<SEC-DOCUMENT>0001062993-17-005156.txt : 20171205
<SEC-HEADER>0001062993-17-005156.hdr.sgml : 20171205
<ACCEPTANCE-DATETIME>20171204195849
ACCESSION NUMBER:		0001062993-17-005156
CONFORMED SUBMISSION TYPE:	F-10
PUBLIC DOCUMENT COUNT:		13
FILED AS OF DATE:		20171205
DATE AS OF CHANGE:		20171204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TASEKO MINES LTD
		CENTRAL INDEX KEY:			0000878518
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-221902
		FILM NUMBER:		171238429

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1500
		STREET 2:		1040 WEST GEORGIA STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 4H1
		BUSINESS PHONE:		778-373-4533

	MAIL ADDRESS:	
		STREET 1:		SUITE 1500
		STREET 2:		1040 WEST GEORGIA STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 4H1
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-10
<SEQUENCE>1
<FILENAME>formf10.htm
<DESCRIPTION>FORM F-10
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Form F-10 - Filed by newsfilecorp.com</TITLE>
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<HR noshade align="center" width=100% size=3 color="black">
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  <TR vAlign=top>
    <TD align=center><B>As filed with the Securities and Exchange Commission
      on December 4, 2017 </B></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>Registration No. 333- </B></TD></TR></TABLE>
<P align=center><B><FONT size=4><FONT size=5>UNITED STATES
</FONT></FONT><BR></B><B><FONT size=4><FONT size=5>SECURITIES AND EXCHANGE
COMMISSION </FONT></FONT><BR>Washington, D.C. 20549 </B></P>
<P align=center><B><FONT size=5>FORM F-10 </FONT><BR></B><B>REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933 </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-TOP: #000000 1px solid" align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B><FONT size=5><U>TASEKO MINES LIMITED
  </U></FONT></B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(Exact name of each Registrant as specified in its
      charter) </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>British Columbia </B></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>(Province or
other jurisdiction of incorporation or organization)</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B>GIBRALTAR </B></TD>
    <TD align=center width="20%"><B>ALEY </B></TD>
    <TD align=center width="20%"><B>CURIS </B></TD>
    <TD align=center width="20%"><B>CURIS </B></TD>
    <TD align=center width="20%"><B>FLORENCE </B></TD></TR>
  <TR vAlign=top>
    <TD align=center><B>MINES LTD. </B></TD>
    <TD align=center width="20%"><B>CORPORATION </B></TD>
    <TD align=center width="20%"><B>RESOURCES LTD </B></TD>
    <TD align=center width="20%"><B>HOLDINGS </B></TD>
    <TD align=center width="20%"><B>COPPER INC. </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=center width="20%"><B>(CANADA) LTD. </B></TD>
    <TD align=left width="20%">&nbsp; </TD></TR></TABLE>
<P align=center>(Exact name of each Registrant as specified in its charter) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B>British Columbia </B></TD>
    <TD align=center width="20%"><B>Canada </B></TD>
    <TD align=center width="20%"><B>British Columbia </B></TD>
    <TD align=center width="20%"><B>British Columbia </B></TD>
    <TD align=center width="20%"><B>Nevada </B></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>(Province or other jurisdiction of </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>incorporation or
      organization) </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>1040 </B></TD>
    <TD align=center width="50%"><B>Not Applicable </B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(Primary Standard Industrial </TD>
    <TD align=center width="50%">(I.R.S. Employer </TD></TR>
  <TR vAlign=top>
    <TD align=center>Classification Code Number) </TD>
    <TD align=center width="50%">Identification Number) </TD></TR></TABLE>
<P align=center><B>15</B><B><SUP>th</SUP></B><B> Floor, 1040 West Georgia Street
<BR>Vancouver, British Columbia <BR>Canada V6E 4H1 <BR><U>778-373-4550
</U><BR></B>(Address and telephone number of Registrants&#146; principal executive
offices) </P>
<P align=center><B>Florence Copper Inc. <BR>1575 West Hunt Highway <BR>Florence,
Arizona <BR>United States 85132 <BR><U>(520) 374-3984 </U><BR></B>(Name, address
(including zip code) and telephone number (including area code) of agent for
service in the United States) </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>&nbsp; </TD>
    <TD width="33%" align=center nowrap><B>Copy to: </B></TD>
  <TD width="33%" align=left nowrap>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center nowrap><B>Stuart McDonald, Chief Financial </B></TD>
    <TD width="33%" align=center nowrap><B>Michael H. Taylor </B></TD>
  <TD width="33%" align=center nowrap><B>Alexander A. Gendzier </B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center nowrap><B>Officer </B></TD>
    <TD width="33%" align=center nowrap><B>McMillan LLP </B></TD>
  <TD width="33%" align=center nowrap><B>Adam C. Berkaw</B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center nowrap><B>Taseko Mines Limited </B></TD>
    <TD width="33%" align=center nowrap><B>1500 &#150; 1055 West Georgia Street </B></TD>
    <TD width="33%" align=center nowrap><B>Jones Day LLP </B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center nowrap><B>15</B><B><SUP>th </SUP></B><B>Floor, 1040 West Georgia
      Street </B></TD>
    <TD width="33%" align=center nowrap><B>Vancouver, British Columbia </B></TD>
    <TD width="33%" align=center nowrap><B>250 Vesey Street </B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center nowrap><B>Vancouver, British Columbia </B></TD>
    <TD width="33%" align=center nowrap><B>Canada V6E 4N7 </B></TD>
    <TD width="33%" align=center nowrap><B>New York, New York </B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center nowrap><B>Canada V6E 4H1 </B></TD>
    <TD width="33%" align=left nowrap>&nbsp; </TD>
    <TD width="33%" align=center nowrap><B>10281-1047 </B></TD>
  </TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify>Approximate date of commencement of proposed sale of the
securities to the public: </P>
<P align=center><B>From time to time after this Registration Statement becomes
effective. </B></P>
<P align=center><B>Province of British Columbia, Canada </B></P>
<P align=center>(Principal jurisdiction regulating this offering) </P>
<P align=justify>It is proposed that this filing shall become effective (check
appropriate box below): </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>A. </TD>
    <TD align=left width="5%">[ ] </TD>
    <TD align=left width="90%">upon filing with the Commission, pursuant to
      Rule 467(a) (if in connection with an offering being made
      contemporaneously in the United States and Canada). </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>B. </TD>
    <TD align=left width="5%">[&nbsp;X ]</TD>
    <TD align=left width="90%">at some future date (check appropriate box
      below) </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 width="5%" ></TD>
    <TD align=left>1. </TD>
    <TD align=left width="5%">[&nbsp; ]</TD>
    <TD align=left width="85%">
      <P align=justify>pursuant to Rule 467(b) on (<I>date</I>) at (<I>time</I>)
  (designate a time not sooner than 7 calendar days after filing).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>2. </TD>
    <TD align=left width="5%">[&nbsp; ]</TD>
    <TD align=left width="85%">
      <P align=justify>pursuant to Rule 467(b) on (<I>date</I>) at (<I>time</I>)
      (designate a time 7 calendar days or sooner after filing) because the
      securities regulatory authority in the review jurisdiction has issued a
      receipt or notification of clearance on (<I>date</I>). </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>3. </TD>
    <TD align=left width="5%">[&nbsp; ]</TD>
    <TD align=left width="85%">
      <P align=justify>pursuant to Rule 467(b) as soon as practicable after
      notification of the Commission by the Registrant or the Canadian
      securities regulatory authority of the review jurisdiction that a receipt
  or notification of clearance has been issued with respect hereto.  </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>4. </TD>
    <TD align=left width="5%">[&nbsp;X ]</TD>
    <TD align=left width="85%">
      <P align=justify>after the filing of the next amendment to this Form (if
      preliminary material is being filed). </P></TD></TR></TABLE>
<P align=justify>If any of the securities being registered on this form are to
be offered on a delayed or continuous basis pursuant to the home jurisdiction&#146;s
shelf prospectus offering procedures, check the following box.&nbsp;&nbsp;
[&nbsp; ]</P>
<P align=center><B>CALCULATION OF REGISTRATION FEE </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="20%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=center width="20%"><B>Proposed</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=center width="20%"><B>Proposed maximum</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=center><B>Title of each class of securities</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=center width="20%"><B>Amount to be</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=center width="20%"><B>maximum offering</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=center width="20%"><B>aggregate offering</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=center width="20%"><B>Amount of</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center><B>to be registered</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="20%"><B>registered</B><B><SUP>(1)</SUP></B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="20%"><B>price per unit</B><B><SUP>(2)</SUP></B>    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="20%"><B>price</B><B><SUP>(2)</SUP></B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="20%"><B>registration
      fee</B><B><SUP>(3)</SUP></B> </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Common Shares, no par value </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="20%">US$387,957,790 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="20%">100% </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="20%">US$387,957,790 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="20%">US$48,300.75 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Warrants </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Subscription Receipts </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Units </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Debt Securities </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="20%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="20%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="20%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="20%">&nbsp; </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid">&nbsp;    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Guarantees<SUP>(4)</SUP> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="20%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="20%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="20%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="20%">&nbsp; </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Includes an indeterminate number of common shares,
      warrants, subscription receipts, debt securities, guarantees or any
      combination thereof or units of any combination thereof. The securities
      which may be offered pursuant to this registration statement include,
      pursuant to Rule 416 of the Securities Act of 1933, as amended (the
      &#147;<B>U.S. Securities Act</B>&#148;), such additional number of common shares of
      the Registrant that may become issuable as a result of any stock split,
      stock dividends or similar event.</P></TD></TR></TABLE><BR>
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<TR>
	<TD width=5% valign=top>
(2) 	</TD>
	<TD>
<P align="justify">Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933.</P>	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
(3) 	</TD>
	<TD>
<P align="justify">The estimated registration fee for the securities has been calculated pursuant to Rule 457(o), and has been calculated based on the proposed maximum aggregate offering price of CDN&#36;500,000,000 converted into U.S. dollars based
on the closing exchange rate on November 30, 2017, as reported by the Bank of Canada, for the conversion of Canadian dollars into U.S. dollars of US&#36;1.00 = CDN&#36;1.2888.</P>	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
(4) 	</TD>
	<TD>
<P align="justify">Guarantees by Gibraltar Mines Ltd., Aley Corporation, Curis Resources Ltd., Curis Holdings (Canada) Ltd. and Florence Copper Inc. of the Debt Securities (and guarantees of such guarantees by Taseko Mines Limited) being registered
on Form F-10 hereunder are to be sold without separate consideration. Pursuant to Rule 457(n), no separate filing fee is payable with regard to the Guarantees.</P>	</TD>
</TR>
</TABLE>
<P align="justify">
<B>Each Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registration statement shall become effective as provided in Rule 467 under the Securities Act of 1933 or on
such date as the Commission, acting pursuant to Section 8(a) of the Act, may determine. </B></P>

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<P align=center>- 1 - </P>
<P align=center><B>PART I </B></P>
<P align=center><B>INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR
PURCHASERS </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>

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<P align=center><b><font color="#FF0000">Subject to completion dated December 4, 2017</font></b></P>
<P align=justify><font color="#FF0000">Information contained herein is subject to completion or amendment. A registration statement relating to these securities has been filed with the
  U.S. Securities and Exchange Commission (the "SEC"). These securities may not be sold nor may offers to buy be accepted prior to the time the
  registration statement becomes effective. This prospectus shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there
  be any sale of these securities in any U.S. state in which such offer, solicitation or sale would be unlawful prior to registration or qualification
  under the securities laws of any such U.S. state.</font></P>
<P align=center><B>PRELIMINARY SHORT FORM BASE SHELF PROSPECTUS </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><U>New Issue</U> </TD>
    <TD align=right width="50%">December 4, 2017 </TD></TR></TABLE>
<P align=center><IMG src="prospectusx1x1.jpg" border=0> </P>
<P align=center><B>$500,000,000</B> <BR><B>Common Shares <BR>Warrants
<BR>Subscription Receipts <BR>Debt Securities <BR>Units </B></P>
<P align=justify style="text-indent:5%">This short form base shelf
prospectus (the &#147;<B>Prospectus</B>&#148;) relates to the offering for sale of common
shares (the &#147;<B>Common Shares</B>&#148;), warrants (the &#147;<B>Warrants</B>&#148;),
subscription receipts (the &#147;<B>Subscription Receipts</B>&#148;), debt securities (the
&#147;<B>Debt Securities</B>&#148;), or any combination of such securities (the
&#147;<B>Units</B>&#148;) (all of the foregoing, collectively, the &#147;<B>Securities</B>&#148;) by
Taseko Mines Limited (the &#147;<B>Company</B>&#148; or &#147;<B>Taseko</B>&#148;) from time to
time, during the 25-month period that the Prospectus, including any amendments
hereto, remains effective, in one or more series or issuances, with a total
offering price of the Securities in the aggregate, of up to $500,000,000. The
Securities may be offered in amounts at prices to be determined based on market
conditions at the time of the sale and set forth in an accompanying prospectus
supplement (a &#147;<B>Prospectus Supplement</B>&#148;). In addition, Securities may be
offered and issued in consideration for the acquisition of other businesses,
assets or securities by the Company or a subsidiary of the Company. The
consideration for any such acquisition may consist of any of the Securities
separately, a combination of Securities or any combination of, among other
things, Securities, cash and assumption of liabilities. </P>
<P align=justify style="text-indent:5%"><B>This offering is made by a
Canadian issuer that is permitted, under a multijurisdictional disclosure system
adopted by the United States and Canada (the &#147;MJDS&#148;), to prepare this Prospectus
in accordance with Canadian disclosure requirements. Prospective investors
should be aware that such requirements are different from those of the United
States. Financial statements included or incorporated by reference herein have
been prepared in accordance with International Financial Reporting Standards
(&#147;IFRS&#148;) as issued by the International Accounting Standards Board (&#147;IASB&#148;) and
may not be comparable to financial statements of United States companies. Our
financial statements are audited in accordance with Canadian generally accepted
auditing standards and the standards of the Public Company Accounting Oversight
Board (United States). </B></P>
<P align=justify style="text-indent:5%"><B>The enforcement by investors
of civil liabilities under the United States federal securities laws may be
affected adversely by the fact that the Company is incorporated under the laws
of British Columbia, Canada, that the majority of its officers and directors are
residents of Canada, that all of the experts named in the </B><b>registration statement are not residents of the United
States, and that a substantial portion of the assets of the Company and said
persons are located outside the United States. </b></P>
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noShade SIZE=5>
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<P align=justify style="text-indent:5%"><B>THESE SECURITIES HAVE NOT BEEN
  APPROVED OR DISAPPROVED BY THE SEC NOR HAS THE SEC PASSED UPON THE ACCURACY OR
  THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENCE. </B></P>
<P align=justify style="text-indent:5%"><B>Investing in Securities of the
Company involves a high degree of risk. You should carefully review the risks
outlined in this Prospectus (together with any Prospectus Supplement) and in the
documents incorporated by reference in this Prospectus and any Prospectus
Supplement and consider such risks in connection with an investment in such
Securities. See &#147;RISK FACTORS&#148;. </B></P>
<P align=justify style="text-indent:5%"><B>Prospective investors should
be aware that the acquisition of the securities described herein may have tax
consequences both in the United States and in Canada. Such consequences for
investors who are resident in, or citizens of, the United States may not be
described fully herein. Prospective investors should read the tax discussion
contained in the applicable Prospectus Supplement with respect to a particular
offering of Securities. </B></P>
<P align=justify style="text-indent:5%">The specific terms of the
Securities with respect to a particular offering will be set out in one or more
Prospectus Supplements and may include, where applicable: (i) in the case of
Common Shares, the number of Common Shares offered, the offering price and any
other specific terms; (ii) in the case of Warrants, the number of Warrants
offered, the offering price, the designation, number and terms of the Common
Shares issuable upon exercise of the Warrants, any procedures that will result
in the adjustment of these numbers, the exercise price, dates and periods of
exercise, the currency in which the Warrants are issued and any other specific
terms; (iii) in the case of Subscription Receipts, the number of Subscription
Receipts offered, the offering price, the procedures for the exchange of the
Subscription Receipts for Common Shares or Warrants, as the case may be, and any
other specific terms; (iv) in the case of Debt Securities, the specific
designation, aggregate principal amount, the currency or the currency unit for
which the Debt Securities may be purchased, the maturity, interest provisions,
authorized denominations, offering price, covenants, events of default, any
terms for redemption, any exchange or conversion terms, whether the debt is
senior, senior subordinated or subordinated, whether the debt is secured or
unsecured and any other terms specific to the Debt Securities being offered; and
(v) in the case of Units, the designation, number and terms of the Common
Shares, Warrants, Subscription Receipts or Debt Securities comprising the Units.
Where required by statute, regulation or policy, and where Securities are
offered in currencies other than Canadian dollars, appropriate disclosure of
foreign exchange rates applicable to the Securities will be included in the
Prospectus Supplement describing the Securities. </P>
<P align=justify style="text-indent:5%">In addition, the Debt Securities
that may be offered may be guaranteed by certain direct and indirect
subsidiaries of Taseko with respect to the payment of the principal, premium, if
any, and interest on the Debt Securities. The Company expects that any guarantee
provided in respect of senior Debt Securities would constitute a senior and
unsecured obligation of the applicable guarantor. <B>For a more detailed
description of the Debt Securities that may be offered, see &#147;Description of
Securities &#150; Debt Securities - Guarantees&#148;, below. </B></P>
<P align=justify style="text-indent:5%">All information permitted under
applicable securities legislation to be omitted from the Prospectus will be
contained in one or more Prospectus Supplement that will be delivered to
purchasers together with the Prospectus, except in cases where an exemption from
such delivery requirements have been obtained. Each Prospectus Supplement will
be incorporated by reference into the Prospectus for the purposes of applicable
securities legislation as of the date of the Prospectus Supplement and only for
the purposes of the distribution of the Securities to which the Prospectus
Supplement pertains. Investors should read the Prospectus and any applicable
Prospectus Supplement carefully before investing in the Company&#146;s
Securities.</P>
<P align=justify style="text-indent:5%">This Prospectus constitutes a
public offering of the Securities only in those jurisdictions where they may be
lawfully offered for sale and only by persons permitted to sell the Securities
in such jurisdictions. We may offer and sell Securities to, or through,
underwriters or dealers, directly to one or more other purchasers, or through
agents pursuant to exemptions from registration or qualification under
applicable securities laws. A Prospectus Supplement relating to each issue of
Securities will set forth the names of any underwriters, dealers or agents
involved in the offering and sale of the Securities and will set forth the terms
of the offering of the Securities, the method of distribution of the Securities,
including, to the extent applicable, the proceeds to us and any fees, discounts,
concessions or other compensation payable to the underwriters, dealers or
agents, and any other material terms of the plan of distribution. In connection
with any offering of the Securities, other than an &#147;at-the-market distribution&#148;
(as defined under applicable Canadian securities legislation) unless otherwise
specified in a Prospectus Supplement, the underwriters or agents may over-allot
or effect transactions which stabilize or maintain the market price of the
Securities offered at a higher level than that which might exist in the open
market. Such transaction, if commenced, may be interrupted or discontinued at
any time. See &#147;Plan of Distribution&#148;.</P>
<P align=justify style="text-indent:5%">No underwriter or dealer involved
in an &#147;at-the-market distribution&#148; under this Prospectus, no affiliate of such
an underwriter or dealer and no person or company acting jointly or in concert
with such an underwriter or dealer will over-allot securities in connection with such
distribution or effect any other transactions that are intended to stabilize or
maintain the market price of the Securities. </P>
<P align=center>ii </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_pr3></A>
<P align=justify style="text-indent:5%"><B>No underwriter has been
  involved in the preparation of the Prospectus or performed any review of the
contents of the Prospectus. </B></P>
<P align=justify style="text-indent:5%">The Company&#146;s outstanding Common
Shares are listed for trading on the Toronto Stock Exchange (the &#147;<B>TSX</B>&#148;)
under the trading symbol &#147;TKO&#148; and on the NYSE American, formerly NYSE MKT
(&#147;<B>NYSE American</B>&#148;) under the trading symbol &#147;TGB&#148;. The closing price of
the Company&#146;s Common Shares on the TSX and NYSE American on December 1, 2017,
the last trading day before the date of the Prospectus, was $2.76 per Common
Share and US$2.16<B> </B>per Common Share, respectively. <B>Unless otherwise
disclosed in any applicable Prospectus Supplement, the Debt Securities, the
Warrants, the Subscription Receipts and the Units will not be listed on any
securities exchange. Unless the Securities are disclosed to be listed, there
will be no market through which these Securities may be sold and purchasers may
not be able to resell these Securities purchased under this Prospectus. This may
affect the pricing of such Securities in the secondary market, the transparency
and availability of trading prices, the liquidity of such Securities, and the
extent of issuer regulation. </B></P>
<P align=justify style="text-indent:5%">The head office of the Company is
located at 15<SUP>th</SUP> Floor, 1040 West Georgia Street, Vancouver, British
Columbia, V6E 4H1. The registered office of the Company is located at Suite
1500, 1055 West Georgia Street, Vancouver, British Columbia V6E 4N7. </P>
<P align=center>iii </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_pr4></A>
<P align=center><B>TABLE OF CONTENTS </B></P>


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

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr5">Documents
      Incorporated by Reference </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr5">1
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr7">Forward
      Looking Statements </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr7">3
      </A></TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr9">Glossary
      of CERTAIN Technical Terms </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr9">5
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr11">Cautionary
      Note to United States Investors Regarding Estimates of Reserves and
      Measured, Indicated and Inferred Resources </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr11">7
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr13">Note
      to United States Readers Regarding Differences Between United States and
      Canadian Financial Reporting Practices </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr13">9
      </A></TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr13">Currency
      Presentation and Exchange Rate Information </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr13">9
      </A></TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr14">Additional
      Information </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr14">10
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr15">Documents
      Filed As Part of the Registration Statement </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr15">11
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr15">The
      Company </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr15">11
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr18">Use
      of Proceeds </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr18">14
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr19">Consolidated
      Capitalization </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr19">15
  </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr19">Prior
      Sales </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr19">15
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr20">Trading
      Price and Volume </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr20">16
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr21">Plan
      of Distribution </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr21">17
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr22">Description
      of Securities </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr22">18
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr35">Risk
      Factors </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr35">32
      </A></TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr50">Certain
      Income Tax Considerations </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr50">48
      </A></TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr50">Legal
      Matters </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr50">48
      </A></TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr51">Transfer
      Agent and Registrar </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr51">49
      </A></TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr51">Interest
      of Experts </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr51">49
      </A></TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_pr52">Enforceability
      of Civil Liabilities by U.S. Investors </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_pr52">50
      </A></TD>
  </TR></TABLE>
<P align=justify><B>You should rely only on the information contained in or
incorporated by reference into this Prospectus and in any applicable Prospectus
Supplement. The Company has not authorized anyone to provide you with different
information. The Company is not making any offer of these Securities in any
jurisdiction where the offer is not permitted. You should not assume that the
information contained in this Prospectus and any Prospectus Supplement is
accurate as of any date other than the date on the front of those documents or
that any information contained in any document incorporated by reference is
accurate as of any date other than the date of that document. </B></P>
<P align=justify><B>Unless the context otherwise requires, references in this
Prospectus and any Prospectus Supplement to &#147;we&#148;, &#147;our&#148;, &#147;us&#148;, &#147;Taseko&#148; or the
&#147;Company&#148; refer to Taseko Mines Limited and each of its subsidiaries. </B></P>
<P align=center>iv </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>C-1 </P>
<P align=center><B>DOCUMENTS INCORPORATED BY REFERENCE </B></P>
<P align=justify style="text-indent:5%"><B>We incorporate by reference
into this Prospectus documents that we have filed with securities commissions or
similar authorities in Canada, which have also been filed with, or furnished to,
the SEC. </B>You may obtain copies of the documents incorporated herein by
reference without charge from Taseko Mines Limited, 15<SUP>th</SUP> Floor, 1040
West Georgia Street, Vancouver, British Columbia, V6E 4H1 (Telephone
778-373-4533) Attn: the Corporate Secretary. These documents are also available
electronically from the website of Canadian Securities Administrators at
<U>www.sedar.com</U> (&#147;<B>SEDAR</B>&#148;) and from the EDGAR filing website of the
United States Securities Exchange Commission at www.sec.gov (&#147;<B>EDGAR</B>&#148;).
The Company&#146;s filings through SEDAR and EDGAR are not incorporated by reference
in the Prospectus except as specifically set out herein. </P>
<P align=justify style="text-indent:5%">The following documents filed
with the securities regulatory authorities in the jurisdictions in Canada in
which the Company is a reporting issuer are specifically incorporated by
reference into and, except where herein otherwise provided, form an integral
part of, this Prospectus: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>our annual information form for the year ended December
      31, 2016, dated as at March 15, 2017 and filed on March 16, 2017 (our
      &#147;<B>2016 AIF</B>&#148;); </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>our consolidated financial statements for the years ended
      December 31, 2016 and 2015 comprised of the consolidated balance sheets as
      at December 31, 2016 and 2015 and the consolidated statements of
      comprehensive loss, cash flows and changes in equity for the years then
      ended, and the notes thereto and the report of the independent auditor
      thereon, as filed February 22, 2017; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>our management's discussion and analysis for the year
      ended December 31, 2016, filed February 22, 2017 (our &#147;<B>2016 Annual
      MD&amp;A</B>&#148;); </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>our condensed consolidated interim financial statements
      for the three and nine months ended September 30, 2017 and 2016 and the
      notes thereto, filed October 26, 2017; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>our management&#146;s discussion and analysis of financial
      condition and results of operations for the three and nine months ended
      September 30, 2017 and 2016, filed October 26, 2017 (our &#147;<B>Q3</B>
      <B>2017 MD&amp;A</B>&#148;); </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>the management information circular dated April 24, 2017
      with respect to the annual meeting of our shareholders held on June 8,
      2017; and </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>our material change report dated June 14, 2017 filed in
      respect of the closing of our offering of secured notes (our &#147;<B>June 2017
      MCR</B>&#148;). </P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">In addition, we also incorporate
by reference into this Prospectus any document of the types referred to in the
preceding paragraph (excluding press releases and confidential material change
reports) or of any other type required to be incorporated by reference into a
short form prospectus pursuant to National Instrument 44- 101 &#150; <I>Short Form
Prospectus Distributions</I> that are filed by us with a securities commission
or similar authority in Canada after the date of this Prospectus and prior to
the termination of the offering under any Prospectus Supplement. As discussed
below, this Prospectus may expressly update or revise any document incorporated
by reference and such document should be deemed so amended or updated hereby.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify style="text-indent:5%">To the extent that any document
or information incorporated by reference into the Prospectus is included in any
report on Form 6-K, Form 40-F, Form 20-F, Form 10-K, Form 10-Q or Form 8-K (or
any respective successor form) that is filed with or furnished to the SEC after
the date of the Prospectus, such document or information shall be deemed to be
incorporated by reference as an exhibit to the registration statement of which
the Prospectus forms a part. In addition, we may incorporate by reference into
the Prospectus, or the registration statement of which it forms a part, other
information from documents that we file with or furnish to the SEC pursuant to
Section 13(a) or 15(d) of the United States Securities Exchange Act of 1934, as
amended (the &#147;<B>Exchange Act</B>&#148;), if and to the extent expressly provided
therein. </P>
<P align=justify style="text-indent:5%"><B>Any statement contained in
this Prospectus or in a document incorporated or deemed to be incorporated by
reference herein will be deemed to be modified or superseded to the extent that
a statement contained herein, in any Prospectus Supplement or in any other
subsequently filed document that is also incorporated or is deemed to be
incorporated by reference herein modifies or supersedes such statement. The
modifying or superseding statement need not state that it has modified or
superseded a prior statement or include any other information set forth in the
document that it modifies or supersedes. The making of a modifying or
superseding statement will not be deemed an admission for any purpose that the
modified or superseded statement, when made, constituted a misrepresentation, an
untrue statement of a material fact or an omission to state a material fact that
is required to be stated or that is necessary to make a statement not misleading
in light of the circumstances in which it was made. Any statement so modified or
superseded will not be deemed, except as so modified or superseded, to
constitute a part of the Prospectus. </B></P>
<P align=justify style="text-indent:5%">Upon a new annual information
form and related annual financial statements being filed by us with, and where
required, accepted by, the applicable securities regulatory authority during the
currency of this Prospectus, the previous annual information form, the previous
annual financial statements and all interim financial statements, material
change reports and information circulars and all Prospectus Supplements filed
prior to the commencement of our financial year in which a new annual
information form is filed shall be deemed no longer to be incorporated into this
Prospectus for purposes of future offers and sales of Securities hereunder. </P>
<P align=justify style="text-indent:5%">All information permitted under
applicable securities legislation to be omitted from the Prospectus will be
contained in one or more Prospectus Supplements that will be delivered to
purchasers together with the Prospectus, except in cases where an exemption from
such delivery requirements has been obtained. A Prospectus Supplement containing
the specific terms of an offering of Securities will be delivered to purchasers
of such Securities together with this Prospectus and will be deemed to be
incorporated by reference into this Prospectus as of the date of such Prospectus
Supplement, but only for the purposes of the offering of Securities covered by
that Prospectus Supplement. Investors should read the Prospectus and any
applicable Prospectus Supplement carefully before investing in the Company&#146;s
Securities.</P>
<P align=justify style="text-indent:5%">Any template version of any
&#147;marketing materials&#148; (as such term is defined in NI 44-101) filed after the
date of a Prospectus Supplement and before the termination of the distribution
of the Securities offered pursuant to such Prospectus Supplement (together with
this Prospectus) is deemed to be incorporated by reference in such Prospectus
Supplement.</P>
<P align=center>2 </P>
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<A name=page_pr7></A>
<P align=center><B>FORWARD LOOKING STATEMENTS </B></P>
<P align=justify style="text-indent:5%">The Prospectus, including the
documents incorporated by reference, contain forward-looking statements and
forward-looking information (collectively referred to as &#147;<B>forward-looking
statements</B>&#148;) which may not be based on historical fact, including without
limitation statements regarding our expectations in respect of future financial position, business
strategy, future production, reserve potential, exploration drilling,
exploitation activities, events or developments that we expect to take place in
the future, projected costs and plans and objectives. Often, but not always,
forward-looking statements can be identified by the use of the words &#147;believes&#148;,
&#147;may&#148;, &#147;plan&#148;, &#147;will&#148;, &#147;estimate&#148;, &#147;scheduled&#148;, &#147;continue&#148;, &#147;anticipates&#148;,
&#147;intends&#148;, &#147;expects&#148;, and similar expressions.</P>
<P align=justify style="text-indent:5%">Such statements reflect our
  management&#146;s current views with respect to future events and are subject to
  risks and uncertainties and are necessarily based upon a number of estimates and
  assumptions that, while considered reasonable by the Company, are inherently
  subject to significant business, economic, competitive, political and social
  uncertainties and known or unknown risks and contingencies. Many factors could
  cause our actual results, performance or achievements to be materially different
  from any future results, performance, or achievements that may be expressed or
implied by such forward-looking statements, including, among others: </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%">
      <P align=justify>uncertainties about the future market price of copper and
      the other metals that we produce or may seek to produce; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>changes in general economic conditions, the financial
      markets and in the demand and market price for our input costs, such as
      diesel fuel, steel, concrete, electricity and other forms of energy,
      mining equipment, and fluctuations in exchange rates, particularly with
      respect to the value of the U.S. dollar and Canadian dollar, and the
      continued availability of capital and financing; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>inherent risks associated with mining operations;  </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>the risk of inadequate insurance or inability to obtain
      insurance to cover mining risks; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>uncertainties related to the accuracy of our estimates of
      mineral reserves (as defined below), mineral resources (as defined below),
      production rates and timing of production, future production and future
      cash and total costs of production and milling; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>uncertainties related to feasibility studies that provide
      estimates of expected or anticipated costs, expenditures and economic
      returns from a mining project; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>the availability of, and uncertainties relating to the
      development of, additional financing and infrastructure necessary for the
      development of our projects; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>our ability to comply with the extensive governmental
      regulation to which our business is subject; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>uncertainties related to the ability to obtain necessary
      title, licenses and permits for Future Development Projects (as defined
      below) and project delays due to third party opposition; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>uncertainties related to unexpected judicial or
      regulatory proceedings; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>changes in, and the effects of, the laws, regulations and
      government policies affecting our exploration and development activities
  and mining operations, particularly laws, regulations and policies;  </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>our dependence solely on our 75% interest in Gibraltar
      (as defined below) for revenues; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>our ability to extend existing concentrate off-take
      agreements or enter into new agreements; </P></TD></TR></TABLE>
<P align=center>3 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>environmental issues and liabilities associated with
      mining including processing and stock piling ore; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>labor strikes, work stoppages, or other interruptions to,
      or difficulties in, the employment of labor in markets in which we operate
      mines, or environmental hazards, industrial accidents, equipment failure
      or other events or occurrences, including third party interference that
      interrupt the production of minerals in our mines; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>litigation risks and the inherent uncertainty of
      litigation; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>the capital intensive nature of our business both to
  sustain current mining operations and to develop any new projects;  </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>our reliance upon key personnel; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>the competitive environment in which we operate;  </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>the effects of forward selling instruments to protect
      against fluctuations in copper prices; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>the risk of changes in accounting policies and methods we
      use to report our financial condition, including uncertainties associated
      with critical accounting assumptions and estimates; and </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>risks related to our indebtedness; and </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>other risks detailed from time-to-time in our annual
      information forms, annual reports, MD&amp;A, quarterly reports and
      material change reports filed with and furnished to securities regulators,
      and those risks which are discussed under the heading &#147;<B>Risk
      Factors</B>&#148;. </P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Such information is included,
among other places, in this Prospectus under the headings &#147;The Company&#148;, &#147;Use of
Proceeds&#148;, &#147;Risk Factors&#148;, in our 2016 AIF under the headings &#147;Description of
Business&#148; and &#147;Risk Factors&#148; and in our 2016 Annual MD&amp;A, each of which
documents are incorporated by reference into this Prospectus. </P>
<P align=justify style="text-indent:5%">Should one or more of these risks
and uncertainties materialize, or should underlying factors or assumptions prove
incorrect, actual results may vary materially from those described in the
forward-looking statements. Material factors or assumptions involved in
developing forward-looking statements include, without limitation, that: </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%">the price of copper and other metals will not
      decline significantly or for a protracted period of time; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Gibraltar will not experience any significant
      production disruptions that would materially affect revenues; and </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">we will have sufficient working capital and be
      able to secure additional funding necessary for the development and
      continued advancement of our projects. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">These factors should be
considered carefully and readers are cautioned not to place undue reliance on
the forward-looking statements. Readers are cautioned that the foregoing list of
risk factors is not exhaustive and it is recommended that prospective investors
consult the more complete discussion of risks and uncertainties facing the Company included in the
Prospectus. See &#147;<b>Risk Factors</b>&#148; for a more detailed discussion of these
risks. </P>
<P align=center>4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify style="text-indent:5%">Although we believe that the
  expectations conveyed by the forward-looking statements are reasonable based on
  the information available to us on the date such statements were made, no
  assurances can be given as to future results, approvals or achievements. The
  forward-looking statements contained in the Prospectus and the documents
  incorporated by reference herein are expressly qualified by this cautionary
  statement. We disclaim any duty to update any of the forward-looking statements
  after the date of the Prospectus to conform such statements to actual results or
  to changes in our expectations except as otherwise required by applicable law.</P>
<P align=center><B>GLOSSARY OF CERTAIN TECHNICAL TERMS </B></P>
<P align=justify style="text-indent:5%">This Prospectus uses the certain
technical terms presented below as they are defined in accordance with the CIM
Definition Standards on Mineral Resources and Reserves (the &#147;<B>2014 CIM
Definition Standards</B>&#148;) adopted by the Canadian Institute of Mining,
Metallurgy and Petroleum (the &#147;<B>CIM Council</B>&#148;). Unless otherwise indicated,
all reserve and resource estimates contained in or incorporated by reference in
this Prospectus have been prepared in accordance with the CIM Standards, as
required by Canadian National Instrument 43-101. The following definitions are
reproduced from the latest version of the CIM Standards, which were adopted by
the CIM Council on May 10, 2014: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left ><B>feasibility study</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="85%">A comprehensive technical and economic study of the
      selected development option for a mineral project that includes
      appropriately detailed assessments of applicable modifying factors
      together with any other relevant operational factors and detailed
      financial analysis that are necessary to demonstrate, at the time of
      reporting, that extraction is reasonably justified (economically
      mineable). The results of the study may reasonably serve as the basis for
      a final decision by a proponent or financial institution to proceed with,
      or finance, the development of the project. The confidence level of the
      study will be higher than that of a pre-feasibility study </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left ><B>indicated mineral<BR></B><B>resource</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="85%">That part of a mineral resource for which quantity,
      grade or quality, densities, shape and physical characteristics are
      estimated with sufficient confidence to allow the application of modifying
      factors in sufficient detail to support mine planning and evaluation of
      the economic viability of the deposit. Geological evidence is derived from
      adequately detailed and reliable exploration, sampling and testing and is
      sufficient to assume geological and grade or quality continuity between
      points of observation. An indicated mineral resource has a lower level of
      confidence than that applying to a measured mineral resource and may only
      be converted to a probable mineral reserve </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left ><B>inferred mineral<BR>
    </B><B>resource</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="85%">That part of a mineral resource for which quantity
      and grade or quality are estimated on the basis of limited geological
      evidence and sampling. Geological evidence is sufficient to imply but not
      verify geological and grade or quality continuity. An inferred mineral
      resource has a lower level of confidence than that applying to an
      indicated mineral resource and must not be converted to a mineral reserve.
      It is reasonably expected that the majority of inferred mineral resources
      could be upgraded to indicated mineral resources with continued
      exploration </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="85%">&nbsp;</TD></TR></TABLE>
<P align=center>5 </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=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left><B>measured mineral</B> <BR><B>resource</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="85%">
      <P align=justify>That part of a mineral resource for which quantity, grade
      or quality, densities, shape, and physical characteristics are estimated
      with confidence sufficient to allow the application of modifying factors
      to support detailed mine planning and final evaluation of the economic
      viability of the deposit. Geological evidence is derived from detailed and
      reliable exploration, sampling and testing and is sufficient to confirm
      geological and grade or quality continuity between points of observation.
      A measured mineral resource has a higher level of confidence than that
      applying to either an indicated mineral resource or an inferred mineral
      resource. It may be converted to a Proven Mineral reserve or to a probable
      mineral reserve </P></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="85%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left><B>mineral reserve</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="85%">
      <P align=justify>The economically mineable part of a measured and/or
      indicated mineral resource. It includes diluting materials and allowances
      for losses, which may occur when the material is mined or extracted and is
      defined by studies at pre- feasibility or Feasibility level as appropriate
      that include application of modifying factors. Such studies demonstrate
      that, at the time of reporting, extraction could reasonably be justified.
      The reference point at which mineral reserves are defined, usually the
      point where the ore is delivered to the processing plant, must be stated.
      It is important that, in all situations where the reference point is
      different, such as for a saleable product, a clarifying statement is
      included to ensure that the reader is fully informed as to what is being
      reported. The public disclosure of a mineral reserve must be demonstrated
      by a pre-feasibility study or feasibility study </P></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="85%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left><B>mineral resource</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="85%">
      <P align=justify>A concentration or occurrence of solid material of
      economic interest in or on the Earth&#146;s crust in such form, grade or
      quality and quantity that there are reasonable prospects for eventual
      economic extraction. The location, quantity, grade or quality, continuity
      and other geological characteristics of a mineral resource are known,
      estimated or interpreted from specific geological evidence and knowledge,
      including sampling </P></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="85%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left><B>modifying factors</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="85%">
      <P align=justify>Considerations used to convert mineral resources to
      mineral reserves. These include, but are not restricted to, mining,
      processing, metallurgical, infrastructure, economic, marketing, legal,
      environmental, social and governmental factors </P></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="85%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left><B>NI 43-101</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="85%">
      <P align=justify>Canadian National Instrument 43-101 - <I>Standards of
      Disclosure for Mineral</I> <I>Projects</I>, as adopted by the Canadian
      Securities Administrators </P></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="85%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left><B>pre-feasibility study</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="85%">
      <P align=justify>A comprehensive study of a range of options for the
      technical and economic viability of a mineral project that has advanced to
      a stage where a preferred mining method, in the case of underground
      mining, or the pit configuration, in the case of an open pit, is
      established and an effective method of mineral processing is determined.
      It includes a financial analysis based on reasonable assumptions on the
      modifying factors and the evaluation of any other relevant factors which
      are sufficient for a Qualified Person, acting reasonably, to determine if
      all or part of the mineral resource may be converted to a mineral reserve
      at the time of reporting. A pre-feasibility is at a lower confidence level
      than a feasibility study </P></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="85%">&nbsp;</TD></TR></TABLE>
<P align=center>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=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left><B>probable mineral</B> <BR>
    <B>reserve</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="85%">The economically mineable part of an Indicated, and
      in some circumstances, a measured mineral resource. The confidence in the
      modifying factors applying to a probable mineral reserve is lower than
      that applying to a proven mineral reserve </TD>
  </TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left><B>proven mineral</B> <BR>
    <B>reserve</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="85%">The economically mineable part of a measured
      mineral resource. A proven mineral reserve implies a high degree of
      confidence in the modifying factors </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="85%">&nbsp;</TD></TR></TABLE>
<P align=justify>In addition, we use the following defined terms in this
Prospectus: </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 style="BORDER-BOTTOM: #000000 1px solid" noWrap
      align=left><B>BCBCA</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="85%">Business Corporations Act (<I>British Columbia</I>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Exchange
      Act</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="85%">The
      United States Securities Exchange Act of 1934, as amended </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NI 43-101</B> </TD>
    <TD align=left width="85%">Canadian National Instrument 43-101 -
      <I>Standards of Disclosure for Mineral</I> <I>Projects</I>, as adopted by
      the Canadian Securities Administrators </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>SEC</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="85%">The
      United States Securities and Exchange Commission </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>U.S. Securities
      Act</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="85%">The
United States Securities Act of 1933, as amended</TD></TR></TABLE></DIV>
<P align=center><B>CAUTIONARY NOTE TO UNITED STATES INVESTORS REGARDING
ESTIMATES OF <BR>RESERVES AND MEASURED, INDICATED AND INFERRED RESOURCES
</B></P>
<P align=justify style="text-indent:5%">This Prospectus and the documents
incorporated by reference herein have been prepared in accordance with the
requirements of Canadian provincial securities laws, which differ from the
requirements of U.S. securities laws. Unless otherwise indicated, all reserve
and resource estimates included or incorporated by reference in this Prospectus
have been prepared in accordance with NI 43-101 and CIM Standards. NI 43-101 is
a rule developed by the Canadian Securities Administrators that establishes
standards for all public disclosure an issuer makes of scientific and technical
information concerning mineral projects.</P>
<P align=center>7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify style="text-indent:5%">The Prospectus includes mineral
reserve estimates that have been calculated in accordance with NI 43-101 and CIM
Standards, as required by Canadian securities regulatory authorities. The terms
&#147;mineral reserve&#148;, &#147;proven mineral reserve&#148; and &#147;probable mineral reserve&#148; are
Canadian mining terms as defined in accordance with NI 43-101 and CIM standards
(as defined above). These definitions differ from the definitions adopted by the
SEC in the SEC&#146;s Industry Guide 7. For United States reporting purposes, SEC
Industry Guide 7 (under the Exchange Act), as interpreted by the staff of the
SEC, applies different standards in order to classify mineralization as a
reserve. Under SEC standards, mineralization may not be classified as a
&#147;reserve&#148; unless the determination has been made that the mineralization could
be economically and legally produced or extracted at the time the reserve
determination is made. Under SEC Industry Guide 7 standards, a &#147;final&#148; or
&#147;bankable&#148; feasibility study is required to report reserves, the three-year
historical average price is used in any reserve or cash flow analysis to
designate reserves and the primary environmental analysis or report must be
filed with the appropriate governmental authority. Accordingly, the NI 43-101
mineral reserve estimates contained in this Prospectus may not qualify as
&#147;reserves&#148; under SEC standards. </P>
<P align=justify style="text-indent:5%">In addition, the Prospectus uses
  the terms &#147;measured mineral resources&#148;, &#147;indicated mineral resources&#148; and
  &#147;inferred mineral resources&#148; (as defined above) to comply with the reporting
  standards in Canada. We advise investors that while those terms are recognized
  and required by Canadian regulations, these terms are not defined terms under
  SEC Industry Guide 7, are not recognized by the SEC and are normally not
  permitted to be used in reports and registration statements filed with the SEC.
  Investors are cautioned not to assume that any part or all of the mineral
  deposits in these categories will ever be converted into either NI 43-101 or SEC
  defined mineral reserves. These terms have a great amount of uncertainty as to
  their existence, and great uncertainty as to their economic and legal
  feasibility.</P>
<P align=justify style="text-indent:5%">Further, inferred resources have
a great amount of uncertainty as to their existence and as to whether they can
be mined legally or economically. Therefore, investors are also cautioned not to
assume that all or any part of the inferred resources exist. In accordance with
Canadian rules, estimates of &#147;inferred mineral resources&#148; cannot form the basis
of feasibility or other economic studies, except in rare cases.</P>
<P align=justify style="text-indent:5%">It cannot be assumed that all or
any part of measured mineral resources, indicated mineral resources, or inferred
mineral resources will ever be upgraded to a higher category. Investors are
cautioned not to assume that any part of the reported measured mineral
resources, indicated mineral resources, or inferred mineral resources in the
Prospectus is economically or legally mineable.</P>
<P align=justify style="text-indent:5%">Disclosure of &#147;contained ounces&#148;
in a resource is permitted disclosure under Canadian regulations; however, the
SEC normally only permits issuers to report mineralization that does not
constitute &#147;reserves&#148; by SEC Industry Guide 7 standards as in place tonnage and
grade without reference to unit measures. </P>
<P align=justify style="text-indent:5%">For the above reasons,
information contained in the Prospectus and the documents incorporated by
reference herein containing descriptions of the Company&#146;s mineral deposits may
not be comparable to similar information made public by U.S. companies subject
to the reporting and disclosure requirements under the United States federal
securities laws and the rules and regulations thereunder. </P>
<P align=center>8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center><B>NOTE TO UNITED STATES READERS REGARDING DIFFERENCES BETWEEN
UNITED <BR>STATES AND CANADIAN FINANCIAL REPORTING PRACTICES </B></P>
<P align=justify style="text-indent:5%">We prepare our financial
statements in accordance with International Financial Reporting Standards
(&#147;<B>IFRS</B>&#148;), as issued by the International Accounting Standards Board (the
&#147;<B>IASB</B>&#148;), which differs from U.S. generally accepted accounting principles
(&#147;<B>U.S. GAAP</B>&#148;). Accordingly, our financial statements incorporated by
reference in the Prospectus, and in the documents incorporated by reference in
this Prospectus, may not be comparable to financial statements of United States
companies prepared in accordance with U.S. GAAP.</P>
<P align=center><B>CURRENCY PRESENTATION AND EXCHANGE RATE INFORMATION </B></P>
<P align=justify style="text-indent:5%">Unless stated otherwise or as the
context otherwise requires, all references to dollar amounts in this Prospectus
and any Prospectus Supplement are references to Canadian dollars. References to
&#147;$&#148; or &#147;C$&#148; are to Canadian dollars and references to &#147;U.S. dollars&#148; or &#147;US$&#148;
are to United States dollars. </P>
<P align=justify style="text-indent:5%">Except as otherwise noted in our
2016 AIF and the Company&#146;s financial statements and related management&#146;s
discussion and analysis of financial condition and results of operations of the
Company that are incorporated by reference into this Prospectus, the
financial information contained in such documents is expressed in Canadian
dollars. </P>

<P align=justify style="text-indent:5%">The high, low, average and
  closing noon rates for the United States dollar in terms of Canadian dollars for
  each of the financial periods of the Company ended September 30, 2017, December
  31, 2016, and December 31, 2015, as quoted by the Bank of Canada, were as
follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Nine months ended</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Year ended December</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="10%"><B>Year ended</B> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%"><B>September 30, 2017</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%"><B>31, 2016</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%"><B>December 31, 2015</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="23%" colSpan=4>(expressed in Canadian
      dollars) </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>High </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1.3743 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1.4589 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1.3990 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Low </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">1.2128 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">1.2544 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">1.1728 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Average </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1.3074 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1.3248 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1.2787 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Closing </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">1.2480 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">1.3427 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">1.3840 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify style="text-indent:5%">On November 30, 2017, the
exchange rate for the United States dollar in terms of Canadian dollars, as
quoted by the Bank of Canada, was US$1.00 = $1.2888. </P>
<P align=center>9 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center><B>ADDITIONAL INFORMATION </B></P>
<P align=justify style="text-indent:5%">We have filed with the SEC a
registration statement on Form F-10 under the U.S. Securities Act relating to
the offering of the Securities. The Prospectus, which constitutes a part of the
registration statement, does not contain all of the information contained in the
registration statement, certain items of which are contained in the exhibits to
the registration statement as permitted by the rules and regulations of the SEC.
Statements included or incorporated by reference in the Prospectus about the
contents of any contract, agreement or other documents referred to are not
necessarily complete, and in each instance, you should refer to the exhibits for
a more complete description of the matter involved. Each such statement is
qualified in its entirety by such reference. </P>
<P align=justify style="text-indent:5%">We are subject to the
informational reporting requirements of the Exchange Act as the Common Shares
are registered under Section 12(b) of the Exchange Act. Accordingly, we are
required to publicly file reports and other information with the SEC. Under the
MJDS, the Company is permitted to prepare such reports and other information in
accordance with Canadian disclosure requirements, which are different from
United States disclosure requirements. </P>
<P align=justify style="text-indent:5%">As a foreign private issuer, we
are exempt from the rules under the Exchange Act prescribing the furnishing and
content of proxy statements in connection with meetings of its shareholders. In
addition, the officers, directors and principal shareholders of the Company are
exempt from the reporting and short-swing profit recovery rules contained in
Section 16 of the Exchange Act. </P>
<P align=justify style="text-indent:5%">We file annual reports on Form
40-F with the SEC under the MJDS, which annual reports include: </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%">the annual information form; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">management&#146;s annual discussion and analysis of
      financial condition and results of operations; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">consolidated audited financial statements,
  which are prepared in accordance with IFRS, as issued by the IASB; and  </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">other information specified by the Form 40-F.    </TD></TR></TABLE>
<P align=justify style="text-indent:5%">As a foreign private issuer, we
are required to furnish the following types of information to the SEC under
cover of Form 6-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 width="5%"  ></TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>material information that the Company otherwise makes
      publicly available in reports that the Company files with securities
      regulatory authorities in Canada; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>material information that the Company files with, and
      which is made public by, the TSX and the NYSE American; and </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>material information that the Company distributes to its
      shareholders in Canada. </P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Investors may read and copy, for
a fee, any document that the Company has filed with or furnished to the SEC at
the SEC&#146;s public reference room in Washington, D.C. at 100 F Street, N.E.,
Washington, D.C. 20549. Investors should call the SEC at 1-800-SEC-0330 or
access its website at www.sec.gov for further information about the public
reference room. Investors may read and download the documents the Company has
filed with the SEC&#146;s Electronic Data Gathering and Retrieval system (&#147;EDGAR&#148;) at www.sec.gov. Investors may read and download any
public document that the Company has filed with the securities commissions or
similar regulatory authorities in Canada at www.sedar.com. </P>
<P align=center>10 </P>
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<P align=center><B>DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT
</B></P>
<P align=justify style="text-indent:5%">The following documents have been
or will be filed with the SEC as part of the registration statement of which
this Prospectus forms a part:</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 >(i) </TD>
    <TD align=left width="90%">the documents set out under the heading
      &#147;<I>Documents Incorporate by Reference</I>&#148;; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >(ii) </TD>
    <TD align=left width="90%">the consents of the Company&#146;s auditor, legal
      counsel and technical report authors; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >(iii) </TD>
    <TD align=left width="90%">the powers of attorney from the directors and
      certain officers of the Company; and </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >(iv) </TD>
    <TD align=left width="90%">the form of Indenture. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">A copy of the form of any warrant
indenture, subscription receipt agreement or statement of eligibility of trustee
on Form T-1, as applicable, will be filed by post-effective amendment or by
incorporation by reference to documents filed or furnished with or furnished to
the SEC under the U.S. Exchange Act. </P>
<P align=center><B>THE COMPANY </B></P>
<P align=justify style="text-indent:5%">The Company was incorporated on
April 15, 1966 under the laws of the Province of British Columbia and is
governed by the BCBCA. Our registered office is located at Suite 1500, 1055 West
Georgia Street, Vancouver, British Columbia, V6E 4N7, and our operational head
office is located at 15th Floor, 1040 West Georgia Street, Vancouver, British
Columbia, V6E 4H1.</P>
<P align=justify>We operate our business through our subsidiaries, as described
in our 2016 AIF.</P>
<P align=justify style="text-indent:5%">Our sole producing asset is our
interest in the Gibraltar Mine, a large copper mine located in central British
Columbia. The Gibraltar Mine is the second largest open pit copper mine in
Canada, having produced 133 million pounds of copper in 2016 (on a 100% basis).
The Gibraltar Mine also produces molybdenum and silver and has an expected mine
life of at least 22 years based on proven mineral reserves and probable mineral
reserves of 688 million tons at a grade of 0.28% copper equivalent as of
December 31, 2016. </P>
<P align=justify style="text-indent:5%">We own a 75% beneficial interest
in the Gibraltar Mine through an unincorporated joint venture between our
wholly-owned subsidiary, Gibraltar Mines Ltd. (&#147;<B>Gibraltar</B>&#148;) and Cariboo
Copper Corp. (&#147;<B>Cariboo</B>&#148;) which owns the remaining 25% interest. Cariboo
is a Japanese consortium comprised of Sojitz Corporation, Dowa Metals &amp;
Mining Co., Ltd. and Furukawa Co., Ltd. The joint venture is governed by a joint
venture operating agreement dated March 18, 2010 (as amended) among us,
Gibraltar and Cariboo (the &#147;<B>JVOA</B>&#148;). </P>
<P align=justify style="text-indent:5%">In addition, we are focused on
advancing our development projects (together, the &#147;<B>Future Development
Projects</B>&#148;):</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%">the Florence Copper project; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">Aley niobium project; and </TD></TR></TABLE>
<P align=center>11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
  <TD align=left width="90%">the New Prosperity gold and copper project.  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Future Development Projects
are described in detail in our 2016 AIF, with additional information as to
updates on the status of these projects included our Q3 2017 MD&amp;A and below
under &#147;<I>Property Updates</I>&#148;.</P>
<P align=justify>We also own the Harmony gold project, a currently dormant
exploration stage gold property.</P>
<P align=justify style="text-indent:5%">The map below highlights the
location of our four properties in British Columbia, Canada, and the Florence
Copper property in Arizona, USA. </P>
<P align=center><IMG src="prospectusx16x1.jpg" border=0> </P>
<P align=justify style="text-indent:5%">We are currently focused on
optimizing the production of copper and molybdenum from Gibraltar. In recent
years at Gibraltar, we have expanded Gibraltar&#146;s ore concentrator, added a
second ore concentrator, increased the mining fleet and made other production
improvements. In addition, we are working to secure environmental permits for
the proposed Future Development Projects as part of our plans to advance these
Future Development Projects to the production stage.</P>
<P align=justify style="text-indent:5%">On June 14, 2017, we completed a
private placement offering of US$250 million aggregate principal amount of 8.75%
senior secured notes due 2022 (the &#147;<B>2017 Secured Notes</B>&#148;). We used the net
proceeds of the offering and a portion of our then existing cash balance to (i)
redeem our previously outstanding US$200 million senior notes due 2019, and (ii)
repay our senior secured credit facility (due March 2019) and the related copper
call option. The 2017 Secured Notes have been issued under and are governed by a
trust indenture dated as of June 14, 2017 among us, certain of our subsidiaries
as guarantors, The Bank of New York Mellon, as U.S. trustee, and the BNY Trust
Company of Canada, as Canadian co-trustee and collateral agent (the &#147;<B>2017
Secured Note Indenture</B>&#148;). Information on the terms of the 2017 Secured Notes is included in our June 2017 MCR
which is incorporated by reference into this Prospectus, and a copy of the 2017
Secured Note Indenture has been filed under the Company&#146;s profile on SEDAR and
furnished to the SEC on EDGAR under Form 6-K. </P>
<P align=center>12 </P>
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<P align=justify><B>Property Updates</B></P>
<P align=justify style="text-indent:5%">We are providing additional
disclosure on each of our Florence Copper Project, our Aley Project and our
Prosperity Project. The disclosure in our 2016 AIF should be read in the context
of this updated disclosure: </P>
<P align=justify><B><I>Florence Copper Project </I></B></P>
<P align=justify style="text-indent:5%">We have filed an amended and
restated technical report on the Florence Copper Project entitled &#147;<I>NI 43-101
Technical Report &#150; Florence Copper Project</I>&#148; originally dated February 28,
2017 with an effective date of January 16, 2017, and amended and restated
December 4, 2017 (the &#147;<B>Amended Florence Technical Report</B>&#148;). The Amended
Florence Technical Report amends and restates the original Florence Technical
Report entitled &#147;<I>NI 43-101 Technical Report &#150; Florence Copper Project</I>&#148;
that we filed on SEDAR on March 1, 2017 (the &#147;<B>Original 2017 Florence
Technical Report</B>&#148;). </P>
<P align=justify style="text-indent:5%">The Amended Florence Technical
Report did not include any changes to either the mineral resource estimates or
the mineral reserve estimates that were included in the Original 2017 Florence
Technical Report. Investors may view the Amended Florence Technical Report on
SEDAR.</P>
<P align=justify style="text-indent:5%">The Amended Florence Technical
Report provides expanded disclosure to the data verification, mineral resource
estimate and mineral reserve estimate sections of the Original 2017 Florence
Technical Report. The expanded mineral resource estimate disclosure included
additional information on the resource constraints that were applied in
completing the resource estimate contained in the Original 2017 Florence
Technical Report. The additional information on resource constraints included
assumptions relating to the copper price, injection and recovery well fixed and
variable costs, rates of copper recovery and operating costs used in the mineral
resource estimate included in the Original 2017 Florence Technical Report.
Additional disclosure was added to clarify that the resource estimate in the
Original 2017 Florence Technical Report was completed in accordance with the
2014 CIM Definition Standards. The amended reserve estimate disclosure was
focused on providing expanded disclosure on the 2014 CIM Definition Standards
applied to the estimates of reserves in the Original 2017 Florence Technical
Report and to remove references to inferred resources that had originally been
included in the reserve discussion in the context of opportunities to expand the
reserves.</P>
<P align=justify><B><I>Aley Project </I></B></P>
<P align=justify style="text-indent:5%">We have filed an amended and
restated technical report on the Aley Project entitled &#147;<I>Technical Report on
Mineral Reserves at the Aley Project, British Columbia Canada</I>&#148; originally
dated October 30, 2014 with an effective date of September 15, 2014, and amended
and restated December 4, 2017 (the &#147;<B>Amended Aley Technical Report</B>&#148;). The
Amended Aley Technical Report amends and restates the original Aley Technical
Report entitled &#147;<I>Technical Report on Mineral Reserves at the Aley Project,
British Columbia Canada</I>&#148; that we filed on SEDAR on October 30, 2014 (the
&#147;<B>Original 2014 Aley Technical Report</B>&#148;). </P>
<P align=center>13 </P>
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<P align=justify style="text-indent:5%">The Amended Aley Technical Report
did not include any changes to either the mineral resource or mineral reserve
estimates that were included in the Original 2014 Aley Technical Report.
Investors may view the Amended Aley Technical Report on SEDAR.</P>
<P align=justify style="text-indent:5%">The Amended Aley Technical Report
  provides expanded disclosure to the summary, introduction, reliance on other
  experts, mineral resource estimate and mineral reserve estimate sections of the
  Original Aley Technical Report. The expanded mineral resource estimate
  disclosure included additional information on the resource constraints that were
  applied in completing the resource estimate contained in the Original 2014 Aley
  Technical Report. The additional information on resource constraints included
  assumptions relating to the niobium price, foreign exchange rates, rates of
  recovery and operating costs used in the mineral resource estimate included in
  the Original 2014 Aley Technical Report. Additional disclosure was added to
  clarify that the mineral resource and mineral reserve estimates in the Original
  2014 Aley Technical Report were completed in accordance with the 2014 CIM
  Definition Standards.</P>
<P align=justify><B><I>Prosperity Project </I></B></P>
<P align=justify style="text-indent:5%">We are also providing the
following updates with respect to the discussion of the Prosperity Project
included in our 2016 AIF: </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  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>As disclosed in the June 2017 MCR, we have determined
      that, in light of the current negative position of the federal Canadian
      government regarding the Environmental Assessment for the Prosperity
      Project performed in 2013, and notwithstanding our position that the
      negative outcome was the product of a flawed review process which we are
      legally challenging, we do not consider the Prosperity Project to be
      material at this time. While we have reached this determination with
      respect to reference to our current operations, our assessment of
      materiality could change and the Prosperity Project may again become
  material in the event that our legal challenge is successful; and  </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>Additionally, we are cautioning investors that the
      Prosperity Technical Report referenced in our 2016 AIF is now seven years
      old and readers are advised to exercise caution when assessing its
      conclusions in light of current operating and capital costs, appropriate
      technologies, metals price outlooks and like matters. We will update this
      information if the Prosperity Project once again becomes material to the
      Company. </P></TD></TR></TABLE>
<P align=center><B>USE OF PROCEEDS </B></P>
<P align=justify style="text-indent:5%">Unless otherwise specified in a
Prospectus Supplement, the net proceeds from the sale of the Securities will be
used for general corporate purposes, including funding working capital,
potential future acquisitions, debt repayments and capital expenditures. Each
Prospectus Supplement will contain specific information concerning the use of
proceeds from that sale of Securities. </P>
<P align=justify style="text-indent:5%">All expenses relating to an
offering of Securities and any compensation paid to underwriters, dealers or
agents, as the case may be, will be paid out of our general funds, unless
otherwise stated in the applicable Prospectus Supplement. </P>
<P align=center>14 </P>
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<P align=center><B>CONSOLIDATED CAPITALIZATION </B></P>
<P align=justify style="text-indent:5%">There have been no material
  changes in our share and debt capital, on a consolidated basis, since September
  30, 2017, being the date of the Company&#146;s most recently filed unaudited
  consolidated financial statements incorporated by reference in this Prospectus,
  other the grants of stock options, issuance of share purchase warrants and
  issuances of additional common shares upon the exercise of outstanding stock
  options and share purchase warrants, each as described further below under
  &#147;Prior Sales&#148;. </P>
<P align=center><B>PRIOR SALES </B></P>
<P align=justify style="text-indent:5%">The following table sets out
details of all Common Shares issued by the Company during the 12 months prior to
the date of this Prospectus.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="12%"><B>Price per</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="12%">&nbsp; </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><B>Date</B> </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="12%"><B>Security/Exercise</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="12%"><B>Number of</B> </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><B><U>Common Shares</U></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="12%"><B>Price per Security</B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="12%"><B>Securities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><B><I>Issued pursuant to exercise of options</I></B>    </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>November 2016 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>0.38 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>December 2016 </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">0.38 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">22,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>January 2017 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>0.38 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>8,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>March 2017 </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">0.38-$0.98 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">272,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>May 2017 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>0.38-$1.25 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>56,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>June 2017 </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">0.38-$0.98 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">25,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>August 2017 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>0.38-$1.25 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>266,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>September 2017 </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">0.98 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">72,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>October 2017 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>0.38-$1.25 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>168,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>November, 2017 </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">0.38-$2.27 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">172,800</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B><I>Issued pursuant to exercise of
      warrants</I></B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>February 8, 2017 </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">0.51 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,000,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>March 20, 2017 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>0.51 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,000,000 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_pr20></A>
<P align=justify style="text-indent:5%">The following table sets out
details of all securities convertible or exercisable into Common Shares that
were issued or granted by the Company during the 12 months prior to the date of
this Prospectus.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="2%"  >&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="21%">&nbsp; </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="21%"><B>Exercise or</B> </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="21%"><B>Number of Common</B> </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="2%"  >&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="21%">&nbsp; </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="21%"><B>Conversion Price Per</B> </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="21%"><B>Shares Issuable Upon</B> </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="2%"  >&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="21%"><B>Type of Security</B> </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="21%"><B>Common Share</B> </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="21%"><B>Exercise or</B> </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>Date</B> </TD>
    <TD noWrap align=left width="2%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="21%"><B>Issued</B> </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="21%"><B>($)</B> </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="21%"><B>Conversion</B> </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>January 6, 2017 </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>Stock Options </TD>
    <TD align=left width="2%" bgColor=#e6efff >&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=center width="21%" bgColor=#e6efff>1.25 </TD>
    <TD align=left width="2%" bgColor=#e6efff >&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>1,910,500 </TD>
    <TD align=left width="2%" bgColor=#e6efff >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="2%"  >&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=center width="21%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=center width="21%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=center width="21%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>March 3, 2017 </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>Warrants </TD>
    <TD align=left width="2%" bgColor=#e6efff >&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=center width="21%" bgColor=#e6efff>2.74 </TD>
    <TD align=left width="2%" bgColor=#e6efff >&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>3,000,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff
  >&nbsp;</TD></TR></TABLE>
<P align=center><B>TRADING PRICE AND VOLUME </B></P>
<P align=justify style="text-indent:5%">Our common shares are listed on
the TSX and NYSE American under the trading symbol &#147;TKO&#148; and &#147;TGB&#148;,
respectively. The following tables set forth information relating to the trading
of the common shares on the TSX and NYSE American for the months indicated.
<B></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="21%"><B>TSX Price Range</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="21%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="21%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap
      align=center><B>Month</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="21%"><B>High</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="21%"><B>Low</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="21%"><B>Total Volume</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>November 2016 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>0.93 </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>0.60 </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff><div align="right">9,815,496 </div></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>December 2016 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="21%">1.32 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="21%">0.84 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="21%"><div align="right">12,698,671 </div></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>January 2017 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>1.94 </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>1.17 </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff><div align="right">11,180,346 </div></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>February 2017 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="21%">2.12 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="21%">1.64 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="21%"><div align="right">9,575,443 </div></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>March 2017 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>1.98 </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>1.53 </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff><div align="right">8,292,947 </div></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>April 2017 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="21%">1.82 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="21%">1.36 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="21%"><div align="right">5,207,182 </div></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>May 2017 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>1.82 </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>1.41 </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff><div align="right">6,063,649 </div></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>June 2017 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="21%">1.76 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="21%">1.46 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="21%"><div align="right">2,946,979 </div></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>July 2017 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>1.89 </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>1.54 </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff><div align="right">3,089,139 </div></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><div align="left">August 2017 </div></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="21%">2.43 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="21%">1.83 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="21%"><div align="right">11,072,545 </div></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff><div align="left">September 2017 </div></TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>2.50</TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>2.06 </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff><div align="right">9,102,598 </div></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><div align="left">October 2017 </div></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="21%">2.96 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="21%">2.08 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="21%"><div align="right">9,236,480 </div></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff><div align="left">November 2017 </div></TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>2.91 </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>2.50 </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff><div align="right">8,637,311 </div></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><div align="left">December 1, 2017 </div></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="21%">2.76 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="21%">2.66 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="21%"><div align="right">334,807 </div></TD>
    <TD align=left width="2%">&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 noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="44%"
    colSpan=4><B>NYSE American Price Range (in US$)</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="21%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>Month</B> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="21%"><B>High</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%"><B>Low</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="21%"><B>Total Volume</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>November 2016 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>0.69 </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="20%" bgColor=#e6efff>0.45 </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>17,461,203 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>December 2016 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="21%">1.00 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="20%">0.64 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="21%">17,516,911 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>January 2017 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>1.50 </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="20%" bgColor=#e6efff>0.86 </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>20,818,209 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>February 2017 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="21%">1.63 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="20%">1.25 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="21%">24,607,743 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=center>16 </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 noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="2%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="44%"
    colSpan=4><B>NYSE American Price Range (in US$)</B> </TD>
    <TD noWrap align=center width="2%"  >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="21%">&nbsp; </TD>
    <TD noWrap align=left width="2%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>Month</B> </TD>
    <TD noWrap align=left width="2%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="21%"><B>High</B> </TD>
    <TD noWrap align=center width="2%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%"><B>Low</B> </TD>
    <TD noWrap align=center width="2%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="21%"><B>Total Volume</B> </TD>
    <TD noWrap align=left width="2%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>March 2017 </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>1.49 </TD>
    <TD align=center width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="20%" bgColor=#e6efff>1.15 </TD>
    <TD align=center width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff><div align="right">19,810,853 </div></TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>April 2017 </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="21%">1.36 </TD>
    <TD align=center width="2%"  >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="20%">1.00 </TD>
    <TD align=center width="2%"  >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="21%"><div align="right">10,573,926 </div></TD>
    <TD align=left width="2%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>May 2017 </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>1.34 </TD>
    <TD align=center width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="20%" bgColor=#e6efff>1.02 </TD>
    <TD align=center width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff><div align="right">13,438,297 </div></TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>June 2017 </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="21%">1.31 </TD>
    <TD align=center width="2%"  >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="20%">1.11 </TD>
    <TD align=center width="2%"  >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="21%"><div align="right">10,948,602 </div></TD>
    <TD align=left width="2%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>July 2017 </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>1.53 </TD>
    <TD align=center width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="20%" bgColor=#e6efff>1.18 </TD>
    <TD align=center width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff><div align="right">10,789,972 </div></TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>August 2017 </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="21%">1.95 </TD>
    <TD align=center width="2%"  >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="20%">1.42 </TD>
    <TD align=center width="2%"  >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="21%"><div align="right">25,148,018 </div></TD>
    <TD align=left width="2%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>September 2017 </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>2.05 </TD>
    <TD align=center width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="20%" bgColor=#e6efff>1.68 </TD>
    <TD align=center width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff><div align="right">29,793,297 </div></TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>October 2017 </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="21%">2.46</TD>
    <TD align=center width="2%"  >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="20%">1.54 </TD>
    <TD align=center width="2%"  >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="21%"><div align="right">32,930,918 </div></TD>
    <TD align=left width="2%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>November 2017 </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff>2.27 </TD>
    <TD align=center width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="20%" bgColor=#e6efff>1.95 </TD>
    <TD align=center width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="21%" bgColor=#e6efff><div align="right">17,868,821 </div></TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>December 1, 2017 </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="21%">2.18 </TD>
    <TD align=center width="2%"  >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="20%">2.07 </TD>
    <TD align=center width="2%"  >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="21%"><div align="right">810,041 </div></TD>
    <TD align=left width="2%"
>&nbsp;</TD></TR></TABLE>
<P align=center><B>PLAN OF DISTRIBUTION </B></P>
<P align=justify style="text-indent:5%">We may sell the Securities to or
through underwriters or dealers, and also may sell Securities to one or more
other purchasers directly or through agents, including sales pursuant to
ordinary brokerage transactions and transactions in which a broker-dealer
solicits purchasers. Underwriters may sell Securities to or through dealers.
Each Prospectus Supplement will set forth the terms of the offering, including
the name or names of any underwriters, dealers or agents and any fees or
compensation payable to them in connection with the offering and sale of a
particular series or issue of Securities, the public offering price or prices of
the Securities and the proceeds to the Company from the sale of the Securities.</P>
<P align=justify style="text-indent:5%">The Securities may be sold, from
time to time in one or more transactions at a fixed price or prices which may be
changed or at market prices prevailing at the time of sale, at prices related to
such prevailing market prices or at negotiated prices, including sales in
transactions that are deemed to be &#147;at-the-market distributions&#148; as defined in
National Instrument 44-102&#151;Shelf Distributions, including sales made directly on
the TSX, NYSE American or other existing trading markets for the Securities. The
prices at which the Securities may be offered may vary as between purchasers and
during the period of distribution. If, in connection with the offering of
Securities at a fixed price or prices, the underwriters have made a bona fide
effort to sell all of the Securities at the initial offering price fixed in the
applicable Prospectus Supplement, the public offering price may be decreased and
thereafter further changed, from time to time, to an amount not greater than the
initial public offering price fixed in such Prospectus Supplement, in which case
the compensation realized by the underwriters will be decreased by the amount
that the aggregate price paid by purchasers for the Securities is less than the
gross proceeds paid by the underwriters to the Company. </P>
<P align=center>17 </P>
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<P align=justify style="text-indent:5%">Underwriters, dealers and agents
who participate in the distribution of the Securities may be entitled under
agreements to be entered into with the Company to indemnification by the Company
against certain liabilities, including liabilities under the U.S. Securities Act
and Canadian securities legislation, or to contribution with respect to payments
which such underwriters, dealers or agents may be required to make in respect
thereof. Such underwriters, dealers and agents may be customers of, engage in
transactions with, or perform services for, the Company in the ordinary course
of business.  </P>
<P align=justify style="text-indent:5%">In connection with any offering
  of Securities, other than an &#147;at-the-market distribution&#148;, the underwriters may
  over-allot or effect transactions which stabilize or maintain the market price
  of the Securities offered at a level above that which might otherwise prevail in
  the open market. Such transactions, if commenced, may be discontinued at any
  time. </P>
<P align=justify style="text-indent:5%">Unless otherwise specified in the
applicable Prospectus Supplement, we do not intend to list any of the Securities
other than the Common Shares on any securities exchange. Any underwriters,
dealers or agents to or through which Securities other than the Common Shares
are sold by us for public offering and sale may make a market in such
Securities, but such underwriters, dealers or agents will not be obligated to do
so and may discontinue any such market making at any time and without notice. No
assurance can be given that a market for trading in Securities of any series or
issue will develop or as to the liquidity of any such market, whether or not the
Securities are listed on a securities exchange. </P>
<P align=center><B>DESCRIPTION OF SECURITIES </B></P>
<P align=justify><B>Common Shares </B></P>
<P align=justify style="text-indent:5%">The holders of Common Shares are
entitled to receive notice of any meeting of the shareholders of the Company and
to attend and vote thereat, except those meetings at which only the holders
shares of another class or of a particular series are entitled to vote. Each
Common Share entitles its holder to one vote. The holders of Common Shares are
entitled to receive on a pro-rata basis such dividends as the board of directors
may declare out of funds legally available therefor. In the event of the
dissolution, liquidation, winding-up or other distribution of our assets, such
holders are entitled to receive on a pro-rata basis all of assets of the Company
remaining after payment of all of liabilities. The Common Shares carry no
pre-emptive or conversion rights. </P>
<P align=center>18 </P>
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  <A name=page_pr23></A>
<P align=justify><B>Warrants </B></P>
<P align=justify style="text-indent:5%">This section describes the
  general terms that will apply to any Warrants for the purchase of Common Shares.
  We will not offer Warrants for sale unless the applicable Prospectus Supplement
  containing the specific terms of the Warrants to be offered separately is first
  approved, in accordance with applicable laws, for filing by the securities
  commissions or similar regulatory authorities in each of the jurisdictions where
  the Warrants will be offered for. </P>
<P align=justify style="text-indent:5%">Subject to the foregoing, we may
  issue Warrants independently or together with other securities, and Warrants
  sold with other securities may be attached to or separate from the other
  securities. Warrants may be issued directly by us to the purchasers thereof or
  under one or more warrant indentures or warrant agency agreements to be entered
  into by us and one or more banks or trust companies acting as warrant agent.
  Warrants, like other Securities that may be sold, may be listed on a securities
  exchange subject to exchange listing requirements and applicable legal
  requirements. </P>
<P align=justify style="text-indent:5%">This summary of some of the
  provisions of the Warrants is not complete. The statements made in the
  Prospectus relating to any warrant agreement and Warrants to be issued under the
  Prospectus are summaries of certain anticipated provisions thereof and do not
  purport to be complete and are subject to, and are qualified in their entirety
  by reference to, all provisions of the applicable warrant agreement. Investors
  should refer to the warrant indenture or warrant agency agreement relating to
  the specific warrants being offered for the complete terms of the Warrants. A
  copy of any warrant indenture or warrant agency agreement relating to an
  offering of<B> </B>Warrants will be filed by us with the applicable securities
  regulatory authorities in Canada following its execution. </P>
<p>&nbsp;</p>
<P align=justify style="text-indent:5%">The particular terms of each
issue of Warrants will be described in the applicable Prospectus Supplement.
This description will include, where applicable: </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%">the designation and aggregate number of
      Warrants; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">the price at which the Warrants will be
      offered; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">the currency or currencies in which the
      Warrants will be offered; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">the date on which the right to exercise the
      Warrants will commence and the date on which the right will expire; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">the number of common shares that may be
      purchased upon exercise of each Warrant and the price at which and
      currency or currencies in which the Common Shares may be purchased upon
      exercise of each Warrant; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">the designation and terms of any securities
      with which the Warrants will be offered, if any, and the number of the
      Warrants that will be offered with each security; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">the date or dates, if any, on or after which
    the Warrants and the related securities will be transferable separately;    </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">whether the Warrants will be subject to
      redemption and, if so, the terms of such redemption provisions; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">material Canadian and United States federal
      income tax consequences of owning the Warrants; and </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">any other material terms or conditions of the
      Warrants. </TD></TR></TABLE>

