the
Rights. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>Failure to file such certificate or to cause such notice
      to be given as aforesaid, or any defect therein, shall not affect the
      validity of any such adjustment or change.</P></TD></TR></TABLE><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%">2.4 </TD>
    <TD>
      <P align=justify>Date on Which Exercise is
Effective</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Each Person in whose name any
certificate for Shares is issued upon the exercise of Rights shall for all
purposes be deemed to have become the holder of record of the Shares represented
thereby on, and such certificate shall be dated, the date upon which the Rights
Certificate evidencing such Rights was duly submitted (together with a duly
completed Election to Exercise) and payment of the Exercise Price for such
Rights (and any applicable transfer taxes and other charges payable by the
exercising holder hereunder) was made; <i>provided, however</i>, that if the
date of such exercise is a date upon which the relevant Share transfer books of
the Corporation are closed, such Person shall be deemed to have become the
recorded holder of such Shares on, and such certificate shall be dated, the next
succeeding Business Day on which the said Share transfer books of the
Corporation are open. </P>
<P align=center>B-27 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_93></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%">2.5 </TD>
    <TD>
      <P align=justify>Execution, Authentication, Delivery and Dating of Rights
      Certificates</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 Rights Certificates shall be executed on behalf of
      the Corporation by any two of its Chairman, President, Chief Executive
      Officer, Chief Financial Officer or Corporate Secretary. The signature of
      any of these officers on the Rights Certificates may be manual or
      facsimile.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Rights Certificates bearing the manual or facsimile
      signatures of individuals who were at the relevant time the proper
      officers of the Corporation shall bind the Corporation, notwithstanding
      that such individuals or any of them have ceased to hold such offices
      prior to the countersignature and delivery of such Rights
    Certificates.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Promptly after the Corporation learns of the Separation
      Time, the Corporation shall notify the Rights Agent of such Separation
      Time and shall deliver disclosure statements and Rights Certificates
      executed by the Corporation to the Rights Agent for countersignature, and
      the Rights Agent shall countersign (manually or by facsimile signature in
      a manner satisfactory to the Corporation) and deliver such disclosure
      statements and Rights Certificates to the holders of the Rights pursuant
      to subsection 2.2(c) hereof. No Rights Certificate shall be valid for any
      purpose until countersigned by the Rights Agent in the manner described
      above.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Each Rights Certificate shall be dated the date of
      countersignature thereof.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2.6 </TD>
    <TD>
      <P align=justify>Registration, Registration of Transfer and
  Exchange</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>From and after the Separation Time, the Corporation shall
      cause to be kept a register (the &#147;<B>Rights Register</B>&#148;) in which,
      subject to such reasonable regulations as it may prescribe, the
      Corporation shall provide for the registration and transfer of Rights. The
      Rights Agent is hereby appointed registrar (the &#147;<B>Rights Registrar</B>&#148;)
      for the purpose of maintaining the Rights Register for the Corporation and
      registering Rights and transfers of Rights as herein provided. If the
      Rights Agent shall cease to be the Rights Registrar, the Rights Agent
      shall have the right to examine the Rights Register at all reasonable
      times.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>After the Separation Time and prior to the Expiration
      Time, upon surrender for registration of transfer or exchange of any
      Rights Certificate, and subject to the provisions of subsection 2.6(c)
      below, the Corporation shall execute, and the Rights Agent shall
      countersign and deliver, in the name of the holder or the designated
      transferee or transferees, as required pursuant to the holder&#146;s
      instructions, one or more new Rights Certificates evidencing the same
      aggregate number of Rights as did the Rights Certificate so
      surrendered.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>All Rights issued upon any registration of transfer or
      exchange of Rights Certificates shall be the valid obligations of the
      Corporation, and such Rights shall be entitled to
the same benefits under this Agreement as the Rights surrendered
upon such registration of transfer or exchange. </P></TD></TR></TABLE>
<P align=center>B-28 </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%">(d) </TD>
    <TD>
      <P align=justify>Every Rights Certificate surrendered for registration of
      transfer or exchange shall have the form of assignment thereon duly
      completed and endorsed, or be accompanied by a written instrument of
      transfer in form satisfactory to the Corporation or the Rights Agent, as
      the case may be, duly executed by the holder thereof or such holder&#146;s
      attorney duly authorized in writing. As a condition to the issuance of any
      new Rights Certificate under this Section 2.6, the Corporation may require
      the payment of a sum sufficient to cover any tax or other governmental
      charge that may be imposed in relation thereto and other expenses
      (including the reasonable fees and expenses of its Rights Agent) connected
      therewith.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The Corporation shall not be required to register the
      transfer or exchange of any Rights after the Rights have been terminated
      pursuant to the provisions of this Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2.7 </TD>
    <TD>
      <P align=justify>Mutilated, Destroyed, Lost and Stolen Rights
      Certificates</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>If any mutilated Rights Certificate is surrendered to the
      Rights Agent prior to the Expiration Time, the Corporation shall execute
      and the Rights Agent shall countersign and deliver a new Rights
      Certificate evidencing the same number of Rights as did the Rights
      Certificate so surrendered.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>If there shall be delivered to the Corporation and the
      Rights Agent prior to the Expiration Time (i) evidence to their
      satisfaction of the destruction, loss or theft of any Rights Certificate
      and (ii) such security or indemnity as may be required by them to save
      each of them and their respective agents harmless, then, in the absence of
      notice to the Corporation or the Rights Agent that such Rights Certificate
      has been acquired by a bona fide purchaser, the Corporation shall execute
      and upon the Corporation&#146;s request, the Rights Agent shall countersign and
      deliver, in lieu of any such destroyed, lost or stolen Rights Certificate,
      a new Rights Certificate evidencing the same number of Rights as did the
      Rights Certificate so destroyed, lost or stolen.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>As a condition to the issuance of any new Rights
      Certificate under this Section 2.7, the Corporation may require the
      payment of a sum sufficient to cover any tax or other governmental charge
      that may be imposed in relation thereto and any other expenses (including
      the reasonable fees and expenses of the Rights Agent) connected
      therewith.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Every new Rights Certificate issued pursuant to this
      Section 2.7 in lieu of any destroyed, lost or stolen Rights Certificate
      shall evidence an original additional contractual obligation of the
      Corporation, whether or not the destroyed, lost or stolen Rights
      Certificate shall be at any time enforceable by anyone, and shall be
      entitled to all the benefits of this Agreement equally and proportionately
      with any and all other Rights duly issued
hereunder.</P></TD></TR></TABLE><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%">2.8 </TD>
    <TD>
      <P align=justify>Persons Deemed Owners</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Prior to due presentment of a
Rights Certificate (or, prior to the Separation Time, the associated Share
certificate) for registration of transfer, the Corporation, the Rights Agent and
any agent of the Corporation or the Rights Agent may deem and treat the Person
in whose name such Rights Certificate (or, prior to the Separation Time, such Share certificate) is
registered as the absolute owner thereof and of the Rights evidenced thereby for
all purposes whatsoever.</P>
<P align=center>B-29 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_95></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%">2.9 </TD>
    <TD>
      <P align=justify>Delivery and Cancellation of
  Certificates</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">All Rights Certificates
surrendered upon exercise or for redemption, registration of transfer or
exchange shall, if surrendered to any Person other than the Rights Agent, be
delivered to the Rights Agent and, in any case, shall be promptly cancelled by
the Rights Agent. The Corporation may at any time deliver to the Rights Agent
for cancellation any Rights Certificates previously countersigned and delivered
hereunder which the Corporation may have acquired in any manner whatsoever, and
all Rights Certificates so delivered shall be promptly cancelled by the Rights
Agent. No Rights Certificates shall be countersigned in lieu of or in exchange
for any Rights Certificates cancelled as provided in this Section 2.9, except as
expressly permitted by this Agreement. The Rights Agent shall destroy all
cancelled Rights Certificates and deliver a certificate of destruction to the
Corporation. </P>
<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%">2.10 </TD>
    <TD>
      <P align=justify>Agreement of Rights Holders</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Every holder of Rights by
accepting the same consents and agrees with the Corporation and the Rights Agent
and with every other holder of Rights that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>such holder is otherwise bound by and subject to the
      provisions of this Agreement, as amended from time to time in accordance
      with the terms hereof in respect of all Rights held;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>prior to the Separation Time, each Right shall be
      transferable only together with, and shall be transferred by a transfer
      of, the associated Share;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>after the Separation Time, the Rights Certificates shall
      be transferable only on the Rights Register as provided herein;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>prior to due presentment of a Rights Certificate (or,
      prior to the Separation Time, the associated Share certificate) for
      registration of transfer, the Corporation, the Rights Agent and any agent
      of the Corporation or the Rights Agent may deem and treat the Person in
      whose name the Rights Certificate (or, prior to the Separation Time, the
      associated Share certificate) is registered as the absolute owner thereof
      and of the Rights evidenced thereby (notwithstanding any notations of
      ownership or writing on such Rights Certificate or the associated Share
      certificate made by anyone other than the Corporation or the Rights Agent)
      for all purposes whatsoever, and neither the Corporation nor the Rights
      Agent shall be affected by any notice to the contrary;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>such holder has waived all rights to receive any
      fractional Right or fractional Share upon exercise of a Right;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>this Agreement may be supplemented or amended from time
      to time pursuant to subsection 5.4(a) or the last sentence of the
      penultimate paragraph of subsection 2.3(a) hereof upon the sole authority
      of the Board of Directors without the approval of any holder of Rights;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>notwithstanding anything in this Agreement to the
      contrary, neither the Corporation nor the Rights Agent shall have any
      liability to any holder of a Right or any other Person as a result of its
      inability to perform any of its obligations under this Agreement by reason
      of any preliminary or permanent injunction or other order, decree
or ruling by a court of competent jurisdiction or by a governmental, regulatory
or administrative agency or commission, or any statute, rule, regulation or
executive order promulgated or enacted by any governmental authority,
prohibiting or otherwise restraining performance of such obligation.</P></TD></TR></TABLE>
<P align=center>B-30 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_96></A>
<P align=center><B>ARTICLE 3</B><B> </B><BR><B>ADJUSTMENTS TO THE RIGHTS IN THE
EVENT OF CERTAIN TRANSACTIONS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

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

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>shall thereupon become and be null and void and any
      holder of such Rights (including any Transferee) shall thereafter have no
      rights whatsoever with respect to such Rights, whether under any provision
      of this Agreement or otherwise. The holder of any Rights represented by a
      Rights Certificate which is submitted to the Rights Agent, or any Co-
      Rights Agent, upon exercise or for registration of transfer or exchange
      which does not contain the necessary certifications set forth in the
      Rights Certificate establishing that such Rights are not void under this
      subsection 3.1(b) shall be deemed to be an Acquiring Person for the
      purposes of this subsection 3.1(b) and such rights shall be null and
      void.</P></TD></TR></TABLE>
<P align=center>B-31 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_97></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%">(d) </TD>
    <TD>
      <P align=justify>Any Rights Certificate that represents Rights
      Beneficially Owned by a Person described in either clauses (i) or (ii) of
      subsection 3.1(b) hereof or transferred to any nominee of any such Person,
      and any Rights Certificate issued upon the transfer, exchange or
      replacement of any other Rights Certificate referred to in this sentence
      shall contain the following legend:</P></TD></TR></TABLE>
<P align=justify style="margin-left:15%">&#147;The Rights represented by this
Rights Certificate were issued to a Person who was an Acquiring Person or an
Affiliate or an Associate of an Acquiring Person (as such terms are defined in
the Rights Agreement) or was acting jointly or in concert with any of them. This
Rights Certificate and the Rights represented hereby shall become void in the
circumstances specified in subsection 3.1(b) of the Rights Agreement.&#148;, </P>
<P align=justify style="margin-left:10%">
<I>provided, however</I>, that the Rights Agent shall not be under any
responsibility to ascertain the existence of facts that would require the
imposition of such legend but shall be required to impose such legend only if
instructed to do so by the Corporation or if a holder fails to certify upon
transfer or exchange in the space provided on the Rights Certificate that such
holder is not an Acquiring Person or an Affiliate or Associate thereof or acting
jointly or in concert with any of them. The issuance of a Rights Certificate
without the legend referred to in this subsection shall be of no effect on the
provisions of this subsection. </P>
<P align=center><B>ARTICLE 4</B><B> </B><BR><B>THE RIGHTS AGENT </B></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%">4.1 </TD>
    <TD>
      <P align=justify>General</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 Corporation hereby appoints the Rights Agent to act
      as agent for the Corporation and the holders of Rights in accordance with
      the terms and conditions hereof, and the Rights Agent hereby accepts such
      appointment. The Corporation may from time to time appoint one or more
      co-rights agents (each, a &#147;<B>Co-Rights Agent</B>&#148;) as it may deem
      necessary or desirable after consultation with the Rights Agent. In such
      event, the respective duties of the Rights Agent and any Co-Rights Agent
      shall be as the Corporation may determine with the written approval of the
      Rights Agent. The Corporation agrees to pay to the Rights Agent reasonable
      compensation for all services rendered by it hereunder and, from time to
      time on demand of the Rights Agent, its reasonable expenses and counsel
      fees and other disbursements incurred in the administration and execution
      of this Agreement and the exercise and performance of its duties
      hereunder. The Corporation also agrees to indemnify the Rights Agent, its
      officers, directors, employees and agents for, and to hold them harmless
      against, any loss, liability, cost, claim, action, damage, suit or
      expense, incurred without negligence, bad faith or wilful misconduct on
      the part of the Rights Agent, its officers, directors, employees or
      agents, for anything done or omitted by them in connection with the
      acceptance and performance of this Agreement, including legal costs and
      expenses, which right to indemnification shall survive the termination of
      this Agreement or the resignation or removal of the Rights Agent. In the
      event of any disagreement arising regarding the terms of this Agreement
      the Rights Agent shall be entitled, at its option, to refuse to comply
      with any and all demands whatsoever until the dispute is settled either by
      written agreement amongst the parties to this Agreement or by a court of
      competent jurisdiction.</P></TD></TR></TABLE>
<P align=center>B-32 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_98></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%">(b) </TD>
    <TD>
      <P align=justify>The Rights Agent shall be protected from, and shall incur
      no liability for or in respect of, any action taken, suffered or omitted
      by it in connection with its performance of this Agreement in reliance
      upon any certificate for Shares, Rights or for other securities of the
      Corporation, instrument of assignment or transfer, power of attorney,
      endorsement, affidavit, letter, notice, direction, consent, certificate,
      opinion, statement or other paper or document believed by it to be genuine
      and to be signed, executed and, where necessary, verified or acknowledged,
      by the proper Person or Persons.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The Corporation shall inform the Rights Agent in a
      reasonably timely manner of events which may materially affect the
      administration of this Agreement by the Rights Agent and, at any time upon
      written request, shall provide to the Rights Agent an incumbency
      certificate certifying the then current officers of the
  Corporation.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4.2 </TD>
    <TD>
      <P align=justify>Merger or Amalgamation or Change of Name of Rights
      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 BCLLIST>

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

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Rights Agent may retain and consult with legal
      counsel (who may be legal counsel for the Corporation), and the opinion of
      such counsel will be full and complete authorization and protection to the
      Rights Agent as to any action taken or omitted by it in good faith and in
      accordance with such opinion.</P></TD></TR></TABLE>
<P align=center>B-33 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_99></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%">(b) </TD>
    <TD>
      <P align=justify>Whenever in the performance of its duties under this
      Agreement the Rights Agent deems it necessary or desirable that any fact
      or matter be proved or established by the Corporation prior to taking or
      suffering any action or refraining from taking any action hereunder, such
      fact or matter (unless other evidence in respect thereof be herein
      specifically prescribed) may be deemed to be conclusively proved and
      established by a certificate signed by an individual believed by the
      Rights Agent to be the Chief Executive Officer, Chief Financial Officer or
      Secretary of the Corporation and delivered to the Rights Agent; and such
      certificate shall be full authorization to the Rights Agent for any action
      taken, omitted or suffered in good faith by it under the provisions of
      this Agreement in reliance upon such certificate.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The Rights Agent shall be liable hereunder only for its
      own negligence, bad faith or wilful misconduct.</P></TD></TR>
  <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>The Rights Agent shall not be liable for or by reason of
      any of the statements of fact or recitals contained in this Agreement or
      in the certificates for Shares or the Rights Certificates (except its
      countersignature thereof) or be required to verify the same, but all such
      statements and recitals are and will be deemed to have been made by the
      Corporation only.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The Rights Agent shall not be under any responsibility in
      respect of the validity of this Agreement or the execution and delivery
      hereof (except the due authorization, execution and delivery hereof by the
      Rights Agent) or in respect of the validity or execution of any Share
      certificate or Rights Certificate (except its countersignature thereof);
      nor will it be responsible for any breach by the Corporation of any
      covenant or condition contained in this Agreement or in any Rights
      Certificate; nor will it be responsible for any change in the
      exercisability of the Rights (including the Rights becoming void pursuant
      to subsection 3.1(b) hereof) or any adjustment required under the
      provisions of Section 2.3 hereof or responsible for the manner, method or
      amount of any such adjustment or the ascertaining of the existence of
      facts that would require any such adjustment (except with respect to the
      exercise of Rights after receipt of the certificate contemplated by
      Section 2.3 hereof describing any such adjustment); nor will it by any act
      hereunder be deemed to make any representation or warranty as to the
      authorization or reservation of any Shares to be issued pursuant to this
      Agreement or any Rights or as to whether any Shares shall, when issued, be
      duly and validly authorized, executed, issued and delivered and be fully
      paid and non-assessable.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>The Corporation agrees that it will perform, execute,
      acknowledge and deliver or cause to be performed, executed, acknowledged
      and delivered all such further and other acts, instruments and assurances
      as may reasonably be required by the Rights Agent for the carrying out or
      performing by the Rights Agent of the provisions of this
  Agreement.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>The Rights Agent is hereby authorized to rely upon and
      directed to accept written instructions with respect to the performance of
      its duties hereunder from any individual believed by the Rights Agent to
      be the Chief Executive Officer, Chief Financial Officer or Secretary of
      the Corporation, and to apply to such individuals for advice or
      instructions in connection with its duties, and it shall not be liable for
      any action taken, omitted or suffered by it in good faith in accordance
      with instructions of any such individual.</P></TD></TR></TABLE>
<P align=center>B-34 </P>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>The Rights Agent and any shareholder, director, officer
      or employee of the Rights Agent may buy, sell or deal in Shares, Rights or
      other securities of the Corporation or become pecuniarily interested in
      any transaction in which the Corporation may be interested, or contract
      with or lend money to the Corporation or otherwise act as fully and freely
      as though it were not Rights Agent under this Agreement. Nothing herein
      shall preclude the Rights Agent from acting in any other capacity for the
      Corporation or for any other legal entity.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>The Rights Agent may execute and exercise any of the
      rights or powers hereby vested in it or perform any duty hereunder either
      itself or by or through its attorneys or agents, and the Rights Agent
      shall not be answerable or accountable for any act, default, neglect or
      misconduct of any such attorneys or agents or for any loss to the
      Corporation resulting from any such act, omission, default, neglect or
      misconduct, provided reasonable care was exercised in the selection and
      continued employment thereof.</P></TD></TR></TABLE><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%">4.4 </TD>
    <TD>
      <P align=justify>Change of Rights Agent</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Rights Agent may resign and
be discharged from its duties under this Agreement upon 60 days&#146; notice (or such
lesser notice as is acceptable to the Corporation) in writing delivered or
mailed to the Corporation and to each transfer agent of Shares by first class
mail, and mailed or delivered to the holders of the Rights in accordance with
Section 5.9 hereof. The Corporation may remove the Rights Agent upon 60 days&#146;
notice in writing, mailed or delivered to the Rights Agent and to each transfer
agent of the Shares by first class mail, and mailed to the holders of the Rights
in accordance with Section 5.9 hereof. If the Rights Agent should resign or be
removed or otherwise become incapable of acting, the Corporation shall appoint a
successor to the Rights Agent. If the Corporation fails to make such appointment
within a period of 30 days after such removal or after it has been notified in
writing of such resignation or incapacity by the resigning or incapacitated
Rights Agent or by the holder of any Rights (which holder shall, with such
notice, submit such holder&#146;s Rights Certificate for inspection by the
Corporation), then the Rights Agent or the holder of any Rights may apply, at
the Corporation&#146;s expense, to any court of competent jurisdiction for the
appointment of a new Rights Agent. Any successor Rights Agent, whether appointed
by the Corporation or by such a court, shall be a body corporate incorporated
under the laws of Canada or a province thereof and authorized to carry on
business in the Province of Ontario. After appointment, the successor Rights
Agent shall be vested with the same powers, rights, duties and responsibilities
as if it had been originally named as Rights Agent without further act or deed;
but the predecessor Rights Agent upon receipt of all fees and expenses
outstanding to the predecessor Rights Agent by the Corporation shall deliver and
transfer to the successor Rights Agent any property at the time held by it
hereunder, and execute and deliver any further assurance, conveyance, act or
deed necessary for the purpose. Not later than the effective date of any such
appointment, the Corporation shall file notice thereof in writing with the
predecessor Rights Agent and each transfer agent of the Shares, and mail a
notice thereof in writing to the holders of the Rights. Failure to give any
notice provided for in this Section 4.4, however, or any defect therein, shall
not affect the legality or validity of the resignation or removal of the Rights
Agent or the appointment of the successor Rights Agent, as the case may be. </P>
<P align=center><B>ARTICLE 5</B><B> </B><BR><B>MISCELLANEOUS </B></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%">5.1 </TD>
    <TD>
      <P align=justify>Redemption and Waiver</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Corporation shall give prompt
written notice to the Rights Agent of any waiver of the application of Section
3.1 made by the Board of Directors acting in good faith under this Section 5.1.
In addition, </P>
<P align=center>B-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 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Board of Directors, at any time prior to the special
      meeting of shareholders of the Corporation to be held on or around March
      19, 2009, may terminate this Agreement by passing a resolution.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>With the prior consent of the holders of Common Shares or
      Rights obtained in accordance with subsection 5.4(b) or (c), as
      applicable, the Board of Directors, at any time prior to the occurrence of
      a Flip-in Event as to which the application of Section 3.1 has not been
      waived pursuant to this Section 5.1, may elect to redeem all but not less
      than all of the then outstanding Rights at a redemption price of $0.00001
      per Right appropriately adjusted in a manner analogous to the applicable
      adjustment to the Exercise Price provided for in Section 2.3 hereof if an
      event analogous to any of the events described in Section 2.3 shall have
      occurred (such redemption price being herein referred to as the
      &#147;<B>Redemption Price</B>&#148;).</P></TD></TR>
  <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>With the prior consent of the holders of Common Shares
      obtained in accordance with subsection 5.4(b), the Board of Directors may,
      at any time prior to the occurrence of a Flip-in Event as to which the
      application of Section 3.1 has not been waived pursuant to this Section
      5.1, if such Flip-in Event would occur by reason of an acquisition of
      Common Shares otherwise than pursuant to a Take-over Bid made by means of
      a Take- over Bid circular to all holders of record of Common Shares and
      otherwise than in the circumstances set forth in subsection 5.1(e), waive
      the application of Section 3.1 to such Flip-in Event. In such event, the
      Board of Directors shall extend the Separation Time to a date at least 10
      Business Days subsequent to the meeting of shareholders called to approve
      such waiver.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Prior to the occurrence of a Flip-in Event, as to which
      the application of Section 3.1 has not been waived pursuant to this
      paragraph, upon written notice to the Rights Agent, the Board of Directors
      may waive the application of Section 3.1 to such Flip-in Event but only if
      such Flip-in Event occurs as a result of a Take-over Bid made by way of a
      Take- over Bid circular sent to all holders of record of Common Shares;
      <I>provided, however</I>, that if the Board of Directors waives the
      application of Section 3.1 to a particular Flip-in Event, the Board of
      Directors shall be deemed to have waived the application of Section 3.1 to
      any other Flip-in Event occurring by reason of any Take-over Bid which is
      made by means of a Take-over Bid circular to all holders of record of
      Common Shares (i) prior to the granting of such a waiver, or (ii)
      thereafter and prior to the expiry of any Take-over Bid in respect of
      which a waiver is, or is deemed to have been, granted under this
      subsection 5.1(d).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The Board of Directors may waive the application of
      Section 3.1 to a Flip-in Event provided that the following conditions are
      satisfied:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

