UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-KCurrent Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

July12,2017DateofReport(DateofEarliestEventReported)

IntelGenx Technologies Corp. (ExactNameofRegistrantasSpecifiedinitsCharter)

Delaware 000-31187 870638336(Stateorotherjurisdictionof (CommissionFile (IRSEmployerIdentification

incorporation) Number) No.)

6420Abrams,VilleSt-Laurent,Quebec,Canada H4S1Y2(Addressofprincipalexecutiveoffices) (ZipCode)

Registrant'stelephonenumber,includingareacode:(514)331-7440

Check the appropriate box belowif the Form8Kfining is intended to simultaneously satisfy the filing obligation of the registrant under anyof the followingprovisions:

[]WrittencommunicationspursuanttoRule425undertheSecuritiesAct(17CFR230.425)

[]SolicitingmaterialpursuanttoRule14a-12undertheExchangeAct(17CFR240.14a-12)

[]Pre-commencementcommunicationspursuanttoRule14d-2(b)undertheExchangeAct(17CFR240.14d-2(b))

[]Pre-commencementcommunicationpursuanttoRule13e-4(c)undertheExchangeAct(17CFR240.13e-4(c))

IndicatebycheckmarkwhethertheregistrantisanemerginggrowthcompanyasdefinedinRule405oftheSecuritiesActof1933(§230.405ofthischapter)orRule12b-2oftheSecuritiesExchangeActof1934(§240.12b-2ofthischapter).

Emerginggrowthcompany[]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith anyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.[]

Item 1.01 Entry into a Material Definitive Agreement.

OnJuly12,2016,IntelGenxTechnologiesCorp.(the“Corporation”) enteredintoatrust indenture(the“Indenture”) withTSXTrustCompany.PursuanttotheIndenture,theCorporationissuedanaggregateprincipalamountofCDN$6,838,000ofDebenturesatapriceofCDN$1,000perDebenture.TheDebentureswillmature on June 30, 2020 and bear interest at annual rate of 8% payable semi-annually on the last day of June and December of each year, commencing onDecember31,2017.TheDebentureswillbeconvertibleattheoptionoftheholdersatanytimepriortothecloseofbusinessontheearlierofJune30,2020andthebusinessdayimmediatelyprecedingthedatespecifiedbytheCorporationforredemptionofDebentures.TheconversionpricewillbeCDN$1.35(the“ConversionPrice”) per commonshare of theCorporation (“Share”), beinga conversionrate of approximately 740Shares per CDN$1,000principalamountofDebentures,subjecttoadjustmentincertainevents.

The Debentures are not redeemable prior to June 30, 2018. On or after June 30, 2018, but prior to June 30, 2019, the Debentures may be redeemed at theCorporation’ssoleoption,inwholeorinpart,fromtimetotimeonrequiredpriornoticeataredemptionpriceequaltotheprincipalamountoftheDebentures,providedthatthecurrentmarketpriceonthedateonwhichsuchnoticeofredemptionisgivenisnotlessthan125%oftheConversionPrice.OnorafterJune30,2019andpriortoJune30,2020,theDebenturesmayberedeemedattheCorporation’ssoleoption,inwholeorinpart,fromtimetotimeonrequiredpriornotice,ataredemptionpriceequaltotheprincipalamountoftheDebentures,irrespectiveofthecurrentmarketprice.Inadditionthereto,atthetimeofredemption,theCorporationwillpaytotheholderaccruedandunpaidinterestuptobutnotincludingthedateofredemption.

TheforegoingsummaryofcertainprovisionsoftheIndentureisqualifiedinitsentiretybyreferencetotheIndenture,acopyofwhichisfiledasExhibit4.1tothisCurrentReportonForm8-K.

Item 8.01 Other Events.

OnSeptember20,2016,theCorporationissuedapressreleaseattachedheretoasExhibit99.1.

TheinformationfurnishedpursuanttothisItem8.01,includingExhibit99.1,shallnotbedeemed“filed”forpurposesofSection18oftheUnitedStatesSecuritiesExchangeActof1934,asamended(the“ExchangeAct”),orotherwisesubjecttotheliabilitiesunderthatSectionandshallnotbedeemedtobeincorporatedbyreferenceintoanyfilingundertheUnitedStatesSecuritiesActof1933,asamended,ortheExchangeAct,exceptasexpresslysetforthbyspecificreferenceinsuchfiling.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.

Exhibit Description4.1 TrustIndenturedatedJuly12,201799.1 NewsReleasedatedJuly12,2017

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of1934, the Registrant has duly caused this report to be signed on its behalf by theundersignedhereuntodulyauthorized.

INTELGENX TECHNOLOGIES CORP. Dated:July12,2017 /s/IngridZerbe IngridZerbe CorporateSecretary

TRUST INDENTURE

between

INTELGENX TECHNOLOGIES CORP.

and

TSX Trust Company

providing for the issue of Convertible Unsecured Subordinated Debentures

Dated as of July 12 , 2017

TABLE OF CONTENTS

Page ARTICLE1INTERPRETATION 1 1.1 Definitions 11.2 Meaningof“Outstanding” 71.3 Interpretation 71.4 Headings,etc. 81.5 DayNotaBusinessDay 81.6 ApplicableLaw 81.7 Conflict 81.8 Currency 81.9 Severability 81.10 SuccessorsandAssigns 81.11 BenefitsofIndenture 81.12 Schedules 9 ARTICLE2THEDEBENTURES 9 2.1 LimitofDebentures 92.2 TermsofDebentures 92.3 ExecutionofDebentures 152.4 Certification 152.5 InterimDebenturesorCertificates 162.6 Mutilation,Loss,TheftorDestruction 162.7 ConcerningInterest 172.8 DebenturestoRankPariPassu 172.9 PaymentsofAmountsDueonMaturity 172.10 PaymentofInterest 182.11 WithholdingTax 19 ARTICLE3REGISTRATION,TRANSFER,EXCHANGEANDOWNERSHIP 20 3.1 FullyRegisteredDebentures 203.2 GlobalDebentures 203.3 TransfereeEntitledtoRegistration 233.4 NoNoticeofTrusts 233.5 RegistersOpenforInspection 233.6 ExchangesofDebentures 233.7 ClosingofRegisters 243.8 ChargesforRegistration,TransferandExchange 243.9 OwnershipofDebentures 243.10 NCILetterofInstructions 25 ARTICLE4REDEMPTIONANDPURCHASEOFDEBENTURES 25 4.1 ApplicabilityofArticle 254.2 PartialRedemption 264.3 NoticeofRedemption 27

4.4 DebenturesDueonRedemptionDates 274.5 DepositofRedemptionMoniesorCommonShares 274.6 RighttoRepayRedemptionPriceinCommonShares 284.7 FailuretoSurrenderDebenturesCalledforRedemption 304.8 PurchaseofDebenturesbytheCorporation 314.9 RighttoRepayPrincipalAmountinCommonShares 314.10 CancellationofDebenturesRedeemed 34 ARTICLE5SUBORDINATIONOFDEBENTURES 34 5.1 ApplicabilityofArticle 345.2 OrderofPayment 355.3 SubrogationtoRightsofHoldersofSeniorIndebtedness 355.4 ObligationtoPayNotImpaired 355.5 NoPaymentifSeniorIndebtednessinDefault 365.6 PaymentonDebenturesPermitted 365.7 ConfirmationofSubordination 375.8 KnowledgeofDebentureTrustee 375.9 DebentureTrusteeMayHoldSeniorIndebtedness 375.10 RightsofHoldersofSeniorIndebtednessNotImpaired 375.11 AlteringtheSeniorIndebtedness 375.12 AdditionalIndebtedness 385.13 RightofDebentureholdertoConvertNotImpaired 385.14 InvalidatedPayments 38 ARTICLE6CONVERSIONOFDEBENTURES 38 6.1 ApplicabilityofArticle 386.2 RevivalofRighttoConvert 386.3 MannerofExerciseofRighttoConvert 396.4 AdjustmentofConversionPrice 416.5 NoRequirementtoIssueFractionalCommonShares 446.6 CorporationtoReserveCommonShares 456.7 CancellationofConvertedDebentures 456.8 CertificateastoAdjustment 456.9 NoticeofSpecialMatters 456.10 ProtectionofDebentureTrustee 46 ARTICLE7COVENANTSOFTHECORPORATION 46 7.1 ToPayPrincipal,Premium(ifany)andInterest 467.2 ToPayDebentureTrustee’sRemuneration 467.3 ToGiveNoticeofanEventofDefault 477.4 PreservationofExistence,etc. 477.5 KeepingofBooks 477.6 AnnualCertificateofCompliance 477.7 PerformanceofCovenantsofDebentureTrustee 477.8 ReportingIssuerandListingStatus 477.9 MaximumAmountofDebentures 48 ARTICLE8DEFAULT 48

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8.1 EventsofDefault 488.2 NoticeofEventsofDefault 498.3 WaiverofDefault 498.4 EnforcementbytheDebentureTrustee 508.5 NoSuitsbyDebentureholders 518.6 ApplicationofMoniesbyDebentureTrustee 528.7 NoticeofPaymentbyDebentureTrustee 538.8 DebentureTrusteeMayDemandProductionofDebentures 538.9 RemediesCumulative 538.10 JudgmentAgainsttheCorporation 538.11 ImmunityofDirectorsandOthers 53 ARTICLE9SATISFACTIONANDDISCHARGE 54 9.1 CancellationandDestruction 549.2 Non-PresentationofDebentures 549.3 RepaymentofUnclaimedMoniesorCommonShares 549.4 Discharge 559.5 Satisfaction 559.6 ContinuanceofRights,DutiesandObligations 57 ARTICLE10COMMONSHAREINTERESTPAYMENTELECTION 58 10.1 CommonShareInterestPaymentElection 58 ARTICLE11SUCCESSORS 60 11.1 RestrictionsonMergerandSaleofCertainAssets,etc. 6011.2 VestingofPowersinSuccessor 60 ARTICLE12COMPULSORYACQUISITION 61 12.1 DefinitionsInthisArticle12: 6112.2 OfferforDebentures 6112.3 Offeror’sNoticetoDissentingDebentureholders 6112.4 DeliveryofDebentureCertificates 6212.5 PaymentofConsiderationtoDebentureTrustee 6212.6 ConsiderationtobeheldinTrust 6212.7 CompletionofTransferofDebenturestoOfferor 6212.8 CommunicationofOffertoTrust 63 ARTICLE13MEETINGSOFDEBENTUREHOLDERS 63 13.1 RighttoConveneMeeting 6313.2 NoticeofMeetings 6313.3 Chair 6413.4 Quorum 6413.5 PowertoAdjourn 6413.6 ShowofHands 6413.7 Poll 6513.8 Voting 65

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13.9 Proxies 6513.10 PersonsEntitledtoAttendMeetings 6613.11 PowersExercisablebyExtraordinaryResolution 6613.12 Meaningof“ExtraordinaryResolution” 6813.13 PowersCumulative 6813.14 Minutes 6813.15 InstrumentsinWriting 6913.16 BindingEffectofResolutions 6913.17 EvidenceofRightsofDebentureholders 69 ARTICLE14NOTICES 69 14.1 NoticetotheCorporation 6914.2 NoticetoDebentureholders 7014.3 NoticetoDebentureTrustee 7014.4 MailServiceInterruption 70 ARTICLE15CONCERNINGTHEDEBENTURETRUSTEE 71 15.1 NoConflictofInterest 7115.2 ReplacementofDebentureTrustee 7115.3 DutiesofDebentureTrustee 7215.4 RelianceUponDeclarations,Opinions,etc. 7315.5 EvidenceandAuthoritytoDebentureTrustee,Opinions,etc 7315.6 Officer’sCertificatesEvidence 7515.7 Experts,AdvisersandAgents 7515.8 DebentureTrusteeMayDealinDebentures 7515.9 InvestmentofMoniesHeldbyDebentureTrustee 7515.10 DebentureTrusteeNotOrdinarilyBound 7615.11 DebentureTrusteeNotRequiredtoGiveSecurity 7615.12 DebentureTrusteeNotBoundtoActontheCorporation’sRequest 7615.13 ConditionsPrecedenttoDebentureTrustee’sObligationstoActHereunder 7715.14 AuthoritytoCarryonBusiness 7715.15 CompensationandIndemnity 7715.16 Anti-MoneyLaundering 7815.17 AcceptanceofTrust 7915.18 Privacy 7915.19 ForceMajeure 79 ARTICLE16SUPPLEMENTALINDENTURES 80 16.1 SupplementalIndentures 80 ARTICLE17EXECUTIONANDFORMALDATE;RIGHTSOFRESCISSION;CONCERNINGTHISTRUSTINDENTURE 81 17.1 Execution 8117.2 FormalDate 8117.3 ConcerningthisTrustIndenture 81

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TRUST INDENTURE

THIS INDENTURE ismadethis12thdayofJuly,2017.