<P align=center>19 </P>
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<P align=justify><B>Subscription Receipts </B></P>
<P align=justify style="text-indent:5%">This section describes the
general terms that will apply to any Subscription Receipts that may be offered
by us pursuant to the Prospectus. Subscription Receipts may be offered
separately or together with Common Shares or Warrants, as the case may be. The
Subscription Receipts will be issued under a Subscription Receipt agreement.</P>
<P align=justify style="text-indent:5%">In the event we issue
Subscription Receipts, we will provide the original purchasers of Subscription
Receipts a contractual right of rescission exercisable following the issuance of
common shares to such purchasers. </P>
<P align=justify style="text-indent:5%">The applicable Prospectus
Supplement will include details of the Subscription Receipt agreement covering
the Subscription Receipts being offered. A copy of the Subscription Receipt
agreement relating to an offering of Subscription Receipts will be filed by us
with the applicable securities regulatory authorities after it has been entered
into by us. The specific terms of the Subscription Receipts, and the extent to
which the general terms described in this section apply to those Subscription
Receipts, will be set forth in the applicable Prospectus Supplement. This
description will include, where applicable: </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%">the number of Subscription Receipts; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">the price at which the Subscription Receipts
      will be offered; </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 width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">the procedures for the exchange of the
      Subscription Receipts into Common Shares or Warrants; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">the number of Common Shares or Warrants that
      may be exchanged upon exercise of each Subscription Receipt; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">the designation and terms of any other
      securities with which the Subscription Receipts will be offered, if any,
      and the number of Subscription Receipts that will be offered with each
      security; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">terms applicable to the gross or net proceeds
      from the sale of the Subscription Receipts plus any interest earned
      thereon; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">material Canadian and United States income tax
      consequences of owning the Subscription Receipts; and </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">any other material terms and conditions of the
      Subscription Receipts. </TD></TR></TABLE>

<P align=center>20 </P>
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<P align=justify><B>Description of Debt Securities </B></P>
<P align=justify style="text-indent:5%">We may issue Debt Securities in
one or more series under an indenture (the &#147;<B>Indenture</B>&#148;), to be entered
into among the Company, a Canadian trustee and a U.S. trustee. The Indenture
will be subject to and governed by the United States Trust Indenture Act of
1939, as amended (the &#147;<B>Trust Indenture Act</B>&#148;). A copy of the form of the
Indenture will be filed with the SEC as an exhibit to the registration statement
of which this Prospectus forms a part. The following description sets forth
certain general material terms and provisions of the Debt Securities and is not
intended to be complete. For a more complete description, prospective investors
should refer to the Indenture and the terms of the Debt Securities. If Debt
Securities are issued, we will describe in the applicable Prospectus Supplement
the particular terms and provisions of any series of the Debt Securities and a
description of how the general terms and provisions described below may apply to
that series of the Debt Securities. Prospective investors should rely on
information in the applicable Prospectus Supplement and not on the following
information to the extent that the information in such Prospectus Supplement is
different from the following information. We will file as exhibits to the
registration statement of which this Prospectus is a part, or will incorporate
by reference from a report on Form 6-K that the Company furnishes to the SEC,
any supplemental indenture describing the terms and conditions of Debt
Securities that we are offering before the issuance of such Debt Securities.</P>
<P align=justify style="text-indent:5%">We may issue Debt Securities and
incur additional indebtedness other than through the offering of Debt Securities
pursuant to this Prospectus. </P>
<P align=justify><B><I>General </I></B></P>
<P align=justify style="text-indent:5%">The Indenture will not limit the
aggregate principal amount of Debt Securities that we may issue under the
Indenture and will not limit the amount of other indebtedness that we may incur.
The Indenture will provide that we may issue Debt Securities from time to time
in one or more series and may be denominated and payable in U.S. dollars,
Canadian dollars or any foreign currency. Unless otherwise indicated in the
applicable Prospectus Supplement, the Debt Securities will be unsecured
obligations of the Company. The Indenture will also permit us to increase the
principal amount of any series of the Debt Securities previously issued and to
issue that increased principal amount. </P>
<P align=justify style="text-indent:5%">The applicable Prospectus
Supplement for any series of Debt Securities that we offer will describe the
specific terms of the Debt Securities and may include, but is not limited to,
any of the following: </P>
<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%">
      <P align=justify>the title of the Debt Securities; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </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>any limit on the aggregate principal amount of the Debt
      Securities and, if no limit is specified, the Company will have the right
      to re-open such series for the issuance of additional Debt Securities from
      time to time; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </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>whether the payment of principal, interest and premium, if
      any, on the Debt Securities will be senior, senior subordinated or subordinated obligations; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </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>whether payment of principal, interest and premium, if
      any, on the Debt Securities will be secured by certain assets of the
      Company and any appliable guarantors;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </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>whether payment of the Debt Securities will be guaranteed
      by any other person; </P></TD></TR>
</TABLE>
<P align=center>21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; ">
  <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>the date or dates, or the method by which such date or
      dates will be determined or extended, on which the principal (and premium,
      if any) of the Debt Securities of the series is payable; </P></TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  ><P align=justify>&nbsp;</P></TD>
    <TD width="90%"><P align=justify> </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>the rate or rates at which the Securities of the series
      shall bear interest, if any, or the method by which such rate or rates
      shall be determined, whether such interest shall be payable in cash or
      additional Securities of the same series or shall accrue and increase the
      aggregate principal amount outstanding of such series, the date or dates
      from which such interest shall accrue, or the method by which such date or
      dates shall be determined; </P></TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  ><P align=justify>&nbsp;</P></TD>
    <TD width="90%"><P align=justify> </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>the place or places we will pay principal, premium and
      interest, if any, and the place or places where Debt Securities can be
      presented for registration of transfer, exchange or conversion; </P></TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  ><P align=justify>&nbsp;</P></TD>
    <TD width="90%"><P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD >&nbsp;</TD>
    <TD align=left  ><P align=justify>&#149;</P></TD>
    <TD align=left><P align=justify>whether and under what circumstances we will be required to pay any additional
amounts for withholding or deduction for Canadian taxes with respect to the Debt
Securities, and whether an on what terms we will have the option to redeem the Debt
Securities rather than pay the additional amounts; </P></TD>
  </TR>
  <TR vAlign=top>
    <TD >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left>&nbsp;</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>whether we will be obligated to redeem, repay or
      repurchase the Debt Securities pursuant to any sinking or other provision,
      or at the option of a holder and the terms and conditions of such
      redemption, repayment or repurchase; </P></TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  ><P align=justify>&nbsp;</P></TD>
    <TD width="90%"><P align=justify> </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>whether we may redeem the Debt Securities, in whole or in
      part, prior to maturity and the terms and conditions of any such
      redemption; </P></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; ">
  <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>the denominations in which we will issue any registered
      Debt Securities, if other than denominations of $2,000 and any multiple of
      $1,000 and, if other than denominations of $5,000, the denominations in
      which any unregistered Debt Security shall be issuable; </P></TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  ><P align=justify>&nbsp;</P></TD>
    <TD width="90%"><P align=justify> </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>whether we will make payments on the Debt Securities in a
      currency other than U.S. dollars; </P></TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  ><P align=justify>&nbsp;</P></TD>
    <TD width="90%"><P align=justify> </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>whether payments on the Debt Securities will be payable
      with reference to any index, formula or other method; </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 width="5%"  >&nbsp;</TD>
    <TD align=left  >&nbsp;&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>whether we will issue the Debt Securities as global
      securities and, if so, the identity of the depositary for the global
      securities; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>whether we will issue the Debt Securities as unregistered
      securities, registered securities or both; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>any changes or additions to, or deletions of, events of
      default or covenants whether or not such events of default or covenants
      are consistent with the events of default or covenants in the Indenture;      </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>the applicability of, and any changes or additions to,
  the provisions for defeasance described under &#147;Defeasance&#148; below;  </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>whether the holders of any series of Debt Securities have
      special rights if specified events occur; </P></TD></TR>
  </TABLE>
<P align=center>22 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5><br>

<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; ">
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%"><P align=justify>the terms, if any, for any conversion or exchange of the
      Debt Securities for any other securities; </P></TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%"><P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%"><P align=justify>provisions as to modification, amendment or variation of
      any rights or terms attaching to the Debt Securities; and </P></TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%"><P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%"><P align=justify>any other terms, conditions, rights and preferences (or
      limitations on such rights and preferences). </P></TD>
  </TR>
</TABLE>
<P align=justify style="text-indent:5%">Unless stated otherwise in the
applicable Prospectus Supplement, no holder of Debt Securities will have the
right to require us to repurchase the Debt Securities and there will be no
increase in the interest rate if we become involved in a highly leveraged
transaction or if we have a change of control. </P>
<P align=justify style="text-indent:5%">We may issue Debt Securities
bearing no interest or interest at a rate below the prevailing market rate at
the time of issuance, and offer and sell the Debt Securities at a discount below
their stated principal amount. We may also sell any of the Debt Securities for a
foreign currency or currency unit, and payments on the Debt Securities may be
payable in a foreign currency or currency unit. In any of these cases, we will
describe certain Canadian federal and U.S. federal income tax consequences and
other special considerations in the applicable Prospectus Supplement. </P>
<P align=justify style="text-indent:5%">We may issue Debt Securities with
terms different from those of Debt Securities previously issued and, without the
consent of the holders thereof, we may reopen a previous issue of a series of
Debt Securities and issue additional Debt Securities of such series (unless the
reopening was restricted when such series was created). </P>
<P align=justify><B><I>Guarantees </I></B></P>
<P align=justify style="text-indent:5%">Our payment obligations under any
series of Debt Securities may be guaranteed by certain of our direct or indirect
subsidiaries. In order to comply with certain registration statement form
requirements under U.S. law, these guarantees may in turn be guaranteed by the
Company. The terms of such guarantees will be set forth in the applicable
Prospectus Supplement. </P>
<P align=justify><B><I>Ranking and Other Indebtedness </I></B></P>
<P align=justify style="text-indent:5%">Unless otherwise indicated in an
  applicable Prospectus Supplement, and except to the extent prescribed by law,
  each series of Debt Securities shall be senior, unsubordinated and unsecured
  obligations of the Company and shall rank pari passu and ratably without
  preference among themselves and pari passu with all other senior,
  unsubordinated and unsecured obligations of the Company. </P>
<P align=justify style="text-indent:5%">Our Board of Directors may
  establish the extent and manner, if any, to which payment on or in respect of a
  series of Debt Securities will be senior, senior subordinated or will be
  subordinated to the prior payment of the Company&#146;s other liabilities and
  obligations, and whether the payment of principal, premium, if any, and
  interest, if any, will be guaranteed by any other person and the nature and
  priority of any security.</P>
<P align=center>23 </P>
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<P align=justify><B><I>Debt Securities in Global Form</I></B></P>
<P align=justify><I>The Depositary and Book-Entry</I></P>
<P align=justify style="text-indent:5%">Unless otherwise specified in the
applicable Prospectus Supplement, a series of the Debt Securities may be issued
in whole or in part in global form as a &#147;global security&#148; and will be registered
in the name of or issued in bearer form and be deposited with a depositary, or
its nominee, each of which will be identified in the applicable Prospectus
Supplement relating to that series. Unless and until exchanged, in whole or in
part, for the Debt Securities in definitive registered form, a global security
may not be transferred except as a whole by the depositary for such global
security to a nominee of the depositary, by a nominee of the depositary to the
depositary or another nominee of the depositary or by the depositary or any such
nominee to a successor of the depositary or a nominee of the successor. </P>
<P align=justify style="text-indent:5%">The specific terms of the
depositary arrangement with respect to any portion of a particular series of the
Debt Securities to be represented by a global security will be described in the
applicable Prospectus Supplement relating to such series. The Company
anticipates that the provisions described in this section will apply to all
depositary arrangements. </P>
<P align=justify style="text-indent:5%">Upon the issuance of a global
security, the depositary therefor or its nominee will credit, on its book entry
and registration system, the respective principal amounts of the Debt Securities
represented by the global security to the accounts of such persons, designated
as &#147;participants&#148;, having accounts with such depositary or its nominee. Such
accounts shall be designated by the underwriters, dealers or agents
participating in the distribution of the Debt Securities or by the Company if
such Debt Securities are offered and sold directly by the Company. Ownership of
beneficial interests in a global security will be limited to participants or
persons that may hold beneficial interests through participants. Ownership of
beneficial interests in a global security will be shown on, and the transfer of
that ownership will be effected only through, records maintained by the
depositary therefor or its nominee (with respect to interests of participants)
or by participants or persons that hold through participants (with respect to
interests of persons other than participants). The laws of some states in the
United States may require that certain purchasers of securities take physical
delivery of such securities in definitive form. </P>
<P align=justify style="text-indent:5%">So long as the depositary for a
global security or its nominee is the registered owner of the global security or
holder of a global security in bearer form, such depositary or such nominee, as
the case may be, will be considered the sole owner or holder of the Debt
Securities represented by the global security for all purposes under the
Indenture. Except as provided below, owners of beneficial interests in a global
security will not be entitled to have a series of the Debt Securities
represented by the global security registered in their names, will not receive
or be entitled to receive physical delivery of such series of the Debt Securities in definitive form and will not be considered
the owners or holders thereof under the Indenture. </P>
<P align=justify style="text-indent:5%">Any payments of principal,
  premium, if any, and interest, if any, on global securities registered in the
  name of a depositary or securities registrar will be made to the depositary or
  its nominee, as the case may be, as the registered owner of the global security
  representing such Debt Securities. None of the Company, any trustee or any
  paying agent for the Debt Securities represented by the global securities will
  have any responsibility or liability for any aspect of the records relating to
  or payments made on account of beneficial ownership interests of the global
  security or for maintaining, supervising or reviewing any records relating to
  such beneficial ownership interests. </P>
<P align=center>24 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify style="text-indent:5%">The Company expects that the
depositary for a global security or its nominee, upon receipt of any payment of
principal, premium, if any, or interest, if any, will credit participants&#146;
accounts with payments in amounts proportionate to their respective beneficial
interests in the principal amount of the global security as shown on the records
of such depositary or its nominee. The Company also expects that payments by
participants to owners of beneficial interests in a global security held through
such participants will be governed by standing instructions and customary
practices, as is now the case with securities held for the accounts of customers
registered in &#147;street name&#148;, and will be the responsibility of such
participants. </P>
<P align=justify><I>Discontinuance of Depositary&#146;s Services</I></P>
<P align=justify style="text-indent:5%">If a depositary for a global
security representing a particular series of the Debt Securities is at any time
unwilling or unable to continue as depositary or, if at any time the depositary
for such series shall no longer be registered or in good standing under the
Exchange Act, and a successor depositary is not appointed by us within 90 days,
the Company will issue such series of the Debt Securities in definitive form in
exchange for a global security representing such series of the Debt Securities.
If an event of default under the Indenture has occurred and is continuing, Debt
Securities in definitive form will be printed and delivered upon written request
by the holder to the appropriate trustee. In addition, the Company may at any
time and in the Company&#146;s sole discretion determine not to have a series of the
Debt Securities represented by a global security and, in such event, will issue
a series of the Debt Securities in definitive form in exchange for all of the
global securities representing that series of Debt Securities. </P>
<P align=justify><B><I>Debt Securities in Definitive Form </I></B></P>
<P align=justify style="text-indent:5%">A series of the Debt Securities
may be issued in definitive form, solely as registered securities, solely as
unregistered securities or as both registered securities and unregistered
securities. Registered securities will be issuable in denominations of $2,000
and integral multiples of $1,000 and unregistered securities will be issuable in
denominations of $5,000 and integral multiples of $5,000 or, in each case, in
such other denominations as may be set out in the terms of the Debt Securities
of any particular series. Unless otherwise indicated in the applicable
Prospectus Supplement, unregistered securities will have interest coupons
attached. </P>
<P align=justify style="text-indent:5%">Unless otherwise indicated in the
applicable Prospectus Supplement, payment of principal, premium, if any, and
interest, if any, on the Debt Securities in definitive form will be made at the
office or agency designated by the Company, or at the Company&#146;s option the
Company can pay principal, interest, if any, and premium, if any, by check
mailed to the address of the person entitled at the address appearing in the
security register of the trustee or electronic funds wire transfer to an account
of persons who meet certain thresholds set out in the Indenture who are entitled
to receive payments by wire transfer. Unless otherwise indicated in the
applicable Prospectus Supplement, payment of interest, if any, will be made to
the persons in whose name the Debt Securities are registered at
the close of business on the day or days specified by the Company. </P>
<P align=center>25 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_pr29></A>
<P align=justify style="text-indent:5%">At the option of the holder of
  Debt Securities, registered securities of any series will be exchangeable for
  other registered securities of the same series, of any authorized denomination
  and of a like aggregate principal amount. If, but only if, provided in an
  applicable Prospectus Supplement, unregistered securities (with all unmatured
  coupons, except as provided below, and all matured coupons in default) of any
  series may be exchanged for registered securities of the same series, of any
  authorized denominations and of a like aggregate principal amount and tenor. In
  such event, unregistered securities surrendered in a permitted exchange for
  registered securities between a regular record date or a special record date and
  the relevant date for payment of interest shall be surrendered without the
  coupon relating to such date for payment of interest, and interest will not be
  payable on such date for payment of interest in respect of the registered
  security issued in exchange for such unregistered security, but will be payable
  only to the holder of such coupon when due in accordance with the terms of the
  Indenture. Unless otherwise specified in an applicable Prospectus Supplement,
  unregistered securities will not be issued in exchange for registered
securities. </P>
<P align=justify style="text-indent:5%">The applicable Prospectus
Supplement may indicate the places to register a transfer of the Debt Securities
in definitive form. Service charges may be payable by the holder for any
registration of transfer or exchange of the Debt Securities in definitive form,
and the Company may, in certain instances, require a sum sufficient to cover any
tax or other governmental charges payable in connection with these transactions.</P>
<P align=justify style="text-indent:5%">We shall not be required to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">issue, register the transfer of or exchange any
      series of the Debt Securities in definitive form during a period beginning
      at the opening of 15 days before any selection of securities of that
      series of the Debt Securities to be redeemed and ending on the relevant
      date of notice of such redemption, as provided in the Indenture; </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">register the transfer of or exchange any
      registered security in definitive form, or portion thereof, called for
      redemption, except the unredeemed portion of any registered security being
      redeemed in part; </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">exchange any unregistered security called for
      redemption except to the extent that such unregistered security may be
      exchanged for a registered security of that series and like tenor;
      provided that such registered security will be simultaneously surrendered
      for redemption; or </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">issue, register the transfer of or exchange any
      of the Debt Securities in definitive form which have been surrendered for
      repayment at the option of the holder, except the portion, if any, of such
      Debt Securities not to be so repaid. </TD></TR></TABLE>
<P align=justify><B><I>Provision of Financial Information </I></B></P>
<P align=justify style="text-indent:5%">The Company will file with the
Trustee within 15 days after the Company files the same with the
      SEC, (i) copies of the annual reports containing audited financial
      statements and copies of quarterly reports containing unaudited financial
      statements and (ii) copies of the information, documents and other reports
      (or copies of such portions of any of the foregoing as the Commission may
      from time to time by rules and regulations prescribe) which the Company
      may be required to file with or furnish to the SEC pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934.</P>
<P align=center>26 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify style="text-indent:5%">In the event that the Company is
not required to remain subject to the reporting requirements of Section 13 or
15(d) of the Exchange Act, or otherwise report on an annual and quarterly basis
on forms provided for such annual and quarterly reporting pursuant to rules and
regulations promulgated by the SEC, continue to file with the SEC and provide
the Trustee: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>within 140 days after the end of each fiscal year, annual
      reports on Form 20-F, 40-F or Form 10-K, as applicable (or any successor
      form), containing audited financial statements and the other financial
      information required to be contained therein (or required in such
      successor form); and </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>within 60 days after the end of each of the first three
      fiscal quarters of each fiscal year, reports on Form 6-K or Form 10-Q (or
      any successor form), containing unaudited financial statements and the
      other financial information which, regardless of applicable requirements
      shall, at a minimum, contain such information required to be provided in
      quarterly reports under the laws of Canada or any province thereof to
      security holders of a corporation with securities listed on the Toronto
      Stock Exchange, whether or not the Company has any of its securities so
      listed. </P></TD></TR></TABLE>
<P align=justify><B><I>Events of Default </I></B></P>
<P align=justify style="text-indent:5%">Unless otherwise specified in the
applicable Prospectus Supplement relating to a particular series of Debt
Securities, the following is a summary of events which will, with respect to any
series of the Debt Securities, constitute an event of default under the
Indenture with respect to the Debt Securities of that series: </P>
<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%">
      <P align=justify>the Company fails to pay principal of, or any premium on
      any Debt Security of that series
    when it is due and payable; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </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>the Company fails to pay interest  payable on any Debt Security of that series when it becomes due
    and payable, and such default continues for 30 days; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </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>the Company fails to make any required sinking fund or
      analogous payment when due for that series of Debt Securities; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </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>the Company fails to observe or perform any of its
      covenants or agreements in the Indenture that affect or are applicable to
      the Debt Securities of that series for 90 days after written notice to the
      Company by the trustees or to the Company and the trustees by holders of
      at least 25% in aggregate principal amount of the outstanding Debt
      Securities of that series; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </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>certain events involving the Company&#146;s bankruptcy,
      insolvency or reorganization; and </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </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>any other event of default provided for in that series of
      Debt Securities. </P></TD></TR></TABLE>
<P align=center>27 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify style="text-indent:5%">A default under one series of
Debt Securities will not necessarily be a default under another series. A
trustee may withhold notice to the holders of the Debt Securities of any
default, except in the payment of principal or premium, if any, or interest, if
any, if in good faith it considers it in the interests of the holders to do so
and so advises the Company in writing. </P>
<P align=justify style="text-indent:5%">If an event of default for any
series of Debt Securities occurs and continues, a trustee or the holders of at
least 25% in aggregate principal amount of the Debt Securities of that series
may require the Company to repay immediately: </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%">the entire principal and interest of the Debt
      Securities of the series; or </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">if the Debt Securities are discounted
      securities, that portion of the principal as is described in the
      applicable Prospectus Supplement. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">If an event of default relates to
events involving the Company&#146;s bankruptcy, insolvency or reorganization, the
principal of all Debt Securities will become immediately due and payable without
any action by the trustee or any holder.</P>
<P align=justify style="text-indent:5%">Subject to certain conditions,
the holders of a majority of the aggregate principal amount of the Debt
Securities of the affected series can rescind and annul an accelerated payment
requirement. If Debt Securities are discounted securities, the applicable
Prospectus Supplement will contain provisions relating to the acceleration of
maturity of a portion of the principal amount of the discounted securities upon
the occurrence or continuance of an event of default. </P>
<P align=justify style="text-indent:5%">Other than its duties in case of
a default, a trustee is not obligated to exercise any of the rights or powers
that it will have under the Indenture at the request or direction of any
holders, unless the holders offer the trustee reasonable security or indemnity.
If they provide this reasonable security or indemnity, the holders of a majority
in aggregate principal amount of any series of Debt Securities may, subject to
certain limitations, direct the time, method and place of conducting any
proceeding for any remedy available to a trustee, or exercising any trust or
power conferred upon a trustee, for any series of Debt Securities. </P>
<P align=justify style="text-indent:5%">The Company will be required to
furnish to the trustees a statement annually as to its compliance with all
conditions and covenants under the Indenture and, if the Company is not in
compliance, the Company must specify any defaults. The Company will also be
required to notify the trustees as soon as practicable upon becoming aware of
any event of default. </P>
<P align=justify style="text-indent:5%">No holder of a Debt Security of
any series will have any right to institute any proceeding with respect to the
Indenture, or for the appointment of a receiver or a trustee, or for any other
remedy, unless: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">
      <P align=justify>the holder has previously given to the trustees written
      notice of a continuing event of default with respect to the Debt
      Securities of the affected series; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </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>the holders of at least 25% in principal amount of the
      outstanding Debt Securities of the series affected by an event of default
      have made a written request, and the holders have offered reasonable
    indemnity, to the trustees to institute a proceeding as trustees; and    </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">
      <P align=justify> </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>the trustees have failed to institute a proceeding, and
      have not received from the holders of a majority in aggregate principal
      amount of the outstanding Debt Securities of the series affected (or in
      the case of bankruptcy, insolvency or reorganization, all series
      outstanding) by an event of default a direction inconsistent with the request, within 60
days after receipt of the holders&#146; notice, request and offer of indemnity. </P></TD></TR></TABLE>
<P align=center>28 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify style="text-indent:5%">However, such above-mentioned
  limitations do not apply to a suit instituted by the holder of a Debt Security
  for the enforcement of payment of the principal of or any premium, if any, or
  interest on such Debt Security on or after the applicable due date specified in
such Debt Security. </P>
<P align=justify><B><I>Defeasance </I></B></P>
<P align=justify style="text-indent:5%">When the Company uses the term
&#147;defeasance&#148;, it means discharge from its obligations with respect to any Debt
Securities of or within a series under the Indenture. Unless otherwise specified
in the applicable Prospectus Supplement, if the Company deposits with a trustee
cash, government securities or a combination thereof sufficient to pay the
principal, interest, if any, premium, if any, and any other sums due to the
stated maturity date or a redemption date of the Debt Securities of a series,
then at the Company&#146;s option: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">the Company will be discharged from the
      obligations with respect to the Debt Securities of that series; or </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">the Company will no longer be under any
      obligation to comply with certain restrictive covenants under the
      Indenture and certain events of default will no longer apply to the
      Company. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">If this happens, the holders of
the Debt Securities of the affected series will not be entitled to the benefits
of the Indenture except for registration of transfer and exchange of Debt
Securities and the replacement of lost, stolen, destroyed or mutilated Debt
Securities. These holders may look only to the deposited fund for payment on
their Debt Securities. </P>
<P align=justify style="text-indent:5%">To exercise the defeasance
option, the Company must deliver to the trustees: </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%">an opinion of counsel in the United States to
      the effect that the holders of the outstanding Debt Securities of the
      affected series will not recognize income, gain or loss for U.S. federal
      income tax purposes as a result of a defeasance and will be subject to
      U.S. federal income tax on the same amounts, in the same manner and at the
    same times as would have been the case if the defeasance had not occurred;    </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">an opinion of counsel in Canada or a ruling
      from the Canada Revenue Agency to the effect that the holders of the
      outstanding Debt Securities of the affected series will not recognize
      income, gain or loss for Canadian federal, provincial or territorial
      income or other tax purposes as a result of a defeasance and will be
      subject to Canadian federal, provincial or territorial income tax and
      other tax on the same amounts, in the same manner and at the same times as
      would have been the case had the defeasance not occurred; and </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">a certificate of one of the Company&#146;s officers
      and an opinion of counsel, each stating that all conditions precedent
provided for relating to defeasance have been complied with.</TD></TR></TABLE>
<P align=center>29 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify style="text-indent:5%">If the Company is to be
discharged from its obligations with respect to the Debt Securities, and not
just from the Company&#146;s covenants, the U.S. opinion must be based upon a ruling
from or published by the United States Internal Revenue Service or a change in
law to that effect. </P>
<P align=justify style="text-indent:5%">In addition to the delivery of
  the opinions described above, the following conditions must be met before the
  Company may exercise its defeasance option: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">no event of default or event that, with the
      passing of time or the giving of notice, or both, shall constitute an
      event of default shall have occurred and be continuing for the Debt
      Securities of the affected series; </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">the Company is not an &#147;insolvent person&#148; within
  the meaning of applicable bankruptcy and insolvency legislation; and</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">other customary conditions precedent are
      satisfied. </TD></TR></TABLE>
<P align=justify><B><I>Modification and Waiver </I></B></P>
<P align=justify style="text-indent:5%">Modifications and amendments of
the Indenture may be made by the Company and the trustees pursuant to one or
more Supplemental Indentures (a &#147;Supplemental Indenture&#148;) with the consent of
the holders of at least a majority in aggregate principal amount of the
outstanding Debt Securities of each series affected by the modification.
However, without the consent of each holder affected, no such modification may:</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%">change the stated maturity of the principal of,
      premium, if any, or any instalment of interest, if any, on any Debt
      Security; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">reduce the principal, premium, if any, or rate
      of interest, if any, or change any obligation of the Company to pay any
      Additional Amounts; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">reduce the amount of principal of a debt
      security payable upon acceleration of its maturity or the amount provable
      in bankruptcy; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
  <TD align=left width="90%">change the place or currency of any payment;  </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">affect the holder&#146;s right to require the
      Company to repurchase the Debt Securities at the holder&#146;s option; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">impair the right of the holders to institute a
      suit to enforce their rights to payment; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">adversely affect any conversion or exchange
      right related to a series of Debt Securities; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">reduce the percentage of Debt Securities
      required to modify the Indenture or to waive compliance with certain
      provisions of the Indenture; or </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">reduce the percentage in principal amount of
  outstanding Debt Securities necessary to take certain actions.  </TD></TR></TABLE>
<P align=center>30 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_pr34></A>
<P align=justify style="text-indent:5%">The holders of at least a
majority in principal amount of outstanding Debt Securities of any series may on
behalf of the holders of all Debt Securities of that series waive, insofar as
only that series is concerned, past defaults under the Indenture and compliance
by the Company with certain restrictive provisions of the Indenture. However,
these holders may not waive a default in any payment of principal, premium, if
any, or interest on any Debt Security or compliance with a provision that cannot
be modified without the consent of each holder affected. </P>
<P align=justify style="text-indent:5%">The Company may modify the
  Indenture pursuant to a Supplemental Indenture without the consent of any
  holders to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
  <TD align=left width="90%">evidence its successor under the Indenture;  </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">add covenants of the Company or surrender any
      right or power of the Company for the benefit of holders; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">add events of default; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">provide for unregistered securities to become
      registered securities under the Indenture and make other such changes to
      unregistered securities that in each case do not materially and adversely
      affect the interests of holders of outstanding Debt Securities; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
  <TD align=left width="90%">establish the forms of the Debt Securities;  </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">appoint a successor trustee under the
      Indenture; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">add provisions to permit or facilitate the
      defeasance and discharge of the Debt Securities as long as there is no
      material adverse effect on the holders; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">cure any ambiguity, correct or supplement any
      defective or inconsistent provision or make any other provisions in each
      case that would not materially and adversely affect the interests of
      holders of outstanding Debt Securities, if any; or </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">change or eliminate any provisions of the
      Indenture where such change takes effect when there are no Debt Securities
      outstanding which are entitled to the benefit of those provisions under
      the Indenture. </TD></TR></TABLE>
<P align=justify><B><I>Governing Law </I></B></P>
<P align=justify style="text-indent:5%">The Indenture and the Debt
Securities will be governed by and construed in accordance with the laws of the
State of New York. </P>
<P align=justify><B><I>The Trustee </I></B></P>
<P align=justify style="text-indent:5%">The Trustee under the Indenture
or its affiliates may provide banking and other services to the Corporation in
the ordinary course of their business. </P>
<P align=justify style="text-indent:5%">The Indenture will contain
certain limitations on the rights of the Trustee, as long as it or any of its
affiliates remains the Corporation's creditor, to obtain payment of claims in
certain cases or to realize on certain property received on any claim as
security or otherwise. The Trustee and its affiliates will be permitted to
engage in other transactions with the Corporation. If the Trustee or any
affiliate acquires any conflicting interest and a default occurs with respect to
the Debt Securities, the Trustee must eliminate the conflict or resign.</P>
<P align=center>31</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<!--$$/page=--><A name=page_pr35></A>
<P align=justify><B><I>Resignation and Removal of Trustee </I></B></P>
<P align=justify style="text-indent:5%">A trustee may resign or be
  removed with respect to one or more series of the Debt Securities and a
  successor trustee may be appointed to act with respect to such series. </P>
<P align=justify><B><I>Consent to Jurisdiction and Service </I></B></P>
<P align=justify style="text-indent:5%">Under the Indenture, the
Corporation will irrevocably appoint an authorized agent upon which process may
be served in any suit, action or proceeding arising out of or relating to the
Offered Debt Securities or the Indenture that may be instituted in any United
States federal or New York state court located in The City of New York, and will
submit to such non-exclusive jurisdiction. </P>
<P align=justify><B>Units </B></P>
<P align=justify style="text-indent:5%">We may issue Units comprised of
one or more of the other Securities described in the Prospectus in any
combination. Each Unit will be issued so that the holder of the Unit is also the
holder of each of the Securities included in the Unit. Thus, the holder of a
Unit will have the rights and obligations of a holder of each included Security.
The unit agreement, if any, under which a Unit is issued may provide that the
Securities included in the Unit may not be held or transferred separately, at
any time or at any time before a specified date. </P>
<P align=justify style="text-indent:5%">The particular terms and
provisions of Units offered by any Prospectus Supplement, and the extent to
which the general terms and provisions described below may apply thereto, will
be described in the Prospectus Supplement filed in respect of such Units. </P>
<P align=center><B>RISK FACTORS</B></P>
<P align=justify style="text-indent:5%"><I>Before making an investment
decision to purchase any Securities, investors should carefully consider the
information described in this Prospectus and the documents incorporated or
deemed incorporated by reference herein, including the applicable Prospectus
Supplement. There are certain risks inherent in an investment in the Securities,
including the factors described in the 2016 AIF, in the 2016 MD&amp;A and any
other risk factors described herein or in a document incorporated or deemed
incorporated by reference herein, which investors should carefully consider
before investing. Additional risk factors relating to a specific offering of
Securities will be described in the applicable Prospectus Supplement. Some of
the factors described herein, in the documents incorporated or deemed
incorporated by reference herein, and/or the applicable Prospectus Supplement
are interrelated and, consequently, investors should treat such risk factors as
a whole. If any of the adverse effects set out in the risk factors described
herein, in the 2016 AIF, in the 2016 MD&amp;A, in another document incorporated
or deemed incorporated by reference herein or in the applicable Prospectus
Supplement occur, it could have a material adverse effect on the business,
financial condition and results of operations of the Company. Additional risks
and uncertainties of which the Company currently is unaware or that are unknown
or that it currently deems to be immaterial could have a material adverse effect
on the Company's business, financial condition and results of operations. The
Company cannot assure you that it will successfully address any or all of these
risks. There is no assurance that any risk management steps taken will avoid
future loss due to the occurrence of the adverse effects set out in the risk
factors herein, in the 2016 AIF, in the 2016 Annual MD&amp;A, in the other
documents incorporated or deemed incorporated by reference herein or in the
applicable Prospectus Supplement or other unforeseen risks. </I></P>
<P align=center>32 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify><B>Risks relating to our business and our industry </B></P>
<P align=justify style="text-indent:5%">Changes in the market price of
  copper, molybdenum and other metals, which are volatile and have fluctuated
  widely, affect the profitability of our operations and financial condition. </P>
<P align=justify style="text-indent:5%">Our profitability and long-term
  viability depend, in large part, upon the market price of metals, primarily
  copper, and potentially molybdenum, gold and other metals and minerals. The
  market price of copper is volatile and is affected by numerous factors beyond
  our control, including:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">copper demand, especially from China; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%">expectations with respect to the rate of
      inflation; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">the relative strength of the U.S. dollar and
      certain other currencies; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">interest rates; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">global or regional political or economic
      conditions, including interest rates and currency values; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">global mine supply of metal; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">global demand for industrial products and
      jewelry containing metals; and </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">sales by central banks and other holders,
      speculators and producers of copper, gold and other metals in response to
      any of the above factors. </TD></TR></TABLE>
<P align=justify>The copper market is volatile and cyclical and consumption of
copper is influenced by global economic growth, trends in industrial production,
conditions in the housing and automotive industries and economic growth in
China, which is the largest consumer of refined copper in the world. Should
demand weaken and consumption patterns change, in particular, if consumers seek
out lower cost substitute materials, the price of copper could be materially
adversely affected, which could negatively affect our business and results of
operations. </P>
<P align=justify>A decrease in the market price of copper and molybdenum would
affect the profitability of Gibraltar and our ability to finance the exploration
and development of our other mineral properties, which would have a material
adverse effect on our business and results of operations. There can be no
assurance that the market price of copper and other metals will remain at
current levels or that such prices will improve. If commercial quantities of
copper, gold and other metals are discovered, there is no assurance that a
profitable market will exist or continue to exist for a production decision to
be made or for the ultimate sale of the metals. </P>
<P align=justify><B><I>Fluctuations in foreign currency exchange rates could
have a material adverse effect on our business, results of operations and
financial condition. </I></B></P>
<P align=justify style="text-indent:5%">Fluctuations in the Canadian
dollar relative to the U.S. dollar could significantly affect our business,
results of operations and financial condition. As our Gibraltar operation is
located in Canada, our costs are incurred primarily in Canadian dollars.
However, our revenue is based on the market price of copper and other metals and
is denominated in United States dollars. A strengthening of the Canadian dollar
relative to the United States dollar will reduce our profitability, materially
adversely affect our financial condition, and may also affect our ability to
finance our Future Development Projects. We do not currently enter into foreign
currency contracts to hedge against currency risk. </P>
<P align=center>32 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<!--$$/page=--><A name=page_pr37></A>
<P align=justify><B><I>Mining is inherently risky and operations are subject to
conditions or events beyond our control, which could have a material adverse
effect on our business and results of operations. </I></B></P>
<P align=justify style="text-indent:5%">Mining involves various types of
risks and hazards, including: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">uncertainties inherent in estimating mineral
      reserves and mineral resources; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">environmental hazards; </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 width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">discharge of pollutants or hazardous chemicals;    </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">industrial or environmental accidents; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">machinery breakdown; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
  <TD align=left width="90%">metallurgical and other processing problems;  </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">unusual or unexpected rock formations and other
      geological problems; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">structural cave-ins or slides; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">flooding; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">fire; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">metals losses; and </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">periodic interruptions due to inclement or
      hazardous weather conditions. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">These risks could result in
injury or death, environmental damage, damage to, or destruction of, mineral
properties, production facilities or other properties, delays in mining,
increased production costs, monetary losses and possible legal liability.
Interruptions to our mining or processing operations may adversely impact our
ability to continue production of concentrate at expected rates, with the result
that our business and results of operations may be materially adversely
affected. </P>
<P align=justify style="text-indent:5%">We may not be able to obtain
adequate insurance to cover these risks at economically feasible premiums.
Insurance against certain environmental risks, including potential liability for
pollution or other hazards as a result of the disposal of waste products
occurring from production, is not generally available to us or to other
companies within the mining industry. We may suffer a material adverse impact on
our business and results of operations if we incur losses related to any
significant events that are not covered by insurance policies. </P>
<P align=center>34 </P>
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<P align=justify><B><I>The need for infrastructure could delay or prevent us
from developing our Future Development Projects. </I></B></P>
<P align=justify style="text-indent:5%">Completion of the development of
our Future Development Projects is subject to various requirements, including
government permitting and the need to establish power, water and transportation
facilities. The lack of availability on acceptable terms or the delay in the
availability of any one or more of these services could prevent or delay
development of our Future Development Projects. If adequate infrastructure is
not available in a timely manner, there can be no assurance that: </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%">the development of our projects will be
      commenced or completed on a timely basis, if at all; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">the resulting operations will achieve the
      anticipated production volume; or </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">the construction costs and ongoing operating
      costs associated with the development of our Future Development Projects
      will not be higher than anticipated. </TD></TR></TABLE>

<P align=justify><B><I>Our Future Development Projects, which are still under
development, and will require substantial additional financing for completion,
may not achieve anticipated production capacity, may experience unanticipated
costs or may be delayed or not completed at all. </I></B></P>
<P align=justify style="text-indent:5%">The Future Development Projects
are at various stages of development. The development of a mining project is a
complex and challenging process that may take longer and cost more than
initially projected, or may not be completed at all. In addition, anticipated
production capacity may never be achieved. We may encounter unforeseen
geological conditions or delays in obtaining required construction,
environmental or operating permits or mine design adjustments. Operating delays
may cause reduced production and cash flow while certain fixed costs, such as
minimum royalties or loan payments, may still have to be paid on a predetermined
schedule. </P>
<P align=justify style="text-indent:5%">Moreover, completion of the
Future Development Projects is subject to, among other things, the commercial
availability of adequate financing. Even if financing is available, the 2017
Secured Note Indenture contains, and agreements for future financings will
likely contain, a number of restrictive covenants that impose significant
financial restrictions on us, including on our ability to incur additional debt.
These restrictions could significantly limit our ability to obtain adequate
financing for the development of the Future Development Projects. Without funds
available to finance construction and development activities, the Future
Development Projects may not be completed and the potential benefits of the
Future Development Projects may never be realized. There can be no assurance
that the Future Development Projects will ever materially contribute to our
revenues, and capital expenditures for our Future Development Projects may
materially adversely affect our business and results of operations.</P>
<P align=justify style="text-indent:5%">In addition, there can be no
assurance that our exploration efforts will result in the discovery of
significant mineralization or that any mineralization discovered will result in
an increase of our proven mineral reserves or probable mineral reserves. If
proven mineral reserves or probable mineral reserves are developed, it may take
a number of years and substantial expenditures from the initial phases of
drilling until production is possible, during which time the economic
feasibility of production may change. The combination of these factors may cause
us to expend significant resources (financial and otherwise) on a property
without receiving a return on investment. </P>
<P align=center>35 </P>
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<P align=justify><B><I>We are subject to extensive governmental regulation of
all aspects of our business. </I></B></P>
<P align=justify style="text-indent:5%">Our operations and exploration
and development activities are subject to extensive federal, provincial, state
and local laws and regulations governing various matters, including: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">environmental protection; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">management and use of toxic substances and
      explosives; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">management of tailings and other wastes
      generated by our operations; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">management of natural resources; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">exploration and development of mines,
      production and post-closure reclamation; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">exports; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">price controls; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">taxation; </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 width="5%"  >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">labor standards and occupational health and
      safety, including mine safety; and </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
  <TD align=left width="90%">historic and cultural preservation.  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Failure to secure approvals or
comply with applicable laws and regulations may result in civil or criminal
fines or penalties or enforcement actions, including orders issued by regulatory
or judicial authorities enjoining or curtailing operations or requiring
corrective measures, installation of additional equipment or remedial actions,
any of which could result in our incurring significant expenditures. We may also
be required to compensate private parties suffering loss or damage by reason of
a breach of such laws, regulations or permitting requirements. It is also
possible that future laws and regulations, or a more stringent enforcement of
current laws and regulations by governmental authorities, could cause additional
expense, capital expenditures, restrictions on or suspensions of our operations
and delays in the development of our properties. </P>
<P align=justify><B><I>We are subject to risks related to the title of the
properties that we own and lease. </I></B></P>
<P align=justify style="text-indent:5%">Our mining operations are
conducted on properties owned, subject to claims or leased by us from provincial
and state governments. Although we have exercised reasonable due diligence with
respect to determining title to properties we own or lease, there is no
guarantee that title to such properties and other tenure will not be challenged
or impugned. No assurances can be given that there are no title defects
affecting the properties. There may be valid challenges to the title of our
properties which, if successful, could make us unable to operate our properties
as planned or permitted, or unable to enforce our rights with respect to our
properties. In British Columbia, the rights of aboriginal peoples and their
claims to much of British Columbia&#146;s land area are not settled. </P>
<P align=justify style="text-indent:5%">In addition, we may not be able
to negotiate new leases or obtain contracts for properties containing surface,
underground or subsidence rights necessary to develop any of our proven mineral
reserves and probable mineral reserves at our Future Development Projects or to
advance our exploration-stage Harmony gold project. Furthermore, our leasehold
interests could potentially be at risk if mining operations are not commenced
during the term of the lease. </P>
<P align=center>36 </P>
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<P align=justify><B><I>We are subject to risks related to government regulation,
permits, licenses and approvals. </I></B></P>
<P align=justify style="text-indent:5%">Government regulations relating
to mineral rights tenure, permission to disturb areas, land use and the right to
operate can adversely affect Taseko. Our exploration, development and operations
will require permits, licenses and approvals from various governmental
authorities. </P>
<P align=justify style="text-indent:5%">There can be no assurance that
all necessary permits, licenses and approvals will be obtained or updated on a
timely basis in order for us to carry out planned exploration, development or
operational activities on our properties, including the planned development of
the Future Development Projects, and, if obtained or updated, that the costs
involved will not exceed those that we have estimated. It is possible that the
costs and delays associated with the compliance with the standards and
regulations under such permits, licenses and approvals could result in Taseko
not proceeding with the development or operation of its projects. </P>
<P align=justify style="text-indent:5%">Although the Florence Copper
project was previously permitted for a period and has obtained a number of the
required permits, licenses and approvals, the Florence Copper project is
currently updating and amending certain permits through a well-defined amendment
process, but there can be no assurance as to the outcome of this process. There
are, and may in the future be, legal challenges to the validity of permits,
licenses and approvals obtained by Florence Copper project, and there can be no
assurance that such challenges will successfully be defeated. Obtaining,
updating and defending the necessary governmental permits, licenses and approvals is a complex,
time-consuming and costly process, the success of which is contingent upon many
variables outside of our control. Obtaining, updating, or defending permits,
licenses and approvals may increase costs and cause delays depending on the
nature of the activity to be permitted and the interpretation of applicable
requirements implemented by the permitting authority. </P>
<P align=justify style="text-indent:5%">There is considerable uncertainty
  as to our ability to obtain the required permits for development of the
  Prosperity Project. The Federal Minister of the Environment has concluded under
  its environmental assessment completed under the Canadian Environmental
  Assessment Act, 2012 that the project is likely to cause significant adverse
  environmental effects that cannot be mitigated. We disagree with this
  determination and have filed application in the Canadian Federal Court for a
  judicial review of the decision of the Minister of the Environment with the
  objective of obtaining a court order that would quash the Minister&#146;s decision.
  We have also filed a civil claim in the British Columbia Supreme Court in which
  we are seeking damages from the government of Canada in connection with our
  allegation that it failed to meet the legal duties that were owed to us in
  carrying out the environmental review process. Given the uncertainty inherent in
  these legal proceedings and the current decision of the Minister, there is
  considerable uncertainty as to whether we will be able to obtain the required
  permitting for the development of the New Prosperity project. As a result, we no
longer consider this project material to our operations. </P>
<P align=justify><B><I>Aboriginal peoples&#146; title claims and rights to
  consultation and accommodation may impact our ability to expand our existing
  operations and proceed with our Future Development Projects. </I></B></P>
<P align=justify style="text-indent:5%">Provincial and federal
  governments in Canada are required by law to consult with aboriginal peoples
  with respect to the issuance or amendment of project authorizations in Canada
  and to try to accommodate aboriginal peoples&#146; needs to the extent considered
  appropriate. There is considerable uncertainty as to the meaning, implications
  and use of the word &#147;accommodate.&#148; In practice, it is extraction industry
  participants who are often left to engage with affected local aboriginal
  communities with the goal often being the achievement of an impacts and benefits
  agreement. Such agreements may provide promises of priority for employment
  opportunities, the provision of commercial services such as transportation and
  catering, social, educational and environmental initiatives and cash payments.
  This consultation and accommodation may affect the timetable and costs of our
  Future Development Projects and may impact the manner in which we proceed with
  the development of these projects. </P>
<P align=center>37 </P>
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<P align=justify><B><I>Changes in government rules, regulations or agreements,
or their application, may negatively affect our ownership rights, our access to
or our ability to advance the exploration and development of our mineral
properties. </I></B></P>
<P align=justify style="text-indent:5%">The Canadian and U.S. governments
currently have in place, or may in the future implement, laws, regulations,
policies or agreements that may negatively affect our ownership rights with
respect to our mineral properties or our access to the properties. These may
restrain or block our ability to advance the exploration and development of our
mineral properties or significantly increase the costs and timeframe to advance
the properties. </P>
<P align=justify><B><I>We are solely dependent on Gibraltar for revenues and
suspension of production at that mine would materially adversely affect our
business, results of operations and financial condition. </I></B></P>
<P align=justify style="text-indent:5%">Our Future Development Projects
are in various stages of development (and the Harmony gold project remains an
exploration-stage property). However, until these projects are developed and
operational and are beginning to produce revenue, we are dependent solely upon
Gibraltar for revenues.</P>
<P align=justify style="text-indent:5%">If Gibraltar were to cease production for any reason, it would
have a material adverse effect on our business, results of operations and
financial condition. </P>
<P align=justify><B><I>Our ability to expand or replace depleted reserves and
the possible recalculation of our reserves and resources could materially affect
our business and results of operations. </I></B></P>
<P align=justify style="text-indent:5%">Our reported mineral reserves and
mineral resources are only estimates. No assurance can be given that the
estimated mineral reserves and mineral resources will be recovered or that they
will be recovered at the rates estimated. Mineral reserve and mineral resource
estimates are based on limited sampling and, consequently, are uncertain because
the samples may not be representative. Mineral reserve and mineral resource
estimates may require revision (either up or down) based on actual production
experience. Market fluctuations in the price of metals, as well as increased
production costs or reduced recovery rates, changes in the mine plan or pit
design, or increasing capital costs may render certain mineral reserves and
mineral resources uneconomic and may ultimately result in a restatement of
mineral reserves and/or mineral resources. Moreover, short-term operating
factors relating to the mineral reserves and mineral resources, such as the need
for sequential development of ore bodies and the processing of new or different
ore grades, may adversely affect our profitability in any particular accounting
period. </P>
<P align=justify style="text-indent:5%">There are uncertainties inherent
in estimating proven mineral reserves and probable mineral reserves and measured
mineral resources, indicated mineral resources and inferred mineral resources,
including many factors beyond our control. Estimating mineral reserves and
mineral resources is a subjective process. Accuracy depends on the quantity and
quality of available data and assumptions and judgments used in engineering and
geological interpretation, which may be unreliable. It is impossible to have
full knowledge of particular geological structures, faults, voids, intrusions,
natural variations in and within rock types and other occurrences. Failure to
identify and account for such occurrences in our assessment of mineral reserves
and mineral resources may make mining more expensive and cost ineffective, which
could have a material and adverse effect on our business and results of
operations. </P>