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

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>If a Person acquires, pursuant to a Permitted Bid or a
      Competing Permitted Bid or pursuant to an Exempt Acquisition occurring
      under subsection 5.1(d) hereof, more than 50% of the outstanding Common Shares other than Common Shares
Beneficially Owned at the date of such Permitted Bid, Competing Permitted Bid or
Exempt Acquisition by such Person, the Board of Directors of the Corporation
shall, notwithstanding the provisions of subsection 5.1(b) hereof, immediately
upon such acquisition and without further formality be deemed to have elected to
redeem the Rights at the Redemption Price.</P></TD></TR></TABLE>
<P align=center>B-36 </P>
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<TABLE
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  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>If the Board of Directors elects to or is deemed to have
      elected to redeem the Rights and, in circumstances where subsection 5.1(b)
      is applicable, the requisite consent is given by the holders of Common
      Shares or Rights, as applicable, (i) the right to exercise the Rights will
      thereupon, without further action and without notice, terminate and the
      only right thereafter of the holders of Rights shall be to receive the
      Redemption Price, and (ii) no further Rights shall thereafter be
      issued.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>Within 10 Business Days of the Board of Directors
      electing or having been deemed to have elected to redeem the Rights or, if
      subsection 5.1(c), is applicable, within 10 Business Days after the
      requisite consent being given by the holders of Common Shares or Rights,
      as applicable, the Corporation shall give notice of redemption to the
      holders of the then outstanding Rights by mailing such notice to each such
      holder at his last address as it appears upon the Rights Register of the
      Rights Agent, or, prior to the Separation Time, on the share register
      maintained by the Corporation&#146;s transfer agent. Each such notice of
      redemption shall state the method by which the payment of the Redemption
      Price shall be made.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Where a Take-over Bid that is not a Permitted Bid or
      Competing Permitted Bid expires, is withdrawn or otherwise terminated
      after the Separation Time has occurred and prior to the occurrence of a
      Flip-in Event, the Board of Directors may elect to redeem all of the
      outstanding Rights at the Redemption Price.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>Upon the rights being redeemed pursuant to subsection
      5.1(i), all the provisions of this Agreement shall continue to apply as if
      the Separation Time had not occurred and Rights Certificates representing
      the number of Rights held by each holder of record of Common Shares as of
      the Separation Time had not been mailed to each such holder and for all
      purposes of this Agreement, the Separation Time shall be deemed not to
      have occurred and Rights shall remain attached to the Outstanding Common
      Shares, subject to and in accordance with the provisions of this
      Agreement.</P></TD></TR></TABLE><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%">5.2 </TD>
    <TD>
      <P align=justify>Expiration</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">No Person shall have any rights
pursuant to this Agreement or any Right after the Expiration Time, except as
provided in Section 4.1 hereof. </P>
<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%">5.3 </TD>
    <TD>
      <P align=justify>Issuance of New Rights
Certificates</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Notwithstanding any of the
provisions of this Agreement or of the Rights to the contrary, the Corporation
may, at its option, issue new Rights Certificates evidencing Rights in such form
as may be approved by the Board of Directors to reflect any adjustment or change
in the number or kind or class of Shares purchasable upon exercise of Rights
made in accordance with the provisions of this Agreement. </P>
<P align=center>B-37 </P>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5.4 </TD>
    <TD>
      <P align=justify>Supplements and Amendments</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 Corporation may make, without the approval of the
      holders of Rights or Common Shares, any supplements or amendments to this
      Agreement: (i) specifically contemplated in subsections 2.10(f) or any
      other provision hereof, (ii) to correct any clerical or typographical
      error, or (iii) which are required to maintain the validity and
      effectiveness of the Agreement as a result of any change in any applicable
      laws, rules or regulatory requirements. The Corporation may, prior to the
      date of any shareholders meeting referred to in Section 5.17, supplement,
      amend, vary or delete any of the provisions of this Agreement without the
      approval of any holder of Rights or Common Shares (whether or not such
      action would materially adversely affect the interests of the holders of
      Rights generally), where the Board of Directors deems (in good faith) such
      action necessary or desirable. Notwithstanding anything in this Section
      5.4 to the contrary, no amendment shall be made to the provisions of
      Article 4 except with the written concurrence of the Rights Agent to such
      supplement or amendment.</P></TD></TR>
  <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>Subject to subsection 5.4(a), the Corporation, with the
      prior consent of the holders of Common Shares obtained as set forth below,
      at any time before the Separation Time, may redeem Rights pursuant to
      subsection 5.1(b), waive a Flip-in Event pursuant to subsection 5.1(c) or
      otherwise amend, vary or rescind any of the provisions of this Agreement
      and the Rights (whether or not such action would materially adversely
      affect the interests of the holders of Rights generally). Such consent
      shall be deemed to have been given if provided by the holders of Common
      Shares at a special meeting called and held in compliance with applicable
      laws, rules and regulatory requirements and the requirements in the
      articles and by-laws of the Corporation. Subject to compliance with any
      requirements imposed by the foregoing, consent shall be given if the
      proposed amendment, variation or rescission is approved by the affirmative
      vote of a majority of the votes cast by all Independent Shareholders
      represented in person or by proxy at the special meeting.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The Corporation, with the prior consent of the holders of
      Rights obtained as set forth below, at any time after the Separation Time
      and before the Expiration Time, may redeem Rights pursuant to subsection
      5.1(b) or otherwise amend, vary or rescind any of the provisions of this
      Agreement and the Rights (whether or not such action would materially
      adversely affect the interests of the holders of Rights generally). Such
      consent shall be deemed to have been given if provided by the holders of
      Rights at a special meeting of holders of Rights called and held in
      compliance with applicable laws, rules and regulatory requirements and, to
      the extent possible, with the requirements in the articles and by-laws of
      the Corporation applicable to meetings of holders of Common Shares,
      applied <I>mutatis mutandis</I>. Subject to compliance with any
      requirements imposed by the foregoing, consent shall be given if the
      proposed amendment, variation or rescission is approved by the affirmative
      vote of a majority of the votes cast by holders of Rights (other than
      holders of Rights whose Rights have become null and void pursuant to
      subsection 3.1(b)), represented in person or by proxy at the special
      meeting.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Any amendments, supplements or restatements made by the
      Corporation to this Agreement pursuant to subsection 5.4(a) which are
      required to maintain the validity and effectiveness of this Agreement as a
      result of any change in any applicable laws, rules or regulatory
      requirements shall:</P></TD></TR></TABLE>
<P align=center>B-38 </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="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>if made before the Separation Time, be submitted to the
      holders of Common Shares at the next meeting of shareholders and the
      shareholders may, by the majority referred to in subsection 5.4(b),
      confirm or reject such amendment, supplement or restatement;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>if made after the Separation Time, be submitted to the
      holders of Rights at a meeting to be called in accordance with the
      provisions of subsection 5.4(c) hereof and the holders of Rights may, by a
      majority referred to in subsection 5.4(c), confirm or reject such
      amendment, supplement or restatement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The Corporation shall be required to provide the Rights
      Agent with notice in writing of any such amendment, rescission or
      variation to this Agreement as referred to in this Section 5.4 within five
      days or effecting such amendment, rescission or
  variation.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Any such amendment, supplement or
restatement shall be effective from the date of the resolution of the Board of
Directors adopting such amendment (unless the Board of Directors stipulates that
such amendment is to become effective at a later date), until it is confirmed or
rejected or until it ceases to be effective (as described in the next sentence)
and, where such amendment is confirmed, it continues in effect in the form so
confirmed. If such amendment, supplement or restatement is rejected by the
shareholders of the Corporation or the holders of Rights or is not submitted to
the shareholders of the Corporation or holders of Rights as required, then such
amendment, supplement or restatement shall cease to be effective from and after
the termination of the meeting at which it was rejected or to which it should
have been but was not submitted or if such a meeting of the holders of Rights is
not called within a period of 90 days of the making of any such agreement, at
the end of such period, and no subsequent resolution of Board of Directors to
amend, supplement or restate this Agreement to substantially the same effect
shall be effective until confirmed by the shareholders of the Corporation or
holders of Rights as the case may be. </P>
<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%">5.5 </TD>
    <TD>
      <P align=justify>Fractional Rights and Fractional Common
  Shares</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Corporation shall not be required to issue fractions
      of Rights or to distribute Right Certificates which evidence fractional
      Rights. In lieu of issuing fractional Rights, the Corporation shall pay to
      the registered holders of the Right Certificates, at the time such
      fractional Rights would otherwise be issuable, an amount in cash equal to
      the same fraction of the Market Price of one (1) whole Right that the
      fraction of a Right that would otherwise be issuable is of one (1) whole
      Right. The Rights Agent shall have no obligation to make any payments in
      lieu of fractional Rights unless the Corporation shall have provided the
      Rights Agent with the necessary funds to pay in full all amounts payable
      in accordance with subsection 2.2(e).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The Corporation shall not be required to issue fractions
      of Common Shares upon exercise of the Rights or to distribute certificates
      which evidence fractional Common Shares. In lieu of issuing fractional
      Common Shares, the Corporation shall pay to the registered holders of
      Right Certificates at the time such Rights are exercised as herein
      provided, an amount in cash equal to the same fraction of the Market Price
      of one (1) Common Share that the fraction of a Common Share that would
      otherwise be issuable upon the exercise of such Right is of a whole Common
      Share. The Rights Agent shall have no obligation to make any payments in
      lieu of fractional Common Shares unless the Corporation shall have
      provided the Rights Agent with the necessary funds to pay in full all
      amounts payable in accordance with subsection
2.2(e).</P></TD></TR></TABLE>
<P align=center>B-39 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_105></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%">5.6 </TD>
    <TD>
      <P align=justify>Rights of Action</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Subject to the terms of this
Agreement, rights of action in respect of this Agreement, other than rights of
action vested solely in the Rights Agent, are vested in the respective holders
of the Rights, and any holder of any Rights, without the consent of the Rights
Agent or of the holder of any other Rights may, on such holder&#146;s own behalf and
for such holder&#146;s own benefit and the benefit of other holders of Rights,
enforce, and may institute and maintain any suit, action or proceeding against
the Corporation to enforce, or otherwise act in respect of, such holder&#146;s right
to exercise such holder&#146;s Rights in the manner provided in such holder&#146;s Rights
Certificate and in this Agreement. Without limiting the foregoing or any
remedies available to the holders of Rights, it is specifically acknowledged
that the holders of Rights would not have an adequate remedy at law for any
breach of this Agreement and will be entitled to specific performance of the
obligations under, and injunctive relief against actual or threatened violations
of the obligations of any Person subject to, this Agreement. </P>
<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%">5.7 </TD>
    <TD>
      <P align=justify>Holder of Rights Not Deemed a
  Shareholder</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">No holder, as such, of any Rights
shall be entitled to vote, receive dividends or be deemed for any purpose the
holder of Common Shares or any other securities which may at any time be
issuable on the exercise of such Rights, nor shall anything contained herein or
in any Rights Certificate be construed to confer upon the holder of any Rights,
as such, any of the rights of a shareholder of the Corporation or any right to
vote for the election of directors or upon any matter submitted to shareholders
at any meeting thereof, or to give or withhold consent to any corporate action,
or to receive notice of meetings or other actions affecting shareholders (except
as provided in Section 5.8 hereof), or to receive dividends or subscription
rights, or otherwise, until such Rights shall have been exercised in accordance
with the provisions hereof.</P>
<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%">5.8 </TD>
    <TD>
      <P align=justify>Notice of Proposed Actions</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>If after the Separation Time and prior to the Expiration
      Time:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>there shall occur an adjustment in the Rights attaching
      to the Rights pursuant to Section 3.1 as a result of the occurrence of a
      Flip-in Event; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the Corporation proposes to effect the liquidation,
      dissolution or winding up of the Corporation or the sale of all or
      substantially all of the Corporation&#146;s assets;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>then, in each such case, the
Corporation shall give to each holder of a Right, in accordance with Section
5.9, a notice of such event or proposed action, which shall specify the date on
which such change to the Rights, liquidation, dissolution or winding up occurred
or is to take place, and such notice shall be so given within 10 Business Days
after the occurrence of a change to the Rights and not less than 20 Business
Days prior to the date of taking such proposed action by the Corporation. </P>
<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%">5.9 </TD>
    <TD>
      <P align=justify>Notices</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Any notice, demand or other
communication required or permitted to be given or made by the Rights Agent or
by the holder of any Rights to or on the Corporation or by the Corporation or by
the holder of any Rights to or on the Rights Agent shall be in writing and shall
be well and sufficiently given or made if: </P>
<P align=center>B-40 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_106></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="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>delivered in person during normal business hours on a
      Business Day and left with the receptionist or other responsible employee
      at the relevant address set forth below; or</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>except during any general interruption of postal services
      due to strike, lockout or other cause, sent by first-class mail;
  or</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>sent by facsimile or other form of recorded electronic
      communication, charges prepaid and confirmed in writing as
    aforesaid;</P></TD></TR></TABLE>
<P align=justify>if to the Corporation, addressed to it at: </P>
<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="90%" colSpan=2>Energy Fuels Inc. </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" colSpan=2>225 Union Blvd., Suite 600 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" colSpan=2>Lakewood, Colorado </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" colSpan=2>USA 80228-1826 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >Attention: </TD>
    <TD align=left width="80%">David Frydenlund </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >Fax No.: </TD>
    <TD align=left width="80%">(303) 389-4125 </TD></TR></TABLE>
<P align=justify>and if to the Rights Agent, addressed to it at: </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="90%" colSpan=2>AST Trust Company </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" colSpan=2>One Toronto Street, Suite 1200 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" colSpan=2>Toronto, Ontario M5C 2V6 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >Canada </TD>
    <TD align=left width="80%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="10%" >&nbsp; </TD>
    <TD width="80%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >Attention: </TD>
    <TD align=left width="80%">Christopher de Lima </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >Fax No.: </TD>
    <TD align=left width="80%">+1 (877) 715-0494 </TD></TR></TABLE>
<P align=justify>Notices, demands or other communications required or permitted
to be given or made by the Corporation or the Rights Agent to or on the holder
of any Rights shall be in writing and shall be well and sufficiently given or
made if delivered personally to such holder or delivered or mailed by first
class mail to the address of such holder as it appears on the Rights Register
maintained by the Rights Registrar, or, prior to the Separation Time, in the
register of Shareholders maintained by the transfer agent for the Common
Shares.</P>
<P align=justify style="text-indent:5%">Any notice so given or made shall
be deemed to have been given and to have been received on the day of delivery,
if so delivered; on the third Business Day (excluding each day during which
there exists any general interruption of postal service due to strike, lockout,
or other cause) following the mailing thereof, if so mailed; and on the day of
telegraphing, telecopying or sending of the same by other means of recorded
electronic communication (provided such sending is during the normal business
hours of the addressee on a Business Day and if not, on the first Business Day
thereafter). Each of the Corporation and the Rights Agent may from time to time
change its address for notice by notice to the other given in the manner
aforesaid. </P>
<P align=justify style="text-indent:5%">If mail service is or is
threatened to be interrupted at a time when the Corporation or the Rights Agent
wishes to give a notice or demand hereunder to or on the holders of the Rights,
the Corporation or the Rights Agent may, notwithstanding the foregoing
provisions of this Section 5.9, give such notice by means, of publication once
in each of two successive weeks in the business section of the Financial Post
and, if the Corporation has a transfer agent in the United States, in a daily
publication in the United States, in a daily publication in the United States
designated by the Corporation and notice so published shall be deemed to have been given on the date on which the first
publication of such notice in any such publication has taken place. </P>
<P align=center>B-41 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_107></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%">5.10 </TD>
    <TD>
      <P align=justify>Costs of Enforcement</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Corporation agrees that if
the Corporation fails to fulfill any of its obligations pursuant to this
Agreement, then the Corporation shall reimburse the holder of any Rights for the
costs and expenses (including reasonable legal fees) incurred by such holder and
actions to enforce his rights pursuant to any Rights or this Agreement. </P>
<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%">5.11 </TD>
    <TD>
      <P align=justify>Successors</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">All the covenants and provisions
of this Agreement by or for the benefit of the Corporation or the Rights Agent
shall bind and enure to the benefit of their respective successors and permitted
assigns hereunder. </P>
<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%">5.12 </TD>
    <TD>
      <P align=justify>Benefits of this Agreement</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Nothing in this Agreement shall
be construed to give to any Person other than the Corporation, the Rights Agent
and the holders of the Rights any legal or equitable right, remedy or claim
under this Agreement; but this Agreement shall be for the sole and exclusive
benefit of the Corporation, the Rights Agent and the holders of the Rights. </P>
<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%">5.13 </TD>
    <TD>
      <P align=justify>Governing Law</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">This Agreement and each Right
issued hereunder shall be deemed to be a contract made under the laws of the
Province of Ontario and for all purposes shall be governed by and construed in
accordance with the laws of such Province applicable to contracts to be made and
performed entirely within such Province. </P>
<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%">5.14 </TD>
    <TD>
      <P align=justify>Counterparts</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">This Agreement may be executed in
any number of counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute
but one and the same instrument. </P>
<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%">5.15 </TD>
    <TD>
      <P align=justify>Severability</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">If any term or provision hereof
or the application thereof to any circumstance shall, in any jurisdiction and to
any extent, be invalid or unenforceable, such term or provision shall be
ineffective as to such jurisdiction to the extent of such invalidity or
unenforceability without invalidating or rendering unenforceable the remaining
terms and provisions hereof or the application of such term or provision to
circumstances other than those as to which it is held invalid or unenforceable.
</P>
<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%">5.16 </TD>
    <TD>
      <P align=justify>Determinations and Actions by the Board of
    Directors</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">All actions, calculations and
determinations (including all omissions with respect to the foregoing) which are
done or made by the Board of Directors, in good faith, shall not subject the
Board of Directors to any liability to the holders of the Rights. </P>
<P align=center>B-42 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_108></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%">5.17 </TD>
    <TD>
      <P align=justify>Effective Date</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">This Agreement, as amended and
restated, is effective in accordance with its terms from the date hereof;
provided that unless confirmed by ordinary resolution passed by a majority of
the votes cast by Independent Shareholders present in person or voting by proxy
and who vote in respect of confirmation of this Agreement at a meeting of
shareholders of the Corporation to be held not later than the date that is six
months from the date hereof, this Agreement shall be of no further force or
effect and all Rights issued hereunder shall be void from the first to occur of
(i) the termination of such meeting, and (ii) the Close of Business (Toronto
time) on the date that is six months from the date hereof. </P>
<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%">5.18 </TD>
    <TD>
      <P align=justify>Approval of Holders of Rights</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">If, after the Separation Time,
the approval of holders of Rights is required in respect of a supplement or
amendment to this Agreement made pursuant to Section 5.4 hereof, the Board of
Directors shall, within 35 days after the implementation of any such supplement
or amendment, call, and thereafter hold a special meeting of the holders of
Rights to consider, and if thought fit, to pass a resolution approving the
supplement or amendment, and such supplement or amendment shall be deemed to
have been approved if such resolution receives the affirmative vote of a
majority of the votes cast by holders of Rights represented at the meeting in
person or by proxy excluding any Rights which are then void pursuant to the
provisions of subsection 3.1(b) hereof. In respect of any such meeting required
to be held: </P>
<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 Board of Directors shall fix a date for the meeting,
      which date shall be as soon as practicable after the implementation of any
      supplement or amendment requiring approval, but not more than 110 days
      thereafter;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Board of Directors of the Corporation shall fix a
      record date for determining the holders of Rights entitled to receive
      notice of such meeting in a manner analogous to the procedures set out in
      National Instrument 54-101 of the Canadian Securities Administrators (as
      such policy may be amended or replaced from time to time, and as required
      in order to conform to the requirements of any applicable securities
      legislation or policy) and the rules of any stock exchange on which the
      Common Shares are then listed, and the articles and by-laws of the
      Corporation; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>each Right shall be entitled to one (1) vote at such
      meeting and, in all other respects, the rules applicable to meetings of
      shareholders set forth in the articles and bylaws of the Corporation shall
      apply in respect of such meeting of holders of Rights, <I>mutatis
      mutandis</I>.</P></TD></TR></TABLE><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%">5.19 </TD>
    <TD>
      <P align=justify>Declaration as to Non-Canadian and Non-United States
      Holders</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">If, upon the advice of outside
counsel, any action or event contemplated by this Agreement would require
compliance with the securities laws or comparable legislation of a jurisdiction
outside of Canada and the United States of America, the Board of Directors
acting in good faith may take such actions as it may deem appropriate to ensure
that such compliance, including without limitation establishing procedures for
the issuance to a Canadian resident Fiduciary of Rights or securities issuable
on exercise of Rights, the holding thereof in trust for the Persons entitled
thereto (but reserving to the Fiduciary or to the Fiduciary and the Corporation,
as the Corporation may determine, absolute discretion with respect thereto) and
the sale thereof and remittance of the proceeds of such sale, if any, to the
Persons entitled thereto. In no event shall the Corporation or the Rights Agent
be required to issue or deliver Rights or securities issuable on exercise of
Rights to Persons who are citizens, residents or nationals of any jurisdiction
other than Canada and any province or territory thereof and the United States of
America and any state thereof in which such issue or delivery would be
unlawful without registration of the relevant Persons or securities for such
purposes. </P>
<P align=center>B-43 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_109></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%">5.20 </TD>
    <TD>
      <P align=justify>Regulatory Approvals</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Any obligation of the Corporation
or action or event contemplated by this Agreement, or any amendment or
supplement to this Agreement, shall be subject to receipt of any requisite
approval or consent from any governmental or regulatory authority having
jurisdiction including the Toronto Stock Exchange while any securities of the
Corporation are listed and posted for trading thereon and for a period of three
(3) months thereafter. </P>
<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%">5.21 </TD>
    <TD>
      <P align=justify>Time of the Essence</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Time shall be of the essence in
this Agreement. </P>
<P align=justify><B><I>[Signature page follows] </I></B></P>
<P align=center>B-44 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_110></A>
<P align=justify style="text-indent:5%"><B>IN WITNESS WHEREOF</B>, the
parties hereto have caused this Agreement to be duly executed as of the date
first above written, </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%" colSpan=2><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" style="border-right-style: none; border-right-width: medium" >&nbsp;</TD>
    <TD width="45%" style="border-style: none; border-width: medium">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" style="border-right-style: none; border-right-width: medium" >&nbsp;</TD>
    <TD width="45%" style="border-style: none; border-width: medium">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" style="border-right-style: none; border-right-width: medium" colspan="2" >
    By:&nbsp;_____________________________</TD>
    </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" style="border-right-style: none; border-right-width: medium" >Name: </TD>
    <TD align=left width="45%" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" style="border-right-style: none; border-right-width: medium" >Title: </TD>
    <TD align=left width="45%" style="border-style: none; border-width: medium">&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" style="border-right-style: none; border-right-width: medium" >&nbsp;</TD>
    <TD width="45%" style="border-style: none; border-width: medium">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" style="border-right-style: none; border-right-width: medium" >&nbsp;</TD>
    <TD width="45%" style="border-style: none; border-width: medium">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" style="border-right-style: none; border-right-width: medium" >&nbsp;</TD>
    <TD width="45%" style="border-style: none; border-width: medium">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>AST TRUST COMPANY</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" style="border-right-style: none; border-right-width: medium" >&nbsp;</TD>
    <TD width="45%" style="border-style: none; border-width: medium">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" style="border-right-style: none; border-right-width: medium" >&nbsp;</TD>
    <TD width="45%" style="border-style: none; border-width: medium">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" style="border-right-style: none; border-right-width: medium" colspan="2" >By:&nbsp;&nbsp;_____________________________</TD>
    </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" colspan="2" >Authorized Signing Officer </TD>
    </TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" style="border-right-style: none; border-right-width: medium" >&nbsp;</TD>
    <TD width="45%" style="border-style: none; border-width: medium">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" style="border-right-style: none; border-right-width: medium" >&nbsp;</TD>
    <TD width="45%" style="border-style: none; border-width: medium">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" style="border-right-style: none; border-right-width: medium" colspan="2" >By:&nbsp;&nbsp;_____________________________</TD>
    </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" colspan="2" >Authorized Signing Officer </TD>
    </TR></TABLE>
<P align=center>B-45 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_111></A>
<P align=center><B>EXHIBIT &#147;A&#148; </B></P>
<P align=center><B>[Form of Rights Certificate] </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="60%"><B>Certificate No.</B> </TD>
    <TD align=left width="20%"><B>Rights</B> </TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD align=left>
      <P align=justify><B>THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF
      THE</B> <B>CORPORATION, ON THE TERMS SET FORTH IN THE RIGHTS</B>
      <B>AGREEMENT. UNDER CERTAIN CIRCUMSTANCES (SPECIFIED IN THE</B> <B>RIGHTS
      AGREEMENT), RIGHTS BENEFICIALLY OWNED BY AN</B> <B>ACQUIRING PERSON OR ANY
      PERSON ACTING JOINTLY OR IN</B> <B>CONCERT WITH AN ACQUIRING PERSON OR
      WITH AN ASSOCIATE OR</B> <B>AFFILIATE OF AN ACQUIRING PERSON (AS SUCH
      TERMS ARE DEFINED</B> <B>IN THE RIGHTS AGREEMENT) OR TRANSFEREES OF ANY OF
      THE</B> <B>FOREGOING WILL BECOME VOID WITHOUT FURTHER ACTION.</B>
  </P></TD></TR></TABLE></DIV>
<P align=center><B>RIGHTS CERTIFICATE </B></P>
<P align=justify style="text-indent:5%">This certifies that
_________________________, or registered assigns, is the registered holder of
the number of Rights set forth above, each of which entities the registered
holder thereof, subject to the terms, provisions and conditions of a Shareholder
Rights Plan Agreement made as of February 3, 2009, as amended and restated
effective March 29, 2018 (the &#147;<B>Rights Agreement</B>&#148;) between ENERGY FUELS
INC., a corporation existing under the laws of the Province of Ontario (the
&#147;<B>Corporation</B>&#148;), and AST TRUST COMPANY, as Rights Agent, to purchase from
the Corporation at any time after the Separation Time and prior to the
Expiration Time (as such terms are defined in the Rights Agreement), one (1)
fully paid Common Share in the capital of the Corporation (a &#147;<B>Common
Share</B>&#148;) (subject to adjustment as provided in the Rights Agreement) at the
Exercise Price referred to below, upon presentation and surrender of this Rights
Certificate with a duly completed and executed Form of Election to Exercise at
the principal office of the Rights Agent at its principal office in Toronto,
Ontario or with approval of the Rights Agent, at any other office of the Rights
Agent in the cities designated from time to time by the Corporation. The
Exercise Price shall initially be $10.00 per Right and shall be subject to
adjustment in certain events as provided in the Rights Agreement. </P>
<P align=justify style="text-indent:5%">This Rights Certificate is
subject to all the terms, provisions and conditions of the Rights Agreement
which terms, provisions and conditions are hereby incorporated herein by this
reference and made a part hereof and to which Rights Agreement reference is
hereby made for a full description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Rights Agent, the
Corporation and the holders of the Rights Certificates. Copies of the Rights
Agreement are on file at the registered office of the Corporation and are
available upon written request. </P>
<P align=justify style="text-indent:5%">This Rights Certificate, with or
without other Rights Certificates, upon surrender at any office of the Rights
Agent or any Co-Rights Agent designated for such purpose, may be exchanged for
another Rights Certificate or Rights Certificates of like tenor and date
evidencing an aggregate number of Rights equal to the aggregate number of Rights
evidenced by the Rights Certificate or Rights Certificates so surrendered. If
this Rights Certificate shall be exercised in part, the registered holder shall
be entitled to receive, upon surrender hereof, another Rights Certificate or
Rights Certificates for the number of whole Rights not exercised. </P>
<P align=center>B-46 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_112></A>
<P align=justify style="text-indent:5%">Subject to the provision of the
Rights Agreement, the Rights evidenced by this Certificate may be redeemed by
the Corporation at a redemption price of $0.00001 per Right, subject to
adjustment in certain events. </P>
<P align=justify style="text-indent:5%">No fractional Common Shares will
be issued upon the exercise of any Right or Rights evidenced hereby nor will
Rights Certificates be issued for less than one (1) whole Right. In lieu
thereof, a cash payment will be made as provided in the Rights Agreement. </P>
<P align=justify style="text-indent:5%">No holder of this Rights
Certificate, as such, shall be entitled to vote or receive dividends or be
deemed for any purpose the holder of Common Shares or of any other securities
which may at any time be issuable on the exercise hereof, nor shall anything
contained in the Rights Agreement or herein be construed to confer upon the
holder hereof, as such, any of the rights of a shareholder of the Corporation or
any right to vote for the election of directors or upon any matter submitted to
shareholders at any meeting thereof, or to give or withhold consent to any
corporate action, or to receive notice of meetings or other actions affecting
shareholders (except as provided in the Rights Agreement), or to receive
dividends or subscription rights, or otherwise, until the Rights evidenced by
this Rights Certificate shall have been exercised as provided in the Rights
Agreement. </P>
<P align=justify style="text-indent:5%">This Rights Certificate shall not
be valid or obligatory for any purpose until it shall have been countersigned by
the Rights Agent. </P>
<P align=justify style="text-indent:5%">WITNESS the facsimile signature
of the proper officers of the Corporation and its corporate seal. </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>Date: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>ATTEST: </TD>
    <TD align=left width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%" colSpan=2><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">By:&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
  width="45%"></TD></TR></TABLE>
<P align=justify>Countersigned: </P>
<P align=justify><B>AST TRUST COMPANY </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    >&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD align=left width="45%" >Authorized Signature </TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE>
<P align=center>B-47 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_113></A>
<P align=center>[Form of Reverse Side of Rights Certificate] </P>
<P align=center><B>FORM OF ASSIGNMENT </B></P>
<P align=justify>(To be executed by the registered holder if such holder desires
to transfer the Rights Certificates.) </P>
<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 nowrap>FOR VALUE RECEIVED
      ___________________________________________________________________________________________</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>hereby sells, assigns and transfers </TD></TR>
  <TR>
    <TD align=left nowrap >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>Unto
      _________________________________________________________________________________________________________</TD></TR>
  <TR>
    <TD align=left nowrap
      >______________________________________________________________________________________________________________&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;(Please print name and address transferee)
  </TD></TR></TABLE>
<P align=justify>this Rights Certificate, together with all right, title and
interest therein, and does hereby irrevocably constitute and appoint
______________________ Attorney, to transfer the within Rights Certificate on
the books of the within-named Corporation, with full power of substitution.</P>
<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>Dated: _______________________________________</TD></TR>
  <TR vAlign=top>
    <TD align=left>Signature Guaranteed </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR></TABLE>
<P align=justify>(Signature must correspond to name as written upon the face of
this Rights Certificate in every particular, without alteration or enlargement
or any change whatsoever) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>(Signature must be guaranteed by a Canadian Schedule I
      chartered bank, or a financial institution that is a member of a
      recognized Medallion Signature Guarantee Program. </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD></TR></TABLE>
<P align=center>(To be completed if true) <BR><B>CERTIFICATION </B></P>
<P align=justify style="text-indent:5%"><B>The undersigned hereby
represents and certifies, for the benefit of all holders of Rights and Common
Shares, that the Rights evidenced by this Rights Certificate are not, and, to
the knowledge of the undersigned, have not been, Beneficially Owned by an
Acquiring Person or any Person acting jointly or in concert with any Acquiring
Person or with any Affiliate or Associate thereof (all as defined in the Rights
Agreement)</B>. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Signature </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD></TR></TABLE>
<P align=center>B-48 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_114></A>
<P align=center><B>NOTICE </B></P>
<P align=justify style="text-indent:5%"><B>In the event the certification
set forth above is not completed in connection with a purported assignment, the
Beneficial Owner of the Rights evidenced by this Rights Certificate will be
deemed to be an Acquiring Person or a Person acting jointly or in concert with
such Acquiring Person or an Affiliate or Associate of such Acquiring Person (all
as defined in the Rights Agreement) and accordingly the Rights evidenced by this
Rights Certificate will be null and void. </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_115></A>
<P align=center>[To be attached to each Rights Certificate] </P>
<P align=center><B>FORM OF ELECTION TO EXERCISE </B></P>
<P align=center>(To be executed if holder desires to <BR>exercise the Rights
Certificate.) </P>
<P align=justify>TO: </P>
<P align=justify>The undersigned hereby irrevocably elects to exercise
______________________ whole Rights represented by the attached Rights
Certificate to purchase the Shares issuable upon the exercise of such Rights and
requests that certificates for such Shares be issued in the name of: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