BETWEEN: INTELGENX TECHNOLOGIES CORP. ,acorporationincorporatedunderthelawsofDelaware (hereinafterreferredtoasthe“Corporation ”) AND: TSX TRUST COMPANY ,atrustcompanyincorporatedunderthefederallawsofCanada (hereinafterreferredtoasthe“Debenture Trustee ”)

WHEREAS theCorporationdeemsitnecessarytocreateandissuetheDebentures(asdefinedbelow)inthemannerhereinprovided;

AND WHEREAS theCorporationisdulyauthorizedtocreateandissuetheDebenturestobeissuedashereinprovided;

AND WHEREAS when certified by the Debenture Trustee and issued as in this Indenture (as defined below) provided, all necessary steps in relation to theCorporationwillhavebeendulyenactedandotherproceedingstakenandconditionscompliedwithtomakethecreationandissueoftheDebenturesproposedtobeissuedhereunderlegal,validandbindingontheCorporationinaccordancewiththelawsrelatingtotheCorporation;

AND WHEREAS theforegoingrecitalsaremadeasrepresentationsandstatementsoffactbytheCorporationandnotbytheDebentureTrustee;

NOW THEREFORE THIS AGREEMENT WITNESSES thatforgoodandvaluableconsiderationmutuallygivenandreceived,thereceiptandsufficiencyofwhichisherebyacknowledged,itisherebycovenanted,agreedanddeclaredasfollows:

ARTICLE 1INTERPRETATION

1.1 Definitions

In the recitals, in this Indenture and in the Debentures, unless there is something in the subject matter or context inconsistent therewith or unless otherwiseexpressly provided, including, without limitation, as expressly provided in any indenture supplemental hereto, the following terms will have the followingmeaningssetoutbelow:

1.1.1 “1933 Act ”meanstheUnited States Securities Act of 1933 ,asamended; 1.1.2 “90% Redemption Right ”hasthemeaningattributedtheretoinSection2.2(k)(vii); 1.1.3 “90% Redemption Right Notice ”hasthemeaningattributedtheretoinSection2.2(k)(vii);

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1.1.4 “this Trust Indenture ”,“this Indenture ”,“hereto ”,“herein ”,“hereby ”,“hereunder ”,“hereof ”andsimilarexpressionsrefertothis

IndentureandnottoanyparticularArticle,Section,subsection,clause,subdivisionorotherportionhereofandincludeanyandeveryinstrumentsupplementalorancillaryhereto;

1.1.5 “Acceptance Notice ”hasthemeaningattributedtheretoinSection2.2(k)(iii);

1.1.6 “affiliate ” of a Person means any Person or company that would be deemed to be an affiliated entity of such Personwithin the meaning ofRegulation45-106—ProspectusExemptions,assamemaybereplacedoramendedfromtimetotime;

1.1.7 “ Applicable Securities Legislation ” means applicable securities laws (including rules, regulations, policies, blanket orders, rulings and

instruments enacted thereunder) in the provinces of British Columbia, Alberta, Manitoba, Ontario or Québec; and under the 1933 Act andapplicableUnitedStatessecuritieslaws;

1.1.8 “Auditor of the Corporation ”meansanindependentfirmofcharteredaccountantsdulyappointedasauditoroftheCorporation;

1.1.9 “Beneficial Holder ” means any Person who holds a beneficial interest in a Global Debenture as shownon the books of theDepositary or aDepositaryParticipant;

1.1.10 “Business Day ”meansanydayotherthanaSaturday,aSunday,astatutoryholidayintheProvinceofQuébec,theProvinceofOntarioortheStateofNewYork,oranyotherdayonwhichbanksarenotopenforbusinessinMontréal,Québec,Toronto,OntarioorNewYork,NewYork;

1.1.11 “Change of Control ”meanstheacquisitionbyanyPerson,orgroupofPersonsactingjointlyorinconcert(withinthemeaninggiventothese

terms in Regulation 62-104 –Take-over bids and issuer bids ), of voting control or direction over an aggregate of 66⅔%or more of the thenoutstandingCommonSharesandsecuritiesconvertibleintoorcarryingtherighttoacquireCommonShares;

1.1.12 “Change of Control Purchase Date ”hasthemeaningattributedtheretoinSection2.2(k)(v); 1.1.13 “Code ”meanstheUnitedStatesInternalRevenueCodeof1986,asamended; 1.1.14 “Common Share Interest Payment Election ”hasthemeaningattributedtheretoinSection10.1(a); 1.1.15 “Common Share Interest Payment Election Notice ”hasthemeaningattributedtheretoinSection10.1(a);

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1.1.16 “Common Share Redemption Right ”hasthemeaningattributedtheretoinSection4.6(a); 1.1.17 “Common Share Repayment Right ”hasthemeaningattributedtheretoinSection4.9(a); 1.1.18 “Common Shares ”meansthecommonsharesinthecapitaloftheCorporation; 1.1.19 “Conversion Price ”means$1.35perCommonShareassamemaybeadjusted,fromtimetotime,inaccordancewiththeprovisionsofArticle5;

1.1.20 “Corporation ” means IntelGenxTechnologies Corp.until a successor replaces it pursuant to the applicable provisions of this Indenture, andthereafter“Corporation ”shallmeansuchsuccessorCorporation;

1.1.21 “Counsel ” means, as the case maybe, a firmofbarristers or solicitors retained bythe Debenture Trustee or retained by theCorporationandacceptabletotheDebentureTrustee,actingreasonably;

1.1.22 “Current Market Price ” means, as of any date, the volume weighted average trading price per Common Share on the TSXV for the 20consecutive trading days ending on the fifth trading day before such date (if the Common Shares are not listed thereon, then on such stockexchangeonwhichtheCommonSharesarelistedasmaybeselectedforsuchpurposebytheDirectors;oriftheCommonSharesarenotlistedonanystockexchange,thenontheover-the-countermarket);thevolumeweightedaveragetradingpricewillbedeterminedbydividingtheaggregatesalepriceofallCommonSharessoldonthesaidexchangeormarket,asthecasemaybe,duringthesaid20consecutivetradingdays,bythetotalnumberofCommonSharessosold;

1.1.23 “Date of Conversion ”hasthemeaningattributedtheretoinSection6.3(b); 1.1.24 “Debenture Offer ”hasthemeaningattributedtheretoinSection2.2(k)(i); 1.1.25 “Debenture Trustee ”meansTSXTrustCompanyoritssuccessororsuccessorsforthetimebeingastrusteehereunder;

1.1.26 “Debentureholders ” or “ holders ” means the Persons for the time being entered in the register for Debentures as registered holders ofDebentures;

1.1.27 “ Debentures ” means the Debentures issued hereunder and the Debentures designated as “8.00% Convertible Unsecured SubordinatedDebentures”,havingthetermsdescribedinArticle2;

1.1.28 “Defeased Debentures ”hasthemeaningattributedtheretoinSection9.6(b);

1.1.29 “Depositary ”means,withrespecttotheDebenturesissuableorissuedintheformofoneormoreGlobalDebentures,thePersondesignatedasdepositarybytheCorporationpursuanttothetermshereof;

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1.1.30 “Depositary Participant ” means a broker, dealer,bank, other financial institution or other Person for whomfromtime to time a Depositaryeffectsbook-entrysettlementforaGlobalDebenturedepositedwiththeDepositary;

1.1.31 “Directors ”meansthedirectorsoftheCorporationandreferencetoaction“bytheDirectors”meansactionbytheDirectorsoftheCorporation; 1.1.32 “Event of Default ”hasthemeaningattributedtheretoinSection8.1; 1.1.33 “Expiry Date ”hasthemeaningattributedtheretoinSection2.2(k)(ii); 1.1.34 “Expiry Time ”hasthemeaningattributedtheretoinSection2.2(k)(ii); 1.1.35 “Extraordinary Resolution ”hasthemeaningattributedtheretoinSection13.12; 1.1.36 “First Call Date ”hasthemeaningattributedtheretoinSection2.2(c);

1.1.37 “Freely Tradeable ”meansCommonShareswhich(i)areissuablewithoutthenecessityoffilingaregistrationstatement, aprospectusoranyothersimilarofferingdocument(otherthansuchprospectusorsimilarofferingdocumentthathasalreadybeenfiled)underApplicableSecuritiesLegislationandsuchissuedoesnotconstituteasalerequiringregistrationunderthe1933Actoradistribution(otherthanadistributionalreadyqualifiedbyprospectusorsimilarofferingdocument)orconstitutesanexemptsaleordistributionunderApplicableSecuritiesLegislation;and(ii)can be traded by the holder thereofwithout any restriction under Applicable Securities Legislation and stockexchangerules, suchas restrictedperiodsorholdperiods, exceptinthecaseof anaffiliate sale(withinthemeaningofthe1933Act) or a“controldistribution”asdefinedunderApplicableSecuritiesLegislation;

1.1.38 “Fully Registered Debentures ”meansDebenturesregisteredastobothprincipalandinterest;

1.1.39 “Global Debenture ”meansaDebenturethatisissuedtoandregisteredinthenameoftheDepositary,oritsnominee,pursuanttoSection2.2(i)forpurposesofbeingheldbyoronbehalfoftheDepositaryascustodianforparticipantsintheDepositary’sbook-entryonlyregistrationsystem;

1.1.40 “Governmental Entity ”means:(a)anymultinational,federal,provincial,state,regional,municipal,localorothergovernment,governmentalorpublicdepartment,centralbank,court,tribunal,arbitralbody,commission,commissioner,board,bureauoragency,domesticorforeign;(b)anysubdivision,agent,commission,commissioner,board,orauthorityofanyoftheforegoing;(c)anyself-regulatoryauthority,includingtheTSXV;or(d)anyquasigovernmentalorprivatebodyexercisinganyregulatory,expropriationortaxingauthorityunderorfortheaccountofanyoftheforegoing;

1.1.41 “IFRS ”meansInternationalFinancialReportingStandardsdeterminedwithreferencetoCPACanadaHandbooks,asamendedfromtimetotime;

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1.1.42 “Interest Obligation ”meanstheobligationoftheCorporationtopayinterestontheDebentures,asandwhenthesamebecomesdue; 1.1.43 “Interest Payment Date ”meansrespectively,June30andDecember31; 1.1.44 “Internal Procedures ”hasthemeaningascribedtheretoinSection2.4; 1.1.45 “Maturity Account ”hasthemeaningattributedtheretoinSection2.9; 1.1.46 “Maturity Date ”meansJune30,2020; 1.1.47 “Maturity Notice ”hasthemeaningattributedtheretoinSection4.9(b); 1.1.48 “Offer Price ”hasthemeaningattributedtheretoinSection2.2(k)(i);

1.1.49 “Officer’s Certificate ”meansacertificateoftheCorporationsignedbyanyoneoftheDirectorsoranyoneauthorizedofficeroftheCorporation,onbehalfoftheCorporation,insuchcapacity,andnotinhisorherpersonalcapacity;

1.1.50 “Person ”includesanyindividual,firm,partnership,jointventure,association,trust,trustee,executor,administrator,legalpersonalrepresentative,

estate,group,corporation,unincorporatedassociationororganization,GovernmentalEntity,syndicateorotherentity,whetherornothavinglegalstatusandwhetheractinginanindividual,fiduciaryorothercapacity;

1.1.51 “Redemption Date ”hasthemeaningattributedtheretoinSection4.3; 1.1.52 “Redemption Notice ”hasthemeaningattributedtheretoinSection4.3;

1.1.53 “Redemption Price ” means, in respect of the Debentures, the amount, excluding interest, payable on the Redemption Date fixed for saidDebentures,whichamountmaybepayablebytheissuanceofFreelyTradeableCommonSharesasprovidedforinSection4.6;

1.1.54 “Second Call Date ”hasthemeaningattributedtheretoinSection2.2(c); 1.1.55 “Senior Indebtedness ”meanstheprincipal,premium(ifany),interest(ifany)oranyotheramountspayablethereunder(ifany)on:

(i) all indebtedness, liabilities and obligations of the Corporation (other than the Debentures), whether outstanding on the date of thisIndenture or thereafter created, incurred, assumed or guaranteed in the normal course or in connection with the acquisition by theCorporation of any businesses, properties or other assets or for monies borrowed or raised by whatever means (including, withoutlimitation,bymeansofcommercial paper, bankers’ acceptances, letters ofcredit, debt instruments, revolvingcredit facilities, bankdebtandfinancialleases,andanyliabilityevidencedbybonds,debentures,notesorsimilarinstruments)bytheCorporationorothersincluding,withoutlimitation,anySubsidiaryoftheCorporationforpaymentofwhichtheCorporationisresponsibleorliable,whetherabsolutelyorcontingently;and

(ii) renewals,extensions,restructurings,refinancingsandrefundingsofanysuchindebtedness,liabilitiesorobligations.