<P align=center>38 </P>
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<P align=justify style="text-indent:5%">There is no assurance that
mineral reserve and mineral resource figures are accurate, or that the mineral
reserves or mineral resources can be mined or processed profitably. Mineral
resources that are not classified as mineral reserves do not have demonstrated
economic viability. You should not assume that all or any part of the measured
mineral resources, indicated mineral resources, or inferred mineral resources
will ever be upgraded to a higher category or that any or all of an inferred
mineral resource exists or is economically or legally feasible to mine. </P>
<P align=justify style="text-indent:5%">In addition, since mines have
limited lives based on proven and probable mineral reserves, we continually seek
to replace and expand our reserves. Mineral exploration, at both newly acquired
properties and existing mining operations, is highly speculative in nature,
involves many risks and frequently does not result in the discovery of mineable
reserves. If proven mineral reserves or probable mineral reserves are developed,
it may take a number of years and substantial expenditures from the initial
phases of drilling until production is possible, during which time the economic
feasibility of production may change. </P>
<P align=justify style="text-indent:5%">Any material reductions in
estimates of mineral reserves and/or mineral resources, or our ability to
extract those resources, could have a material adverse effect on our business
and results of operations. </P>
<P align=justify><B><I>As our existing copper and molybdenum offtake agreements
expire, our revenues and operating profits could be negatively impacted if we
are unable to extend existing agreements or enter into new agreements due to
competition, changing copper and molybdenum purchasing patterns, or other
variables. </I></B></P>
<P align=justify style="text-indent:5%">As our copper and molybdenum
offtake agreements at Gibraltar expire, we will compete with other copper and
molybdenum suppliers to renew these agreements or to obtain new sales. If we
cannot renew these copper and molybdenum supply agreements with our customers or
find alternate customers willing to purchase our copper and molybdenum, our
revenue and operating profits would suffer. </P>
<P align=justify style="text-indent:5%">Our customers may decide not to
extend existing agreements or enter into new long-term contracts or, in the
absence of long-term contracts, may decide to purchase less copper and
molybdenum than in the past or on different terms, including under different
concentrate pricing terms. To the degree that we operate outside of long-term
contracts, our revenues are subject to pricing in the concentrate spot market
that can be significantly more volatile than the pricing structure negotiated
through a long-term copper and molybdenum concentrate supply agreement. This
volatility could materially adversely affect our business and results of
operations if conditions in the spot market pricing for copper and molybdenum
concentrate are unfavorable. </P>
<P align=justify><B><I>We are subject to risks related to environmental matters.
</I></B></P>
<P align=justify style="text-indent:5%">All of our exploration,
development, and mining operations are subject to environmental laws and
regulations, which can make operations expensive or prohibit them altogether.
Many environmental laws and regulations require us to obtain and update permits
for our activities from time to time, which may include environmental impact
analyses, cultural resources analyses and public review processes. We must
comply with stringent environmental legislation in carrying out work on our
projects. Environmental legislation is evolving in a manner that will require
stricter standards and enforcement, increased fines and penalties for
non-compliance, more stringent environmental assessments of proposed projects
and a heightened degree of responsibility for companies and their officers,
directors and employees. It is possible that future changes in environmental
laws, regulations and permits, or changes in their enforcement or regulatory
interpretation, could increase the cost of, or altogether prohibit, carrying out
exploration, development, or operation of our projects or any other properties
we may acquire. Further, compliance with new or additional environmental
legislation may result in delays to the exploration and development activities.
It is possible that future changes in applicable laws, regulations and permits
or changes in their enforcement or regulatory interpretation could have a
significant impact on some portion of our business, causing those activities to
be economically re-evaluated at that time. </P>
<P align=center>39 </P>
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<P align=justify style="text-indent:5%">We may be subject to potential
  risks and liabilities associated with the protection of the environment, as a
  result of our mineral exploration, development and production. To the extent
  that we are subject to environmental liabilities, the payment of such
  liabilities or the costs that we may incur to remedy such liabilities would
  reduce funds otherwise available to us and could have a material adverse effect
  on us. If we are unable to fully remedy an environmental liability, we might be
  required to suspend operations or enter into interim compliance measures pending
  completion of the required remedy. The potential exposure may be significant and
  could have a material adverse effect on us. </P>
<P align=justify><B><I>We are subject to risks related to litigation. </I></B></P>
<P align=justify style="text-indent:5%">We are or may be subject to legal
  proceedings related to the development of our projects, our operations, titles
  to our properties, environmental issues and shareholder or other investor
  lawsuits. Given the uncertain nature of these actions, we cannot reasonably
  predict the outcome thereof. If we are unable to win or favorably settle any
  lawsuits, it may have a material adverse effect on us. </P>
<P align=justify><B><I>Our business requires substantial capital expenditures.
</I></B></P>
<P align=justify style="text-indent:5%">Our business is capital intensive
and requires construction of new mines and infrastructure and maintenance of
existing operations. Specifically, the exploration, permitting and development
of reserves, mining costs, the maintenance of machinery and equipment and
compliance with applicable laws and regulations require substantial capital
expenditures. While the capital expenditures required to build-out Gibraltar
have been spent, we must continue to invest capital to maintain or to increase
the amount of reserves that we develop and the amount of metal that we produce.
We make no assurances that we will be able to maintain our production levels or
generate sufficient cash flow, or that we will have access to sufficient
financing to continue our production, exploration, permitting and development
activities at or above our present levels and we may be required to defer all or
a portion of our future capital expenditures. Moreover, increases in costs of
key inputs may substantially increase our capital expenditures. Our business,
results of operations and financial condition may be adversely affected if we
cannot make such capital expenditures. </P>
<P align=center>40 </P>
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<P align=justify style="text-indent:5%">The Florence, Aley and New
Prosperity projects will each require substantial financing to be arranged prior
to construction and development of these properties. Such financing could
include a possible combination of debt and equity financing. On May 12, 2010, we
entered into a gold streaming transaction agreement for the New Prosperity
project with Franco-Nevada Corporation (&#147;<B>Franco-Nevada</B>&#148;), whereby we may
receive funding in staged deposits totaling US$350 million. The investment by
Franco-Nevada is subject to (among other conditions) the condition precedent
that the Prosperity project plan that we had agreed with them must receive
appropriate governmental approval. Because our revised New Prosperity project
plan is not the one we agreed with Franco-Nevada in 2010, this condition will
not be satisfied, and so Franco-Nevada may currently terminate this agreement on
ten business days&#146; written notice to Taseko. However, we believe Franco-Nevada
currently has no economic incentive to do so. If our revised mine proposal is
ultimately accepted by the authorities, we intend to seek Franco-Nevada&#146;s
agreement to reconfirm the terms of our gold streaming transaction with them,
but there is no assurance that Franco-Nevada will agree to provide such
reconfirmation. The investment by Franco-Nevada is also subject to certain other
conditions precedent which we may not be able to satisfy. There can be no
assurance that gold stream, debt or equity financing will be available on
acceptable terms. Other risks include those typical of large mine development
projects, including the general uncertainties inherent in engineering and
construction costs, the need to comply with generally increasing environmental
regulation, opposition by aboriginal peoples and environmental groups, and
accommodation of local and community concerns. The economics of the feasibility
study are sensitive to the U.S. dollar and Canadian dollar exchange rate, and
this rate has been subject to large fluctuations in the last several years. </P>
<P align=justify><B><I>Our ability to operate our company efficiently could be
impaired if we lose key personnel or fail to continue to attract qualified
personnel. </I></B></P>
<P align=justify style="text-indent:5%">We manage our business with a
number of key personnel at each location, including key contractors, the loss of
a number of whom could have a material adverse effect on us. In addition, as our
business develops and expands, we believe that our future success will depend
greatly on our continued ability to attract and retain highly-skilled and
qualified personnel and contractors. We cannot be certain that key personnel
will continue to be employed by us or that we will be able to attract and retain
qualified personnel and contractors in the future. Failure to retain or attract
key personnel could have a material adverse effect on us. </P>
<P align=justify><B><I>There is no assurance that we will be able to renegotiate
our existing union agreement for Gibraltar when it expires in 2021. </I></B></P>
<P align=justify style="text-indent:5%">We have a union agreement in
place for our unionized employees at Gibraltar which expires in 2021. If we are
unable to renew this union agreement on acceptable terms when it becomes subject
to renegotiation, we could experience a disruption of operations, higher labor
costs or both. A lengthy strike or other labor disruption could have a material
adverse effect on our business and results of operations. </P>
<P align=justify><B><I>Our actual costs of reclamation and mine closure costs
may exceed current estimates. </I></B></P>
<P align=justify style="text-indent:5%">We are required to prepare and
file reclamation and mine closure plans for the Gibraltar Mine with the British
Columbia Ministry of Energy and Mines and to post security for the estimated
costs to complete this reclamation and mine closure work. The Gibraltar
reclamation and mine closure plans are updated every five years and the amount
of the bond is agreed based on this plan. The most recent five year reclamation
and closure plan was submitted in March 2017 and bond and cash security of $47.4 million
(100% basis) has been posted as of September 30, 2017 to meet reclamation
bonding requirements for the Gibraltar Mine. Additional security in the amount
of $6.5 million has been provided to meet reclamation bonding requirements for
the Florence Project and this amount may need to be increased in the future. The
Company has also recorded total provisions for environmental rehabilitation for
all its properties of $94.6 million in our consolidated financial statements as
of September 30, 2017, which has been calculated in accordance with
International Financial Reporting Standards. There is no assurance that our
bonding requirements, the recorded provision for environmental rehabilitation,
and the actual costs of reclamation and mine closure for each of our properties
will not exceed current estimates or that the estimated costs will not increase
in the future when our reclamation and mine closure plans are updated.
Accordingly, the amount we are required to spend on reclamation and mine closure
activities could be materially different from current estimates. Any additional
amounts required to be spent on bonding requirements, reclamation costs, and
mine closure activities could materially adversely affect our business and
results of operations. </P>
<P align=center>41 </P>
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<P align=justify><B><I>There is no assurance that any of our expansion or
development plans will not be opposed. </I></B></P>
<P align=justify style="text-indent:5%">There is an increasing level of
awareness relating to the perceived environmental and social impacts of mining
activities. Opposition to mining activities by communities or indigenous groups,
including aboriginal peoples, may have an impact on our ability to proceed with
the expansion or development of our projects and the timetable and costs for
these projects. While we are committed to operating in a socially responsible
manner, there can be no assurance that our community relations efforts will
mitigate this potential risk. Opponents of the Florence Copper project have in
the past, and may in the future, file legal challenges to the validity of
permits, licenses and approvals obtained by Florence Copper project, and there
can be no assurance that such challenges will successfully be defeated.
Obtaining, updating and defending the necessary governmental permits, licenses
and approvals is a complex, time-consuming and costly process, the success of
which is contingent upon many variables outside of our control. Obtaining,
updating, or defending permits, licenses and approvals may increase costs and
cause delays depending on the nature of the activity to be permitted and the
interpretation of applicable requirements implemented by the permitting
authority.<B> </B></P>
<P align=justify><B><I>Increased competition could adversely affect our ability
to attract necessary capital funding and could adversely affect our ability to
acquire suitable mineral properties for development in the future. </I></B></P>
<P align=justify style="text-indent:5%">The mining industry is intensely
competitive. Significant competition exists for the acquisition of properties
producing or capable of producing copper, gold or other metals. We are at a
competitive disadvantage in acquiring additional mining properties because we
must compete with other individuals and companies, many of which have greater financial resources,
operational experience and technical capabilities than we do. We may also
encounter increasing competition from other mining companies in our efforts to
hire experienced mining professionals. Increased competition could adversely
affect our ability to attract necessary capital funding, or to acquire it on
acceptable terms, or acquire suitable producing properties or prospects for
mineral exploration in the future. </P>
<P align=justify><B><I>We may be adversely affected by our inability to control
operating costs. </I></B></P>
<P align=justify style="text-indent:5%">Our profitability depends in part
on our ability to control operating costs. Increased demand for and cost of
labor, services, equipment and other key inputs, such as diesel fuel, steel,
concrete and electricity, could cause operating costs at Gibraltar to increase
materially, resulting in delays if services or equipment cannot be obtained in a
timely manner due to inadequate availability, and increased potential for
scheduling difficulties and cost increases due to the need to coordinate the
availability of services or equipment, any of which could materially increase
project exploration, development or construction costs, result in project
delays, or both. Increases in operating costs at Gibraltar may materially
adversely affect our business and results of operations. </P>

<P align=center>42 </P>
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<P align=justify><B><I>Shareholder activism </I></B></P>
<P align=justify style="text-indent:5%">We have in the past been subject
to, and may in the future become the target of, shareholder activist activities.
The effects of shareholder activist activities could have a negative effect on
Taseko and its business. We cannot predict with certainty the outcome of any
future shareholder activist activities. </P>
<P align=justify><B>Risks Relating to our Indebtedness</B></P>
<P align=justify><B><I>Our high level of indebtedness could adversely affect our
financial condition and prevent us from fulfilling our obligations under the
notes. </I></B></P>
<P align=justify style="text-indent:5%">Our total long-term debt was
$318.3 million as of September 30, 2017. Our high level of indebtedness could
have important consequences to us: </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%">
      <P align=justify>making it more difficult for us to satisfy our
      obligations with respect to the 2017 Secured Notes and any other existing
      or future debt; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>limiting our ability to obtain additional financing to
      fund Future Development Projects, working capital, capital expenditures,
      acquisitions or other general corporate purposes; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>requiring a substantial portion of our cash flows to be
      dedicated to debt service payments instead of other purposes, thereby
      reducing the amount of cash flows available for investments, working
      capital, capital expenditures, acquisitions and other general corporate
      purposes; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>increasing our vulnerability to general adverse economic
      and industry conditions; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>limiting our flexibility in planning for and reacting to
      changes in the industry in which we operate; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>placing us at a disadvantage compared to other, less
      leveraged competitors; and </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</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>increasing our cost of borrowing.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">In addition, the 2017 Secured
Note Indenture contains, and any future debt may contain, restrictive covenants
that limit our ability to engage in activities that may be in our long-term best
interest. Our failure to comply with those covenants could result in an event of
default, which, if not cured or waived, could result in the acceleration of some
or all of our debt. </P>
<P align=justify><B><I>We and our subsidiaries may still be able to incur
substantially more debt, which could further exacerbate the risks associated
with our high level of indebtedness. </I></B></P>
<P align=justify style="text-indent:5%">The terms of the 2017 Secured
Note Indenture permit us to incur substantial additional indebtedness in the
future, including to finance working capital, capital expenditures, investments
or acquisitions and including under any future credit facility, as defined in
the 2017 Secured Note Indenture (a &#147;<B>Future Credit Facility</B>&#148;) or other
&#147;First Lien Debt&#148;, as defined in the 2017 Secured Note Indenture (&#147;<B>First Lien
Debt</B>&#148;). Although the 2017 Secured Note Indenture will limit our ability and
the ability of our restricted subsidiaries to incur additional indebtedness, and
to incur liens to secure such indebtedness, these restrictions are subject to a
number of qualifications and exceptions and, under certain circumstances, debt
incurred in compliance with these restrictions could be substantial. To the
extent that we incur additional indebtedness, the risks associated with our
substantial leverage described above, including our possible inability to
service our debt, would increase. </P>

<P align=center>43 </P>
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<P align=justify><B><I>To service our indebtedness, we will require a
significant amount of cash. Our ability to generate cash depends on many factors
beyond our control. </I></B></P>
<P align=justify style="text-indent:5%">Our ability to make payments on
and to refinance our indebtedness, including the 2017 Secured Notes, and to fund
planned capital expenditures and other general corporate purposes, among other
things, will depend on our ability to generate cash in the future. This, to a
certain extent, is subject to general economic, financial, competitive,
legislative, regulatory and other factors that are beyond our control. We cannot
assure you that our business will generate sufficient cash flow from operations
or that future capital will be available to us in an amount sufficient to enable
us to make payments on or to refinance our indebtedness, including the 2017
Secured Notes, or to fund our other liquidity needs. If our cash flows and
capital resources are insufficient to allow us to make payments on our
indebtedness, we may need to reduce or delay capital expenditures, sell assets,
seek additional capital or restructure or refinance all or a portion of our
indebtedness, including the 2017 Secured Notes, on or before maturity. We cannot
assure you that we will be able to refinance any of our indebtedness, including
the 2017 Secured Notes, on commercially reasonable terms or at all, or that the
terms of that indebtedness will allow any of the above alternative measures or
that these measures would satisfy our debt service obligations. If we are unable
to generate sufficient cash flow or refinance our debt on favorable terms, it
would significantly adversely affect our financial condition, the value of our
outstanding debt and our ability to make any required cash payments under our
indebtedness. </P>
<P align=justify><B><I>The terms of existing indebtedness will, and future
indebtedness may, restrict our current and future operations, particularly our
ability to respond to changes in our business and to take certain actions.
</I></B></P>
<P align=justify style="text-indent:5%">The instruments governing our
current indebtedness contain, and agreements governing future indebtedness may
contain, a number of restrictive covenants that impose significant operating and
financial restrictions on us and may limit our ability to engage in acts that
may be in our long-term best interest, including restrictions on our ability to:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">transfer and sell assets; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">pay dividends or distributions on our capital
      stock, repurchase our capital stock, make payments on subordinated
      indebtedness and make certain investments; </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 width="5%"  >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">incur additional debt; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">create or incur liens on our assets; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">create restrictions on the ability of our
      restricted subsidiaries to pay dividends, make loans or sell </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">assets to us or any of our restricted
      subsidiaries; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">merge, amalgamate or consolidate with another
      company; and </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
  <TD align=left width="90%">enter into transactions with affiliates.  </TD></TR></TABLE>
<P align=center>44 </P>
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<P align=justify style="text-indent:5%">The covenants in the 2017 Secured
Note Indenture are subject to certain exceptions and qualifications. In
addition, if we enter into a Future Credit Facility in the future, it will
likely contain financial covenants, including maintenance covenants that would
require us to satisfy such covenants on an ongoing basis. Our ability to comply
with these financial covenants can be affected by events beyond our control.</P>
<P align=justify style="text-indent:5%">A breach of the covenants under
the 2017 Secured Note Indenture, or under any agreements for future
indebtedness, could result in an event of default under the applicable
indebtedness. Such a default may allow the creditors of the defaulted
indebtedness to accelerate the related debt and may also result in the
acceleration of any other debt which has a cross-acceleration or cross-default
provision to the related debt. Furthermore, if we were unable to repay the
amounts due and payable under any secured arrangement, those respective lenders
could proceed against the collateral securing such indebtedness, which could
include our interest in Gibraltar and Gibraltar&#146;s interest in the JVOA. In the
event our lenders or noteholders accelerate the repayment of our borrowings, we
and our subsidiaries may not have sufficient assets to repay that indebtedness.</P>
<P align=justify style="text-indent:5%">As a result of restrictions
contained in the 2017 Secured Note Indenture, and that may be contained in any
agreements for future indebtedness, we may be limited in how we conduct our
business, unable to raise additional debt or equity financing to operate during
general economic or business downturns or unable to compete effectively or to
take advantage of new business opportunities. </P>
<P align=justify style="text-indent:5%">These restrictions may affect our
ability to grow in accordance with our strategy. </P>
<P align=justify><B><I>A lowering or withdrawal of the credit ratings assigned
to our debt securities by rating agencies may adversely increase our future
borrowing costs and reduce our access to capital. </I></B></P>
<P align=justify style="text-indent:5%">Any credit rating assigned to us
could be lowered or withdrawn entirely by a rating agency if, in that rating
agency&#146;s judgment, future circumstances relating to the basis of the rating,
such as adverse changes, so warrant. Any downgrade by a rating agency may result
in higher borrowing costs and could decrease earnings. Any future lowering of
our ratings likely would make it more difficult or more expensive for us to
obtain additional debt financing.</P>
<P align=justify><B><I>Our 2017 Secured Notes are denominated in U.S. dollars,
and we may incur additional debt in the future denominated in U.S. dollars.
</I></B></P>
<P align=justify style="text-indent:5%">The 2017 Secured Notes are, and
our future indebtedness may be, denominated in U.S. dollars. Fluctuations in
exchange rates may significantly increase or decrease the amount of debt and
interest expense recorded in our financial statements. We do not currently
employ derivative instruments to hedge foreign exchange risk related to our U.S.
dollar denominated debt. </P>
<P align=justify><B><I>We may not have the ability to raise funds necessary to
finance any change of control offer required under the 2017 Secured Note
Indenture. </I></B></P>
<P align=center>45 </P>
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<P align=justify style="text-indent:5%">If a change of control (as
defined in the 2017 Secured Note Indenture) occurs, we will be required to offer
to purchase the 2017 Secured Notes at 101% of their principal amount plus
accrued and unpaid interest. Our ability to repurchase 2017 Secured Notes upon
such a change of control would be limited by our access to funds at the time of
the repurchase and the terms of our other debt agreements. The source of funds
for any purchase of 2017 Secured Notes would be our available cash, cash
generated from our subsidiaries&#146; operations or other sources, including sales of
assets and issuances of debt or equity. In addition, any Future Credit Facility
or other debt agreement that we may enter into in the future may contain
provisions relating to a change of control. Upon a change of control, we may be
required immediately to repay the outstanding principal, any accrued interest on
and any other amounts owed by us under any Future Credit Facility or other debt
agreement that we may enter into in the future. The source of funds for these
repayments would be the same sources noted above to repurchase the notes upon a
change of control. However, we cannot assure you that we will have sufficient
funds available or that we will be permitted by our other debt instruments to
fulfill these obligations upon a change of control in the future, in which case
the lenders under any secured debt instruments would have the right to foreclose
on our assets, which would have a material adverse effect on us. Furthermore,
certain events that constitute a change of control could also constitute an
event of default under any future indebtedness, and we might not be able to
obtain a waiver of such defaults. In order to avoid the obligations to
repurchase the notes upon a change of control, we may have to avoid transactions
that would otherwise be beneficial to us. </P>
<P align=justify><B>Risks Related to Future Offerings </B></P>
<P align=justify><B><I>There is no existing trading market for the Warrants,
Subscription Receipts, Debt Securities or Units.</I></B><B> </B></P>
<P align=justify style="text-indent:5%">There is no existing trading
market for the Warrants, Subscription Receipts, Debt Securities or Units. As a
result, there can be no assurance that a liquid market will develop or be
maintained for those Securities, or that a purchaser will be able to sell any of
those Securities at a particular time (if at all). We may not list the Warrants,
Subscription Receipts, Debt Securities or Units on any Canadian or U.S.
securities exchange. </P>
<P align=justify><B><I>Changes in the market price of our common shares may be
unrelated to our results of operations and could have an adverse impact on the
Company</I></B> Our Common Shares are listed on the TSX and the NYSE American.
The price of our Common Shares is likely to be significantly affected by (i)
short-term changes in the prices of copper and molybdenum, and (ii) changes to
our financial condition or results of operations as reflected in our quarterly
earnings reports. Other factors unrelated to our performance may also have an
effect on the price of our Common Share, such as: a reduction in analytical
coverage by investment banks with research capabilities; a drop in trading
volume and general market interest in the Company&#146;s securities; and a
substantial decline in the price of the Company Shares that persists for a
significant period of time. As a result of any of these factors, the market
price of our Common Shares at any given point in time will be subject to
volatility and may not accurately reflect their long-term value. Securities
class action litigation often has been brought against companies following
periods of volatility in the market price of their securities. We may in the
future be the target of similar litigation. Securities litigation could result
in substantial costs and damages and divert management&#146;s attention and
resources. </P>
<P align=justify><B><I>Future Sales May Affect the Market Price of the Company
Shares. </I></B></P>
<P align=justify style="text-indent:5%">In order to finance future
  operations, we may determine to raise funds through the issuance of additional
  Common Shares or the issuance of debt instruments or other securities
  convertible into Common Shares. We cannot predict the size of future issuances
  of Common Shares or the issuance of debt instruments or other securities
  convertible into Common Shares or the dilutive effect, if any, that future
  issuances and sales of our securities will have on the market price of our
  Common Shares. These sales may have an adverse impact on the market price of our
  Common Shares. </P>
<P align=center>46 </P>
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<P align=justify><B><I>Our management will have substantial discretion
concerning the use of proceeds.</I></B> </P>
<P align=justify style="text-indent:5%">Our management will have
substantial discretion concerning the use of proceeds of an offering under any
Prospectus Supplement as well as the timing of the expenditure of the proceeds
thereof. As a result, investors will be relying on the judgment of management as
to the specific application of the proceeds of any offering of Securities under
any Prospectus Supplement. Management may use the net proceeds of any offering
of Securities under any Prospectus Supplement in ways that an investor may not
consider desirable. The results and effectiveness of the application of the net
proceeds are uncertain. </P>
<P align=justify><B><I>There is no assurance that we will pay dividends in the
future</I></B> </P>
<P align=justify style="text-indent:5%">We have not paid any dividends on
our Common Shares to date. Payment of any future dividends, if any, will be at
the discretion of our board of directors after taking into account many factors,
including our operating results, financial condition, and current and
anticipated cash needs. Accordingly, there is no assurance that we will pay any
future dividends on our Common Shares </P>
<P align=justify><B><I>There is currently no market through which the
Securities, other than the Common Shares, may be sold. </I></B></P>
<P align=justify style="text-indent:5%">There is currently no market
through which the Securities, other than our Common Shares, may be sold and,
unless otherwise specified in the applicable Prospectus Supplement, any
Warrants, Subscription Receipts and Units will not be listed on any securities
or stock exchange or any automated dealer quotation system. As a consequence,
purchasers may not be able to resell the Securities, other than the Common
Shares, purchased under this Prospectus. This may affect the pricing of our
Securities, other than our Common Shares, in the secondary market, the
transparency and availability of trading prices, the liquidity of these
Securities and the extent of issuer regulation. There can be no assurance that
an active trading market for our Securities will develop or, if developed, that
any such market, including for our Common Shares, will be sustained. </P>
<P align=justify><B>Risks Related to the Company being a Canadian Company
</B></P>
<P align=justify><B><I>The Company is a Canadian company and shareholder
protections differ from shareholder protections in the United States and
elsewhere. </I></B></P>
<P align=justify style="text-indent:5%">We are organized and exist under
the laws of British Columbia, Canada and, accordingly, are governed by the
BCBCA. The BCBCA differs in certain material respects from laws generally
applicable to United States corporations and shareholders, including the
provisions relating to interested directors, mergers and similar arrangements,
takeovers, shareholders&#146; suits, indemnification of directors and inspection of
corporation records. </P>
<P align=center>47 </P>
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<P align=justify><B><I>The Company is a foreign private issuer within the
meaning of the rules under the Exchange Act, and as such is exempt from certain
provisions applicable to United States domestic public companies. </I></B></P>
<P align=justify style="text-indent:5%">Because we are a &#147;foreign private
issuer&#148; under the U.S. Exchange Act, we are exempt from certain provisions of
the securities rules and regulations in the United States that are applicable to
U.S. domestic issuers, including: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">the rules under the U.S. Exchange Act requiring
      the filing of quarterly reports on Form 10-Q or current reports on Form
      8-K with the SEC; </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">the sections of the U.S. Exchange Act
      regulating the solicitation of proxies, consents or authorizations in
      respect of a security registered under the U.S. Exchange Act; </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">the sections of the U.S. Exchange Act requiring
      insiders to file public reports of their stock ownership and trading
      activities and liability for insiders who profit from trades made in a
      short period of time; and </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">the selective disclosure rules by issuers of
      material non-public information under Regulation FD. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">We are required to file an annual
report on Form 40-F with the United States Securities and Exchange Commission
within three months of the end of each fiscal year. We do not intend to
voluntarily file annual reports on Form 10-K and quarterly reports on Form 10-Q
in lieu of Form 40-F requirements. For so long as we choose to only comply with
foreign private issuer requirements, the information we are required to file
with or furnish to the SEC will be less extensive and less timely compared to
that required to be filed with the SEC by U.S. domestic issuers. As a result,
you may not be afforded the same protections or information which would be made
available to you if you were investing in a U.S. domestic issuer. </P>
<P align=center><B>CERTAIN INCOME TAX CONSIDERATIONS </B></P>
<P align=justify style="text-indent:5%">The applicable Prospectus
Supplement will describe certain Canadian federal income tax consequences to
investors described therein of acquiring Securities. </P>
<P align=justify style="text-indent:5%">The applicable Prospectus
Supplement will also describe certain United States federal income tax
consequences of the acquisition, ownership and disposition of Securities by an
initial investor who is a &#147;U.S. person&#148; (within the meaning of the United States
Internal Revenue Code), if applicable, including, to the extent applicable, any
such consequences relating to Securities payable in a currency other than the
United States dollar, issued at an original issue discount for United States
federal income tax purposes or other special terms. </P>
<P align=center><B>LEGAL MATTERS </B></P>
<P align=justify style="text-indent:5%">Certain legal matters relating to
the Securities offered by this Prospectus will be passed upon for us by (i)
McMillan LLP, Vancouver, B.C., with respect to matters of Canadian law, and (ii)
Jones Day LLP with respect to matters of United States law.</P>
<P align=center>48 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center><B>TRANSFER AGENT AND REGISTRAR </B></P>
<P align=justify style="text-indent:5%">The transfer agent and registrar
  for the Common Shares of the Company is Computershare Investor Services Inc. at
  its principal office in Vancouver, British Columbia and Toronto, Ontario.</P>
<P align=center><B>INTEREST OF EXPERTS </B></P>
<P align=justify style="text-indent:5%">The following are the names of
each person or company who has prepared or certified a report, valuation,
statement or opinion in this Prospectus, either directly or in a document
incorporated by reference, and whose profession or business gives authority to
the report, valuation, statement or opinion made by the person or company: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">McMillan LLP, as the Company&#146;s counsel with
      respect to Canadian legal matters; </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">KPMG LLP, Chartered Accountants, as the
      external auditor of the Company who reported on the Company&#146;s audited
      financial statements for the years ended December 31, 2016 and 2015, as
      filed on SEDAR and incorporated into this Prospectus by reference; </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Scott Jones, P.Eng., Qualified Person for the
      Company, as defined by NI 43-101, with respect to the respect to the
      following technical reports referred to in our 2016 AIF and in this
      prospectus: </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 width="10%" ></TD>
    <TD align=left>o </TD>
    <TD align=left width="85%">&#147;Technical Report on the 357 Million Ton
    Increase in Mineral Reserves at the Gibraltar Mine&#148; dated June 24, 2011;    </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="10%"></TD>
    <TD align=left>o </TD>
    <TD align=left width="85%">&#147;Technical Report on the 344 million tonne
      increase in mineral reserves at the Prosperity Gold &#150; Copper Project&#148;
      dated December 17, 2009; </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="10%"></TD>
    <TD align=left>o </TD>
    <TD align=left width="85%">&#147;<I>Technical Report on Mineral Reserves at the
      Aley Project, British Columbia Canada</I>&#148; originally dated October 30,
      2014 with an effective date of September 15, 2014, and amended and
      restated December 4, 2017; </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="10%"></TD>
    <TD align=left>o </TD>
    <TD align=left width="85%">&#147;Technical Report on the Mineral Reserve Update
      at the Gibraltar Mine&#148; dated June 15, 2015; </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 width="5%"  >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">Ronald G. Simpson, P.Geo., Qualified Person for
      the Company, as defined by NI 43-101, respect to the with respect to the
      following technical reports referred to in our 2016 AIF and in this
      prospectus: </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 width="10%" ></TD>
    <TD align=left>o </TD>
    <TD align=left width="85%">&#147;<I>Technical Report on Mineral Reserves at the
      Aley Project, British Columbia Canada</I>&#148; originally dated October 30,
      2014 with an effective date of September 15, 2014, and amended and
      restated December 4, 2017; </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>o </TD>
    <TD align=left width="85%">&#147;Technical Report Aley Carbonatite Niobium
      Project&#148; dated March 29, 2012; </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 width="5%"  >&nbsp;</TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">Robert Rotzinger, P.Eng., Qualified Person for
      the Company, as defined by NI 43-101, with respect to the respect to the
      following technical report referred to in our 2016 AIF and in this
      prospectus: </TD></TR></TABLE>
<P align=center>49 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%" ></TD>
    <TD align=left>o </TD>
    <TD align=left width="85%">&#147;&#147;<I>Technical Report on Mineral Reserves at
      the Aley Project, British Columbia Canada</I>&#148; originally dated October
      30, 2014 with an effective date of September 15, 2014, and amended and
      restated December 4, 2017; </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 width="5%" >&nbsp;</TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">Keith Merriam, P.Eng., Qualified Person for the
      Company, as defined by NI 43-101, with respect to the respect to the
      following technical report referred to in our 2016 AIF and in this
      prospectus: </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 width="10%" ></TD>
    <TD align=left>o </TD>
    <TD align=left width="85%">&#147;<I>Technical Report on Mineral Reserves at the
      Aley Project, British Columbia Canada</I>&#148; originally dated October 30,
      2014 with an effective date of September 15, 2014, and amended and
      restated December 4, 2017; </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 width="5%" >&nbsp;</TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">Greg Yelland, P.Eng., Qualified Person for the
      Company, as defined by NI 43-101, with respect to the respect to the
      following technical report referred to in our 2016 AIF and in this
      prospectus: </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 width="10%" ></TD>
    <TD align=left>o </TD>
    <TD align=left width="85%">&#147;<I>Technical Report on Mineral Reserves at the
      Aley Project, British Columbia Canada</I>&#148; originally dated October 30,
      2014 with an effective date of September 15, 2014, and amended and
      restated December 4, 2017; and </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%" >&#149;</TD>
    <TD align=left width="90%">Dan Johnson, P.E., Qualified Person for the
      Company, as defined by NI 43-101, with respect to the respect to the
      following technical report referred to in our 2016 AIF and in this
      prospectus: </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 width="10%"  ></TD>
    <TD align=left >o </TD>
    <TD align=left width="85%">&#147;<I>NI 43-101 Technical Report &#150; Florence
      Copper Project</I>&#148; originally dated February 28, 2017 with and effective
  date of January 16, 2017, and amended and restated December 4, 2017;  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">With respect to each of the
aforementioned firms or persons other than KPMG LLP, to our knowledge, each of
such firms or persons holds less than 1% of the outstanding securities of the
Company or of any associate or affiliate of the Company when they prepared the
reports referred to above or following the preparation of such reports. None of
the such firms or persons received any direct or indirect interest in any
securities of the Company or of any associate or affiliate of the Company in
connection with the preparation of such reports. Based on information provided
by the relevant persons and with the exception of Scott Jones, P.Eng, Robert
Rotzinger, P.Eng., Keith Merriam, P. Eng. and Dan Johnson, P.E., each of whom is
an employee of the Company, none of the such firms or persons, nor any
directors, officers or employees of such firms, are currently expected to be
elected, appointed or employed as a director, officer or employee of the Company
or of any associate or affiliate of the Company. </P>
<P align=justify style="text-indent:5%">KPMG LLP are the auditors of the
Company and have confirmed with respect to the Company, that they are
independent within the meaning of the relevant rules and related interpretations
prescribed by the relevant professional bodies in Canada and any applicable
legislation or regulations and also that they are independent accountants with
respect to the Company under all relevant US professional and regulatory
standards. </P>
<P align=center><B>ENFORCEABILITY OF CIVIL LIABILITIES BY U.S. INVESTORS</B></P>
<P align=justify style="text-indent:5%">The Company is a corporation
existing under the <I>Business Corporations Act</I> (British Columbia). All but
one of our directors, all of our officers, and all of the experts named in the
Prospectus, are residents of Canada or otherwise reside outside the United
States, and all or a substantial portion of their assets, and a majority of our
assets, are located outside the United States. We have appointed an agent for
service of process in the United States, but it may be difficult for holders of
the Securities who reside in the United States to effect service within the
United States upon those directors, officers and experts who are not residents
of the United States. It may also be difficult for holders of the Securities who
reside in the United States to realize upon judgments of courts of the United
States predicated upon the Company&#146;s civil liability and the civil liability of
its directors, officers and experts under the United States federal securities
laws. </P>
<P align=center>50 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify style="text-indent:5%">We have been advised by our
Canadian legal counsel, McMillan LLP, that a judgment of a United States court
predicated solely upon civil liability under United States federal securities
laws would probably be enforceable in Canada if the United States court in
which the judgment was obtained has a basis for jurisdiction in the matter that
would be recognized by a Canadian court for the same purposes. We have also been
advised by McMillan LLP, however, that there is substantial doubt whether an
action could be brought in Canada in the first instance on the basis of
liability predicated solely upon United States federal securities laws. </P>
<P align=justify style="text-indent:5%">We have filed with the SEC,
  concurrently with our registration statement on Form F-10, an appointment of
  agent for service of process on Form F-X. Under the Form F-X, we appointed
  our subsidiary Florence Copper Inc. as our agent for service of process in the United
  States in connection with any investigation or administrative proceeding
  conducted by the SEC, and any civil suit or action brought against or involving
  the Company in a United States court arising out of, related to, or concerning
  the offering of the Securities under the Prospectus. </P>
<P align=center>51 </P>
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<P align=center>II- 1</P>
<P align=center><B>PART II </B></P>
<P align=center><B>INFORMATION NOT REQUIRED TO BE DELIVERED TO <BR>OFFEREES OR
PURCHASERS</B> </P>
<P align=justify><B>Indemnification of Directors and Officers.</B><B><SUP>
</SUP></B><B></B></P>
<P align=justify><B>Taseko Mines Limited, Gibraltar Mines Ltd., Curis Resources
Ltd. and Curis Holdings (Canada) Ltd. </B></P>
<P align=justify style="text-indent:5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Taseko Mines Limited, Gibraltar Mines Ltd., Curis Resources Ltd. and Curis
Holdings (Canada) Ltd. (each a &#147;<B>BC Registrant</B>&#148;) are subject to the
provisions of the <I>Business Corporations Act </I>(British Columbia) (the
&#147;<B>BCBCA</B>&#148;).</P>
<P align=justify style="text-indent:5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under Section 160 of the BCBCA, an individual who: </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%">is or was a director or officer of the BC
      Registrant, </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">is or was a director or officer of another
      corporation (i) at a time when the corporation is or was an affiliate of
      the BC Registrant, or (ii) at the request of the BC Registrant, or </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>&#149;</TD>
    <TD align=left width="90%">at the request of the BC Registrant, is or was,
      or holds or held a position equivalent to that of, a director or officer
  of a partnership, trust, joint venture or other unincorporated entity,  </TD></TR></TABLE>
<P align=justify>and includes, the heirs and personal or other legal
representatives of that individual (collectively, an &#147;<B>eligible party</B>&#148;),
may be indemnified by the BC Registrant against a judgment, penalty or fine
awarded or imposed in, or an amount paid in settlement of, a proceeding (an
&#147;<B>eligible penalty</B>&#148;) in which, by reason of the eligible party being or
having been a director or officer of, or holding or having held a position
equivalent to that of a director or officer of, the BC Registrant or an
associated corporation, (a) the eligible party is or may be joined as a party,
or (b) the eligible party is or may be liable for or in respect of a judgment,
penalty or fine in, or expenses related to, the proceeding (&#147;<B>eligible
proceeding</B>&#148;) to which the eligible party is or may be liable. Section 160 of
the BCBCA also permits the BC Registrant to pay the expenses actually and
reasonably incurred by an eligible party after the final disposition of the
eligible proceeding.</P>
<P align=justify style="text-indent:5%">Under Section 161 of the BCBCA,
the BC Registrant must, after the final disposition of an eligible proceeding,
pay the expenses actually and reasonably incurred by the eligible party in
respect of that proceeding if the eligible party (a) has not been reimbursed for
those expenses, and (b) is wholly successful, on the merits or otherwise, in the
outcome of the proceeding or is substantially successful on the merits in the
outcome of the proceeding.</P>
<P align=justify style="text-indent:5%">Under Section 162 of the BCBCA,
the BC Registrant may pay, as they are incurred in advance of the final
disposition of an eligible proceeding, the expenses actually and reasonably
incurred by an eligible party in respect of that proceeding; provided the BC
Registrant must not make such payments unless it first receives from the
eligible party a written undertaking that, if it is ultimately determined that
the payment of expenses is prohibited by Section 163, the eligible party will
repay the amounts advanced.</P>
<P align=justify style="text-indent:5%">Under Section 163 of the BCBCA,
the BC Registrant must not indemnify an eligible party against eligible
penalties to which the eligible party is or may be liable or pay the expenses of
an eligible party in respect of that proceeding under Sections 160, 161 or 162
of the BCBCA, as the case may be, if any of the following circumstances
apply:</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%">if the indemnity or payment is made under an
      earlier agreement to indemnify or pay expenses and, at the time that the
      agreement to indemnify or pay expenses was made, the BC Registrant was
      prohibited from giving the indemnity or paying the expenses by its
      memorandum or articles; </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>II- 2 </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  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>if the indemnity or payment is made otherwise than under
      an earlier agreement to indemnify or pay expenses and, at the time that
      the indemnity or payment is made, the BC Registrant is prohibited from
      giving the indemnity or paying the expenses by its memorandum or articles;      </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>if, in relation to the subject matter of the eligible
      proceeding, the eligible party did not act honestly and in good faith with
      a view to the best interests of the BC Registrant or the associated
      corporation, as the case may be; or </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>in the case of an eligible proceeding other than a civil
      proceeding, if the eligible party did not have reasonable grounds for
      believing that the eligible party&#146;s conduct in respect of which the
      proceeding was brought was lawful. </P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">If an eligible proceeding is
brought against an eligible party by or on behalf of the BC Registrant or by or
on behalf of an associated corporation, the BC Registrant must not either
indemnify the eligible party against eligible penalties to which the eligible
party is or may be liable in respect of the proceeding, or, after the final
disposition of an eligible proceeding, pay the expenses of the eligible party
under Sections 160, 161 or 162 of the BCBCA in respect of the proceeding.</P>
<P align=justify style="text-indent:5%">Under Section 164 of the BCBCA,
the Supreme Court of British Columbia may, on application of the BC Registrant
or an eligible party, order the BC Registrant to indemnify the eligible party or
to pay the eligible party&#146;s expenses, despite Sections 160 to 163 of the
BCBCA.</P>
<P align=justify style="text-indent:5%">The articles of a company may
affect its power or obligation to give an indemnity or pay expenses. As
indicated above, this is subject to the overriding power of the Supreme Court of
British Columbia under Section 164 of the BCBCA. </P>
<P align=justify style="text-indent:5%">Under the articles of each BC
Registrant, subject to the provisions of the BCBCA, each BC Registrant must
indemnify a director or former director of the BC Registrant and the heirs and
legal personal representatives of all such persons against all eligible
penalties to which such person is or may be liable, and the BC Registrant must,
after the final disposition of an eligible proceeding, pay the expenses actually
and reasonably incurred by such person in respect of that proceeding. Each
director and officer is deemed to have contracted with the BC Registrant on the
terms of the indemnity contained in the BC Registrant&#146;s articles. The failure of
a director or officer of the BC Registrant to comply with the BCBCA or the
articles of the BC Registrant does not invalidate any indemnity to which such
person is entitled under the BC Registrant&#146;s articles.</P>
<P align=justify style="text-indent:5%">Under the articles of each BC
Registrant, each BC Registrant may purchase and maintain insurance for the
benefit of any eligible party against any liability incurred by such party as a
director, officer or person who holds or held an equivalent position.</P>
<P align=justify style="text-indent:5%">Underwriters, dealers or agents
who participate in a distribution of securities registered hereunder may be
entitled under agreements to be entered into with each BC Registrant to
indemnification by each BC Registrant against certain liabilities, including
liabilities under the U.S. Securities Act, and applicable Canadian securities
legislation, or to contribution with respect to payments which such
underwriters, dealers or agents may be required to make in respect thereof.</P>
<P align=justify><B>Aley Corporation </B></P>
<P align=justify style="text-indent:5%">Aley Corporation is organized
pursuant to the provisions of the <I>Canada Business Corporations Act</I>, as
amended (the &#147;<B>CBCA</B>&#148;). Section 124 of the CBCA provides 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%">1. </TD>
    <TD>
      <P align=justify><B>Indemnification</B>. A corporation may indemnify a
      director or officer of the corporation, a former director or officer of
      the corporation or another individual who acts or acted at the
      corporation's request as a director or officer, or an individual acting in
      a similar capacity, of another entity, against all costs, charges and
      expenses, including an amount paid to settle an action or satisfy a
      judgment, reasonably incurred by the individual in respect of any civil,
      criminal, administrative, investigative or other proceeding in which the
      individual is involved because of that association with the corporation or
      other entity.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=center>II- 3 </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. </TD>
    <TD>
      <P align=justify><B>Advance of costs</B>. A corporation may advance moneys
      to a director, officer or other individual for the costs, charges and
      expenses of a proceeding referred to in subsection (1). The individual
      shall repay the moneys if the individual does not fulfill the conditions
      of subsection (3).</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><B>Limitation</B>. A corporation may not indemnify an
      individual under subsection (1) unless the
individual:</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>acted honestly and in good faith with a view to the best
      interests of the corporation, or, as the case may be, to the best
      interests of the other entity for which the individual acted as director
      or officer or in a similar capacity at the corporation's request;
    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%">(b) </TD>
    <TD>
      <P align=justify>in the case of a criminal or administrative action or
      proceeding that is enforced by a monetary penalty, the individual had
      reasonable grounds for believing that the individual's conduct was
      lawful.</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. </TD>
    <TD>
      <P align=justify><B>Indemnification in derivative actions</B>. A
      corporation may with the approval of a court, indemnify an individual
      referred to in subsection (1), or advance moneys under subsection (2), in
      respect of an action by or on behalf of the corporation or other entity to
      procure a judgment in its favor, to which the individual is made a party
      because of the individual's association with the corporation or other
      entity as described in subsection (1) against all costs, charges and
      expenses reasonably incurred by the individual in connection with such
      action, if the individual fulfils the conditions set out in subsection
      (3).</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><B>Right to Indemnity</B>. Despite subsection (1), an
      individual referred to in that subsection is entitled to indemnity from
      the corporation in respect of all costs, charges and expenses reasonably
      incurred by the individual in connection with the defense of any civil,
      criminal, administrative, investigative or other proceeding to which the
      individual is subject because of the individual's association with the
      corporation or other entity as described in subsection (1), if the
      individual seeking indemnity:</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>was not judged by the court or other competent authority
      to have committed any fault or omitted to do anything that the individual
      ought to have done; 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%">(b) </TD>
    <TD>
      <P align=justify>fulfils the conditions set out in subsection
  (3).</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%">6. </TD>
    <TD>
      <P align=justify><B>Insurance</B>. A corporation may purchase and maintain
      insurance for the benefit of an individual referred to in subsection (1)
      against any liability incurred by the
individual:</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>in the individual's capacity as a director or officer of
      the corporation; 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%">(b) </TD>
    <TD>
      <P align=justify>in the individual's capacity as a director or officer, or
      similar capacity, of another entity, if the individual acts or acted in
      that capacity at the corporation's request.</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%">7. </TD>
    <TD>
      <P align=justify><B>Application to court</B>. A corporation, an individual
      or an entity referred to in subsection (1) may apply to a court for an
      order approving an indemnity under this section and the court may so order
      and make any further order that it sees fit.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><B>Notice to Director</B>. An applicant under subsection
      (7) shall give the Director appointed under the CBCA notice of the
      application and the Director appointed under the CBCA is entitled to
      appear and be heard in person or by counsel.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify><B>Other notice</B>. On an application under subsection
      (7) the court may order notice to be given to any interested person and
      the person is entitled to appear and be heard in person or by
    counsel.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Aley Corporation maintains
insurance for the benefit of its directors and officers against liability in
their respective capacities as directors and officers except where the liability
relates to the person's failure to act honestly and in good faith and with a
view to the best interests of the BC Registrant. The directors and officers are
not required to pay any premium in respect of the insurance. The policy contains
standard industry exclusions. </P>
<P align=justify><B>Florence Copper </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=center>II- 4 </P>
<P align=justify>The officers and directors of Florence Copper Inc.
(&#147;<B>Florence Copper</B>&#148;) are indemnified as provided by the Nevada Revised
Statutes (&#147;<B>NRS</B>&#148;), its articles of incorporation and its bylaws. The
following provides a summary of the indemnification provisions relating to the
officers and directors of Florence Copper as set forth in the NRS, its articles
of incorporation and its bylaws: </P>
<P align=justify><B><I>Nevada Revised Statutes </I></B></P>
<P align=justify>Section 78.5702 of the NRS provides 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%">1. </TD>
    <TD>
      <P align=justify>A corporation may indemnify any person who was or is a
      party or is threatened to be made a party to any threatened, pending or
      completed action, suit or proceeding, whether civil, criminal,
      administrative or investigative, except an action by or in the right of
      the corporation, by reason of the fact that he is or was a director,
      officer, employee or agent of the corporation, or is or was serving at the
      request of the corporation as a director, officer, employee or agent of
      another corporation, partnership, joint venture, trust or other
      enterprise, against expenses, including attorneys&#146; fees, judgments, fines
      and amounts paid in settlement actually and reasonably incurred by him in
      connection with the action, suit or proceeding if he acted in good faith
      and in a manner which he reasonably believed to be in or not opposed to
      the best interests of the corporation, and, with respect to any criminal
      action or proceeding, had no reasonable cause to believe his conduct was
      unlawful.</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>A corporation may indemnify any person who was or is a
      party or is threatened to be made a party to any threatened, pending or
      completed action or suit by or in the right of the corporation to procure
      a judgment in its favor by reason of the fact that he is or was a
      director, officer, employee or agent of the corporation, or is or was
      serving at the request of the corporation as a director, officer, employee
      or agent of another corporation, partnership, joint venture, trust or
      other enterprise against expenses, including amounts paid in settlement
      and attorneys&#146; fees actually and reasonably incurred by him in connection
      with the defense or settlement of the action or suit if he acted in good
      faith and in a manner which he reasonably believed to be in or not opposed
      to the best interests of the corporation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>To the extent that a director, officer, employee or agent
      of a corporation has been successful on the merits or otherwise in defense
      of any action, suit or proceeding referred to in subsections 1 and 2, or
      in defense of any claim, issue or matter therein, the corporation shall
      indemnify him against expenses, including attorneys&#146; fees, actually and
      reasonably incurred by him in connection with the
  defense.</P></TD></TR></TABLE>
<P align=justify>Section 78.751 of the NRS provides 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%">1. </TD>
    <TD>
      <P align=justify>Any discretionary indemnification under NRS 78.7502
      unless ordered by a court or advanced pursuant to subsection 2, may be
      made by the corporation only as authorized in the specific case upon a
      determination that indemnification of the director, officer, employee or
      agent is proper in the circumstances. The determination must be
    made:</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>By the stockholders;</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>By the board of directors by majority vote of a quorum
      consisting of directors who were not parties to the action, suit or
      proceeding;</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>If a majority vote of a quorum consisting of directors
      who were not parties to the action, suit or proceeding so orders, by
      independent legal counsel in a written opinion; 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%">(d) </TD>
    <TD>
      <P align=justify>If a quorum consisting of directors who were not parties
      to the action, suit or proceeding cannot be obtained, by independent legal
      counsel in a written opinion.</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. </TD>
    <TD>
      <P align=justify>The articles of incorporation, the bylaws or an agreement
      made by the corporation may provide that the expenses of officers and
      directors incurred in defending a civil or criminal action, suit or
      proceeding must be paid by the corporation as they are incurred and in
      advance of the final disposition of the action, suit or proceeding, upon
      receipt of an undertaking by or on behalf of the director or officer to
      repay the amount if it is ultimately determined by a court of competent
jurisdiction that he is not entitled to be indemnified by the corporation. </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P align=center>II- 5</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. </TD>
    <TD>
      <P align=justify>The indemnification and advancement of expenses
      authorized in or ordered by a court pursuant to this
  section:</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>Does not exclude any other rights to which a person
      seeking indemnification or advancement of expenses may be entitled under
      the articles of incorporation or any bylaw, agreement, vote of
      stockholders or disinterested directors or otherwise, for either an action
      in his official capacity or an action in another capacity while holding
      his office, except that indemnification, unless ordered by a court
      pursuant to NRS 78.7502 or for the advancement of expenses made pursuant
      to subsection 2, may not be made to or on behalf of any director or
      officer if a final adjudication establishes that his acts or omissions
      involved intentional misconduct, fraud or a knowing violation of the law
      and was material to the cause of action.</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>Continues for a person who has ceased to be a director,
      officer, employee or agent and inures to the benefit of the heirs,
      executors and administrators of such a person.</P></TD></TR></TABLE>
<P align=justify><B><I>Articles of Incorporation </I></B></P>
<P align=justify>The articles of incorporation of Florence Copper do not limit
the automatic director immunity from liability under the NRS.</P>
<P align=justify>The articles of incorporation of Florence Copper further
provide that, to the fullest extent permitted by NRS 78, a director or officer
of the company will not be personally liable to the company or its stockholders
for damages for breach of fiduciary duty as a director or officer, provided that
this article will not eliminate or limit the liability of a director or officer
for: </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%">acts or omissions which involve intentional
      misconduct, fraud or a knowing violation of law; or </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">the payment of distributions in violation of
      NRS 78.300, as amended. </TD></TR></TABLE>
<P align=justify>The articles of incorporation of Florence Copper further
provide that: </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  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>it will indemnify to the fullest extent permitted by law
      any person (the &#147;<B>Indemnitee</B>&#148;) made or threatened to be made a party
      to any threatened, pending or completed action or proceeding, whether
      civil, criminal, administrative or investigative (whether or not by or in
      the right of the company) by reason of the fact that he or she is or was a
      director of the company or is or was serving as a director, officer,
      employee or agent of another entity at the request of the company or any
      predecessor of the company against judgments, fines, penalties, excise
      taxes, amounts paid in settlement and costs, charges and expenses
      (including attorneys&#146; fees and disbursements) that he or she incurs in
      connection with such action or proceeding; and </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD width="90%"></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">
      <P align=justify>it will, from time to time, reimburse or advance to any
      Indemnitee the funds necessary for payment of expenses, including
      attorneys&#146; fees and disbursements, incurred in connection with defending
      any proceeding for which he or she is indemnified by the company, in
      advance of the final disposition of such proceeding; provided that the
      company has received the undertaking of such director or officer to repay
      any such amount so advanced if it is ultimately determined by a final and
      unappealable judicial decision that the director or officer is not
      entitled to be indemnified for such expenses. </P></TD></TR></TABLE>
<P align=justify><B>Indemnification for Liabilities under the U.S. Securities
Act </B></P>
<P align=justify style="text-indent:5%"><B>Insofar as indemnification for
liabilities arising under the U.S. Securities Act, may be permitted to
directors, officers or persons controlling each Registrant pursuant to the
foregoing provisions, each Registrant has been informed that in the opinion of
the U.S. Securities and Exchange Commission such indemnification is against
public policy as expressed in the U.S. Securities Act and is therefore
unenforceable.</B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=center>II- 6 </P>
<P align=center><B>EXHIBIT INDEX </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 style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#ffffff>
      <P align=justify><B>Exhibit No.</B> </P></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="90%"
    bgColor=#ffffff><B>Description</B> </TD></TR>
  <TR>
    <TD bgColor=#ffffff>
      <P align=justify></P></TD>
    <TD width="90%" bgColor=#ffffff>
      <P align=justify></P></TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317001399/exhibit99-5.htm">4.1 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317001399/exhibit99-5.htm">Annual Information Form dated March 15, 2017 for the
      fiscal year ended December 31, 2016 (incorporated by reference to the
      Company&#146;s Annual Report on Form 40-F for the fiscal year ended December
      31, 2016 filed on March 16, 2017) </a></P></TD></TR>

  <TR>
    <TD bgColor=#ffffff>
    <P align=justify>&nbsp;</P></TD>
    <TD width="90%" bgColor=#ffffff>
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317001399/exhibit99-6.htm">4.2 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317001399/exhibit99-6.htm">Consolidated financial statements of the Company for the
      fiscal years ended December 31, 2016 and 2015 comprised of the
      consolidated balance sheets as at December 31, 2016 and 2015 and the
      consolidated statements of comprehensive loss, cash flows and changes in
      equity for the years then ended, and the notes thereto and the report of
      the independent auditor thereon (incorporated by reference to the
      Company&#146;s Annual Report on Form 40-F for the fiscal year ended December
      31, 2016 filed on March 16, 2017) </a></P></TD></TR>

  <TR>
    <TD bgColor=#ffffff>
    <P align=justify>&nbsp;</P></TD>
    <TD width="90%" bgColor=#ffffff>
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317001399/exhibit99-7.htm">4.3 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317001399/exhibit99-7.htm">Management&#146;s discussion and analysis for the year ended
      December 31, 2016 (incorporated by reference to the Company&#146;s Annual
      Report on Form 40-F for the fiscal year ended December 31, 2016 filed on
      March 16, 2017) </a></P></TD></TR>

  <TR>
    <TD bgColor=#ffffff>
    <P align=justify>&nbsp;</P></TD>
    <TD width="90%" bgColor=#ffffff>
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317004567/exhibit99-1.htm">4.4 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317004567/exhibit99-1.htm">Condensed consolidated interim financial statements for
      the three and nine months ended September 30, 2017 and 2016 and the notes
      thereto (incorporated by reference to the Company&#146;s Form 6-K furnished to
      the Commission on October 27, 2017) </a></P></TD></TR>

  <TR>
    <TD bgColor=#ffffff>
    <P align=justify>&nbsp;</P></TD>
    <TD width="90%" bgColor=#ffffff>
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317004567/exhibit99-2.htm">4.5 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317004567/exhibit99-2.htm">Management&#146;s discussion and analysis of financial
      condition and results of operations for the three and nine months ended
      September 30, 2017 (incorporated by reference to the Company&#146;s Form 6- K
      furnished to the Commission on October 27, 2017) </a></P></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#ffffff>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317002269/exhibit99-3.htm">4.6 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317002269/exhibit99-3.htm">Management information circular dated April 24, 2017 with
      respect to the annual meeting of shareholders held on June 8, 2017
      (incorporated by reference to the Company&#146;s Form 6-K furnished to the
      Commission on May 8, 2017) </a></P></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
  <TD align=left width="90%" bgColor=#ffffff>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000119312517203595/d411387dex992.htm">4.7 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000119312517203595/d411387dex992.htm">Summary Description of the Notes and Supplemented Risk
      Factors included in the material change report dated June 14, 2017 filed
      in respect of the closing of offering of secured notes (incorporated by
      reference to the Company&#146;s Form 6-K furnished to the Commission on June
      14, 2017) </a></P></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
  <TD align=left width="90%" bgColor=#ffffff>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-1.htm">5.1 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-1.htm">Consent of KPMG LLP<SUP>(1)</SUP> </a></P></TD></TR>

  <TR>
    <TD bgColor=#ffffff>
    <P align=justify>&nbsp;</P></TD>
    <TD width="90%" bgColor=#ffffff>
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-2.htm">5.2 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
    <P align=justify><a href="exhibit5-2.htm">Consent of McMillan LLP<SUP>(1)</SUP> </a></P></TD></TR>

  <TR>
    <TD bgColor=#ffffff>
    <P align=justify>&nbsp;</P></TD>
    <TD width="90%" bgColor=#ffffff>
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-3.htm">5.3</a> </P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-3.htm">Consent of Scott Jones, P. Eng.<SUP>(1)</SUP></a> </P></TD></TR>