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

  <TR vAlign=top>
    <TD align=left>Social Insurance, Social Security or </TD>
    <TD align=left width="75%"></TD></TR>
  <TR vAlign=top>
    <TD align=left>Other Taxpayer Identification Number: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="75%">&nbsp;
    </TD></TR></TABLE>
<P align=justify>If such number of Rights shall not be all the whole Rights
evidenced by this Rights Certificate, a new Rights Certificate for the balance
of such whole Rights shall be registered in the name of and delivered to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

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

  <TR vAlign=top>
    <TD align=left >Social Insurance, Social Security or </TD>
    <TD align=left width="75%"></TD></TR>
  <TR vAlign=top>
    <TD align=left >Other Taxpayer Identification Number: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="75%">&nbsp;
    </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Dated:
  _____________________________________________</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>Signature Guaranteed:&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="50%">
      <P align=justify>(Signature must correspond to name as written upon the
      face of this Rights Certificate in every particular, without alteration or
      enlargement or any change whatsoever) </P></TD></TR></TABLE>
<P align=justify>(Signature must be guaranteed by a Canadian Schedule I
chartered bank, or a financial institution that is a member of a recognized
Medallion Signature Guarantee Program. </P>
<P align=center>B-50 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_116></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>(To be completed if true)</B> </TD></TR></TABLE>
<P align=center><B>CERTIFICATION </B></P>
<P align=justify style="text-indent:5%"><B>The undersigned hereby
represents, for the benefit of all holders of Rights and Shares, that the Rights
evidenced by this Rights Certificate are not, and, to the knowledge of the
undersigned, have never been, Beneficially Owned by an Acquiring Person or any
Person acting jointly or in concert with any Acquiring Person or with any
Affiliate or Associate thereof (all as defined in the Rights Agreement).
</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR></TABLE>
<P align=center><B>NOTICE </B></P>
<P align=justify style="text-indent:5%"><B>In the event the certification
set forth above is not completed in connection with a purported exercise, the
Beneficial Owner of the Rights evidenced by this Rights Certificate will be
deemed to be an Acquiring Person or a Person acting jointly or in concert with
an Acquiring Person or an Affiliate or Associate of an Acquiring Person (all as
defined in the Rights Agreement) and accordingly will deem the Rights evidenced
by this Rights Certificate will be null and void and not transferable or
reversible. </B></P>
<P align=center>B-51 </P>
<A name=page_1></A>
<!--$$/page=--><A name=page_117></A>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align=center><B>SCHEDULE &#147;C&#148; </B></P>
<P align=center><B>ENERGY FUELS INC. </B></P>
<P align=center><B>2018 OMNIBUS EQUITY INCENTIVE COMPENSATION PLAN </B></P>
<P align=center><B>(as amended and restated as of March 29, 2018) </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_118></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 noWrap align=center>&nbsp;</TD>
    <TD noWrap align=left width="80%">&nbsp; </TD>
    <TD noWrap align=right width="10%"><B>Page</B> </TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD width="80%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2>ARTICLE 1. AMENDMENT AND
      RESTATEMENT, PURPOSE AND DURATION </TD>
    <TD align=right width="10%" bgColor=#eeeeee>1 </TD></TR>
  <TR vAlign=top>
    <TD align=center>1.1 </TD>
    <TD align=left width="80%"><U>Amendment and Restatement of the Plan</U>
</TD>
    <TD align=right width="10%">1 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1.2 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Purpose of the Plan</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>1 </TD></TR>
  <TR vAlign=top>
    <TD align=center>1.3 </TD>
    <TD align=left width="80%"><U>Duration of the Plan</U> </TD>
    <TD align=right width="10%">1 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1.4 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Successor Plan</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>1 </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>ARTICLE 2. DEFINITIONS </TD>
    <TD align=right width="10%">1 </TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>ARTICLE 3. ADMINISTRATION </TD>
    <TD align=right width="10%">7 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>3.1 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>General</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>7 </TD></TR>
  <TR vAlign=top>
    <TD align=center>3.2 </TD>
    <TD align=left width="80%"><U>Authority of the Committee</U> </TD>
    <TD align=right width="10%">8 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>3.3 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Delegation</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>8 </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>ARTICLE 4. SHARES SUBJECT TO THE PLAN AND MAXIMUM
      AWARDS </TD>
    <TD align=right width="10%">8 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>4.1 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Number of Shares Available
      for Awards</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>8 </TD></TR>
  <TR vAlign=top>
    <TD align=center>4.2 </TD>
    <TD align=left width="80%"><U>Adjustments in Authorized Shares</U> </TD>
    <TD align=right width="10%">9 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2>ARTICLE 5. ELIGIBILITY AND
      PARTICIPATION </TD>
    <TD align=right width="10%" bgColor=#eeeeee>10 </TD></TR>
  <TR vAlign=top>
    <TD align=center>5.1 </TD>
    <TD align=left width="80%"><U>Eligibility</U> </TD>
    <TD align=right width="10%">10 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>5.2 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Actual Participation</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>10 </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>ARTICLE 6. STOCK OPTIONS </TD>
    <TD align=right width="10%">10 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>6.1 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Grant of Options</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>10 </TD></TR>
  <TR vAlign=top>
    <TD align=center>6.2 </TD>
    <TD align=left width="80%"><U>Award Agreement</U> </TD>
    <TD align=right width="10%">10 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>6.3 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Option Price</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>10 </TD></TR>
  <TR vAlign=top>
    <TD align=center>6.4 </TD>
    <TD align=left width="80%"><U>Duration of Options</U> </TD>
    <TD align=right width="10%">10 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>6.5 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Exercise of Options</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>10 </TD></TR>
  <TR vAlign=top>
    <TD align=center>6.6 </TD>
    <TD align=left width="80%"><U>Payment</U> </TD>
    <TD align=right width="10%">11 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>6.7 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Restrictions on Share
      Transferability</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>11 </TD></TR>
  <TR vAlign=top>
    <TD align=center>6.8 </TD>
    <TD align=left width="80%"><U>Death, Retirement and Termination of
      Employment</U> </TD>
    <TD align=right width="10%">11 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>6.9 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Nontransferability of
      Options</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>13 </TD></TR>
  <TR vAlign=top>
    <TD align=center>6.10 </TD>
    <TD align=left width="80%"><U>Notification of Disqualifying
      Disposition</U> </TD>
    <TD align=right width="10%">13 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>6.11 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>$100,000 Annual ISO
      Limitation</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>14 </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>ARTICLE 7. STOCK APPRECIATION RIGHTS </TD>
    <TD align=right width="10%">14 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>7.1 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Grant of SARs</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>14 </TD></TR>
  <TR vAlign=top>
    <TD align=center>7.2 </TD>
    <TD align=left width="80%"><U>SAR Agreement</U> </TD>
    <TD align=right width="10%">14 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>7.3 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Term of SAR</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>14 </TD></TR>
  <TR vAlign=top>
    <TD align=center>7.4 </TD>
    <TD align=left width="80%"><U>Exercise of Freestanding SARs</U> </TD>
    <TD align=right width="10%">14 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>7.5 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Exercise of Tandem SARs</U>
    </TD>
    <TD align=right width="10%" bgColor=#eeeeee>14 </TD></TR>
  <TR vAlign=top>
    <TD align=center>7.6 </TD>
    <TD align=left width="80%"><U>Payment of SAR Amount</U> </TD>
    <TD align=right width="10%">15 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>7.7 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Termination of
      Employment</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>15 </TD></TR>
  <TR vAlign=top>
    <TD align=center>7.8 </TD>
    <TD align=left width="80%"><U>Nontransferability of SARs</U> </TD>
    <TD align=right width="10%">15 </TD></TR></TABLE>
<P align=center>C-i </P>
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  <TR vAlign=top>
    <TD noWrap align=center bgColor=#eeeeee>7.9 </TD>
    <TD noWrap align=left width="80%" bgColor=#eeeeee><U>Other
      Restrictions</U> </TD>
    <TD noWrap align=right width="10%" bgColor=#eeeeee>15 </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>ARTICLE 8. RESTRICTED STOCK AND RESTRICTED STOCK
      UNITS </TD>
    <TD align=right width="10%">15 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>8.1 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Grant of Restricted Stock or
      Restricted Stock Units</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>15 </TD></TR>
  <TR vAlign=top>
    <TD align=center>8.2 </TD>
    <TD align=left width="80%"><U>Restricted Stock or Restricted Stock Unit
      Agreement</U> </TD>
    <TD align=right width="10%">16 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>8.3 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Nontransferability of
      Restricted Stock and Restricted Stock Units</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>16 </TD></TR>
  <TR vAlign=top>
    <TD align=center>8.4 </TD>
    <TD align=left width="80%"><U>Other Restrictions</U> </TD>
    <TD align=right width="10%">16 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>8.5 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Certificate Legend</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>17 </TD></TR>
  <TR vAlign=top>
    <TD align=center>8.6 </TD>
    <TD align=left width="80%"><U>Voting Rights</U> </TD>
    <TD align=right width="10%">17 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>8.7 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Dividends and Other
      Distributions</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>17 </TD></TR>
  <TR vAlign=top>
    <TD align=center>8.8 </TD>
    <TD align=left width="80%"><U>Death and other Termination of
      Employment</U> </TD>
    <TD align=right width="10%">17 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>8.9 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Payment in Settlement of
      Restricted Stock Units</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>18 </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>ARTICLE 9. DEFERRED SHARES UNITS </TD>
    <TD align=right width="10%">19 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>9.1 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Grant of Deferred Share
      Units</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>19 </TD></TR>
  <TR vAlign=top>
    <TD align=center>9.2 </TD>
    <TD align=left width="80%"><U>Deferred Share Unit Agreement</U> </TD>
    <TD align=right width="10%">19 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>9.3 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Nontransferability of
      Restricted Stock and Restricted Stock Units</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>19 </TD></TR>
  <TR vAlign=top>
    <TD align=center>9.4 </TD>
    <TD align=left width="80%"><U>Termination of Employment</U> </TD>
    <TD align=right width="10%">19 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2>ARTICLE 10. PERFORMANCE SHARES
      AND PERFORMANCE UNITS </TD>
    <TD align=right width="10%" bgColor=#eeeeee>19 </TD></TR>
  <TR vAlign=top>
    <TD align=center>10.1 </TD>
    <TD align=left width="80%"><U>Grant of Performance Shares and Performance
      Units</U> </TD>
    <TD align=right width="10%">19 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>10.2 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Value of Performance Shares
      and Performance Units</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>19 </TD></TR>
  <TR vAlign=top>
    <TD align=center>10.3 </TD>
    <TD align=left width="80%"><U>Earning of Performance Shares and
      Performance Units</U> </TD>
    <TD align=right width="10%">19 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>10.4 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Form and Timing of Payment
      of Performance Shares and Performance Units</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>20 </TD></TR>
  <TR vAlign=top>
    <TD align=center>10.5 </TD>
    <TD align=left width="80%"><U>Dividends and Other Distributions</U> </TD>
    <TD align=right width="10%">20 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>10.6 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Termination of
      Employment</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>20 </TD></TR>
  <TR vAlign=top>
    <TD align=center>10.7 </TD>
    <TD align=left width="80%"><U>Nontransferability of Performance Shares and
      Performance Units</U> </TD>
    <TD align=right width="10%">20 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2>ARTICLE 11. FULL VALUE
      STOCK-BASED AWARDS </TD>
    <TD align=right width="10%" bgColor=#eeeeee>20 </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.1 </TD>
    <TD align=left width="80%"><U>Stock-Based Awards</U> </TD>
    <TD align=right width="10%">20 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>11.2 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Termination of
      Employment</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>21 </TD></TR>
  <TR vAlign=top>
    <TD align=center>11.3 </TD>
    <TD align=left width="80%"><U>Nontransferability of Stock-Based Awards</U>
    </TD>
    <TD align=right width="10%">21 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2>ARTICLE 12. BENEFICIARY
      DESIGNATION </TD>
    <TD align=right width="10%" bgColor=#eeeeee>21 </TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD width="80%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2>ARTICLE 13. DEFERRALS </TD>
    <TD align=right width="10%" bgColor=#eeeeee>21 </TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD width="80%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2>ARTICLE 14. RIGHTS OF PERSONS
      ELIGIBLE TO PARTICIPATE </TD>
    <TD align=right width="10%" bgColor=#eeeeee>21 </TD></TR>
  <TR vAlign=top>
    <TD align=center>14.1 </TD>
    <TD align=left width="80%"><U>Employment</U> </TD>
    <TD align=right width="10%">21 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>14.2 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Participation</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>22 </TD></TR>
  <TR vAlign=top>
    <TD align=center>14.3 </TD>
    <TD align=left width="80%"><U>Rights as a Shareholder</U> </TD>
    <TD align=right width="10%">22 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2>ARTICLE 15. CHANGE OF CONTROL </TD>
    <TD align=right width="10%" bgColor=#eeeeee>22 </TD></TR>
  <TR vAlign=top>
    <TD align=center>15.1 </TD>
    <TD align=left width="80%"><U>Accelerated Vesting and Payment</U> </TD>
    <TD align=right width="10%">22 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>15.2 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Alternative Awards</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>23 </TD></TR>
  <TR vAlign=top>
    <TD align=center>15.3 </TD>
    <TD align=left width="80%"><U>Compliance with Section 280G of the Code</U>
    </TD>
    <TD align=right width="10%">24 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2>ARTICLE 16. AMENDMENT,
      MODIFICATION, SUSPENSION AND TERMINATION </TD>
    <TD align=right width="10%" bgColor=#eeeeee>24 </TD></TR></TABLE>
<P align=center>C-ii </P>
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  <TR vAlign=top>
    <TD align=center>16.1 </TD>
    <TD align=left width="80%"><U>Amendment, Modification, Suspension and
      Termination</U> </TD>
    <TD align=right width="10%">24 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>16.2 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Adjustment of Awards Upon
      the Occurrence of Unusual or Nonrecurring Events</U> </TD>
    <TD align=left width="10%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="80%">&nbsp; </TD>
    <TD align=right width="10%">25 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>16.3 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Awards Previously
      Granted</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>25 </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>ARTICLE 17. WITHHOLDING </TD>
    <TD align=right width="10%">26 </TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>ARTICLE 18. SUCCESSORS </TD>
    <TD align=right width="10%">26 </TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="80%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>ARTICLE 19. GENERAL PROVISIONS </TD>
    <TD align=right width="10%">26 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>19.1 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Forfeiture Events</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>26 </TD></TR>
  <TR vAlign=top>
    <TD align=center>19.2 </TD>
    <TD align=left width="80%"><U>Legend</U> </TD>
    <TD align=right width="10%">27 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>19.3 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Delivery of Title</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>27 </TD></TR>
  <TR vAlign=top>
    <TD align=center>19.4 </TD>
    <TD align=left width="80%"><U>Investment Representations</U> </TD>
    <TD align=right width="10%">27 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>19.5 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Uncertificated Shares</U>
</TD>
    <TD align=right width="10%" bgColor=#eeeeee>27 </TD></TR>
  <TR vAlign=top>
    <TD align=center>19.6 </TD>
    <TD align=left width="80%"><U>Unfunded Plan</U> </TD>
    <TD align=right width="10%">27 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>19.7 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>No Fractional Shares</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>27 </TD></TR>
  <TR vAlign=top>
    <TD align=center>19.8 </TD>
    <TD align=left width="80%"><U>Other Compensation and Benefit Plans</U> </TD>
    <TD align=right width="10%">28 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>19.9 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>No Constraint on Corporate
      Action</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>28 </TD></TR>
  <TR vAlign=top>
    <TD align=center>19.10 </TD>
    <TD align=left width="80%"><U>Compliance with United States Securities
      Laws</U> </TD>
    <TD align=right width="10%">28 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2>ARTICLE 20. LEGAL CONSTRUCTION
</TD>
    <TD align=right width="10%" bgColor=#eeeeee>28 </TD></TR>
  <TR vAlign=top>
    <TD align=center>20.1 </TD>
    <TD align=left width="80%"><U>Gender and Number</U> </TD>
    <TD align=right width="10%">28 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>20.2 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Severability</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>28 </TD></TR>
  <TR vAlign=top>
    <TD align=center>20.3 </TD>
    <TD align=left width="80%"><U>Requirements of Law</U> </TD>
    <TD align=right width="10%">28 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>20.4 </TD>
    <TD align=left width="80%" bgColor=#eeeeee><U>Governing Law</U> </TD>
    <TD align=right width="10%" bgColor=#eeeeee>28 </TD></TR>
  <TR vAlign=top>
    <TD align=center>20.5 </TD>
    <TD align=left width="80%"><U>Compliance with Section 409A of the Code</U>
    </TD>
    <TD align=right width="10%">29 </TD></TR></TABLE>
<P align=center>C-iii </P>
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<P align=center><B>ENERGY FUELS INC. </B></P>
<P align=center><B>2018 OMNIBUS EQUITY INCENTIVE COMPENSATION PLAN </B></P>
<P align=center>ARTICLE 1. AMENDMENT AND RESTATEMENT, PURPOSE AND DURATION </P>
<P align=justify style="text-indent:5%">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
and Restatement of the Plan</U>. The Company&#146;s 2015 Omnibus Equity Incentive
Compensation Plan (the &#147;2015 Plan&#148;) was approved by the Company&#146;s shareholders
on June 18, 2015 (the &#147;Approval Date&#148;). The 2015 Plan was subsequently amended
and restated by the Board as set forth herein (the &#147;Plan&#148;) on March 29, 2018
(the &#147;Effective Date&#148;), subject to approval by the Company&#146;s shareholders and
the TSX. The Plan permits the grant of Nonqualified Stock Options, Incentive
Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock
Units, Deferred Stock Units, Performance Shares, Performance Units and
Stock-Based Awards. For the terms and conditions of the Plan applicable to an
Award, refer to the version of the Plan in effect as of the date such Award was
granted.</P>
<P align=justify style="text-indent:5%">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purpose
of the Plan</U>. The purpose of the Plan is to promote the success and enhance
the value of the Company by linking the personal interests of the Participants
to those of the Company&#146;s stockholders, and by providing Participants with an
incentive for outstanding performance. The Plan is further intended to provide
flexibility to the Company in its ability to attract, motivate and retain the
services of Participants upon whose judgment, interest and special effort the
success of the Company is substantially dependent.</P>
<P align=justify style="text-indent:5%">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duration
of the Plan</U>. The Plan, as amended and restated, shall commence as of the
Effective Date, as described in Section 1.1 herein, and shall remain in effect,
subject to the right of the Committee or the Board to amend or terminate the
Plan at any time pursuant to Article 16 hereof, until the earlier of (i) the
tenth anniversary of the Approval Date, or (ii) all Shares subject to the Plan
have been purchased or acquired according to the Plan&#146;s provisions. </P>
<P align=justify style="text-indent:5%">1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor
Plan</U>. This Plan is the successor to the Company&#146;s current Stock Option Plan,
(the &#147;Predecessor Plan&#148;), and no further awards have been made under the
Predecessor Plan from and after the Approval Date of this Plan. All outstanding
awards under the Predecessor Plan immediately prior to the Approval Date of this
Plan are hereby incorporated into this Plan and shall accordingly be treated as
Awards under this Plan. However, each such Award shall continue to be governed
solely by the terms and conditions of the instrument evidencing such grant or
issuance, and, except as otherwise expressly provided herein or by the
Committee, no provision of this Plan shall affect or otherwise modify the rights
or obligations of holders of such incorporated awards.</P>
<P align=center>ARTICLE 2. DEFINITIONS </P>
<P align=justify style="text-indent:5%">Whenever used in the Plan, the
following terms shall have the respective meanings set forth below, unless the
context clearly requires otherwise, and when such meaning is intended, such term
shall be capitalized.</P>
<P align=center>C-1 </P>
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<P align=justify style="text-indent:5%">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Affiliate</U>&#148;
shall have the meaning ascribed to such term in the OSA. </P>
<P align=justify style="text-indent:5%">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Award</U>&#148;
means, individually or collectively, a grant under this Plan of NQSOs, ISOs,
SARs, Restricted Stock, Restricted Stock Units, Performance Shares, Performance
Units or Stock-Based Awards, in each case subject to the terms of this Plan.
</P>
<P align=justify style="text-indent:5%">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Award Agreement</U>&#148; means either (i) a written agreement entered into by
the Company or an Affiliate of the Company and a Participant setting forth the
terms and provisions applicable to Awards granted under this Plan; or (ii) a
written statement issued by the Company or an Affiliate of the Company to a
Participant describing the terms and provisions of such Award. All Award
Agreements shall be deemed to incorporate the provisions of the Plan. An Award
Agreement need not be identical to other Award Agreements either in form or
substance. </P>
<P align=justify style="text-indent:5%">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Beneficial
Ownership</U>&#148; shall have the meaning ascribed to such term in Section 90 of the
OSA. </P>
<P align=justify style="text-indent:5%">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Blackout Period</U>&#148; means a period of time during which the Participant
cannot sell Shares, due to applicable law or policies of the Company in respect
of insider trading. </P>
<P align=justify style="text-indent:5%">f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Board</U>&#148;
or &#147;<U>Board of Directors</U>&#148; means the Board of Directors of the Company. </P>
<P align=justify style="text-indent:5%">g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  &#147;<U>Change of Control</U>&#148; shall occur if any of the following events occur:</P>
<P align=justify style="text-indent:10%">any
transaction at any time and by whatever means pursuant to which (A) the Company
goes out of existence by any means, except for any corporate transaction or
reorganization in which the proportionate voting power among holders of
securities of the entity resulting from such corporate transaction or
reorganization is substantially the same as the proportionate voting power of
such holders of Company voting securities immediately prior to such corporate
transaction or reorganization or (B) any Person or any group of two or more
Persons acting jointly or in concert (other than the Company, a wholly-owned
Subsidiary of the Company, an employee benefit plan of the Company or of any of
its wholly-owned Subsidiaries, including the trustee of any such plan acting as
trustee) hereafter acquires the direct or indirect &#147;beneficial ownership&#148; (as
defined by the <I>Business Corporations Act </I>(Ontario) of, or acquires the
right to exercise control or direction over, securities of the Company
representing 50% or more of the Company&#146;s then issued and outstanding securities
in any manner whatsoever, including, without limitation, as a result of a
take-over bid, an exchange of securities, an amalgamation of the Company with
any other entity, an arrangement, a capital reorganization or any other business
combination or reorganization; </P>
<P align=justify style="text-indent:10%">the sale, assignment or other transfer of all or
  substantially all of the assets of the Company to a Person other than a
  wholly-owned Subsidiary of the Company; </P>
<P align=justify style="text-indent:10%">the
dissolution or liquidation of the Company except in connection with the
distribution of assets of the Company to one or more Persons which were
wholly-owned Subsidiaries of the Company immediately prior to such event; </P>
<P align=justify style="text-indent:10%">the
occurrence of a transaction requiring approval of the Company&#146;s shareholders
whereby the Company is acquired through consolidation, merger, exchange of
securities, purchase of assets, amalgamation, arrangement or otherwise by
any other Person (other than a short form amalgamation or exchange of securities
with a wholly-owned Subsidiary of the Company); </P>
<P align=center>C-2</P>
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<P align=justify style="text-indent:10%">a
  majority of the members of the Board of Directors of the Company are replaced or
  changed, as a result of or in connection with any: (A) take-over bid,
  consolidation, merger, exchange of securities, amalgamation, arrangement,
  capital reorganization or any other business combination or reorganization
  involving or relating to the Company; (B) sale, assignment or other transfer of
  all or substantially all of the assets of the Company in one or a series of
  transactions, or any purchase of assets; or (C) dissolution or liquidation of
the Company; </P>
<P align=justify style="text-indent:10%">during
any two-year period, a majority of the members of the Board of Directors of the
Company is replaced by directors who are not nominated and approved by the Board
of Directors of the Company; </P>
<P align=justify style="text-indent:10%">with
respect to holders of Options who are employed by a subsidiary of the Company,
an event set forth in (i), (ii), (iii) or (iv) has occurred with respect to such
subsidiary (the &#147;Employing Subsidiary&#148;), in which case the term &#147;Company&#148; in
those paragraphs will be read to mean &#147;Employing Subsidiary&#148; and the phrase &#147;
wholly-owned Subsidiary(ies)&#148; will be read to mean &#147; Affiliate(s) or
wholly-owned Subsidiary(ies)&#148;; or </P>
<P align=justify style="text-indent:10%">the
Board passes a resolution to the effect that, for the purposes of some or all of
the Award Agreements, an event set forth in (i), (ii), (iii), (iv) or (v) above
has occurred.</P>
<P align=justify style="text-indent:5%">Notwithstanding the foregoing,
the Committee may modify the definition of a Change of Control for a particular
Award or Awards as the Committee deems appropriate to comply with Section 409A
of the Code. </P>
<P align=justify style="text-indent:5%">h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Change
of Control Price</U>&#148; means the highest price per Share offered in conjunction
with any transaction resulting in a Change of Control (as determined in good
faith by the Committee if any part of the offered price is payable other than in
cash). In the case of a Change of Control occurring solely by reason of a change
in the composition of the Board, the highest Fair Market Value of the Shares on
any of the thirty (30) trading days immediately preceding the date on which a
Change of Control occurs, except if the relevant participant is subject to
taxation under the ITA such Change of Control price shall be deemed to be a
price determined by the Committee based on the closing price of a Share on the
TSX or the NYSE on the trading day preceding the Change of Control date or based
on the volume weighted average trading price of the Shares on the TSX and NYSE
for the five trading days immediately preceding the Change of Control date. </P>
<P align=justify style="text-indent:5%">i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Code</U>&#148;
means the U.S. Internal Revenue Code of 1986, as amended from time to time, or
any successor thereto.  </P>
<P align=justify style="text-indent:5%">j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;<U>Committee</U>&#148; means the Board of Directors, or,
if so delegated in whole or in part by the Board, the Compensation Committee, or
any other duly authorized committee of the Board appointed by the Board to
administer the Plan.</P>
<P align=center>C-3</P>
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<P align=justify style="text-indent:5%">k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Company</U>&#148;
means Energy Fuels Inc., an Ontario corporation, and any successor thereto as
provided in Article 18 herein. </P>
<P align=justify style="text-indent:5%">l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Constructively Terminated</U>&#148; means, unless otherwise specified by the
Committee in the Award Agreement, a voluntary termination of employment by an
Employee within ten (10) business days after any of the following actions by the
Company, an Affiliate, or a person acting on behalf of either: </P>
<P align=justify style="text-indent:10%">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requiring
the Employee to be based as his/her regular or customary place of employment at
any office or location more than fifty (50) miles from the location at which the
Employee performed his/her duties immediately prior to the Change of Control, or
in a state or province other than the one in which the Employee performed
his/her duties immediately prior to the Change of Control, in each case except
for travel reasonably required in the performance of the individual&#146;s
responsibilities; </P>
<P align=justify style="text-indent:10%">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materially
reducing the Employee&#146;s base salary below the rate in effect at the time of a
Change of Control; </P>
<P align=justify style="text-indent:10%">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failing
to pay the Employee&#146;s base salary, other wages or employment-related benefits as
required by law; or </P>
<P align=justify style="text-indent:10%">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
material reduction or diminution in the level of responsibility, or office of
the Employee, provided that before any claim of material reduction or diminution
of responsibility may be relied upon by the Employee, the Employee must have
provided written notice to the Employee&#146;s supervisor and the Board of the
alleged material reduction or diminution of responsibility and have given the
Company or Affiliate, as the case may be, at least thirty (30) calendar days
within which to cure the alleged material reduction or diminution of
responsibility. </P>
<P align=justify style="text-indent:5%">m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Consultant</U>&#148; means a Person that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