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unless in each case it is provided by the terms of the instrument creating or evidencing such indebtedness, liabilities or obligations that suchindebtedness,liabilitiesorobligationsarepari passu withorsubordinateinrightofpaymenttoDebenturesthatbytheirtermsaresubordinated;

1.1.56 “Shareholders ”meansholdersofCommonSharesand“Shareholder ”meansanyoneofthem;

1.1.57 “Subsidiary ”means,withrespecttoanyPerson,(a)anycorporation,associationorotherbusinessentity(otherthanapartnership,jointventureorlimitedliabilitycompany)ofwhich50%ormoreofthetotalvotingsecuritiesentitled(withoutregardtotheoccurrenceofanycontingency)tovoteintheelectionofdirectors,managersortrusteesthereofisatthetimeofdeterminationownedorcontrolled,directlyorindirectly,bysuchPersonoroneormoreoftheotherSubsidiariesofthatPersonoracombinationthereofand(b)anypartnership,jointventureorlimitedliabilitycompanyofwhich 50%ormore of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, asapplicable,areownedorcontrolled,directlyorindirectly,bysuchPersonoroneormoreoftheotherSubsidiariesofthatPersonoracombinationthereof,whetherintheformofmembership,general,specialorlimitedpartnershipinterestsorotherwiseandsuchPersonownsorcontrols,directlyorindirectly,50%ormoreofthetotalequityandvotingrightsofthegeneralpartnerofsuchentity;

1.1.58 “Successor ”hasthemeaningattributedtheretoinSection11.1; 1.1.59 “Tax Act ”meanstheIncome Tax Act (Canada),andtheregulationsthereunder,asamended;

1.1.60 “trading day ”means,withrespecttotheTSXVorothermarketforsecuritiesonwhichtheDebenturesarelistedinMontréal,QuébecorToronto,Ontario,anydayonwhichsuchexchangeormarketisopenfortradingorquotation;

1.1.61 “TSXV ”meanstheTSXVentureExchangeInc.oritssuccessororsuccessors; 1.1.62 “United States ”meanstheUnitedStatesofAmerica,itsterritoriesandpossessions,anystateoftheUnitedStatesandtheDistrictofColumbia; 1.1.63 “Withholding Taxes ”hasthemeaningattributedtheretoinSection2.11(a);and 1.1.64 “Written Direction of the Corporation ”meansaninstrumentinwritingsignedbyanyoneauthorizedDirectororofficeroftheCorporation.

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1.2 Meaning of “Outstanding”

DebenturescertifiedanddeliveredbytheDebentureTrusteehereunderaredeemedtobeoutstandinguntilitiscancelled,converted,redeemedordeliveredtotheDebentureTrusteeforcancellation,conversionorredemptionandmonies,CommonSharesand/orotherproperty,asthecasemaybe,forthepaymentthereofwillhavebeensetasideunderArticle9,providedthat:

(a) Debentures which have been partially redeemed, purchased or converted are deemed to be outstanding only to the extent of the unredeemed,unpurchasedorunconvertedpartoftheprincipalamountthereof;

(b) whenanewDebenturehasbeenissuedinsubstitutionforaDebenturewhichhasbeenlost,stolenordestroyed,onlyoneofsuchDebentureswillbecountedforthepurposeofdeterminingtheaggregateprincipalamountofDebenturesoutstanding;

(c) for the purposes of any provision of this Indenture entitling holders of outstanding Debentures to vote, sign consents, requisitions or otherinstrumentsortakeanyotheractionunderthisIndenture,ortoconstituteaquorumofanymeetingofDebentureholders,Debenturesowneddirectlyorindirectly,legallyorequitably,bytheCorporationshallbedisregarded(andtheCorporationshallprovidealistofDebenturessoownedupontherequestoftheDebentureTrustee)exceptthat:

(i) forthepurposeofdeterminingwhethertheDebentureTrusteeshallbeprotectedinrelyingonanysuchvote,consent,acquisitionorother

instrument or action, or on the holders of Debentures present or represented at any meeting of Debentureholders, only theDebentureswhichtheDebentureTrusteeknowsaresoownedshallbesodisregarded;and

(ii) DebenturessoownedwhichhavebeenpledgedingoodfaithotherthantotheCorporationshallnotbesodisregardedifthepledgeeshall

establish to the satisfaction of the Debenture Trustee the pledgee’s right to vote such Debentures, sign consents, requisitions or otherinstrumentsortakesuchotheractionsinhisorherdiscretionfreefromthecontroloftheCorporationoraSubsidiaryoftheCorporation.

1.3 Interpretation

InthisIndenture:

(a) wordsimportingthesingularnumberormasculinegenderincludethepluralnumberorthefeminineorneutergendersandvice versa ; (b) allreferencestoArticlesandSchedulesrefer,unlessotherwisespecified,toarticlesofandschedulestothisIndenture; (c) allreferencestoSectionsorSectionsrefer,unlessotherwisespecified,tosections,subsectionsorclausesofthisIndenture;and

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(d) wordsandtermsdenotinginclusiveness(suchas“include”or“includes”or“including”),whetherornotsostated,arenotlimitedbyanddonotimplylimitationoftheircontextorthewordsorphraseswhichprecedeorsucceedthem.

1.4 Headings, etc.

ThedivisionofthisIndentureintoArticlesandSections,theprovisionofatableofcontentsandtheinsertionofheadingsareforconvenienceofreferenceonlyandwillnotaffecttheconstructionorinterpretationofthisIndenture.

1.5 Day Not a Business Day

In the event that anydayonor before which anyaction required to be takenhereunder is not a Business Day, thensuchaction will be takenonor before therequisitetimeonthenextsucceedingdaythatisaBusinessDay.

1.6 Applicable Law

This Indenture and the Debentures will be governed by andconstrued in accordance with the laws of the Province of Québec and the federal laws of Canadaapplicabletherein.Forthepurposeofalllegalproceedings,thisIndenturewillbedeemedtohavebeenperformedintheProvinceofQuébecandthecourtsoftheProvinceofQuébecwillhavejurisdictiontoentertainanyactionarisingunderthisAgreement.TheCorporationattornstothejurisdictionofthecourtsofProvinceofQuébec.

1.7 Conflict

IntheeventofaconflictorinconsistencybetweenaprovisioninthebodyofthisIndentureandintheDebenturesissuedhereunder,theprovisioninthebodyofthisIndenturewillprevailtotheextentoftheinconsistency.

1.8 Currency

All dollar amounts expressed in this Indenture and in the Debentures are in lawful money of Canada and all payments required to be made hereunder andthereunderwillbemadeinCanadiandollars.

1.9 Severability

EachoftheprovisionsinthisIndentureisdistinctandseverableandadeclarationofinvalidityorunenforceabilityofanysuchprovisionorpartthereofbyacourtofcompetentjurisdictionwillnotaffectthevalidityorenforceabilityofanyoftheotherprovisionshereof.

1.10 Successors and Assigns

AllcovenantsandagreementsinthisIndenturebytheCorporationbinditssuccessorsandpermittedassigns,whetherexpressedornot.

1.11 Benefits of Indenture

NothinginthisIndentureorintheDebentures,expressorimplied,givestoanyPerson,otherthanthepartiesheretoandtheirsuccessorshereunder,anypayingagent,theholdersofDebentures,theDirectorsandtheholdersofCommonShares,anybenefitoranylegalorequitableright,remedyorclaimunderthisIndenture.

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1.12 Schedules

ThefollowingSchedulesformpartofthisIndenture:

ScheduleA—FORMOFDEBENTURE

ScheduleB—FORMOFREDEMPTIONNOTICE

ScheduleC—FORMOFMATURITYNOTICE

ScheduleD—FORMOFCOMMONSHAREINTERESTPAYMENTELECTIONNOTICE

ScheduleE—FORMOFNOTICEOFCONVERSION

ARTICLE 2THE DEBENTURES

2.1 Limit of Debentures

The Debentures authorized to be issued hereunder shall be limited to no more than $6,838,000 aggregate principal amount and shall bedesignated as “8,00%ConvertibleUnsecuredSubordinatedDebtsdueJune30,2020”.

TheDebentureTrusteehasbeenappointedastransferagentandregistraroftheDebentures.

2.2 Terms of Debentures

(a) Maturity Date .TheDebentureswillmatureonJune30,2020.

(b) Interest. TheDebentures will bear interest from,andincluding, the date of issue at the rate of 8.00%per annum, payable inequalsemi-annualpaymentsinarrearsonJune30andDecember31ofeachyear,thefirstsuchpaymentfallingdueonDecember31,2017andthelastsuchpaymentfallingdueonJune30,2020,payableafteraswellasbeforematurityandafteraswellasbeforedefault,withinterestonamountsindefaultatthesamerate,compoundedsemi-annually.ThefirstinterestpaymentwillincludeinterestaccruedfromandincludingJuly12,2017tobutexcludingDecember31,2017andwillbeinanamountequalto$37.70per$1,000principalamountoftheDebentures.

(c) Redemption .TheDebenturesareredeemableinaccordancewiththetermsofArticle4,providedthattheDebenturesmaynotberedeemedbytheCorporationpriortoJune30,2018(the“First Call Date ”),exceptintheeventofthesatisfactionofcertainconditionsafteraChangeofControlhasoccurredasprovidedherein.Onorafter theFirst Call Date, but prior toJune30,2019(the“Second Call Date ”),theDebenturesmayberedeemedattheCorporation’ssoleoption,inwholeorinpart,fromtimetotimeonnoticeasprovidedforinSection4.3ataRedemptionPriceequaltotheprincipalamountoftheDebentures;providedthattheCurrentMarketPriceonthedateonwhichsuchnoticeofredemptionisgivenisnotlessthan125%oftheConversionPriceandtheCorporationwillhaveprovidedtotheDebentureTrusteeanOfficer’sCertificateconfirmingsuchCurrentMarketPrice.Inadditionthereto,atthetimeofredemption,theCorporationwillpaytotheholderaccruedandunpaidinterestuptobutnotincludingtheRedemptionDate.OnoraftertheSecondCallDateandpriortotheMaturityDate,theDebenturesmayberedeemedattheCorporation’s sole option, in whole or in part, from time to time on notice as provided for in Section 4.3, at a Redemption Price equal to theprincipalamountoftheDebentures,irrespectiveoftheCurrentMarketPrice.Inadditionthereto,atthetimeofredemption,theCorporationwillpayto theholder accruedandunpaidinterest upto but not includingtheRedemptionDate. TheRedemptionNoticefor theDebentures will besubstantiallyintheformofScheduleB.

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(d) Priority .TheDebentureswillbesubordinatedtotheSeniorIndebtednessoftheCorporationinaccordancewiththeprovisionsofArticle5.

(e) Conversion . Upon and subject to the provisions andconditions of Article 6, the holder of each Debenture will have the right at such holder’soption,priortothecloseofbusinessontheearlieroftheMaturityDateand,ifcalledforredemption,theRedemptionDateoftheDebenturesbynoticetotheholdersofDebenturesinaccordancewithSections2.2(c)and4.3(theearlierofwhichwillbethe“MaturityDate”forthepurposesofArticle 6 in respect of the Debentures), to convert any part, which is $1,000 or an integral multiple thereof, of the principal amount of suchDebentureintoCommonSharesattheConversionPriceineffectontheDateofConversion.Notwithstandingtheforegoing,noDebenturemaybeconvertedduringthelastfiveBusinessDaysprecedinganInterestPaymentDate.