  <TR>
    <TD bgColor=#ffffff>
    <P align=justify>&nbsp;</P></TD>
    <TD width="90%" bgColor=#ffffff>
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-4.htm">5.4</a> </P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
  <P align=justify><a href="exhibit5-4.htm">Consent of Ronald G. Simpson, P. Geo<SUP>(1)</SUP></a>  </P></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#ffffff>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-5.htm">5.5</a> </P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
  <P align=justify><a href="exhibit5-5.htm">Consent of Robert Rotzinger, P. Eng.<SUP>(1)</SUP></a>  </P></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#ffffff>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-6.htm">5.6</a> </P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
  <P align=justify><a href="exhibit5-6.htm">Consent of Keith Merriam, P. Eng.<SUP>(1)</SUP></a></P></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#ffffff>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-7.htm">5.7</a> </P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-7.htm">Consent of Greg Yelland, P. Eng.<SUP>(1)</SUP></a> </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="90%"  bgColor=#ffffff>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-8.htm">5.8</a> </P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-8.htm">Consent of Dan Johnson, P. Eng.<SUP>(1)</SUP></a> </P></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#ffffff>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="#page_18">6.1 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="#page_18">Powers of Attorney<SUP>(2)</SUP> </a></P></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#ffffff>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><P align=justify><a href="exhibit7-1.htm">7.1</a> </P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
<P align=justify><a href="exhibit7-1.htm">Form of Trust Indenture<SUP>(1)</SUP></a></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%">(1) </TD>
    <TD>
      <P align=justify>Filed as an exhibit to this registration statement on
      Form F-10.</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>Included on the signature pages
hereto.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<P align=center>III- 1</P>
<P align=center><B>PART III </B></P>
<P align=center><B>UNDERTAKING AND CONSENT TO SERVICE OF PROCESS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Item 1.</B> </TD>
    <TD align=left width="90%"><B>Undertaking</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Each Registrant undertakes to
make available, in person or by telephone, representatives to respond to
inquiries made by the Commission staff, and to furnish promptly, when requested
to do so by the Commission staff, information relating to the securities
registered pursuant to this Form F-10 or to transactions in said securities.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Item 2.</B> </TD>
  <TD align=left width="90%"><B>Consent to Service of Process.</B>  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Concurrently with the filing of
this Registration Statement, the Registrants have filed with the Commission a
written Appointment of Agent for Service of Process and Undertaking on Form F-X.</P>
<P align=justify style="text-indent:5%">Any change to the name or address
of the Registrants&#146; agent for service of process shall be communicated promptly
to the Commission by amendment to Form F-X referencing the file number of this
Registration Statement. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=center>III- 2 </P>
<P align=center><B>SIGNATURES </B></P>
<P align=justify style="text-indent:5%">Pursuant to the requirements of
the Securities Act of 1933, the Registrants certify that they have reasonable
grounds to believe that they meet all of the requirements for filing on Form
F-10 and have duly caused this Registration Statement to be signed on their
behalf by the undersigned, thereunto duly authorized, in the City of Vancouver,
Canada, on this 4th<B> </B>day of December, 2017. </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="47%" colSpan=2><B>TASEKO MINES LIMITED</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="47%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="43%">/s/ Russell E. Hallbauer  </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" ></TD>
  <TD align=left width="43%">Name:&nbsp;&nbsp;&nbsp; Russell E. Hallbauer  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" ></TD>
    <TD align=left width="43%">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President
      and Chief Executive Officer </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" >&nbsp;</TD>
    <TD align=left width="43%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="47%" colSpan=2><B>GIBRALTAR MINES LTD.</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="47%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="43%">/s/ Russell E.
    Hallbauer </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" ></TD>
    <TD align=left width="43%">Name:&nbsp;&nbsp;&nbsp;&nbsp; Russell E.
      Hallbauer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" ></TD>
    <TD align=left width="43%">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      President and Chief Executive Officer </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" >&nbsp;</TD>
    <TD align=left width="43%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="47%" colSpan=2><B>ALEY CORPORATION</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left colSpan=2>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="43%">/s/ Russell E.
    Hallbauer </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" ></TD>
    <TD align=left width="43%">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell E.
      Hallbauer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" ></TD>
    <TD align=left width="43%">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Chief Executive Officer </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" >&nbsp;</TD>
    <TD align=left width="43%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="47%" colSpan=2><B>CURIS RESOURCES LTD.</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="47%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="43%">/s/ Russell E.
    Hallbauer </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" ></TD>
    <TD align=left width="43%">Name:&nbsp;&nbsp;&nbsp;&nbsp; Russell E.
      Hallbauer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" ></TD>
    <TD align=left width="43%">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      President and Chief Executive Officer </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" >&nbsp;</TD>
    <TD align=left width="43%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="47%" colSpan=2><B>CURIS HOLDINGS (CANADA) LTD.</B>    </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="47%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="43%">/s/ Russell E.
    Hallbauer </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" ></TD>
    <TD align=left width="43%">Name:&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Russell E.
      Hallbauer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" ></TD>
    <TD align=left
      width="43%">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and
      Chief Executive Officer </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" >&nbsp;</TD>
    <TD align=left width="43%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="47%" colSpan=2><B>FLORENCE COPPER INC.</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="47%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="43%">/s/ Russell E. Hallbauer  </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" ></TD>
  <TD align=left width="43%">Name:&nbsp;&nbsp;&nbsp;&nbsp; Russell E. Hallbauer  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" ></TD>
    <TD align=left width="43%">Title:&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;President and Chief
      Executive Officer </TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A>
<P align=center>III- 3 </P>
<P align=center><B>SIGNATURES AND POWERS OF ATTORNEY WITH RESPECT TO <BR>TASEKO
MINES LIMITED </B></P>
<P align=justify style="text-indent:5%">Each person whose signature
appears below hereby constitutes and appoints Russell E. Hallbauer and Stuart
McDonald, and each of them, any of whom may act without the joinder of the
other, the true and lawful attorney-in-fact and agent of the undersigned, with
full power of substitution and resubstitution, for and in the name, place, stead
of the undersigned, in any and all capacities, to sign any and all amendments to
this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, and hereby grants to such attorney-in-fact and agent, full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully to all intents and purposes as the undersigned might or
could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his substitutes, may lawfully do or cause to be
done by virtue hereof.</P>
<P align=justify style="text-indent:5%">Pursuant to the requirements of
the Securities Act of 1933, this Registration Statement has been signed by the
following persons in the capacities indicated and on this 4<SUP>th</SUP> day of
December, 2017. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Signature</B> </TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="45%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>Title</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>/s/ Russell E. Hallbauer</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Russell E. Hallbauer</B> </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%"><B>President and Chief Executive Officer
      and</B> <BR><B>Director </B>(Principal Executive Officer) </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Stuart McDonald</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Stuart McDonald</B> </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%"><B>Chief Financial Officer </B>(Principal
      Financial <BR>Officer and Principal Accounting Officer) </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Ronald W. Thiessen</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Ronald W. Thiessen</B> </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%"><B>Director and Chairman</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ William Armstrong</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>William Armstrong</B> </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%"><B>Director</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Alexander G. Morrison</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Alexander G. Morrison</B> </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%"><B>Director</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Robert A. Dickinson</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Robert A. Dickinson</B> </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%"><B>Director</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Geoffrey Alan Burns</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Geoffrey Alan Burns</B> </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%"><B>Director</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Richard Alan Mundie</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Richard Alan Mundie</B> </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%"><B>Director</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Linda Thorstad</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Linda Thorstad</B> </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%"><B>Director</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Anu Dhir</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Anu Dhir</B> </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%"><B>Director</B> </TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></A>
<P align=center>III- 4 </P>
<P align=center><B>SIGNATURES AND POWER OF ATTORNEY WITH RESPECT TO
<BR>GIBRALTAR MINES LTD. </B></P>
<P align=justify style="text-indent:5%">Each person whose signature
appears below hereby constitutes and appoints Russell E. Hallbauer and Stuart
McDonald, and each of them, any of whom may act without the joinder of the
other, the true and lawful attorney-in-fact and agent of the undersigned, with
full power of substitution and resubstitution, for and in the name, place, stead
of the undersigned, in any and all capacities, to sign any and all amendments to
this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, and hereby grants to such attorney-in-fact and agent, full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully to all intents and purposes as the undersigned might or
could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his substitutes, may lawfully do or cause to be
done by virtue hereof.</P>
<P align=justify style="text-indent:5%">Pursuant to the requirements of
the Securities Act of 1933, this Registration Statement has been signed by the
following persons in the capacities indicated and on this 4<SUP>th</SUP> day of
December, 2017. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Signature</B> </TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="45%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>Title</B> </TD></TR>
  <TR>
    <TD noWrap align=left>&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/  Russell E. Hallbauer</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%"><B>President and Chief Executive Officer
      and</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Russell E. Hallbauer</B> </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%"><B>Director </B>(Principal Executive Officer)    </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/  Stuart McDonald</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%"><B>Chief Financial Officer </B>(Principal
      Financial </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Stuart McDonald</B> </TD>
    <TD align=left width="10%">&nbsp;</TD>
  <TD align=left width="45%">Officer and Principal Accounting Officer)</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Ronald W. Thiessen</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Ronald W. Thiessen</B> </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%"><B>Director</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Robert A. Dickinson</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Robert A. Dickinson</B> </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%"><B>Director</B> </TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_15></A>
<P align=center>III- 5 </P>
<P align=center><B>SIGNATURES AND POWER OF ATTORNEY WITH RESPECT TO <BR>ALEY
CORPORATION </B></P>
<P align=justify style="text-indent:5%">Each person whose signature
appears below hereby constitutes and appoints Russell E. Hallbauer and Trevor
Thomas, and each of them, any of whom may act without the joinder of the other,
the true and lawful attorney-in-fact and agent of the undersigned, with full
power of substitution and resubstitution, for and in the name, place, stead of
the undersigned, in any and all capacities, to sign any and all amendments to
this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, and hereby grants to such attorney-in-fact and agent, full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully to all intents and purposes as the undersigned might or
could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his substitutes, may lawfully do or cause to be
done by virtue hereof.</P>
<P align=justify style="text-indent:5%">Pursuant to the requirements of
the Securities Act of 1933, this Registration Statement has been signed by the
following persons in the capacities indicated and on this 4<SUP>th</SUP> day of
December, 2017.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Signature</B> </TD>
    <TD noWrap align=left width="10%"  >&nbsp;</TD>
    <TD noWrap align=left width="45%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>Title</B> </TD></TR>
  <TR>
    <TD noWrap align=left >&nbsp;</TD>
    <TD noWrap align=left width="10%"  >&nbsp;</TD>
    <TD noWrap align=left width="45%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/  Russell E. Hallbauer</TD>
    <TD align=left width="10%"  >&nbsp;</TD>
    <TD align=left width="45%"><B>President and Chief Executive Officer
      and</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Russell E. Hallbauer</B> </TD>
    <TD align=left width="10%"  >&nbsp;</TD>
    <TD align=left width="45%"><B>Director </B>(Principal Executive Officer)    </TD></TR>
  <TR>
    <TD align=left
    >&nbsp;</TD>
    <TD align=left width="10%"  >&nbsp;</TD>
    <TD align=left width="45%" >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >/s/ Trevor Thomas</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Trevor Thomas</B> </TD>
    <TD align=left width="10%"  >&nbsp;</TD>
    <TD align=left width="45%"><B>Director</B> </TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_16></A>
<P align=center>III- 6 </P>
<P align=center><B>SIGNATURES AND POWER OF ATTORNEY WITH RESPECT TO <BR>CURIS
RESOURCES LTD. </B></P>
<P align=justify style="text-indent:5%">Each person whose signature
appears below hereby constitutes and appoints Russell E. Hallbauer and Stuart
McDonald and each of them, any of whom may act without the joinder of the other,
the true and lawful attorney-in-fact and agent of the undersigned, with full
power of substitution and resubstitution, for and in the name, place, stead of
the undersigned, in any and all capacities, to sign any and all amendments to
this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, and hereby grants to such attorney-in-fact and agent, full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully to all intents and purposes as the undersigned might or
could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his substitutes, may lawfully do or cause to be
done by virtue hereof.</P>
<P align=justify style="text-indent:5%">Pursuant to the requirements of
the Securities Act of 1933, this Registration Statement has been signed by the
following persons in the capacities indicated and on this 4<SUP>th</SUP> day of
December, 2017. </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; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Signature</B> </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
    &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Title</B>    </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="45%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/  Russell E. Hallbauer</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%"><B>President and Chief Executive Officer
      and</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Russell E. Hallbauer</B> </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%"><B>Director </B>(Principal Executive Officer)    </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/  Stuart McDonald</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%"><B>Chief Financial Officer </B>(Principal
      Financial </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Stuart McDonald</B> </TD>
    <TD align=left width="10%">&nbsp;</TD>
  <TD align=left width="45%">Officer and Principal Accounting Officer)</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ John McManus</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>John McManus</B> </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%"><B>Director</B> </TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_17></A>
<P align=center>III- 7 </P>
<P align=center><B>SIGNATURES AND POWER OF ATTORNEY WITH RESPECT TO CURIS
HOLDINGS (CANADA) LTD. </B></P>
<P align=justify style="text-indent:5%">Each person whose signature
appears below hereby constitutes and appoints Russell E. Hallbauer and Stuart
McDonald, and each of them, any of whom may act without the joinder of the
other, the true and lawful attorney-in-fact and agent of the undersigned, with
full power of substitution and resubstitution, for and in the name, place, stead
of the undersigned, in any and all capacities, to sign any and all amendments to
this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, and hereby grants to such attorney-in-fact and agent, full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully to all intents and purposes as the undersigned might or
could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his substitutes, may lawfully do or cause to be
done by virtue hereof.</P>
<P align=justify style="text-indent:5%">Pursuant to the requirements of
the Securities Act of 1933, this Registration Statement has been signed by the
following persons in the capacities indicated and on this 4<SUP>th</SUP> day of
December, 2017. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Signature</B> </TD>
    <TD noWrap align=left width="10%"  >&nbsp;</TD>
    <TD noWrap align=left width="45%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>Title</B> </TD></TR>
  <TR>
    <TD noWrap align=left >&nbsp;</TD>
    <TD noWrap align=left width="10%" >&nbsp;</TD>
    <TD noWrap align=left width="45%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/  Russell E. Hallbauer</TD>
    <TD align=left width="10%"  >&nbsp;</TD>
    <TD align=left width="45%"><B>President and Chief Executive Officer
      and</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Russell E. Hallbauer</B> </TD>
    <TD align=left width="10%"  >&nbsp;</TD>
    <TD align=left width="45%"><B>Director </B>(Principal Executive Officer)    </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="45%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/  Stuart McDonald</TD>
    <TD align=left width="10%"  >&nbsp;</TD>
    <TD align=left width="45%"><B>Chief Financial Officer </B>(Principal
      Financial </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Stuart McDonald</B> </TD>
    <TD align=left width="10%"  >&nbsp;</TD>
  <TD align=left width="45%">Officer and Principal Accounting Officer)</TD></TR>
  <TR>
    <TD align=left
    >&nbsp;</TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="45%" >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >/s/ John McManus</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>John McManus</B> </TD>
    <TD align=left width="10%"  >&nbsp;</TD>
    <TD align=left width="45%"><B>Director</B> </TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></A>
<P align=center>III- 8 </P>
<P align=center><B>SIGNATURES AND POWER OF ATTORNEY WITH RESPECT TO FLORENCE
COPPER INC. </B></P>
<P align=justify style="text-indent:5%">Each person whose signature
appears below hereby constitutes and appoints Russell E. Hallbauer and Stuart
McDonald, and each of them, any of whom may act without the joinder of the
other, the true and lawful attorney-in-fact and agent of the undersigned, with
full power of substitution and resubstitution, for and in the name, place, stead
of the undersigned, in any and all capacities, to sign any and all amendments to
this Registration Statement, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, and hereby grants to such attorney-in-fact and agent, full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully to all intents and purposes as the undersigned might or
could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his substitutes, may lawfully do or cause to be
done by virtue hereof.</P>
<P align=justify style="text-indent:5%">Pursuant to the requirements of
the Securities Act of 1933, this Registration Statement has been signed by the
following persons in the capacities indicated and on this 4<SUP>th</SUP> day of
December, 2017. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Signature</B> </TD>
    <TD noWrap align=left width="10%"  >&nbsp;</TD>
    <TD noWrap align=left width="45%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>Title</B> </TD></TR>
  <TR>
    <TD noWrap align=left >&nbsp;</TD>
    <TD noWrap align=left width="10%" >&nbsp;</TD>
    <TD noWrap align=left width="45%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/  Russell E. Hallbauer</TD>
    <TD align=left width="10%"  >&nbsp;</TD>
    <TD align=left width="45%"><B>President and Chief Executive Officer
      and</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Russell E. Hallbauer</B> </TD>
    <TD align=left width="10%"  >&nbsp;</TD>
    <TD align=left width="45%"><B>Director </B>(Principal Executive Officer)    </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="45%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/  Stuart McDonald</TD>
    <TD align=left width="10%"  >&nbsp;</TD>
    <TD align=left width="45%"><B>Treasurer  </B>(Principal
      Financial </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Stuart McDonald</B> </TD>
    <TD align=left width="10%"  >&nbsp;</TD>
  <TD align=left width="45%">Officer and Principal Accounting Officer)</TD></TR>
  <TR>
    <TD align=left
    >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >/s/ John McManus</TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="45%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>John McManus</B> </TD>
    <TD align=left width="10%"  >&nbsp;</TD>
    <TD align=left width="45%"><B>Director</B> </TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_19></A>
<P align=center>III- 9 </P>
<P align=center><B>AUTHORIZED REPRESENTATIVE </B></P>
<P align=justify style="text-indent:5%">Pursuant to the requirements of
Section 6(a) of the Securities Act of 1933, as amended, the undersigned has
signed this Registration Statement, solely in its capacity as the duly
authorized representative of the Registrants in the United States, on this
4<SUP>th</SUP> day of December, 2017. </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="51%" colSpan=2><B>Florence Copper Inc.</B> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="4%" >&nbsp; </TD>
    <TD width="47%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" >By: </TD>
    <TD align=left width="47%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" >&nbsp; </TD>
    <TD align=left width="47%"><U>/s/ Stuart McDonald</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" >Name: </TD>
    <TD align=left width="47%">Stuart McDonald </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="4%" >Title: </TD>
<TD align=left width="47%">Treasurer</TD>
  </TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_20></A>
<P align=center><B>EXHIBIT INDEX </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 style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#ffffff>
      <P align=justify><B>Exhibit No.</B> </P></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="90%"
    bgColor=#ffffff><B>Description</B> </TD></TR>
  <TR>
    <TD bgColor=#ffffff>
      <P align=justify></P></TD>
    <TD width="90%" bgColor=#ffffff>
      <P align=justify></P></TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317001399/exhibit99-5.htm">4.1 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317001399/exhibit99-5.htm">Annual Information Form dated March 15, 2017 for the
      fiscal year ended December 31, 2016 (incorporated by reference to the
      Company&#146;s Annual Report on Form 40-F for the fiscal year ended December
      31, 2016 filed on March 16, 2017) </a></P></TD></TR>

  <TR>
    <TD bgColor=#ffffff>
    <P align=justify>&nbsp; </P></TD>
    <TD width="90%" bgColor=#ffffff>
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317001399/exhibit99-6.htm">4.2 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317001399/exhibit99-6.htm">Consolidated financial statements of the Company for the
      fiscal years ended December 31, 2016 and 2015 comprised of the
      consolidated balance sheets as at December 31, 2016 and 2015 and the
      consolidated statements of comprehensive loss, cash flows and changes in
      equity for the years then ended, and the notes thereto and the report of
      the independent auditor thereon (incorporated by reference to the
      Company&#146;s Annual Report on Form 40-F for the fiscal year ended December
      31, 2016 filed on March 16, 2017) </a></P></TD></TR>

  <TR>
    <TD bgColor=#ffffff>
    <P align=justify>&nbsp;</P></TD>
    <TD width="90%" bgColor=#ffffff>
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317001399/exhibit99-7.htm">4.3 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317001399/exhibit99-7.htm">Management&#146;s discussion and analysis for the year ended
      December 31, 2016 (incorporated by reference to the Company&#146;s Annual
      Report on Form 40-F for the fiscal year ended December 31, 2016 filed on
      March 16, 2017) </a></P></TD></TR>

  <TR>
    <TD bgColor=#ffffff>
    <P align=justify>&nbsp;</P></TD>
    <TD width="90%" bgColor=#ffffff>
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317004567/exhibit99-1.htm">4.4 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317004567/exhibit99-1.htm">Condensed consolidated interim financial statements for
      the three and nine months ended September 30, 2017 and 2016 and the notes
      thereto (incorporated by reference to the Company&#146;s Form 6-K furnished to
      the Commission on October 27, 2017) </a></P></TD></TR>

  <TR>
    <TD bgColor=#ffffff>
    <P align=justify>&nbsp;</P></TD>
    <TD width="90%" bgColor=#ffffff>
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317004567/exhibit99-2.htm">4.5 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317004567/exhibit99-2.htm">Management&#146;s discussion and analysis of financial
      condition and results of operations for the three and nine months ended
      September 30, 2017 (incorporated by reference to the Company&#146;s Form 6- K
      furnished to the Commission on October 27, 2017) </a></P></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#ffffff>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317002269/exhibit99-3.htm">4.6 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000106299317002269/exhibit99-3.htm">Management information circular dated April 24, 2017 with
      respect to the annual meeting of shareholders held on June 8, 2017
      (incorporated by reference to the Company&#146;s Form 6-K furnished to the
      Commission on May 8, 2017) </a></P></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
  <TD align=left width="90%" bgColor=#ffffff>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000119312517203595/d411387dex992.htm">4.7 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="http://www.sec.gov/Archives/edgar/data/878518/000119312517203595/d411387dex992.htm">Summary Description of the Notes and Supplemented Risk
      Factors included in the material change report dated June 14, 2017 filed
      in respect of the closing of offering of secured notes (incorporated by
      reference to the Company&#146;s Form 6-K furnished to the Commission on June
      14, 2017) </a></P></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
  <TD align=left width="90%" bgColor=#ffffff>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-1.htm">5.1 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-1.htm">Consent of KPMG LLP<SUP>(1)</SUP> </a></P></TD></TR>

  <TR>
    <TD bgColor=#ffffff>
    <P align=justify>&nbsp;</P></TD>
    <TD width="90%" bgColor=#ffffff>
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-2.htm">5.2 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
    <P align=justify><a href="exhibit5-2.htm">Consent of McMillan LLP<SUP>(1)</SUP> </a></P></TD></TR>

  <TR>
    <TD bgColor=#ffffff>
    <P align=justify>&nbsp;</P></TD>
    <TD width="90%" bgColor=#ffffff>
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-3.htm">5.3</a> </P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-3.htm">Consent of Scott Jones, P. Eng.<SUP>(1)</SUP></a> </P></TD></TR>

  <TR>
    <TD bgColor=#ffffff>
    <P align=justify>&nbsp;</P></TD>
    <TD width="90%" bgColor=#ffffff>
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-4.htm">5.4</a> </P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
  <P align=justify><a href="exhibit5-4.htm">Consent of Ronald G. Simpson, P. Geo<SUP>(1)</SUP></a>  </P></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
  <TD align=left width="90%" bgColor=#ffffff>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-5.htm">5.5</a> </P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
  <P align=justify><a href="exhibit5-5.htm">Consent of Robert Rotzinger, P. Eng.<SUP>(1)</SUP></a>  </P></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
  <TD align=left width="90%" bgColor=#ffffff>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-6.htm">5.6</a> </P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
  <P align=justify><a href="exhibit5-6.htm">Consent of Keith Merriam, P. Eng.<SUP>(1)</SUP></a></P></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#ffffff>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-7.htm">5.7</a> </P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-7.htm">Consent of Greg Yelland, P. Eng.<SUP>(1)</SUP></a> </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="90%"  bgColor=#ffffff>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-8.htm">5.8</a> </P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-8.htm">Consent of Dan Johnson, P. Eng.<SUP>(1)</SUP></a> </P></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#ffffff>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>
      <P align=justify><a href="#page_18">6.1 </a></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="#page_18">Powers of Attorney<SUP>(2)</SUP> </a></P></TD></TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="90%" bgColor=#ffffff>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><P align=justify><a href="exhibit7-1.htm">7.1</a> </P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
<P align=justify><a href="exhibit7-1.htm">Form of Trust Indenture<SUP>(1)</SUP></a></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%">(1) </TD>
    <TD>
      <P align=justify>Filed as an exhibit to this registration statement on
      Form F-10.</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>Included on the signature pages
hereto.</P></TD></TR></TABLE><BR>
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</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>exhibit5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited - Exhibit 5.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>Consent of Independent Registered Public Accounting Firm
</B></P>
<P align=justify>The Board of Directors </P>
<P align=justify>Taseko Mines Limited </P>
<P align=justify>We consent to the use of our report, dated February 21, 2017,
with respect to the consolidated financial statements and the effectiveness of
internal control over financial reporting incorporated by reference herein and
to the reference to our firm under the heading &#147;Interest of Experts&#148; in the
prospectus. </P>
<P align=justify>&nbsp;</P>
<P align=justify>Chartered Professional Accountants <BR>December 4, 2017
<BR>Vancouver, Canada<B> </B><BR></P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>3
<FILENAME>exhibit5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited - Exhibit 5.2 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A><br>
<IMG src="mcmlogo.jpg" border=0>
<BR>
<P style="MARGIN-LEFT: 60%" align=justify><B>Our File No.&nbsp;&nbsp;&nbsp;
&nbsp;</B>255042
<BR><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Date&nbsp;&nbsp;&nbsp; </B>December 4, 2017 <BR></P>
<P align=justify><B>United States Securities and Exchange Commission
<BR></B></P>
<P align=justify>Dear Sirs/Mesdames: </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="10%" >&nbsp;</TD>
    <TD align=left><B>Re: </B></TD>
    <TD align=left width="85%"><B>Taseko Mines Limited </B></TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="85%"><B>Registration Statement on Form F-10
  </B></TD></TR></TABLE>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We hereby consent to the use of our name in the Registration Statement on Form
F-10 filed by Taseko Mines Limited on December 4, 2017, as such may thereafter
be amended or supplemented, and in the base shelf prospectus included therein,
under the headings &#147;Legal Matters&#148;, &#147;Interest of Experts&#148;, and Enforceability Of
Civil Liabilities By U.S. Investors&#148;. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In giving this consent, we do not thereby admit that we come within the category
of persons whose consent is required by section 7 of the <I>Securities Act of
1933</I>, as amended. </P>
<P style="MARGIN-LEFT: 60%" align=justify>Yours truly, </P>
<P style="MARGIN-LEFT: 60%" align=justify><I>/s/ McMillan LLP </I></P>
<P style="MARGIN-LEFT: 60%" align=justify>&nbsp;</P>
<P style="MARGIN-LEFT: 60%" 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><FONT color=#ff0000>McMillan LLP | Royal Centre, 1055 W.
      Georgia St., Suite 1500, PO Box 11117, Vancouver, BC, Canada V6E 4N7 | t
      604.689.9111 | f 604.685.7084 </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Lawyers | Patent &amp; Trade-mark Agents | Avocats | Agents
      de brevets et de marques de commerce </TD></TR>
  <TR vAlign=top>
    <TD align=left>Vancouver | Calgary | Toronto | Ottawa | Montr&#233;al | Hong
      Kong | <FONT color=#ff0000>mcmillan.ca </FONT></TD></TR></TABLE><BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.3
<SEQUENCE>4
<FILENAME>exhibit5-3.htm
<DESCRIPTION>EXHIBIT 5.3
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited - Exhibit 5.3 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF EXPERT </B></P>
<P align=justify>December 4, 2017 </P>
<P align=justify>VIA EDGAR</P>
<P align=justify>United States Securities and Exchange Commission</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>Re:</B> </TD>
    <TD align=left width="95%"><B>Taseko Mines Limited (the "Company")</B>
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%"><B>Registration Statement on Form F-10 dated
      December 4, 2017</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%"><B>(the "Registration Statement")</B>
  </TD></TR></TABLE>
<P align=justify>I, Scott Jones, P.Eng, hereby consent to the use of my name in
connection with reference to my involvement in the preparation of the following
technical reports (the "<B>Technical Reports</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 width="5%" ></TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>&#147;Technical Report on the 357 Million Ton Increase in
      Mineral Reserves at the Gibraltar Mine&#148; dated June 24, 2011; </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="90%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>&#147;Technical Report on the 344 million tonne increase in
      mineral reserves at the Prosperity Gold &#150; Copper Project&#148; dated December
      17, 2009; </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="90%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>&#147;Technical Report on Mineral Reserves at the Aley
      Project, British Columbia Canada&#148; originally dated October 30, 2014 with
      an effective date of September 15, 2014, and amended and restated December
      4, 2017; and </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="90%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>&#147;Technical Report on the Mineral Reserve Update at the
      Gibraltar Mine&#148; dated June 15, 2015; </P></TD></TR></TABLE>
<P align=justify>and to references to the Technical Reports, or portions
thereof, in the Registration Statement and to the inclusion and incorporation by
reference of the information derived from the Technical Reports related to me in
the Registration Statement. This consent extends to any amendments to the
Registration Statement, including any post-effective amendments. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>Yours truly, </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>/s/ Scott Jones </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Scott Jones, P.Eng </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.4
<SEQUENCE>5
<FILENAME>exhibit5-4.htm
<DESCRIPTION>EXHIBIT 5.4
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited - Exhibit 5.4 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF EXPERT </B></P>
<P align=justify>December 4, 2017 </P>
<P align=justify>VIA EDGAR</P>
<P align=justify>United States Securities and Exchange Commission</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>Re:</B> </TD>
    <TD align=left width="95%"><B>Taseko Mines Limited (the "Company")</B>
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%"><B>Registration Statement on Form F-10 dated
      December 4, 2017</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%"><B>(the "Registration Statement")</B>
  </TD></TR></TABLE>
<P align=justify>I, Ronald G. Simpson, P. Geo, hereby consent to the use of my
name in connection with reference to my involvement in the preparation of the
following technical reports (the "<B>Technical Reports</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 width="5%"  ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>&#147;Technical Report on Mineral Reserves at the Aley
      Project, British Columbia Canada&#148; originally dated October 30, 2014 with
      an effective date of September 15, 2014, and amended and restated December
      4, 2017; and </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>&#147;Technical Report Aley Carbonatite Niobium Project&#148; dated
      March 29, 2012; </P></TD></TR></TABLE>
<P align=justify>and to references to the Technical Reports, or portions
thereof, in the Registration Statement and to the inclusion and incorporation by
reference of the information derived from the Technical Reports related to me in
the Registration Statement. This consent extends to any amendments to the
Registration Statement, including any post-effective amendments. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>Yours truly, </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>/s/ Ronald G. Simpson </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Ronald G. Simpson, P. Geo </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.5
<SEQUENCE>6
<FILENAME>exhibit5-5.htm
<DESCRIPTION>EXHIBIT 5.5
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited - Exhibit 5.5 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF EXPERT </B></P>
<P align=justify>December 4, 2017 </P>
<P align=justify>VIA EDGAR</P>
<P align=justify>United States Securities and Exchange Commission</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>Re:</B> </TD>
    <TD align=left width="95%"><B>Taseko Mines Limited (the "Company")</B>
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%"><B>Registration Statement on Form F-10 dated
      December 4, 2017</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%"><B>(the "Registration Statement")</B>
  </TD></TR></TABLE>
<P align=justify>I, Robert Rotzinger, P.Eng, hereby consent to the use of my
name in connection with reference to my involvement in the preparation of the
following technical report (the "<B>Technical Report</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 width="5%"  ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">&#147;Technical Report on Mineral Reserves at the
      Aley Project, British Columbia Canada&#148; originally dated October 30, 2014
      with an effective date of September 15, 2014, and amended and restated
      December 4, 2017; </TD></TR></TABLE>
<P align=justify>and to references to the Technical Report, or portions thereof,
in the Registration Statement and to the inclusion and incorporation by
reference of the information derived from the Technical Report related to me in
the Registration Statement. This consent extends to any amendments to the
Registration Statement, including any post-effective amendments. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>Yours truly, </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>/s/ Robert Rotzinger </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Robert Rotzinger, P.Eng </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.6
<SEQUENCE>7
<FILENAME>exhibit5-6.htm
<DESCRIPTION>EXHIBIT 5.6
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited - Exhibit 5.6 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF EXPERT </B></P>
<P align=justify>December 4, 2017 </P>
<P align=justify>VIA EDGAR</P>
<P align=justify>United States Securities and Exchange Commission</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>Re:</B> </TD>
    <TD align=left width="95%"><B>Taseko Mines Limited (the "Company")</B>
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%"><B>Registration Statement on Form F-10 dated
      December 4, 2017</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%"><B>(the "Registration Statement")</B>
  </TD></TR></TABLE>
<P align=justify>I, Keith Merriam, P.Eng, hereby consent to the use of my name
in connection with reference to my involvement in the preparation of the
following technical report (the "<B>Technical Report</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 width="5%"  ></TD>
    <TD align=left >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>&#147;Technical Report on Mineral Reserves at the Aley
      Project, British Columbia Canada&#148; originally dated October 30, 2014 with
      an effective date of September 15, 2014, and amended and restated December
      4, 2017; </P></TD></TR></TABLE>
<P align=justify>and to references to the Technical Report, or portions thereof,
in the Registration Statement and to the inclusion and incorporation by
reference of the information derived from the Technical Report related to me in
the Registration Statement. This consent extends to any amendments to the
Registration Statement, including any post-effective amendments. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>Yours truly, </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>/s/ Keith Merriam </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Keith Merriam, P.Eng </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.7
<SEQUENCE>8
<FILENAME>exhibit5-7.htm
<DESCRIPTION>EXHIBIT 5.7
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited - Exhibit 5.7 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF EXPERT </B></P>
<P align=justify>December 4, 2017 </P>
<P align=justify>VIA EDGAR</P>
<P align=justify>United States Securities and Exchange Commission</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>Re:</B> </TD>
    <TD align=left width="95%"><B>Taseko Mines Limited (the "Company")</B>
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%"><B>Registration Statement on Form F-10 dated
      December 4, 2017</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%"><B>(the "Registration Statement")</B>
  </TD></TR></TABLE>
<P align=justify>I, Greg Yelland, P.Eng, hereby consent to the use of my name in
connection with reference to my involvement in the preparation of the following
technical report (the "<B>Technical Report</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 width="5%" ></TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">&#147;Technical Report on Mineral Reserves at the
      Aley Project, British Columbia Canada&#148; originally dated October 30, 2014
      with an effective date of September 15, 2014, and amended and restated
      December 4, 2017; </TD></TR></TABLE>
<P align=justify>and to references to the Technical Report, or portions thereof,
in the Registration Statement and to the inclusion and incorporation by
reference of the information derived from the Technical Report related to me in
the Registration Statement. This consent extends to any amendments to the
Registration Statement, including any post-effective amendments. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>Yours truly, </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>/s/ Greg Yelland </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Greg Yelland, P.Eng </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.8
<SEQUENCE>9
<FILENAME>exhibit5-8.htm
<DESCRIPTION>EXHIBIT 5.8
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited - Exhibit 5.8 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF EXPERT </B></P>
<P align=justify>December 4, 2017 </P>
<P align=justify>VIA EDGAR</P>
<P align=justify>United States Securities and Exchange Commission</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>Re:</B> </TD>
    <TD align=left width="95%"><B>Taseko Mines Limited (the "Company")</B>
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%"><B>Registration Statement on Form F-10 dated
      December 4, 2017</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%"><B>(the "Registration Statement")</B>
  </TD></TR></TABLE>
<P align=justify>I, Dan Johnson, P.E., hereby consent to the use of my name in
connection with reference to my involvement in the preparation of the following
technical report (the "<B>Technical Report</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 width="5%"  ></TD>
    <TD align=left >&#149; </TD>
    <TD align=justify width="90%">&#147;NI 43-101 Technical Report &#150; Florence Copper
      Project&#148; originally dated February 28, 2017 with and effective date of
      January 16, 2017, and amended and restated December 4, 2017;
</TD></TR></TABLE>
<P align=justify>and to references to the Technical Report, or portions thereof,
in the Registration Statement and to the inclusion and incorporation by
reference of the information derived from the Technical Report related to me in
the Registration Statement. This consent extends to any amendments to the
Registration Statement, including any post-effective amendments. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>Yours truly, </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>/s/ Dan Johnson </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Dan Johnson, P.E. </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-7.1
<SEQUENCE>10
<FILENAME>exhibit7-1.htm
<DESCRIPTION>EXHIBIT 7.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 7.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 7.1</B></P>
<P align=center><B>Taseko Mines Limited <BR>as Issuer </B></P>
<P align=center><B>[&nbsp; &nbsp;] </B></P>
<P align=center><B>as Trustee </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-TOP: #000000 1px solid" align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>Indenture</B>&nbsp; </TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Dated as of&nbsp; [&nbsp;&nbsp;&nbsp; </B><B>]</B>
  </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=center>&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>Taseko Mines Limited</B>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Reconciliation and tie between </B><B><I>Trust
      Indenture Act</I></B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B><I>of 1939 </I></B><B>and Indenture, dated as of
      [&nbsp;&nbsp; </B><B>]</B> </TD></TR></TABLE><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=bottom>
    <TD noWrap align=center colSpan=2>&nbsp;<B>Trust Indenture</B>&nbsp;
</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><B>Act Section</B> </TD>
    <TD noWrap align=center width="15%"><B>Indenture Section</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#167; 310(a)(1) </TD>
    <TD align=center width="15%">6.7 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(2) </TD>
    <TD align=center width="15%">6.7 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) </TD>
    <TD align=center width="15%">6.8 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#167; 312(b) </TD>
    <TD align=center width="15%">7.1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) </TD>
    <TD align=center width="15%">7.1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#167; 313(a) </TD>
    <TD align=center width="15%">7.2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)(1) </TD>
    <TD align=center width="15%">7.2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)(2) </TD>
    <TD align=center width="15%">7.2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) </TD>
    <TD align=center width="15%">7.2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) </TD>
    <TD align=center width="15%">7.2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#167; 314(a) </TD>
    <TD align=center width="15%">7.3 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(4) </TD>
    <TD align=center width="15%">9.4 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)(1) </TD>
    <TD align=center width="15%">1.2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)(2) </TD>
    <TD align=center width="15%">1.2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) </TD>
    <TD align=center width="15%">1.2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#167; 315(b) </TD>
    <TD align=center width="15%">6.4 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#167; 316(a)(last sentence) </TD>
    <TD align=center width="15%">1.1 (&#147;Outstanding&#148;) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(1)(A)
    </TD>
    <TD align=center width="15%">5.2, 5.2 </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(1)(B)
    </TD>
    <TD align=center width="15%">5.13 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) </TD>
    <TD align=center width="15%">5.8 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) </TD>
    <TD align=center width="15%">1.4(e) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#167; 317(a)(1) </TD>
    <TD align=center width="15%">5.3 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(2) </TD>
    <TD align=center width="15%">5.4 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) </TD>
    <TD align=center width="15%">9.3 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#167; 318(a) </TD>
    <TD align=center width="15%">1.11 </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=center><B>TABLE OF CONTENTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee colSpan=3>Article 1
      DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION </TD>
    <TD align=right width="10%" bgColor=#eeeeee >8 </TD></TR>
  <TR>
    <TD align=left  colSpan=3>&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD width="10%" align=left nowrap bgColor=#eeeeee >Section 1.2 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Compliance Certificates and
    Opinions</TD>
    <td width="10%" align="right" bgcolor="#EEEEEE">19</td>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 1.3 </TD>
    <TD align=left width="74%">Form of Documents Delivered to Trustee</TD>
    <td align="right">19</td>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 1.4 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Acts of Holders</TD>
    <td align="right" bgcolor="#EEEEEE">20</td>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 1.5 </TD>
    <TD align=left width="74%">Notices, etc. to Trustee and Company</TD>
    <td align="right">22</td>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 1.6 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Notice to Holders; Waiver</TD>
    <td align="right" bgcolor="#EEEEEE">22</td>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 1.7 </TD>
    <TD align=left width="74%">Effect of Headings and Table of Contents</TD>
    <td align="right">23</td>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 1.8 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Successors and Assigns</TD>
    <td align="right" bgcolor="#EEEEEE">23</td>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 1.9 </TD>
    <TD align=left width="74%">Separability Clause</TD>
    <td align="right">23</td>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD width="10%" align=left nowrap bgColor=#eeeeee >Section 1.10 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Benefits of Indenture</TD>
    <td align="right" bgcolor="#EEEEEE">23</td>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 1.11 </TD>
    <TD align=left width="74%">Governing Law</TD>
    <td align="right">24</td>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 1.12 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Legal Holidays</TD>
    <td align="right" bgcolor="#EEEEEE">24</td>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 1.13 </TD>
    <TD align=left width="74%">Agent for Service; Submission to Jurisdiction;
    Waiver of Immunities</TD>
    <td align="right">24</td>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 1.14 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Conversion of Currency</TD>
    <td align="right" bgcolor="#EEEEEE">25</td>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 1.15 </TD>
    <TD align=left width="74%">Currency Equivalent</TD>
    <td align="right">26</td>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 1.16 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>No Recourse Against Others</TD>
    <td align="right" bgcolor="#EEEEEE">26</td>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 1.17 </TD>
    <TD align=left width="74%">Multiple Originals</TD>
    <td align="right">27</td>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 1.18 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Conflict with <I>Trust
      Indenture Act</I></TD>
    <td align="right" bgcolor="#EEEEEE">27</td>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="74%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee colSpan=3>Article 2 SECURITY
      FORMS </TD>
    <TD align=right width="10%" bgColor=#eeeeee >27 </TD>
  </TR>
  <TR>
    <TD align=left  colSpan=3>&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 2.1 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Forms Generally</TD>
    <TD align=right width="10%" bgColor=#eeeeee >27 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 2.2 </TD>
    <TD align=left width="74%">Form of Trustee&#146;s Certificate of
    Authentication</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 >Section 2.3 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Securities Issuable in Global
    Form</TD>
    <TD align=right width="10%" bgColor=#eeeeee >28 </TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="74%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee colSpan=3>Article 3 THE
      SECURITIES </TD>
    <TD align=right width="10%" bgColor=#eeeeee >29 </TD>
  </TR>
  <TR>
    <TD align=left  colSpan=3>&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 3.1 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Amount Unlimited; Issuable in
    Series</TD>
    <TD align=right width="10%" bgColor=#eeeeee >29 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 3.2 </TD>
    <TD align=left width="74%">Denominations</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 >Section 3.3 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Execution, Authentication,
    Delivery and Dating</TD>
    <TD align=right width="10%" bgColor=#eeeeee >33 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 3.4 </TD>
    <TD align=left width="74%">Temporary Securities</TD>
    <TD align=right width="10%" >35 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 3.5 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Registration, Registration of
    Transfer and Exchange</TD>
    <TD align=right width="10%" bgColor=#eeeeee >38 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 3.6 </TD>
    <TD align=left width="74%">Mutilated, Destroyed, Lost and Stolen
    Securities</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 >Section 3.7 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Payment of Principal and
    Interest; Interest Rights Preserved; Optional Interest Reset. </TD>
    <TD align=right width="10%" bgColor=#eeeeee >43 </TD>
</TR></TABLE>
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noShade SIZE=5>
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<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; ">
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 3.8 </TD>
    <TD align=left width="74%">Optional Extension of Stated Maturity</TD>
    <TD align=right width="10%" >46 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 3.9 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Persons Deemed Owners</TD>
    <TD align=right width="10%" bgColor=#eeeeee >46</TD>
  </TR>
</TABLE>
<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%" >Section 3.10 </TD>
    <TD align=left width="74%">Cancellation</TD>
    <TD align=right width="10%" >47 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 3.11 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Computation of Interest</TD>
    <TD align=right width="10%" bgColor=#eeeeee >48 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 3.12 </TD>
    <TD align=left width="74%">Currency and Manner of Payments in Respect of
    Securities</TD>
    <TD align=right width="10%" >48 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD width="10%" align=left nowrap bgColor=#eeeeee >Section 3.13 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Appointment and Resignation of
    Successor Exchange Rate Agent</TD>
    <TD align=right width="10%" bgColor=#eeeeee >52 </TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="74%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee colSpan=3>Article 4
      SATISFACTION AND DISCHARGE </TD>
    <TD align=right width="10%" bgColor=#eeeeee >52 </TD>
  </TR>
  <TR>
    <TD align=left  colSpan=3>&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 4.1 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Satisfaction and Discharge of
    Indenture</TD>
    <TD align=right width="10%" bgColor=#eeeeee >52 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 4.2 </TD>
    <TD align=left width="74%">Application of Trust Money</TD>
    <TD align=right width="10%" >54 </TD>
  </TR>
  <TR>
    <TD align=left  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="74%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  colSpan=3>Article 5 REMEDIES </TD>
    <TD align=right width="10%" >54 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 5.1 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Events of Default</TD>
    <TD align=right width="10%" bgColor=#eeeeee >54 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 5.2 </TD>
    <TD align=left width="74%">Acceleration of Maturity; Rescission and
    Annulment</TD>
    <TD align=right width="10%" >55 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 5.3 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Collection of Indebtedness and
    Suits for Enforcement by Trustee</TD>
    <TD align=right width="10%" bgColor=#eeeeee >56 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 5.4 </TD>
    <TD align=left width="74%">Trustee May File Proofs of Claim</TD>
    <TD align=right width="10%" >57 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 5.5 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Trustee May Enforce Claims
    Without Possession of Securities</TD>
    <TD align=right width="10%" bgColor=#eeeeee >58 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 5.6 </TD>
    <TD align=left width="74%">Application of Money Collected</TD>
    <TD align=right width="10%" >58 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 5.7 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Limitation on Suits</TD>
    <TD align=right width="10%" bgColor=#eeeeee >58 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 5.8 </TD>
    <TD align=left width="74%">Unconditional Right of Holders to Receive
    Principal, Premium and Interest</TD>
    <TD align=right width="10%" >59 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 5.9 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Restoration of Rights and
    Remedies</TD>
    <TD align=right width="10%" bgColor=#eeeeee >59 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 5.10 </TD>
    <TD align=left width="74%">Rights and Remedies Cumulative</TD>
    <TD align=right width="10%" >60 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 5.11 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Delay or Omission Not Waiver.    </TD>
    <TD align=right width="10%" bgColor=#eeeeee >60 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 5.12 </TD>
    <TD align=left width="74%">Control by Holders</TD>
    <TD align=right width="10%" >60 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 5.13 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Waiver of Past Defaults</TD>
    <TD align=right width="10%" bgColor=#eeeeee >61 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 5.14 </TD>
    <TD align=left width="74%">Waiver of Stay or Extension Laws</TD>
    <TD align=right width="10%" >61 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 5.15 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Undertaking for Costs</TD>
    <TD align=right width="10%" bgColor=#eeeeee >61 </TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="74%" >&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee colSpan=3>Article 6 THE
      TRUSTEE </TD>
    <TD align=right width="10%" bgColor=#eeeeee >62 </TD>
  </TR>
  <TR>
    <TD align=left  colSpan=3>&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 6.1 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Notice of Defaults</TD>
    <TD align=right width="10%" bgColor=#eeeeee >62 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 6.2 </TD>
    <TD align=left width="74%">Certain Rights of Trustee</TD>
    <TD align=right width="10%" >62 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 6.3 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Trustee Not Responsible for
    Recitals or Issuance of Securities</TD>
    <TD align=right width="10%" bgColor=#eeeeee >64 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 6.4 </TD>
    <TD align=left width="74%">May Hold Securities</TD>
    <TD align=right width="10%" >64 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 6.5 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Money Held in Trust</TD>
    <TD align=right width="10%" bgColor=#eeeeee >64 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 6.6 </TD>
    <TD align=left width="74%">Compensation and Reimbursement</TD>
    <TD align=right width="10%" >64 </TD>
</TR></TABLE>
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  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 6.7 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Corporate Trustee Required;
      Eligibility; Conflicting Interests</TD>
    <TD align=right width="10%" bgColor=#eeeeee >65 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="10%" >Section 6.8 </TD>
    <TD align=left width="74%">Resignation and Removal; Appointment of
      Successor</TD>
    <TD align=right width="10%" >65 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee >Section 6.9 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Acceptance of Appointment by
      Successor</TD>
    <TD align=right width="10%" bgColor=#eeeeee >67 </TD>
  </TR>
</TABLE>
<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%">Section 6.10 </TD>
    <TD align=left width="74%">Merger, Conversion, Consolidation or Succession
    to Business</TD>
    <TD align=right width="10%">68 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 6.11 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Appointment of Authenticating
    Agent</TD>
    <TD align=right width="10%" bgColor=#eeeeee>69 </TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="74%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=3>Article 7 HOLDERS&#146; LISTS AND
      REPORTS BY TRUSTEE AND THE COMPANY </TD>
    <TD align=right width="10%" bgColor=#eeeeee>70 </TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="84%" colSpan=2>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 7.1 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Disclosure of Names and
    Addresses of Holders</TD>
    <TD align=right width="10%" bgColor=#eeeeee>70 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">Section 7.2 </TD>
    <TD align=left width="74%">Reports by Trustee</TD>
    <TD align=right width="10%">71 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 7.3 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Reports by the Company</TD>
    <TD align=right width="10%" bgColor=#eeeeee>71 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">Section 7.4 </TD>
    <TD align=left width="74%">The Company to Furnish Trustee Names and
      Addresses of Holders </TD>
    <TD align=right width="10%">72 </TD>
  </TR>
  <TR>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="74%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=3>Article 8 SUPPLEMENTAL INDENTURES </TD>
    <TD align=right width="10%">73 </TD>
  </TR>
  <TR>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="84%" bgColor=#eeeeee colSpan=2>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">Section 8.1 </TD>
    <TD align=left width="74%">Supplemental Indentures Without Consent of
    Holders</TD>
    <TD align=right width="10%">73 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 8.2 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Supplemental Indentures with
    Consent of Holders</TD>
    <TD align=right width="10%" bgColor=#eeeeee>74 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">Section 8.3 </TD>
    <TD align=left width="74%">Execution of Supplemental Indentures</TD>
    <TD align=right width="10%">75 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 8.4 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Effect of Supplemental
    Indentures</TD>
    <TD align=right width="10%" bgColor=#eeeeee>75 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">Section 8.5 </TD>
    <TD align=left width="74%">Conformity with <I>Trust Indenture Act</I> </TD>
    <TD align=right width="10%">75 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 8.6 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Reference in Securities to
    Supplemental Indentures</TD>
    <TD align=right width="10%" bgColor=#eeeeee>75 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">Section 8.7 </TD>
    <TD align=left width="74%">Notice of Supplemental Indentures</TD>
    <TD align=right width="10%">76 </TD>
  </TR>
  <TR>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="74%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=3>Article 9 COVENANTS </TD>
    <TD align=right width="10%">76 </TD>
  </TR>
  <TR>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="84%" bgColor=#eeeeee colSpan=2>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">Section 9.1 </TD>
    <TD align=left width="74%">Payment of Principal, Premium, if any, and
    Interest</TD>
    <TD align=right width="10%">76 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 9.2 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Maintenance of Office or
    Agency</TD>
    <TD align=right width="10%" bgColor=#eeeeee>76 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">Section 9.3 </TD>
    <TD align=left width="74%">Money for Securities Payments to Be Held in
    Trust</TD>
    <TD align=right width="10%">78 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 9.4 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Statement as to Compliance</TD>
    <TD align=right width="10%" bgColor=#eeeeee>79 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">Section 9.5 </TD>
    <TD align=left width="74%">Payment of Taxes and Other Claims</TD>
    <TD align=right width="10%">79 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 9.6 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Maintenance of Properties</TD>
    <TD align=right width="10%" bgColor=#eeeeee>80 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">Section 9.7 </TD>
    <TD align=left width="74%">Corporate Existence</TD>
    <TD align=right width="10%">80 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 9.8 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Waiver of Certain Covenants.</TD>
    <TD align=right width="10%" bgColor=#eeeeee>80 </TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="74%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=3>Article 10 REDEMPTION OF
      SECURITIES </TD>
    <TD align=right width="10%" bgColor=#eeeeee>80 </TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="84%" colSpan=2>&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 10.1 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Applicability of Article</TD>
    <TD align=right width="10%" bgColor=#eeeeee>80 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">Section 10.2 </TD>
    <TD align=left width="74%">Election to Redeem; Notice to Trustee</TD>
    <TD align=right width="10%">81 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 10.3 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Selection by Trustee of
    Securities to Be Redeemed</TD>
    <TD align=right width="10%" bgColor=#eeeeee>81 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">Section 10.4 </TD>
    <TD align=left width="74%">Notice of Redemption</TD>
    <TD align=right width="10%">81 </TD>
  </TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; ">
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 10.5 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Deposit of Redemption Price. </TD>
    <TD align=right width="10%" bgColor=#eeeeee>82 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">Section 10.6 </TD>
    <TD align=left width="74%">Securities Payable on Redemption Date</TD>
    <TD align=right width="10%">83 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD width="10%" align=left nowrap bgColor=#eeeeee>Section 10.7 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Securities Redeemed in Part. </TD>
    <TD align=right width="10%" bgColor=#eeeeee>84 </TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="74%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=3>Article 11 SINKING FUNDS </TD>
    <TD align=right width="10%" bgColor=#eeeeee>84 </TD>
  </TR>
</TABLE>
<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=#ffffff>&nbsp;</TD>
    <TD width="10%" align=left nowrap bgColor=#ffffff>Section 11.1 </TD>
    <TD align=left width="74%" bgColor=#ffffff>Applicability of Article</TD>
    <TD align=right width="10%" bgColor=#ffffff>84 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 11.2 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Satisfaction of Sinking Fund
    Payments with Securities</TD>
    <TD align=right width="10%" bgColor=#eeeeee>84 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>Section 11.3 </TD>
    <TD align=left width="74%" bgColor=#ffffff>Redemption of Securities for
    Sinking Fund</TD>
    <TD align=right width="10%" bgColor=#ffffff>85 </TD>
  </TR>
  <TR>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="74%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff colSpan=3>Article 12 REPAYMENT AT OPTION OF
      HOLDERS </TD>
    <TD align=right width="10%" bgColor=#ffffff>86 </TD>
  </TR>
  <TR>
    <TD align=left bgColor=#eeeeee colSpan=3>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>Section 12.1 </TD>
    <TD align=left width="74%" bgColor=#ffffff>Applicability of Article</TD>
    <TD align=right width="10%" bgColor=#ffffff>86 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 12.2 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Repayment of Securities</TD>
    <TD align=right width="10%" bgColor=#eeeeee>86 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>Section 12.3 </TD>
    <TD align=left width="74%" bgColor=#ffffff>Exercise of Option</TD>
    <TD align=right width="10%" bgColor=#ffffff>86 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 12.4 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>When Securities Presented for
    Repayment Become Due and Payable</TD>
    <TD align=right width="10%" bgColor=#eeeeee>87 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>Section 12.5 </TD>
    <TD align=left width="74%" bgColor=#ffffff>Securities Repaid in Part</TD>
    <TD align=right width="10%" bgColor=#ffffff>88 </TD>
  </TR>
  <TR>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="74%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff colSpan=3>Article 13 DEFEASANCE AND
      COVENANT DEFEASANCE </TD>
    <TD align=right width="10%" bgColor=#ffffff>88 </TD>
  </TR>
  <TR>
    <TD align=left bgColor=#eeeeee colSpan=3>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>Section 13.1 </TD>
    <TD align=left width="74%" bgColor=#ffffff>Option to Effect Defeasance or
    Covenant Defeasance</TD>
    <TD align=right width="10%" bgColor=#ffffff>88 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 13.2 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Defeasance and Discharge</TD>
    <TD align=right width="10%" bgColor=#eeeeee>88 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>Section 13.3 </TD>
    <TD align=left width="74%" bgColor=#ffffff>Covenant Defeasance</TD>
    <TD align=right width="10%" bgColor=#ffffff>89 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 13.4 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Conditions to Defeasance or
    Covenant Defeasance</TD>
    <TD align=right width="10%" bgColor=#eeeeee>89 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff></TD>
    <TD align=left width="10%" bgColor=#ffffff>Section 13.5 </TD>
    <TD align=left width="74%" bgColor=#ffffff>Deposited Money and Government
    Obligations to Be Held in Trust; Other Miscellaneous Provisions</TD>
    <TD align=right width="10%" bgColor=#ffffff>91 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 13.6 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Reinstatement</TD>
    <TD align=right width="10%" bgColor=#eeeeee>92 </TD>
  </TR>
  <TR>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="74%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=3>Article 14 MEETINGS OF HOLDERS OF
      SECURITIES </TD>
    <TD align=right width="10%" bgColor=#eeeeee>93 </TD>
  </TR>
  <TR>
    <TD align=left bgColor=#ffffff colSpan=3>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 14.1 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Purposes for Which Meetings May
    Be Called</TD>
    <TD align=right width="10%" bgColor=#eeeeee>93 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>Section 14.2 </TD>
    <TD align=left width="74%" bgColor=#ffffff>Call, Notice and Place of
    Meetings</TD>
    <TD align=right width="10%" bgColor=#ffffff>93 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 14.3 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Persons Entitled to Vote at
    Meetings</TD>
    <TD align=right width="10%" bgColor=#eeeeee>93 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>Section 14.4 </TD>
    <TD align=left width="74%" bgColor=#ffffff>Quorum; Action</TD>
    <TD align=right width="10%" bgColor=#ffffff>94 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 14.5 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Determination of Voting Rights;
    Conduct and Adjournment of Meetings</TD>
    <TD align=right width="10%" bgColor=#eeeeee>95 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ffffff>Section 14.6 </TD>
    <TD align=left width="74%" bgColor=#ffffff>Counting Votes and Recording
    Action of Meetings</TD>
    <TD align=right width="10%" bgColor=#ffffff>96 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#eeeeee>Section 14.7 </TD>
    <TD align=left width="74%" bgColor=#eeeeee>Waiver of Jury Trial</TD>
    <TD align=right width="10%" bgColor=#eeeeee>96 </TD>
  </TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<!--$$/page=--><A name=page_8></A>
<P align=justify>INDENTURE, dated as of [ ], between Taseko Mines Limited, a
corporation duly organized and existing under the laws the Province of British
Columbia (herein called the &#147;<B>Company</B>&#148;), having its principal office at
15<SUP>th</SUP> Floor, 1040 West Georgia Street, Vancouver, British Columbia,
Canada, V6E 4H1 and [ ], a [ ], having its office at [ ] as trustee (herein
called the &#147;<B>Trustee</B>&#148;).</P>
<P align=center><B>RECITALS </B></P>
<P align=justify>The Company has duly authorized the execution and delivery of
this Indenture to provide for the issuance from time to time of its unsecured
debentures, notes, bonds or other evidences of indebtedness (herein called the
&#147;<B>Securities</B>&#148;), which may be convertible into or exchangeable for any
securities of any Person (including the Company) to be issued in one or more
series as in this Indenture provided.</P>
<P align=justify>This Indenture is subject to the provisions of the <I>Trust
Indenture Act of 1939</I>, as amended, that are required to be part of this
Indenture and shall, to the extent applicable, be governed by such
provisions.</P>
<P align=justify>All things necessary to make this Indenture a valid agreement
of the Company in accordance with its terms, have been done.</P>
<P align=justify><B>NOW, THEREFORE, THIS INDENTURE WITNESSETH:</B></P>
<P align=justify>For and in consideration of the premises and the purchase of
the Securities by the Holders thereof, it is mutually covenanted and agreed, for
the equal and proportionate benefit of all Holders of the Securities or of
series thereof, as follows:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>ARTICLE 1</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>DEFINITIONS AND OTHER PROVISIONS OF GENERAL
      APPLICATION</B> </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 nowrap ><B>Section 1.1</B> </TD>
    <TD align=left width="90%"><B>Definitions</B>. For all purposes of this
      Indenture, except as otherwise expressly provided or unless the context
otherwise requires: </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the terms defined in this Article have the meanings
      assigned to them in this Article and include the plural as well as the
      singular;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>all other terms used herein which are defined in the
      <I>Trust Indenture Act</I>, either directly or by reference therein, have
      the meanings assigned to them therein, and the terms &#147;cash transaction&#148;
      and &#147;self-liquidating paper&#148;, as used in TIA Section 311, shall have the
      meanings assigned to them in the rules of the Commission adopted under the
      <I>Trust Indenture Act</I>;</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>all accounting terms not otherwise defined herein have
      the meanings assigned to them in accordance with Canadian GAAP;
  and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>the words &#147;herein&#148;, &#147;hereof&#148; and &#147;hereunder&#148; and other
      words of similar import refer to this Indenture as a whole and not to any
      particular Article, Section or other subdivision.</P></TD></TR>
  </TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>-9-</P>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD width="5%"></TD>
    <TD><P align=justify>Certain terms, used principally in Article Three, are
      defined in that Article.</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%"></TD>
    <TD><P align=justify>&#147;<B>Act</B>&#148; when used with respect to any Holder, has
      the meaning specified in Section 1.4.</P></TD>
  </TR>
</TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Affiliate</B>&#148; of any specified
Person means any other Person directly or indirectly controlling or controlled
by or under direct or indirect common control with such specified Person. For
the purposes of this definition, &#147;control&#148; when used with respect to any
specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms &#147;controlling&#148; and
&#147;controlled&#148; have meanings correlative to the foregoing.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Authenticating Agent</B>&#148; means any
Person appointed by the Trustee to act on behalf of the Trustee pursuant to
Section 6.11 to authenticate Securities.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Authorized Newspaper</B>&#148; means a
newspaper, in the English language or in an official language of the country of
publication, customarily published on each Business Day, whether or not
published on Saturdays, Sundays or holidays, and of general circulation in each
place in connection with which the term is used or in the financial community of
each such place. Where successive publications are required to be made in
Authorized Newspapers, the successive publications may be made in the same or in
different newspapers in the same city meeting the foregoing requirements and in
each case on any Business Day.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Bankruptcy Law</B>&#148; means the
Federal Bankruptcy Code, <I>Bankruptcy and Insolvency Act</I> (Canada), the
<I>Companies&#146; Creditors Arrangement Act</I> (Canada), <I>Winding-Up &amp;
Restructuring Act</I> (Canada), or any other Canadian federal or provincial law
or the law of any other jurisdiction relating to bankruptcy, insolvency,
winding-up, liquidation, dissolution, reorganization or relief of debtors or any
similar law now or hereafter in effect for the relief from, or otherwise
affecting, creditors.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Bankruptcy Order</B>&#148; means any
court order made in a proceeding pursuant to or within the meaning of any
Bankruptcy Law, containing an adjudication of bankruptcy or insolvency, or
providing for liquidation, winding-up, dissolution or reorganization, or
appointing a Custodian of a debtor or of all or any substantial part of a
debtor&#146;s property, or providing for the staying, arrangement, adjustment or
compromise of indebtedness or other relief of a debtor.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Bearer Security</B>&#148; means any
Security except a Registered Security.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Board of Directors</B>&#148; means the
board of directors of the Company or any duly authorized committee of such
board.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Board Resolution</B>&#148; means a copy
of a resolution certified by any authorized officer of the Company to have been
duly adopted by the Board of Directors and to be in full force and effect on the
date of such certification, and delivered to the Trustee.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>-10-</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Business Day</B>&#148;, when used with
respect to any Place of Payment or any other particular location referred to in
this Indenture or in the Securities, means, unless otherwise specified with
respect to any Securities pursuant to Section 3.1, each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions
in that Place of Payment or other location are authorized or obligated by law or
executive order to close.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>calculation period</B>&#148; has the
  meaning specified in Section 3.11.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Canadian GAAP</B>&#148; means generally
accepted accounting principles, and, except as otherwise herein expressly
provided, the term &#147;generally accepted accounting principles&#148; with respect to
any computation required or permitted hereunder shall mean such accounting
principles used in the Company&#146;s annual financial statements contained in the
Company&#146;s annual report delivered to its shareholders in respect of the fiscal
year immediately prior to the date of such computation, including International
Financial Reporting Standards as issued by the International Accounting
Standards Board.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Clearstream</B>&#148; means Clearstream
Banking, soci&#233;t&#233; anonyme, or its successor.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Commission</B>&#148; means the U.S.
Securities and Exchange Commission, as from time to time constituted, created
under the <I>Securities Exchange Act of 1934</I>, or, if at any time after the
execution of this Indenture such Commission is not existing and performing the
duties now assigned to it under the <I>Trust Indenture Act</I>, then the body
performing such duties at such time.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Common Depositary</B>&#148; has the
meaning specified in Section 3.4.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Company</B>&#148; means the Person named
as the &#147;Company&#148; in the first paragraph of this Indenture until a successor
Person shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter &#147;Company&#148; shall mean such successor Person.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Company Request</B>&#148; or &#147;<B>Company
Order</B>&#148; means a written request or order signed in the name of the Company by
any two authorized officers of the Company and delivered to the Trustee.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Component Currency</B>&#148; has the
meaning specified in Section 3.12.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Conversion Date</B>&#148; has the
meaning specified in Section 3.12(d) .</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Conversion Event</B>&#148; means the
cessation of use of (i) a Foreign Currency (other than the Euro or other
currency unit) both by the government of the country which issued such Currency
and by a central bank or other public institution of or within the international
banking community for the settlement of transactions, (ii) the Euro or (iii) any
currency unit (or composite currency) other than the Euro for the purposes for
which it was established.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>-11-</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Corporate Trust Office</B>&#148; means
the principal corporate trust office of the Trustee at which at any particular
time its corporate trust business may be administered, which office on the date
of execution of this Indenture is located at [ ] .</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>corporation</B>&#148; includes
  corporations, associations, companies and business trusts.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>covenant defeasance</B>&#148; has the
  meaning specified in Section 13.3.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>coupon</B>&#148; means any interest
  coupon appertaining to a Bearer Security.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Currency</B>&#148; means any currency or
  currencies, composite currency or currency unit or currency units, including,
  without limitation, the Euro, issued by the government of one or more countries
or by any recognized confederation or association of such governments.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Custodian</B>&#148; means any receiver,
interim receiver, receiver and manager, trustee, assignee, liquidator,
sequestrator, monitor, custodian or similar official or agent or any other
Person with like powers.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Default</B>&#148; means any event which
is, or after notice or passage of time or both would be, an Event of
Default.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Defaulted Interest</B>&#148; has the
meaning specified in Section 3.7.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>defeasance</B>&#148; has the meaning
specified in Section 13.2.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Depositary</B>&#148; means, with respect
to the Securities of any series, The Depository Trust Company, or any successor
thereto, or any other Person designated pursuant to Section 3.1 with respect to
the Securities of such series.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Dollar</B>&#148; or &#147;<B>$</B>&#148; means a
dollar or other equivalent unit in such coin or currency of the United States of
America as at the time shall be legal tender for the payment of public and
private debts.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Dollar Equivalent of the Currency
Unit</B>&#148; has the meaning specified in Section 3.12(g) .</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Dollar Equivalent of the Foreign
Currency</B>&#148; has the meaning specified in Section 3.12(f) .</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Election Date</B>&#148; has the meaning
specified in Section 3.12(h) .</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Euro</B>&#148; means the single currency
of the participating member states from time to time of the European Union
described in legislation of the European Counsel for the operation of a single
unified European currency (whether known as the Euro or otherwise).</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Euroclear</B>&#148; means Euroclear
Bank, S.A./N.V., and any successor thereto.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>-12-</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Event of Default</B>&#148; has the
meaning specified in Section 5.1.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Exchange Date</B>&#148; has the meaning
  specified in Section 3.4.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Exchange Rate Agent</B>&#148; means,
  with respect to Securities of or within any series, unless otherwise specified
  with respect to any Securities pursuant to Section 3.1, a New York clearing
  house bank, designated pursuant to Section 3.13.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Exchange Rate Officer&#146;s
  Certificate</B>&#148; means a tested telex or a certificate setting forth (i) the
  applicable Market Exchange Rate and (ii) the Dollar or Foreign Currency amounts
  of principal (and premium, if any) and interest, if any (on an aggregate basis
  and on the basis of a Security having the lowest denomination principal amount
  determined in accordance with Section 3.2 in the relevant Currency), payable
  with respect to a Security of any series on the basis of such Market Exchange Rate, sent (in the case of a telex) or signed
  (in the case of a certificate) by any authorized officer of the Company.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Extension Notice</B>&#148; has the
  meaning specified in Section 3.8.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Extension Period</B>&#148; has the
meaning specified in Section 3.8.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Federal Bankruptcy Code</B>&#148; means
the <I>Bankruptcy Act</I> of Title 11 of the United States Code, as amended from
time to time.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Final Maturity</B>&#148; has the meaning
specified in Section 3.8.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>First Currency</B>&#148; has the meaning
specified in Section 1.15.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Foreign Currency</B>&#148; means any
Currency other than Currency of the United States.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Governmental Authority</B>&#148; means
any nation or government, any state, province, territory or other political
subdivision thereof and any entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Government Obligations</B>&#148; means,
unless otherwise specified with respect to any series of Securities pursuant to
Section 301, securities which are (a) direct obligations of the government which
issued the Currency in which the Securities of a particular series are payable
or (b) obligations of a Person controlled or supervised by and acting as an
agency or instrumentality of the government which issued the Currency in which
the Securities of such series are payable, the payment of which is
unconditionally guaranteed by such government, which, in either case, are full
faith and credit obligations of such government payable in such Currency and are
not callable or redeemable at the option of the issuer thereof and shall also
include a depository receipt issued by a bank or trust company as custodian with
respect to any such Government Obligation or a specific payment of interest on
or principal of any such Government Obligation held by such custodian for the
account of a holder of a depositary receipt, provided that (except as required
by law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depository receipt from any amount received by the
custodian in respect of the Government Obligation or the specific payment of
interest or principal of the Government Obligation evidenced by such depository
receipt.</P>
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<P align=center>-13-</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Holder</B>&#148; means, in the case of a
Registered Security, the Person in whose name a Security is registered in the
Security Register and, in the case of a Bearer Security, the bearer thereof and,
when used with respect to any coupon, shall mean the bearer thereof.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Indebtedness</B>&#148; means obligations
  for money borrowed whether or not evidenced by notes, bonds, debentures or other
  similar evidences of indebtedness.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Indenture</B>&#148; means this
  instrument as originally executed and as it may from time to time be
  supplemented or amended by one or more indentures supplemental hereto entered
  into pursuant to the applicable provisions hereof, and shall include the terms
  of particular series of Securities established as contemplated by Section 3.1; provided, however,
  that, if at any time more than one Person is acting as Trustee under this
  instrument, &#147;Indenture&#148; shall mean, with respect to any one or more series of
  Securities for which such Person is Trustee, this instrument as originally
  executed or as it may from time to time be supplemented or amended by one or
  more indentures supplemental hereto entered into pursuant to the applicable
  provisions hereof and shall include the terms of particular series of Securities
  for which such Person is Trustee established as contemplated by Section 3.1,
  exclusive, however, of any provisions or terms which relate solely to other
  series of Securities for which such Person is not Trustee, regardless of when
  such terms or provisions were adopted, and exclusive of any provisions or terms
  adopted by means of one or more indentures supplemental hereto executed and
  delivered after such Person had become such Trustee but to which such Person, as
  such Trustee, was not a party.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Indexed Security</B>&#148; means a
  Security the terms of which provide that the principal amount thereof payable at
  Stated Maturity may be more or less than the principal face amount thereof at
  original issuance.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>interest</B>&#148;, when used with
respect to an Original Issue Discount Security, which by its terms bears
interest only after Maturity, means interest payable after Maturity at the rate
prescribed in such Original Issue Discount Security.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Interest Payment Date</B>&#148;, when
used with respect to any Security, means the Stated Maturity of an installment
of interest on such Security.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Judgment Currency</B>&#148; has the
meaning specified in Section 1.14.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Lien</B>&#148; means any mortgage, lien,
pledge, charge, security interest or encumbrance of any kind created, incurred
or assumed in order to secure payment of Indebtedness.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>-14-</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>mandatory sinking fund payment</B>&#148;
has the meaning specified in Section 11.1.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Market Exchange Rate</B>&#148; means,
  unless otherwise specified with respect to any Securities pursuant to Section
  3.1, (i) for any conversion involving a currency unit on the one hand and
  Dollars or any Foreign Currency on the other, the exchange rate between the
  relevant currency unit and Dollars or such Foreign Currency calculated by the
  method specified pursuant to Section 3.1 for the Securities of the relevant
  series, (ii) for any conversion of Dollars into any Foreign Currency, the noon
  (New York City time) buying rate for such Foreign Currency for cable transfers
  quoted in New York City as certified for customs purposes by the Federal Reserve
  Bank of New York and (iii) for any conversion of one Foreign Currency into
  Dollars or another Foreign Currency, the spot rate at noon local time in the
  relevant market at which, in accordance with normal banking procedures, the
  Dollars or Foreign Currency into which conversion is being made could be
  purchased with the Foreign Currency from which conversion is being made from
  major banks located in either New York City, London or any other principal
  market for Dollars or such purchased Foreign Currency, in each case determined
  by the Exchange Rate Agent. Unless otherwise specified with respect to any
  Securities pursuant to Section 3.1, in the event of the unavailability of any of
  the exchange rates provided for in the foregoing clauses (i), (ii) and (iii),
  the Exchange Rate Agent shall use, in its sole discretion and
  without liability on its part, such quotation of the Federal Reserve Bank of New
  York as of the most recent available date, or quotations from one or more major
  banks in New York City, London, England or another principal market for the
  Currency in question, or such other quotations as the Exchange Rate Agent shall
  deem appropriate. Unless otherwise specified by the Exchange Rate Agent, if
  there is more than one market for dealing in any Currency by reason of foreign
  exchange regulations or otherwise, the market to be used in respect of such
  Currency shall be that upon which a nonresident issuer of securities designated
  in such Currency would purchase such Currency in order to make payments in
  respect of such Securities.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Maturity</B>&#148;, when used with
  respect to any Security, means the date on which the principal of such Security
  or an installment of principal becomes due and payable as therein or herein
  provided, whether at the Stated Maturity or by declaration of acceleration,
  notice of redemption, notice of option to elect repayment or otherwise.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Officers&#146; Certificate</B>&#148; means a
certificate signed by any two authorized officers of the Company and delivered
to the Trustee.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Opinion of Counsel</B>&#148; means a
written opinion of counsel, who may be counsel for the Company, including an
employee of the Company, and who shall be acceptable to the Trustee.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Optional Reset Date</B>&#148; has the
meaning specified in Section 3.7.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>optional sinking fund payment</B>&#148;
has the meaning specified in Section 11.1.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<!--$$/page=--><A name=page_15></A>
<P align=center>-15-</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Original Issue Discount
Security</B>&#148; means any Security which provides for an amount less than the
principal amount thereof to be due and payable upon a declaration of
acceleration of the Maturity thereof pursuant to Section 5.2.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Original Stated Maturity</B>&#148; has
the meaning specified in Section 3.8.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Outstanding</B>&#148;, when used with
respect to Securities, means, as of the date of determination, all Securities
theretofore authenticated and delivered under this Indenture, except:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Securities theretofore cancelled by the Trustee or
      delivered to the Trustee for cancellation;</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>Securities, or portions thereof, for whose payment or
      redemption or repayment at the option of the Holder money in the necessary
      amount has been theretofore deposited with the Trustee or any Paying Agent
      (other than the Company) in trust or set aside and segregated in trust by
      the Company (if the Company shall act as its own Paying Agent) for the
      Holders of such Securities and any coupons appertaining thereto; provided
      that, if such Securities are to be redeemed, notice of such redemption has
      been duly given pursuant to this Indenture or provision therefor
      satisfactory to the Trustee has been made;</P></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%">(iii) </TD>
    <TD>
      <P align=justify>Securities, except to the extent provided in Section 13.2
      and 13.3, with respect to which the Company has effected defeasance and/or
      covenant defeasance as provided in Article 13; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>Securities which have been paid pursuant to Section 3.6
      or in exchange for or in lieu of which other Securities have been
      authenticated and delivered pursuant to this Indenture, other than any
      such Securities in respect of which there shall have been presented to the
      Trustee proof satisfactory to it that such Securities are held by a bona
      fide purchaser in whose hands such Securities are valid obligations of the
      Company;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><I>provided, however</I>, that in
determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or are present at a meeting of Holders for
quorum purposes, and for the purpose of making the calculations required by TIA
Section 313, (i) the principal amount of an Original Issue Discount Security
that may be counted in making such determination or calculation and that shall
be deemed to be Outstanding for such purpose shall be equal to the amount of
principal thereof that would be (or shall have been declared to be) due and
payable, at the time of such determination, upon a declaration of acceleration
of the maturity thereof pursuant to Section 5.2, (ii) the principal amount of
any Security denominated in a Foreign Currency that may be counted in making
such determination or calculation and that shall be deemed Outstanding for such
purpose shall be equal to the Dollar equivalent, determined as of the date such
Security is originally issued by the Company as set forth in an Exchange Rate
Officer&#146;s Certificate delivered to the Trustee, of the principal amount (or, in
the case of an Original Issue Discount Security, the Dollar equivalent as of
such date of original issuance of the amount determined as provided in clause
(i) above) of such Security, (iii) the principal amount of any Indexed Security
that may be counted in making such determination or calculation and that shall
be deemed outstanding for such purpose shall be equal to the principal face
amount of such Indexed Security at original issuance, unless otherwise provided
with respect to such Security pursuant to Section 3.1, and (iv) Securities owned
by the Company or any other obligor upon the Securities or any Affiliate of the
Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected
in making such calculation or in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which the
Trustee knows to be so owned shall be so disregarded. Securities so owned which
have been pledged in good faith may be regarded as Outstanding if the pledgee
certifies to the Trustee the pledgee&#146;s right so to act with respect to such
Securities and that the pledgee is not the Company or any other obligor upon the
Securities or any Affiliate of the Company or such other obligor.</P>
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<P align=center>-16-</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Paying Agent</B>&#148; means any Person
(including the Company acting as Paying Agent) authorized by the Company to pay
the principal of (or premium, if any) or interest, if any, on any Securities on
behalf of the Company.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Person</B>&#148; means an individual,
  partnership, limited liability company, joint stock company, corporation,
  business trust, trust, unincorporated association, joint venture, Governmental
  Authority or other entity of whatever nature.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Place of Payment</B>&#148; means, when
used with respect to the Securities of or within any series, the place or places
where the principal of (and premium, if any) and interest, if any, on such
Securities are payable as specified as contemplated by Section 3.1and 9.2.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Predecessor Security</B>&#148; of any
particular Security means every previous Security evidencing all or a portion of
the same debt as that evidenced by such particular Security; and, for the
purposes of this definition, any Security authenticated and delivered under
Section 3.6 in exchange for or in lieu of a mutilated, destroyed, lost or stolen
Security or a Security to which a mutilated, destroyed, lost or stolen coupon
appertains shall be deemed to evidence the same debt as the mutilated,
destroyed, lost or stolen Security or the Security to which the mutilated,
destroyed, lost or stolen coupon appertains, as the case may be.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>rate(s) of exchange</B>&#148; has the
meaning specified in Section 1.14.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Redemption Date</B>&#148;, when used
with respect to any Security to be redeemed, in whole or in part, means the date
fixed for such redemption by or pursuant to this Indenture.</P>
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<P align=center>-17-</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Redemption Price</B>&#148;, when used
with respect to any Security to be redeemed, means the price at which it is to
be redeemed pursuant to this Indenture.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Registered Security</B>&#148; means any
  Security registered in the Security Register.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Regular Record Date</B>&#148; for the
  interest payable on any Interest Payment Date on the Registered Securities of or
  within any series means the date specified for that purpose as contemplated by
  Section 3.1.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Repayment Date</B>&#148; means, when
  used with respect to any Security to be repaid at the option of the Holder, the
  date fixed for such repayment pursuant to this Indenture.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Repayment Price</B>&#148; means, when
  used with respect to any Security to be repaid at the option of the Holder, the
  price at which it is to be repaid pursuant to this Indenture.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Required Currency</B>&#148; has the
  meaning specified in Section 1.14.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Reset Notice</B>&#148; has the meaning
  specified in Section 3.7.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Responsible Officer</B>&#148;, when used
  with respect to the Trustee, means any officer assigned to the Corporate Trust
  Office of the Trustee having direct responsibility for the administration of
  this Indenture, and also means, with respect to a particular corporate trust
  matter, any other officer to whom such matter is referred because of his
  knowledge of and familiarity with the particular subject.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Securities</B>&#148; has the meaning
  stated in the first recital of this Indenture and more particularly means any
  Securities authenticated and delivered under this Indenture; provided, however,
  that if at any time there is more than one Person acting as Trustee under this
  Indenture, &#147;Securities&#148; with respect to the Indenture as to which such Person is
  Trustee shall have the meaning stated in the first recital of this Indenture and
  shall more particularly mean Securities authenticated and delivered under this
  Indenture, exclusive, however, of Securities of any series as to which such
  Person is not Trustee.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Security Register</B>&#148; and
&#147;<B>Security Registrar</B>&#148; have the respective meanings specified in Section
3.5.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Special Record Date</B>&#148; for the
payment of any Defaulted Interest on the Registered Securities of or within any
series means a date fixed by the Trustee pursuant to Section 3.7.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Specified Amount</B>&#148; has the
meaning specified in Section 3.12.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Stated Maturity</B>&#148;, when used
with respect to any Security or any installment of principal thereof or interest
thereon, means the date specified in such Security or a coupon representing such
installment of interest as the fixed date on which the principal of such
Security or such installment of principal or interest is due and payable, as
such date may be extended pursuant to the provisions of Section 3.8 (if
applicable).</P>
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noShade SIZE=5>
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<P align=center>-18-</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Subsequent Interest Period</B>&#148; has
the meaning specified in Section 3.7.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Subsidiary</B>&#148; of any person
  means, at the date of determination, any corporation or other person of which
  Voting Shares or other interests carrying more than 50% of the voting rights
  attached to all outstanding Voting Shares or other interests are owned, directly
  or indirectly, by or for such person or one or more Subsidiaries thereof.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B><I>Trust Indenture Act</I></B>&#148; or
  &#147;<B><I>TIA</I></B>&#148; means the <I>Trust Indenture Act of 1939</I>, as amended and
  as in force at the date as of which this Indenture was executed except as
  provided in Section 8.5.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Trustee</B>&#148; means the Person named
  as the &#147;Trustee&#148; in the first paragraph of this Indenture until a successor
  Trustee shall have become such pursuant to the applicable provisions of this
  Indenture, and thereafter &#147;Trustee&#148; shall mean or include each Person who is
  then a Trustee hereunder; provided, however, that if at any time there is more
  than one such Person, &#147;Trustee&#148; as used with respect to the Securities of any
  series shall mean only the Trustee with respect to Securities of that
  series.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>United States</B>&#148; means, unless
  otherwise specified with respect to any Securities pursuant to Section 3.1, the
  United States of America (including the states and the District of Columbia),
  its territories, its possessions and other areas subject to its
  jurisdiction.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>United States person</B>&#148; means,
  unless otherwise specified with respect to any Securities pursuant to Section
  3.1, an individual who is a citizen or resident of the United States, a
  corporation, partnership or other entity created or organized in or under the
  laws of the United States or an estate or trust the income of which is subject to United States
  federal income taxation regardless of its source.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Valuation Date</B>&#148; has the meaning
  specified in Section 3.12(c) .</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Voting Shares</B>&#148; means shares of
any class of a corporation having under all circumstances the right to vote for
the election of the directors of such corporation, provided that, for the
purpose of the definition, shares which only carry the right to vote
conditionally on the happening of an event shall not be considered Voting Shares
whether or not such event shall have happened.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Yield to Maturity</B>&#148; means the
yield to maturity, computed at the time of issuance of a Security (or, if
applicable, at the most recent redetermination of interest on such Security) and
as set forth in such Security in accordance with generally accepted United
States bond yield computation principles.</P>
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<P align=center>-19-</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 ><B>Section 1.2</B> </TD>
    <TD align=left width="90%"><B>Compliance Certificates and Opinions.</B>
</TD></TR></TABLE>
<P align=justify>Upon any application or request by the Company to the Trustee
to take any action under any provision of this Indenture, the Company shall
furnish to the Trustee an Officers&#146; Certificate stating that all conditions
precedent, if any, provided for in this Indenture (including any covenant
compliance with which constitutes a condition precedent) relating to the
proposed action have been complied with and an Opinion of Counsel stating that
in the opinion of such counsel all such conditions precedent, if any, have been
complied with, except that in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision
of this Indenture relating to such particular application or request, no
additional certificate or opinion need be furnished.</P>
<P align=justify>Every certificate or opinion with respect to compliance with a
covenant or condition provided for in this Indenture (other than pursuant to
Section 9.4) shall include:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>a statement that each individual signing such certificate
      or opinion has read such covenant or condition and the definitions herein
      relating thereto;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>a brief statement as to the nature and scope of the
      examination or investigation upon which the statements or opinions
      contained in such certificate or opinion are based;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>a statement that, in the opinion of each such individual,
      he has made such examination or investigation as is necessary to enable
      him to express an informed opinion as to whether or not such covenant or
      condition has been complied with; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>a statement as to whether, in the opinion of each such
      individual, such covenant or condition has been complied
  with.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 1.3</B> </TD>
    <TD align=left width="90%"><B>Form of Documents Delivered to Trustee.</B>
</TD></TR></TABLE>
<P align=justify>In any case where several matters are required to be certified
by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered
by only one document, but one such Person may certify or give an opinion with
respect to some matters and one or more other such Persons as to other matters,
and any such Person may certify or give an opinion as to such matters in one or
several documents.</P>
<P align=justify>Any certificate or opinion of an officer of the Company may be
based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate or Opinion of Counsel may be based, insofar as
it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Company stating that the
information with respect to such factual matters is in the possession of the
Company unless such counsel knows, or in the exercise of reasonable care should
know, that the certificate or opinion or representations with respect to such
matters are erroneous.</P><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>-20-</P>
<P align=justify>Any certificate or opinion of an officer of the Company or of
counsel may be based, insofar as it relates to accounting matters, upon a
certificate or opinion of, or representations by, an accountant or firm of
accountants in the employ of the Company, unless such officer or counsel, as the
case may be, knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to the accounting matters
upon which such certificate or opinion may be based are erroneous. Any certificate or opinion of any independent firm of public
accountants filed with the Trustee shall contain a statement that such firm is
independent.</P>
<P align=justify>Where any Person is required to make, give or execute two or
more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated
and form one instrument.</P>
<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 ><B>Section 1.4</B> </TD>
    <TD align=left width="90%"><B>Acts of Holders.</B>
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Any request, demand, authorization, direction, notice,
      consent, waiver or other action provided by this Indenture to be given or
      taken by Holders of the Outstanding Securities of all series or one or
      more series, as the case may be, may be embodied in and evidenced by one
      or more instruments of substantially similar tenor signed by such Holders
      in person or by agents duly appointed in writing. If Securities of a
      series are issuable as Bearer Securities, any request, demand,
      authorization, direction, notice, consent, waiver or other action provided
      by this Indenture to be given or taken by Holders of such series may,
      alternatively, be embodied in and evidenced by the record of Holders of
      Securities of such series voting in favor thereof, either in person or by
      proxies duly appointed in writing, at any meeting of Holders of Securities
      of such series duly called and held in accordance with the provisions of
      Article 14, or a combination of such instruments and any such record.
      Except as herein otherwise expressly provided, such action shall become
      effective when such instrument or instruments or record or both are
      delivered to the Trustee and, where it is hereby expressly required, to
      the Company. Such instrument or instruments and any such record (and the
      action embodied therein and evidenced thereby) are herein sometimes
      referred to as the &#147;Act&#148; of the Holders signing
such instrument or instruments or so voting at any such meeting.
Proof of execution of any such instrument or of a writing appointing any such
agent, or of the holding by any Person of a Security, shall be sufficient for
any purpose of this Indenture and conclusive in favor of the Trustee and the
Company, if made in the manner provided in this Section. The record of any
meeting of Holders of Securities shall be proved in the manner provided in
Section 14.6. </P></TD></TR></TABLE>
<br>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD><P align=justify>The fact and date of the execution by any Person of any
      such instrument or writing may be proved in any reasonable manner which
      the Trustee deems sufficient.</P></TD>
  </TR>
</TABLE>
<br>