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

  <TR>
    <TD width="10%"></TD>
    <TD vAlign=top width="5%">
      <P align=justify>(i) </P></TD>
    <TD>
      <P align=justify>the executor or administrator of the Participant&#146;s estate
      may exercise Options of the Participant equal to the number of Options
      that were exercisable at the Termination Date (as defined
below);</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">
      <P align=justify>&nbsp;</P></TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD vAlign=top width="5%">
      <P align=justify>(ii) </P></TD>
    <TD>
      <P align=justify>the right to exercise such Options terminates on the
      earlier of: (i) the date that is 12 months after the Termination Date; and
      (ii) the date on which the exercise period of the particular Option
      expires. Any Options held by the Participant that are not yet vested at
      the Termination Date immediately expire and are cancelled and forfeited to the Company on the
Termination Date; and </P></TD></TR></TABLE>
<P align=center>C-11</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="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>
      &nbsp;</TD></TR>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>such Participant&#146;s eligibility to receive further grants
      of Options under the Plan ceases as of the Termination
  Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Retirement: If a Participant voluntarily retires
    then:</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>any Options held by the Participant that are exercisable
      at the Termination Date continue to be exercisable by the Participant
      until the earlier of: (i) the date that is six months after the
      Termination Date, provided that if an ISO is exercised after the date that
      is three months from the Termination Date, then such Option shall no
      longer be considered to be an ISO; and (ii) the date on which the exercise
      period of the particular Option expires. Any Options held by the
      Participant that are not yet vested at the Termination Date immediately
      expire and are cancelled and forfeited to the Company on the Termination
      Date,</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the eligibility of a Participant to receive further
      grants under the Plan ceases as of the date that the Company or an
      Affiliate, as the case may be, provides the Participant with written
      notification that the Participant&#146;s employment or term of office or
      engagement, is terminated, notwithstanding that such date may be prior to
      the Termination Date, and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>notwithstanding (b)(i) and (ii) above, unless the
      Committee, in its sole discretion, otherwise determines, at any time and
      from time to time, Options are not affected by a change of employment
      arrangement within or among the Company or an Affiliate for so long as the
      Participant continues to be an employee of the Company or an
    Affiliate.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Termination of Employment: Where a Participant&#146;s
      employment or term of office or engagement terminates (for any reason
      other than death or voluntary retirement (whether such termination occurs
      with or without any or adequate notice or reasonable notice, or with or
      without any or adequate compensation in lieu of such notice)),
  then:</P></TD></TR></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>any Options held by the Participant that are exercisable
      at the Termination Date continue to be exercisable by the Participant
      until the earlier of: (i) the date that is three months after the
      Termination Date; and (ii) the date on which the exercise period of the
      particular Option expires. Any Options held by the Participant that are
      not yet vested at the Termination Date immediately expire and are
      cancelled and forfeited to the Company on the Termination Date,</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the eligibility of a Participant to receive further
      grants under the Plan ceases as of the date that the Company or an
      Affiliate, as the case may be, provides the Participant with written
      notification that the Participant&#146;s employment or term of office or engagement, is terminated,
notwithstanding that such date may be prior to the Termination Date, and </P></TD></TR></TABLE>
<P align=center>C-12 </P>
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<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%">(iii) </TD>
    <TD>
      <P align=justify>notwithstanding (c)(i) and (ii) above, unless the
      Committee, in its sole discretion, otherwise determines, at any time and
      from time to time, Options are not affected by a change of employment
      arrangement within or among the Company or an Affiliate for so long as the
      Participant continues to be an employee of the Company or an
    Affiliate.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>For purposes of section 6.8, the term, &#147;Termination Date&#148;
      means, in the case of a Participant whose employment or term of office or
      engagement with the Company or an Affiliate
terminates:</P></TD></TR></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>by reason of the Participant&#146;s death, the date of
      death;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>for any reason whatsoever other than death, the date of
      the Participant&#146;s last day actively at work for or actively engaged by the
      Company or the Affiliate, as the case may be; and for greater certainty
      &#147;Termination Date&#148; in any such case specifically does not mean the date on
      which any period of contractual notice or reasonable notice that the
      Company or the Affiliate, as the case may be, may be required at law to
      provide to a Participant would expire; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the resignation of a director or the expiry of a
      director&#146;s term on the Board without re-election (or nomination for
      election) shall be considered to be a termination of his or her term of
      office.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nontransferability
of Options</U>.</P>
<P align=justify style="text-indent:10%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Incentive
Stock Options</U>. No ISO granted under the Plan may be sold, transferred,
pledged, assigned or otherwise alienated or hypothecated, other than by will or
by the laws of descent and distribution. Further, all ISOs granted to a
Participant under this Article 6 shall be exercisable during such Participant&#146;s
lifetime only by such Participant. </P>
<P align=justify style="text-indent:10%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nonqualified
Stock Options</U>. Except as otherwise provided in a Participant&#146;s Award
Agreement at the time of grant or thereafter by the Committee, a NQSO granted
under this Article 6 may not be sold, transferred, pledged, assigned, or
otherwise alienated or hypothecated, other than by will or by the laws of
descent and distribution. Further, except as otherwise provided in a
Participant&#146;s Award Agreement at the time of grant or thereafter by the
Committee, all NQSOs granted to a Participant under this Article 6 shall be
exercisable during such Participant&#146;s lifetime only by such Participant.</P>
<P align=justify style="text-indent:5%">6.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notification
of Disqualifying Disposition</U>. The Participant to whom an ISO is granted
shall notify the Company upon the disposition of Shares issued pursuant to the
exercise of an ISO or Shares received as a dividend on ISO stock. The Company
shall use such information to determine whether a disqualifying disposition as
described in Section 421(b) of the Code has occurred. </P>
<P align=center>C-13 </P>
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<P align=justify style="text-indent:5%">6.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>$100,000
Annual ISO Limitation</U>. To the extent that the aggregate FMV of Shares
(determined as of the time the ISOs with respect to such Shares are granted)
with respect to which ISOs are exercisable for the first time by any Participant
during any calendar year (under this Plan and all other plans of the Company and
any Affiliate) exceeds $100,000 (or such other amount as may be allowed under
Section 422 of the Code), such ISOs shall be treated as NQSOs. The foregoing
provisions shall be applied by taking ISOs into account in the order in which
they were granted. </P>
<P align=center>ARTICLE 7. STOCK APPRECIATION RIGHTS</P>
<P align=justify style="text-indent:5%">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
of SARs</U>. Subject to the terms and conditions of the Plan, SARs may be
granted to Participants at any time and from time to time and upon such terms as
shall be determined by the Committee in its discretion. The Committee may grant
Freestanding SARs, Tandem SARs, or any combination of these forms of SARs.</P>
<P align=justify style="text-indent:10%">The
SAR Grant Price for each grant of a Freestanding SAR shall be determined by the
Committee and shall be specified in the Award Agreement. The SAR Grant Price may
include a Grant Price based on one hundred percent (100%) of the FMV of the
Shares on the date of grant, a Grant Price that is set at a premium to the FMV
of the Shares on the date of grant, or is indexed to the FMV of the Shares on
the date of grant, with the index determined by the Committee, in its
discretion, provided that the Grant Price may never be less than the FMV of the
Shares on the date of Grant. The Grant Price of Tandem SARs shall be equal to
the Option Price of the related Option.</P>
<P align=justify style="text-indent:5%">7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>SAR
Agreement</U>. Each SAR Award shall be evidenced by an Award Agreement that
shall specify the Grant Price, the term of the SAR, and any such other
provisions as the Committee shall determine.</P>
<P align=justify style="text-indent:5%">7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term
of SAR</U>. The term of an SAR granted under the Plan shall be determined by the
Committee, in its sole discretion, and except as determined otherwise by the
Committee and specified in the SAR Award Agreement, no SAR shall be exercisable
later than the tenth (10th) anniversary date of its grant.</P>
<P align=justify style="text-indent:5%">7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Exercise of Freestanding SARs</U>. Freestanding SARs may be exercised upon
whatever terms and conditions the Committee, in its sole discretion,
imposes.</P>
<P align=justify style="text-indent:5%">7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise
of Tandem SARs</U>. With respect to Participants who are not subject to taxation
under the ITA, Tandem SARs may be exercised for all or part of the Shares
subject to the related Option upon the surrender of the right to exercise the
equivalent portion of the related Option. With respect to Participants subject
to taxation under the ITA, prior to exercising a Tandem SAR the Participant must
elect to receive the Tandem SAR in consideration for the disposition of that
Participant&#146;s right to receive shares under the Option. A Tandem SAR may be
exercised only with respect to the Shares for which its related Option is then
exercisable.</P>
<P align=justify style="text-indent:10%">Notwithstanding
any other provision of this Plan to the contrary, with respect to a Tandem SAR
granted in connection with an ISO: (a) the Tandem SAR will expire no later than
the expiration of the underlying ISO; (b) the value of the
payout with respect to the Tandem SAR may be for no more than one hundred
percent (100%) of the difference between the Option Price of the underlying ISO
and the FMV of the Shares subject to the underlying ISO at the time the Tandem
SAR is exercised; and (c) the Tandem SAR may be exercised only when the FMV of
the Shares subject to the ISO exceeds the Option Price of the ISO.</P>
<P align=center>C-14</P>
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<P align=justify style="text-indent:5%">7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
  of SAR Amount</U>. Upon the exercise of an SAR, a Participant shall be entitled
  to receive payment from the Company in an amount representing the difference
  between the FMV of the underlying Shares on the date of exercise over the Grant
  Price. At the discretion of the Committee, the payment upon SAR exercise may be
  in cash, Shares of equivalent value (based on the FMV on the date of exercise of
  the SAR, as defined in the Award Agreement or otherwise defined by the Committee
  thereafter), in some combination thereof, or in any other form approved by the
  Committee at its sole discretion. Payment shall be made no earlier than the date
  of exercise nor later than 2-1/2 months after the close of the year in which the
  SAR is exercised. The Committee&#146;s determination regarding the form of SAR payout
  shall be set forth or reserved for later determination in the Award Agreement
for the grant of the SAR.</P>
<P align=justify style="text-indent:5%">7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Employment</U>. Each Award Agreement shall set forth the extent to which the
Participant shall have the right to exercise the SAR following termination of
the Participant&#146;s employment or other relationship with the Company or
Affiliates. Such provisions shall be determined in the sole discretion of the
Committee, need not be uniform among all SARs issued pursuant to the Plan, and
may reflect distinctions based on the reasons for termination.</P>
<P align=justify style="text-indent:5%">7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nontransferability
of SARs</U>. Except as otherwise provided in a Participant&#146;s Award Agreement at
the time of grant or thereafter by the Committee, an SAR granted under the Plan
may not be sold, transferred, pledged, assigned or otherwise alienated or
hypothecated, other than by will or by the laws of descent and distribution.
Further, except as otherwise provided in a Participant&#146;s Award Agreement at the
time of grant or thereafter by the Committee, all SARs granted to a Participant
under the Plan shall be exercisable during such Participant&#146;s lifetime only by
such Participant. </P>
<P align=justify style="text-indent:5%">7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Restrictions</U>. Without limiting the generality of any other provision of this
Plan, the Committee may impose such other conditions and/or restrictions on any
Shares received upon exercise of an SAR granted pursuant to the Plan as it may
deem advisable. This includes, but is not limited to, requiring the Participant
to hold the Shares received upon exercise of an SAR for a specified period of
time. </P>
<P align=center>ARTICLE 8. RESTRICTED STOCK AND RESTRICTED STOCK UNITS</P>
<P align=justify style="text-indent:5%">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
of Restricted Stock or Restricted Stock Units</U>. Subject to the terms and
conditions of the Plan, the Committee, at any time and from time to time, may
grant Shares of Restricted Stock and/or Restricted Stock Units to Participants
in such amounts and upon such terms as the Committee shall determine.</P>
<P align=center>C-15</P>
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<P align=justify style="text-indent:5%">8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restricted
Stock or Restricted Stock Unit Agreement</U>. Each Restricted Stock and/or
Restricted Stock Unit grant shall be evidenced by an Award Agreement that shall
specify the Period(s) of Restriction, the number of Shares of Restricted Stock
or the number of Restricted Stock Units granted, the settlement date for
Restricted Stock Units, and any such other provisions as the Committee shall
determine, provided that unless otherwise determined by the Committee or as set
out in any Award Agreement, no Restricted Stock Unit shall vest later than three
years after the date of grant.</P>
<P align=justify style="text-indent:5%">8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nontransferability
of Restricted Stock and Restricted Stock Units</U>. Except as otherwise provided
in this Plan or the Award Agreement, the Shares of Restricted Stock and/or
Restricted Stock Units granted herein may not be sold, transferred, pledged,
assigned or otherwise alienated or hypothecated until the end of the applicable
Period of Restriction specified in the Award Agreement (and in the case of
Restricted Stock Units until the date of settlement through delivery or other
payment), or upon earlier satisfaction of any other conditions, as specified by
the Committee in its sole discretion and set forth in the Award Agreement at the
time of grant or thereafter by the Committee. All rights with respect to the
Restricted Stock and/or Restricted Stock Units granted to a Participant under
the Plan shall be available during such Participant&#146;s lifetime only to such
Participant, except as otherwise provided in the Award Agreement at the time of
grant or thereafter by the Committee.</P>
<P align=justify style="text-indent:5%">8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Restrictions</U>. The Committee shall impose, in the Award Agreement at the time
of grant or anytime thereafter, such other conditions and/or restrictions on any
Shares of Restricted Stock or Restricted Stock Units granted pursuant to this
Plan as it may deem advisable, including, without limitation, a requirement that
Participants pay a stipulated purchase price for each Share of Restricted Stock
or each Restricted Stock Unit, restrictions based upon the achievement of
specific performance criteria, time-based restrictions on vesting following the
attainment of the performance criteria, time-based restrictions, restrictions
under applicable laws or under the requirements of any stock exchange or market
upon which such Shares are listed or traded, or holding requirements or sale
restrictions placed on the Shares by the Company upon vesting of such Restricted
Stock or Restricted Stock Units.</P>
<P align=justify style="text-indent:10%">To
the extent deemed appropriate by the Committee, subject to Section 19.5, the
Company may retain the certificates representing Shares of Restricted Stock, or
Shares delivered in settlement of Restricted Stock Units, in the Company&#146;s
possession until such time as all conditions and/or restrictions applicable to
such Shares have been satisfied or lapse, but in no event will delivery of such
Shares be made later than the earlier of (i) 2-1/2 months after the close of the
year in which such conditions or restrictions were satisfied or lapsed and (ii)
December 31 of the third year following the year of the grant date.</P>
<P align=justify style="text-indent:10%">Except
as otherwise provided in this Article 8, Shares of Restricted Stock covered by
each Restricted Stock Award shall become freely transferable by the Participant
after all conditions and restrictions applicable to such Shares have been
satisfied or lapse, and Restricted Stock Units shall be settled through payment
in cash, Shares, or a combination of cash and Shares as the Committee, in its
sole discretion, shall determine.</P>
<P align=center>C-16</P>
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<P align=justify style="text-indent:5%">8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certificate
Legend</U>. In addition to any legends placed on certificates pursuant to
Section 8.4 herein, each certificate representing Shares of Restricted Stock
granted pursuant to the Plan may bear a legend such as the following:</P>
<P align=justify style="text-indent:10%"> The sale
  or other transfer of the shares of stock represented by this certificate,
  whether voluntary, involuntary or by operation of law, is subject to certain
  restrictions on transfer as set forth in the 2015 Omnibus Equity Incentive
  Compensation Plan and in the associated Award Agreement. A copy of the Plan and
  such Award Agreement may be obtained from Energy Fuels Inc. </P>
<P align=justify style="text-indent:5%">8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Voting Rights</U>. To the extent required by law, Participants holding Shares
of Restricted Stock granted hereunder shall have the right to exercise full
voting rights with respect to those Shares during the Period of Restriction. A
Participant shall have no voting rights with respect to any Restricted Stock
Units granted hereunder.</P>
<P align=justify style="text-indent:5%">8.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends
and Other Distributions</U>. During the Period of Restriction, Participants
holding Shares of Restricted Stock or Restricted Stock Units granted hereunder
may, if the Committee so determines, be credited with dividends paid with
respect to the underlying Shares or Dividend Equivalents while they are so held
in a manner determined by the Committee in its sole discretion. Dividend
Equivalents shall not apply to an Award unless specifically provided for in the
Award Agreement. The Committee may apply any restrictions to the dividends or
Dividend Equivalents that the Committee deems appropriate. The Committee, in its
sole discretion, may determine the form of payment of dividends or Dividend
Equivalents, including cash, Shares, Restricted Stock or Restricted Stock Units.
</P>
<P align=justify style="text-indent:5%">8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Death
and other Termination of Employment</U>.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left >(a) </TD>
    <TD align=left width="90%">
      <P align=justify>Death: If a Participant dies while an Employee, officer
      or director of or Consultant to the Company or an Affiliate:
  </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