(f) Conversion Price .TheConversionPriceineffectonthedatehereofforeachCommonSharetobeissuedupontheconversionofDebentureswillbeequalto$1.35suchthatapproximately740CommonShareswillbeissuedforeach$1,000principalamountofDebenturessoconverted,subjecttothetermsofSection6.4.TheConversionPriceissubjecttoadjustmentpursuanttotheprovisionsofSection6.4.DebentureholdersconvertingtheirDebentureswillreceiveaccruedandunpaidinterestfrom,andincluding,thelastInterestPaymentDatepriortotheDateofConversion(orthedateofissueifconvertingpriortothefirstInterestPaymentDate)to,butexcluding,theDateofConversion.Notwithstandingtheforegoing,noDebenturemaybeconvertedonanInterestPaymentDateortheMaturityDate,orduringthe5BusinessDaysprecedingeitherevent.

(g) Payment in Common Shares .OnredemptionoronmaturityoftheDebentures,theCorporationmay,atitssoleoptionandsubjecttotheprovisionsofSections4.6and4.9,asapplicable,andsubjecttoanyapplicableregulatoryapprovals,electtosatisfyitsobligationtopayalloraportionoftheaggregateprincipalamountoftheDebenturesbyissuinganddeliveringFreelyTradeableCommonSharestosuchholders ofDebentures. If theCorporationelectstoexercisesuchoption,itwillprovidedetailsintheRedemptionNoticeordeliveramaturitynotice(the“Maturity Notice ”)tothe holders of theDebentures substantially in the form of Schedule C. Interest accrued andunpaid on the Debentures to but not including theRedemptionDateortheMaturityDatewillbepaidincash,subjecttoSection2.2(j).

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(h) Form of Debentures .TheDebentureswillbeissuedindenominationsof$1,000andintegralmultiplesof$1,000,maybeissuedincertificatedoruncertificatedformandwillbedatedasofthedateofthisIndenture.EachDebenturecertificatewillbeissuedinsubstantiallytheformsetoutinScheduleAwithsuchinsertions,omissions,substitutionsorothervariationsasrequiredorpermittedbythisIndenture,andmayhaveimprintedorotherwisereproducedthereonsuchlegendorlegendsorendorsements,notinconsistentwiththeprovisionsoftheIndenture,asmayberequiredtocomply with any lawor with any rulesor regulations pursuant thereto or with any rules or regulations of anysecurities exchangeor securitiesregulatory authority or to conform with general usage, all as may be determined by the Director or officer of theCorporation executing suchDebentureinaccordancewithSection2.3,asconclusivelyevidencedbyhisorherexecutionofanDebenture.EachDebenturewillalsobearsuchdistinguishinglettersandnumbersastheDebentureTrusteeapproves.Notwithstandingtheforegoing,anDebenturemaybeinsuchotherformorformsasmay,fromtimetotime,bespecifiedinanOfficer’sCertificate.TheDebenturesmaybeengraved,lithographed,printed,mimeographedortypewrittenorpartlyinoneformandpartlyinanother.

(i) Global Debentures .TheDebentureswillbeissuedasGlobalDebentures.TheDepositaryfortheDebentureswillbeCDSClearingandDepositaryServicesInc.TheGlobalDebentureswillberegisteredinthenameofCDS&Co.(oranynomineeoftheDepositary).NoBeneficialHolderwillreceivedefinitivecertificatesrepresentingtheirinterestinDebenturesexceptasprovidedinSection3.2.AGlobalDebenturemaybeexchangedforDebenturesinregisteredformthatarenotGlobalDebentures,ortransferredtoandregisteredinthenameofapersonotherthantheDepositaryforsuchGlobalDebenturesoranomineethereofasprovidedinSection3.2.TheGlobalDebenturesshallbearthefollowinglegends:

“ThisDebentureisaGlobalDebenturewithinthemeaningoftheIndenturehereinreferredtoandisregisteredinthenameofaDepositoryoranomineethereof.ThisDebenturemaynotbetransferredtoorexchangedforDebenturesregisteredinthenameofanyPersonotherthanthe Depository or a nominee thereof and no such transfer may be registered except in the limited circumstances described in theIndenture.EveryDebentureauthenticatedanddelivereduponregistrationof,transferof,orinexchangefor,orinlieuof,thisDebentureshallbeaGlobalDebenturesubjecttotheforegoing,exceptinsuchlimitedcircumstancesdescribedintheIndenture.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING ANDDEPOSITORY SERVICES INC. (“CDS”) TO INTELGENX TECHNOLOGIES CORP. OR ITS AGENT FOR REGISTRATION OFTRANSFER,EXCHANGEORPAYMENT,ANDANYCERTIFICATEISSUEDINRESPECTTHEREOFISREGISTEREDINTHENAMEOFCDS&CO., ORIN SUCHOTHERNAMEASIS REQUESTEDBYANAUTHORIZEDREPRESENTATIVEOFCDS(ANDANYPAYMENTIS MADETOCDS& CO.OR TO SUCHOTHERENTITY AS IS REQUESTEDBYANAUTHORIZEDREPRESENTATIVEOFCDS),ANYTRANSFER,PLEDGEOROTHERUSEHEREOFFORVALUEOROTHERWISEBYORTOANYPERSONIS WRONGFULSINCETHEREGISTEREDHOLDERHEREOF, CDS&CO., HASA PROPERTYINTEREST INTHESECURITIESREPRESENTEDBYTHISCERTIFICATEHEREINANDITISAVIOLATIONOFITSRIGHTSFORANOTHERPERSONTOHOLD,TRANSFERORDEALWITHTHISCERTIFICATE.”

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(j) Interest Payment Election .SubjecttotheprovisionsandconditionsofArticle10,theCorporationmayelect,fromtimetotime,tosatisfyalloranypartofitsInterestObligationontheDebenturesonanyInterestPaymentDatebyissuinganddeliveringFreelyTradeableCommonSharestosuchholdersofDebentures.IftheCorporationelectstoexercisesuchoption,itwilldeliveraCommonShareInterestPaymentElectionNoticetotheholdersoftheDebenturessubstantiallyintheformofScheduleD.

(k) Change of Control . Upon the occurrence of a Change of Control and subject to the provisions and conditions of this Section 2.2(k), theCorporationwillbeobligatedtooffertopurchaseallDebenturesthenoutstanding.Thetermsandconditionsofsuchobligationaresetforthbelow:

(i) Within30daysfollowingtheoccurrenceofaChangeofControl,theCorporationwilldelivertotheDebentureTrusteeanoticeinwritingstatingthattherehasbeenaChangeofControlandspecifyingthedateonwhichsuchChangeofControloccurredandthecircumstancesoreventsgivingrisetosuchChangeofControltogetherwithanofferinwriting(the“Debenture Offer ”)topurchasealloftheDebenturesthenoutstandingfromtheholdersthereofatapriceperDebentureequalto101%oftheprincipalamountthereoftogetherwithaccruedandunpaidinterestthereonuptobutexcludingtheChangeofControlPurchaseDate(asdefinedbelow)(the“Offer Price ”).TheDebentureTrusteewillpromptly, butnolaterthanthreeBusinessDaysthereafter, deliver, byprepaidmail anoticeoftheChangeofControl (inaformpreparedbytheCorporation)togetherwiththeDebentureOffertotheholdersofallDebenturesthenoutstanding,attheiraddressesappearingintheregistersofholdersofDebenturesmaintainedbytheDebentureTrustee.

(ii) TheDebentureOfferwillspecifythedate(the“Expiry Date ”)andtime(the“Expiry Time ”)onwhichtheDebentureOfferexpireswhichdateandtimewillnot,unlessotherwiserequiredbyApplicableSecuritiesLegislation,beearlierthanthecloseofbusinessonthe35thdayandnotlaterthanthecloseofbusinessonthe60thdayfollowingthedateonwhichsuchDebentureOfferisdeliveredormailedbyoronbehalfoftheDebentureTrusteeasprovidedabove.

(iii) TheDebentureOfferwillspecifythattheDebentureOffermaybeacceptedbytheholdersofDebenturesbytenderingtheDebenturesso

heldbythemtotheDebentureTrusteeatitsprincipalofficesinToronto,OntarioatorbeforetheExpiryTimetogetherwithanacceptancenotice(the“Acceptance Notice ”)informandsubstanceacceptabletotheDebentureTrustee.

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(iv) TheDebentureOffer will state that holders of Debenturesmayaccept theDebentureOffer inrespect of all or aportion(inaminimumamountof$1,000principalamountandmultiplesthereof)oftheirDebentures.

(v) TheDebentureOfferwillspecifyadate(the“Change of Control Purchase Date ”)nolaterthanthethirdBusinessDayfollowingtheExpiryDateonwhichtheCorporationwilltakeupandpayforallDebenturesdulytenderedinacceptanceoftheDebentureOffer.

(vi) TheCorporationwill,onorbefore10:00a.m.(Montréaltime),ontheBusinessDayimmediatelypriortotheChangeofControlPurchaseDate pay to the Debenture Trustee by wire transfer or such othermeans as may be acceptable to the Debenture Trustee, an amount ofmoney sufficient to pay the aggregate Offer Price in respect of all Debentures duly tendered to the Debenture Offer (less applicableWithholdingTaxes,ifany).TheDebentureTrustee,onbehalfoftheCorporation,willpaytheOfferPricetotheholdersofDebenturesintherespectiveamountstowhichtheyareentitledinaccordancewiththeDebentureOfferasaforesaid.

(vii) If 90% or more of the aggregate principal amount of Debentures issued under the Indenture outstanding on the date the CorporationprovidesnoticeoftheChangeofControlhavebeentenderedtotheCorporationpursuanttotheDebentureOffer,theCorporationwillhavetheright(the“90% Redemption Right ”),butnottheobligation,uponwrittennotice(the“90% Redemption Right Notice ”)providedtothe Debenture Trustee within 10 days following the Expiry Date, to elect to redeemall the Debentures remaining outstanding at theOfferPriceandontheothertermsandconditionsprovidedherein.UponreceiptofsuchnoticebytheDebentureTrustee,theDebentureTrusteewillpromptlyprovidewrittennotice(inaformpreparedbytheCorporation)toeachholderofoutstandingDebentures(otherthanthosethathaveacceptedtheDebentureOffer)that:

(A) theCorporationhasexercisedthe90%RedemptionRightandispurchasingalloutstandingDebentureseffectiveasattheChangeofControlPurchaseDateattheOfferPrice;

(B) suchholderwillsurrenderitsDebenturestotheDebentureTrusteewithin30daysafterthesendingofsuchnotice;and

(C) therightsofsuchholderunderthetermsoftheDebenturesandthisIndenturewillceasetobeeffectiveasoftheChangeofControlPurchaseDateprovidedtheCorporationhas,onorbeforethedateonwhichtheCorporationdeliversthe90%RedemptionNoticetotheDebentureTrustee,paidtheaggregateOfferPriceto,ortotheorderof,theDebentureTrusteeandthereaftersuchholder’sDebentures will not beconsidered to be outstanding and such holder will not have any rights hereunder except to receivesuchOffer Price to which such holder is entitled upon surrender and delivery of such holder’s Debentures in accordance with theIndenture.

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(viii) The Corporation will, on or before 10:00 a.m. (Montréal time), on the Business Day immediately prior to the date on which theCorporation delivers the 90%Redemption Right Notice, pay to the DebentureTrustee by wire transfer or such other means as maybeacceptable to theDebenture Trustee, anamount of moneysufficient to paytheaggregateOffer Priceinrespect of all Debentures toberedeemedpursuant tothe90%Redemption Right (less applicable Withholding Taxes, if any). TheDebenture Trustee, on behalf of theCorporation,willpaytheOfferPricetotheholdersofDebenturesintherespectiveamountstowhichtheyareentitledinaccordancewiththeexerciseofthe90%RedemptionRightasaforesaiduponsurrenderanddeliveryofsuchholders’Debentures.

(ix) The Debentures in respect of which the Corporation hasmade payment to the Debenture Trustee in accordance with the terms of thisSection 2.2(k) (or the portion thereof tendered in acceptance of the Debenture Offer) will thereafter no longer be considered to beoutstandingunder this Indenture. The Corporation will also deposit with the DebentureTrustee a sum of money sufficient to pay anychargesorexpenseswhichmaybeincurredbytheDebentureTrusteeinconnectionwiththeDebentureOfferandtheexerciseofthe90%RedemptionRightifapplicable.AllDebenturesinrespectofwhichpaymentoftheOfferPricehasbeensomadewillbecancelledbytheDebentureTrustee.