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<P align=center>-21-</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>The principal amount and serial numbers of Registered
      Securities held by any Person, and the date of holding the same, shall be
      proved by the Security Register.</P></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 principal amount and serial numbers of Bearer
      Securities held by any Person, and the date of holding the same, may be
      proved by the production of such Bearer Securities or by a certificate
      executed, as depositary, by any trust company, bank, banker or other
      depositary, wherever situated, if such certificate shall be deemed by the
      Trustee to be satisfactory, showing that at the date therein mentioned
      such Person had on deposit with such depositary, or exhibited to it, the
      Bearer Securities therein described; or such facts may be proved by the
      certificate or affidavit of the Person holding such Bearer Securities, if
      such certificate or affidavit is deemed by the Trustee to be satisfactory.
      The Trustee and the Company may assume that such ownership of any Bearer
      Security continues until (1) another certificate or affidavit bearing a
      later date issued in respect of the same Bearer Security is produced, or
      (2) such Bearer Security is produced to the Trustee by some other Person,
      or (3) such Bearer Security is surrendered in exchange for a Registered
      Security, or (4) such Bearer Security is no longer Outstanding. The
      principal amount and serial numbers of Bearer Securities held by any
      Person, and the date of holding the same, may also be proved in any other
      manner that the Trustee deems sufficient.</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 Company shall solicit from the Holders of
      Registered Securities any request, demand, authorization, direction,
      notice, consent, waiver or other Act, the Company may, at its option, by
      or pursuant to a Board Resolution, fix in advance a record date for the
      determination of Holders entitled to give such request, demand,
      authorization, direction, notice, consent, waiver or other Act, but the
      Company, shall have no obligation to do so. Notwithstanding TIA Section
      316(c), such record date shall be the record date specified in or pursuant
      to such Board Resolution, which shall be a date not earlier than the date
      30 days prior to the first solicitation of Holders generally in connection
      therewith and not later than the date such solicitation is completed. If
      such a record date is fixed, such request, demand, authorization,
      direction, notice, consent, waiver or other Act may be given before or
      after such record date, but only the Holders of record at the close of
      business on such record date shall be deemed to be Holders for the
      purposes of determining whether Holders of the requisite proportion of
      Outstanding Securities have authorized or agreed or consented to such
      request, demand, authorization, direction, notice, consent, waiver or
      other Act, and for that purpose the Outstanding Securities shall be
      computed as of such record date; provided that no such authorization,
      agreement or consent by the Holders on such record date shall be deemed
effective unless it shall become effective pursuant to the provisions of this
Indenture not later than eleven months after the record date.</P></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>Any request, demand, authorization, direction, notice,
      consent, waiver or other Act of the Holder of any Security shall bind
      every future Holder of the same Security and the Holder of every Security
      issued upon the registration of transfer thereof or in exchange therefor
      or in lieu thereof in respect of anything done, omitted or suffered to be
      done by the Trustee or the Company in reliance thereon, whether or not
      notation of such action is made upon such
Security.</P></TD></TR></TABLE><br>
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noShade SIZE=5>
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<P align=center>-22-</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 ><B>Section 1.5</B> </TD>
    <TD align=left width="90%"><B>Notices, etc. to Trustee and Company.</B>
</TD></TR></TABLE>
<P align=justify>Any request, demand, authorization, direction, notice, consent,
waiver or Act of Holders or other documents provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with,</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the Trustee by any Holder or by the Company shall be
      sufficient for every purpose hereunder if made, given, furnished or filed
      in writing or sent by facsimile to the Trustee at its Corporate Trust
      Office,[ ], Attention[ ], or</P></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 Company by the Trustee or by any Holder shall be
      sufficient for every purpose hereunder (unless otherwise herein expressly
      provided) if in writing and mailed, first-class postage prepaid, or sent
      by overnight courier to the Company, addressed to it at 15<SUP>th
      </SUP>Floor, 1040 West Georgia Street, Vancouver, British Columbia,
      Canada, V6E 4HI, Attention: Corporate Secretary, or at any other address
      previously furnished in writing to the Trustee by the
  Company.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 1.6</B> </TD>
    <TD align=left width="90%"><B>Notice to Holders; Waiver.</B>
</TD></TR></TABLE>
<P align=justify>Where this Indenture provides for notice of any event to
Holders of Registered Securities by the Company or the Trustee, such notice
shall be sufficiently given (unless otherwise herein expressly provided) if in
writing and mailed at the expense of the Company, first-class postage prepaid,
to each such Holder affected by such event, at his address as it appears in the
Security Register, not later than the latest date, and not earlier than the
earliest date, prescribed for the giving of such notice. In any case where
notice to Holders of Registered Securities is given by mail, neither the failure
to mail such notice, nor any defect in any notice so mailed, to any particular
Holder shall affect the sufficiency of such notice with respect to other Holders
of Registered Securities or the sufficiency of any notice to Holders of Bearer
Securities given as provided. Any notice mailed to a Holder in the manner herein
prescribed shall be conclusively deemed to have been received by such Holder,
whether or not such Holder actually receives such notice.</P>
<P align=justify>In case, by reason of the suspension of or irregularities in
regular mail service or by reason of any other cause, it shall be impractical to
mail notice of any event to Holders of Registered Securities when such notice is
required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be directed by the Company shall be deemed
to be sufficient giving of such notice for every purpose hereunder.</P>
<P align=justify>Except as otherwise expressly provided herein or otherwise
specified with respect to any Securities pursuant to Section 3.1, where this
Indenture provides for notice to Holders of Bearer Securities of any event, such
notice shall be sufficiently given at the expense of the Company to Holders of
Bearer Securities if published in an Authorized Newspaper in The City of New
York and in such other city or cities as may be specified in such Securities on
a Business Day at least twice, the first such publication to be not earlier than
the earliest date, and not later than the latest date, prescribed for the giving
of such notice. Any such notice shall be deemed to have been given on the date
of the first such publication.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align=center>-23-</P>
<P align=justify>In case, by reason of the suspension of publication of any
  Authorized Newspaper or Authorized Newspapers or by reason of any other cause,
  it shall be impracticable to publish any notice to Holders of Bearer Securities
  as provided above, then such notification to Holders of Bearer Securities as
  shall be given as directed by the Company shall constitute sufficient notice to
  such Holders for every purpose hereunder. Neither the failure to give notice by
  publication to Holders of Bearer Securities as provided above, nor any defect in
  any notice so published, shall affect the sufficiency of such notice with
  respect to other Holders of Bearer Securities or the sufficiency of any notice
  to Holders of Registered Securities given as provided herein.</P>
<P align=justify>Any request, demand, authorization, direction, notice, consent
or waiver required or permitted under this Indenture shall be in the English
language, except that any published notice may be in an official language of the
country of publication.</P>
<P align=justify>Where this Indenture provides for notice in any manner, such
notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of
such notice. Waivers of notice by Holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver.</P>
<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 ><B>Section 1.7</B> </TD>
    <TD align=left width="90%"><B>Effect of Headings and Table of
Contents.</B> </TD></TR></TABLE>
<P align=justify>The Article and Section headings herein and the Table of
Contents are for convenience only and shall not affect the construction
hereof.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 1.8</B> </TD>
    <TD align=left width="90%"><B>Successors and Assigns.</B>
</TD></TR></TABLE>
<P align=justify>All covenants and agreements in this Indenture by the Company
shall bind its successors and assigns, whether so expressed or not.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 1.9</B> </TD>
    <TD align=left width="90%"><B>Separability Clause.</B>
</TD></TR></TABLE>
<P align=justify>In case any provision in this Indenture or in any Security or
coupon shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 1.10</B> </TD>
    <TD align=left width="90%"><B>Benefits of Indenture.</B>
</TD></TR></TABLE>
<P align=justify>Nothing in this Indenture or in the Securities or coupons,
express or implied, shall give to any Person, other than the parties hereto, any
Authenticating Agent, any Paying Agent, any Securities Registrar and their successors hereunder and the Holders of Securities or
coupons, any benefit or any legal or equitable right, remedy or claim under this
Indenture.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>-24-</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 ><B>Section 1.11</B> </TD>
<TD align=left width="90%"><B>Governing Law.</B> </TD></TR></TABLE>
<P align=justify>This Indenture and the Securities and coupons shall be governed
by and construed in accordance with the law of the State of New York. This
Indenture is subject to the provisions of the <I>Trust Indenture Act</I> that
are required to be part of this Indenture and shall, to the extent applicable,
be governed by such provisions.</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 ><B>Section 1.12</B> </TD>
<TD align=left width="90%"><B>Legal Holidays.</B> </TD></TR></TABLE>
<P align=justify>In any case where any Interest Payment Date, Redemption Date,
sinking fund payment date or Stated Maturity or Maturity of any Security shall
not be a Business Day at any Place of Payment, then (notwithstanding any other
provision of this Indenture or of any Security or coupon other than a provision
in the Securities of any series which specifically states that such provision
shall apply in lieu of this Section), payment of principal (or premium, if any)
or interest, if any, need not be made at such Place of Payment on such date, but
may be made on the next succeeding Business Day at such Place of Payment with
the same force and effect as if made on the Interest Payment Date, Repayment
Date or Redemption Date or sinking fund payment date, or at the Stated Maturity
or Maturity; provided that no interest shall accrue for the period from and
after such Interest Payment Date, Repayment Date, Redemption Date, sinking fund
payment date, Stated Maturity or Maturity, as the case may be.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 1.13</B> </TD>
    <TD align=left width="90%"><B>Agent for Service; Submission to
Jurisdiction; Waiver of Immunities.</B> </TD></TR></TABLE>
<P align=justify>By the execution and delivery of this Indenture, the Company
(i) irrevocably designates and appoints, and acknowledges that it has
irrevocably designated and appointed, as its authorized agent upon which process
may be served in any suit, action or proceeding arising out of or relating to
the Securities or this Indenture that may be instituted in any United States
federal or New York state court in The City of New York or brought under federal
or state securities laws or brought by the Trustee (whether in its individual
capacity or in its capacity as Trustee hereunder) or, subject to Section 5.7,
any Holder of Securities in any United States federal or New York state court in
The City of New York, (ii) submits to the non-exclusive jurisdiction of any such
court in any such suit, action or proceeding, and (iii) agrees that service of
process upon [ ] and written notice of said service to the Company (mailed or
delivered to its Corporate Secretary at its principal office specified in the
first paragraph of this Indenture and in the manner specified in Section 1.5
hereof), shall be deemed in every respect effective service of process upon the
Company in any such suit, action or proceeding. The Company further agrees to
take any and all action, including the execution and filing of any and all such
documents and instruments, as may be necessary to continue such designation and
appointment of [ ] in full force and effect so long as any of the Securities
shall be Outstanding or any amounts shall be payable in respect of any
Securities or coupons.</P>
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<P align=center>-25-</P>
<P align=justify>The Company irrevocably and unconditionally waives, to the
fullest extent permitted by law, any objection that it may now or hereafter have
to the laying of venue of any such action, suit or proceeding in any such court
or any appellate court with respect thereto and irrevocably waives, to the
fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of any such action, suit or proceeding in any such court.</P>
<P align=justify>To the extent that the Company has or hereafter may acquire any
  immunity from jurisdiction of any court or from any legal process (whether
  through service of notice, attachment prior to judgment, attachment in aid of
  execution, execution or otherwise) with respect to itself or its property, it
  hereby irrevocably waives such immunity in respect of its obligations under this
  Indenture and the Securities, to the extent permitted by law.</P>
<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><B>Section 1.14</B> </TD>
    <TD align=left width="90%"><B>Conversion of Currency.</B>
</TD></TR></TABLE>
<P align=justify>The Company covenants and agrees that the following provisions
shall apply to conversion of Currency in the case of the Securities and this
Indenture to the fullest extent permitted by applicable law:</P>
<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 >
      <P align=justify>(a) </P></TD>
    <TD align=left width="5%" >
      <P align=justify>(i) </P></TD>
    <TD align=left width="85%">
      <P align=justify>If for the purposes of obtaining judgment in, or
      enforcing the judgment of, any court in any country, it becomes necessary
      to convert into a Currency (the &#147;<B>Judgment Currency</B>&#148;) an amount due
      or contingently due under the Securities of any series or this Indenture
      in any other currency (the &#147;<B>Required Currency</B>&#148;), then the
      conversion shall be made at the rate of exchange prevailing on the
      Business Day before the day on which the judgment is given or the order of
      enforcement is made, as the case may be (unless a court shall otherwise
      determine). </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >
      <P align=justify></P></TD>
    <TD width="5%" >
      <P align=justify></P></TD>
    <TD width="85%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ></TD>
    <TD align=left width="5%" >
      <P align=justify>(ii) </P></TD>
    <TD align=left width="85%">
      <P align=justify>If there is a change in the rate of exchange prevailing
      between the Business Day before the day on which the judgment is given or
      an order of enforcement is made, as the case may be (or such other date as
      a court shall determine), and the date of receipt of the amount due, the
      Company shall pay such additional (or, as the case may be, such lesser)
      amount, if any, as may be necessary so that the amount paid in the
      Judgment Currency when converted at the rate of exchange prevailing on the
      date of receipt will produce the amount in the Required Currency
      originally due. </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >
      <P align=justify></P></TD>
    <TD width="5%" >
      <P align=justify></P></TD>
    <TD width="85%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >
      <P align=justify>(b) </P></TD>
    <TD align=left width="90%" colSpan=2>
      <P align=justify>In the event of the winding-up of the Company at any time
      while any amount or damages owing under the Securities and this Indenture,
      or any judgment or order rendered in respect thereof, shall remain unpaid
      or outstanding, the Company shall indemnify and hold the Holders and the
      Trustee harmless against any deficiency arising or resulting from any
      variation in rates of exchange between (1) the date as of which the
      equivalent of the amount in the Required Currency (other than under this
      Subsection (b)) is calculated for the purposes of such winding-up and (2)
      the final date for the filing of proofs of claim in such winding-up. For
      the purpose of this Subsection (b) the final date for the filing of proofs
      of claim in the winding-up of the Company shall be the date fixed by the
      liquidator or otherwise in accordance with the relevant provisions of
      applicable law as being the latest practicable date as at which
      liabilities of the Company may be ascertained for such winding-up prior to
      payment by the liquidator or otherwise in respect thereto.
  </P></TD></TR></TABLE><BR>
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noShade SIZE=5>
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<P align=center>-26-</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>The obligations contained in Subsections (a)(ii) and (b)
      of this Section shall constitute separate and independent obligations of
      the Company from its other obligations under the Securities and this
      Indenture, shall give rise to separate and independent causes of action
      against the Company, shall apply irrespective of any waiver or extension
      granted by any Holder or Trustee from time to time and shall continue in
      full force and effect notwithstanding any judgment or order or the filing
      of any proof of claim in the winding- up of the Company for a liquidated
      sum in respect of amounts due hereunder (other than under Subsection (b)
      above) or under any such judgment or order. Any such deficiency as
      aforesaid shall be deemed to constitute a loss suffered by the Holders or
      the Trustee, as the case may be, and no proof or evidence of any actual
      loss shall be required by the Company or the applicable liquidator. In the
      case of Subsection (b) above, the amount of such deficiency shall not be
      deemed to be reduced by any variation in rates of exchange occurring
      between the said final date and the date of any liquidating
      distribution.</P></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 term &#147;rate(s) of exchange&#148; shall mean the Bank of
      Canada indicative rate for purchases on the relevant date of the Required
      Currency with the Judgment Currency, as reported on the &#147;Exchange Rates&#148;
      page of the website of Bank of Canada (or such other means of reporting
      the Bank of Canada indicative rate as may be agreed upon by each of the
      parties to this Indenture) and includes any premiums and costs of exchange
      payable.</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 nowrap ><B>Section 1.15</B> </TD>
    <TD align=left width="90%"><B>Currency Equivalent.</B>
</TD></TR></TABLE>
<P align=justify>Except as otherwise provided in this Indenture, for purposes of
the construction of the terms of this Indenture or of the Securities, in the
event that any amount is stated herein in the Currency of one nation (the
&#147;<B>First Currency</B>&#148;), as of any date such amount shall also be deemed to
represent the amount in the Currency of any other relevant nation which is
required to purchase such amount in the First Currency at the Bank of Canada
indicative rate as reported on the &#147;Exchange Rates&#148; page of the website of Bank
of Canada (or such other means of reporting the Bank of Canada indicative rate
as may be agreed upon by each of the parties to this Indenture) on the date of
determination.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 1.16</B> </TD>
    <TD align=left width="90%"><B>No Recourse Against Others.</B>
</TD></TR></TABLE>
<P align=justify>A director, officer, employee or shareholder, as such, of the
Company shall not have any liability for any obligations of the Company under
the Securities or this Indenture or for any claim based on, in respect of or by
reason of such obligations or their creation. By accepting a Security, each
Holder shall waive and release all such liability. Such waiver and release shall
be part of the consideration for the issue of the Securities.</P>
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noShade SIZE=5>
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<P align=center>-27-</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 ><B>Section 1.17</B> </TD>
<TD align=left width="90%"><B>Multiple Originals.</B> </TD></TR></TABLE>
<P align=justify>The parties may sign any number of copies of this Indenture.
Each signed copy shall be an original, but all of them together represent the
same agreement.</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><B>Section 1.18</B> </TD>
    <TD align=left width="90%"><B>Conflict with </B><B><I>Trust Indenture
Act</I></B><B>.</B> </TD></TR></TABLE>
<P align=justify>If and to the extent that any provision hereof limits,
qualifies or conflicts with another provision that is required or deemed to be
included in this Indenture by any of the provisions of the <I>Trust Indenture
Act</I>, such required or deemed provision shall control.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>ARTICLE 2</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>SECURITY FORMS</B> </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 nowrap><B>Section 2.1</B> </TD>
<TD align=left width="90%"><B>Forms Generally.</B> </TD></TR></TABLE>
<P align=justify>The Registered Securities, if any, of each series and the
Bearer Securities, if any, of each series and related coupons shall be in
substantially the forms as shall be established by or pursuant to a Board
Resolution of the Company or in one or more indentures supplemental hereto, in
each case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture, and may have such
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
securities exchange or as may, consistently herewith, be determined by the
Company. If the forms of Securities or coupons of any series are established by
action taken pursuant to a Board Resolution, a copy of an appropriate record of
such action shall be certified by the Secretary or an Assistant Secretary of the
Company and delivered to the Trustee at or prior to the delivery of the Company
Order contemplated by Section 3.3 for the authentication and delivery of such
Securities or coupons. Any portion of the text of any Security may be set forth
on the reverse thereof, with an appropriate reference thereto on the face of the
Security.</P>
<P align=justify>Unless otherwise specified as contemplated by Section 3.1,
Securities in bearer form shall have interest coupons attached.</P>
<P align=justify>The Trustee&#146;s certificate of authentication on all Securities
shall be in substantially the form set forth in this Article.</P>
<P align=justify>The definitive Securities and coupons, if any, may be produced
in any manner, all as determined by the officers of the Company executing such
Securities, as evidenced by their execution of such Securities or coupons. A
Security may be in substantially the form attached as Exhibit A hereto, or a
Security may be in any form established by or pursuant to authority granted by
one or more Board Resolutions and set forth in an Officers&#146; Certificate or
supplemental indenture pursuant to Section 3.1.</P>
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<P align=center>-28-</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><B>Section 2.2</B> </TD>
    <TD align=left width="90%"><B>Form of Trustee&#146;s Certificate of
Authentication.</B> </TD></TR></TABLE>
<P align=justify>Subject to Section 6.11, the Trustee&#146;s certificate of
authentication shall be in substantially the following form:</P>
<P align=center>TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD align=left >Dated: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="80%">&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>This is one of the Securities of the
series designated therein referred to in the within-mentioned Indenture. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=right >&nbsp;</TD>
    <TD align=right width="50%" colSpan=2 >[&nbsp; ], as Trustee
    </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="45%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" ></TD>
    <TD align=left width="45%" >Authorized Officer
</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 nowrap ><B>Section 2.3</B> </TD>
    <TD align=left width="90%"><B>Securities Issuable in Global Form.</B>
</TD></TR></TABLE>
<P align=justify>If Securities of or within a series are issuable in global
form, as contemplated by Section 3.1, then, notwithstanding clause (8) of
Section 3.1, any such Security shall represent such of the Outstanding
Securities of such series as shall be specified therein and may provide that it
shall represent the aggregate amount of Outstanding Securities of such series
from time to time endorsed thereon and that the aggregate amount of Outstanding
Securities of such series represented thereby may from time to time be increased
or decreased to reflect exchanges. Any endorsement of a Security in global form
to reflect the amount, or any increase or decrease in the amount, of Outstanding
Securities represented thereby shall be made by the Trustee in such manner and
upon instructions given by such Person or Persons as shall be specified therein
or in the Company Order to be delivered to the Trustee pursuant to Section 3.3
or Section 3.4. Subject to the provisions of Section 3.3 and, if applicable,
Section 3.4, the Trustee shall deliver and redeliver any Security in permanent
global form in the manner and upon instructions given by the Person or Persons
specified therein or in the Company Order. If a Company Order pursuant to
Section 3.3 or Section 3.4 has been, or simultaneously is, delivered, any
instructions by the Company with respect to endorsement or delivery or
redelivery of a Security in global form shall be in writing but need not comply
with Section 1.12 and need not be accompanied by an Opinion of Counsel.</P>
<P align=justify>The provisions of the last sentence of Section 3.3 shall apply
to any Security represented by a Security in global form if such Security was
never issued and sold by the Company and the Company delivers to the Trustee the
Security in global form together with written instructions (which need not
comply with Section 1.2 and need not be accompanied by an Opinion of Counsel)
with regard to the reduction in the principal amount of Securities represented
thereby, together with the written statement contemplated by the last sentence
of Section 3.3.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>-29-</P>
<P align=justify>Notwithstanding the provisions of Section 3.7, unless otherwise
  specified as contemplated by Section 3.1, payment of principal of (and premium,
  if any) and interest, if any, on any Security in permanent global form shall be
  made to the Person or Persons specified therein.</P>
<P align=justify>Notwithstanding the provisions of Section 3.9 and except as
  provided in the preceding paragraph, the Company, the Trustee and any agent of
  the Company or the Trustee shall treat as the Holder of such principal amount of
  Outstanding Securities represented by a permanent global Security (i) in the
  case of a permanent global Security in registered form, the Holder of such
  permanent global Security in registered form, or (ii) in the case of a permanent
  global Security in bearer form, Euroclear or Clearstream.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>ARTICLE 3</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>THE SECURITIES</B> </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 nowrap ><B>Section 3.1</B> </TD>
    <TD align=left width="90%"><B>Amount Unlimited; Issuable in Series.</B>
</TD></TR></TABLE>
<P align=justify>The aggregate principal amount of Securities which may be
authenticated and delivered under this Indenture is unlimited.</P>
<P align=justify>The Securities may be issued in one or more series. Except as
otherwise provided herein, and except to the extent prescribed by law, each
series of Securities shall be direct, unconditional and unsecured obligations of
the Company and shall rank: pari passu and ratably without preference among
themselves and pari passu with all other unsecured and unsubordinated
obligations of the Company. There shall be established in one or more Board
Resolutions of the Company or pursuant to authority granted by one or more Board
Resolutions of the Company and, subject to Section 3.3, set forth in, or
determined in the manner provided in, an Officers&#146; Certificate of the Company,
or established in one or more indentures supplemental hereto, prior to the
issuance of Securities of any series, any or all of the following, as applicable
(each of which (except for the matters set forth in clauses (1), (2) and (16)
below), if so provided, may be determined from time to time by the Company with
respect to unissued Securities of the series and set forth in such Securities of
the series when issued from time to time):</P>
<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 title of the Securities of the series (which shall
      distinguish the Securities of such series from all other series of
      Securities, except to the extent that Additional Securities of an existing
      series are being issued);</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 limit upon the aggregate principal amount of the
      Securities of the series that may be authenticated and delivered under
      this Indenture (except for Securities authenticated and delivered upon
      registration of transfer of, or in exchange for, or in lieu of, other
      Securities of the series pursuant to Sections 3.4, 3.5, 3.6, 8.6, 10.7 or
      12.5) and, in the event that no limit upon the aggregate principal amount
      of the Securities of that series is specified, the Company shall have the
      right, subject to any terms, conditions or other provisions specified
      pursuant to this Section 3.1 with respect to the Securities of such
      series, to re-open such series for the issuance of additional Securities
      of such series from time to time;</P></TD></TR>
  </TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>-30-</P>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD><P align=justify>the date or dates, or the method by which such date or
      dates will be determined or extended, on which the principal (and premium,
      if any) of the Securities of the series is payable;</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD><P align=justify>the rate or rates at which the Securities of the series
      shall bear interest, if any, or the method by which such rate or rates
      shall be determined, whether such interest shall be payable in cash or
      additional Securities of the same series or shall accrue and increase the
      aggregate principal amount outstanding of such series, the date or dates
      from which such interest shall accrue, or the method by which such date or
      dates shall be determined, the Interest Payment Dates on which such
      interest shall be payable and the Regular Record Date, if any, for the
      interest payable on any Registered Security on any Interest Payment Date,
      or the method by which such date or dates shall be determined, and the
      basis upon which interest shall be calculated if other than on the basis
      of a 360-day year of twelve 30-day months;</P></TD>
  </TR>
</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) </TD>
    <TD>
      <P align=justify>the place or places, if any, other than the Corporate
      Trust Office, where the principal of (and premium, if any) and interest,
      if any, on Securities of the series shall be payable, where any Registered
      Securities of the series may be surrendered for registration of transfer,
      where Securities of the series may be surrendered for exchange, where
      Securities of the series that are convertible or exchangeable may be
      surrendered for conversion or exchange, as applicable, and, if different
      than the location specified in Section 1.5, the place or places where
      notices or demands to or upon the Company in respect of the Securities of
      the series and this Indenture may be served; and the extent to which, or
      the manner in which, any interest payment due on a global Security of that
      series on an Interest Payment Date will be paid (if different than for
      other Securities of such series);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>the period or periods within which, the price or prices
      at which, the Currency (if other than Dollars) in which, and other terms
      and conditions upon which Securities of the series may be redeemed, in
      whole or in part, at the option of the Company, if the Company is to have
      that option;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>the obligation, if any, of the Company to redeem, repay
      or purchase Securities of the series pursuant to any sinking fund or
      analogous provision or at the option of a Holder thereof, and the period
      or periods within which, the price or prices at which, the Currency (if
      other than Dollars) in which, and other terms and conditions upon which
      Securities of the series shall be redeemed, repaid or purchased, in whole
      or in part, pursuant to such obligation;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>if other than denominations of $2,000 and integral
      multiples of $1,000, the denomination or denominations in which any
      Registered Securities of the series shall be issuable and, if other than
      denominations of $5,000, the denomination or denominations in which any
      Bearer Securities of the series shall be issuable;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(9) </TD>
    <TD>
      <P align=justify>if other than the Trustee, the identity of each Security
      Registrar and/or Paying Agent;</P></TD></TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_30></A>
<P align=center>-31-</P>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD vAlign=top width="5%">(10) </TD>
    <TD><P align=justify>if other than the principal amount thereof, the portion
      of the principal amount of Securities of the series that shall be payable
      upon declaration of acceleration of the Maturity thereof pursuant to
      Section 5.2 or the method by which such portion shall be
      determined;</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(11) </TD>
    <TD><P align=justify>if other than Dollars, the Foreign Currency in which
      payment of the principal of (or premium, if any) or interest, if any, on
      the Securities of the series shall be payable or in which the Securities
      of the series shall be denominated and the particular provisions
      applicable thereto in accordance with, in addition to or in lieu of any of
      the provisions of Section 3.12;</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(12) </TD>
    <TD><P align=justify>whether the amount of payments of principal of (or
      premium, if any) or interest, if any, on the Securities of the series may
      be determined with reference to an index, formula or other method (which
      index, formula or method may be based, without limitation, on one or more
      Currencies, commodities, equity indices or other indices), and the manner
      in which such amounts shall be determined;</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(13) </TD>
    <TD><P align=justify>whether the principal of (or premium, if any) or
      interest, if any, on the Securities of the series are to be payable, at
      the election of the Company or a Holder thereof, in a Currency other than
      that in which such Securities are denominated or stated to be payable,
      the period or periods within which (including the Election Date), and the terms
      and conditions upon which, such election may be made, and the time and manner of
      determining the exchange rate between the Currency in which such Securities are
      denominated or stated to be payable and the Currency in which such Securities
      are to be so payable, in each case in accordance with, in addition to or in lieu
      of any of the provisions of Section 3.12;</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%">(14) </TD>
    <TD>
      <P align=justify>the designation of the initial Exchange Rate Agent, if
      any;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(15) </TD>
    <TD>
      <P align=justify>the applicability, if any, of Section 3.2 and/or 13.3 to
      the Securities of the series and any provisions in modification of, in
      addition to or in lieu of any of the provisions of Article 13 that shall
      be applicable to the Securities of the series;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(16) </TD>
    <TD>
      <P align=justify>provisions, if any, granting special rights to the
      Holders of Securities of the series upon the occurrence of such events as
      may be specified;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(17) </TD>
    <TD>
      <P align=justify>any deletions from, modifications of or additions to the
      Events of Default or covenants (including any deletions from,
      modifications of or additions to Section 9.8) of the Company with respect
      to Securities of the series, whether or not such Events of Default or
      covenants are consistent with the Events of Default or covenants set forth
      herein;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(18) </TD>
    <TD>
      <P align=justify>whether Securities of the series are to be issuable
      as Registered Securities, Bearer Securities (with or without coupons) or
      both, any restrictions applicable to the offer, sale or delivery of Bearer
      Securities, whether any Securities of the series are to be issuable
      initially in temporary global form and whether any Securities of the
      series are to be issuable in permanent global form with or without coupons
      and, if so, whether beneficial owners of interests in any such permanent
      global Security may exchange such interests for Securities of such series
      and of like tenor of any authorized form and denomination and the
      circumstances under which any such exchanges may occur, if other than in
      the manner provided in Section 3.5, whether Registered Securities of the
      series may be exchanged for Bearer Securities of the series (if permitted
      by applicable laws and regulations), whether Bearer Securities of the
      series may be exchanged for Registered Securities of such series, and the
      circumstances under which and the place or places where any such exchanges
      may be made and if Securities of the series are to be issuable in global
      form, the identity of any initial depository therefor if other than The
    Depository Trust Company;</P></TD></TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_31></A>
<P align=center>-32-</P>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD vAlign=top width="5%">(19) </TD>
    <TD><P align=justify>the date as of which any Bearer Securities of the series
      and any temporary global Security representing Outstanding Securities of
      the series shall be dated if other than the date of original issuance of
      the first Security of the series to be issued;</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(20) </TD>
    <TD><P align=justify>the Person to whom any interest on any Registered
      Security of the series shall be payable, if other than the Person in whose
      name that Security (or one or more Predecessor Securities) is registered
      at the close of business on the Regular Record Date for such interest, the
      manner in which, or the Person to whom, any interest on any Bearer
      Security of the series shall be payable, if otherwise than upon
      presentation and surrender of the coupons appertaining thereto as they
      severally mature, and the extent to which, or the manner in which, any
      interest payable on a temporary global Security on an Interest Payment Date will be paid if
      other than in the manner provided in Section 3.4;</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%">(21) </TD>
    <TD>
      <P align=justify>if Securities of the series are to be issuable in
      definitive form (whether upon original issue or upon exchange of a
      temporary Security of such series) only upon receipt of certain
      certificates or other documents or satisfaction of other conditions, the
      form and/or terms of such certificates, documents or conditions;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(22) </TD>
    <TD>
      <P align=justify>if the Securities of the series are to be issued upon the
      exercise of warrants, the time, manner and place for such Securities to be
      authenticated and delivered;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(23) </TD>
    <TD>
      <P align=justify>if the Securities of the series are to be convertible
      into or exchangeable for any securities of any Person (including the
      Company), the terms and conditions upon which such Securities will be so
      convertible or exchangeable;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(24) </TD>
    <TD>
      <P align=justify>if payment of the Securities of the series will be
      guaranteed by any other Person;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(25) </TD>
    <TD>
      <P align=justify>the extent and manner, if any, in which payment on or in
      respect of the Securities of the series will be senior, senior subordinated or
      subordinated obligations of
    the Company; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(26) </TD>
    <TD>
      <P align=justify>any other terms, conditions, rights and preferences (or
      limitations on such rights and preferences) relating to the series (which
      terms shall not be inconsistent with the requirements of the <I>Trust
      Indenture Act </I>but which need not be consistent with the provisions of
      this Indenture).</P></TD></TR></TABLE>
<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_32></A>
<P align=center>-33-</P>
<P align=justify>All Securities of any one series and the coupons appertaining
  to any Bearer Securities of such series shall be substantially identical except,
  in the case of Registered Securities, as to denomination and except as may
  otherwise be provided in or pursuant to such Board Resolution (subject to
  Section 3.3) and set forth in such Officers&#146; Certificate or in any such
  indenture supplemental hereto. Not all Securities of any one series need be
  issued at the same time, and, unless otherwise provided, a series may be
  reopened for issuances of additional Securities of such series.</P>
<P align=justify>If any of the terms of the series are established by action
  taken pursuant to one or more Board Resolutions, such Board Resolutions shall be
  delivered to the Trustee at or prior to the delivery of the Officers&#146;
  Certificate setting forth the terms of the series.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 3.2</B> </TD>
    <TD align=left width="90%"><B>Denominations.</B> </TD>
  </TR>
</TABLE>
<P align=justify>The Securities of each series shall be issuable in such
  denominations as shall be specified as contemplated by Section 3.1. With respect
  to Securities of any series denominated in Dollars, in the absence of any such
  provisions, the Registered Securities of such series, other than Registered
  Securities issued in global form (which may be of any denomination), shall be
  issuable in denominations of $1,000 and any integral multiple thereof and the
  Bearer Securities of such series, other than the Bearer Securities issued in
  global form (which may be of any denomination), shall be issuable in a
  denomination of $5,000.</P>
<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 ><B>Section 3.3</B> </TD>
    <TD align=left width="90%"><B>Execution, Authentication, Delivery and
Dating.</B> </TD></TR></TABLE>
<P align=justify>The Securities and any coupons appertaining thereto shall be
executed on behalf of the Company by any two of its authorized officers. The
signature of any of these officers on the Securities or coupons may be the
manual or facsimile signatures of the present or any future such authorized
officer and may be imprinted or otherwise reproduced on the Securities.</P>
<P align=justify>Securities or coupons bearing the manual or facsimile
signatures of individuals who were at any time the proper officers of the
Company shall bind the Company notwithstanding that such individuals or any of
them have ceased to hold such offices prior to the authentication and delivery
of such Securities or did not hold such offices at the date of such Securities
or coupons.</P><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_33></A>
<P align=center>-34-</P>
<P align=justify>At any time and from time to time after the execution and
delivery of this Indenture, the Company may deliver Securities of any series
together with any coupons appertaining thereto, executed by the Company to the
Trustee for authentication, together with a Company Order for the authentication
and delivery of such Securities, and the Trustee in accordance with such Company
Order shall authenticate and deliver such Securities; provided, however, that,
in connection with its original issuance, no Bearer Security shall be mailed or
otherwise delivered to any location in the United States or Canada; and provided
further that, unless otherwise specified with respect to any series of
Securities pursuant to Section 3.1, a Bearer Security may be delivered in
connection with its original issuance only if the Person entitled to receive
such Bearer Security shall have furnished a certificate in the form set forth in
Exhibit B-1 to this Indenture, dated no earlier than 15 days prior to the
earlier of the date on which such Bearer Security is delivered and the date on
which any temporary Security first becomes exchangeable for such Bearer Security
in accordance with the terms of such temporary Security and this Indenture. If
any Security shall be represented by a permanent global Bearer Security, then,
for purposes of this Section and Section 3.4, the notation of a beneficial
owner&#146;s interest therein upon original issuance of such Security or upon
exchange of a portion of a temporary global Security shall be deemed to be
delivery in connection with its original issuance of such beneficial owner&#146;s
interest in such permanent global Security. Except as permitted by Section 3.6,
the Trustee shall not authenticate and deliver any Bearer Security unless all
appurtenant coupons for interest then matured have been detached and cancelled.
If not all the Securities of any series are to be issued at one time and if the
Board Resolution or supplemental indenture establishing such series shall so
permit, such Company Order may set forth procedures acceptable to the Trustee
for the issuance of such Securities and determining terms of particular
Securities of such series such as interest rate, stated maturity, date of
issuance and date from which interest shall accrue.</P>
<P align=justify>In authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive, and (subject to TIA Sections 315(a)
through 315(d)) shall be fully protected in relying upon, an Opinion or Opinions
of Counsel of the Company stating:</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>that the form or forms of such Securities and any coupons
      have been established in conformity with the provisions of this
      Indenture;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>that the terms of such Securities and any coupons have
      been established in conformity with the provisions of this
    Indenture;</P></TD></TR></TABLE><br>