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

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Termination other than Death: Where a Participant&#146;s
      employment or term of office or engagement terminates for any reason other
      than death (whether such termination occurs with or without any or
      adequate notice or reasonable notice, or with or without any or adequate
      compensation in lieu of such notice), then:</P></TD></TR></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>any Restricted Stock Units held by the Participant that
      have vested before the Termination Date shall be paid to the Recipient.
      Any Restricted Stock Units held by the Participant that are not yet vested
      at the Termination Date will be immediately cancelled and forfeited to the Company
on the Termination Date; </P></TD></TR></TABLE>
<P align=center>C-17 </P>
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<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 eligibility of a Participant to receive further
      grants under the Plan ceases as of the date that the Company or an
      Affiliate, as the case may be, provides the Participant with written
      notification that the Participant&#146;s employment or term of office or
      engagement, is terminated, notwithstanding that such date may be prior to
      the Termination Date; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>notwithstanding (b)(i) and (ii) above, unless the
      Committee, in its sole discretion, otherwise determines, at any time and
      from time to time, Restricted Stock Units are not affected by a change of
      employment arrangement within or among the Company or an Affiliate for so
      long as the Participant continues to be an employee of the Company or an
      Affiliate.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>For purposes of section 8.8, the term, &#147;Termination Date&#148;
      means, in the case of a Participant whose employment or term of office or
      engagement with the Company or an Affiliate
terminates:</P></TD></TR></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>by reason of the Participant&#146;s death, the date of
      death;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>for any reason whatsoever other than death, the date of
      the Participant&#146;s last day actively at work for or actively engaged by the
      Company or the Affiliate, as the case may be; and for greater certainty
      &#147;Termination Date&#148; in any such case specifically does not mean the date on
      which any period of contractual notice or reasonable notice that the
      Company or the Affiliate, as the case may be, may be required at law to
      provide to a Participant would expire; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the resignation of a director or the expiry of a
      director&#146;s term on the Board without re-election (or nomination for
      election) shall be considered to be a termination of his or her term of
      office.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">8.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
in Settlement of Restricted Stock Units</U>. When and if Restricted Stock Units
become payable, a Participant having received the grant of such units shall be
entitled to receive payment from the Company in settlement of such units in
cash, Shares of equivalent value (based on the FMV, as defined in the Award
Agreement at the time of grant or thereafter by the Committee), in some
combination thereof, or in any other form determined by the Committee at its
sole discretion. The Committee&#146;s determination regarding the form of payout
shall be set forth or reserved for later determination in the Award Agreement
for the grant of the Restricted Stock Unit. </P>
<P align=center>C-18 </P>
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<P align=center>ARTICLE 9. DEFERRED SHARES UNITS</P>
<P align=justify style="text-indent:5%">9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
of Deferred Share Units</U>. Subject to the terms and conditions of the Plan,
the Committee, at any time and from time to time, may grant Deferred Share Units
to Participants in such amounts and upon such terms as the Committee shall
determine.</P>
<P align=justify style="text-indent:5%">9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Deferred
Share Unit Agreement</U>. Each Deferred Share Unit grant shall be evidenced by
an Award Agreement that shall specify the number of Deferred Share Units
granted, the settlement date for Deferred Share Units, and any other provisions
as the Committee shall determine, including, but not limited to a requirement
that Participants pay a stipulated purchase price for each Deferred Share Unit,
restrictions based upon the achievement of specific performance criteria,
time-based restrictions, restrictions under applicable laws or under the
requirements of any stock exchange or market upon which the Shares are listed or
traded, or holding requirements or sale restrictions placed on the Shares by the
Company upon vesting of such Deferred Share Units.</P>
<P align=justify style="text-indent:5%">9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nontransferability
of Restricted Stock and Restricted Stock Units</U>. Except as otherwise provided
in this Plan or the Award Agreement, the Deferred Share Units granted herein may
not be sold, transferred, pledged, assigned or otherwise alienated or
hypothecated. All rights with respect to the Deferred Share Units granted to a
Participant under the Plan shall be available during such Participant&#146;s lifetime
only to such Participant, except as otherwise provided in the Award Agreement at
the time of grant or thereafter by the Committee.</P>
<P align=justify style="text-indent:5%">9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Employment</U>. Each Award Agreement shall set forth the extent to which the
Participant shall have the right to retain Deferred Share Units following
termination of the Participant&#146;s employment or other relationship with the
Company or Affiliates. Such provisions shall be determined in the sole
discretion of the Committee, need not be uniform among all Deferred Share Units
issued pursuant to the Plan, and may reflect distinctions based on the reasons
for termination.</P>
<P align=center>ARTICLE 10. PERFORMANCE SHARES AND PERFORMANCE UNITS</P>
<P align=justify style="text-indent:5%">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Grant of Performance Shares and Performance Units</U>. Subject to the terms
and conditions of the Plan, the Committee, at any time and from time to time,
may grant Performance Shares and/or Performance Units to Participants in such
amounts and upon such terms as the Committee shall determine.</P>
<P align=justify style="text-indent:5%">10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Value of Performance Shares and Performance Units</U>. Each Performance Share
and Performance Unit shall have an initial value equal to the FMV of a Share on
the date of grant. The Committee shall set performance criteria for a
Performance Period in its discretion, which, depending on the extent to which
they are met, will determine, in the manner determined by the Committee and set
forth in the Award Agreement, the value and/or number of each Performance Share
or Performance Unit that will be paid to the Participant.</P>
<P align=justify style="text-indent:5%">10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Earning
of Performance Shares and Performance Units</U>. Subject to the terms of this
Plan and the applicable Award Agreement, after the applicable Performance Period
has ended, the holder of Performance Shares/Performance Units
shall be entitled to receive payout on the value and number of Performance
Shares/Performance Units, determined as a function of the extent to which the
corresponding performance criteria have been achieved. Notwithstanding the
foregoing, the Company shall have the ability to require the Participant to hold
any Shares received pursuant to such Award for a specified period of time.</P>
<P align=center>C-19</P>
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<P align=justify style="text-indent:5%">10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Form
  and Timing of Payment of Performance Shares and Performance</U> <U>Units</U>.
  Payment of earned Performance Shares/Performance Units shall be as determined by
  the Committee and as set forth in the Award Agreement. Subject to the terms of
  the Plan, the Committee, in its sole discretion, may pay earned Performance
  Shares/Performance Units in the form of cash or in Shares (or in a combination
  thereof) equal to the value of the earned Performance Shares/Performance Units
  at the end of the applicable Performance Period. Any Shares may be granted
  subject to any restrictions deemed appropriate by the Committee. The
  determination of the Committee with respect to the form of payout of such Awards
  shall be set forth in the Award Agreement for the grant of the Award or reserved
for later determination.</P>
<P align=justify style="text-indent:5%">10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends
and Other Distributions</U>. The Committee shall determine whether Participants
holding Performance Shares will receive Dividend Equivalents with respect to
dividends declared with respect to the Shares. Dividends or Dividend Equivalents
may be subject to accrual, forfeiture or payout restrictions as determined by
the Committee in its sole discretion.</P>
<P align=justify style="text-indent:5%">10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Employment</U>. Each Award Agreement shall set forth the extent to which the
Participant shall have the right to retain Performance Shares/Performance Units
following termination of the Participant&#146;s employment or other relationship with
the Company or an Affiliate. Such provisions shall be determined in the sole
discretion of the Committee, need not be uniform among all Awards of Performance
Shares/Performance Units issued pursuant to the Plan, and may reflect
distinctions based on the reasons for termination.</P>
<P align=justify style="text-indent:5%">10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nontransferability
of Performance Shares and Performance Units</U>. Except as otherwise provided in
a Participant&#146;s Award Agreement at the time of grant or thereafter by the
Committee, Performance Shares/Performance Units may not be sold, transferred,
pledged, assigned or otherwise alienated or hypothecated, other than by will or
by the laws of descent and distribution. Further, except as otherwise provided
in a Participant&#146;s Award Agreement or otherwise by the Committee at any time, a
Participant&#146;s rights under the Plan shall inure during such Participant&#146;s
lifetime only to such Participant. </P>
<P align=center>ARTICLE 11. FULL VALUE STOCK-BASED AWARDS</P>
<P align=justify style="text-indent:5%">11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock-Based
Awards</U>. The Committee may grant other types of equity-based or
equity-related Awards not otherwise described by the terms of this Plan
(including the grant or offer for sale of unrestricted Shares) in such amounts
and subject to such terms and conditions, including, but not limited to, being
subject to performance criteria, or in satisfaction of such obligations, as the
Committee shall determine. Such Awards may involve the transfer of actual Shares
to Participants, or payment in cash or otherwise of amounts based on the value
of Shares. </P>
<P align=center>C-20</P>
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<P align=justify style="text-indent:5%">11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Employment</U>. Each Award Agreement shall set forth the extent to which the
Participant shall have the right to receive Stock-Based Awards following
termination of the Participant&#146;s employment or other relationship with the
Company or Affiliates. Such provisions shall be determined in the sole
discretion of the Committee, need not be uniform among all Stock-Based Awards
issued pursuant to the Plan, and may reflect distinctions based on the reasons
for termination.</P>
<P align=justify style="text-indent:5%">11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nontransferability
of Stock-Based Awards</U>. Except as otherwise provided in a Participant&#146;s Award
Agreement at the time of grant or thereafter by the Committee, Stock-Based
Awards may not be sold, transferred, pledged, assigned or otherwise alienated or
hypothecated, other than by will or by the laws of descent and distribution.
Further, except as otherwise provided in a Participant&#146;s Award Agreement at the
time of grant or thereafter by the Committee, a Participant&#146;s rights under the
Plan shall be exercisable during such Participant&#146;s lifetime only by such
Participant. </P>
<P align=center>ARTICLE 12. BENEFICIARY DESIGNATION</P>
<P align=justify style="text-indent:5%">A Participant&#146;s &#147;beneficiary&#148; is
the person or persons entitled to receive payments or other benefits or exercise
rights that are available under the Plan in the event of the Participant&#146;s
death. A Participant may designate a beneficiary or change a previous
beneficiary designation at such times as prescribed by the Committee and by
using such forms and following such procedures approved or accepted by the
Committee for that purpose. If no beneficiary designated by the Participant is
eligible to receive payments or other benefits or exercise rights that are
available under the Plan at the Participant&#146;s death, the beneficiary shall be
the Participant&#146;s estate.</P>
<P align=justify style="text-indent:5%">Notwithstanding the provisions
above, the Committee may, in its discretion, after notifying the affected
Participants, modify the foregoing requirements, institute additional
requirements for beneficiary designations, or suspend the existing beneficiary
designations of living Participants or the process of determining beneficiaries
under this Article 12, or both, in favor of another method of determining
beneficiaries. </P>
<P align=center>ARTICLE 13. DEFERRALS</P>
<P align=justify style="text-indent:5%">The Committee may permit or
require a Participant to defer such Participant&#146;s receipt of any Award, or
payment in settlement or exercise of any Award, provided that any such deferral
must comply with the applicable requirements of Section 409A of the Code and the
Treasury regulations thereunder so that such deferral does not cause the
Participant to be subject to taxes and interest pursuant to Section 409A of the
Code. </P>
<P align=center>ARTICLE 14. RIGHTS OF PERSONS ELIGIBLE TO PARTICIPATE</P>
<P align=justify style="text-indent:5%">14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment</U>.
Nothing in the Plan or an Award Agreement shall interfere with or limit in any
way the right of the Company or an Affiliate to terminate any Participant&#146;s
employment, consulting or other service relationship with the Company or an
Affiliate at any time, nor confer upon any Participant any right to continue in
the capacity in which he or she is employed or otherwise serves the Company or
an Affiliate.</P>
<P align=center>C-21</P>
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<P align=justify style="text-indent:10%">Neither
  an Award nor any benefits arising under this Plan shall constitute part of an
  employment or service contract with the Company or an Affiliate, and,
  accordingly, subject to the terms of this Plan, this Plan may be terminated or
  modified at any time in the sole and exclusive discretion of the Committee or
  the Board without giving rise to liability on the part of the Company or an
  Affiliate for severance payments or otherwise, except as provided in this
Plan.</P>
<P align=justify style="text-indent:10%">For
purposes of the Plan, unless otherwise provided by the Committee, a transfer of
employment of a Participant between the Company and an Affiliate or among
Affiliates, shall not be deemed a termination of employment. The Committee may
provide in a Participant&#146;s Award Agreement or otherwise the conditions under
which a transfer of employment to an entity that is spun off from the Company or
an Affiliate shall not be deemed a termination of employment for purposes of an
Award.</P>
<P align=justify style="text-indent:5%">14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Participation</U>. No Employee or other Person eligible to participate in the
Plan shall have the right to be selected to receive an Award. No person selected
to receive an Award shall have the right to be selected to receive a future
Award, or, if selected to receive a future Award, the right to receive such
future Award on terms and conditions identical or in proportion in any way to
any prior Award.</P>
<P align=justify style="text-indent:5%">14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights
as a Shareholder</U>. A Participant shall have none of the rights of a
shareholder with respect to Shares covered by any Award until the Participant
becomes the record holder of such Shares. </P>
<P align=center>CHANGE OF CONTROL</P>
<P align=justify style="text-indent:5%">14.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Accelerated
Vesting and Payment</U>. Subject to the provisions of Section 16.2 or as
otherwise provided in the Award Agreement, in the event of a Change of Control,
unless otherwise specifically prohibited under law or by the rules and
regulations of a national securities exchange or market on which Shares are
listed or traded: </P>
<P align=justify style="text-indent:10%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any and all Options and SARs granted hereunder shall be accelerated to become
immediately exercisable in full; </P>
<P align=justify style="text-indent:10%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Period of Restriction and other restrictions imposed on Restricted Stock or
Restricted Stock Units shall lapse, and Restricted Stock Units shall be
immediately settled and payable; </P>
<P align=justify style="text-indent:10%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
target payout opportunities attainable under all outstanding Awards of
performance-based Restricted Stock, performance-based Restricted Stock Units,
Performance Units and Performance Shares shall be deemed to have been fully
earned based on targeted performance being attained as of the effective date of
the Change of Control, and: </P>
<P align=center>C-22</P>
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<P align=justify style="text-indent:15%">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
vesting of all Awards denominated in Shares shall be accelerated as of the
effective date of the Change of Control, (or such other time prior to the time
of the Change of Control, if the Committee in its reasonable discretion
determines is appropriate) and shall be paid out to Participants within thirty
(30) days following the effective date of the Change of Control; and </P>
<P align=justify style="text-indent:15%">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Awards denominated in cash shall be paid to Participants in cash within thirty
(30) days following the effective date of the Change of Control; </P>
<P align=justify style="text-indent:10%">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
a Change of Control, unless otherwise specifically provided in a written
agreement entered into between the Participant and the Company or an Affiliate,
the Committee shall immediately cause all other Stock-Based Awards to vest and
be paid out as determined by the Committee; and </P>
<P align=justify style="text-indent:10%">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall have the discretion to unilaterally determine that all
outstanding Awards shall be cancelled upon a Change of Control, and that the
value of such Awards, as determined by the Committee in accordance with the
terms of the Plan and the Award Agreements, shall be paid out in cash in an
amount based on the Change of Control Price within a reasonable time subsequent
to the Change of Control; provided, however, that no such payment shall be made
on account of an ISO using a value higher than the FMV of the underlying Shares
on the date of settlement.</P>
<P align=justify style="text-indent:5%">14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Alternative
Awards</U>. Notwithstanding Section 15.1, no cancellation, acceleration of
vesting, lapsing of restrictions, payment of an Award, cash settlement or other
payment shall occur with respect to any Award if the Committee reasonably
determines in good faith prior to the occurrence of a Change of Control that
such Award shall be honored or assumed, or new rights substituted therefor (with
such honored, assumed or substituted Award hereinafter referred to as an
&#147;Alternative Award&#148;) by any successor to the Company or an Affiliate as
described in Article 17; provided, however, that any such Alternative Award
must: </P>
<P align=justify style="text-indent:10%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Be based on stock which is traded on the TSX and/or an established U.S.
securities market; </P>
<P align=justify style="text-indent:10%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provide
such Participant with rights and entitlements substantially equivalent to or
better than the rights, terms and conditions applicable under such Award,
including, but not limited to, an identical or better exercise or vesting
schedule and identical or better timing and methods of payment; </P>
<P align=justify style="text-indent:10%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;recognize,
for the purpose of vesting provisions, the time that the Award has been held
prior to the Change of Control; </P>
<P align=justify style="text-indent:10%">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Have
substantially equivalent economic value to such Award (determined prior to the
time of the Change of Control); and </P>
<P align=justify style="text-indent:10%">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Have
terms and conditions which provide that in the event that the Participant&#146;s
employment with the Company, an Affiliate or any successor as described in
Article 18 is involuntarily terminated or Constructively Terminated at any time
within at least twelve months following a Change of Control, any conditions on a
Participant&#146;s rights under, or any restrictions on transfer or exercisability applicable to,
each such Alternative Award shall be waived or shall lapse, as the case may be.</P>
<P align=center>C-23</P>
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<P align=justify style="text-indent:5%">14.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
  with Section 280G of the Code</U>. In the event that any accelerated Award
  vesting or payment received or to be received by a Participant pursuant to
  Section 15.1 herein (the &#147;Benefit&#148;) would (i) constitute a &#147;parachute payment&#148;
  within the meaning of and subject to Section 280G of the Code and (ii) but for
  this Section 15.3, be subject to the excise tax imposed by Section 4999 of the
  Code (the &#147;Excise Tax&#148;), then such Benefit shall be reduced to the extent
  necessary so that no portion of the Benefit will be subject to the Excise Tax,
  as determined in good faith by the Committee; provided, however, that if, in the
  absence of any such reduction (or after such reduction), the Participant
  believes that the Benefit or any portion thereof (as reduced, if applicable)
  would be subject to the Excise Tax, the Benefit shall be reduced (or further
  reduced) to the extent determined by the Participant in his or her discretion so
  that the Excise Tax would not apply. If, notwithstanding any such reduction (or
  in the absence of such reduction), the Internal Revenue Service (&#147;IRS&#148;)
  determines that the Participant is liable for the Excise Tax as a result of the
  Benefit, then the Participant shall be obligated to return to the Company,
  within thirty days of such determination by the IRS, a portion of the Benefit
  sufficient such that none of the Benefit retained by the Participant constitutes
  a &#147;parachute payment&#148; within the meaning of Section 280G of the Code that is
subject to the Excise Tax. </P>
<P align=center>ARTICLE 15. AMENDMENT, MODIFICATION, SUSPENSION AND TERMINATION
</P>
<P align=justify style="text-indent:5%">15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment,
Modification, Suspension and Termination</U>.</P>
<P align=justify style="text-indent:10%">Except
as set out in clauses (b) and (c) below, and as otherwise provided by law, or
stock exchange rules, the Committee or Board may, at any time and from time to
time, alter, amend, modify, suspend or terminate the Plan or any Award in whole
or in part without notice to, or approval from, shareholders, including, but not
limited to for the purposes of: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">i. </TD>
    <TD>
      <P align=justify>making any acceleration of or other amendments to the
      general vesting provisions of any Award;</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">ii. </TD>
    <TD>
      <P align=justify>waiving any termination of, extending the expiry date of,
      or making any other amendments to the general term of any Award or
      exercise period thereunder provided that no Award held by an Insider may
      be extended beyond its original expiry date;</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">iii. </TD>