(x) IntheeventthatonlyaportionoftheprincipalamountofaDebentureistenderedbyaholderthereofinacceptanceoftheDebentureOffer,theCorporationshall,asapplicable,executeanddelivertotheDebentureTrusteeandtheDebentureTrusteeshallcertifyanddelivertotheholder, as applicable, without chargetosuchholder, acertificate representingthe principal amount of theDebenture not so tenderedinacceptance of the Debenture Offer, or in the case of an uncertificated Debenture, update the register in accordance with its InternalProcedures.

(l) Listing. TheCorporationwillusecommerciallyreasonableeffortstomaintainthelistingandpostingfortradingoftheDebenturesontheTSXVorsuchotherexchangeonwhichtheCommonSharesarelistedandpostedfortrading,andtomaintaintheCorporation’sstatusasa“reportingissuernotindefault”underApplicableSecuritiesLegislationandtoremainsubjectto,andincompliancewith,reportingobligationsundereitherSection13orSection15(d)oftheUnited States Securities Exchange Act of 1934 ,asamended;providedthattheforegoingcovenantshallnotpreventorrestricttheCorporationfromcarryingoutatransactiontowhichArticle11wouldapplyifcarriedoutincompliancewithArticle11,respectively,evenifasaresultofsuchtransactiontheCommonSharesortheDebentures,asthecasemaybe,ceasetobelistedontheTSXVoronanotherstockexchangerecognizedbyrelevantsecuritiesregulatoryauthoritiesortheCorporationceasestobea“reportingissuer”.

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(m) Documents to Debenture Trustee . The DebentureTrustee will be provided with the documents and instruments referred to below prior to theissuanceofanyDebentures:

− aWrittenDirectionoftheCorporationrequestingcertificationanddeliveryofsuchDebenturesandsettingforthdeliveryinstructions;

− anopinionofCounsel,informandsubstancesatisfactorytotheDebentureTrustee,actingreasonably,totheeffectthatallrequirementsimposedbytheIndentureorbylawinconnectionwiththeproposedissueofDebentureshavebeencompliedwith,subjecttothedeliveryofcertaindocumentsorinstrumentsspecifiedinsuchopinion;and

− an Officer’s Certificate certifying that the Corporation is not in default under this Indenture, that the terms and conditions for the

certificationanddeliveryofDebentures(includingthosesetforthinSection15.5),havebeencompliedwithsubjecttothedeliveryofanydocumentsorinstrumentsspecifiedinsuchOfficer’sCertificateandthatnoEventofDefaultexistsorwillexistuponsuchcertificationanddelivery.

2.3 Execution of Debentures

All certificated Debentures will be signed(either manually orbyfacsimile signature) byanyoneDirector or anyoneauthorizedofficer of theCorporation,onbehalfoftheCorporation,holdingofficeatthetimeofsigning.AfacsimilesignatureuponacertificatedDebentureisforallpurposesofthisIndenturedeemedtobe the signature of the person whose signature it purports to be. Notwithstanding that any person whose signature, either manual or in facsimile, appears on acertificated Debenture as Director or anauthorized officer of the Corporation, on behalf of the Corporation, may no longer hold such office at the date of theDebentureoratthedateofthecertificationanddeliverythereof, suchcertificatedDebenturewill bevalidandbindingupontheCorporationandentitledtothebenefitsofthisIndenture.

2.4 Certification

Nocertificated Debenture will be issued or, if issued, will beobligatory or will entitle the holder to the benefits of this Indenture, until it has been manuallycertifiedbyoronbehalfoftheDebentureTrusteesubstantiallyintheformsetoutinthisIndenture,intherelevantsupplementalindentureorinsomeotherformapprovedbytheDebentureTrustee.SuchcertificationonanycertificatedDebentureisconclusiveevidencethatsuchDebentureisdulyissued,isavalidobligationoftheCorporationandtheholderisentitledtothebenefitshereof.

The certificate of the Debenture Trustee signed on the certificated Debentures, or interim Debentures hereinafter mentioned, or the completion of its InternalProcedures as detailed below, will not be construed as a representation or warranty by the Debenture Trustee as to the validity of this Indenture or of theDebentures or interim Debentures or as to the issuance of the Debentures or interim Debentures and the Debenture Trustee will in no respect be liable oranswerablefortheusemadeoftheDebenturesorinterimDebenturesoranyofthemortheproceedsthereof.ThecertificateoftheDebentureTrusteesignedontheDebenturesorinterimDebentures,orthecompletionofitsInternalProceduresasdetailedbelow,will,however,bearepresentationandwarrantybytheDebentureTrusteethattheDebenturesorinterimDebentureshavebeendulycertifiedbyoronbehalfoftheDebentureTrusteepursuanttotheprovisionsofthisIndenture.

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ADebenturethatisnotevidencedbyacertificateshall,forallpurposesofthisIndenture,bedeemedtohavebeendulycertifiedbytheDebentureTrusteeiftheDebentureTrusteehas,inrespecttosuchDebenture,completedall InternalProceduressuchthattheparticularsofsuchDebentureareenteredintheregisterinrespectoftheDebentures.Forthispurpose,“InternalProcedures”means,inrespectofthemakingofanyoneormoreentriesto,changesinordeletionsofanyoneormoreentriesintheregisterinrespectoftheDebenturesatanytime,theminimumnumberoftheDebentureTrustee’sinternalprocedurescustomaryatsuchtimefortheentry,changeordeletionmadetobecompleteundertheoperatingproceduresfollowedatsuchtimebytheDebentureTrustee.

2.5 Interim Debentures or Certificates

Pendingthedelivery of definitive Debentures of anyseries to the Debenture Trustee, the Corporationmayissue andthe Debenture Trustee maycertifyinlieuthereof interim Debentures in such forms and in such denominations and signed in such manner as provided herein, entitling theholders thereof to definitiveDebenturesoftheserieswhenthesamearereadyfordelivery;ortheCorporationmayexecuteandtheDebentureTrusteemaycertifyatemporaryDebentureforthewholeprincipalamountofDebenturesoftheseriesthenauthorizedtobeissuedhereunder,astheCorporationandtheDebentureTrusteemayapprove,entitlingthe holders thereof to definitiveDebentures of the series when the same are ready for delivery; and, when so issued and certified, such interim or temporaryDebenturesorinterimcertificateswill, forall purposesbutwithoutduplication,rankinrespectofthisIndentureequallywithDebenturesdulyissuedhereunderand, pendingtheexchangethereof for definitive Debentures, theholders of theinterimor temporaryDebentures or interimcertificates will bedeemedwithoutduplicationtobeDebentureholdersandentitledtothebenefitofthisIndenturetothesameextentandinthesamemannerasthoughthesaidexchangehadactuallybeenmade.ForthwithaftertheCorporationhasdeliveredthedefinitiveDebenturestotheDebentureTrustee, theDebentureTrusteewill cancelsuchtemporaryDebentures,ifany,andwillcallinforexchangeallinterimDebenturesorcertificatesthatwereissuedandforthwithaftersuchexchangewillcancelthesame.NochargewillbemadebytheCorporationortheDebentureTrusteetotheholdersofsuchinterimortemporaryDebenturesorinterimcertificatesfortheexchangethereof.

2.6 Mutilation, Loss, Theft or Destruction

IncaseanyoftheDebenturecertificatesissuedhereunderbecomemutilated,lost,stolenordestroyed,theCorporation,initsdiscretion,mayissue,andthereuponthe Debenture Trustee will certify anddeliver, a newDebenture uponsurrender and cancellation of the mutilated Debenture, or in thecase of a lost, stolen ordestroyedDebenture,inlieuofandinsubstitutionforthesame,andthesubstitutedDebenturewillbeinaformapprovedbytheDebentureTrusteeandwillbeentitledtothebenefitsofthisIndentureandrankequallyinaccordancewithitstermswithallotherDebenturesissuedortobeissuedhereunder.Incaseofloss,theft or destruction the applicant for a substituted Debenture will furnish to the Corporation and to the Debenture Trustee such evidence of the loss, theft ordestruction of the Debenture as is satisfactory to them in their discretion and will also furnish a surety bond and an indemnity satisfactory to them in theirdiscretion.Theapplicantwillpayall reasonableexpensesincidental totheissuanceofanysubstitutedDebenturepayabletotheCorporationandtheDebentureTrustee..

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2.7 Concerning Interest

(a) All Debentures issued hereunder, whether originally or upon transfer, exchange or in substitution for previously issuedDebentures which are

interestbearing,will,bearinterest(i)fromandincludingtheirissuedate, or(ii) fromandincludingthelastInterestPaymentDateinrespectofwhichinteresthasbecomedueandpayableontheoutstandingDebentures,whicheverislater,tobutexcludingthenextInterestPaymentDate.

(b) Interest for anyperiod of less thansix months will becomputed onthe basis of a year of 365days. Subject to Section 2.2(b) in respectofthemethodforcalculatingtheamountofinteresttobepaidontheDebenturesonthefirstInterestPaymentDateinrespectthereof,wheneverinterestiscomputedonthebasisofa365or366dayyear,theyearlyrateofinteresttowhichtherateusedinsuchcalculationisequivalentistheratesousedmultipliedbytheactualnumberofdaysinthecalendaryearinwhichthesameistobeascertainedanddividedby365or366,asapplicable.TheratesofinterestunderthisAgreementarenominalrates,andnoteffectiveratesoryields.TheprincipleofdeemedreinvestmentofinterestdoesnotapplytoanyinterestcalculationunderthisAgreement.

(c) TheDebentureTrusteeshallbeentitledtorelyonthecalculationsoftheCorporationwithregardstothecalculationofinterest.

2.8 Debentures to Rank Pari Passu

TheDebentureswillbedirectunsecuredobligationsoftheCorporation.EachDebenturewillrankpari passu witheachotherDebenture(regardlessoftheiractualdateortermsofissue)and,subjecttostatutorypreferredexceptions,withallotherpresentandfuturesubordinatedandunsecuredindebtednessoftheCorporation.

2.9 Payments of Amounts Due on Maturity

ExceptasmayotherwisebeprovidedhereinorinanysupplementalindentureinrespectofDebenturesandsubjecttoSection4.9,paymentsofamountsdueuponmaturityoftheDebentureswillbemadeinthefollowingmanner.TheCorporationwillestablishandmaintainwiththeDebentureTrusteeanaccountcreatedforsuchpurposes(the“Maturity Account ”)fortheDebentures.TheMaturityAccountwillbemaintainedbyandbesubjecttothecontroloftheDebentureTrusteefor the purposes of this Indenture. On or before 10:00 a.m. (Montréal time) on the Business Day immediately prior to each maturity date for DebenturesoutstandingfromtimetotimeunderthisIndenture, theCorporationwill deliverbycertifiedchequeorwiretransfer totheDebentureTrusteefordepositintheMaturityAccountanamountcalculatedbytheCorporationtobesufficienttopaythecashamountpayableinrespectoftheDebentures(includingtheprincipalamounttogetherwithanyaccruedandunpaidinterestthereonlessapplicableWithholdingTaxes,ifany).TheDebentureTrustee,onbehalfoftheCorporation,willpaytoeachholderentitledtoreceivepaymenttheprincipal amountofandpremium(if any)andaccruedandunpaidinterest ontheDebenture(lessapplicableWithholding Taxes, if any), upon surrender of the Debenture at any branch of the Debenture Trustee designated for such purpose from time to time by theCorporationandtheDebenture Trustee. Thedeliveryof suchfundstotheDebenture Trusteefordeposit totheMaturity Account will satisfyanddischargetheliabilityoftheCorporationfortheDebenturestowhichthedeliveryoffundsrelatestotheextentoftheamountdelivered(plustheamountofanytaxwithheldordeductedas aforesaid and remitted to the proper tax authority) and such Debentures will thereafter to that extent not be considered as outstanding under thisIndentureandsuchholderwillhavenootherrightinregardtheretootherthantoreceiveoutofthemoneysodeliveredormadeavailabletheamounttowhichitisentitled.TheDebentureTrusteeshallmakepaymentshereunderonlytotheextentthatithasbeenfunded.