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

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>that such Securities, together with any coupons
      appertaining thereto, when completed by appropriate insertions and
      executed and delivered by the Company to the Trustee for authentication in
      accordance with this Indenture, authenticated and delivered by the Trustee
      in accordance with this Indenture and issued by the Company in the manner
      and subject to any conditions specified in such Opinion of Counsel, will
      constitute the legal, valid and binding obligations of the Company,
      enforceable in accordance with their terms, subject to applicable
      bankruptcy, insolvency, reorganization and other similar laws of general
      applicability relating to or affecting the enforcement of creditors&#146;
      rights, to general equitable principles and to such other qualifications
      as such counsel shall conclude do not materially affect the rights of
      Holders of such Securities and any coupons;</P></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>that all laws and requirements in respect of the
      execution and delivery by the Company of such Securities, any coupons, and
      of the supplemental indentures, if any, have been complied with and that
      authentication and delivery of such Securities and any coupons and the
      execution and delivery of the supplemental indenture, if any, by the
      Trustee will not violate the terms of the Indenture;</P></TD></TR>
  </TABLE>
<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_34></A>
<P align=center>-35-</P>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD><P align=justify>that the Company has the corporate power to issue such
      Securities and any coupons and has duly taken all necessary corporate
      action with respect to such issuance; and</P></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>that the issuance of such Securities and any coupons will
      not contravene the articles of incorporation or amalgamation or by-laws of
      the Company, or result in any violation of any of the terms or provisions
      of any law or regulation.</P></TD>
  </TR>
</TABLE>
<P align=justify>Notwithstanding the provisions of Section 3.1and of the
preceding two paragraphs, if not all the Securities of any series are to be
issued at one time, it shall not be necessary to deliver the Officers&#146;
Certificate otherwise required pursuant to Section 3.1 or the Company Order and
Opinion of Counsel otherwise required pursuant to the preceding two paragraphs
prior to or at the time of issuance of each Security, but such documents shall
be delivered prior to or at the time of issuance of the first Security of such
series.</P>
<P align=justify>The Trustee shall not be required to authenticate and deliver
any such Securities if the issue of such Securities pursuant to this Indenture
will affect the Trustee&#146;s own rights, duties or immunities under the Securities
and this Indenture or otherwise in a manner which is not reasonably acceptable
to the Trustee.</P>
<P align=justify>Each Registered Security shall be dated the date of its
authentication and each Bearer Security shall be dated as of the date specified
as contemplated by Section 3.1.</P>
<P align=justify>No Security or coupon endorsed thereon shall entitle the Holder
to any benefit under this Indenture or be valid or obligatory for any purpose
unless there appears on such Security a certificate of authentication
substantially in the form provided for herein duly executed by the Trustee by
manual signature of an authorized officer, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security
has been duly authenticated and delivered hereunder and is entitled to the
benefits of this Indenture. Notwithstanding the foregoing, if any Security shall
have been authenticated and delivered hereunder but never issued and sold by the
Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section
3.1 together with a written statement (which need not comply with Section 1.2
and need not be accompanied by an Opinion of Counsel) stating that such Security
has never been issued and sold by the Company, for all purposes of this
Indenture such Security shall be deemed never to have been authenticated and
delivered hereunder and shall never entitle the Holder to the benefits of this
Indenture.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 3.4</B> </TD>
    <TD align=left width="90%"><B>Temporary Securities.</B>
</TD></TR></TABLE>
<P align=justify>Pending the preparation of definitive Securities of any series,
the Company may execute, and upon receipt of a Company Order, the Trustee shall
authenticate and deliver, temporary Securities which are printed, lithographed,
typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they
are issued, in registered form or, if authorized, in bearer form with one or
more coupons or without coupons and in all cases with such appropriate
insertions, omissions, substitutions and other variations as the officers of the
Company, executing such Securities may determine, as conclusively evidenced by
their execution of such Securities. Such temporary Securities may be in global
form.</P><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_35></A>
<P align=center>-36-</P>
<P align=justify>Except in the case of temporary Securities in global form
(which shall be exchanged in accordance with the provisions of the following
paragraphs), if temporary Securities of any series are issued, the Company will
cause definitive Securities of that series to be prepared without unreasonable
delay. After the preparation of definitive Securities of such series, the
temporary Securities of such series shall be exchangeable for definitive
Securities of such series upon surrender of the temporary Securities of such
series at the office or agency of the Company in a Place of Payment for that
series, without charge to the Holder. Upon surrender for cancellation of any one
or more temporary Securities of any series (accompanied by any unmatured coupons
appertaining thereto), the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a like principal amount of
definitive Securities of the same series of authorized denominations and of like
tenor and evidencing the same Indebtedness; provided, however, that no
definitive Bearer Security shall be delivered in exchange for a temporary
Registered Security; and provided further that a definitive Bearer Security
shall be delivered in exchange for a temporary Bearer Security only in
compliance with the conditions set forth in Section 3.3. Until so exchanged the
temporary Securities of any series shall in all respects be entitled to the same
benefits under this Indenture as definitive Securities of such series.</P>
<P align=justify>If temporary Securities of any series are issued in global
form, any such temporary global Security shall, unless otherwise provided
therein, be delivered to the London, England office of a depositary or common
depositary (the &#147;<B>Common Depositary</B>&#148;), for the benefit of Euroclear and
Clearstream, for credit to the respective accounts of the beneficial owners of
such Securities (or to such other accounts as they may direct).</P>
<P align=justify>Without unnecessary delay, but in any event not later than the
date specified in, or determined pursuant to the terms of, any such temporary
global Security (the &#147;<B>Exchange Date</B>&#148;), the Company shall deliver to the
Trustee definitive Securities, in aggregate principal amount equal to the
principal amount of such temporary global Security and evidencing the same
Indebtedness, executed by the Company. On or after the Exchange Date, such
temporary global Security shall be surrendered by the Common Depositary to the
Trustee, as the Company&#146;s agent for such purpose, to be exchanged, in whole or
from time to time in part, for definitive Securities without charge, and the Trustee
shall authenticate and deliver, in exchange for each portion of such temporary
global Security, an equal aggregate principal amount of definitive Securities of
the same series of authorized denominations and of like tenor and evidencing the
same Indebtedness as the portion of such temporary global Security to be
exchanged. The definitive Securities to be delivered in exchange for any such
temporary global Security shall be in bearer form, registered form, permanent
global bearer form or permanent global registered form, or any combination
thereof, as specified as contemplated by Section 3.1, and, if any combination
thereof is so specified, as requested by the beneficial owner thereof; provided,
however, that, unless otherwise specified in such temporary global Security,
upon such presentation by the Common Depositary, such temporary global Security
is accompanied by a certificate dated the Exchange Date or a subsequent date and
signed by Euroclear as to the portion of such temporary global Security held for
its account then to be exchanged and a certificate dated the Exchange Date or a
subsequent date and signed by Clearstream as to the portion of such temporary
global Security held for its account then to be exchanged, each in the form set
forth in Exhibit B-2 to this Indenture (or in such other form as may be
established pursuant to Section 3.1); and provided further that definitive
Bearer Securities shall be delivered in exchange for a portion of a temporary
global Security only in compliance with the requirements of Section 3.3. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>-37-</P>
<P align=justify>Unless otherwise specified in such temporary global Security,
the interest of a beneficial owner of Securities of a series in a temporary
global Security shall be exchanged for definitive Securities of the same series
and of like tenor and evidencing the same Indebtedness following the Exchange
Date when the account holder instructs Euroclear or Clearstream, as the case may
be, to request such exchange on his behalf and delivers to Euroclear or
Clearstream, as the case may be, a certificate in the form set forth in Exhibit
B-1 to this Indenture (or in such other form as may be established pursuant to
Section 3.1), dated no earlier than 15 days prior to the Exchange Date, copies
of which certificate shall be available from the offices of Euroclear and
Clearstream, the Trustee, any Authenticating Agent appointed for such series of
Securities and each Paying Agent. Unless otherwise specified in such temporary
global Security, any such exchange shall be made free of charge to the
beneficial owners of such temporary global Security, except that a Person
receiving definitive Securities must bear the cost of insurance, postage,
transportation and the like in the event that such Person does not take delivery
of such definitive Securities in person at the offices of Euroclear or
Clearstream. Definitive Securities in bearer form to be delivered in exchange
for any portion of a temporary global Security shall be delivered only outside
the United States and Canada.</P>
<P align=justify>Until exchanged in full as hereinabove provided, the temporary
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of the same series and of like
tenor and evidencing the same Indebtedness authenticated and delivered
hereunder, except that, unless otherwise specified as contemplated by Section
3.1, interest payable on a temporary global Security on an Interest Payment Date
for Securities of such series occurring prior to the applicable Exchange Date
shall be payable to Euroclear and Clearstream on such Interest Payment Date upon
delivery by Euroclear and Clearstream to the Trustee of a certificate or
certificates in the form set forth in Exhibit B-2 to this Indenture (or in such
other form as may be established pursuant to Section 3.1), for credit without
further interest thereon on or after such Interest Payment Date to the
respective accounts of the Persons who are the beneficial owners of such
temporary global Security on such Interest Payment Date and who have each
delivered to Euroclear or Clearstream, as the case may be, a certificate dated
no earlier than 15 days prior to the Interest Payment Date occurring prior to
such Exchange Date in the form set forth in Exhibit B-1 to this Indenture (or in such other
form as may be established pursuant to Section 3.1) . Notwithstanding anything
to the contrary herein contained, the certifications made pursuant to this
paragraph shall satisfy the certification requirements of the preceding two
paragraphs of this Section and of the third paragraph of Section 3.3 of this
Indenture and the interests of the Persons who are the beneficial owners of the
temporary global Security with respect to which such certification was made will
be exchanged for definitive Securities of the same series and of like tenor and
evidencing the same Indebtedness on the Exchange Date or the date of
certification if such date occurs after the Exchange Date, without further act
or deed by such beneficial owners. Except as otherwise provided in this
paragraph, no payments of principal (or premium, if any) or interest, if any,
owing with respect to a beneficial interest in a temporary global Security will
be made unless and until such interest in such temporary global Security shall
have been exchanged for an interest in a definitive Security. Any interest so
received by Euroclear and Clearstream and not paid as herein provided shall be
returned to the Trustee no later than one month prior to the expiration of two
years after such Interest Payment Date in order to be repaid to the Company in
accordance with Section 10.3. </P>
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<P align=center>-38-</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 ><B>Section 3.5</B> </TD>
    <TD width="90%" align=left nowrap><B>Registration, Registration of Transfer and
Exchange.</B> </TD></TR></TABLE>
<P align=justify>The Company shall cause to be kept at the Corporate Trust
Office of the Trustee a register for each series of Securities issued by the
Company (the registers maintained in the Corporate Trust Office of the Trustee
and in any other office or agency of the Company in a Place of Payment being
herein sometimes collectively referred to as the &#147;<B>Security Register</B>&#148;) in
which, subject to such reasonable regulations as it may prescribe, the Company
shall provide for the registration of Registered Securities and of transfers of
Registered Securities. The Security Register shall be in written form or any
other form capable of being converted into written form within a reasonable
time. At all reasonable times, the Security Register shall be open to inspection
by the Trustee. The Trustee is hereby initially appointed as security registrar
(the &#147;<B>Security Registrar</B>&#148;) for the purpose of registering Registered
Securities and transfers of Registered Securities as herein provided. The
Company shall have the right to remove and replace from time to time the
Security Registrar for any series of Securities; provided, however, that no such
removal or replacement shall be effective until a successor Security Registrar
with respect to such series of Registered Securities shall have been appointed
by the Company and shall have accepted such appointment by the Company. In the
event that the Trustee shall not be or shall cease to be the Security Registrar
with respect to a series of Securities, it shall have the right to examine the
Security Register for such series at all reasonable times. There shall be only
one Security Register for each series of Securities.</P>
<P align=justify>Upon surrender for registration of transfer of any Registered
Security of any series at the office or agency in a Place of Payment for that
series, the Company shall execute, and the Trustee shall authenticate and
deliver, in the name of the designated transferee, one or more replacement
Registered Securities of the same series, of any authorized denominations and of
a like aggregate principal amount and tenor and evidencing the same
Indebtedness.</P>
<P align=justify>At the option of the Holder, Registered Securities of any
series may be exchanged for other replacement Registered Securities of the same
series, of any authorized denomination and of a like aggregate principal amount
and tenor and evidencing the same Indebtedness, upon surrender of the Registered
Securities to be exchanged at such office or agency. Whenever any Registered
Securities are so surrendered for exchange, the Company shall execute, and the
Trustee shall authenticate and deliver, the Registered Securities, which the Holder making the exchange is entitled to
receive. Unless otherwise specified with respect to any series of Securities as
contemplated by Section 3.1, Bearer Securities may not be issued in exchange for
Registered Securities.</P>
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<P align=center>-39-</P>
<P align=justify>If (but only if) expressly permitted in or pursuant to the
applicable Board Resolution and (subject to Section 3.3) set forth in the
applicable Officers&#146; Certificate, or in any indenture supplemental hereto,
delivered as contemplated by Section 3.1, at the option of the Holder, Bearer
Securities of any series may be exchanged for Registered Securities of the same
series of any authorized denomination and of a like aggregate principal amount
and tenor, upon surrender of the Bearer Securities to be exchanged at any such
office or agency, with all unmatured coupons and all matured coupons in default
thereto appertaining. If the Holder of a Bearer Security is unable to produce
any such unmatured coupon or coupons or matured coupon or coupons in default,
any such permitted exchange may be effected if the Bearer Securities are
accompanied by payment in funds acceptable to the Company in an amount equal to
the face amount of such missing coupon or coupons, or the surrender of such
missing coupon or coupons may be waived by the Company and the Trustee if there
is furnished to them such security or indemnity as they may require to save each
of them and any Paying Agent harmless. If thereafter the Holder of such Security
shall surrender to any Paying Agent any such missing coupon in respect of which
such a payment shall have been made, such Holder shall be entitled to receive
the amount of such payment; provided, however, that, except as otherwise
provided in Section 9.2, interest represented by coupons shall be payable only
upon presentation and surrender of those coupons at an office or agency located
outside the United States. Notwithstanding the foregoing, in case a Bearer
Security of any series is surrendered at any such office or agency in a
permitted exchange for a Registered Security of the same series and like tenor
after the close of business at such office or agency on (i) any Regular Record
Date and before the opening of business at such office or agency on the relevant
Interest Payment Date, or (ii) any Special Record Date and before the opening of
business at such office or agency on the related proposed date for payment of
Defaulted Interest, such Bearer Security shall be surrendered without the coupon
relating to such Interest Payment Date or proposed date for payment, as the case
may be, and interest or Defaulted Interest, as the case may be, will not be
payable on such Interest Payment Date or proposed date for payment, as the case
may be, in respect of the Registered Security issued in exchange for such Bearer
Security, but will be payable only to the Holder of such coupon when due in
accordance with the provisions of this Indenture.</P>
<P align=justify>Whenever any Securities are so surrendered for exchange, the
Company shall execute, and the Trustee shall authenticate and deliver the
Securities which the Holder making the exchange is entitled to receive.</P>
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<P align=center>-40-</P>
<P align=justify>Notwithstanding the foregoing, except as otherwise specified as
contemplated by Section 3.1, any permanent global Security shall be exchangeable
only as provided in this paragraph and the two following paragraphs. If any
beneficial owner of an interest in a permanent global Security is entitled to
exchange such interest for Securities of such series and of like tenor and
principal amount of another authorized form and denomination, as specified as
contemplated by Section 3.1 and provided that any applicable notice provided in
the permanent global Security shall have been given, then without unnecessary
delay but in any event not later than the earliest date on which such interest
may be so exchanged, the Company shall deliver to the Trustee definitive
Securities in aggregate principal amount equal to the principal amount of such
beneficial owner&#146;s interest in such permanent global Security, executed by the
Company. On or after the earliest date on which such interests may be so
exchanged, such permanent global Security shall be surrendered by the Depositary for such permanent
global Security to the Trustee, as the Company&#146;s agent for such purpose, to be
exchanged, in whole or from time to time in part, for definitive Securities
without charge, and the Trustee shall authenticate and deliver, in exchange for
each portion of such permanent global Security, an equal aggregate principal
amount of definitive Securities of the same series of authorized denominations
and of like tenor and evidencing the same Indebtedness as the portion of such
permanent global Security to be exchanged which, unless the Securities of the
series are not issuable both as Bearer Securities and as Registered Securities,
as specified as contemplated by Section 3.1, shall be in the form of Bearer
Securities or Registered Securities, or any combination thereof, as shall be
specified by the beneficial owner thereof; provided, however, that no Bearer
Security delivered in exchange for a portion of a permanent global Security
shall be mailed or otherwise delivered to any location in the United States or
Canada. If a Registered Security is issued in exchange for any portion of a
permanent global Security after the close of business at the office or agency
where such exchange occurs on (i) any Regular Record Date and before the opening
of business at such office or agency on the relevant Interest Payment Date, or
(ii) any Special Record Date and before the opening of business at such office
or agency on the related proposed date for payment of Defaulted Interest, then
(in the case of clause (i)) interest or (in the case of clause (ii)) Defaulted
Interest, as the case may be, will not be payable on such Interest Payment Date
or proposed date for payment, as the case may be, in respect of such Registered
Security, but will be payable on such Interest Payment Date or proposed date for
payment, as the case may be, only to the Person who was the Holder of such
permanent global Security at the close of business on the relevant Regular
Record Date or Special Record Date, as the case may be.</P>
<P align=justify>If at any time the Depositary for Securities of a series
notifies the Company that it is unwilling or unable to continue as Depositary
for Securities of such series or if at any time the Depositary for global
Securities for such series shall no longer be a clearing agency registered as
such under the Securities Exchange Act of 1934, as amended, the Company shall
appoint a successor depositary with respect to the Securities for such series.
If a successor to the Depositary for Securities is not appointed by the Company
within 90 days after the Company receives such notice or becomes aware of such
condition, as the case may be, the Company&#146;s election pursuant to Section 3.1
shall no longer be effective with respect to the Securities for such series and
the Company will execute, and the Trustee, upon receipt of a Company Order for
the authentication and delivery of definitive Securities of such series, will
authenticate and deliver replacement Securities of such series in definitive
registered form, in authorized denominations and in an aggregate principal
amount equal to the principal amount of the global Security or Securities
representing such series and evidencing the same Indebtedness in exchange for
such global Security or Securities. The provisions of the last sentence of the
immediately preceding paragraph shall be applicable to any exchange pursuant to
this paragraph.</P>
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<P align=center>-41-</P>
<P align=justify>The Company may at any time and in its sole discretion
determine that the Securities of any series issued in the form of one or more
global Securities shall no longer be represented by such global Security or
Securities. In such event, the Company will execute, and the Trustee, upon
receipt of a Company Order for the authentication and delivery of definitive
Securities of such series, will authenticate and deliver replacement Securities
of such series in definitive registered form, in authorized denominations and in
an aggregate principal amount equal to the principal amount of the global
Security or Securities representing such series and evidencing the same
Indebtedness in exchange for such global Security or Securities. The provisions
of the last sentence of the second preceding paragraph shall be applicable to
any exchange pursuant to this paragraph.</P>
<P align=justify>Upon the exchange of a global Security for Securities in
  definitive registered form, such global Security shall be cancelled by the
  Trustee. Securities issued in exchange for a global Security pursuant to this
  Section shall be registered in such names and in such authorized denominations
  as the Depositary for such global Security, pursuant to instructions from its
  direct or indirect participants or otherwise, shall instruct the Trustee in
  writing. The Trustee shall deliver such Securities to the Persons in whose names
  such Securities are so registered.</P>
<P align=justify>All Securities issued upon any registration of transfer or
exchange of Securities shall be the valid obligations of the Company, evidencing
the same debt, and entitled to the same benefits under this Indenture, as the
Securities surrendered upon such registration of transfer or exchange.</P>
<P align=justify>Every Registered Security presented or surrendered for
registration of transfer or for exchange shall (if so required by the Company or
the Security Registrar) be duly endorsed, or be accompanied by a written
instrument of transfer, in form satisfactory to the Company and the Security
Registrar, duly executed by the Holder thereof or his attorney duly authorized
in writing.</P>
<P align=justify>No service charge shall be made for any registration of
transfer or exchange of Securities, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Securities, other
than exchanges pursuant to Section 3.4, 8.6, 10.7 or 12.5 not involving any
transfer.</P>
<P align=justify>The Company shall not be required (i) to issue, register the
transfer of or exchange Securities of any series during a period beginning at
the opening of business 15 days before the day of the selection for redemption
of Securities of that series under Section 10.3 or 11.3 and ending at the close
of business on (A) if Securities of the series are issuable only as Registered
Securities, the day of the mailing of the relevant notice of redemption and (B)
if Securities of the series are issuable as Bearer Securities, the day of the
first publication of the relevant notice of redemption or, if Securities of the
series are also issuable as Registered Securities and there is no publication,
the mailing of the relevant notice of redemption; (ii) to register the transfer
of or exchange any Registered Security so selected for redemption in whole or in
part, except the unredeemed portion of any Security being redeemed in part;
(iii) to exchange any Bearer Security so selected for redemption except that
such a Bearer Security may be exchanged for a Registered Security of that series
and like tenor; provided that such Registered Security shall be simultaneously
surrendered for redemption; or (iv) to issue, register the transfer of or
exchange any Security which has been surrendered for repayment at the option of
the Holder, except the portion, if any, of such Security not to be so
repaid.</P>
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<P align=center>-42-</P>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 3.6</B> </TD>
    <TD align=left width="90%"><B>Mutilated, Destroyed, Lost and Stolen
Securities.</B> </TD></TR></TABLE>
<P align=justify>If any mutilated Security or a Security with a mutilated coupon
appertaining to it is surrendered to the Trustee, the Company shall execute and
the Trustee shall authenticate and deliver in exchange therefor a replacement
Security of the same series and of like tenor and principal amount and
evidencing the same Indebtedness, with coupons corresponding to the coupons, if
any, appertaining to the surrendered Security; provided, however, that any
Bearer Security or any coupon shall be delivered only outside the United States
and Canada; and provided, further, that all Bearer Securities shall be delivered
and received in person.</P>
<P align=justify>If there shall be delivered to the Company and the Trustee (i)
evidence to their satisfaction of the destruction, loss or theft of any Security
or coupon and (ii) such security or indemnity as may be required by them to save
each of them and any agent of either of them harmless, then, in the absence of
notice to the Company or the Trustee that such Security or coupon has been
acquired by a bona fide purchaser, the Company shall execute and upon Company
Order the Trustee shall authenticate and deliver, in lieu of any such destroyed,
lost or stolen Security or in exchange for the Security for which a destroyed,
lost or stolen coupon appertains (with all appurtenant coupons not destroyed,
lost or stolen), a replacement Security of the same series and of like tenor and
principal amount and evidencing the same Indebtedness and, with coupons
corresponding to the coupons, if any, appertaining to such destroyed, lost or
stolen Security or to the Security to which such destroyed, lost or stolen
coupon appertains; provided, however, that any Bearer Security or any coupon
shall be delivered only outside the United States and Canada; and provided,
further, that all Bearer Securities shall be delivered and received in
person.</P>
<P align=justify>Notwithstanding the provisions of the previous two paragraphs,
in case any such mutilated, destroyed, lost or stolen Security or coupon has
become or is about to become due and payable, the Company in its discretion may,
instead of issuing a replacement Security, with coupons corresponding to the
coupons, if any, appertaining to such mutilated, destroyed, lost or stolen
Security or to the Security to which such mutilated, destroyed, lost or stolen
coupon appertains, pay such Security or coupon; provided, however, that payment
of principal of (and premium, if any) and interest, if any, on Bearer Securities
shall, except as otherwise provided in Section 9.2, be payable only at an office
or agency located outside the United States and Canada and, unless otherwise
specified as contemplated by Section 3.1, any interest on Bearer Securities
shall be payable only upon presentation and surrender of the coupons
appertaining thereto.</P>
<P align=justify>Upon the issuance of any replacement Security under this
Section, the Company may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any
other expenses (including the fees and expenses of the Trustee) connected
therewith.</P>
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<P align=justify>Every replacement Security of any series with its coupons, if
any, issued pursuant to this Section in lieu of any mutilated, destroyed, lost
or stolen Security or in exchange for a Security to which a mutilated,
destroyed, lost or stolen coupon appertains, shall constitute a contractual
obligation of the Company, whether or not the mutilated, destroyed, lost or
stolen Security and its coupons, if any, or the mutilated, destroyed, lost or
stolen coupon shall be at any time enforceable by anyone, and shall be entitled
to all the benefits of this Indenture equally and proportionately with any and
all other Securities of that series and their coupons, if any, duly issued
hereunder.</P>
<P align=justify>The provisions of this Section, as amended or supplemented
pursuant to Section 3.1 of this Indenture with respect to particular securities
or generally, are exclusive and shall preclude (to the extent lawful) all other
rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities or coupons.</P>
<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 ><B>Section 3.7</B> </TD>
    <TD align=left width="90%"><B>Payment of Principal and Interest; Interest
      Rights Preserved; Optional Interest</B> <STRONG>Reset.</STRONG>
</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>Unless otherwise provided as contemplated by Section 3.1
      with respect to any series of Securities, interest, if any, on any
      Registered Security which is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall
be paid to the Person in whose name such Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest at the office or agency of the Company maintained for such
purpose pursuant to Section 9.2; provided, however, that each installment of
interest, if any, on any Registered Security may at the Company&#146;s option be paid
by (i) mailing a check for such interest, payable to or upon the written order
of the Person entitled thereto pursuant to Section 3.9, to the address of such
Person as it appears on the Security Register or (ii) wire transfer to an
account located in the United States maintained by the Person entitled to such
payment as specified in the Security Register. Principal paid in relation to any
Security at Maturity shall be paid to the Holder of such Security only upon
presentation and surrender of such Security to any office or agency referred to
in this Section 3.7(a) .</P></TD></TR></TABLE>
<P align=justify>Unless otherwise provided as contemplated by Section 3.1 with
respect to the Securities of any series, payment of interest, if any, may be
made, in the case of a Bearer Security, by transfer to an account located
outside the United States and Canada maintained by the payee, upon presentation
and surrender of the coupons appertaining thereto.</P>
<P align=justify>If so provided pursuant to Section 3.1 with respect to the
Securities of any series, every permanent global Security of such series will
provide that interest, if any, payable on any Interest Payment Date will be paid
to each of Euroclear and Clearstream with respect to that portion of such
permanent global Security held for its account by the Common Depositary, for the
purpose of permitting each of Euroclear and Clearstream to credit the interest,
if any, received by it in respect of such permanent global Security to the
accounts of the beneficial owners thereof.</P>
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<P align=center>-44-</P>
<P align=justify>Any interest on any Registered Security of any series which is
payable, but is not punctually paid or duly provided for, on any Interest
Payment Date shall forthwith cease to be payable to the Holder on the relevant
Regular Record Date by virtue of having been such Holder, and such defaulted
interest and, if applicable, interest on such defaulted interest (to the extent
lawful) at the rate specified in the Securities of such series (such defaulted
interest and, if applicable, interest thereon herein collectively called
&#147;<B>Defaulted Interest</B>&#148;) shall be paid by the Company, at its election in
each case, as provided in clause (1) or (2) below:</P>
<TABLE
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  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Company may elect to make payment of any Defaulted
      Interest to the Persons in whose names the Registered Securities of such
      series (or their respective Predecessor Securities) are registered at the
      close of business on a Special Record Date for the payment of such
      Defaulted Interest, which shall be fixed in the following manner. The
      Company shall notify the Trustee in writing of the amount of Defaulted
      Interest proposed to be paid on each Registered Security of such series
      and the date of the proposed payment, and at the same time the Company
      shall deposit with the Trustee an amount of money in the Currency in which
      the Securities of such series are payable (except as otherwise specified
      pursuant to Section 3.1 for the Securities of such series and except, if
      applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) equal to
      the aggregate amount proposed to be paid in respect of such Defaulted
      Interest or shall make arrangements satisfactory to the Trustee for such
      deposit on or prior to the date of the proposed payment, such money when
      deposited to be held in trust for the benefit of the Persons entitled
      to such Defaulted Interest as in this clause provided. Thereupon
the Trustee shall fix a Special Record Date for the payment of such Defaulted
Interest which shall be not more than 15 days and not less than 10 days prior to
the date of the proposed payment and not less than 10 days after the receipt by
the Trustee of the notice of the proposed payment. The Trustee shall promptly
notify the Company of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor to be given in the
manner provided in Section 1.6, not less than 10 days prior to such Special
Record Date. Notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor having been so given, such Defaulted Interest shall
be paid to the Persons in whose name the Registered Securities of such series
(or their respective Predecessor Securities) are registered at the close of
business on such Special Record Date and shall no longer be payable pursuant to
the following clause (2).</P></TD></TR></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) </TD>
    <TD>
      <P align=justify>The Company may make payment of any Defaulted Interest on
      the Registered Securities of any series in any other lawful manner not
      inconsistent with the requirements of any securities exchange on which
      such Securities may be listed, and upon such notice as may be required by
      such exchange, if, after notice given by the Company to the Trustee of the
      proposed payment pursuant to this clause, such manner of payment shall be
      deemed practicable by the Trustee.</P></TD></TR></TABLE><BR>
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<P align=center>-45-</P>
<TABLE
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  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The provisions of this Section 3.7(2)(b) may be made
      applicable to any series of Securities pursuant to Section 3.1 (with such
      modifications, additions or substitutions as may be specified pursuant to
      such Section 3.1). The interest rate (or the spread or spread multiplier
      used to calculate such interest rate, if applicable) on any Security of
      such series may be reset by the Company on the date or dates specified on
      the face of such Security (each an &#147;<B>Optional Reset Date</B>&#148;). The
      Company may exercise such option with respect to such Security by
      notifying the Trustee of such exercise at least 50 but not more than 60
      days prior to an Optional Reset Date for such Security, which notice shall
      specify the information to be included in the Reset Notice (as defined).
      Not later than 40 days prior to each Optional Reset Date, the Trustee
      shall transmit, in the manner provided for in Section 1.6, to the Holder
      of any such Security a notice (the &#147;<B>Reset Notice</B>&#148;) indicating
      whether the Company has elected to reset the interest rate (or the spread
      or spread multiplier used to calculate such interest rate, if applicable),
      and if so (i) such new interest rate (or such new spread or spread
      multiplier, if applicable) and (ii) the provisions, if any, for redemption
      during the period from such Optional Reset Date to the next Optional Reset
      Date or if there is no such next Optional Reset Date, to the Stated
      Maturity of such Security (each such period a &#147;<B>Subsequent Interest
      Period</B>&#148;), including the date or dates on which or the period or
      periods during which and the price or prices at which such redemption may
      occur during the Subsequent Interest Period.</P></TD></TR></TABLE>
<P align=justify>Notwithstanding the foregoing, not later than 20 days prior to
the Optional Reset Date, the Company may, at its option, revoke the interest
rate (or the spread or spread multiplier used to calculate such interest rate,
if applicable) provided for in the Reset Notice and establish an interest rate
(or a spread or spread multiplier used to calculate such interest rate, if
applicable) that is higher than the interest rate (or the spread or spread
multiplier, if applicable) provided for in the Reset Notice, for the Subsequent
Interest Period by causing the Trustee to transmit, in the manner provided for
in Section 1.6, notice of such higher interest rate (or such higher spread or spread multiplier, if
applicable) to the Holder of such Security. Such notice shall be irrevocable.
All Securities with respect to which the interest rate (or the spread or spread
multiplier used to calculate such interest rate, if applicable) is reset on an
Optional Reset Date, and with respect to which the Holders of such Securities
have not tendered such Securities for repayment (or have validly revoked any
such tender) pursuant to the next succeeding paragraph, will bear such higher
interest rate (or such higher spread or spread multiplier, if applicable).</P>
<P align=justify>The Holder of any such Security will have the option to elect
repayment by the Company of the principal of such Security on each Optional
Reset Date at a price equal to the principal amount thereof plus interest
accrued to such Optional Reset Date. In order to obtain repayment on an Optional
Reset Date, the Holder must follow the procedures set forth in Article 12 for
repayment at the option of Holders except that the period for delivery or
notification to the Trustee shall be at least 25 but not more than 35 days prior
to such Optional Reset Date and except that, if the Holder has tendered any
Security for repayment pursuant to the Reset Notice, the Holder may, by written
notice to the Trustee, revoke such tender or repayment until the close of
business on the tenth day before such Optional Reset Date.</P>
<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>Subject to the foregoing provisions of this Section and
      Section 3.5, each Security delivered under this Indenture upon
      registration of transfer of or in exchange for or in lieu of any other
      Security shall carry the rights to interest accrued and unpaid, and to
      accrue, which were carried by such other
Security.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_44></A>
<P align=center>-46-</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 ><B>Section 3.8</B> </TD>
    <TD align=left width="90%"><B>Optional Extension of Stated Maturity.</B>
</TD></TR></TABLE>
<P align=justify>The provisions of this Section 3.8 may be made applicable to
any series of Securities pursuant to Section 3.1 (with such modifications,
additions or substitutions as may be specified pursuant to such Section 3.1) .
The Stated Maturity of any Security of such series may be extended at the option
of the Company for the period or periods specified on the face of such Security
(each an &#147;<B>Extension Period</B>&#148;) up to but not beyond the date (the &#147;<B>Final
Maturity</B>&#148;) set forth on the face of such Security. The Company may exercise
such option with respect to any Security by notifying the Trustee of such
exercise at least 50 but not more than 60 days prior to the Stated Maturity of
such Security in effect prior to the exercise of such option (the &#147;<B>Original
Stated Maturity</B>&#148;). If the Company exercises such option, the Trustee shall
transmit, in the manner provided for in Section 1.6, to the Holder of such
Security not later than 40 days prior to the Original Stated Maturity a notice
(the &#147;<B>Extension Notice</B>&#148;) indicating (i) the election of the Company to
extend the Stated Maturity, (ii) the new Stated Maturity, (iii) the interest
rate, if any, applicable to the Extension Period and (iv) the provisions, if
any, for redemption during such Extension Period. Upon the Trustee&#146;s transmittal
of the Extension Notice, the Stated Maturity of such Security shall be extended
automatically and, except as modified by the Extension Notice and as described
in the next paragraph, such Security will have the same terms as prior to the
transmittal of such Extension Notice.</P>
<P align=justify>Notwithstanding the foregoing, not later than 20 days before
the Original Stated Maturity of such Security, the Company may, at its option,
revoke the interest rate provided for in the Extension Notice and establish a
higher interest rate for the Extension Period by causing the Trustee to
transmit, in the manner provided for in Section 1.6, notice of such higher
interest rate to the Holder of such Security.</P>
<P align=justify>Such notice shall be irrevocable. All Securities with respect
to which the Stated Maturity is extended will bear such higher interest
rate.</P>
<P align=justify>If the Company extends the Maturity of any Security, the Holder
will have the option to elect repayment of such Security by the Company on the
Original Stated Maturity at a price equal to the principal amount thereof, plus
interest accrued to such date. In order to obtain repayment on the Original
Stated Maturity once the Company has extended the Maturity thereof, the Holder
must follow the procedures set forth in Article 12 for repayment at the option
of Holders, except that the period for delivery or notification to the Trustee
shall be at least 25 but not more than 35 days prior to the Original Stated
Maturity and except that, if the Holder has tendered any Security for repayment
pursuant to an Extension Notice, the Holder may by written notice to the Trustee
revoke such tender for repayment until the close of business on the tenth day
before the Original Stated Maturity. </P>
<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 ><B>Section 3.9</B> </TD>
    <TD align=left width="90%"><B>Persons Deemed Owners.</B>
</TD></TR></TABLE>
<P align=justify>Prior to due presentment of a Registered Security for
registration of transfer, the Company, the Trustee and any agent of any of the
foregoing may treat the Person in whose name such Registered Security is
registered as the owner of such Registered Security for the purpose of receiving
payment of principal of (and premium, if any) and (subject to Section 3.5 and
3.7) interest, if any, on such Security and for all other purposes whatsoever,
whether or not such Security be overdue, and none of the Company, the Trustee or
any agent of any of the foregoing shall be affected by notice to the contrary.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align=center>-47-</P>
<P align=justify>Title to any Bearer Security and any coupons appertaining
thereto shall pass by delivery. The Company, the Trustee and any agent of any of
the foregoing may treat the bearer of any Bearer Security and the bearer of any
coupon as the absolute owner of such Security or coupon for the purpose of
receiving payment thereof or on account thereof and for all other purposes
whatsoever, whether or not such Security or coupons be overdue, and the Company,
the Trustee or any agent of any of the foregoing shall be affected by notice to
the contrary.</P>
<P align=justify>The Depositary for Securities may be treated by the Company,
the Trustee, and any agent of the Company or the Trustee as the owner of such
global Security for all purposes whatsoever. None of the Company, the Trustee,
any Paying Agent or the Security Registrar will have any responsibility or
liability for any aspect of the records relating to or payments made on account
of beneficial ownership interests of a Security in global form or for
maintaining, supervising or reviewing any records relating to such beneficial
ownership interests.</P>
<P align=justify>Notwithstanding the foregoing, with respect to any global
Security, nothing herein shall prevent the Company, the Trustee, or any agent of
any of the foregoing from giving effect to any written certification, proxy or
other authorization furnished by any depositary, as a Holder, with respect to
such global Security or impair, as between such depositary and owners of
beneficial interests in such global Security, the operation of customary
practices governing the exercise of the rights of such depositary (or its
nominee) as Holder of such global Security.</P>
<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 ><B>Section 3.10</B> </TD>
<TD align=left width="90%"><B>Cancellation.</B> </TD></TR></TABLE>
<P align=justify>All Securities and coupons surrendered for payment, redemption,
repayment at the option of the Holder, registration of transfer or exchange or
for credit against any current or future sinking fund payment shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee.
All Securities and coupons so delivered to the Trustee shall be promptly
cancelled by it. The Company may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and may deliver to
the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Securities previously authenticated hereunder which the Company
has not issued and sold, and all Securities so delivered shall be promptly
cancelled by the Trustee. If the Company shall so acquire any of the Securities,
however, such acquisition shall not operate as a redemption or satisfaction of
the Indebtedness represented by such Securities unless and until the same are
surrendered to the Trustee for cancellation. No Securities shall be
authenticated in lieu of or in exchange for any Securities cancelled as provided
in this Section, except as expressly permitted by this Indenture. All cancelled
Securities held by the Trustee shall be disposed of by the Trustee in accordance
with its customary procedures and certification of their disposal delivered to
the Company unless by Company Order the Company shall direct that cancelled
Securities be returned to it.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align=center>-48-</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 ><B>Section 3.11</B> </TD>
    <TD align=left width="90%"><B>Computation of Interest.</B>
</TD></TR></TABLE>
<P align=justify>Except as otherwise specified as contemplated by Section 3.1
with respect to any Securities, interest, if any, on the Securities of each
series shall be computed on the basis of a 360-day year of twelve 30-day months.
For the purposes of disclosure under the Interest Act (Canada), the yearly rate
of interest to which interest calculated under a Security for any period in any
calendar year (the &#147;<B>calculation period</B>&#148;) is equivalent, is the rate
payable under a Security in respect of the calculation period multiplied by a
fraction the numerator of which is the actual number of days in such calendar
year and the denominator of which is the actual number of days in the
calculation period.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 3.12</B> </TD>
    <TD align=left width="90%"><B>Currency and Manner of Payments in Respect
of Securities.</B> </TD></TR></TABLE><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>With respect to Registered Securities of any series not
      permitting the election provided for in paragraph (b) below or the Holders
      of which have not made the election provided for in paragraph (b) below,
      and with respect to Bearer Securities of any series, except as provided in
      paragraph (d) below, payment of the principal of (and premium, if any) and
      interest, if any, on any Registered or Bearer Security of such series will
      be made in the Currency in which such Registered Security or Bearer
      Security, as the case may be, is denominated or stated to be payable. The
      provisions of this Section 3.12 may be modified or superseded with respect
      to any Securities pursuant to Section 3.1.</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>It may be provided pursuant to Section 3.1 with respect
      to Registered Securities of any series that Holders shall have the option,
      subject to paragraphs (d) and (e) below, to receive payments of principal
      of (or premium, if any) or interest, if any, on such Registered Securities
      in any of the Currencies which may be designated for such election by
      delivering to the Trustee a written election with signature guarantees and
      in the applicable form established pursuant to Section 3.1, not later than
      the close of business on the Election Date immediately preceding the applicable payment
date. If a Holder so elects to receive such payments in any such Currency, such
election will remain in effect for such Holder or any transferee of such Holder
until changed by such Holder or such transferee by written notice to the Trustee
(but any such change must be made not later than the close of business on the
Election Date immediately preceding the next payment date to be effective for
the payment to be made on such payment date and no such change of election may
be made with respect to payments to be made on any Registered Security of such
series with respect to which an Event of Default has occurred or with respect to
which the Company has deposited funds pursuant to Article 4 or Article 13 or
with respect to which a notice of redemption has been given by the Company or a
notice of option to elect repayment has been sent by such Holder or such
transferee). Any Holder of any such Registered Security who shall not have
delivered any such election to the Trustee not later than the close of business
on the applicable Election Date will be paid the amount due on the applicable
payment date in the relevant Currency as provided in Section 3.12(a) . The
Trustee shall notify the Exchange Rate Agent as soon as practicable after the
Election Date of the aggregate principal amount of Registered Securities for
which Holders have made such written election.</P></TD></TR></TABLE>
<br><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align=center>-49-</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>Unless otherwise specified pursuant to Section 3.1, if
      the election referred to in paragraph (b) above has been provided for
      pursuant to Section 3.1, then, unless otherwise specified pursuant to
      Section 3.1, not later than the fourth Business Day after the Election
      Date for each payment date for Registered Securities of any series, the
      Exchange Rate Agent will deliver to the Company a written notice
      specifying, in the Currency in which Registered Securities of such series
      are payable, the respective aggregate amounts of principal of (and
      premium, if any) and interest, if any, on the Registered Securities to be
      paid on such payment date, specifying the amounts in such Currency so
      payable in respect of the Registered Securities as to which the Holders of
      Registered Securities of such series shall have elected to be paid in
      another Currency as provided in paragraph (b) above. If the election
      referred to in paragraph (b) above has been provided for pursuant to
      Section 3.1 and if at least one Holder has made such election, then,
      unless otherwise specified pursuant to Section 3.1, on the second Business
      Day preceding such payment date the Company will deliver to the Trustee
      for such series of Registered Securities and Exchange Rate Officer&#146;s
      Certificate in respect of the Dollar or Foreign Currency payments to be
      made on such payment date. Unless otherwise specified pursuant to Section
      3.1, the Dollar or Foreign Currency amount receivable by Holders of
      Registered Securities who have elected payment in a Currency as provided
      in paragraph (b) above shall be determined by the Company on the basis of
      the applicable Market Exchange Rate in effect on the third Business Day
      (the &#147;<B>Valuation Date</B>&#148;) immediately preceding each payment date, and
      such determination shall be conclusive and binding for all purposes,
      absent manifest error.</P></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 a Conversion Event occurs with respect to a Foreign
      Currency in which any of the Securities are denominated or payable other
      than pursuant to an election provided for pursuant to paragraph (b) above,
      then with respect to each date for the payment of principal of (and
      premium, if any) and interest, if any, on the applicable
  Securities denominated or payable in such Foreign Currency occurring after
the last date on which such Foreign Currency was used (the &#147;<b>Conversion
Date</b>&#148;), the Dollar shall be the Currency of payment for use on each such
payment date. Unless otherwise specified pursuant to Section 3.1, the Dollar
amount to be paid by the Company to the Trustee and by the Trustee or any Paying
Agent to the Holders of such Securities with respect to such payment date shall
be, in the case of a Foreign Currency other than a currency unit, the Dollar
Equivalent of the Foreign Currency or, in the case of a currency unit, the
Dollar Equivalent of the Currency Unit, in each case as determined by the
Exchange Rate Agent in the manner provided in paragraph (f) or (g) below.</P></TD></TR></TABLE>
<br><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align=center>-50-</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>Unless otherwise specified pursuant to Section 3.1, if
      the Holder of a Registered Security denominated in any Currency shall have
      elected to be paid in another Currency as provided in paragraph (b) above,
      and a Conversion Event occurs with respect to such elected Currency, such
      Holder shall receive payment in the Currency in which payment would have
      been made in the absence of such election; and if a Conversion Event
      occurs with respect to the Currency in which payment would have been made
      in the absence of such election, such Holder shall receive payment in
      Dollars as provided in paragraph (d) above.</P></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 &#147;Dollar Equivalent of the Foreign Currency&#148; shall be
      determined by the Exchange Rate Agent and shall be obtained for each
      subsequent payment date by converting the specified Foreign Currency into
      Dollars at the Market Exchange Rate on the Conversion Date.</P></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 &#147;Dollar Equivalent of the Currency Unit&#148; shall be
      determined by the Exchange Rate Agent and subject to the provisions of
      paragraph (h) below shall be the sum of each amount obtained by converting
      the Specified Amount of each Component Currency into Dollars at the Market
      Exchange Rate for such Component Currency on the Valuation Date with
      respect to each payment.</P></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>For purposes of this Section 3.12 the following terms
      shall have the following meanings:</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 vAlign=top>A &#147;Component Currency&#148; shall mean any Currency which, on
      the Conversion Date, was</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>a component currency of the relevant currency unit,
      including, but not limited to, the Euro.</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 vAlign=top>A &#147;Specified Amount&#148; of a Component Currency shall mean the
      number of units of such</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Component Currency or fractions thereof which were
      represented in the relevant currency unit, including, but not limited to,
      the Euro, on the Conversion Date. If after the Conversion Date the
      official unit of any Component Currency is altered by way of combination
      or subdivision, the Specified Amount of such Component Currency shall be
      divided or multiplied in the same proportion. If after the Conversion Date
      two or more Component Currencies are consolidated into a single currency,
      the respective Specified Amounts of such Component Currencies shall be
      replaced by an amount in such single Currency equal to the sum of the
      respective Specified Amounts of such
consolidated Component Currencies expressed in such
single Currency, and such amount shall thereafter be a Specified Amount and such
single Currency shall thereafter be a Component Currency. If after the
Conversion Date any Component Currency shall be divided into two or more
currencies, the Specified Amount of such Component Currency shall be replaced by
amounts of such two or more currencies, having an aggregate Dollar Equivalent
value at the Market Exchange Rate on the date of such replacement equal to the
Dollar Equivalent value of the Specified Amount of such former Component
Currency at the Market Exchange Rate immediately before such division and such
amounts shall thereafter be Specified Amounts and such currencies shall
thereafter be Component Currencies. If, after the Conversion Date of the
relevant currency unit, including, but not limited to, the Euro, a Conversion
Event (other than any event referred to above in this definition of
&#147;<b>Specified Amount</b>&#148;) occurs with respect to any Component Currency of such
currency unit and is continuing on the applicable Valuation Date, the Specified
Amount of such Component Currency shall, for purposes of calculating the Dollar
Equivalent of the Currency Unit, be converted into Dollars at the Market
Exchange Rate in effect on the Conversion Date of such Component Currency.</P></TD></TR></TABLE><br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align=center>-51-</P>
<P style="MARGIN-LEFT: 10%" align=justify>&#147;<B>Election Date</B>&#148; shall mean the
date for any series of Registered Securities as specified pursuant to clause
(14) of Section 3.1 by which the written election referred to in paragraph (b)
above may be made.</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>Notwithstanding the foregoing, the Trustee shall not be
      obligated to convert any currency whose conversion the Trustee, in its
      sole discretion, deems impracticable.</P></TD></TR></TABLE>
<P align=justify>All decisions and determinations of the Exchange Rate Agent
regarding the Dollar Equivalent of the Foreign Currency, the Dollar Equivalent
of the Currency Unit, the Market Exchange Rate and changes in the Specified
Amounts as specified above shall be in its sole discretion and shall, in the
absence of manifest error, be conclusive for all purposes and irrevocably
binding upon the Company, the Trustee and all Holders of such Securities
denominated or payable in the relevant Currency. The Exchange Rate Agent shall
promptly give written notice to the Company and the Trustee of any such decision
or determination.</P>
<P align=justify>In the event that the Company determines in good faith that a
Conversion Event has occurred with respect to a Foreign Currency, the Company
will immediately give written notice thereof to the Trustee and to the Exchange
Rate Agent (and the Trustee will promptly thereafter give notice in the manner
provided for in Section 1.6 to the affected Holders) specifying the Conversion
Date. In the event the Company so determines that a Conversion Event has
occurred with respect to the Euro or any other currency unit in which Securities
are denominated or payable, the Company will immediately give written notice
thereof to the Trustee and to the Exchange Rate Agent (and the Trustee will
promptly thereafter give notice in the manner provided for in Section 1.6 to the
affected Holders) specifying the Conversion Date and the Specified Amount of
each Component Currency on the Conversion Date. In the event the Company
determines in good faith that any subsequent change in any Component Currency as
set forth in the definition of Specified Amount above has occurred, the Company
will similarly give written notice to the Trustee and the Exchange Rate Agent.</P>
<P align=justify>The Trustee shall be fully justified and protected in relying
and acting upon information received by it from the Company and the Exchange
Rate Agent pursuant to this Section 3.12 and shall not otherwise have any duty
or obligation to determine the accuracy or validity of such information
independent of the Company or the Exchange Rate Agent. </P><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align=center>-52-</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 ><B>Section 3.13</B> </TD>
    <TD align=left width="90%"><B>Appointment and Resignation of Successor
Exchange Rate Agent.</B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Unless otherwise specified pursuant to Section 3.1, if
      and so long as the Securities of any series (i) are denominated in a
      Foreign Currency or (ii) may be payable in a Foreign Currency, or so long
      as it is required under any other provision of this Indenture, then the
      Company will maintain with respect to each such series of Securities, or
      as so required, at least one Exchange Rate Agent. The Company will cause
      the Exchange Rate Agent to make the necessary foreign exchange
      determinations at the time and in the manner specified pursuant to Section
      3.1 for the purpose of determining the applicable rate of exchange and, if
      applicable, for the purpose of converting the issued Currency into the
      applicable payment Currency for the payment of principal (and premium, if
      any) and interest, if any, pursuant to Section 3.12.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The Company shall have the right to remove and replace
      from time to time the Exchange Rate Agent for any series of Securities. No
      resignation of the Exchange Rate Agent and no appointment of a successor
      Exchange Rate Agent pursuant to this Section shall become effective until
      the acceptance of appointment by the successor Exchange Rate Agent as
      evidenced by a written instrument delivered to the Company and the
      Trustee.</P></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>If the Exchange Rate Agent shall resign, be removed or
      become incapable of acting, or if a vacancy shall occur in the office of
      the Exchange Rate Agent for any cause with respect to the Securities of
      one or more series, the Company, by or pursuant to a Board Resolution,
      shall promptly appoint a successor Exchange Rate Agent or Exchange Rate
      Agents with respect to the Securities of that or those series (it being
      understood that any such successor Exchange Rate Agent may be appointed
      with respect to the Securities of one or more or all of such series and
      that, unless otherwise specified pursuant to Section 3.1, at any time
      there shall only be one Exchange Rate Agent with respect to the Securities
      of any particular series that are originally issued by the Company on the
      same date and that are initially denominated and/or payable in the same
      Currency).</P></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=bottom>
    <TD align=center><B>ARTICLE 4</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>SATISFACTION AND DISCHARGE</B>
</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 nowrap ><B>Section 4.1</B> </TD>
    <TD align=left width="90%"><B>Satisfaction and Discharge of Indenture.</B>
</TD></TR></TABLE>
<P align=justify>This Indenture shall upon Company Request cease to be of
further effect with respect to any series of Securities issued by the Company
specified in such Company Request (except as to any surviving rights of
registration of transfer or exchange of Securities of such series expressly
provided for herein or pursuant hereto, and the rights of Holders of such series
of Securities and any related coupons to receive, solely from the trust fund
described in subclause (b) of clause (1) of this Section, payments in respect of
the principal of (and premium, if any) and interest, if any, on
such Securities and any related coupons when such payments are due and except as
provided in the last paragraph of this Section 4.1) and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture as to such series when</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align=center>-53-</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>either</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>all Securities of such series theretofore authenticated
      and delivered and all coupons, if any, appertaining thereto (other than
      (i) coupons appertaining to Bearer Securities surrendered for exchange for
      Registered Securities and maturing after such exchange, whose surrender is
      not required or has been waived as provided in Section 3.5, (ii)
      Securities and coupons of such series which have been destroyed, lost or
      stolen and which have been replaced or paid as provided in Section 3.6,
      (iii) coupons appertaining to Securities called for redemption and
      maturing after the relevant Redemption Date, whose surrender has been
      waived as provided in Section 10.6, and (iv) Securities and coupons of
      such series for whose payment money has theretofore been deposited in
      trust with the Trustee or any Paying Agent or segregated and held in trust
      by the Company and thereafter repaid to the Company, as provided in
      Section 9.3) have been delivered to the Trustee for cancellation;
  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%">(b) </TD>
    <TD>
      <P align=justify>all Securities of such series and, in the case of (i) or
      (ii) below, any coupons appertaining thereto not theretofore delivered to
      the Trustee for cancellation</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>have become due and payable, or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>will become due and payable at their Stated Maturity
      within one year, or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>if redeemable at the option of the Company, are to be
      called for redemption within one year under arrangements satisfactory to
      the Trustee for the giving of notice of redemption by the Trustee in the
      name, and at the expense, of the Company, and the Company, in the case of
      (i), (ii) or (iii) above, has irrevocably deposited or caused to be
      deposited with the Trustee as trust funds in trust for such purpose an
      amount in the Currency in which the Securities of such series are payable,
      sufficient to pay and discharge the entire Indebtedness on such Securities
      not theretofore delivered to the Trustee for cancellation, for principal
      (and premium, if any) and interest, if any, to the date of such deposit
      (in the case of Securities which have become due and payable) or to the
      Stated Maturity or Redemption Date, as the case may
be;</P></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) </TD>
    <TD>
      <P align=justify>the Company has paid or caused to be paid all other sums
      payable hereunder by the Company, and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>the Company has delivered to the Trustee an Officers&#146;
      Certificate and an Opinion of Counsel, each stating that all conditions
      precedent herein provided for relating to the satisfaction and discharge
      of this Indenture as to such series have been complied
  with.</P></TD></TR></TABLE>
  <br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align=center>-54-</P>
<P align=justify>Notwithstanding the satisfaction and discharge of this
Indenture, the provisions of Section 9.5, the obligations of the Company to the
Trustee under Section 6.6, the obligations of the Trustee to any Authenticating
Agent under Section 6.11 and, if money shall have been deposited with the
Trustee pursuant to subclause (b) of clause (1) of this Section, the provisions
of Sections 1.13, 1.14, 3.4, 3.5, 3.6, 9.2 and 9.3 (and any applicable
provisions of Article 10) and the obligations of the Trustee under Section 4.2
shall survive such satisfaction and discharge and remain in full force and
effect.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 4.2</B> </TD>
    <TD align=left width="90%"><B>Application of Trust Money.</B>
</TD></TR></TABLE>
<P align=justify>Subject to the provisions of the last paragraph of Section 9.3,
all money deposited with the Trustee pursuant to Section 4.1 shall be held in
trust and applied by it, in accordance with the provisions of the Securities,
the coupons and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal (and
premium, if any) and interest, if any, for whose payment such money has been
deposited with the Trustee; but such money need not be segregated from other
funds except to the extent required by law.</P>
<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>ARTICLE 5</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>REMEDIES</B> </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 nowrap ><B>Section 5.1</B> </TD>
<TD align=left width="90%"><B>Events of Default.</B> </TD></TR></TABLE>
<P align=justify>&#147;<B>Event of Default</B>&#148;, wherever used herein with respect to
Securities of any series, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body), unless such event is specifically deleted
or modified in or pursuant to a supplemental indenture, Board Resolution or
Officers&#146; Certificate establishing the terms of such series pursuant to Section
3.1 of this Indenture:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>default in the payment of the principal of (or premium,
      if any, on) any Security of that series at its Maturity; or</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>default in the payment of any interest on any Security of
      that series, or any related coupon, when such interest or coupon becomes
      due and payable, and continuance of such default for a period of 30 days;
      or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>default in the deposit of any sinking fund payment, when
      the same becomes due by the terms of the Securities of that series;
    or</P></TD></TR>
</TABLE>
<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align=center>-55-</P>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD><P align=justify>default in the performance, or breach, of any covenant or
      agreement of the Company in this Indenture in respect of the Securities of
      that series (other than a default in the performance or breach of a
      covenant or agreement which is specifically dealt with elsewhere in this
      Section), and continuance of such default or breach for a period of 90
      days after there has been given, by registered or certified mail, to the
      Company by the Trustee or to the Company and the Trustee by the Holders of
      at least 25% in principal amount of all Outstanding Securities affected
      thereby, a written notice specifying such default or breach and requiring
      it to be remedied and stating that such notice is a &#147;Notice of Default&#148;
      hereunder; or</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) </TD>
    <TD>
      <P align=justify>the Company pursuant to or under or within the meaning of
      any Bankruptcy Law:</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>commences a proceeding or makes an application seeking a
      Bankruptcy Order;</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>consents to the making of a Bankruptcy Order or the
      commencement of any proceeding or application seeking the making of a
      Bankruptcy Order against it;</P></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>consents to the appointment of a Custodian of it or for
      any substantial part of its property;</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>makes a general assignment for the benefit of its
      creditors or files a proposal or notice of intention to make a proposal or
      other scheme of arrangement involving the rescheduling, reorganizing or
      compromise of its Indebtedness;</P></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>files an assignment in bankruptcy; 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%">(vi) </TD>
    <TD>
      <P align=justify>consents to the filing of an assignment in bankruptcy or
      the appointment of or taking possession by a
Custodian;</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%">(6) </TD>
    <TD>
      <P align=justify>a court of competent jurisdiction in any involuntary case
      or proceeding makes a Bankruptcy Order against the Company, and such
      Bankruptcy Order remains unstayed and in effect for 90 consecutive days;
      or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>any other Event of Default provided with respect to
      Securities of that series.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 5.2</B> </TD>
    <TD align=left width="90%"><B>Acceleration of Maturity; Rescission and
Annulment.</B> </TD></TR></TABLE>
<P align=justify>If an Event of Default described in Section 5.1, other than an Event of Default specified in
Section 5.1(6) or 5.1(7), with respect to Securities of any series at the time Outstanding occurs and is
continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount
of the Outstanding Securities of that series may, subject to any subordination provisions thereof,
declare the principal amount (or, if the Securities of that series are Original Issue Discount Securities or
Indexed Securities, such portion of the principal amount as may be specified in the terms of such series)
of all of the Outstanding Securities of that series and any accrued but unpaid interest thereon to be due
and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders),
and upon any such declaration such principal amount (or specified portion thereof) and any accrued but
unpaid interest thereon shall become immediately due and payable. If an Event of Default specified in
Section 5.1(6) or 5.1(7) with respect to Securities of any series at the time Outstanding occurs and is
continuing, then the principal amount of all the Securities shall immediately become and be
immediately due and payable without any declaration or other act on the part of the Trustees or any
Holder.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align=center>-56-</P>
<P align=justify>At any time after a declaration of acceleration with respect to
Securities of any series (or of all series, as the case may be) has been made,
and before a judgment or decree for payment of the money due has been obtained
by the Trustee as hereinafter provided in this Article, the Holders of a
majority in principal amount of the Outstanding Securities of such series (or of
all series, as the case may be), by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if:</P>
<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 Company has paid or deposited with the Trustee a sum
      sufficient to pay in the Currency in which the Securities of such series
      are payable (except as otherwise specified pursuant to Section 3.1 for the
      Securities of such series and except, if applicable, as provided in
      Sections 3.12(b), 3.12(d) and 3.12(e)), all overdue interest, if any, on
      all Outstanding Securities of that series (or of all series, as the case
      may be) and any related coupons, (i) all unpaid principal of (and premium,
      if any, on) all Outstanding Securities of that series (or of all series,
      as the case may be) which has become due otherwise than by such
      declaration of acceleration, and interest on such unpaid principal at the
      rate or rates prescribed therefor in such Securities, (ii) to the extent
      lawful, interest on overdue interest, if any, at the rate or rates
      prescribed therefor in such Securities, and (iii) all sums paid or
      advanced by the Trustee hereunder and the reasonable compensation,
      expenses, disbursements and advances of the Trustee, its agents and
      counsel; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>all Events of Default with respect to Securities of that
      series (or of all series, as the case may be), other than the non-payment
      of amounts of principal of (or premium, if any, on) or interest on
      Securities of that series (or of all series, as the case may be) which
      have become due solely by such declaration of acceleration, have been
      cured or waived as provided in Section 5.13.</P></TD></TR></TABLE>
<P align=justify>No such rescission shall affect any subsequent default or
impair any right consequent thereon.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 5.3</B> </TD>
    <TD align=left width="90%"><B>Collection of Indebtedness and Suits for
Enforcement by Trustee.</B> </TD></TR></TABLE>
<P align=justify>The Company covenants that if:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>default is made in the payment of any installment of
      interest on any Security or any related coupon when such interest becomes
      due and payable and such default continues for a period of 30 days,
    or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>default is made in the payment of the principal of (or
      premium, if any, on) any Security at the Maturity thereof, then the
      Company will, upon demand of the Trustee, pay to the Trustee for the
      benefit of the Holders of such Securities and coupons, the whole amount
      then due and payable on such Securities and coupons for principal (and
      premium, if any) and interest, if any, and interest on any overdue
      principal (and premium, if any) and to the extent lawful on any overdue
      interest, at the rate or rates prescribed therefor in such Securities,
      and, in addition thereto, such further amount as shall be sufficient to
      cover the costs and expenses of collection, including the reasonable
      compensation, expenses, disbursements and advances of the Trustee, its
      agents and counsel.</P></TD></TR></TABLE><br>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align=center>-57-</P>
<P align=justify>If the Company fails to pay such amounts forthwith upon such
demand, the Trustee, in its own name as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so due and
unpaid, may prosecute such proceeding to judgment or final decree and may
enforce the same against the Company or any other obligor upon such Securities
and collect the moneys adjudged or decreed to be payable in the manner provided
by law out of the property of the Company or any other obligor upon such
Securities, wherever situated.</P>
<P align=justify>If an Event of Default with respect to Securities of any series
(or of all series, as the case may be) occurs and is continuing, the Trustee may
in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series (or of all series,
as the case may be) by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any such rights, whether for
the specific enforcement of any covenant or agreement in this Indenture or in
aid of the exercise of any power granted herein, or to enforce any other proper
remedy.</P>
<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 ><B>Section 5.4</B> </TD>
    <TD align=left width="90%"><B>Trustee May File Proofs of Claim.</B>
</TD></TR></TABLE>
<P align=justify>In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor upon the
Securities or the property of the Company or of such other obligor or their
creditors, the Trustee (irrespective of whether the principal of the Securities
shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Trustee shall have made any demand on
the Company for the payment of overdue principal, premium, if any, or interest)
shall be entitled and empowered, by intervention in such proceeding or
otherwise, (i) to file a proof of claim for the whole amount of principal (and
premium, if any), or such portion of the principal amount of any series of
Original Issue Discount Securities or Indexed Securities as may be specified in
the terms of such series, and interest, if any, owing and unpaid in respect of
the Securities and to file such other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and of the Holders allowed in such judicial
proceeding, and (ii) to collect and receive any moneys or other property payable
or deliverable on any such claims and to distribute the same;</P>
<P align=justify>and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and, in the event
that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 6.6.</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-58-</P>
<P align=justify>Nothing herein contained shall be deemed to authorize the
Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the
Securities or the rights of any Holder thereof or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding.</P>
<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 ><B>Section 5.5</B> </TD>
    <TD align=left width="90%"><B>Trustee May Enforce Claims Without
Possession of Securities.</B> </TD></TR></TABLE>
<P align=justify>All rights of action and claims under this Indenture, the
Securities or coupons may be prosecuted and enforced by the Trustee without the
possession of any of the Securities or coupons or the production thereof in any
proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any
recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, be for the ratable benefit of the Holders of the Securities and
coupons in respect of which such judgment has been recovered.</P>
<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 ><B>Section 5.6</B> </TD>
    <TD align=left width="90%"><B>Application of Money Collected.</B>
</TD></TR></TABLE>
<P align=justify>Any money collected by the Trustee pursuant to this Article
shall be applied in the following order, at the date or dates fixed by the
Trustee and, in case of the distribution of such money on account of principal
(or premium, if any) or interest, if any, upon presentation of the Securities or
coupons, or both, as the case may be, and the notation thereon of the payment if
only partially paid and upon surrender thereof if fully paid:</P>
<P style="MARGIN-LEFT: 5%" align=justify><U>First</U>: To the payment of all
amounts due the Trustee under Section 6.6;</P>
<P style="MARGIN-LEFT: 5%" align=justify><U>Second</U>: To the payment of the
amounts then due and unpaid for principal of (and premium, if any) and interest,
if any, on the Securities and coupons in respect of which or for the benefit of
which such money has been collected, ratably, without preference or priority of
any kind, according to the amounts due and payable on such Securities and
coupons for principal (and premium, if any) and interest, if any, respectively;
and</P>
<P style="MARGIN-LEFT: 5%" align=justify><U>Third</U>: The balance, if any, to
the Person or Persons entitled thereto.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 5.7</B> </TD>
    <TD align=left width="90%"><B>Limitation on Suits.</B>
</TD></TR></TABLE>
<P align=justify>No Holder of any Security of any series or any related coupons
shall have any right to institute any proceeding, judicial or otherwise, with
respect to this Indenture or the Securities, or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>such Holder has previously given written notice to the
      Trustee of a continuing Event of Default with respect to the Securities of
      that series;</P></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 Holders of not less than 25% in principal amount of
      the Outstanding Securities of all series affected by such Event of Default
      (determined as provided in Section 5.2 and, if more than one series of
      Securities, as one class), shall have made written request to the Trustee
      to institute proceedings in respect of such Event of Default in its own
      name as Trustee hereunder;</P></TD></TR>
  </TABLE>
<br>