    <TD>
      <P align=justify>making any amendments to add covenants or obligations of
      the Company for the protection of Participants;</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">iv. </TD>
    <TD>
      <P align=justify>making any amendments not inconsistent with the Plan as
      may be necessary or desirable with respect to matters or questions which,
      in the good faith opinion of the Board, it may be expedient to make,
      including amendments that are desirable as a result of changes in law or
      as a &#147;housekeeping&#148; matter; or</P></TD></TR></TABLE>
<P align=center>C-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 BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">v. </TD>
    <TD>
      <P align=justify>making such changes or corrections which are required for
      the purpose of curing or correcting any ambiguity or defect or
      inconsistent provision or clerical omission or mistake or manifest
      error.</P></TD></TR></TABLE>
<P align=justify style="text-indent:10%">Other
than as expressly provided in an Award Agreement or as set out herein with
respect to a Change of Control, the Committee shall not alter or impair any
rights or increase any obligations with respect to an Award previously granted
under the Plan without the consent of the Participant. </P>
<P align=justify style="text-indent:10%">The
following amendments to the Plan shall require the prior approval of the
Company&#146;s shareholders: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">i. </TD>
    <TD>
      <P align=justify>A reduction in the Option Price of a previously granted
      Option or the Grant Price of a previously granted SAR benefitting an
      Insider of the Company or one of its Affiliates except for adjustments to
      the Option Price or Grant Price applicable to outstanding Awards pursuant
      to Section 4.2 hereof.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">ii. </TD>
    <TD>
      <P align=justify>Any amendment or modification which would increase the
      total number of Shares available for issuance under the Plan or the total
      number of Shares available for ISOs under the Plan.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">iii. </TD>
    <TD>
      <P align=justify>An increase to the limit on the number of Shares issued
      or issuable under the Plan to Insiders of the Company;</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">iv. </TD>
    <TD>
      <P align=justify>An extension of the expiry date of an Option or SAR,
      other than as otherwise permitted hereunder in relation to a Blackout
      Period; or</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">v. </TD>
    <TD>
      <P align=justify>Any amendment to the amendment provisions of the Plan
      under this Article 16.1.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">15.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
of Awards Upon the Occurrence of Unusual or Nonrecurring Events</U>. The
Committee may make adjustments in the terms and conditions of, and the criteria
included in, Awards in recognition of unusual or nonrecurring events in addition
to the events described in Section 4.2 hereof affecting the Company or the
financial statements of the Company or of changes in applicable laws,
regulations or accounting principles, whenever the Committee determines that
such adjustments are appropriate in order to prevent unintended dilution or
enlargement of the benefits or potential benefits intended to be made available
under the Plan. The determination of the Committee as to the foregoing
adjustments, if any, shall be conclusive and binding on Participants under the
Plan.</P>
<P align=justify style="text-indent:5%">15.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Awards
Previously Granted</U>. Notwithstanding any other provision of the Plan to the
contrary, no termination, amendment, suspension or modification of the Plan
shall adversely affect in any material way any Award previously granted under
the Plan, without the written consent of the Participant holding such Award.
</P>
<P align=center>C-25</P>
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<P align=center>ARTICLE 16. WITHHOLDING</P>
<P align=justify style="text-indent:5%">The Company or any Affiliate
shall have the power and the right to deduct or withhold, or require a
Participant to remit to the Company or any Affiliate, an amount sufficient to
satisfy federal, state and local taxes or provincial, domestic or foreign
(including the Participant&#146;s FICA obligation), required by law or regulation to
be withheld with respect to any taxable event arising or as a result of this
Plan or any Award hereunder. The Committee may provide for Participants to
satisfy withholding requirements by having the Company withhold and sell Shares
or the Participant making such other arrangements, including the sale of Shares,
in either case on such conditions as the Committee specifies. </P>
<P align=justify style="text-indent:5%">Participant acknowledges and
agrees that the ultimate liability for all taxes legally payable by Participant
is and remains Participant&#146;s responsibility and may exceed the amount actually
withheld by the Company. Participant further acknowledges that the Company (a)
makes no representations or undertakings regarding the treatment of any taxes in
in connection with any aspect of this Plan; and (b) does not commit to and is
under no obligation to structure the terms of this Plan to reduce or eliminate
Participant&#146;s liability for taxes or achieve any particular tax result. Further,
if Participant has become subject to tax in more than one jurisdiction,
Participant acknowledges that the Company may be required to withhold or account
for taxes in more than one jurisdiction. </P>
<P align=center>ARTICLE 17. SUCCESSORS</P>
<P align=justify style="text-indent:5%">Any obligations of the Company or
an Affiliate under the Plan with respect to Awards granted hereunder shall be
binding on any successor to the Company or Affiliate, respectively, whether the
existence of such successor is the result of a direct or indirect purchase,
merger, consolidation or otherwise, of all or substantially all of the
businesses and/or assets of the Company or Affiliate, as applicable. </P>
<P align=center>ARTICLE 18. GENERAL PROVISIONS</P>
<P align=justify style="text-indent:5%">18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Forfeiture
Events</U>. Without limiting in any way the generality of the Committee&#146;s power
to specify any terms and conditions of an Award consistent with law, and for
greater clarity, the Committee may specify in an Award Agreement that the
Participant&#146;s rights, payments and benefits with respect to an Award shall be
subject to reduction, cancellation, forfeiture or recoupment upon the occurrence
of certain specified events, in addition to any otherwise applicable vesting or
performance conditions of an Award. Such events may include, but shall not be
limited to, failure to accept the terms of the Award Agreement, termination of
employment under certain or all circumstances, violation of material Company and
Affiliate policies, breach of noncompetition, confidentiality, nonsolicitation,
noninterference, corporate property protection or other agreements that may
apply to the Participant, or other conduct by the Participant that is
detrimental to the business or reputation of the Company and Affiliates.</P>
<P align=justify style="text-indent:10%">Except
as expressly otherwise provided in this Plan or an Award Agreement, the
termination and the expiry of the period within which an Award will vest and may
be exercised by a Participant shall be based upon the last day of actual
service by the Participant to the Company and specifically does not include any
period of notice that the Company may be required to provide to the Participant
under applicable employment law. </P>
<P align=center>C-26</P>
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<P align=justify style="text-indent:5%">18.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legend</U>.
  The certificates for Shares may include any legend that the Committee deems
appropriate to reflect any restrictions on transfer of such Shares. </P>
<P align=justify style="text-indent:5%">18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Delivery of Title</U>. The Company shall have no obligation to issue or
deliver evidence of title for Shares issued under the Plan prior to: </P>
<P align=justify style="text-indent:10%">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Obtaining any approvals from governmental agencies that the Company determines
  are necessary or advisable; and</P>
<P align=justify style="text-indent:10%"> (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Completion of any registration or other
  qualification of the Shares under any applicable law or ruling of any
governmental body that the Company determines to be necessary or advisable.</P>
<P align=justify style="text-indent:5%">18.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment
Representations</U>. The Committee may require each Participant receiving Shares
pursuant to an Award under this Plan to represent and warrant in writing that
the Participant is acquiring the Shares for investment and without any present
intention to sell or distribute such Shares.</P>
<P align=justify style="text-indent:5%">18.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Uncertificated
Shares</U>. To the extent that the Plan provides for issuance of certificates to
reflect the transfer of Shares, the transfer of such Shares may be effected on a
noncertificated basis to the extent not prohibited by applicable law or the
rules of any applicable stock exchange.</P>
<P align=justify style="text-indent:5%">18.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Unfunded
Plan</U>. Participants shall have no right, title or interest whatsoever in or
to any investments that the Company or an Affiliate may make to aid it in
meeting its obligations under the Plan. Nothing contained in the Plan, and no
action taken pursuant to its provisions, shall create or be construed to create
a trust of any kind, or a fiduciary relationship between the Company or an
Affiliate and any Participant, beneficiary, legal representative or any other
person. Awards shall be general unsecured obligations of the Company, except
that if an Affiliate executes an Award Agreement instead of the Company the
Award shall be a general unsecured obligation of the Affiliate and not any
obligation of the Company. To the extent that any individual acquires a right to
receive payments from the Company or an Affiliate, such right shall be no
greater than the right of an unsecured general creditor of the Company or
Affiliate, as applicable. All payments to be made hereunder shall be paid from
the general funds of the Company or Affiliate, as applicable, and no special or
separate fund shall be established and no segregation of assets shall be made to
assure payment of such amounts except as expressly set forth in the Plan. The
Plan is not intended to be subject to ERISA. </P>
<P align=justify style="text-indent:5%">18.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Fractional Shares</U>. No fractional Shares shall be issued or delivered
pursuant to the Plan or any Award Agreement. In such an instance, unless the
Committee determines otherwise, fractional Shares and any rights thereto shall
be forfeited or otherwise eliminated.</P>
<P align=center>C-27</P>
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<P align=justify style="text-indent:5%">18.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Compensation and Benefit Plans</U>. Nothing in this Plan shall be construed to
limit the right of the Company or an Affiliate to establish other compensation
or benefit plans, programs, policies or arrangements. Except as may be otherwise
specifically stated in any other benefit plan, policy, program or arrangement,
no Award shall be treated as compensation for purposes of calculating a
Participant&#146;s rights under any such other plan, policy, program or arrangement.
</P>
<P align=justify style="text-indent:5%">18.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Constraint on Corporate Action</U>. Nothing in this Plan shall be construed (i)
to limit, impair or otherwise affect the Company&#146;s or an Affiliate&#146;s right or
power to make adjustments, reclassifications, reorganizations or changes in its
capital or business structure, or to merge or consolidate, or dissolve,
liquidate, sell or transfer all or any part of its business or assets, or (ii)
to limit the right or power of the Company or an Affiliate to take any action
which such entity deems to be necessary or appropriate.</P>
<P align=justify style="text-indent:5%">18.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Compliance with United States Securities Laws</U>. All Awards and the
issuance of Shares underlying such Awards issued pursuant to the Plan will be
issued pursuant to the registration requirements of the United States Securities
Act of 1933, as amended, or an exemption from such registration
requirements.</P>
<P align=center>ARTICLE 19. LEGAL CONSTRUCTION</P>
<P align=justify style="text-indent:5%">19.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Gender
and Number</U>. Except where otherwise indicated by the context, any masculine
term used herein also shall include the feminine, the plural shall include the
singular, and the singular shall include the plural.</P>
<P align=justify style="text-indent:5%">19.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
In the event any provision of this Plan shall be held illegal or invalid for any
reason, the illegality or invalidity shall not affect the remaining parts of the
Plan, and the Plan shall be construed and enforced as if the illegal or invalid
provision had not been included.</P>
<P align=justify style="text-indent:5%">19.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Requirements of Law</U>. The granting of Awards and the issuance of Shares
under the Plan shall be subject to all applicable laws, rules and regulations,
and to such approvals by any governmental agencies or national securities
exchanges as may be required. The Company or an Affiliate shall receive the
consideration required by law for the issuance of Awards under the Plan.</P>
<P align=justify style="text-indent:10%">The
inability of the Company or an Affiliate to obtain authority from any regulatory
body having jurisdiction, which authority is deemed by the Company or an
Affiliate to be necessary for the lawful issuance and sale of any Shares
hereunder, shall relieve the Company or Affiliate of any liability in respect of
the failure to issue or sell such Shares as to which such requisite authority
shall not have been obtained.</P>
<P align=justify style="text-indent:5%">19.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. The Plan and each Award Agreement shall be governed by the laws of the
Province of Ontario excluding any conflicts or choice of law rule or principle
that might otherwise refer construction or interpretation of the Plan to the
substantive law of another jurisdiction. </P>
<P align=center>C-28</P>
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<P align=justify style="text-indent:5%">19.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Section 409A of the Code</U>.</P>
<P align=justify style="text-indent:10%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent applicable, it is intended that this Plan and any Awards made
hereunder shall not provide for the payment of &#147;deferred compensation&#148; within
the meaning of Section 409A of the Code or shall be structured in a manner and
have such terms and conditions that would not cause a Participant to be subject
to taxes and interest pursuant to Section 409A of the Code. This Plan and any
Awards made hereunder shall be administrated and interpreted in a manner
consistent with this intent, and any provision that would cause this Plan or any
Award made hereunder to become subject to taxation under Section 409A of the
Code shall have no force and effect until amended to comply with Section 409A of
the Code (which amendment may be retroactive to the extent permitted by Section
409A of the Code and may be made by the Company without the consent of
Participants). </P>
<P align=justify style="text-indent:10%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything in this Plan or in any Award Agreement to the contrary, but subject to
this Article 20.5(b) to the extent that any amount or benefit that would
constitute &#147;deferred compensation&#148; for purposes of Section 409A of the Code
would otherwise be payable or distributable under this Plan or any Award
Agreement by reason of the occurrence of a Change of Control or the
Participant&#146;s disability or separation from service, such amount or benefit will
not be payable or distributable to the Participant by reason of such
circumstance unless (i) the circumstances giving rise to such Change of Control,
disability or separation from service meet the description or definition of
&#147;change in control event,&#148; &#147;disability,&#148; or &#147;separation from service,&#148; as the
case may be, in Section 409A of the Code and applicable proposed or final
Treasury regulations thereunder, and (ii) the payment or distribution of such
amount or benefit would otherwise comply with Section 409A of the Code and not
subject the Participant to taxes and interest pursuant to Section 409A of the
Code (which may require, if the Participant is a &#147;specified employee&#148; within the
meaning of Section 409A of the Code, that the payment date shall not be earlier
than the date that is six (6) months after the date of the Participant&#146;s
separation from service). This provision does not prohibit the vesting of any
Award or the vesting of any right to eventual payment or distribution of any
amount or benefit under this Plan or any Award Agreement. </P>
<P align=justify style="text-indent:10%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything in this Plan or in any Award Agreement to the contrary, but subject to
Section 20.5(b) to the extent necessary to avoid the application of Section 409A
of the Code, (i) the Committee may not amend an outstanding Option, SAR or
similar Award to extend the time to exercise such Award beyond the later of the
15th day of the third month following the date at which, or December 31 of the
calendar year in which, the Award would otherwise have expired if the Award had
not been extended, based on the terms of the Award at the original grant date
(the &#147;Safe Harbor Extension Period&#148;), provided that, in any event, Options and
SARs granted to U.S. Participants may not be extended past the 10th anniversary
of the original date of grant, and (ii) any purported extension of the exercise
period of an outstanding Award beyond the Safe Harbor Extension Period shall be
deemed to be an amendment to the last day of the Safe Harbor Extension Period
and no later. </P>
<P align=justify style="text-indent:10%">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall use its reasonable discretion to determine the extent to which
the provisions of Article 20.5 will apply to a Participant who is subject to
taxation under the ITA. </P>
<P align=center>C-29</P>
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<P align=center><B>SCHEDULE &#147;D&#148;</B></P>
<P align=center><B><U>CONSULTING AGREEMENT</U></B></P>
<P align=justify><B>This Consulting Agreement (the &#147;Agreement&#148;)</B>, effective
as of October 1, 2017 (the &#147;Effective Date&#148;), is entered into by and between
<B>ENERGY FUELS INC.</B>, having an office at 225 Union Blvd., Suite 600,
Lakewood, CO 80228 (herein referred to as &#147;<B>Company</B>&#148;), and <B>LIVIAKIS
FINANCIAL COMMUNICATIONS, INC.</B>, a California corporation, having its
headquarters at 655 Redwood Hwy., Suite 395, Mill Valley, CA (herein referred to
as &#147;<B>Consultant</B>&#148;). Company and Consultant are sometimes referred to herein
individually as a &#147;<B>party</B>&#148; and collectively as the &#147;<B>parties</B>.&#148;</P>
<P align=center><B>RECITALS</B></P>
<P align=justify><B>WHEREAS,</B> Company desires to engage the services of
Consultant to represent Company in investor communications and financial public
relations with existing and prospective shareholders, brokers, dealers and other
investment professionals with respect to Company&#146;s current and proposed
activities, and to consult with Company&#146;s management concerning such activities;
</P>
<P align=center><B>AGREEMENT</B></P>
<P align=justify><B>NOW THEREFORE, </B>in consideration of the mutual
obligations contained herein, the parties agree as follows: </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%"><B>2)</B> </TD>
    <TD>
      <P align=justify><B><U>Initial Term</U></B><B>. </B>Company hereby agrees
      to retain the Consultant as an independent contractor to act in a
      consulting capacity to Company upon the terms and conditions hereinafter
      set forth, and Consultant hereby agrees to provide such services to
      Company commencing on the Effective Date and ending on September 30, 2018
      (the &#147;<B>Initial Term</B>&#148;), unless earlier terminated pursuant to Section
      13 of this Agreement or extended pursuant to Section 2 of this
      Agreement..</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>3)</B> </TD>
    <TD>
      <P align=justify><B><U>Extension Period(s)</U></B><B>. </B>The Initial
      Term of this Agreement may be extended at the end of the Initial Term for
      a one-year period and at the end of each of the next two years thereafter
      for an additional one-year period, for a total of up to three one-year
      extension periods after the end of the Initial Term (each an &#147;<B>Extension
      Period</B>&#148;), by mutual agreement of the parties. The Initial Term as so
      extended is referred to herein as the &#147;<B>Term</B>&#148; of this Agreement. Any
      such one-year extensions shall be determined by the parties in advance of
      the then current Term&#146;s expiration.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>4)</B> </TD>
    <TD>
      <P align=justify><B><U>Duties of Consultant</U></B><B>. </B>Subject to all
      applicable laws, regulations, and stock exchange rules, Consultant agrees
      that it will generally provide the following consulting
  services:</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>consult and assist Company in developing and implementing
      appropriate plans and means for presenting Company and its business plans,
      strategy and personnel to the financial community, establishing an image
      for Company in the financial community, and creating the foundation for
      subsequent financial public relations efforts;</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>introduce Company to the financial
  community;</P></TD></TR></TABLE>
<P align=center>D-1</P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">c) </TD>
    <TD>
      <P align=justify>with the cooperation of Company, maintain an awareness
      during the term of this Agreement of Company&#146;s plans, strategy and
      personnel, as they may evolve during such period, and consult and assist
      Company in communicating appropriate information regarding such plans,
      strategy and personnel to the financial community;</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>assist and consult with Company with respect to its (i)
      relations with stockholders, (ii) relations with brokers, dealers,
      analysts and other investment professionals, and (iii) financial public
      relations generally;</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>perform the functions generally assigned to stockholder
      relations and public relations departments in major corporations,
      including responding to telephone and written inquiries (which may be
      referred to Consultant by Company); preparing reports and other
      communications with or to shareholders, the investment community and the
      general public; consulting with respect to the timing, form, distribution
      and other matters related to such reports and communications; and, at
      Company&#146;s request and subject to Company&#146;s securing its own rights to the
      use of its names, marks, and logos, consulting with respect to corporate
      symbols, logos, names, the presentation of such symbols, logos and names,
      and other matters relating to corporate image;</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>upon Company&#146;s direction and approval, disseminate
      information regarding Company to shareholders, brokers, dealers, other
      investment community professionals and the general investing
  public;</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>upon Company&#146;s approval, conduct meetings, in person or
      by telephone, with brokers, dealers, analysts and other investment
      professionals to communicate with them regarding Company&#146;s plans, goals
      and activities, and assist Company in preparing for press conferences and
      other forums involving the media, investment professionals and the general
      investment public;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">h) </TD>
    <TD>
      <P align=justify>at Company&#146;s request, review business plans, strategies,
      mission statements budgets, proposed transactions and other plans for the