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2.10 Payment of Interest

(a) With respect to any interest due on Debentures (except at maturity, on conversion or on redemption, when interest may at the option of theCorporation be paid upon surrender of such Debenture) theCorporation, either directly or through the Debenture Trustee or any agent oftheDebentureTrustee,willsendorforwardbyprepaidordinarymail,electronictransferoffunds,orothermeansacceptabletotheparties,paymentofsuch interest (less applicable Withholding Taxes, if any) to the order of the registered holder of such Debenture appearing on the registersmaintainedbytheDebentureTrusteeatthecloseofbusinessonthefifthBusinessDaypriortotheapplicableInterestPaymentDateandaddressedtotheholderattheholder’slastaddressappearingontheregister,unlesssuchholderotherwisedirects.Ifpaymentismadebycheque,suchchequewill be forwardedat least three Business Daysprior to each date on which interest becomes due (and, if such cheques are to bemailedbytheDebentureTrustee,theCorporationwilldelivertotheDebentureTrusteetheamountrequiredtobepaidbytheDebentureTrusteeoneBusinessDaypriortothedateonwhichtheDebentureTrusteeisrequiredtomailsuchcheques)andifpaymentismadebyothermeans(suchaselectronictransferoffunds,providedtheDebentureTrusteewillreceiveconfirmationofreceiptoffundspriortobeingabletowirefundstoholders),suchpaymentwillbemadeinamannerwherebytheholderreceivescreditforsuchpaymentonthedatesuchinterestonsuchDebenturebecomesdue.TheCorporationherebyauthorizesanddirectstheDebentureTrusteetomakepaymentsviaelectronictransferwhenitissorequestedtodosobyanyholder.Themailingofsuchchequeorthemakingofsuchpaymentbyothermeanswill,totheextentofthesumrepresentedthereby,plustheamountofanytaxwithheldordeductedasaforesaidandremittedtothepropertaxauthority, satisfiesanddischargesall liabilityforinterestonsuchDebenture,unlessinthecaseofpaymentbycheque,suchchequeisnotpaidatparonpresentation.Intheeventofnon-receiptofanychequefororotherpaymentofinterestbythepersontowhomitissosentasaforesaid,theCorporationortheDebentureTrusteewillissuetosuchpersonareplacementchequeorotherpaymentfortheamountuponbeingfurnishedwithsuchevidenceofnon-receiptasitreasonablyrequiresanduponbeingfundedandindemnifiedtoitssatisfaction.Notwithstandingtheforegoing,iftheCorporationispreventedbycircumstancesbeyonditscontrol(including, without limitation, any interruption in mail service) from making payment of any interest due on each Debenture in the mannerprovidedabove,theCorporationmaymakepaymentofsuchinterestormakesuchinterestavailableforpaymentinanyothermanneracceptabletotheDebentureTrusteewiththesameeffectasthoughpaymenthadbeenmadeinthemannerprovidedabove.

(b) NotwithstandingSection2.10(a),forDebenturesrepresented, inwholeorinpart, byaGlobalDebenture, all paymentsof interestontheGlobalDebenturewillbemadebyelectronicfundstransfertotheDepositaryoritsnomineeforsubsequentpaymenttoBeneficialHoldersofinterestsinthatGlobalDebenture,unlesstheCorporationandtheDepositaryotherwiseagree.TheCorporationwillpaysuchfundstotheDebentureTrusteeonorbefore10:00a.m.(Montréaltime)ontheBusinessDayimmediatelypriortotheapplicableInterestPaymentDate.NoneoftheCorporation,theDebentureTrusteeoranyagentoftheDebentureTrusteeforanyDebentureissuedasaGlobalDebenturewillbeliableorresponsibletoanypersonforanyaspectoftherecordsrelatedtoorpaymentsmadeonaccountofbeneficial interestsinanyGlobalDebentureorformaintaining,reviewing,orsupervisinganyrecordsrelatingtosuchbeneficialinterests.

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2.11 Withholding Tax

(a) TheCorporation,eitherdirectlyorthroughtheDebentureTrustee,isentitledtodeductandwithholdanamountinrespectofanyapplicabletaxesorsimilarcharges(includinginterest,penaltiesorsimilaramountsinrespectthereof)(“Withholding Taxes ”)imposedorleviedbyoronbehalfof:(a)theCanadiangovernmentorofanyProvinceorterritorythereoforanyauthorityoragencyhavingpowertotax,includingpursuanttotheTaxAct;or,(b)imposedorleviedbyoronbehalfoftheUnitedStatesgovernmentoranystateorsubdivisionthereoforanyauthorityoragencyhavingpowertotax,includingpursuanttotheCode,fromanypayment(orportionthereof),includingbytheissuanceofCommonShares,tobemadeonor in connection with the Debentures and, provided that the Corporation, or the Debenture Trustee, as the case maybe, forthwith remits suchWithholdingTaxestosuchgovernment,authorityoragencyandfilesallrequiredformsinrespectthereofandpromptlyprovidescopiesofsuchremittanceandfilingtotheDebentureTrusteeortherelevantDebentureholder,theamountofanysuchWithholdingTaxeswillbeconsideredanamountpaidinsatisfactionoftheCorporation’sobligationsundertheDebenturesandthereisnoobligationontheCorporationtogross-upamountspaidorcreditedtoaholderoranyotherPersoninrespectofsuchWithholdingsTaxes.

(b) TheCorporationwillprovidetheDebentureTrusteeortherelevantDebentureholderwithcopiesofreceiptsorothercommunicationsrelatingtothe

remittance of such Withholding Taxes or the filing of such forms received from such government, authority or agency promptly after receiptthereof.

(c) TotheextentthattheamountsorequiredtobedeductedorwithheldfromanypaymentbytheCorporationinrespectoftheDebenturesexceedsthecashportion(ifany)oftheamountsotherwisepayableinrespectoftheDebentures,theCorporationisherebyauthorizedtofacilitatethesaleorotherwisedisposeofsuchportionoftheconsiderationpayableinrespectoftheDebentures(includinganyCommonSharesrequiredtobedeliveredbytheCorporation)asisnecessarytoprovidesufficientfundstotheCorporationtoenableittocomplywithsuchWithholdingTaxesrequirement.

(d) The Corporation authorizes the Debenture Trustee to convert or cause to be converted through an agent or affiliate, theCanadian dollar cashpaymentonaccountofinterest,premium,ifany,orprincipalpayabletoaholderinrespectoftheDebentures,intoUnitedStatesdollars,attherateofconversionavailabletotheDebentureTrusteeonthedatethefundsareconverted,iftheholdersoprovidesawrittendirectiontotheDebentureTrusteerequesting its receipt in United States dollars. Byproviding the written request, the holder will haveacknowledgedandagreedthat theexchangerateforoneCanadiandollarexpressedinUnitedStatesdollarswillbebasedontheexchangerateavailabletotheDebentureTrusteeonthedatethefundsareconverted.HolderselectingtohavetheirpaymentspaidinUnitedStatesdollarswillhavefurtheracknowledgedandagreedthatanychangetothecurrencyexchangeratesoftheUnitedStatesorCanadawillbeatthesoleriskoftheholder

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(e) Atanytime,theDebentureTrusteemayrequestdirectionfromtheCorporationinwritingastoanytaxreportingrequirementsunderthisIndentureandtheDebentureTrusteemayrelyonthetaxreportingrequirementsprovidedbytheCorporation.TheDebentureTrusteeshall atalltimesbeindemnifiedandheldharmlessbytheCorporationfromandagainstanypersonalliabilitiesoftheDebentureTrusteeincurredinconnectionwiththefailureoftheCorporationoritsagents,toreport,remitorwithholdtaxes.ThisindemnificationshallsurvivetheresignationorremovaloftheDebenture Trustee andthe termination of this Indenture solely to the extent that suchliabilities havebeen incurredinconnectionwithtaxationyearsoccurringduringthetermofthisIndenture.

ARTICLE 3REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP

3.1 Fully Registered Debentures

(a) With respect to Debentures issuable, in whole or in part, as Fully Registered Debentures, the Corporation will cause to be kept by and at theprincipal office of the Debenture Trustee in Toronto, Ontarioandbythe Debenture Trustee or suchother registrar as the Corporation,withtheapprovaloftheDebentureTrusteemayappointatsuchotherplaceorplaces,ifany,asmaybespecifiedintheDebenturesofsuchseriesorastheCorporationmaydesignatewiththeapprovaloftheDebentureTrustee,aregisterinwhichwillbeenteredthenamesandaddressesoftheholdersofFullyRegisteredDebenturesandparticularsoftheDebenturesheldbythemrespectivelyandofall transfersofFullyRegisteredDebentures.SuchregistrationwillbenotedontheDebenturesbytheDebentureTrusteeorotherregistrarunlessanewDebentureisissueduponsuchtransfer.

(b) NotransferofaFullyRegisteredDebenturewillbevalidunlessmadeonsuchregisterreferredtoinSection3.1(a)bytheregisteredholderorsuchholder’sexecutors,administratorsorotherlegalrepresentativesoramandatarydulyappointedbyaninstrumentinwritinginformandexecutionsatisfactorytotheDebentureTrusteeorotherregistraruponsurrenderoftheDebenturestogetherwithadulyexecutedformoftransferacceptabletotheDebentureTrusteeanduponcompliancewithsuchotherreasonablerequirementsastheDebentureTrusteeorotherregistrarmayprescribe.

3.2 Global Debentures

(a) With respect to Debentures issuable in wholeor in partas oneor more Global Debentures, theCorporationwill causeto bekept byandattheprincipal officesoftheDebentureTrusteeinToronto,OntarioandbytheDebentureTrusteeorsuchotherregistrarastheCorporation,withtheapprovaloftheDebentureTrustee, mayappointatsuchotherplaceorplaces,ifany,astheCorporationmaydesignatewiththeapprovaloftheDebentureTrustee,aregisterinwhichwillbeenteredthenameandaddressoftheholderofeachsuchGlobalDebenture(beingtheDepositary,orits nominee,forsuchGlobalDebenture)asholderthereofandparticularsoftheGlobalDebentureheldbyit, andofall transfersthereof.IfanyDebentures are at any time not Global Debentures, theprovisions of Section 3.1 will govern with respect to registrations and transfers of suchDebentures.

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(b) Beneficial interests in the Global Debentures will not be shown on the register or records maintained by the Debenture Trustee, but will berepresentedthroughbook-entryaccountsofparticipantsonbehalfofthebeneficialownersofsuchGlobalDebenture.NoneoftheCorporation,theDebentureTrusteeoranyotherpayingagentwillhavetheresponsibilityorliabilityforanyaspectsoftherecordsrelatingtoorpaymentsmadebyanyDepositaryoranyparticipantonaccountofthebeneficialinterestinanyGlobalDebenture.

(c) NotwithstandinganyotherprovisionofthisIndenture,aGlobalDebenturemaynotbetransferredbytheregisteredholderthereofand,accordingly,

no definitive certificates will be issued to Beneficial Holders except in the following circumstances or as otherwise specified in an Officer’sCertificateorasupplementalindenturerelatingtoaparticularseriesofDebentures:

(i) Global Debentures may be transferred by a Depositary to a nominee of such Depositary or by a nominee of a Depositary to suchDepositaryortoanothernomineeofsuchDepositaryorbyaDepositaryoritsnomineetoasuccessorDepositaryoritsnominee;

(ii) GlobalDebenturesmaybetransferredatanytimeafter(i)theCorporationortheDepositaryforsuchGlobalDebentureshasnotifiedtheDebentureTrusteethattheDepositaryisunwillingorunabletocontinueasDepositaryforsuchGlobalDebentures,or(ii)theDepositaryceasestobeeligibletobeaDepositarypursuanttothetermshereof,providedineachcasethatatthetimeofsuchtransfertheCorporationhasnotappointedasuccessorDepositaryforsuchGlobalDebentures;

(iii) GlobalDebenturesmaybetransferredatanytimeaftertheCorporationhasdetermined,initssolediscretiontoterminatethebook-entry

only registration system in respect of such Global Debentures and has communicated such determination to the Debenture Trustee inwriting;

(iv) GlobalDebenturesmaybetransferredatanytimeaftertheDebentureTrusteehasdeterminedthatanEventofDefaulthasoccurredandiscontinuingwithrespecttotheDebenturesissuedasaGlobalDebenture,providedthatBeneficialHoldersrepresenting,intheaggregate,not less than 25% of the aggregate principal amount of the Debentures advise the Depositary in writing, through the DepositaryParticipants,thatthecontinuationofthebook-entryonlyregistrationsystemisnolongerintheirbestinterestandalsoprovidedthatatthetimeofsuchtransfertheDebentureTrusteehasnotwaivedtheEventofDefaultpursuanttoSection8.3;

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(v) GlobalDebenturesmaybetransferredifrequiredbyapplicablelaw;or (vi) GlobalDebenturesmaybetransferredifthebook-entryonlyregistrationsystemceasestoexist.