<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-59-</P>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD><P align=justify>such Holder or Holders have offered to the Trustee
      reasonable indemnity against the costs, expenses and liabilities to be
      incurred in compliance with such request;</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD><P align=justify>the Trustee for 60 days after its receipt of such notice,
      request and offer of indemnity has failed to institute any such
      proceeding; and</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD><P align=justify>no direction inconsistent with such written request has
      been given to the Trustee during such 60- day period by the Holders of a
      majority or more in principal amount of the Outstanding Securities of all
      series affected by such Event of Default (determined as provided in
      Section 5.2 and, if more than one series of Securities, as one
      class);</P></TD>
  </TR>
</TABLE>
<P align=justify>it being understood and intended that no one or more of such
Holders shall have any right in any manner whatever by virtue of, or by availing
of, any provision of this Indenture to affect, disturb or prejudice the rights
of any other Holders of Outstanding Securities of such affected series, or to
obtain or to seek to obtain priority or preference over any other of such Holders or
to enforce any right under this Indenture, except in the manner herein provided
and for the equal and ratable benefit of all Holders of Outstanding Securities
of such affected series. For purposes of clarity, it is hereby understood and
agreed that an Event of Default described in clause (1), (2) or (3) of Section
5.1 with respect to the Securities of any series shall, for purposes of this
Section 5.7, be deemed to affect only such series of Securities.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 5.8</B> </TD>
    <TD align=left width="90%"><B>Unconditional Right of Holders to Receive
Principal, Premium and Interest.</B> </TD></TR></TABLE>
<P align=justify>Notwithstanding any other provision in this Indenture, the
Holder of any Security shall have the right, which is absolute and
unconditional, to receive payment, as provided herein (including, if applicable,
Article 13) and in such Security of the principal of (and premium, if any) and
(subject to Section 3.7) interest, if any, on, such Security or payment of such
coupon on the respective Stated Maturities expressed in such Security or coupon
(or, in the case of redemption, on the Redemption Date or, in the case of
repayment at the option of the Holder as contemplated by Article 12 hereof, on
the Repayment Date) and to institute suit for the enforcement of any such
payment, and such rights shall not be impaired without the consent of such
Holder.</P>
<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 ><B>Section 5.9</B> </TD>
    <TD align=left width="90%"><B>Restoration of Rights and Remedies.</B>
</TD></TR></TABLE>
<P align=justify>If the Trustee or any Holder has instituted any proceeding to
enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceeding, the Company, the Trustee and the Holders of
Securities and coupons shall be restored severally and respectively to their
former positions hereunder and thereafter all rights and remedies of the Trustee
and the Holders shall continue as though no such proceeding had been
instituted.</P>

<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-60-</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 ><B>Section 5.10</B> </TD>
    <TD align=left width="90%"><B>Rights and Remedies Cumulative.</B>
</TD></TR></TABLE>
<P align=justify>Except as otherwise provided with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities or coupons in the
last paragraph of Section 3.6, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders of Securities or coupons is intended
to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not, to the extent permitted by law, prevent the
concurrent assertion or employment of any other appropriate right or remedy.</P>
<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 ><B>Section 5.11</B> </TD>
    <TD align=left width="90%"><B>Delay or Omission Not Waiver.</B>
</TD></TR></TABLE>
<P align=justify>No delay or omission of the Trustee or of any Holder of any
Security or coupon to exercise any right or remedy accruing upon any Event of
Default shall impair any such right or remedy or constitute a waiver of any such
Event of Default or an acquiescence therein. Every right and remedy given by
this Article or by law to the Trustee or to the Holders may be exercised from
time to time, and as often as may be deemed expedient, by the Trustee or by the
Holders, as the case may be.</P>
<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 ><B>Section 5.12</B> </TD>
<TD align=left width="90%"><B>Control by Holders.</B> </TD></TR></TABLE>
<P align=justify>The Holders of not less than a majority in principal amount of
the Outstanding Securities of all series affected by an Event of Default
(determined as provided in Section 5.2 and, if more than one series of
Securities, as one class) shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred on the Trustee, with respect to the
Outstanding Securities of such affected series, provided in each case</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>such direction shall not be in conflict with any rule of
      law or with this Indenture,</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>the Trustee may take any other action deemed proper by
      the Trustee which is not inconsistent with such direction, 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>the Trustee need not take any action which might expose
      the Trustee to personal liability or be unduly prejudicial to the Holders
      of Outstanding Securities of such affected series not joining
    therein.</P></TD></TR></TABLE>
<P align=justify>For purposes of clarity, it is hereby understood and agreed
that an Event of Default described in clause (1), (2) or (3) of Section 5.1 with
respect to the Securities of any series shall, for purposes of this Section
5.12, be deemed to affect only such series of Securities.</P>

<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-61-</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 ><B>Section 5.13</B> </TD>
    <TD align=left width="90%"><B>Waiver of Past Defaults.</B>
</TD></TR></TABLE>
<P align=justify>Subject to Section 5.2, the Holders of not less than a majority
in principal amount of the Outstanding Securities of all series with respect to
which a Default shall have occurred and be continuing (as one class if more than
one series) may on behalf of the Holders of all the Outstanding Securities of
such affected series waive any such past Default, and its consequences, except a
Default</P>
<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>in respect of the payment of the principal of (or
      premium, if any) or interest, if any, on any Security or any related
      coupon, or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>in respect of a covenant or provision which under Article
      9 cannot be modified or amended without the consent of the Holder of each
      Outstanding Security of such affected series.</P></TD></TR></TABLE>
<P align=justify>Upon any such waiver, any such Default shall cease to exist,
and any Event of Default arising therefrom shall be deemed to have been cured,
for every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default or Event of Default or impair any right consequent
thereon. For purposes of clarity, it is hereby understood and agreed that an
Event of Default described in clause (1), (2) or (3) of Section 5.1 with respect
to the Securities of any series shall, for purposes of this Section 5.13, be
deemed to affect only such series of Securities.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 5.14</B> </TD>
    <TD align=left width="90%"><B>Waiver of Stay or Extension Laws.</B>
</TD></TR></TABLE>
<P align=justify>The Company covenants (to the extent that it may lawfully do
so) that it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law
wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture; and the Company (to the extent
that it may lawfully do so) hereby expressly waives all benefit or advantage of
any such law and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit
the execution of every such power as though no such law had been enacted.</P>
<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 ><B>Section 5.15</B> </TD>
    <TD align=left width="90%"><B>Undertaking for Costs.</B>
</TD></TR></TABLE>
<P align=justify>All parties to this Indenture agree, and each Holder of any
Security by its acceptance thereof shall be deemed to have agreed, that any
court may in its discretion require, in any suit for the enforcement of any
right or remedy under this Indenture, or in any suit against the Trustee for any
action taken or omitted by it as Trustee, the filing by any party litigant in
such suit of any undertaking to pay the costs of such suit, and that such court
may in its discretion assess reasonable costs, including reasonable attorneys&#146;
fees, against any party litigant in such suit having due regard to the merits
and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Holder, or group of Holders, holding in
the aggregate more than 10% in principal amount of the Outstanding Securities,
or to any suit instituted by any Holder for the enforcement of the payment of
the principal of (or premium, if any) or interest on any Security on or after
the respective Stated Maturities expressed in such Security (or, in the case of
redemption, on or after the Redemption Date or, in the case of repayment at the
option of Holders as contemplated by Article 12 hereof, on or after the
applicable Repayment Date).</P>

<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-62-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>ARTICLE 6</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>THE TRUSTEE</B> </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 nowrap ><B>Section 6.1</B> </TD>
<TD align=left width="90%"><B>Notice of Defaults.</B> </TD></TR></TABLE>
<P align=justify>Within 90 days after the occurrence of any Default hereunder
with respect to the Securities of any series, the Trustee shall transmit in the
manner and to the extent provided in TIA Section 313(c), notice of such default
hereunder known to the Trustee, unless such Default shall have been cured or
waived; provided, however, that, except in the case of a Default in the payment
of the principal of (or premium, if any) or interest, if any, on any Security of
such series or in the payment of any sinking fund installment with respect to
Securities of such series, the Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a
trust committee of directors and/or Responsible Officers of the Trustee in good
faith determine that the withholding of such notice is in the interest of the
Holders of Securities of such series and any related coupons; and provided
further that in the case of any Default of the character specified in Section
5.1(4) with respect to Securities of such series, no such notice to Holders
shall be given until at least 30 days after the occurrence thereof.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 6.2</B> </TD>
    <TD align=left width="90%"><B>Certain Rights of Trustee.</B>
</TD></TR></TABLE>
<P align=justify>Subject to the provisions of TIA Sections 315(a) through
315(d):</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the Trustee may conclusively rely and shall be protected
      in acting or refraining from acting upon any resolution, certificate,
      statement, instrument, opinion, report, notice, request, direction,
      consent, order, bond, debenture, note, other evidence of Indebtedness or
      other paper or document believed by it to be genuine and to have been
      signed or presented by the proper party or
parties;</P></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) </TD>
    <TD>
      <P align=justify>any request or direction of the Company mentioned herein
      shall be sufficiently evidenced by a Company Request or Company Order and
      any resolution of the Board of Directors may be sufficiently evidenced by
      a Board Resolution;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>whenever in the administration of this Indenture the
      Trustee shall deem it desirable that a matter be proved or established
      prior to taking, suffering or omitting any action hereunder, the Trustee
      (unless other evidence be herein specifically prescribed) may, in the
      absence of bad faith on its part, conclusively rely upon an Officers&#146;
      Certificate;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>the Trustee may consult with counsel and the written
      advice of such counsel or any Opinion of Counsel shall be full and
      complete authorization and protection in respect of any action taken,
      suffered or omitted by it hereunder in good faith and in reliance
      thereon;</P></TD></TR>
  </TABLE>
<br>

<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-63-</P>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD><P align=justify>except during a default, the Trustee shall be under no
      obligation to exercise any of the rights or powers vested in it by this
      Indenture at the request or direction of any of the Holders of Securities
      of any series or any related coupons pursuant to this Indenture, unless
      such Holders shall have offered to the Trustee security or indemnity
      reasonably satisfactory to the Trustee against the costs, expenses and
      liabilities which might be incurred by it in compliance with such request
      or direction;</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>the Trustee shall not be bound to make any investigation
      into the facts or matters stated in any resolution, certificate,
      statement, instrument, opinion, report, notice, request, direction,
      consent, order, bond, debenture, note, other evidence of Indebtedness or
      other paper or document, but the Trustee, in its discretion, may make such
      further inquiry or investigation into such facts or matters as it may see
      fit, and, if the Trustee shall determine to make such further inquiry or
      investigation, it shall be entitled to examine the books, records and
      premises of the Company, personally or by agent or attorney;</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD><P align=justify>the Trustee may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or by or through
      agents or attorneys and the Trustee shall not be responsible for any
      misconduct or negligence on the part of any agent or attorney appointed
      with due care by it hereunder;</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(8) </TD>
    <TD><P align=justify>the Trustee shall not be liable for any action taken,
      suffered or omitted by it in good faith and believed by it to be
      authorized or within the discretion or rights or powers conferred upon it
      by this Indenture;</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(9) </TD>
    <TD><P align=justify>the Trustee shall not be deemed to have notice of any
      Default or Event of Default unless a Responsible Officer of the Trustee
      has actual knowledge thereof or unless written notice of any event which
      is in fact such a default is received by the Trustee at the Corporate
      Trust Office of the Trustee, and such notice references the Securities and
      this Indenture;</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(10) </TD>
    <TD><P align=justify>the rights, privileges, protections, immunities and
      benefits given to the Trustee, including, without limitation, its right to
      be indemnified, are extended to, and shall be enforceable by, the Trustee
      in each of its capacities hereunder, and each agent, custodian and other
      Person employed to act hereunder on behalf of the Trustee;
      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 vAlign=top width="5%">(11) </TD>
    <TD>
      <P align=justify>the Trustee may request that the Company deliver an
      Officers&#146; Certificate setting forth the names of individuals and/or titles
      of officers authorized at such time to take specified actions pursuant to
      this Indenture, which Officers&#146; Certificate may be signed by any person
      authorized to sign an Officers&#146; Certificate, including any person
      specified as so authorized in any such certificate previously delivered
      and not superseded</P></TD></TR></TABLE>
<P align=justify>The Trustee shall not be required to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of
its duties hereunder, or in the exercise of any of its rights or powers if it
shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to
it.</P>

<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-64-</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 ><B>Section 6.3</B> </TD>
    <TD align=left width="90%"><B>Trustee Not Responsible for Recitals or
Issuance of Securities.</B> </TD></TR></TABLE>
<P align=justify>The recitals contained herein and in the Securities, except for
the Trustee&#146;s certificates of authentication, and in any coupons shall be taken
as the statements of the Company, and neither the Trustee nor any Authenticating
Agent assumes any responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Securities or coupons, except that the Trustee represents that it is duly
authorized to execute and deliver this Indenture, authenticate the Securities
and perform its obligations hereunder and that the statements made by it in any
Statement of Eligibility on Form T-1 supplied to the Company are true and
accurate, subject to the qualifications set forth therein. Neither the Trustee
nor any Authenticating Agent shall be accountable for the use or application by
the Company of Securities or the proceeds thereof.</P>
<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 ><B>Section 6.4</B> </TD>
    <TD align=left width="90%"><B>May Hold Securities.</B>
</TD></TR></TABLE>
<P align=justify>The Trustee, any Authenticating Agent, any Paying Agent, any
Security Registrar or any other agent of the Company or of the Trustee, in its
individual or any other capacity, may become the owner or pledgee of Securities
and coupons and, subject to TIA Sections 310(b) and 311, may otherwise deal with
the Company with the same rights it would have if it were not Trustee,
Authenticating Agent, Paying Agent, Security Registrar or such other agent.</P>
<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 ><B>Section 6.5</B> </TD>
    <TD align=left width="90%"><B>Money Held in Trust.</B>
</TD></TR></TABLE>
<P align=justify>Money held by the Trustee in trust hereunder need not be
segregated from other funds except to the extent required by law. The Trustee
shall be under no liability for interest on any money received by it hereunder
except as otherwise agreed with the Company.</P>
<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 ><B>Section 6.6</B> </TD>
    <TD align=left width="90%"><B>Compensation and Reimbursement.</B>
</TD></TR></TABLE>
<P align=justify>The Company agrees:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>to pay to the Trustee from time to time such reasonable
      compensation as the Company and the Trustee shall from time to time agree
      in writing, for all services rendered by it hereunder (which compensation
      shall not be limited by any provision of law in regard to the compensation
      of a trustee of an express trust);</P></TD></TR></TABLE>
<br>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD><P align=justify>except as otherwise expressly provided herein, to
      reimburse the Trustee upon its written request for all reasonable
      expenses, disbursements and advances incurred or made by the Trustee in
      accordance with any provision of this Indenture (including the reasonable
      compensation and the expenses and disbursements of its agents and
      counsel), except any such expense, disbursement or advance as may be
      attributable to its negligence or bad faith; and</P></TD>
  </TR>
</TABLE>
<br>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-65-</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) </TD>
    <TD><P align=justify>to indemnify the Trustee and its officers, directs,
      employees and agents for, and to hold it harmless against, any loss,
      liability or expense incurred without gross negligence or bad faith on its
      part, arising out of or in connection with the acceptance or
      administration of the trust or trusts hereunder, including the costs and
      expenses of defending itself against any claim or liability in connection
      with the exercise or performance of any of its powers or duties
      hereunder.</P></TD>
  </TR>
</TABLE>
<P align=justify>The obligations of the Company under this Section to compensate
the Trustee, to pay or reimburse the Trustee for expenses, disbursements and
advances and to indemnify and hold harmless the Trustee shall constitute
additional Indebtedness hereunder and shall survive the satisfaction and
discharge of this Indenture. As security for the performance of such obligations
of the Company, the Trustee shall have a claim prior to the Securities upon all
property and funds held or collected by the Trustee as such, except funds held
in trust for the payment of principal of (or premium, if any) or interest, if
any, on particular Securities or any coupons.</P>
<P align=justify>When the Trustee incurs expenses or renders services in
connection with an Event of Default specified in Section 5.1(5), (6) or (7), the
expenses (including reasonable charges and expense of its counsel) of and the
compensation for such services are intended to constitute expenses of
administration under any applicable Bankruptcy Law.</P>
<P align=justify>The provisions of this Section shall survive the termination of
this Indenture.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 6.7</B> </TD>
    <TD align=left width="90%"><B>Corporate Trustee Required; Eligibility;
Conflicting Interests.</B> </TD></TR></TABLE>
<P align=justify>The Trustee shall comply with the terms of Section 310(b) of
the TIA. There shall be at all times a Trustee hereunder which shall be eligible
to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital
and surplus (together with that of its parent, if applicable) of at least
$50,000,000. If such corporation publishes reports of condition at least
annually, pursuant to law or to the requirements of Federal, State, territorial
or District of Columbia supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time the Trustee shall cease
to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect hereinafter specified in
this Article.</P>
<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 ><B>Section 6.8</B> </TD>
    <TD align=left width="90%"><B>Resignation and Removal; Appointment of
Successor.</B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>No resignation or removal of the Trustee and no
      appointment of a successor Trustee pursuant to this Article shall become
      effective until the acceptance of appointment by the successor Trustee in
      accordance with the applicable requirements of Section
  6.9.</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>The Trustee may resign at any time with respect to the
      Securities of one or more series by giving written notice thereof to the
      Company. If the instrument of acceptance by a successor Trustee required
      by Section 6.9 shall not have been delivered to the Trustee within 30 days
      after the giving of such notice of resignation, the resigning Trustee may
      petition any court of competent jurisdiction for the appointment of a
      successor Trustee with respect to the Securities of such series.</P></TD></TR>
  </TABLE>
<br>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-66-</P>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD><P align=justify>The Trustee may be removed at any time with respect to
      the Securities of any series by Act of the Holders of not less than a
      majority in principal amount of the Outstanding Securities of such series,
      delivered to the Trustee and to the Company.</P></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 at any time:</P></TD>
  </TR>
</TABLE>
<BR>

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

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the Trustee shall fail to comply with the provisions of
      TIA Section 310(b) after written request therefor by either the Company or
      by any Holder who has been a bona fide Holder of a Security for at least
      six months, or</P></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 Trustee shall cease to be eligible under Section 6.7
      and shall fail to resign after written request therefor by either the
      Company or by any Holder who has been a bona fide Holder of a Security for
      at least six months, or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>the Trustee shall become incapable of acting or shall be
      adjudged a bankrupt or insolvent or a receiver of the Trustee or of its
      property shall be appointed or any public officer shall take charge or
      control of the Trustee or of its property or affairs for the purpose of
      rehabilitation, conservation or liquidation,</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>then, in any such case, (i) either the Company, by a
      Board Resolution, may remove the Trustee with respect to all Securities or
      the Securities of such series, or (ii) subject to TIA Section 315(e), any
      Holder who has been a bona fide Holder of a Security for at least six
      months may, on behalf of himself and all others similarly situated,
      petition any court of competent jurisdiction for the removal of the
      Trustee with respect to all Securities of such series and the appointment
      of a successor Trustee or Trustees.</P></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>If the Trustee shall resign, be removed or become
      incapable of acting, or if a vacancy shall occur in the office of Trustee
      for any cause, with respect to the Securities of one or more series, the
      Company, by a Board Resolution, shall promptly appoint a successor Trustee
      or Trustees with respect to the Securities of that or those series (it
      being understood that any such successor Trustee may be appointed with
      respect to the Securities of one or more or all of such series and that at
      any time there shall be only one Trustee with respect to the Securities of
      any particular series). If, within one year after such resignation,
      removal or incapability, or the occurrence of such vacancy, a successor
      Trustee with respect to the Securities of any series shall be appointed by
      Act of the Holders of a majority in principal amount of the Outstanding
      Securities of such series delivered to the Company and the retiring
      Trustee, the successor Trustee so appointed shall, forthwith upon its
      acceptance of such appointment, become the successor
  Trustee with respect to the Securities of such series and to that
extent supersede the successor Trustee appointed by the Company. If no successor
Trustee with respect to the Securities of any series shall have been so
appointed by the Company or the Holders and accepted appointment in the manner
hereinafter provided, any Holder who has been a bona fide Holder of a Security
of such series for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such
series.</P></TD></TR></TABLE>
<br><hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-67-</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%">(f) </TD>
    <TD>
      <P align=justify>The Company shall give notice of each resignation and
      each removal of the Trustee with respect to the Securities of any series
      and each appointment of a successor Trustee with respect to the Securities
      of any series to the Holders of Securities of such series in the manner
      provided for in Section 1.6. Each notice shall include the name of the
      successor Trustee with respect to the Securities of such series and the
      address of its Corporate Trust Office.</P></TD></TR></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 nowrap ><B>Section 6.9</B> </TD>
    <TD align=left width="90%"><B>Acceptance of Appointment by Successor.</B>
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>In case of the appointment hereunder of a successor
      Trustee with respect to all Securities, every such successor Trustee so
      appointed shall execute, acknowledge and deliver the Company and to the
      retiring Trustee an instrument accepting such appointment, and thereupon
      the resignation or removal of the retiring Trustee shall become effective
      and such successor Trustee, without any further act, deed or conveyance,
      shall become vested with all the rights, powers, trusts and duties of the
      retiring Trustee; but, on the request of the Company or the successor
      Trustee, such retiring Trustee shall, upon payment of its charges, execute
      and deliver an instrument transferring to such successor Trustee all the
      rights, powers and trusts of the retiring Trustee and shall duly assign,
      transfer and deliver to such successor Trustee all property and money held
      by such retiring Trustee hereunder.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>In case of the appointment hereunder of a successor
      Trustee with respect to the Securities of one or more (but not all)
      series, the Company, the retiring Trustee and each successor Trustee with
      respect to the Securities of one or more series shall execute and deliver
      an indenture supplemental hereto wherein each successor Trustee shall
      accept such appointment and which (1) shall contain such provisions as
      shall be necessary or desirable to transfer and confirm to, and to vest
      in, each successor Trustee all the rights, powers, trusts and duties of
      the retiring Trustee with respect to the Securities of that or those
      series to which the appointment of such successor Trustee relates, (2) if
      the retiring Trustee is not retiring with respect to all Securities, shall
      contain such provisions as shall be deemed necessary or desirable to
      confirm that all the rights, powers, trusts and duties of the retiring
      Trustee with respect to the Securities of that or those series as to which
      the retiring Trustee is not retiring shall continue to be vested in the
      retiring Trustee, and (3) shall add to or change any of the provisions of
      this Indenture as shall be necessary to provide for or facilitate the
      administration of the trusts hereunder by more than one Trustee, it being
      understood that nothing herein or in such supplemental indenture shall
      constitute such Trustees co-trustees of the same trust and that each such
      Trustee shall be trustee of a trust or trusts hereunder separate and apart
      from any trust or trusts hereunder administered by any other such Trustee; and upon the execution
and delivery of such supplemental indenture the resignation or removal of the
retiring Trustee shall become effective to the extent provided therein and each
such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates; but, on request of the Company or
any successor Trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates. Whenever there is a
successor Trustee with respect to one or more (but less than all) series of
securities issued pursuant to this Indenture, the terms &#147;Indenture&#148; and
&#147;Securities&#148; shall have the meanings specified in the provisos to the respective
definitions of those terms in Section 1.1 which contemplate such situation.</P></TD></TR></TABLE>
<br><hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-68-</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>Upon request of any such successor Trustee, the Company
      shall execute any and all instruments for more fully and certainly vesting
      in and confirming to such successor Trustee all rights, powers and trusts
      referred to in paragraph (a) or (b) of this Section, 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%">(d) </TD>
    <TD>
      <P align=justify>No successor Trustee shall accept its appointment unless
      at the time of such acceptance such successor Trustee shall be qualified
      and eligible under this Article.</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 nowrap ><B>Section 6.10</B> </TD>
    <TD align=left width="90%"><B>Merger, Conversion, Consolidation or
Succession to Business.</B> </TD></TR></TABLE>
<P align=justify>Any corporation into which the Trustee may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a
party, or any corporation succeeding to all or substantially all the corporate
trust business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto. In case any Securities shall have been
authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Securities so authenticated with the same
effect as if such successor Trustee had itself authenticated such Securities. In
case any of the Securities shall not have been authenticated by such predecessor
Trustee, any successor Trustee may authenticate such Securities either in the
name of any predecessor hereunder or in the name of the successor Trustee. In
all such cases such certificates shall have the full force and effect which this
Indenture provides for the certificate of authentication of the Trustee;
provided, however, that the right to adopt the certificate of authentication of
any predecessor Trustee or to authenticate Securities in the name of any
predecessor Trustee shall apply only to its successor or successors by merger,
conversion or consolidation.</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-69-</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 ><B>Section 6.11</B> </TD>
    <TD align=left width="90%"><B>Appointment of Authenticating Agent.</B>
</TD></TR></TABLE>
<P align=justify>At any time when any of the Securities remain Outstanding, the
Trustee may appoint an Authenticating Agent or Agents with respect to one or
more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series
and the Trustee shall give written notice of such appointment to all Holders of
Securities of the series with respect to which such Authenticating Agent will
serve, in the manner provided for in Section 1.6. Securities so authenticated
shall be entitled to the benefits of this Indenture and shall be valid and
obligatory for all purposes as if authenticated by the Trustee hereunder. Any
such appointment shall be evidenced by an instrument in writing signed by a
Responsible Officer of the Trustee, and a copy of such instrument shall be
promptly furnished to the Company. Wherever reference is made in this Indenture
to the authentication and delivery of Securities by the Trustee or the Trustee&#146;s
certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent
and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent shall be acceptable to the
Company and shall at all times be a corporation organized and doing business
under the laws of the United States of America, any state thereof or the
District of Columbia, authorized under such laws to act as Authenticating Agent,
having a combined capital and surplus of not less than $50,000,000 and subject
to supervision or examination by federal or state authority. If such corporation
publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time an Authenticating Agent shall
cease to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect specified in this
Section.</P>
<P align=justify>Any corporation into which an Authenticating Agent may be
merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such
Authenticating Agent shall be a party, or any corporation succeeding to the
corporate agency or corporate trust business of an Authenticating Agent, shall
continue to be an Authenticating Agent, provided such corporation shall be
otherwise eligible under this Section, without the execution or filing of any
paper or any further act on the part of the Trustee or the Authenticating
Agent.</P>
<P align=justify>An Authenticating Agent may resign at any time by giving
written notice thereof to the Trustee and to the Company. The Trustee may at any
time terminate the agency of an Authenticating Agent by giving written notice
thereof to such Authenticating Agent and to the Company. Upon receiving such a
notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall give written notice of
such appointment to all Holders of Securities of the series with respect to
which such Authenticating Agent will serve, in the manner provided for in
Section 106. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers and duties
of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-70-</P>

<P align=justify>The Trustee agrees to pay to each Authenticating Agent from
time to time reasonable compensation for its services under this Section, and
the Trustee shall be entitled to be reimbursed for such payments, subject to the
provisions of Section 6.6.</P>
<P align=justify>If an appointment with respect to one or more series is made
pursuant to this Section, the Securities of such series may have endorsed
thereon, in addition to the Trustee&#146;s certificate of authentication, an
alternate certificate of authentication in the following form:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>Dated: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="90%">&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture.</P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

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

  <TR vAlign=bottom>
    <TD align=center><B>ARTICLE 7</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>HOLDERS&#146; LISTS AND REPORTS BY TRUSTEE AND THE
      COMPANY</B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 7.1</B> </TD>
    <TD align=left width="90%"><B>Disclosure of Names and Addresses of
Holders.</B> </TD></TR></TABLE>
<P align=justify>Every Holder of Securities or coupons, by receiving and holding
the same, agrees with the Company and the Trustee that none of the Company or
the Trustee or any agent of any of them shall be held accountable by reason of
the disclosure of any such information as to the names and addresses of the
Holders in accordance with TIA Section 312, regardless of the source from which
such information was derived, and that the Trustee shall not be held accountable
by reason of mailing any material pursuant to a request made under TIA Section
312(b).</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-71-</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 ><B>Section 7.2</B> </TD>
    <TD align=left width="90%"><B>Reports by Trustee.</B>
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Within 60 days after May 15 of each year commencing with
      the first May 15 after the first issuance of Securities pursuant to this
      Indenture, the Trustee shall transmit a brief report by mail to the
      Holders of Securities, in accordance with and to the extent required by
      Section 313 of the TIA.</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>A copy of each such report at the time of its mailing to
      Holders shall be filed with the Commission and each stock exchange on
      which Debt Securities of any series are
listed.</P></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 nowrap ><B>Section 7.3</B> </TD>
    <TD align=left width="90%"><B>Reports by the Company.</B>
</TD></TR></TABLE>
<P align=justify>The Company shall:</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>file with the Trustee, within 15 days after the Company
      files the same with the Commission, (i) copies of the annual reports
      containing audited financial statements and copies of quarterly reports
      containing unaudited financial statements and (ii) copies of the
      information, documents and other reports (or copies of such portions of
      any of the foregoing as the Commission may from time to time by rules and
      regulations prescribe) which the Company may be required to file with or
      furnish to the Commission pursuant to Section 13 or Section 15(d) of the
      Securities Exchange Act of 1934;</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>in the event that the Company is not required to remain
      subject to the reporting requirements of Section 13 or 15(d) of the
      Securities Exchange Act of 1934, or otherwise report on an annual and
      quarterly basis on forms provided for such annual and quarterly reporting
      pursuant to rules and regulations promulgated by the Commission, continue
      to file with the Commission and provide the
Trustee:</P></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>within 140 days after the end of each fiscal year, annual
      reports on Form 20-F, 40-F or Form 10-K, as applicable (or any successor
      form), containing audited financial statements and the other financial
      information required to be contained therein (or required in such
      successor form); 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%">(b) </TD>
    <TD>
      <P align=justify>within 60 days after the end of each of the first three
      fiscal quarters of each fiscal year, reports on Form 6-K or Form 10-Q (or
      any successor form), containing unaudited financial statements and the
      other financial information which, regardless of applicable requirements
      shall, at a minimum, contain such information required to be provided in
      quarterly reports under the laws of Canada or any province thereof to
      security holders of a corporation with securities listed on the Toronto
      Stock Exchange, whether or not the Company has any of its securities so
      listed.</P></TD></TR></TABLE>
<br>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-72-</P>