      purpose of advising Company of the public relations implications
      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%">i) </TD>
    <TD>
      <P align=justify>assist Company in raising capital through introductions
      (it is understood Consultant is not an &#147;investment banking&#148; firm and may
      not receive any commission for such introductions); 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%">j) </TD>
    <TD>
      <P align=justify>otherwise perform as Company&#146;s consultant for public
      relations and relations with financial
professionals.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Consultant will not publish or
distribute electronically or otherwise any written materials relating to Company
or its business or affairs without the prior written approval of Company. </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%"><B>5)</B> </TD>
    <TD>
      <P align=justify><B><U>Allocation of Time and Energies</U></B><B>.
      </B>Consultant agrees to perform and discharge faithfully the responsibilities
      which may be assigned to Consultant from time to time by the officers and
      fully authorized representatives of Company in connection with the conduct of
      its financial and public relations and communications activities, so long
      as such activities are in compliance with applicable securities laws and
      regulations. Although no specific hours-per-day requirement will be
      required, Consultant agrees that it will perform the duties set forth in
      this Agreement in a diligent and professional manner. It is explicitly
      understood that Consultant&#146;s performance of its duties hereunder will in
      no way be measured by the price of the Company&#146;s common shares (&#147;<B>Common
      Shares</B>&#148;), nor the trading volume of the Common Shares. It is also
      understood that Company is entering into this Agreement with Consultant, and
      not any individual member of Consultant. Consultant will not be deemed to
      have breached this Agreement if any member, officer or director of Consultant
      leaves the firm or dies or becomes physically unable to perform any
      meaningful activities during the term of the Agreement, provided
      Consultant otherwise performs its obligations under
      this Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>6)</B> </TD>
    <TD>
      <P
align=justify><B><U>Compensation</U></B><B>.</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 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify><I>Fees.</I></P></TD></TR></TABLE>
<P align=center>D-2 </P>
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<P align=justify style="margin-left:5%">As full and complete compensation for undertaking this
engagement and for performance of the services described herein, Company shall
pay to Consultant: </P>
<P style="MARGIN-LEFT: 10%" align=justify>(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During the Initial Term,
US$120,000 per calendar quarter, payable in arrears, at the end of each quarter
for services performed during the quarter; and </P>
<P style="MARGIN-LEFT: 10%" align=justify>(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During each Extension Period, an
amount per calendar quarter, payable in arrears, at the end of each quarter for
services performed during the quarter, to be determined by mutual agreement of
the parties prior to commencement of the Extension Period. </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%">b) </TD>
    <TD>
      <P align=justify><I>Fees Payable in Common
Shares</I></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Subject to receipt of shareholder
approval in accordance with Section 7 below, and subject to Section 5 e) below,
all fees payable hereunder during the Term of this Agreement shall be paid in
Common Shares at the applicable issue price (the &#147;<B>Issue Price</B>&#148;)
determined in accordance with Section 5 c) below. If shareholder approval is not
obtained in accordance with Section 7 b) below, all fees payable under this
Agreement shall be paid in cash in the manner specified in Section 5 d) below
for the Initial Term and as may be mutually agreed by the parties for any
Extension Period. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The resale of all Common Shares issued
under this Agreement shall be restricted in accordance with Rule 144 under
(&#147;<B>Rule 144</B>&#148;) the Securities Act of 1933 (the &#147;<B>Securities Act</B>&#148;), as
adopted by the U.S. Securities and Exchange Commission (&#147;<B>SEC</B>&#148;) and
applicable Canadian securities laws and Toronto Stock Exchange rules. All of the
Common Shares to be issued in the Initial Term were duly authorized by Company&#146;s
Board of Directors on December 19, 2017. </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%">c) </TD>
    <TD>
      <P align=justify><I>Determination of Issue
Price.</I></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Issue Price will be determined as
follows: </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issue Price for all
Common Shares issued during the Initial Term shall be US$1.9395 per share, which
is the volume weighted average price of the Common Shares on the NYSE American
for the 5 trading days ending on and including December 18, 2017 (the day before
the December 19, 2017 Board meeting at which this Agreement was approved); and
</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Issue Price for all
Common Shares issued during any Extension Period shall be the volume weighted
average price of the Common Shares on the NYSE American for the 5 trading days
ending on the day prior to commencement of such Extension Period.</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%">d) </TD>
    <TD>
      <P align=justify><I>Fees to be paid in Initial
Term.</I></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>All fees earned under this Agreement
from October 1, 2017 through the date of the annual meeting of shareholders of
the Corporation currently scheduled to be held on May 30, 2018 (the
&#147;<B>Meeting</B>&#148;) will be accrued and will not be paid until the date of the
Meeting. If shareholder approval is obtained in accordance with Section 7 b)
below, all such accrued fees up to the date of the Meeting will be paid on the
date of the Meeting in Common Shares at the Issue Price. If shareholder approval
is not obtained in accordance with Section 7 b) below, all accrued fees up to
the date of the Meeting will be paid on the date of the Meeting in cash in an
amount equal to 80% of the value of the Common Shares that would otherwise have
been issued under this Agreement up to that time, based on the volume weighed
average price of the Common Shares on the NYSE American for the five trading
days ending on the day before the Meeting, and all other fees payable under this
Agreement after the date of the Meeting will be paid in cash. </P>
<P align=center>D-3</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify style="margin-left:5%">The fees payable for services during the calendar quarter
ending on June 30, 2018 that are not paid on the date of the Meeting, shall be
paid on June 30, 2018. The fees payable for services during the calendar quarter
ending on September 30, 2018 shall be paid on that date.</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%">e) </TD>
    <TD>
      <P align=justify><I>Maximum Number of Shares to be Issued Under this
      Agreement.</I></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Notwithstanding any other provision in
this Agreement, the maximum number of Common Shares that may be issued under
this Agreement shall not exceed 900,000 Common Shares in total, without prior
approval of the shareholders of the Corporation, and without prior receipt of
all applicable regulatory and stock exchange approvals.</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%"><B>7)</B> </TD>
    <TD>
      <P align=justify><B><U>Restricted
  Securities</U></B><B>.</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 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify><U>Consultant Representations &amp; Warranties</U>.
      Consultant acknowledges, represents, warrants and agrees as
  follows:</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>the Common Shares will be issued by Company to Consultant
      in reliance on the exemption from Canadian prospectus and registration
      requirements set out in Section 2.24 of National Instrument 45-106 &#150;
      <I>Prospectus and Registration Exemptions </I>adopted by the Canadian
      Securities Administrators, and are not subject to a hold period under
      Canadian securities laws and regulations. Consultant acknowledges and
      confirms that it has not been induced to accept the Common Shares in
      partial satisfaction of its compensation hereunder by expectation of the
      engagement or continued engagement of Consultant to provide services to
      Company or its affiliates;</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>Consultant has had the opportunity to ask questions of
      and receive answers from Company regarding the acquisition of the Common
      Shares, and has received all the information regarding Company that it has
      requested;</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>Consultant acknowledges that the Common Shares are highly
      speculative in nature and Consultant has such sophistication and
      experience in business and financial matters as to be capable of
      evaluating the merits and risks of the investment. In connection with the
      delivery of the Common Shares, Consultant has not relied upon Company for
      investment, legal or tax advice, or other professional advice, and has in
      all cases sought or elected not to seek the advice of its own personal
      investment advisers, legal counsel and tax advisers. Consultant is able,
      without impairing its financial condition, to bear the economic risk of,
      and withstand a complete loss of the investment and it can otherwise be
      reasonably assumed to have the capacity to protect its own interests in
      connection with its investment in the Common Shares;</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>Consultant acknowledges that Company may be required to
      file a report of trade with applicable Canadian securities regulators
      containing personal information about Consultant and that Company may also
      be required pursuant to applicable securities laws to file this Agreement
      on SEDAR and EDGAR. By executing this Agreement, Consultant authorizes the
      indirect collection of the information described in this Section by all
      applicable securities regulators and consents to the disclosure of such
      information to the public through (i) the filing of a report of trade with
      all applicable securities regulators and (ii) the filing of this Agreement
      on SEDAR and EDGAR;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>Consultant acknowledges that the Common Shares have not
      been and will not be registered under the Securities Act, or applicable
      state securities laws, and the Common Shares are being offered and sold to
      Consultant in reliance upon Rule 506(b) of Regulation D and/or Section
      4(a)(2) under the Securities Act;</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%">(vi) </TD>
    <TD>
      <P align=justify>Consultant is an Accredited Investor as defined in Rule
      501(a) of Regulation D under the Securities Act;</P></TD></TR></TABLE>
<P align=center>D-4 </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="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(vii) </TD>
    <TD>
      <P align=justify>Consultant acknowledges that it is not acquiring the
      Common Shares as a result of &#147;general solicitation&#148; or &#147;general
      advertising&#148; (as such terms are used in Regulation D under the Securities
      Act), including without limitation, advertisements, articles, notices or
      other communications published in any newspaper, magazine or similar media
      or on the internet, or broadcast over radio or television or on the
      internet, or any seminar or meeting whose attendees have been invited by
      general solicitation or general advertising;</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%"><FONT color=#010101>(viii)</FONT> </TD>
    <TD>
      <P align=justify><FONT color=#010101>Consultant acknowledges that it is
      not acquiring the Common Shares as a result of, and will not itself engage
      in, any "directed selling efforts" (as defined in Regulation S under the
      Securities Act) in the United States in respect of any of the Common
      Shares which would include any activities undertaken for the purpose of,
      or that could reasonably be expected to have the effect of, conditioning
      the market in the United States for the resale of any of the Common
      Shares; provided, however, that Consultant may sell or otherwise dispose
      of any of the Common Shares pursuant to registration of any of the Common
      Shares pursuant to the Securities Act and any applicable state securities
      laws or under an exemption from such registration requirements and as
      otherwise provided herein;</FONT></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%"><FONT color=#010101>(ix)</FONT> </TD>
    <TD>
      <P align=justify><FONT color=#010101>Consultant understands and agrees not
      to engage in any hedging transactions involving any of the Common Shares
      unless such transactions are in compliance with the provisions of the
      Securities Act and in each case only in accordance with applicable state
      and provincial securities laws;</FONT></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%"><FONT color=#010101>(x)</FONT> </TD>
    <TD>
      <P align=justify>Consultant acknowledges that the Common Shares are
      &#147;restricted securities&#148;, as such term is defined under Rule 144 of the
      Securities Act, and may not be offered, sold, pledged, or otherwise
      transferred, directly or indirectly, without prior registration under the
      Securities Act and applicable state securities laws, and Consultant agrees
      that if it decides to offer, sell, pledge or otherwise transfer, directly
      or indirectly, any of the Common Shares absent such registration, it will
      not offer, sell, pledge or otherwise transfer, directly or indirectly, any
      of the Common Shares, except:</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>to Company; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">B. </TD>
    <TD>
      <P align=justify>outside the United States in an &#147;offshore transaction&#148; in
      compliance with the requirements of Rule 904 of Regulation S under the
      Securities Act, if available, and in compliance with applicable local laws
      and regulations; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">C. </TD>
    <TD>
      <P align=justify>in compliance with an exemption from registration under
      the Securities Act provided by (a) Rule 144 or (b) Rule 144A thereunder,
      if available, and in accordance with any applicable state securities or
      &#147;Blue Sky&#148; laws; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">D. </TD>
    <TD>
      <P align=justify>in a transaction that does not require registration under
      the Securities Act or any applicable state securities laws; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">E. </TD>
    <TD>
      <P align=justify>in the case of subparagraphs (ii), (iii) or (iv), it has
      furnished to Company and to Company&#146;s transfer agent an opinion of counsel
      of recognized standing in form and substance satisfactory to Company and
      to Company&#146;s transfer agent to such effect.</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%">b) </TD>
    <TD>
      <P align=justify><U>Legend Requirements</U>. Consultant acknowledges that
      the certificates representing the Common Shares shall bear a legend in the
      following form:</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%; MARGIN-right: 15%;" align=justify>&#147;THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT
BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
&#147;U.S. SECURITIES ACT&#148;). THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED ONLY (A) TO ENERGY FUELS INC., (B) IF THE SECURITIES HAVE
BEEN REGISTERED IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS UNDER THE U.S.
SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS (C) IN
COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS UNDER THE U.S. SECURITIES ACT IN ACCORDANCE WITH RULE 144
THEREUNDER, IF APPLICABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S.
SECURITIES ACT OR ANY APPLICABLE STATE LAWS AND REGULATIONS GOVERNING THE OFFER
AND SALE OF SECURITIES, AND THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO
ENERGY FUELS INC. AN OPINION OF COUNSEL OF RECOGNIZED STANDING, OR OTHER
EVIDENCE OF EXEMPTION, REASONABLY SATISFACTORY TO ENERGY FUELS INC. HEDGING
TRANSACTIONS INVOLVING THE SECURITIES REPRESENTED HEREBY MAY NOT BE CONDUCTED
UNLESS IN COMPLIANCE WITH U.S. SECURITIES LAWS.&#148; </P>
<P align=center>D-5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P style="MARGIN-LEFT: 10%" align=justify>Notwithstanding the foregoing, if the
  certificates representing the Common Shares have been held by Consultant for a
  period of at least six (6) months after the respective payment dates, and if
  Rule 144 under the Securities Act is applicable (there being no representations
  by Company that Rule 144 is applicable), and subject to the restrictions set
  forth hereof, Consultant may make sales of the Common Shares only under the
  terms and conditions prescribed by Rule 144 of the Securities Act or other
  exemptions therefrom and provided that Consultant provides an opinion of counsel
  of recognized standing in form and substance satisfactory to Company and
  Company&#146;s transfer agent to the effect that the U.S. restrictive legend is no
longer required under applicable requirements of the Securities Act. </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%">c) </TD>
    <TD>
      <P align=justify><U>TSX Requirements</U>. The certificate(s) evidencing
      the Common Shares shall bear a legend (the &#147;<B>TSX Legend</B>&#148;) as
      required by Section 607.1 of the TSX Company Manual, substantially in the
      form below:</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%; MARGIN-right: 15%;" align=justify><U>&#147;THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED
ON THE TORONTO STOCK EXCHANGE (&#147;TSX&#148;); HOWEVER, THE SAID SECURITIES CANNOT BE
TRADED THROUGH THE FACILITIES OF TSX SINCE THEY ARE NOT FREELY TRANSFERABLE, AND
CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT &#147;GOOD DELIVERY&#148;
IN SETTLEMENT OF TRANSACTIONS ON TSX.&#148;</U> </P>
<P style="MARGIN-LEFT: 10%" align=justify><U>In accordance with Section 607.1 of the TSX Company Manual,
the TSX Legend may be removed at such time as the U.S. Legend has been
removed.</U><B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>8)</B> </TD>
    <TD>
      <P align=justify><B><U>Required
Approvals</U></B><B>.</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 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify><I>Stock Exchange Approvals</I></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>This Agreement and the issuance of the
Common Shares contemplated herein are subject to the approval of the Toronto
Stock Exchange and NYSE American LLC. </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%">b) </TD>
    <TD>
      <P align=justify><I>Shareholder Approval</I></P></TD></TR></TABLE>
<P align=center>D-6 </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%"></TD>
    <TD>
      <P align=justify>The issuance of Common Shares hereunder is subject to the
      prior approval of the shareholders of the Corporation at the
    Meeting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>9)</B> </TD>
    <TD>
      <P align=justify><B><U>Expenses</U></B><B>. </B>Consultant agrees to pay
      for all its expenses (phone, mailing, labor, and the like), other than
      extraordinary items (travel required, or specifically requested, by
      Company, luncheons or dinners to large groups of investment professionals,
      investor conference calls, print advertisements in publications, and the
      like) approved by Company prior to it incurring an obligation for
      reimbursement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>10)</B> </TD>
    <TD>
      <P align=justify><B><U>Indemnification</U></B><B>. </B>Company warrants
      and represents that all oral communications, written documents or
      materials furnished to Consultant by Company with respect to financial
      affairs, operations, profitability and strategic planning of Company are
      accurate and Consultant may rely upon the accuracy thereof without
      independent investigation. Company will protect, indemnify and hold
      harmless Consultant against any claims or litigation including any
      damages, liability, cost and reasonable attorney&#146;s fees as incurred with
      respect thereto resulting from Consultant&#146;s communication or dissemination
      of any said information, documents or materials in accordance with the
      terms of this Agreement. Consultant will protect, indemnify and hold
      harmless Company against any claims or litigation including any damages,
      liability, cost and reasonable attorney&#146;s fees as incurred with respect
      thereto resulting from Consultant&#146;s communication or dissemination of any
      information, documents or materials related to Company that had not
      previously been approved by Company.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>11)</B> </TD>
    <TD>
      <P align=justify><B><U>Compliance with Laws</U></B><B>. </B>Consultant (on
      its own behalf and on behalf of any and all related parties, affiliates,
      owners, members, employees, officers, and directors) agrees that it (and
      such persons) will comply with all laws, rules and regulations related to
      the activities on behalf of Company contemplated pursuant to this
      Agreement. Consultant shall provide a prominent notice on all newsletters
      and websites/webcasts/interview materials and other communications with
      investors or prospective investors in which Consultant could be perceived
      to be giving advice or making a recommendation that Consultant has been
      compensated for its services and, if applicable, received or owns stock of
      Company (directly or indirectly) specifically referencing Company by name
      and the number of shares received (directly or indirectly) and will profit
      from its activities on behalf of Company. If asked, Consultant agrees that
      it will not conceal at any time if it will, directly or indirectly, be
      selling shares while promoting the stock and recommending that investors
      purchase the stock of Company. Consultant covenants and agrees that it
      will at all times engage in acts, practices and courses of business that
      comply with Section 17(a) and (b) of the Securities Act, as amended, as
      well as Section 10(b) of the Securities Exchange Act of 1934, as amended
      (the &#147;<B>Exchange Act</B>&#148;), and has adopted policies and procedures
      adequate to assure all of Consultant&#146;s personnel are aware of the
      limitation on their activities, and the disclosure obligations, imposed by
      such laws and the rules and regulations promulgated thereunder. Consultant
      is aware that the federal securities laws restrict trading in Company&#146;s
      securities while in possession of material non-public information
      concerning Company, as well as the requirements of Regulation FD that
      prohibit communications of material non-public information, and the
      requirements thereof in the event of an unintentional or inadvertent
      non-public disclosure. Consultant agrees to immediately inform Company in
      the event that an actual or potential Regulation FD disclosure has
      occurred and assist counsel in the method by which corrective steps should
      be taken. Consultant acknowledges that with respect to any Common Shares
      now or at any time hereafter beneficially owned by Consultant or any of
      its affiliates, that it will refrain from trading in Company&#146;s securities
      while Consultant or any such affiliate is in possession of material
      non-public information concerning Company, its financial condition, or its
      business and affairs or prospects.</P></TD></TR></TABLE>
<P align=center>D-7</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 vAlign=top width="5%"><B>12)</B> </TD>
    <TD>
      <P align=justify><B><U>Representations of Consultant</U></B><B>.
      </B>Consultant represents that it is not required to maintain any licenses
      or registrations under federal or state regulations necessary to perform
      the services set forth herein, and that it is not rendering legal advice
      or performing accounting services, nor acting as an investment advisor or
      broker/dealer within the meaning of applicable federal and/or state
      securities laws and regulations and it is not required to register as a
      broker-dealer pursuant to Section 15(b) of the Exchange Act and state
      securities laws. Consultant further represents that the performance of the