(d) WithrespecttotheGlobalDebentures,unlessanduntildefinitivecertificateshavebeenissuedtoBeneficialHolderspursuanttoSection3.2(c):

(i) theCorporationandtheDebentureTrusteemaydealwiththeDepositaryforallpurposes(includingpayinginterestontheDebentures)asthesoleholderofDebenturesandtheauthorizedrepresentativeoftheBeneficialHolders;

(ii) the rights of the Beneficial Holders will be exercised only through the Depositary and will be limited to those established by lawandagreementsbetweensuchBeneficialHoldersandtheDepositaryortheDepositaryParticipants;

(iii) theDepositarywillmakebook-entrytransfersamongtheDepositaryParticipants;and

(iv) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Debentureholders evidencingaspecifiedpercentageoftheoutstandingDebentures,theDepositarywillbedeemedtobecountedinthatpercentageonlytotheextentthatithasreceivedinstructionstosucheffectfromtheBeneficialHoldersortheDepositaryParticipants,andhasdeliveredsuchinstructionstotheDebentureTrustee.

(e) Whenever a notice or other communication is required to be provided to Debentureholders, unless and until definitive certificate(s) have beenissuedtoBeneficialHolderspursuanttothisSection3.2,theDebentureTrusteewillprovideallsuchnoticesandcommunicationstotheDepositaryandtheDepositarywilldeliversuchnoticesandcommunicationstosuchBeneficialHoldersinaccordancewithApplicableSecuritiesLegislation.Upon the termination of the book-entry only registration system on the occurrence of one of the conditions specified in Section 3.2(c), theDepositary will notify all Depositary Participants, who will in turn notify all applicable Beneficial Holders of the availability of definitiveDebenturecertificates.UponsurrenderbytheDepositaryoftheGlobalDebenturesandreceiptofnewregistrationinstructionsfromtheDepositary,theDebentureTrusteewilldeliverthedefinitiveDebenturecertificatesforsuchFullyRegisteredDebenturestotheholdersthereofinaccordancewiththenewregistrationinstructionsand,thereafter,theregistrationandtransferofsuchFullyRegisteredDebentureswillbegovernedbySection3.1andtheremainingSectionsofthisArticle3.

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3.3 Transferee Entitled to Registration

ThetransfereeofaDebentureisentitled,aftertheappropriateformoftransferislodgedwiththeDebentureTrusteeorotherregistraranduponcompliancewithallotherconditionsinthatbehalfrequiredbythisIndentureorbylaw,tobeenteredontheregisterastheownerofsuchDebenturefreefromallequitiesorrightsofset-offorcounterclaimbetweentheCorporationandthetransferororanypreviousholderofsuchDebenture,saveinrespectofequitiesofwhichtheCorporationisrequiredtotakenoticebystatuteorbyorderofacourtofcompetentjurisdiction.

3.4 No Notice of Trusts

NeithertheCorporationnortheDebentureTrusteenoranyregistrarwillbeboundtotakenoticeoforseetotheexecutionofanytrustwhetherexpress,impliedorconstructive,inrespectofanyDebenture,andmaytransferthesameonthedirectionofthepersonregisteredastheholderthereof,whethernamedastrusteeorotherwise,asthoughthatpersonwerethebeneficialownerthereof.

3.5 Registers Open for Inspection

The registers referred to in Sections 3.1 and 3.2 will at all reasonable times be open for inspection by the Corporation, the Debenture Trustee or anyDebentureholder.Everyregistrar,includingtheDebentureTrustee,willfromtimetotimewhenrequestedsotodobytheCorporationorbytheDebentureTrustee,inwriting,furnishtheCorporationortheDebentureTrustee,asthecasemaybe,withalistofnamesandaddressesofholdersofregisteredDebenturesenteredontheregister keptbythemandshowingtheprincipal amountoftheDebenturesheldbyeachsuchholder, providedtheDebentureTrusteeisentitledtochargeareasonablefeetoprovidesuchalist.

3.6 Exchanges of Debentures

(a) SubjecttoSection3.8,Debenturesinanyauthorizedformordenomination,otherthanGlobalDebentures,maybeexchangedforDebenturesinany

otherauthorizedformordenomination,ofthesameseriesanddateofmaturity,bearingthesameinterestrateandofthesameaggregateprincipalamountastheDebenturessoexchanged.

(b) InrespectofexchangesofDebenturespermittedbySection3.6(a),DebenturesofanyseriesmaybeexchangedonlyattheprincipalofficesoftheDebentureTrusteeinToronto,Ontariooratsuchotherplaceorplaces,ifany,asmaybespecifiedintheDebenturesofsuchseriesandatsuchother place or places as may from time to time bedesignated by the Corporation with the approval of the Debenture Trustee.AnyDebenturecertificates tendered for exchange will be surrendered to the Debenture Trustee. The Corporation will execute and the DebentureTrusteewillcertify all Debenture certificates necessary to carry out exchanges as aforesaid. All Debenture certificates surrendered for exchange will becancelled.

(c) DebenturesissuedinexchangeforDebentureswhichatthetimeofsuchissuehavebeenselectedorcalledforredemptionatalaterdatewillbedeemedtohavebeenselectedorcalledforredemptioninthesamemanner.

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3.7 Closing of Registers

(a) NeithertheCorporationnortheDebentureTrusteenoranyregistrarwillberequiredto:

(i) make transfers, conversions or exchanges of any Debentures on any Interest Payment Date for such Debentures or during the fiveprecedingBusinessDays;

(ii) maketransfers or exchanges of anyDebentures onthedayof anyselection bythe Debenture Trustee of Debentures to beredeemedorduringthefiveprecedingBusinessDays;or

(iii) make transfers or exchanges of any Debentures which will have been selected or called for redemption unless upon due presentationthereofforredemptionsuchDebentureswillnotberedeemed.

(b) Subjecttoanyrestrictionhereinprovided,theCorporationwiththeapprovaloftheDebentureTrusteemayatanytimecloseanyregisterforanyseriesofDebentures,otherthanthosekeptattheprincipalofficesoftheDebentureTrusteeinToronto,Ontario,andtransfertheregistrationofanyDebentures registered thereon to another register (which may be an existing register) and thereafter such Debentures will be deemed to beregisteredonsuchotherregister.NoticeofsuchtransferwillbegiventotheholdersofsuchDebentures.

3.8 Charges for Registration, Transfer and Exchange

For each Debenture exchanged, registered, transferred or discharged from registration, the Debenture Trustee or other registrar, except as otherwise hereinprovided,maymakeareasonablechargeforitsservicesandinadditionmaychargeareasonablesumforeachnewDebentureissued(suchamountstobeagreeduponfromtimetotimebytheDebentureTrusteeandtheCorporation),andpaymentofsuchchargesandreimbursementoftheDebentureTrusteeorotherregistrarforanystamptaxesorgovernmentalorotherchargesrequiredtobepaidwillbemadebythepartyrequestingsuchexchange,registration,transferordischargefromregistrationasaconditionprecedentthereto.Notwithstandingtheforegoingprovisions,nochargewillbemadetoaDebentureholderhereunder:

(a) foranyexchange,registration,transferordischargefromregistrationofanyDebentureappliedforwithinaperiodoftwomonthsfromthedateofthefirstdeliveryofDebenturesofthatseries;

(b) foranyexchangeofaGlobalDebentureascontemplatedinSection3.2;and (c) foranyexchangeofanyDebentureresultingfromapartialredemptionunderSection4.2.

3.9 Ownership of Debentures

(a) Unlessotherwiserequiredbylaw,thepersoninwhosenameanyregisteredDebentureisregisteredwillforallthepurposesofthisIndenturebeand

bedeemedto be the owner thereof andpayment of or onaccount of theprincipal of suchDebenture andinterest thereonwill bemadetosuchregisteredholder.

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(b) TheregisteredholderforthetimebeingofanyregisteredDebenturewillbeentitledtotheprincipal,premium,ifany,and/orinterestevidencedbysuch instruments, respectively, free from all equities or rights of set-off or counterclaim between the Corporation and the original or anyintermediateholderthereofandallpersonsmayactaccordinglyandthereceiptofanysuchregisteredholderofanysuchprincipal,premiumorinterest will be a good discharge to the Corporation and/or the Debenture Trustee for the same and neither the Corporation nor theDebentureTrusteewillbeboundtoinquireintothetitleofanysuchregisteredholder.

(c) WhereDebenturesareregisteredinmorethanonename,theprincipal,premium,ifany,andinterestfromtimetotimepayableinrespectthereof

maybepaidorcreditedtotheorderofallsuchholders,failingwritteninstructionsfromthemtothecontrary,andthereceiptofanyoneofsuchholdersthereforwillbeavaliddischargetotheDebentureTrustee,anyregistrarandtotheCorporation.

(d) InthecaseofthedeathofoneormorejointholdersofanyDebenturetheprincipal,premium,ifany,andinterestfromtimetotimepayablethereon

maybepaidtotheorderofthesurvivororsurvivorsofsuchregisteredholdersandthereceiptofanysuchsurvivororsurvivorsthereforwillbeavaliddischargetotheDebentureTrustee,anyregistrarandtotheCorporation.

3.10 NCI Letter of Instructions

Notwithstandinganythingtothecontrarysetoutherein,allphysicalDebenturecertificatesissuedtotheDepositarymaybesurrenderedtotheDebentureTrusteeforanelectronicpositionontheregisterofDebentureholderstobemaintainedbytheDebentureTrusteeinaccordancewithSection3.2.AllDebenturesmaintainedinsuchelectronicpositionwillbevalidandbindingobligationsoftheCorporation,entitlingtheregisteredholdersthereoftothesamebenefitsasthoseregisteredholderswhoholdDebenturesinphysicalform.ThisIndentureandtheprovisionscontainedhereinwillapply,mutatis mutandis ,tosuchDebenturesheldinsuchelectronicposition.Itisunderstoodandagreedbythepartiesthat,unlesstheDebentureTrusteeisotherwisenotinapositiontoperformelectronicconversions,ineveryinstancewhereDebenturesheldinanelectronicpositionthroughtheDepositaryaretobeconvertedinwholeorinpart,suchDebenturesbeingconvertedshallnotbecertificated,anditshallbesufficientfortheDebentureTrusteetoconvertsuchDebenturesuponreceivingeitheraconversionnoticeintheformofScheduleEexecutedbytheDepositaryoranNCILetterofInstructionsinaformagreeduponbytheDebentureTrusteeandtheDepositary,orsuchotherformthattheymayrequirefromtimetotime.

ARTICLE 4REDEMPTION AND PURCHASE OF DEBENTURES

4.1 Applicability of Article

(a) SubjecttocompliancewithApplicableSecuritiesLegislation,includingregulatoryapproval,theCorporationhastherightatitsoptiontoredeem,eitherinwholeatanytimeorinpartfromtimetotimebeforematurity,eitherbypaymentofmoney,byissuanceofFreelyTradeableCommonSharesasprovidedinSection4.6oranycombinationthereof,Debenturesissuedhereunderwhichbytheirtermsaremadesoredeemable(subject,however,toanyapplicablerestrictionontheredemptionofDebenturesincludingassetoutinSection2.2(c))atsuchrateorratesofpremium,ifany,andonsuchdateordatesandinaccordancewithsuchotherprovisionsasdeterminedatthetimeofissueofsuchDebenturesandasexpressedinthisIndenture,intheDebentures,orinasupplementalindentureauthorizingorprovidingfortheissuethereof.

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(b) Subject to compliance with Applicable SecuritiesLegislation, including regulatory approval, the Corporation also has the right at its option torepay, either in whole or in part, on maturity, either by payment of money in accordance with Section 2.9, by issuance of Freely TradeableCommon Shares as provided in Section 4.9 or any combination thereof, any Debentures issued hereunder which by their terms are made sorepayableonmaturity(subject,however,toanyapplicablerestrictionontherepaymentoftheprincipalamountoftheDebentures)atsuchrateorrates of premium, if any, and on such date or dates and in accordance with such other provisions as determined at the time of issue ofsuchDebentureandexpressedinthisIndenture,intheDebentures,orinasupplementalindentureauthorizingorprovidingfortheissuethereof.