<P align=justify><I>provided, however</I>, that if the Company is no longer
subject to the periodic reporting requirements of the <I>Exchange Act</I>, the
Company will not be required to comply with Section 302 or Section 404 of the
Sarbanes- Oxley Act of 2002, or related Items 307 and 308 of Regulation S-K
promulgated by the SEC, or Item 10(e) of Regulation S-K (with respect to any
non- GAAP financial measures contained therein).</P>
<P align=justify>Each of such reports will be prepared in accordance with
Canadian or United States disclosure requirements, as required by the
appropriate form or report, and Canadian GAAP and/or accounting principles
generally accepted in the United States, provided, however, that the Company
shall not be so obligated to file such reports with or furnish such reports to
the Commission if the Commission does not permit such reports to be so filed or
furnished; and</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) </TD>
    <TD>
      <P align=justify>(transmit to all Holders, in the manner and to the extent
      provided in and required by TIA Section 313(c), within 30 days after the
      filing thereof with the Trustee, such summaries of any information,
      documents and reports required to be filed by the Company pursuant to
      paragraphs (1) and (2) of this Section as may be required by rules and
      regulations prescribed from time to time by the
  Commission.</P></TD></TR></TABLE>
<P align=justify>Delivery of such reports, information and documents to the
Trustee is for informational purposes only and the Trustee&#146;s receipt of such
shall not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company&#146;s
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers&#146; 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 ><B>Section 7.4</B> </TD>
    <TD align=left width="90%"><B>The Company to Furnish Trustee Names and
Addresses of Holders.</B> </TD></TR></TABLE>
<P align=justify>The Company will furnish or cause to be furnished to the
Trustee:</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>semi-annually, not later than 15 days after the Regular
      Record Date for interest for each series of Securities, a list, in such
      form as the Trustee may reasonably require, of the names and addresses of
      the Holders of Registered Securities of such series as of such Regular
      Record Date, or if there is no Regular Record Date for interest for such
      series of Securities, semi-annually, upon such dates as are set forth in
      the Board Resolution, Officers&#146; Certificate or indenture supplemental
      hereto authorizing such series, 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>t such other times as the Trustee may request in writing,
      within 30 days after the receipt by the Company of any such request, a
      list of similar form and content as of a date not more than 15 days prior
      to the time such list is furnished, provided, however, that so long as the
      Trustee is the Security Registrar, no such list shall be required to be
      furnished.</P></TD></TR></TABLE><BR>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-73-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>ARTICLE 8</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>SUPPLEMENTAL INDENTURES</B> </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 nowrap ><B>Section 8.1</B> </TD>
    <TD align=left width="90%"><B>Supplemental Indentures Without Consent of
Holders.</B> </TD></TR></TABLE>
<P align=justify>Without the consent of any Holders, the Company, when
authorized by or pursuant to a Board Resolution, and the Trustee, at any time
and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following
purposes:</P>
<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 evidence the succession of another Person to the
      Company, or successive successions, and the assumption by such successor
      of the covenants and obligations of the Company contained in the
      Securities of one or more series and in this Indenture or any supplemental
      indenture;</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 add to the covenants of the Company for the benefit of
      the Holders of all or any series of Securities and any related coupons
      (and if such covenants are to be for the benefit of less than all series
      of Securities, stating that such covenants are being included solely for
      the benefit of such series) or to surrender any right or power herein
      conferred upon the Company; or</P></TD></TR></TABLE>
<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%">(3) </TD>
    <TD>
      <P align=justify>to add any additional Events of Default (and if such
      Events of Default are to be for the benefit of less than all series of
      Securities, stating that such Events of Default are being included solely
      for the benefit of such series); or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>to add to or change any of the provisions of this
      Indenture to provide that Bearer Securities may be registrable as to
      principal, to change or eliminate any restrictions on the payment of
      principal of or any premium or interest on Bearer Securities, to permit
      Bearer Securities to be issued in exchange for Registered Securities, to
      permit Bearer Securities to be issued in exchange for Bearer Securities of
      other authorized denominations or to permit or facilitate the issuance of
      Securities in uncertificated form, in each case to the extent then
      permitted under the U.S. Internal Revenue Code of 1986, as amended, and
      the U.S. Treasury Regulations thereunder; provided that any such action
      shall not adversely affect the interests of the Holders of Securities of
      any series or any related coupons in any material respect; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>to change or eliminate any of the provisions of this
      Indenture; provided that any such change or elimination shall become
      effective only when there is no Security Outstanding of any series created
      prior to the execution of such supplemental indenture which is entitled to
      the benefit of such provision; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>to secure the Securities; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>to establish the form or terms of Securities of any
      series as permitted by Sections 2.1 and 3.1; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>to evidence and provide for the acceptance of appointment
      hereunder by a successor Trustee with respect to the Securities of one or
      more series and to add to or change any of the provisions of this
      Indenture as shall be necessary to provide for or facilitate the
      administration of the trusts hereunder by more than one Trustee, pursuant
      to the requirements of Section 6.9(b); or</P></TD></TR>
  </TABLE>
<BR>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-74-</P>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD vAlign=top width="5%">(9) </TD>
    <TD><P align=justify>(A) to close this Indenture with respect to the
      authentication and delivery of additional series of Securities or (B) to
      cure any ambiguity, to correct or supplement any provision herein which
      may be defective or inconsistent with any other provision herein, or to
      make any other provisions with respect to matters or questions arising
      under this Indenture; provided such action under clause (B) shall not
      adversely affect the interests of the Holders of Securities of any series
      and any related coupons in any material respect; or</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(10) </TD>
    <TD><P align=justify>to supplement any of the provisions of this Indenture to
      such extent as shall be necessary to permit or facilitate the defeasance
      and discharge of any series of Securities pursuant to Sections 4.1, 13.2
      or 13.3; provided that any such action shall not adversely affect the
      interests of the Holders of Securities of such series and any related
      coupons or any other series of Securities in any material
      respect.</P></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 nowrap ><B>Section 8.2</B> </TD>
    <TD align=left width="90%"><B>Supplemental Indentures with Consent of
Holders.</B> </TD></TR></TABLE>
<P align=justify>With the consent of the Holders of not less than a majority in
principal amount of all Outstanding Securities of all series affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the
Trustee, the Company, when authorized by or pursuant to a Board Resolution, and
the Trustee may enter into an indenture or indentures supplemental
hereto for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Indenture which affect such series of
Securities or of modifying in any manner the rights of the Holders of Securities
of such series under this Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Security of such series,</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>change the Stated Maturity of the principal of (or
      premium, if any) or any installment of interest on any Security of such
      series, or reduce the principal amount thereof (or premium, if any) or the
      rate of interest, if any, thereon, or the Redemption Price thereof or any
      amount payable upon repayment thereof at the option of the Holder, reduce
      the amount of the principal of an Original Issue Discount Security of such
      series that would be due and payable upon a declaration of acceleration of
      the Maturity thereof pursuant to Section 5.2 or the amount thereof
      provable in bankruptcy pursuant to Section 5.4, or adversely affect any
      right of repayment at the option of any Holder of any Security of such
      series, or change any Place of Payment where, or the Currency in which,
      any Security of such series or any premium or interest thereon is payable,
      or impair the right to institute suit for the enforcement of any such
      payment on or after the Stated Maturity thereof (or, in the case of
      redemption or repayment at the option of the Holder, on or after the
      Redemption Date or Repayment Date, as the case may be), or adversely
      affect any right to convert or exchange any Security as may be provided
      pursuant to Section 3.1 herein, or</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>reduce the percentage in principal amount of the
      Outstanding Securities of such series required for any such supplemental
      indenture, for any waiver of compliance with certain provisions of this
      Indenture which affect such series or certain defaults applicable to such
      series hereunder and their consequences provided for in Section 5.13 or
      <B>908 </B>of this Indenture, or reduce the requirements of Section 14.4
      for quorum or voting with respect to Securities of such series,
  or</P></TD></TR>
  </TABLE>
<br><hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-75-</P>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD><P align=justify>modify any of the provisions of this Section, Section
      5.13 or Section 9.8, except to increase any such percentage or to provide
      that certain other provisions of this Indenture which affect such series
      cannot be modified or waived without the consent of the Holder of each
      Outstanding Security of such series.</P></TD>
  </TR>
</TABLE>
<P align=justify>Any such supplemental indenture adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture,
or modifying in any manner the rights of the Holders of Securities of such
series, shall not affect the rights under this Indenture of the Holders of
Securities of any other series.</P>
<P align=justify>It shall not be necessary for any Act of Holders under this
Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 8.3</B> </TD>
    <TD align=left width="90%"><B>Execution of Supplemental Indentures.</B>
</TD></TR></TABLE>
<P align=justify>In executing, or accepting the additional trusts created by,
any supplemental indenture permitted by this Article or the modifications
thereby of the trusts created by this Indenture, the Trustee shall be entitled
to receive, and shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or
permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture
which affects the Trustee&#146;s own rights, duties or immunities under this
Indenture or otherwise.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 8.4</B> </TD>
    <TD align=left width="90%"><B>Effect of Supplemental Indentures.</B>
</TD></TR></TABLE>
<P align=justify>Upon the execution of any supplemental indenture under this
Article, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and
every Holder of Securities theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby.</P>
<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 ><B>Section 8.5</B> </TD>
    <TD align=left width="90%"><B>Conformity with </B><B><I>Trust Indenture
Act</I></B><B>.</B> </TD></TR></TABLE>
<P align=justify>Every supplemental indenture executed pursuant to this Article
shall conform to the requirements of the <I>Trust Indenture Act</I> as then in
effect.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 8.6</B> </TD>
    <TD align=left width="90%"><B>Reference in Securities to Supplemental
Indentures.</B> </TD></TR></TABLE>
<P align=justify>Securities of any series authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article may, and shall
if required by the Trustee, bear a notation in form approved by the Trustee as
to any matter provided for in such supplemental indenture. If the Company shall
so determine, new Securities of any series so modified as to conform, in the
opinion of the Trustee and the Company, to any such supplemental indenture may
be prepared and executed by the Company and authenticated and delivered by the
Trustee in exchange for Outstanding Securities of such series.</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-76-</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 ><B>Section 8.7</B> </TD>
    <TD align=left width="90%"><B>Notice of Supplemental Indentures.</B>
</TD></TR></TABLE>
<P align=justify>Promptly after the execution by the Company and the Trustee of
any supplemental indenture pursuant to the provisions of Section 8.2, the
Company shall give notice thereof to the Holders of each Outstanding Security
affected, in the manner provided for in Section 1.6, setting forth in general
terms the substance of such supplemental indenture.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B>ARTICLE 9</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>COVENANTS</B> </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 nowrap ><B>Section 9.1</B> </TD>
    <TD align=left width="90%"><B>Payment of Principal, Premium, if any, and
Interest.</B> </TD></TR></TABLE>
<P align=justify>The Company covenants and agrees for the benefit of the Holders
of each series of Securities and any related coupons that it will duly and
punctually pay the principal of (and premium, if any) and interest, if any, on
the Securities of that series in accordance with the terms of the Securities,
any coupons appertaining thereto and this Indenture. Unless otherwise specified
as contemplated by Section 3.1 with respect to any series of Securities, any
interest installments due on Bearer Securities on or before Maturity shall be
payable only upon presentation and surrender of the several coupons for such
interest installments as are evidenced thereby as they severally mature.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 9.2</B> </TD>
    <TD align=left width="90%"><B>Maintenance of Office or Agency.</B>
</TD></TR></TABLE>
<P align=justify>If the Securities of a series are issuable only as Registered
Securities, the Company will maintain in each Place of Payment for any series of
Securities an office or agency where Securities of that series may be presented
or surrendered for payment, where Securities of that series may be surrendered
for registration of transfer or exchange, where Securities of that series that
are convertible or exchangeable may be surrendered for conversion or exchange,
as applicable and where notices and demands to or upon the Company in respect of
the Securities of that series and this Indenture may be served.</P>
<P align=justify>If Securities of a series are issuable as Bearer Securities,
the Company will maintain (A) in The City of New York, an office or agency where
any Registered Securities of that series may be presented or surrendered for
payment, where any Registered Securities of that series may be surrendered for
registration of transfer, where Securities of that series may be surrendered for
exchange, where Securities of that series that are convertible or exchangeable
may be surrendered for conversion or exchange, as applicable, where notices and
demands to or upon the Company in respect of the Securities of that series and
this Indenture may be served and where Bearer Securities of that series and
related coupons may be presented or surrendered for payment in the circumstances
described in the second succeeding paragraph (and not otherwise), (B) subject to
any laws or regulations applicable thereto, in a Place of Payment for that
series which is located outside the United States and Canada, an office or
agency where Securities of that series and related coupons may be presented and
surrendered for payment; provided, however, that, if the Securities of that
series are listed on any stock exchange located outside the United States and
Canada and such stock exchange shall so require, the Company will maintain a
Paying Agent for the Securities of that series in any required city located
outside the United States and Canada so long as the Securities of that series
are listed on such exchange, and (C) subject to any laws or regulations
applicable thereto, in a Place of Payment for that series located outside the
United States and Canada an office or agency where any Registered Securities of
that series may be surrendered for registration of transfer, where Securities of
that series may be surrendered for exchange, where Securities of that series
that are convertible and exchangeable may be surrendered for conversion or
exchange, as applicable and where notices and demands to or upon the Company in
respect of the Securities of that series and this Indenture may be served.</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-77-</P>
<P align=justify>The Company will give prompt written notice to the Trustee of
the location, and any change in the location, of any such office or agency. If
at any time the Company shall fail to maintain any such required office or
agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, except that Bearer Securities of any
series and the related coupons may be presented and surrendered for payment at
the offices specified in the Security, and the Company hereby appoints the same
as its agents to receive such respective presentations, surrenders, notices and
demands.</P>
<P align=justify>Unless otherwise specified with respect to any Securities
pursuant to Section 3.1, no payment of principal, premium or interest on Bearer
Securities shall be made at any office or agency of the Company in the United
States or Canada or by check mailed to any address in the United States or
Canada or by transfer to an account maintained with a bank located in the United
States or Canada; provided, however, that, if the Securities of a series are
payable in Dollars, payment of principal of (and premium, if any) and interest,
if any, on any Bearer Security shall be made at the office of the Company&#146;s
Paying Agent in The City of New York, if (but only if) payment in Dollars of the
full amount of such principal, premium or interest, as the case may be, at all
offices or agencies outside the United States maintained for such purpose by the
Company in accordance with this Indenture is illegal or effectively precluded by
exchange controls or other similar restrictions.</P>
<P align=justify>The Company may also from time to time designate one or more
other offices or agencies where the Securities of one or more series may be
presented or surrendered for any or all such purposes and may from time to time
rescind any such designation; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain
an office or agency in accordance with the requirements set forth above for
Securities of any series for such purposes. The Company will give prompt written
notice to the Trustee of any such designation or rescission and of any change in
the location of any such other office or agency. Unless otherwise specified with
respect to any Securities as contemplated by Section 3.1 with respect to a
series of Securities, the Company hereby designates as a Place of Payment for
each series of Securities the office or agency of the Trustee in, and initially
appoints the Trustee at its Corporate Trust Office as Paying Agent and as its
agent to receive all such presentations, surrenders, notices and demands.</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-78-</P>
<P align=justify>Unless otherwise specified with respect to any Securities
pursuant to Section 3.1, if and so long as the Securities of any series (i) are
denominated in a Currency other than Dollars or (ii) may be payable in a
Currency other than Dollars, or so long as it is required under any other
provision of the Indenture, then the Company will maintain with respect to each
such series of Securities, or as so required, at least one Exchange Rate
Agent.</P>
<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 ><B>Section 9.3</B> </TD>
    <TD align=left width="90%"><B>Money for Securities Payments to Be Held in
Trust.</B> </TD></TR></TABLE>
<P align=justify>If the Company shall at any time act as its own Paying Agent
with respect to any series of Securities and any related coupons, it will, on or
before each due date of the principal of (or premium, if any) or interest, if
any, on any of the Securities of that series, segregate and hold in trust for
the benefit of the Persons entitled thereto a sum in the Currency in which the
Securities of such series are payable (except as may otherwise be specified
pursuant to Section 3.1 for the Securities of such series and except, if
applicable, as provided in Sections Section 3.12(b), 3.12(d) and 3.12(e))
sufficient to pay the principal of (or premium, if any) or interest, if any, on
Securities of such series so becoming due until such sums shall be paid to such
Persons or otherwise disposed of as herein provided and will promptly notify the
Trustee of its action or failure so to act.</P>
<P align=justify>Whenever the Company shall have one or more Paying Agents for
any series of Securities and any related coupons, it will, prior to or on each
due date of the principal of (or premium, if any) or interest, if any, on any
Securities of that series, deposit with a Paying Agent a sum (in the Currency
described in the preceding paragraph) sufficient to pay the principal (or
premium, if any) or interest, if any, so becoming due, such sum to be held in
trust for the benefit of the Persons entitled to such principal, premium or
interest, and (unless such Paying Agent is the Trustee) the Company will
promptly notify the Trustee of its action or failure so to act.</P>
<P align=justify>The Company will cause the bank through which payment of funds
to the Paying Agent will be made to deliver to the Paying Agent by 10:00 a.m.
(New York Time) two Business Days prior to the due date of such payment an irrevocable confirmation (by tested telex or
authenticated Swift MT 100 Message) of its intention to make such payment.</P>
<P align=justify>The Company will cause each Paying Agent (other than the
Trustee) for any series of Securities to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to
the provisions of this Section, that such Paying Agent will:</P>
<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>hold all sums held by it for the payment of the principal
      of (and premium, if any) and interest, if any, on Securities of such
      series in trust for the benefit of the Persons entitled thereto until such
      sums shall be paid to such Persons or otherwise disposed of as herein
      provided;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>give the Trustee notice of any default by the Company (or
      any other obligor upon the Securities of such series) in the making of any
      payment of principal of (or premium, if any) or interest, if any, on the
      Securities of such series; and</P></TD></TR>
  </TABLE>
<br>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-79-</P>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD><P align=justify>at any time during the continuance of any such default,
      upon the written request of the Trustee, forthwith pay to the Trustee all
      sums so held in trust by such Paying Agent.</P></TD>
  </TR>
</TABLE>
<P align=justify>The Company may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Company Order direct any Paying Agent to pay, to the Trustee all sums held in
trust by the Company or such Paying Agent, such sums to be held by the Trustee
upon the same trusts as those upon which sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such
Paying Agent shall be released from all further liability with respect to such
sums.</P>
<P align=justify>Except as provided in the Securities of any series, any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (or premium, if any) or interest, if
any, on any Security of any series, or any coupon appertaining thereto, and
remaining unclaimed for two years (or such shorter period as may be specified
under applicable law) after such principal, premium or interest has become due
and payable shall be paid to the Company, or (if then held by the Company) shall
be discharged from such trust; and the Holder of such Security or coupon shall
thereafter, as an unsecured general creditor, look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company, as trustee
thereof, shall thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, shall at the
written direction and at the expense of the Company cause to be published once,
in an Authorized Newspaper, or cause to be mailed to such Holder or both, notice
that such money remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such publication or
mailing, any unclaimed balance of such money then remaining will be repaid to
the Company.</P>
<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 ><B>Section 9.4</B> </TD>
    <TD align=left width="90%"><B>Statement as to Compliance.</B>
</TD></TR></TABLE>
<P align=justify>The Company will deliver to the Trustee, within 120 days after
the end of each fiscal year (which as of the date hereof ends on the 31st day of
December), a brief certificate from the principal executive officer, principal
financial officer or principal accounting officer as to his or her knowledge of
the Company&#146;s compliance with all conditions and covenants under this Indenture
and as to any default in such performance. For purposes of this Section 9.4, such compliance
shall be determined without regard to any period of grace or requirement of
notice under this Indenture.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 9.5</B> </TD>
    <TD align=left width="90%"><B>Payment of Taxes and Other Claims.</B>
</TD></TR></TABLE>
<P align=justify>The Company will pay or discharge or cause to be paid or
discharged, before the same shall become delinquent, (1) all material taxes,
assessments and governmental charges levied or imposed upon the Company or upon
the income, profits or property of the Company and (2) all material lawful
claims for labor, materials and supplies which, if unpaid, might by law become a
Lien upon any property of the Company; provided, however, that the Company shall
not be required to pay or discharge or cause to be paid or discharged any such
tax, assessment, charge or claim whose amount, applicability or validity is
being contested in good faith by appropriate proceedings.</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-80-</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 ><B>Section 9.6</B> </TD>
    <TD align=left width="90%"><B>Maintenance of Properties.</B>
</TD></TR></TABLE>
<P align=justify>The Company will cause all its properties to be maintained and
kept in good condition, repair and working order and supplied with all necessary
equipment and will cause to be made all necessary repairs, renewals,
replacements, betterments and improvements thereof, all as in the judgment of
the Company may be necessary so that the business carried on in connection
therewith may be properly and advantageously conducted at all times except to
the extent that the failure to do so would not materially impair the operations
of the Company and its Subsidiaries taken as a whole; provided, however, that
nothing in this Section shall prevent or restrict the sale, abandonment or other
disposition of any of such properties if such action is, in the judgment of the
Company desirable in the conduct of the business of the Company and not
disadvantageous in any material respect to the Holders.</P>
<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 ><B>Section 9.7</B> </TD>
    <TD align=left width="90%"><B>Corporate Existence.</B>
</TD></TR></TABLE>
<P align=justify>The Company will do or cause to be done all things necessary to
preserve and keep in full force and effect its existence (corporate or other)
and the rights (charter and statutory) and franchises of the Company; provided,
however, that the Company shall not be required to preserve any such right or
franchise if the Company shall determine that the preservation thereof is no
longer desirable in the conduct of the business of the Company and its
Subsidiaries as a whole, as the case may be.</P>
<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 ><B>Section 9.8</B> </TD>
    <TD align=left width="90%"><B>Waiver of Certain Covenants.</B>
</TD></TR></TABLE>
<P align=justify>The Company may, with respect to any series of Securities, omit
in any particular instance to comply with any term, provision or condition which
affects such series set forth in Sections 9.5 to 9.7, inclusive, or, as
specified pursuant to Section 3.1(18) for Securities of such series, in any
covenants added to Article 9 pursuant to Section 3.1(18) in connection with
Securities of such series, if before the time for such compliance the Holders of
at least a majority in principal amount of all Outstanding Securities of such
series, by Act of such Holders, waive such compliance in such instance with such
term, provision or condition, but no such waiver shall extend to or affect such
term, provision or condition except to the extent so expressly waived, and,
until such waiver shall become effective, the obligations of the Company and the
duties of the Trustee to Holders of Securities of such series in respect of any
such term, provision or condition shall remain in full force and effect.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>ARTICLE 10</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>REDEMPTION OF SECURITIES</B> </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 nowrap ><B>Section 10.1</B> </TD>
    <TD align=left width="90%"><B>Applicability of Article.</B>
</TD></TR></TABLE>
<P align=justify>Securities of any series which are redeemable before their
Stated Maturity shall be redeemable in accordance with the terms of such
Securities and (except as otherwise specified as contemplated by Section 3.1 for
Securities of any series) in accordance with this Article.</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-81-</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 ><B>Section 10.2</B> </TD>
    <TD align=left width="90%"><B>Election to Redeem; Notice to Trustee.</B>
</TD></TR></TABLE>
<P align=justify>The election of the Company to redeem any Securities shall be
evidenced by or pursuant to a Board Resolution. In case of any redemption at the
election of the Company, the Company shall, at least 60 days prior to the
Redemption Date fixed by the Company (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee of such Redemption Date and of
the principal amount of Securities of such series to be redeemed and shall
deliver to the Trustee such documentation and records as shall enable the
Trustee to select the Securities to be redeemed pursuant to Section 10.3. In the
case of any redemption of Securities prior to the expiration of any restriction
on such redemption provided in the terms of such Securities or elsewhere in this
Indenture, the Company shall furnish the Trustee with an Officers&#146; Certificate
evidencing compliance with such restriction.</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 ><B>Section 10.3</B> </TD>
    <TD align=left width="90%"><B>Selection by Trustee of Securities to Be
Redeemed.</B> </TD></TR></TABLE>
<P align=justify>If less than all the Securities of any series are to be
redeemed, the particular Securities to be redeemed shall be selected not more
than 60 days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series not previously called for redemption, by lot or in
such manner as the Trustee shall deem fair and appropriate and which may provide
for the selection for redemption of portions of the principal of Securities of
such series; provided, however, that no such partial redemption shall reduce the
portion of the principal amount of a Security not redeemed to less than the
minimum authorized denomination for Securities of such series established
pursuant to Section 3.1.</P>
<P align=justify>The Trustee shall promptly notify the Company in writing of the
Securities selected for redemption and, in the case of any Securities selected
for partial redemption, the principal amount thereof to be redeemed.</P>
<P align=justify>For all purposes of this Indenture, unless the context
otherwise requires, all provisions relating to the redemption of Securities
shall relate, in the case of any Security redeemed or to be redeemed only in
part, to the portion of the principal amount of such Security which has been or
is to be redeemed.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 10.4</B> </TD>
    <TD align=left width="90%"><B>Notice of Redemption.</B>
</TD></TR></TABLE>
<P align=justify>Except as otherwise specified as contemplated by Section 3.1,
notice of redemption shall be given in the manner provided for in Section 1.6
not less than 30 nor more than 60 days prior to the Redemption Date, to each
Holder of Securities to be redeemed.</P>
<P align=justify>All notices of redemption shall state:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the Redemption Date,</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 Redemption Price and the amount of accrued interest
      to the Redemption Date payable as provided in Section 10.6, if
  any,</P></TD></TR>
  </TABLE>
<br>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-82-</P>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD><P align=justify>if less than all the Outstanding Securities of any series
      are to be redeemed, the identification (and, in the case of partial
      redemption, the principal amounts) of the particular Securities to be
      redeemed,</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD><P align=justify>in case any Security is to be redeemed in part only, the
      notice which relates to such Security shall state that on and after the
      Redemption Date, upon surrender of such Security, the Holder will receive,
      without charge, a new Security or Securities of authorized denominations
      for the principal amount thereof remaining unredeemed,</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD><P align=justify>that on the Redemption Date, the Redemption Price and
      accrued interest, if any, to the Redemption Date payable as provided in
      Section 10.6 will become due and payable upon each such Security, or the
      portion thereof, to be redeemed and, if applicable, that interest thereon
      will cease to accrue on and after said date,</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD><P align=justify>the Place or Places of Payment where such Securities,
      together in the case of Bearer Securities with all coupons appertaining
      thereto, if any, maturing after the Redemption Date, are to be surrendered
      for payment of the Redemption Price and accrued interest, if
      any,</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD><P align=justify>that the redemption is for a sinking fund, if such is the
      case,</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(8) </TD>
    <TD><P align=justify>that, unless otherwise specified in such notice, Bearer
      Securities of any series, if any, surrendered for redemption must be
      accompanied by all coupons maturing subsequent to the Redemption Date or
      the amount of any such missing coupon or coupons will be deducted from the
      Redemption Price unless security or indemnity satisfactory to the Company,
      the Trustee and any Paying Agent is furnished, and</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(9) </TD>
    <TD><P align=justify>if Bearer Securities of any series are to be redeemed and
      any Registered Securities of such series are not to be redeemed, and if
      such Bearer Securities may be exchanged for Registered Securities not
      subject to redemption on such Redemption Date pursuant to Section 3.5 or
      otherwise, the last date, as determined by the Company, on which such
      exchanges may be made.</P></TD>
  </TR>
</TABLE>
<P align=justify>Notice of redemption of Securities to be redeemed at the
election of the Company shall be given by the Company or, at the Company&#146;s
request, by the Trustee in the name and at the expense of the Company.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 10.5</B> </TD>
    <TD align=left width="90%"><B>Deposit of Redemption Price.</B>
</TD></TR></TABLE>
<P align=justify>Prior to any Redemption Date, the Company shall deposit or
cause to be deposited with the Trustee or with a Paying Agent (or, if the
Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 9.3) an amount of money in the Currency in which the
Securities of such series are payable (except, if applicable, as otherwise
specified pursuant to Section 3.1 for the Securities of such series and except,
if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) sufficient
to pay the Redemption Price of, and accrued interest, if any, on, all the
Securities which are to be redeemed on that date.</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-83-</P>
<P align=justify>The Company will cause the bank through which payment of funds
to the Trustee or the Paying Agent will be made to deliver to the Trustee or the
Paying Agent, as the case may be, by 10:00 a.m. (New York Time) two Business
Days prior to the due date of such payment an irrevocable confirmation (by
tested telex or authenticated Swift MT 100 Message) of its intention to make
such payment.</P>
<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 ><B>Section 10.6</B> </TD>
    <TD align=left width="90%"><B>Securities Payable on Redemption Date.</B>
</TD></TR></TABLE>
<P align=justify>Notice of redemption having been given as aforesaid, the
Securities so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price therein specified in the Currency in which the
Securities of such series are payable (except, if applicable, as otherwise
specified pursuant to Section 3.1 for the Securities of such series and except,
if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) (together
with accrued interest, if any, to the Redemption Date), and from and after such
date (unless the Company shall default in the payment of the Redemption Price
and accrued interest, if any) such Securities shall, if the same were
interest-bearing, cease to bear interest and the coupons for such interest
appertaining to any Bearer Securities so to be redeemed, except to the extent
provided below, shall be void. Upon surrender of any such Security for
redemption in accordance with said notice, together with all coupons, if any,
appertaining thereto maturing after the Redemption Date, such Security shall be
paid by the Company at the Redemption Price, together with accrued interest, if
any, to the Redemption Date; provided, however, that installments of interest on
Bearer Securities whose Stated Maturity is on or prior to the Redemption Date
shall be payable only at an office or agency located outside the United States
and Canada (except as otherwise provided in Section 9.2) and, unless otherwise
specified as contemplated by Section 3.1, only upon presentation and surrender
of coupons for such interest; and provided further that installments of interest
on Registered Securities whose Stated Maturity is on or prior to the Redemption
Date shall be payable to the Holders of such Securities, or one or more
Predecessor Securities, registered as such at the close of business on the
relevant record dates according to their terms and the provisions of Section
3.7.</P>
<P align=justify>If any Bearer Security surrendered for redemption shall not be
accompanied by all appurtenant coupons maturing after the Redemption Date, such
Security may be paid after deducting from the Redemption Price an amount equal
to the face amount of all such missing coupons, or the surrender of such missing
coupon or coupons may be waived by the Company and the Trustee if there be
furnished to them such security or indemnity as they may require to save each of
them and any Paying Agent harmless. If thereafter the Holder of such Security
shall surrender to the Trustee or any Paying Agent any such missing coupon in
respect of which a deduction shall have been made from the Redemption Price,
such Holder shall be entitled to receive the amount so deducted; provided,
however, that interest represented by coupons shall be payable only at an office
or agency located outside the United States and Canada (except as otherwise
provided in Section 9.2) and, unless otherwise specified as contemplated by
Section 3.1, only upon presentation and surrender of those coupons.</P>
<P align=justify>If any Security called for redemption shall not be so paid upon
surrender thereof for redemption, the principal (and premium, if any) shall,
until paid, bear interest from the Redemption Date at the rate of interest or
Yield to Maturity (in the case of Original Issue Discount Securities) set forth
in such Security.</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-84-</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 ><B>Section 10.7</B> </TD>
    <TD align=left width="90%"><B>Securities Redeemed in Part.</B>
</TD></TR></TABLE>
<P align=justify>Any Security which is to be redeemed only in part (pursuant to
the provisions of this Article or of Article 11) shall be surrendered at a Place
of Payment therefor (with, if the Company or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or such Holder&#146;s
attorney duly authorized in writing), and the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Security without
service charge, a new Security or Securities of the same series, of any
authorized denomination as requested by such Holder, in aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of
the Security so surrendered.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>ARTICLE 11</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>SINKING FUNDS</B> </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 nowrap ><B>Section 11.1</B> </TD>
    <TD align=left width="90%"><B>Applicability of Article.</B>
</TD></TR></TABLE>
<P align=justify>Retirements of Securities of any series pursuant to any sinking
fund shall be made in accordance with the terms of such Securities and (except
as otherwise specified as contemplated by Section 3.1 for Securities of any
series) in accordance with this Article.</P>
<P align=justify>The minimum amount of any sinking fund payment provided for by
the terms of Securities of any series is herein referred to as a &#147;mandatory
sinking fund payment&#148;, and any payment in excess of such minimum amount provided
for by the terms of Securities of any series is herein referred to as an
&#147;optional sinking fund payment&#148;. If provided for by the terms of Securities of
any series, the cash amount of any mandatory sinking fund payment may be subject
to reduction as provided in Section 11.2. Each sinking fund payment shall be
applied to the redemption of Securities of any series as provided for by the
terms of Securities of such series.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 11.2</B> </TD>
    <TD align=left width="90%"><B>Satisfaction of Sinking Fund Payments with
Securities.</B> </TD></TR></TABLE>
<P align=justify>Subject to Section 11.3, in lieu of making all or any part of
any mandatory sinking fund payment with respect to any Securities of a series in
cash, the Company may at its option (1) deliver to the Trustee Outstanding
Securities of such series (other than any previously called for redemption)
theretofore purchased or otherwise acquired by the Company together in the case
of any Bearer Securities of such series with all unmatured coupons appertaining
thereto, and/or (2) receive credit for the principal amount of Securities of
such series which have been previously redeemed either at the election of the
Company pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any mandatory
sinking fund payment with respect to the Securities of the same series required
to be made pursuant to the terms of such Securities as provided for by the terms
of such series; provided, however, that such Securities have not been previously
so credited. Such Securities shall be received and credited for such purpose by
the Trustee at the Redemption Price specified in such Securities for redemption
through operation of the sinking fund and the amount of such mandatory sinking
fund payment shall be reduced accordingly.</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-85-</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 ><B>Section 11.3</B> </TD>
    <TD align=left width="90%"><B>Redemption of Securities for Sinking
Fund.</B> </TD></TR></TABLE>
<P align=justify>Not less than 60 days prior to each sinking fund payment date
for any series of Securities, the Company will deliver to the Trustee an
Officers&#146; Certificate specifying the amount of the next ensuing sinking fund
payment for that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash in the Currency in
which the Securities of such series are payable (except, if applicable, as
otherwise specified pursuant to Section 3.1 for the Securities of such series
and except, if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e))
and the portion thereof, if any, which is to be satisfied by delivering or
crediting Securities of that series pursuant to Section 11.2 (which Securities
will, if not previously delivered, accompany such certificate) and whether the
Company intends to exercise its right to make a permitted optional sinking fund
payment with respect to such series. Such certificate shall be irrevocable and
upon its delivery the Company shall be obligated to make the cash payment or
payments therein referred to, if any, on or before the next succeeding sinking
fund payment date. In the case of the failure of the Company to deliver such
certificate, the sinking fund payment due on the next succeeding sinking fund
payment date for that series shall be paid entirely in cash and shall be
sufficient to redeem the principal amount of such Securities subject to a
mandatory sinking fund payment without the option to deliver or credit
Securities as provided in Section 11.2 and without the right to make any
optional sinking fund payment, if any, with respect to such series.</P>
<P align=justify>Not more than 60 days before each such sinking fund payment
date the Trustee shall select the Securities to be redeemed upon such sinking
fund payment date in the manner specified in Section 10.3 and cause notice of
the redemption thereof to be given in the name of and at the expense of the
Company in the manner provided in Section 10.4. Such notice having been duly
given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Sections 10.6 and 10.7.</P>
<P align=justify>Prior to any sinking fund payment date, the Company shall pay
to the Trustee or a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust as provided in Section 9.3) in cash a sum
equal to any interest that will accrue to the date fixed for redemption of
Securities or portions thereof to be redeemed on such sinking fund payment date
pursuant to this Section 11.3.</P>
<P align=justify>The Company will cause the bank through which payment of funds
to the Trustee or the Paying Agent will be made to deliver to the Trustee or the
Paying Agent, as the case may be, by 10:00 a.m. (New York Time) two Business
Days prior to the due date of such payment an irrevocable confirmation (by
tested telex or authenticated Swift MT 100 Message) of its intention to make
such payment.</P>
<P align=justify>Notwithstanding the foregoing, with respect to a sinking fund
for any series of Securities, if at any time the amount of cash to be paid into
such sinking fund on the next succeeding sinking fund payment date, together
with any unused balance of any preceding sinking fund payment or payments for
such series, does not exceed in the aggregate $100,000, the Trustee, unless
requested by the Company, shall not give the next succeeding notice of the
redemption of Securities of such series through the operation of the sinking
fund. Any such unused balance of moneys deposited in such sinking fund shall be
added to the sinking fund payment for such series to be made in cash on the next
succeeding sinking fund payment date or, at the request of the Company, shall be
applied at any time or from time to time to the purchase of Securities of such
series, by public or private purchase, in the open market or otherwise, at a
purchase price for such Securities (excluding accrued interest and
brokerage commissions, for which the Trustee or any Paying Agent will be
reimbursed by the Company) not in excess of the principal amount thereof.</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-86-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>ARTICLE 12</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>REPAYMENT AT OPTION OF HOLDERS</B>
</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 nowrap ><B>Section 12.1</B> </TD>
    <TD align=left width="90%"><B>Applicability of Article.</B>
</TD></TR></TABLE>
<P align=justify>Repayment of Securities of any series before their Stated
Maturity at the option of Holders thereof shall be made in accordance with the
terms of such Securities and (except as otherwise specified as contemplated by
Section 3.1 for Securities of any series) in accordance with this Article.</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 ><B>Section 12.2</B> </TD>
    <TD align=left width="90%"><B>Repayment of Securities.</B>
</TD></TR></TABLE>
<P align=justify>Securities of any series subject to repayment in whole or in
part at the option of the Holders thereof will, unless otherwise provided in the
terms of such Securities, be repaid at a price equal to the principal amount
thereof, together with interest, if any, thereon accrued to the Repayment Date
specified in or pursuant to the terms of such Securities. The Company covenants
that, with respect to Securities issued by the Company, on or before the
Repayment Date it will deposit with the Trustee or with a Paying Agent (or, if
the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 9.3) an amount of money in the Currency in which the
Securities of such series are payable (except, if applicable, as otherwise
specified pursuant to Section 3.1 for the Securities of such series and except,
if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) sufficient
to pay the principal (or, if so provided by the terms of the Securities of any
series, a percentage of the principal) of and (except if the Repayment Date
shall be an Interest Payment Date) accrued interest, if any, on, all the
Securities or portions thereof, as the case may be, to be repaid on such
date.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 12.3</B> </TD>
<TD align=left width="90%"><B>Exercise of Option.</B> </TD></TR></TABLE>
<P align=justify>Securities of any series subject to repayment at the option of
the Holders thereof will contain an &#147;Option to Elect Repayment&#148; form on the
reverse of such Securities. To be repaid at the option of the Holder, any
Security so providing for such repayment, with the &#147;Option to Elect Repayment&#148;
form on the reverse of such Security duly completed by the Holder (or by the
Holder&#146;s attorney duly authorized in writing), must be received by the Company
at the Place of Payment therefor specified in the terms of such Security (or at
such other place or places or which the Company shall from time to time notify
the Holders of such Securities) not earlier than 45 days nor later than 30 days
prior to the Repayment Date. If less than the entire principal amount of such
Security is to be repaid in accordance with the terms of such Security, the
principal amount of such Security to be repaid, in increments of the minimum
denomination for Securities of such series, and the denomination or
denominations of the Security or Securities to be issued to the Holder for the
portion of the principal amount of such Security surrendered that is not to be
repaid, must be specified. The principal amount of any Security providing for
repayment at the option of the Holder thereof may not be repaid in part if,
following such repayment, the unpaid principal amount of such Security would be
less than the minimum authorized denomination of Securities of the series of
which such Security to be repaid is a part. Except as otherwise may be provided
by the terms of any Security providing for repayment at the option of the Holder thereof,
exercise of the repayment option by the Holder shall be irrevocable unless
waived by the Company.</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-87-</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 ><B>Section 12.4</B> </TD>
    <TD align=left width="90%"><B>When Securities Presented for Repayment
Become Due and Payable.</B> </TD></TR></TABLE>
<P align=justify>If Securities of any series providing for repayment at the
option of the Holders thereof shall have been surrendered as provided in this
Article and as provided by or pursuant to the terms of such Securities, such
Securities or the portions thereof, as the case may be, to be repaid shall
become due and payable and shall be paid by the Company on the Repayment Date
therein specified, and on and after such Repayment Date (unless the Company
shall default in the payment of such Securities on such Repayment Date together
with, if applicable, accrued interest, if any, thereon to the Repayment Date)
such Securities shall, if the same were interest-bearing, cease to bear interest
and the coupons for such interest appertaining to any Bearer Securities so to be
repaid, except to the extent provided below, shall be void. Upon surrender of
any such Security for repayment in accordance with such provisions, together
with all coupons, if any, appertaining thereto maturing after the Repayment
Date, the principal amount of such Security so to be repaid shall be paid by the
Company, together with accrued interest, if any, to the Repayment Date;
provided, however, that coupons whose Stated Maturity is on or prior to the
Repayment Date shall be payable only at an office or agency located outside the
United States and Canada (except as otherwise provided in Section 9.2) and,
unless otherwise specified pursuant to Section 3.1, only upon presentation and
surrender of such coupons; and provided further that, in the case of Registered
Securities, installments of interest, if any, whose Stated Maturity is on or
prior to the Repayment Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of
business on the relevant Record Dates according to their terms and the
provisions of Section 3.7.</P>
<P align=justify>If any Bearer Security surrendered for repayment shall not be
accompanied by all appurtenant coupons maturing after the Repayment Date, such
Security may be paid after deducting from the amount payable therefor as
provided in Section 12.2 an amount equal to the face amount of all such missing
coupons, or the surrender of such missing coupon or coupons may be waived by the
Company and the Trustee if there be furnished to them such security or indemnity
as they may require to save each of them and any Paying Agent harmless. If
thereafter the Holder of such Security shall surrender to the Trustee or any
Paying Agent any such missing coupon in respect of which a deduction shall have
been made as provided in the preceding sentence, such Holder shall be entitled
to receive the amount so deducted; provided, however, that interest represented
by coupons shall be payable only at an office or agency located outside the
United States and Canada (except as otherwise provided in Section 9.2) and,
unless otherwise specified as contemplated by Section 3.1, only upon
presentation and surrender of those coupons.</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-88-</P>
<P align=justify>If the principal amount of any Security surrendered for
repayment shall not be so repaid upon surrender thereof, such principal amount
(together with interest, if any, thereon accrued to such Repayment Date) shall,
until paid, bear interest from the Repayment Date at the rate of interest or
Yield to Maturity (in the case of Original Issue Discount Securities) set forth
in such Security.</P>
<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 ><B>Section 12.5</B> </TD>
    <TD align=left width="90%"><B>Securities Repaid in Part.</B>
</TD></TR></TABLE>
<P align=justify>Upon surrender of any Registered Security which is to be repaid
in part only, the Company shall execute and the Trustee shall authenticate and
deliver to the Holder of such Security, without service charge and at the expense of the Company, a new Registered Security or
Securities of the same series each, of any authorized denomination specified by
the Holder, in an aggregate principal amount equal to and in exchange for the
portion of the principal of such Security so surrendered which is not to be
repaid.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>ARTICLE 13</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>DEFEASANCE AND COVENANT DEFEASANCE</B>
</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 nowrap ><B>Section 13.1</B> </TD>
    <TD align=left width="90%"><B>Option to Effect Defeasance or Covenant
Defeasance.</B> </TD></TR></TABLE>
<P align=justify>Except as otherwise specified as contemplated by Section 3.1
for Securities of any series, the provisions of this Article 13 shall apply to
each series of Securities, and the Company may, at its option, effect defeasance
of the Securities of a series under Section 13.2, or covenant defeasance of a
series under Section 13.3 in accordance with the terms of such Securities and in
accordance with this Article; provided, however, that, unless otherwise
specified pursuant to Section 3.1 with respect to the Securities of any series,
the Company may effect defeasance or covenant defeasance only with respect to
all of the Securities of such series.</P>
<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 ><B>Section 13.2</B> </TD>
    <TD align=left width="90%"><B>Defeasance and Discharge.</B>
</TD></TR></TABLE>
<P align=justify>Upon the exercise by the Company of the above option applicable
to this Section with respect to any Securities of a series, the Company shall be
deemed to have been discharged from its obligations with respect to such
Outstanding Securities and any related coupons on the date the conditions set
forth in Section 13.4 are satisfied (hereinafter, &#147;<B>defeasance</B>&#148;). For this
purpose, such defeasance means that the Company shall be deemed to have paid and
discharged the entire Indebtedness represented by such Outstanding Securities
and any related coupons, respectively, which shall thereafter be deemed to be
&#147;Outstanding&#148; only for the purposes of Section 13.5 and the other provisions of
this Indenture referred to in (A), (B), (C) and (D) below, and to have satisfied
all their other obligations under such Securities and any related coupons,
respectively, and this Indenture insofar as such Securities and any related
coupons are concerned (and the Trustee, at the expense of the Company, shall
execute proper instruments acknowledging the same), except for the following
which shall survive until otherwise terminated or discharged hereunder: (A) the
rights of Holders of such Outstanding Securities and any related coupons to
receive, solely from the trust fund described in Section 13.4 and as more fully
set forth in such Section, payments in respect of the principal of (and premium,
if any) and interest, if any, on such Securities and any related coupons when
such payments are due, (B) the Company&#146;s and the Trustee&#146;s obligations with
respect to such Securities under Sections 1.13, 1.14, 3.4, 3.5, 3.6, 9.2 and 9.3
(and any applicable provisions of Article 10), (C) the rights, powers, trusts,
duties and immunities of the Trustee hereunder and (D) this Article 13. Subject
to compliance with this Article 13, the Company may exercise its option under
this Section 13.2 notwithstanding the prior exercise of the option under Section
13.3 with respect to such Securities and any related coupons.</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-89-</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 ><B>Section 13.3</B> </TD>
    <TD align=left width="90%"><B>Covenant Defeasance.</B>
</TD></TR></TABLE>
<P align=justify>Upon the exercise by the Company of the above option applicable
to this Section with respect to any Securities of a series, the Company shall be
released from its obligations under Sections 9.5 through 9.7, and, if specified
pursuant to Section 3.1, their obligations under any other covenant, in each
case with respect to such Outstanding Securities and any related coupons,
respectively, on and after the date the conditions set forth in Section 13.4 are
satisfied (hereinafter, &#147;<b>covenant defeasance</b>&#148;), and such Securities and
any related coupons shall thereafter be deemed not to be &#147;Outstanding&#148; for the
purposes of any direction, waiver, consent or declaration or Act of Holders (and
the consequences of any thereof) in connection with such covenants, but shall
continue to be deemed &#147;Outstanding&#148; for all other purposes hereunder. For this
purpose, such covenant defeasance means that, with respect to such Outstanding
Securities and any related coupons, the Company may omit to comply with and
shall have no liability in respect of any term, condition or limitation set
forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of reference in any
such covenant to any other provision herein or in any other document and such
omission to comply shall not constitute a Default or an Event of Default under
Section 5.1(3) or Section 5.1(6) or otherwise, as the case may be, but, except
as specified above, the remainder of this Indenture and such Securities and any
related coupons shall be unaffected thereby.</P>
<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 ><B>Section 13.4</B> </TD>
    <TD align=left width="90%"><B>Conditions to Defeasance or Covenant
Defeasance.</B> </TD></TR></TABLE>
<P align=justify>The following shall be the conditions to application of either
Section 13.2 or Section 13.3 to any Outstanding Securities of or within a series
and any related coupons:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Company has deposited or caused to be deposited with
      the Trustee (or another trustee satisfying the requirements of Section 6.7
      who shall agree to comply with the provisions of this Article 13
      applicable to it) as trust funds in trust for the purpose of making the
      following payments, specifically pledged as security for, and dedicated
      solely to, the benefit of the Holders of such Securities and any related
      coupons, (A) an amount (in such Currency in which such Securities and any
      related coupons are then specified as payable at Stated Maturity), or (B)
      Government Obligations applicable to such Securities (determined on the
      basis of the Currency in which such Securities are then specified as
      payable at Stated Maturity) which through the scheduled payment of
      principal and interest in respect thereof in accordance with their terms
      will provide, not later than one day before the due date of any payment of
      principal of or premium, if any, or interest, if any, or any other sums
      due under such Securities and any related coupons, money in an amount, or
      (C) a combination thereof, sufficient, in the opinion of a nationally
      recognized firm of independent certified public accountants expressed in a
      written certification thereof delivered to the Trustee, to pay and
      discharge, and which shall be applied by the Trustee (or other qualifying
      trustee) to pay and discharge, (i) the principal of (and premium, if any)
      and interest, if any, and any other sums due under such Outstanding
      Securities and any related coupons on the Stated Maturity (or Redemption
      Date, if applicable) of such principal (and premium, if any) or
      installment of interest, if any, or any other sums and (ii) any mandatory
      sinking fund payments or analogous payments applicable to such Outstanding
      Securities and any related coupons on the day on which such payments are
      due and payable in accordance with the terms of this Indenture and of such
      Securities and any related coupons; provided that the Trustee shall have
      been irrevocably instructed to apply such money or the proceeds of such
      Government Obligations to said payments with respect to such Securities
      and any related coupons. Before such a deposit, the Company may give to
      the Trustee, in accordance with Section 10.2 hereof, a notice of its
      election to redeem all or any portion of such Outstanding Securities at a
      future date in accordance with the terms of the Securities of such series
      and Article 10 hereof, which notice shall be irrevocable. Such irrevocable redemption notice, if
given, shall be given effect in applying the foregoing.</P></TD></TR></TABLE>
<br>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-90-</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) </TD>
    <TD>
      <P align=justify>In the case of an election under Section 13.2, the
      Company shall have delivered to the Trustee an Opinion of Counsel in the
      United States stating that (x) the Company has received from, or there has
      been published by, the Internal Revenue Service a ruling, or (y) since the
      date of execution of this Indenture, there has been a change in the
      applicable U.S. federal income tax law, in either case to the effect that,
      and based thereon such opinion shall confirm that, the Holders of such
      Outstanding Securities and any related coupons will not recognize income,
      gain or loss for U.S. federal income tax purposes as a result of such
      defeasance and will be subject to U.S. federal income tax on the same
      amounts, in the same manner and at the same times as would have been the
      case if such defeasance had not occurred.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>In the case of an election under Section 13.3, the
      Company shall have delivered to the Trustee an Opinion of Counsel in the
      United States to the effect that the Holders of such Outstanding
      Securities and any related coupons will not recognize income, gain or loss
      for U.S. federal income tax purposes as a result of such covenant
      defeasance and will be subject to U.S. federal income tax on the same
      amounts, in the same manner and at the same times as would have been the
      case if such covenant defeasance had not occurred.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>The Company has delivered to the Trustee an Opinion of
      Counsel in Canada or a ruling from Canada Customs and Revenue Agency to
      the effect that the Holders of such Outstanding Securities and any related
      coupons will not recognize income, gain or loss for Canadian federal or
      provincial income tax or other tax purposes as a result of such defeasance
      or covenant defeasance and will be subject to Canadian federal and
      provincial income tax and other tax on the same amounts, in the same
      manner and at the same times as would have been the case had such
      defeasance or covenant defeasance not occurred (and for the purposes of
      such opinion, such Canadian counsel shall assume that Holders of such
      Outstanding Securities include Holders who are not resident in
    Canada).</P></TD></TR>
  </TABLE>
<br>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-91-</P>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD><P align=justify>The Company is not an &#147;insolvent person&#148; within the
      meaning of the Bankruptcy and Insolvency Act (Canada) on the date of such
      deposit or at any time during the period ending on the 91st day after the
      date of such deposit (it being understood that this condition shall not be
      deemed satisfied until the expiration of such period).</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD><P align=justify>No Event of Default or event that, with the passing of
      time or the giving of notice, or both, shall constitute an Event of
      Default with respect to such Securities or any related coupons shall have
      occurred and be continuing on the date of such deposit or, insofar as
      paragraphs (5), (6) and (7) of Section 5.1 are concerned, at any time
      during the period ending on the 91st day after the date of such deposit
      (it being understood that this condition shall not be deemed satisfied
      until the expiration of such period).</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD><P align=justify>The Company has delivered to the Trustee an Opinion of
      Counsel to the effect that such deposit shall not cause the Trustee or the
      trust so created to be subject to the Investment Company Act of 1940, as
      amended.</P></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%">(8) </TD>
    <TD>
      <P align=justify>Such defeasance or covenant defeasance shall not result
      in a breach or violation of, or constitute a default under, this Indenture
      or any other material agreement or instrument to which the Company is a
      party or by which it is bound.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(9) </TD>
    <TD>
      <P align=justify>Notwithstanding any other provisions of this Section,
      such defeasance or covenant defeasance shall be effected in compliance
      with any additional or substitute terms, conditions or limitations in
      connection therewith pursuant to Section 3.1.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(10) </TD>
    <TD>
      <P align=justify>The Company shall have delivered to the Trustee an
      Officers&#146; Certificate and an Opinion of Counsel, each stating that all
      conditions precedent provided for relating to either the defeasance under
      Section 13.2 or the covenant defeasance under Section 13.3 (as the case
      may be) have been complied with.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 13.5 </B></TD>
    <TD align=left width="90%" ><STRONG>Deposited Money and
      Government Obligations to Be Held in Trust; Other</STRONG>
<STRONG>Miscellaneous Provisions.</STRONG> </TD></TR></TABLE>
<P align=justify>Subject to the provisions of the last paragraph of Section 9.3,
all money and Government Obligations (or other property as may be provided
pursuant to Section 3.1) (including the proceeds thereof) deposited with the
Trustee (or other qualifying trustee, collectively for purposes of this Section
13.5, the &#147;<B>Trustee</B>&#148;) pursuant to Section 13.4 in respect of such
Outstanding Securities and any related coupons shall be held in trust and
applied by the Trustee, in accordance with the provisions of such Securities and
any related coupons and this Indenture, to the payment, either directly or
through any Paying Agent as the Trustee may determine (other than, with respect
only to defeasance pursuant to Section 13.2, the Company or any of its
Affiliates), to the Holders of such Securities and any related coupons of all
sums due and to become due thereon in respect of principal (and premium, if any)
and interest, if any, but such money need not be segregated from other funds
except to the extent required by law.</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-92-</P>
<P align=justify>Unless otherwise specified with respect to any Security
pursuant to Section 3.1, if, after a deposit referred to in Section 13.4(1) has
been made, (a) the Holder of a Security in respect of which such deposit was
made is entitled to, and does, elect pursuant to Section 312(b) or the terms of
such Security to receive payment in a Currency other than that in which the
deposit pursuant to Section 13.4(1) has been made in respect of such Security,
or (b) a Conversion Event occurs as contemplated in Section 3.12(d) or 3.12(e)
or by the terms of any Security in respect of which the deposit pursuant to
Section 13.4(1) has been made, the Indebtedness represented by such Security and
any related coupons shall be deemed to have been, and will be, fully discharged
and satisfied through the payment of the principal of (and premium, if any) and
interest, if any, on such Security as they become due out of the proceeds
yielded by converting (from time to time as specified below in the case of any
such election) the amount or other property deposited in respect of such
Security into the Currency in which such Security becomes payable as a result of
such election or Conversion Event based on the applicable Market Exchange Rate
for such Currency in effect on the third Business Day prior to each payment
date, except, with respect to a Conversion Event, for such Currency in effect
(as nearly as feasible) at the time of the Conversion Event.</P>
<P align=justify>The Company shall pay and indemnify the Trustee against any
tax, fee or other charge imposed on or assessed against the Government
Obligations deposited pursuant to Section 13.4 or the principal and interest received in respect thereof other than any such tax,
fee or other charge which by law is for the account of the Holders of such
Outstanding Securities and any related coupons.</P>
<P align=justify>Anything in this Article 13 to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon request
of the Company any money or Government Obligations (or other property and any
proceeds therefrom) held by it as provided in Section 13.4 which, in the opinion
of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, are in excess of the
amount thereof which would then be required to be deposited to effect an
equivalent defeasance or covenant defeasance, as applicable, in accordance with
this Article.</P>
<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 ><B>Section 13.6</B> </TD>
<TD align=left width="90%"><B>Reinstatement.</B> </TD></TR></TABLE>
<P align=justify>If the Trustee or any Paying Agent is unable to apply any money
in accordance with Section 13.5 by reason of any order or judgment of any court
or governmental authority enjoining, restraining or otherwise prohibiting such
application, then the obligations of the Company under this Indenture and such
Securities and any related coupons shall be revived and reinstated as though no
deposit had occurred pursuant to Section 13.2 or 13.3, as the case may be, until
such time as the Trustee or Paying Agent is permitted to apply all such money in
accordance with Section 13.5; provided, however, that if the Company makes any
payment of principal of (or premium, if any) or interest, if any, on any such
Security or any related coupon following the reinstatement of its obligations,
the Company shall be subrogated to the rights of the Holders of such Securities
and any related coupons to receive such payment from the money held by the
Trustee or Paying Agent.</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-93-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>ARTICLE 14</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>MEETINGS OF HOLDERS OF SECURITIES</B>
</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 nowrap ><B>Section 14.1</B> </TD>
    <TD align=left width="90%"><B>Purposes for Which Meetings May Be
Called.</B> </TD></TR></TABLE>
<P align=justify>If Securities of a series are issuable, in whole or in part, as
Bearer Securities, a meeting of Holders of Securities of such series may be
called at any time and from time to time pursuant to this Article to make, give
or take any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be made, given or taken by Holders
of Securities of such series.</P>
<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 ><B>Section 14.2</B> </TD>
    <TD align=left width="90%"><B>Call, Notice and Place of Meetings.</B>
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Trustee may at any time call a meeting of Holders of
      Securities of any series for any purpose specified in Section 14.1, to be
      held at such time and at such place in the City of New York or in London
      or in Vancouver, British Columbia, Canada as the Trustee shall determine.
      Notice of every meeting of Holders of Securities of any series, setting
      forth the time and the place of such meeting and in general terms the
      action proposed to be taken at such meeting, shall be given, in the manner
      provided for in Section 1.6, not less than 21 nor more than 180 days prior
      to the date fixed for the meeting.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>In case at any time the Company, pursuant to a Board
      Resolution or the Holders of at least 10% in principal amount of the
      Outstanding Securities of any series shall have requested the Trustee to
      call a meeting of the Holders of Securities of such series for
  any purpose specified in Section 14.1, by written request (a)
setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have made the first publication of the notice
of such meeting within 21 days after receipt of such request or shall not
thereafter proceed to cause the meeting to be held as provided herein, then the
Company or the Holders of Securities of such series in the amount above
specified, as the case may be, may determine the time and the place in the City
of New York, London or in Vancouver, British Columbia, Canada for such meeting
and may call such meeting for such purposes by giving notice thereof as provided
in paragraph (a) of this Section.</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 nowrap ><B>Section 14.3</B> </TD>
    <TD align=left width="90%"><B>Persons Entitled to Vote at Meetings.</B>
</TD></TR></TABLE>
<P align=justify>To be entitled to vote at any meeting of Holders of Securities
of any series, a Person shall be (1) a Holder of one or more Outstanding
Securities of such series, or (2) a Person appointed by an instrument in writing
as proxy for a Holder or Holders of one or more Outstanding Securities of such
series by such Holder of Holders. The only Persons who shall be entitled to be
present or to speak at any meeting of Holders of Securities of any series shall
be the Person entitled to vote at such meeting and their counsel, any
representatives of the Trustee and its counsel and any representatives of the
Company and its counsel.</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-94-</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 ><B>Section 14.4</B> </TD>
<TD align=left width="90%"><B>Quorum; Action.</B> </TD></TR></TABLE>
<P align=justify>The Persons entitled to vote a majority in principal amount of
the Outstanding Securities of a series shall constitute a quorum for a meeting
of Holders of Securities of such series; provided, however, that, if any action
is to be taken at such meeting with respect to a consent or waiver which this
Indenture expressly provides may be given by the Holders of not less than a
specified percentage in principal amount of the Outstanding Securities of a
series, the Persons entitled to vote such specified percentage in principal
amount of the Outstanding Securities of such series shall constitute a quorum.
In the absence of a quorum within 30 minutes of the time appointed for any such
meeting, the meeting shall, if convened at the request of Holders of Securities
of such series, be dissolved. In any other case the meeting may be adjourned for
a period of not less than 10 days as determined by the chairman of the meeting
prior to the adjournment of such meeting. In the absence of a quorum at any such
adjourned meeting, such adjourned meeting may be further adjourned for a period
of not less than 10 days as determined by the chairman of the meeting prior to
the adjournment of such adjourned meeting. Notice of the reconvening of any
adjourned meeting shall be given as provided in Section 14.2(a), except that
such notice need be given only once not less than five days prior to the date on
which the meeting is scheduled to be reconvened. Notice of the reconvening of
any adjourned meeting shall state expressly the percentage, as provided above,
of the principal amount of the Outstanding Securities of such series which shall
constitute a quorum.</P>
<P align=justify>Subject to the foregoing, at the reconvening of any meeting
adjourned for lack of a quorum the Persons entitled to vote 25% in principal
amount of the Outstanding Securities at the time shall constitute a quorum for
the taking of any action set forth in the notice of the original meeting.</P>
<P align=justify>Except as limited by the proviso to Section 8.2, any resolution
presented to a meeting or adjourned meeting duly reconvened at which a quorum is
present as aforesaid may be adopted by the affirmative vote of the Holders of
not less than a majority in principal amount of the Outstanding Securities of
such series; provided, however, that, except as limited by the
proviso to Section 8.2, any resolution with respect to any request, demand,
authorization, direction, notice, consent, waiver or other action which this
Indenture expressly provides may be made, given or taken by the Holders of a
specified percentage, which is less than a majority, in principal amount of the
Outstanding Securities of a series may be adopted at a meeting or an adjourned
meeting duly reconvened and at which a quorum is present as aforesaid by the
affirmative vote of the Holders of not less than such specified percentage in
principal amount of the Outstanding Securities of such series.</P>
<P align=justify>Any resolution passed or decision taken at any meeting of
Holders of Securities of any series duly held in accordance with this Section
shall be binding on all the Holders of Securities of such series and the related
coupons, whether or not present or represented at the meeting.</P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-95-</P>
<P align=justify>Notwithstanding the foregoing provisions of this Section 14.4,
if any action is to be taken at a meeting of Holders of Securities of any series
with respect to any request, demand, authorization, direction, notice, consent,
waiver or other action that this Indenture expressly provides may be made, given
or taken by the Holders of a specified percentage in principal amount of all
Outstanding Securities affected thereby, or of the Holders of such series and
one or more additional series:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

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

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 14.5</B> </TD>
    <TD align=left width="90%"><B>Determination of Voting Rights; Conduct and
Adjournment of Meetings.</B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Notwithstanding any provisions of this Indenture, the
      Trustee may make such reasonable regulations as it may deem advisable for
      any meeting of Holders of Securities of a series in regard to proof of the
      holding of Securities of such series and of the appointment of proxies and
      in regard to the appointment and duties of inspectors of votes, the
      submission and examination of proxies, certificates and other evidence of
      the right to vote, and such other matters concerning the conduct of the
      meeting as its shall deem appropriate. Except as otherwise permitted or
      required by any such regulations, the holding of Securities shall be
      proved in the manner specified in Section 1.4 and the appointment of any
      proxy shall be proved in the manner specified in Section 1.4 or by having
      the signature of the person executing the proxy witnessed or guaranteed by
      any trust company, bank or banker authorized by Section 1.4 to certify to
      the holding of Bearer Securities. Such regulations may provide that
      written instruments appointing proxies, regular on their face, may be
      presumed valid and genuine without the proof specified in Section 1.4 or
      other proof.</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 Trustee shall, by an instrument in writing appoint a
      temporary chairman of the meeting, unless the meeting shall have been
      called by the Company or by Holders of Securities as provided in Section 14.2(b), in which case the
Company or the Holders of Securities of the series calling the meeting, as the
case may be, shall in like manner appoint a temporary chairman. A permanent
chairman and a permanent secretary of the meeting shall be elected by vote of
the Persons entitled to vote a majority in principal amount of the Outstanding
Securities of such series represented at the meeting.</P></TD></TR></TABLE>
<br>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD><P align=justify>At any meeting each Holder of a Security of such series
      or proxy shall be entitled to one vote for each $1,000 principal amount of
      Outstanding Securities of such series held or represented by him
      (determined as specified in the definition of &#147;Outstanding&#148; in Section
      1.1); provided, however, that no vote shall be cast or counted at any
      meeting in respect of any Security challenged as not Outstanding and ruled
      by the chairman of the meeting to be not Outstanding. The chairman of the
      meeting shall have no right to vote, except as a Holder of a Security of
      such series or proxy.</P></TD>
  </TR>
</TABLE>
<br>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-96-</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>Any meeting of Holders of Securities of any series duly
      called pursuant to Section 14.2 at which a quorum is present may be
      adjourned from time to time by Persons entitled to vote a majority in
      principal amount of the Outstanding Securities of such series represented
      at the meeting; and the meeting may be held as so adjourned without
      further notice.</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap ><B>Section 14.6</B> </TD>
    <TD align=left width="90%"><B>Counting Votes and Recording Action of
Meetings.</B> </TD></TR></TABLE>
<P align=justify>The vote upon any resolution submitted to any meeting of
Holders of Securities of any series shall be by written ballots on which shall
be subscribed the signatures of the Holders of Securities of such series or of
their representatives by proxy and the principal amounts and serial numbers of
the Outstanding Securities of such series held or represented by them. The
permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution and who
shall make and file with the secretary of the meeting their verified written
reports in duplicate of all votes cast at the meeting. A record, at least in
duplicate, of the proceedings of each meeting of Holders of Securities of any
series shall be prepared by the Secretary of the meeting and there shall be
attached to said record the original reports of the inspectors of votes on any
vote by ballot taken thereat and affidavits by one or more persons having
knowledge of the facts setting forth a copy of the notice of the meeting and
showing that said notice was given as provided in Section 14.2 and, if
applicable, Section 14.4. Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such
copy shall be delivered to the Company, and another to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted
at the meeting. Any record so signed and verified shall be conclusive evidence
of the matters therein stated.</P>
<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 ><B>Section 14.7</B> </TD>
    <TD align=left width="90%"><B>Waiver of Jury Trial.</B>
</TD></TR></TABLE>
<P align=justify>Each of the Company and the Trustee hereby irrevocably waives,
to the fullest extent permitted by applicable law, any and all right to trial by
jury in any legal proceeding arising out of or relating to this Indenture, the
Securities or the transactions contemplated hereby.</P>
<P align=justify>This Indenture may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same Indenture.</P>

<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=center>-97-</P>
<P align=justify>IN WITNESS WHEREOF, the parties hereto have caused this
Indenture to be duly executed, all as of the day and year first above
written.</P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left colSpan=2>Taseko Mines Limited </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="90%" >Name: </TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="90%" >Title: </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="90%" >Name: </TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="90%" >Title: </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >as Trustee </TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="90%" >Name: </TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="90%" >Title: </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="90%" >Name: </TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="90%" >Title:
</TD></TR></TABLE></DIV><BR>
<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>

  <TR vAlign=bottom>
    <TD align=center><B>EXHIBIT A</B> </TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><B>FORM OF SECURITY</B> </TD></TR></TABLE>
<P align=justify><B>*[Unless this Security is presented by an authorized
representative of The Depository Trust Company, a New York corporation (&#147;DTC&#148;),
to the Company (as defined below) or its agent for registration of transfer,
exchange or payment, and any certificate issued is registered in the name of
Cede &amp; Co. or such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede &amp; Co. or to such
other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede &amp; Co., has an
interest herein.</B></P>
<P align=justify><B>*[This Security is a global Security within the meaning of
the Indenture hereinafter referred to and is registered in the name of DTC or a
nominee of DTC. This Security is exchangeable for Securities registered in the
name of a Person other than DTC or its nominee only in the limited circumstances
described in the Indenture, and no transfer of this Security (other than a
transfer of this Security as a whole by DTC to a nominee of DTC or by a nominee
of DTC to DTC or another nominee of DTC or by DTC or any such nominee to a
successor Depositary or nominee of such successor Depositary) may be registered
except in limited circumstances.]</B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_93></A>
<P align=center>Taseko Mines Limited </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 colSpan=2>% [Debenture] [Note] [due] [Due] </TD></TR>
  <TR vAlign=top>
    <TD align=left>No. [&nbsp; ] </TD>
    <TD align=right width="26%">$[&nbsp; ] </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="26%">CUSIP: </TD></TR></TABLE>
<P align=justify>*Include if Securities are to be issued in global form. At the
time of this writing, DTC will not accept global securities with an aggregate
principal amount in excess of $500,000,000. If the aggregate principal amount of
the offering exceeds this amount, use more than one global security.</P>
<P align=justify>Taseko Mines Limited, a corporation incorporated under the laws
of the Province of British Columbia, Canada (herein called the &#147;Company&#148;, which
term includes any successor Person under the Indenture hereinafter referred to),
for value received, hereby promises to pay to [Cede &amp; Co.]*, or registered
assigns, the principal sum of $[ ] ( [ ] DOLLARS) on [date and year], at the
office or agency of the Company referred to below, and to pay interest thereon
on [date and year], and semi-annually thereafter on [date] and [date] in each
year, from and including [date and year],** or from and including the most
recent Interest Payment Date to which interest has been paid or duly provided
for, at the rate of [ ]% per annum, until the principal hereof is paid or duly
provided for, and (to the extent lawful) to pay on demand interest on any
overdue principal, [premium, if any,] or interest at the rate borne by this
Security from and including the date on which such overdue principal, [premium,
if any,] or interest becomes payable to but excluding the date payment of such
principal, [premium, if any,] or interest has been made or duly provided for.
The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in such Indenture, be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest, which shall be the [date] or [date] (whether or not a Business Day),
as the case may be, next preceding such Interest Payment Date. Any such interest
not so punctually paid or duly provided for shall forthwith cease to be payable
to the Holder on such Regular Record Date, and such Defaulted Interest, and (to
the extent lawful) interest on such Defaulted Interest at the rate borne by the
Securities of this series, may be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business
on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date, or may be paid
at any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Securities of this series may be listed,
and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture. Reference is hereby made to the further provisions
of this Security set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place.</P>
<P align=justify>*Include if Securities are to be issued in global form. At the
time of this writing, DTC will not accept global securities with an aggregate
principal amount in excess of $500,000,000. If the aggregate principal amount of
the offering exceeds this amount, use more than one global security.</P>
<P align=justify>**Insert date from which interest is to accrue or, if the
Securities are to be sold &#147;flat&#148;, the closing date of the offering.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_94></A>
<P align=center>-100-</P>
<P align=justify>Unless the certificate of authentication hereon has been duly
executed by the Trustee by manual signature, this Security shall not be entitled
to any benefit under the Indenture, or be valid or obligatory for any
purpose.</P>
<P align=justify>IN WITNESS WHEREOF, the Company has caused this instrument to
be duly executed.</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>
    <TD align=left width="50%" colSpan=2 >Taseko Mines Limited
  </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: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
     >&nbsp;</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: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
     >&nbsp;</TD></TR></TABLE>
<P align=center><B>TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION </B></P>
<P align=justify>This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture.</P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center>as Trustee </TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>Authorized Officer </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_95></A>
<P align=center><B>[Form of Reverse] </B></P>
<P align=justify>This Security is one of a duly authorized issue of securities
of the Company designated as its [ ]% [Debentures] [Notes] [due] [Due] [ ]
(herein called the &#147;<B>Securities</B>&#148;), limited (except as otherwise provided
in the Indenture referred to below [and except as provided in the second
succeeding paragraph]) in aggregate principal amount to $[ ,000,000], which may
be issued under an indenture (herein called the &#147;<B>Indenture</B>&#148;) dated as of
[ ], between Taseko Mines Limited and [ ], as trustee (herein called the
&#147;<B>Trustee</B>&#148;, which term includes any successor trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights,
duties, obligations and immunities thereunder of the Company, the Trustee and
the Holders of the Securities, and of the terms upon which the Securities are,
and are to be, authenticated and delivered. [This Security is a global Security
representing $[ , ,000] aggregate principal amount [at maturity]** of the
Securities of this series.]***</P>
<P align=justify>Payment of the principal of (and premium, if any,) and interest
on this Security will be made at the office or agency of the Company maintained
for that purpose in [ ], in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that payment of interest may be made at the
option of the Company (i) by check mailed to the address of the Person entitled
thereto as such address shall appear on the Security Register or (ii) by wire
transfer to an account maintained in the United States by the Person entitled to
such payment as specified in the Security Register. [Notwithstanding the
foregoing, payments of principal, premium, if any, and interest on a global
Security registered in the name of a Depositary or its nominee will be made by
wire transfer of immediately available funds.] Principal paid in relation to any
Security of this series at Maturity shall be paid to the Holder of such Security
only upon presentation and surrender of such Security to such office or agency
referred to above.</P>
<P align=justify>[As provided for in the Indenture, the Company may from time to
time without notice to, or the consent of, the Holders of the Securities, create
and issue additional Securities of this series under the Indenture, equal in
rank to the Outstanding Securities of this series in all respects (or in all
respects except for the payment of interest accruing prior to the issue date of
the new Securities of this series or except for the first payment of interest
following the issue date of the new Securities of this series) so that the new
Securities of this series shall be consolidated and form a single series with
the Outstanding Securities of this series and have the same terms as to status,
redemption or otherwise as the Outstanding Securities of this series.]****</P>
<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%">** </TD>
    <TD>
      <P align=justify>Include if a discount security.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">*** </TD>
    <TD>
      <P align=justify>Include in a global Security.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">**** </TD>
    <TD>
      <P align=justify>Include if this series of Securities may be reopened
      pursuant to Section 301 of the Indenture.</P></TD></TR></TABLE>
<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_96></A>
<P align=center>-102-</P>
<P align=justify>[The Securities of this series are subject to redemption upon
not less than 30 nor more than 60 days&#146; notice, at any time after [date and
year], as a whole or in part, at the election of the Company [, at a Redemption
Price equal to the percentage of the prin</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=center nowrap>Year </td>
    <td width="25%" align=center nowrap>Redemption Price </td>
    <td width="25%" align=center nowrap>Year </td>
    <td width="25%" align=center nowrap>Redemption </td>
  </tr>
  <tr valign=top>
    <td width="5%" >&nbsp;</td>
    <td align=center nowrap>&nbsp;</td>
    <td width="25%" align=center nowrap>&nbsp;</td>
    <td width="25%" align=center nowrap>&nbsp;</td>
    <td width="25%" align=center nowrap>Price </td>
  </tr>
  <tr valign=top>
    <td width="5%" >&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=center width="25%">% </td>
    <td align=left width="25%">&nbsp;</td>
    <td align=center width="25%">% </td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=center>% </td>
    <td align=left>&nbsp;</td>
    <td align=center>% </td>
  </tr>
</table>
<P align=justify>cipal amount set forth below if
  redeemed during the 12-month period beginning [date], of the years
  indicated:</P>
<P align=justify>and thereafter] at 100% of the principal amount, together in
the case of any such redemption with accrued interest, if any, to the Redemption
Date, all as provided in the Indenture.]*</P>
<P align=justify>[The Securities of this series are also subject to redemption
on [date] in each year commencing in [year] through the operation of a sinking
fund, at a Redemption Price equal to 100% of the principal amount, together with
accrued interest to the Redemption Date, all as provided in the Indenture. The
sinking fund provides for the [mandatory] redemption on [date] in each year
beginning with the year [year] of $ [ ] aggregate principal amount of Securities
of this series. [In addition, the Company may, at its option, elect to redeem up
to an additional $ [ ] aggregate principal amount of Securities of this series
on any such date.] Securities of this series acquired or redeemed by the Company
(other than through operation of the sinking fund) may be credited against
subsequent [mandatory] sinking fund payments.]**</P>
<P align=justify>[The Securities of this series are subject to repayment at the
option of the Holders thereof on [Repayment Date(s)] at a Repayment Price equal
to [ ]% of the principal amount, together with accrued interest to the Repayment
Date, all as provided in the Indenture. To be repaid at the option of the
Holder, this Security, with the &#147;Option to Elect Repayment&#148; form duly completed
by the Holder hereof (or the Holder&#146;s attorney duly authorized in writing), must
be received by the Company at its office or agency maintained for that purpose
in [ ] not earlier than 45 days nor later than 30 days prior to the Repayment
Date. Exercise of such option by the Holder of this Security shall be
irrevocable unless waived by the Company.]***</P>
<P align=justify>In the case of any redemption [repayment] of Securities of this
series, interest installments whose Stated Maturity is on or prior to the
Redemption Date [Repayment Date] will be payable to the Holders of such
Securities, or one or more Predecessor Securities, of record at the close of
business on the relevant record dates according to their terms and the
provisions of Section 3.7 of the Indenture. Securities of this series (or
portions thereof) for whose redemption [repayment] payment is made or duly
provided for in accordance with the Indenture shall cease to bear interest from
and after the Redemption Date [Repayment Date].</P>
<P align=justify>In the event of redemption [repayment] of this Security in part
only, a new Security or Securities of this series for the unredeemed [unpaid]
portion hereof shall be issued in the name of the Holder hereof upon the
cancellation hereof.</P>
<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%">* </TD>
    <TD>
      <P align=justify>Include if the Securities are subject to redemption or
      replace with any other redemption provisions applicable to the
      Securities.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">** </TD>
    <TD>
      <P align=justify>Include if the Securities are subject to a sinking
      fund.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">*** </TD>
    <TD>
      <P align=justify>Include if the Securities are subject to repayment at the
      option of the Holders.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_97></A>
<P align=center>-103-</P>
<P align=justify>If an Event of Default shall occur and be continuing, the
principal of [and accrued but unpaid interest on] all the Securities of this
series may be declared due and payable in the manner and with the effect
provided in the Indenture.</P>
<P align=justify>The Indenture contains provisions for defeasance at any time of
(a) the entire Indebtedness of the Company on this Security and (b) certain
restrictive covenants and the related Defaults and Events of Default applicable
to the Securities of this series, upon compliance by the Company, with certain
conditions set forth therein, which provisions apply to this Security.</P>
<P align=justify>The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders under the Indenture at
any time by the Company and the Trustee with the consent of the Holders of a
majority in aggregate principal amount of the Securities at the time Outstanding
of all series affected by such amendment or modification. The Indenture also
contains provisions permitting the Holders of specified percentages in aggregate
principal amount of the Securities of this series at the time Outstanding, on
behalf of the Holders of all the Securities of this series, to waive compliance
by the Company with certain provisions of the Indenture and also contains
provisions permitting the Holders of not less than a majority in aggregate
principal amount of the Outstanding Securities of all series with respect to
which a Default shall have occurred and shall be continuing, on behalf of the
Holders of all Outstanding Securities of such affected series, to waive certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by or on behalf of the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof whether or not notation of such consent or waiver is made upon
this Security.</P>
<P align=justify>No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of (and
premium, if any, on) and interest on this Security at the times, place, and
rate, and in the coin or currency, herein prescribed.</P>
<P align=justify>As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Security is registerable on the Security
Register of the Company, upon surrender of this Security for registration of
transfer at the office or agency of the Company maintained for such purpose in [
] duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Securities of this series, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_98></A>
<P align=center>-104-</P>
<P align=justify>The Securities of this series are issuable only in registered
form without coupons in denominations of $1,000 and any integral multiple
thereof. As provided in the Indenture and subject to certain limitations therein
set forth, the Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series of a different authorized
denomination, as requested by the Holder surrendering the same.</P>
<P align=justify>No service charge shall be made for any registration of
  transfer or exchange of Securities of this series, but the Company may require
  payment of a sum sufficient to cover any tax or other governmental charge
  payable in connection therewith.</P>
<P align=justify>Prior to the time of due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered as
the owner hereof for all purposes, whether or not this Security is overdue, and
neither the Company, the Trustee nor any agent shall be affected by notice to
the contrary.</P>
<P align=justify>Interest on this Security shall be computed on the basis of a
360-day year of twelve 30-day months. For the purposes of disclosure under the
Interest Act (Canada), the yearly rate of interest to which interest calculated
under a Security of this series for any period in any calendar year (the
&#147;<B>calculation period</B>&#148;) is equivalent is the rate payable under a Security
of this series in respect of the calculation period multiplied by a fraction the
numerator of which is the actual number of days in such calendar year and the
denominator of which is the actual number of days in the calculation period.</P>
<P align=justify>[If at any time, (i) the Depositary for the Securities of this
series notifies the Company that it is unwilling or unable to continue as
Depositary for the Securities of this series or if at any time the Depositary
for the Securities of this series shall no longer be a clearing agency
registered as such under the Securities Exchange Act of 1934, as amended and a
successor Depositary is not appointed by the Company within 90 days after the
Company receives such notice or becomes aware of such condition, as the case may
be, [or] (ii) the Company determines that the Securities of this series shall no
longer be represented by a global Security or Securities [or (iii) any Event of
Default shall have occurred and be continuing with respect to the Securities of
this series]*, then in such event the Company will execute and the Trustee will
authenticate and deliver Securities of this series in definitive registered
form, in authorized denominations, and in an aggregate principal amount equal to
the principal amount of this Security in exchange for this Security. Such
Securities of this series in definitive registered form shall be registered in
such names and issued in such authorized denominations as the Depository,
pursuant to instructions from its direct or indirect participants or otherwise,
shall instruct the Trustee. The Trustee shall deliver such Securities of this
series to the Persons in whose names such Securities of this series are so
registered.]**</P>
<P align=justify>The Indenture and this Security shall be governed by and
construed in accordance with the laws of the State of New York.</P>
<P align=justify>All references herein to &#147;dollars&#148; or &#147;$&#148; means a dollar or
other equivalent unit in such coin or currency of the United States of America
as at the time should be legal tender for the payment of public and private
debts, and all terms used in this Security which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.</P>
<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%">* </TD>
    <TD>
      <P align=justify>Include, if applicable.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">** </TD>
    <TD>
      <P align=justify>Include for global security.</P></TD></TR></TABLE>
<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_99></A>
<P align=center>-105-</P>
<P align=center>[OPTION TO ELECT REPAYMENT </P>
<P align=justify>The undersigned hereby irrevocably requests and instructs the
Company to repay the within Security [(or the portion thereof specified below)],
pursuant to its terms, on the &#147;Repayment Date&#148; first occurring after the date of
receipt of the within Security as specified below, at a Repayment Price equal to
[ ]% of the principal amount thereof, together with accrued interest to the
Repayment Date, to the undersigned at:</P>
<P align=center>(Please Print or Type Name and Address of the Undersigned.) </P>
<P align=justify>For this Option to Elect Repayment to be effective, this
Security with the Option to Elect Repayment duly completed must be received not
earlier than 45 days prior to the Repayment Date and not later than 30 days
prior to the Repayment Date by the Company at its office or agency in New York,
New York.</P>
<P align=justify>If less than the entire principal amount of the within Security
is to be repaid, specify the portion thereof (which shall be $1,000 or an
integral multiple thereof) which is to be repaid: $[ &nbsp;]</P>
<P align=justify>If less than the entire principal amount of the within Security
is to be repaid, specify the denomination(s) of the Security(ies) to be issued
for the unpaid amount ($1,000 or any integral multiple of $1,000): $[&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 >
      <P align=justify>Dated: </P></TD>
    <TD align=left width="50%">
      <P align=justify>Note: The signature to this Option to Elect Repayment
      must correspond with the name as written upon the face of the within
      Security in every particular without alterations or enlargement or any
      change whatsoever.] </P></TD></TR></TABLE><br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align=center>-106-</P>
<P align=center><B>ASSIGNMENT FORM* </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>To assign this Security, fill in the form below: </TD></TR>
  <TR vAlign=top>
    <TD align=left>I or we assign and transfer this Security to
</TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>(INSERT ASSIGNEE&#146;S
      SOC. SEC., SOC. INS.</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>OR TAX ID NO.) </TD></TR></TABLE></DIV>
<P align=center>(Print or type assignee&#146;s name, address and zip or postal code)
</P>
<P align=left>and irrevocably appoint </P>
<P align=right>agent </P>
<P align=left>to transfer this Security on the books of the Company. The agent
may substitute another to act for him.</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>
    <TD align=left width="5%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="5%" align=left nowrap >Your </TD>
    <TD align=left width="45%" >(Sign exactly as name appears on
  the </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >Signature: </TD>
    <TD align=left width="45%" >other side of this Security)
  </TD></TR></TABLE>
<br>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left  >Signature </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="90%"></TD></TR>
  <TR vAlign=top>
    <TD align=left  >Guarantee: </TD>
    <TD align=left width="90%"></TD></TR>
  <TR vAlign=top>
    <TD align=left  ></TD>
    <TD align=left width="90%">
      <P align=justify>(Signature must be guaranteed by a commercial bank or
      trust company, by a member or members&#146; organization of The New York Stock
      Exchange or by another eligible guarantor institution as defined in Rule
      17Ad-15 under the Securities Exchange Act of 1934)
</P></TD></TR></TABLE></DIV>
<P align=justify>* Omit if a global security</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_101></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>EXHIBIT B</B> </TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>FORMS OF CERTIFICATION </TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>EXHIBIT B-1</B> </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=bottom>
    <TD align=center>FORM OF CERTIFICATE TO BE GIVEN BY </TD></TR>
  <TR vAlign=top>
    <TD align=center>PERSON ENTITLED TO RECEIVE BEARER SECURITY </TD></TR>
  <TR vAlign=top>
    <TD align=center>OR TO OBTAIN INTEREST PAYABLE PRIOR </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>TO THE EXCHANGE DATE </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>CERTIFICATE </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>[Insert title or sufficient description </TD></TR>
  <TR vAlign=top>
    <TD align=center>of Securities to be delivered] </TD></TR></TABLE>
<P align=justify>This is to certify that as of the date hereof, and except as
set forth below, the above-captioned Securities held by you for our account (i)
are not owned by any person(s) that is a citizen or resident of the United
States; a corporation or partnership (including any entity treated as a
corporation or partnership for U.S. federal income tax purposes) created or
organized in or under the laws of the United States, any state thereof or the
District of Columbia unless, in the case of a partnership, U.S. Treasury
Regulations provide otherwise; any estate whose income is subject to U.S.
federal income tax regardless of its source or; a trust if (A) a U.S. court can
exercise primary supervision over the trust&#146;s administration and one or more
United States persons are authorized to control all substantial decisions of the
trust or (B) a trust in existence on August 20, 1996, and treated as a United
States person before this date that timely elected to continue to be treated as
a United States person (&#147;<B>United States persons(s)</B>&#148;), (ii) are owned by
United States person(s) that are (a) foreign branches of U.S. financial
institutions (financial institutions, as defined in U.S. Treasury Regulation
Section 1.165 -12(c)(1)(iv) are herein referred to as &#147;<B>financial
institutions</B>&#148;) purchasing for their own account or for resale, or (b) United
States person(s) who acquired the Securities through foreign branches of U.S.
financial institutions and who hold the Securities through such U.S. financial
institutions on the date hereof (and in either case (a) or (b), each such U.S.
financial institution hereby agrees, on its own behalf or through its agent,
that you may advise Taseko Mines Limited or its agent that such financial
institution will comply with the requirements of Section 165(j)(3)(A), (B) or
(C) of the U.S. Internal Revenue Code of 1986, as amended, and the regulations
thereunder), or (iii) are owned by U.S. or foreign financial institution(s) for
purposes of resale during the restricted period (as defined in U.S. Treasury
Regulation Section 1.163 -5(c)(2)(i)(D)(7)), and, in addition, if the owner is a
U.S. or foreign financial institution described in clause (iii) above (whether
or not also described in clause (i) or (ii)), this is to further certify that
such financial institution has not acquired the Securities for purposes of
resale directly or indirectly to a United States person or to a person within
the United States or its possessions.</P>
<P align=justify>As used herein, &#147;United States&#148; means the United States of
America (including the states and the District of Columbia); and its
&#147;possessions&#148; include Puerto Rico, the U.S. Virgin Islands, Guam, American
Samoa, Wake Island and the Northern Mariana Islands.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_102></A>
<P align=center>-108-</P>
<P align=justify>We undertake to advise you promptly by tested telex on or prior
to the date on which you intend to submit your certification relating to the
above-captioned Securities held by you for our account in accordance with your
Operating Procedures if any applicable statement herein is not correct on such
date, and in the absence of any such notification it may be assumed that this
certification applies as of such date.</P>
<P align=justify>This certificate excepts and does not relate to [U.S.$][ ] of
such interest in the above-captioned Securities in respect of which we are not
able to certify and as to which we understand an exchange for an interest in a
permanent global Security or an exchange for and delivery of definitive
Securities (or, if relevant, collection of any interest) cannot be made until we
do so certify.</P>
<P align=justify>We understand that this certificate may be required in
connection with certain tax legislation in the United States. If administrative
or legal proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such
proceedings.</P>
<P align=justify>Dated:</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>[To be dated no earlier than the 15th </TD></TR>
  <TR vAlign=top>
    <TD align=left>day prior to (i) the Exchange Date or </TD></TR>
  <TR vAlign=top>
    <TD align=left>(ii) the relevant Interest Payment </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date occurring prior to the Exchange </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date, as applicable] </TD></TR></TABLE><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>[Name of Person Making Certification] </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Authorized Signatory) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_103></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>EXHIBIT B-2</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center>FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>AND CLEARSTREAM IN </TD></TR>
  <TR vAlign=top>
    <TD align=center>CONNECTION WITH THE EXCHANGE OF A PORTION OF A </TD></TR>
  <TR vAlign=top>
    <TD align=center>TEMPORARY GLOBAL SECURITY OR TO OBTAIN INTEREST </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>PAYABLE PRIOR TO THE EXCHANGE DATE </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>CERTIFICATE </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>[Insert title or sufficient description </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>of Securities to be delivered] </TD></TR></TABLE>
<P align=justify>This is to certify that based solely on written certifications
that we have received in writing, by tested telex or by electronic transmission
from each of the persons appearing in our records as persons entitled to a
portion of the principal amount set forth below (our &#147;<B>Member
Organizations</B>&#148;) substantially in the form attached hereto, as of the date
hereof, [U.S.$] [ ] principal amount of the above-captioned Securities (i) is
not owned by any person(s) that is a citizen or resident of the United States; a
corporation or partnership (including any entity treated as a corporation or
partnership for U.S. federal income tax purposes) created or organized in or
under the laws of the United States, any state thereof or the District of
Columbia unless, in the case of a partnership, U.S. Treasury Regulations provide
otherwise; any estate whose income is subject to U.S. federal income tax
regardless of its source or; a trust if (A) a U.S. court can exercise primary
supervision over the trust&#146;s administration and one or more United States
persons are authorized to control all substantial decisions of the trust or (B)
a trust in existence on August 20, 1996, and treated as a United States person
before this date that timely elected to continue to be treated as a United
States person (&#147;<B>United States person(s)</B>&#148;), (ii) is owned by United States
person(s) that are (a) foreign branches of U.S. financial institutions
(financial institutions, as defined in U.S. Treasury Regulation Section 1.165
-12(c)(1)(iv) are herein referred to as &#147;<B>financial institutions</B>&#148;)
purchasing for their own account or for resale, or (b) United States person(s)
who acquired the Securities through foreign branches of U.S. financial
institutions and who hold the Securities through such U.S. financial
institutions on the date hereof (and in either case (a) or (b), each such
financial institution has agreed, on its own behalf or through its agent, that
we may advise Taseko Mines Limited or its agent that such financial institution
will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the
Internal Revenue Code of 1986, as amended, and the regulations thereunder), or
(iii) is owned by U.S. or foreign financial institution(s) for purposes of
resale during the restricted period (as defined in U.S. Treasury Regulation
Section 1.163 -5(c)(2)(i)(D)(7)) and, to the further effect, that financial
institutions described in clause (iii) above (whether or not also described in
clause (i) or (ii)) have certified that they have not acquired the Securities
for purposes of resale directly or indirectly to a United States person or to a
person within the United States or its possessions.</P>
<P align=justify>As used herein, &#147;United States&#148; means the United States of
America (including the states and the District of Columbia); and its
&#147;possessions&#148; include Puerto Rico, the U.S. Virgin Islands, Guam, American
Samoa, Wake Island and the Northern Mariana Islands.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_104></A>
<P align=center>-110-</P>
<P align=justify>We further certify that (i) we are not making available
herewith for exchange (or, if relevant, collection of any interest) any portion
of the temporary global Security representing the above-captioned Securities
excepted in the above-referenced certificates of Member Organizations and (ii)
as of the date hereof we have not received any notification from any of our
Member Organizations to the effect that the statements made by such Member
Organizations with respect to any portion of the part submitted herewith for
exchange (or, if relevant, collection of any interest) are no longer true and
cannot be relied upon as of the date hereof.</P>
<P align=justify>We understand that this certification is required in connection
with certain tax legislation in the United States. If administrative or legal
proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such
proceedings.</P>
<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>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>[To be dated no earlier than the </TD></TR>
  <TR vAlign=top>
    <TD align=left>Exchange Date or the relevant </TD></TR>
  <TR vAlign=top>
    <TD align=left>Interest Payment Date occurring </TD></TR>
  <TR vAlign=top>
    <TD align=left>prior to the Exchange Date, as </TD></TR>
  <TR vAlign=top>
    <TD align=left>applicable] </TD></TR></TABLE><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left colSpan=2>[MORGAN GUARANTY TRUST COMPANY </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>OF NEW YORK, BRUSSELS OFFICE, as </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>Operator of the Euroclear System] </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>[CLEARSTREAM] </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%" >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >By </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >&nbsp;</TD></TR></TABLE></DIV><BR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