      services set forth under this Agreement will not violate any rule or
      provision of any regulatory agency having jurisdiction over Consultant.
      Consultant represents that, to the best of its knowledge, Consultant and
      its officers and directors are not the subject of any investigation,
      claim, decree or judgment involving any violation of the SEC or securities
      laws. Company acknowledges that, to the best of its knowledge, it has not
      violated any rule or provision of any regulatory agency having
      jurisdiction over Company. Company represents that, to the best of its
      knowledge, Company is not the subject of any investigation, claim, decree
      or judgment involving any violation of the SEC or securities
  laws.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>13)</B> </TD>
    <TD>
      <P align=justify><B><U>Status as Independent Contractor</U></B><B>.
      </B>Consultant&#146;s engagement pursuant to this Agreement shall be as an
      independent contractor, and not as an employee, officer or other agent of
      Company. Neither party to this Agreement shall represent or hold itself
      out to be the employer or employee of the other. Consultant further
      acknowledges the consideration provided hereinabove is a gross amount of
      consideration and that Company will not withhold from such consideration
      any amounts as to income taxes, social security payments or any other
      payroll taxes. All such income taxes and other such payments shall be made
      or provided for by Consultant, and Company shall have no responsibility or
      obligations regarding such matters. Neither Company nor Consultant
      possesses the authority to bind the other party in any agreements without
      the express written consent of the entity to be bound.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>14)</B> </TD>
    <TD>
      <P align=justify><B><U>Termination</U></B><B>. </B>Company may terminate
      this Agreement at the end of any calendar quarter during the Term for any
      reason or no reason, upon providing 10 calendar days&#146; prior written notice
      to Consultant. In the instance one or both parties do not wish to renew
      this Agreement for an additional Extension Period, the Agreement shall
      automatically terminate upon the expiration of the then current term. In
      the event of any such termination or automatic termination, Company shall
      pay Consultant all fees accrued to the end of the quarter of termination.
      Company shall have no obligation to pay any fees to Consultant after
      termination. Notwithstanding the foregoing, termination in any instance
      shall not relieve either party from its obligations incurred prior to the
      effective date of termination, including the obligation to pay all accrued
      fees and any obligations hereunder arising out of any act or omission of
      the parties prior to the effective date of termination.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>15)</B> </TD>
    <TD>
      <P align=justify><B><U>Attorneys&#146; Fees</U></B><B>. </B>If any legal
      action, arbitration or other proceeding is brought for the enforcement or
      interpretation of this Agreement, or because of an alleged dispute,
      breach, default or misrepresentation in connection with or related to this
      Agreement, the successful or prevailing party shall be entitled to recover
      reasonable attorneys&#146; fees and other reasonable costs incurred in
      connection with such action or proceeding, in addition to any other relief
      to which it may be entitled.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>16)</B> </TD>
    <TD>
      <P align=justify><B><U>Waiver</U></B><B>. </B>The waiver by either party
      of a breach of any provision of this Agreement by the other party shall
      not operate or be construed as a waiver of any subsequent breach by such
      other party.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>17)</B> </TD>
    <TD>
      <P align=justify><B><U>Choice of Law, Jurisdiction and Venue</U></B><B>.
      </B>This Agreement shall be governed by, construed and enforced in
      accordance with either the laws of the State of Colorado. The parties
      agree that Denver, Colorado shall be the venue of any
  dispute.</P></TD></TR></TABLE>
<P align=center>D-8</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 vAlign=top width="5%"><B>18)</B> </TD>
    <TD>
      <P align=justify><B><U>Arbitration</U></B><B>. </B>Any controversy or
      claim arising out of or relating to this Agreement, or the alleged breach
      thereof, or relating to Consultant&#146;s activities or remuneration under this
      Agreement, shall be settled by binding arbitration in Denver, Colorado in
      accordance with customary rules of arbitration and any judgment on an
      award rendered by the arbitrator(s) shall be binding on the parties and
      may be entered in any court having jurisdiction of such matters.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>19)</B> </TD>
    <TD>
      <P align=justify><B><U>Complete Agreement</U></B><B>. </B>This Agreement
      contains the entire understanding of the parties relating to the subject
      matter hereof, and hereby supersedes any prior oral or written agreements
      between the parties hereto. This Agreement may be modified only by an
      agreement in writing signed by the party against whom enforcement of any
      waiver, change, modification, extension or discharge is sought.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>20)</B> </TD>
    <TD>
      <P align=justify><B><U>Confidentiality</U></B><B>. </B>In the course of
      carrying out its duties under this Agreement, Consultant may from time to
      time receive or become aware of material, non-public information regarding
      Company, or proprietary information that is valuable, special and a unique
      asset of Company and/or its business and operations (the &#147;<B>Confidential
      Information</B>&#148;). Except as may be required by law, Consultant agrees to
      hold this Agreement and the Confidential Information in strict confidence,
      according the same protection to such information as it accords to its own
      proprietary and confidential information for a period of two (2) years
      following the expiration or termination of this Agreement. Consultant
      shall not disclose the Confidential Information to any third party without
      the prior written consent of Company. Consultant hereby acknowledges and
      agrees that it is aware that the securities laws of the United States
      prohibit any person who has received from an issuer of securities
      material, non-public information or insider information (such as may form
      part of the Confidential Information) from purchasing or selling
      securities of such issuer on the basis of such information or from
      communicating such information to any other person under circumstances in
      which it is reasonably foreseeable that such person is likely to purchase
      or sell such securities on the basis of such information. If Consultant
      becomes aware of any Confidential Information, Consultant shall not
      disclose such information to any party, except as may be required by law
      pursuant to a written opinion of competent counsel. Consultant shall
      instruct its officers, directors, employees, agents, and affiliates of the
      confidentiality obligations described herein and shall be responsible for
      any unauthorized disclosure by these parties.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In witness whereof, the parties affix their signatures as
      of the dates set out below:</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 colSpan=2>ENERGY FUELS INC. </TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="46%" colSpan=2>LIVIAKIS FINANCIAL COMMUNICATIONS,
    INC. </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="10%" >&nbsp; </TD>
    <TD width="36%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="36%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="10%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="36%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>Mark S. Chalmers, President </TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="10%" >John Liviakis, CEO </TD>
    <TD align=left width="36%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>and CEO </TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="36%">&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="10%" >&nbsp; </TD>
    <TD width="36%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Date:</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="36%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="10%" >Date:</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="36%">&nbsp;</TD></TR></TABLE>
<P align=center>D-9</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=center>
      <P align=justify>
      <IMG src="noticeaccessx1x2.jpg" border=0 width="149" height="84"></P></TD>
    <TD align=center width="33%">&nbsp;</TD>
    <TD align=right width="33%">
    <IMG src="noticeaccessx1x1.jpg" border=0 width="154" height="68">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
    <TD align=center width="33%" nowrap><B>Important Notice Regarding the
      Availability of Proxy Materials</B> </TD>
    <TD align=center width="33%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=center width="33%" nowrap><B>for the Shareholder Meeting of Energy
      Fuels Inc.</B> </TD>
    <TD align=center width="33%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=center width="33%" nowrap><B>To Be Held on Wednesday, May 30, 2018.</B>
    </TD>
    <TD align=center width="33%">&nbsp;</TD></TR></TABLE>
<P align=right>&nbsp;</P><BR>
<P align=justify>Dear Investor: </P>
<P align=justify>Please find attached your form of voting instruction form for
the Annual and Special Meeting of shareholders of Energy Fuels Inc. (the
&#147;<B>Corporation</B>&#148;) to be held at the offices of the Corporation at 225 Union
Blvd., Suite 600, Lakewood, Colorado 80228 USA on Wednesday, May 30, 2018 at
10:00 am (Mountain Time) (the &#147;<B>Meeting</B>&#148;). The following matters will be
reviewed and voted upon at this meeting: </P>
<TABLE
style="BORDER-COLOR: black; 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>Election of directors, as detailed on page 3 of the
      management information circular of the Corporation dated </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>___________, 2018 (the &#147;<B>Management Information
      Circular</B>&#148;) </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>Appointment of independent registered public accounting
      firm as auditor for 2018, as detailed on page 8 of the Management
      Information Circular </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>Consideration and passage of an ordinary resolution
      approving the amendment and extension of the Corporation&#146;s Shareholder
      Rights Plan for a further three-year term, as detailed on page 9 of the
      Management Information Circular </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>Consideration and passage of an ordinary resolution
      ratifying and approving the Corporation&#146;s Omnibus Equity Incentive
      Compensation Plan for a further three-year term, as detailed on page 14 of
      the Management Information Circular </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>Consideration and passage of an ordinary resolution
      approving share issuances pursuant to a consulting arrangement, as
      detailed on page 21 of the Management Information Circular </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149;</TD>
    <TD align=left width="90%" >Other business as may be properly
      brought before the meeting </TD></TR></TABLE>
<P align=justify>Pursuant to applicable United States and Canadian securities
rules, companies are no longer required to distribute physical copies of certain
annual meeting related materials such as management information circulars and
annual financial statements to their investors. Instead, they may post
electronic versions of such material on a website for investor review. This
process, known as &#147;notice-and-access,&#148; directly benefits the Corporation through
a substantial reduction in both postage and material costs and also helps the
environment through a decrease in paper documents that are ultimately
discarded.</P>
<P align=justify>This communication presents only an overview of the more
complete proxy materials that are available to you on the Internet. We encourage
you to access and review all of the important information contained in the proxy
materials before voting. Electronic copies of investor materials related to the
Meeting, including the Management Information Circular, may therefore be found
at, and downloaded from www.meetingdocuments.com/astca/EFR or from the
Corporation&#146;s web page on EDGAR at <U>www.sec.gov</U> or on SEDAR at
<U>www.sedar.com</U>. Investors are reminded to review the Management
Information Circular before voting at the Meeting.</P>
<P align=justify>You have a number of options to vote your proxy: </P>
<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>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">By telephone call 1-888-489-7352; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Fax your signed proxy to 1-866-781-3111; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Return your signed proxy by mail using the
      enclosed business reply envelope; or </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Scan and send your signed proxy to
      proxy@astfinancial.com </TD></TR></TABLE>
<P align=justify>However you choose to vote, we must receive your vote by no
later than 10:00 a.m. (Toronto time) on May 28, 2018, or if the Meeting is
adjourned, no later than 10:00 am (Mountain time) on the last business day
preceding the day to which the Meeting is adjourned. We also strongly encourage
you to first review the matters under discussion for the meeting as described in
the Management Information Circular at
<B><U>www.meetingdocuments.com/astca/EFR</U></B>. </P>
<P align=justify>Should you wish to receive paper copies of investor materials
related to the Meeting free of charge, including the Form of Proxy and the
Management Information Circular, the Corporation&#146;s audited financial statements
or its Annual Report on Form 10-K, or if you have any questions, please contact
us at 1-888-433-6443 or fulfilment@astfinancial.com prior to May 11, 2018 and we
will send them within three business days, giving you sufficient time to vote
your proxy. Following the Meeting, the documents will remain available at the
website listed above for a period of one year.<B> </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center><IMG
src="proxyx1x1.jpg"
border=0 width="750" height="808"></P> <BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center><B>Proxy Form &#150; Annual and Special Meeting of Shareholders of
Energy Fuels Inc. to be held on</B><BR><B>May 30, 2018 (the &#147;Meeting&#148;)</B>
</P>
<P align=justify><B>Notes to Proxy </B></P>
<P align=justify>1. This proxy must be signed by a holder or his or her attorney
duly authorized in writing. If you are an individual, please sign exactly as
your name appears on this proxy. If the holder is a corporation, a duly
authorized officer or attorney of the corporation must sign this proxy, and if
the corporation has a corporate seal, its corporate seal should be affixed. </P>
<P align=justify>2. If the securities are registered in the name of an executor,
administrator or trustee, please sign exactly as your name appears on this
proxy. If the securities are registered in the name of a deceased or other
holder, the proxy must be signed by the legal representative with his or her
name printed below his or her signature, and evidence of authority to sign on
behalf of the deceased or other holder must be attached to this proxy. </P>
<P align=justify>3. <B>You have the right to appoint a person other than as
designated herein to represent you at the Meeting, by striking out the names of
the persons designated above and inserting such other person&#146;s name in the blank
space provided and delivering the completed proxy to AST Trust Company Inc. in
the envelope provided. </B></P>
<P align=justify>4. Some holders may own securities as both a registered and a
beneficial holder; in which case you may receive more than one Management
Information Circular and will need to vote separately as a registered and
beneficial holder. Beneficial holders may be forwarded either a form of proxy
already signed by the intermediary or a voting instruction form to allow them to
direct the voting of securities they beneficially own. Beneficial holders should
follow instructions for voting conveyed to them by their intermediaries. </P>
<P align=justify>5. If a security is held by two or more individuals, any one of
them present or represented by proxy at the Meeting may, in the absence of the
other or others, vote at the Meeting. However, if one or more of them are
present or represented by proxy, they must vote together the number of
securities indicated on the proxy. </P>
<P align=justify>All holders should refer to the Management Information Circular
for further information regarding completion and use of this proxy and other
information pertaining to the Meeting. </P>
<P align=justify><B>This proxy is solicited by and on behalf of Management of
the Corporation</B>. </P>
<P align=center><B>How to Vote</B></P>
<br>
<div style="border:1px solid black; padding-left: 5px; padding-right: 5px; ">
<P align=center><B>TELEPHONE</B></P>
<P align=center>Use any touch-tone phone, call toll free in Canada and United
States </P>
<P align=center><B>1-888-489-7352</B> and follow the voice instructions </P>
<P align=justify>To vote by telephone you will need your control number. If you
vote by telephone, do not return this proxy. </P>
<P align=center><B>MAIL, FAX or EMAIL</B></P>
<P align=justify>Complete and return your signed proxy in the envelope provided
or send to: </P>
<P align=justify>AST Trust Company (Canada) <BR>P.O. Box 721 <BR>Agincourt, ON
M1S 0A1 </P>
<P align=justify>You may alternatively fax your proxy to 416-368-2502 or toll
free in Canada and United States to 1-866-781-3111 or scan and email to
<U>proxyvote@astfinancial.com</U>. </P>
<P align=justify>An undated proxy is deemed to be dated on the day it was
received by AST Trust Company (Canada). </P>
<P align=justify>If you wish to receive investor documents electronically in
future, please visit https://ca.astfinancial.com/edelivery to enroll.</P></div>
<P align=justify><B>All proxies must be received by 10:00a.m. (Toronto time), on
Monday, May 28, 2018, or if the Meeting is adjourned, by 10:00 a.m. (Toronto
time) on the last business day preceding the day to which the Meeting is
adjourned</B></P>
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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