4.2 Partial Redemption

IflessthanalltheDebenturesforthetimebeingoutstandingareatanytimetoberedeemed,orifaportionoftheDebenturesbeingredeemedarebeingredeemedforcashandaportionofsuchDebenturesarebeingredeemedbythepaymentofFreelyTradeableCommonSharespursuanttoSection4.6,thentheDebenturestobesoredeemedwill beselectedbytheDebenture Trusteeonapro rata basis tothenearest multiple of $1,000inaccordancewiththeprincipalamountoftheDebenturesregisteredinthenameofeachholderorinsuchothermannerastheDebentureTrusteedeemsequitable,subjecttotheapprovaloftheTSXV(orsuchotherstockexchangeonwhichtheDebenturesmaybelistedandpostedfortrading),asmayberequiredfromtimetotime.NoDebenturewillberedeemedinpartunlesstheprincipalamountredeemedis$1,000oramultiplethereof.Forthispurpose,theDebentureTrusteemaymake,andfromtimetotimevary,regulationswithrespecttothemannerinwhichsuchDebenturesmaybedrawnforredemptioninpartorforredemptionincashandregulationssomadewillbevalidandbindinguponallholdersofsuchDebenturesnotwithstandingthefactthatasaresultthereofoneormoreofsuchDebenturesmaybecomesubjecttoredemptioninpartonlyorforcashonly.IntheeventthatoneormoreofsuchDebenturesbecomessubjecttoredemptioninpartonly,uponsurrenderofanysuchDebenturesforpaymentoftheRedemptionPrice,togetherwithinterestaccruedtobutexcludingtheRedemptionDate,theCorporationwillexecuteandtheDebentureTrusteewillcertifyanddeliverwithoutchargetotheholderthereoforupontheholder’sorderoneormorenewDebenturesfortheunredeemedpartoftheprincipalamountoftheDebentureorDebenturessosurrenderedor,withrespecttoaGlobalDebenture,theDebentureTrustee,willmake,orhavemade,notationsontheGlobalDebenture(orinthecaseofanuncertificatedGlobalDebenture,inaccordancewiththeDebentureTrustee’sInternalProcedures)oftheprincipalamountthereofsoredeemed.Unlessthecontextotherwiserequires, theterms“Debenture”or“Debentures”asusedinthis Article 4isdeemedtomeanorincludeanypart oftheprincipalamountofanyDebenturewhichinaccordancewiththeforegoingprovisionshasbecomesubjecttoredemption.

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4.3 Notice of Redemption

Noticeofredemption(the“Redemption Notice ”)oftheDebentureswillbegiventotheholdersoftheDebenturestoberedeemednotmorethan60daysnor,subjecttoSection4.6(b),lessthan30dayspriortothedatefixedforredemption(the“Redemption Date ”)inthemannerprovidedinSection14.2.EverysuchnoticewillspecifytheaggregateprincipalamountofDebenturescalledforredemption,theRedemptionDate,theRedemptionPriceandtheplacesofpaymentanditwillstatethatinterestupontheprincipalamountofDebenturescalledforredemptionwillceasetobepayablefromandaftertheRedemptionDate.Inaddition,ifalltheoutstandingDebenturesaretoberedeemed,theRedemptionNoticewillspecifyinthecaseofaGlobalDebenture,thattheredemptionwilltakeplaceinsuchmannerasmaybeagreeduponbytheDepositary,theDebentureTrusteeandtheCorporation.

4.4 Debentures Due on Redemption Dates

NoticehavingbeengivenasprovidedinSection4.3,theDebenturessocalledforredemptionwillthereuponbeandbecomedueandpayableattheRedemptionPrice,togetherwithaccruedinteresttobutexcludingtheRedemptionDate,ontheRedemptionDatespecifiedinsuchnotice,inthesamemannerandwiththesameeffect as if it were the date of maturity specified in such Debentures, anything therein or herein to the contrary notwithstanding; and from and after suchRedemptionDate, if themonies necessary to redeem, or theCommonSharestobeissuedtoredeem,suchDebentureswill havebeendepositedasprovidedinSection4.5andaffidavitsorotherproofsatisfactorytotheDebentureTrusteeastothepublicationand/ormailingofsuchnoticeswillhavebeenlodgedwithit,interestupontheDebentureswillcease.Ifanyquestionarisesastowhetheranynoticehasbeengivenasaboveprovidedandsuchdepositmade,suchquestionwillbedecidedbytheDebentureTrusteewhosedecisionwillbefinalandbindinguponallpartiesininterest.

4.5 Deposit of Redemption Monies or Common Shares

(a) RedemptionofDebentureswillbeprovidedforbytheCorporationpayingand/ordepositingwiththeDebentureTrusteeoranypayingagenttotheorderoftheDebentureTrustee,onorbefore10:00a.m.MontréaltimeontheBusinessDayimmediatelypriortotheRedemptionDatespecifiedinsuchnotice, suchsumsofmoney, bywiretransfer orsuchothermeansasmaybeacceptabletotheDebentureTrusteeand/orarrangingfortheissuanceofsuchcertificatesorelectronicdepositsrepresentingsuchCommonShares,orbothasthecasemaybe,asmaybesufficienttopaytheRedemptionPriceoftheDebenturessocalledforredemption,plusaccruedandunpaidinterestthereonuptobutexcludingtheRedemptionDate.

(b) TheCorporationwillalsodepositwiththeDebentureTrusteeasumofmoneysufficienttopayanychargesorexpenseswhichmaybeincurredbythe Debenture Trustee in connection with such redemption. Every such deposit is irrevocable. From the sums so deposited, or certificates sodeposited,orboth,theDebentureTrusteewillpayorcausetobepaid,orissueorcausetobeissued,totheholdersofsuchDebenturessocalledforredemption, upon surrender of such Debentures, the principal, premium(if any) and interest (if any) to which they are respectively entitled onredemption(lessapplicableWithholdingTaxes,ifany).

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4.6 Right to Repay Redemption Price in Common Shares

(a) SubjecttotheotherprovisionsofthisSection4.6andapplicableregulatoryapproval,theCorporationmay,atitsoption,inexchangefororinlieuofpayingtheRedemptionPriceinmoney,electtosatisfyitsobligationtopayalloranyportionoftheRedemptionPricebyissuinganddeliveringtoholdersontheRedemptionDatethatnumberofFreelyTradeableCommonSharesobtainedbydividingtheRedemptionPriceoranapplicableportion thereof, to be satisfied by the issuance and delivery of Freely Tradeable Common Shares, by 95%of the Current Market Price on theRedemptionDate(the“Common Share Redemption Right ”),

(b) TheCorporationwill exercise theCommonShareRedemptionRight bysospecifyingin the RedemptionNotice whichwill be delivered to the

DebentureTrusteeandtheholdersofDebenturesnotmorethan60daysandnotlessthan30dayspriortotheRedemptionDate.TheRedemptionNoticewillalsospecifytheaggregateprincipalamountofDebenturesinrespectofwhichitisexercisingtheCommonShareRedemptionRight.

(c) TheCorporation’srighttoexercisetheCommonShareRedemptionRightisconditionaluponthefollowingconditionsbeingmetontheBusinessDayprecedingtheRedemptionDate:

(i) theissuanceoftheCommonSharesontheexerciseoftheCommonShareRedemptionRightwillbemadeinaccordancewithApplicableSecuritiesLegislationandsuchCommonShareswillbeissuedasFreelyTradeableCommonShares;

(ii) thelistingofsuchadditionalFreelyTradeableCommonSharesoneachstockexchangeonwhichtheCommonSharesarethenlisted;

(iii) the Corporationbeinga reportingissuer in goodstandingunder Applicable Securities Legislation where the distribution of suchFreelyTradeableCommonSharesoccurs;

(iv) noEventofDefaultwillhaveoccurredandbecontinuing;

(v) thereceiptbytheDebentureTrusteeofanOfficer’sCertificatestatingthatconditions(i),(ii),(iii)and(iv)abovehavebeensatisfiedand

settingforththenumberofCommonSharestobedeliveredforeach$1,000principalamountofDebenturesandtheCurrentMarketPriceoftheCommonSharesontheRedemptionDate;and

(vi) thereceiptbytheDebentureTrusteeofanopinionofCounseltotheeffectthatsuchCommonShareshavebeendulyauthorizedand,whenissuedanddeliveredpursuanttothetermsofthisIndentureinpaymentoftheRedemptionPrice,willbevalidlyissuedasfullypaidandnon-assessable,thatconditions(i)and(ii)abovehavebeensatisfiedandthat,relyingexclusivelyoncertificatesofgoodstandingorlistsofreporting issuers not in default issued by the relevant securities authorities, condition (iii) above is satisfied, except that the opinion inrespectofcondition(iii)neednotbeexpressedwithrespecttothoseprovinceswheresuchcertificatesorlistsarenotissued.

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IftheforegoingconditionsarenotsatisfiedpriortothecloseofbusinessontheBusinessDayprecedingtheRedemptionDate,theCorporationwillpaytheRedemptionPriceincashinaccordancewithSection4.5unlesstheDebentureholderswaivetheconditionswhicharenotsatisfiedbywayofExtraordinaryResolution.

(d) IntheeventthattheCorporationdulyexercisesitsCommonShareRedemptionRight,theCorporationwillonorbefore10:00a.m.(Montréaltime)ontheBusinessDayimmediatelypriortotheRedemptionDate,deliverto,orarrangethroughitstransferagentforCommonShares,fordeliveryfor and on account of the holders, upon the due presentation and surrender of the Debentures to the Debenture Trustee, the Freely TradeableCommon Shares to which such holders are entitled. From the Common Shares so deposited in addition to amounts payable by theDebentureTrusteepursuanttoSection4.5,theDebentureTrusteewill,upontheduepresentationandsurrenderoftheDebentures,payorcausetobepaidtotheholdersofsuchDebenturestheRedemptionPriceoftheDebenturescalledforredemptionintheamountstowhichtheyarerespectivelyentitledontheRedemptionDateplusaccruedandunpaidinterestthereonuptobutexcludingtheRedemptionDate(lessapplicableWithholdingTaxes,ifany)anddelivertosuchholderstheCommonSharestowhichsuchholdersareentitled.

(e) NofractionalCommonShareswillbedeliveredupontheexerciseoftheCommonShareRedemptionRightbut,inlieuthereof,theCorporation

willpaytotheDebentureTrusteefortheaccountoftheholders,atthetimecontemplatedinSection4.5(a),thecashequivalentthereofdeterminedonthebasisoftheCurrentMarketPriceoftheCommonSharesontheRedemptionDate(lessapplicableWithholdingTaxes,ifany).

(f) A holder of Debentures will be treated as the Shareholder of record of the Freely Tradeable Common Shares issued on due exercise by theCorporationofitsCommonShareRedemptionRighteffectiveimmediatelyafterthecloseofbusinessontheRedemptionDate,andwillbeentitledtoallsubstitutionstherefor,allincomeearnedthereonoraccretionstheretoandalldividendsordistributions(includingdividendsordistributionsinkind)thereonandarisingthereafter,andintheeventthattheDebentureTrusteereceivesthesame,itwillholdthesameintrustforthebenefitofsuchholder.

(g) TheCorporationwillatalltimesreserveandkeepavailableoutofitsauthorizedCommonShares(ifthenumberthereofisorbecomeslimited),solelyforthepurposeofissueanddeliveryupontheexerciseoftheCorporation’sCommonShareRedemptionRightasprovidedherein,and,uponexercisebytheCorporationofsuchCommonShareRedemptionRight,willissuetoDebentureholderssuchnumberofFreelyTradeableCommonSharesasareissuableinsuchevent.AllFreelyTradeableCommonShareswhicharesoissuablewillbedulyandvalidlyissuedasfullypaidandnon-assessable.

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(h) TheCorporationwillcomplywithallApplicableSecuritiesLegislationregulatingtheissueanddeliveryofFreelyTradeableCommonSharesupon

exerciseoftheCommonShareRedemptionRightandwillcausetobelistedandpostedfortradingsuchCommonSharesoneachstockexchangeonwhichtheCommonSharesarethenlisted.

(i) TheCorporationwillfromtimetotimepromptlypay,orcausetobepaid,alltaxesandchargeswhichmaybeimposedbythelawsofCanadaoranyprovincethereof(exceptincometax,WithholdingTaxorsecuritytransfertax,if any)whichwillbepayablewithrespecttotheissuanceordelivery of Freely Tradeable Common Shares to holders upon exercise of the Common Share Redemption Right pursuant to the terms of theDebenturesandofthisIndenture.

(j) IftheCorporationelectstosatisfyitsobligationtopayalloranyportionoftheRedemptionPricebyissuingFreelyTradeableCommonSharesinaccordancewiththisSection4.6andiftheRedemptionPrice(oranyportionthereof)towhichaholderisentitledissubjecttoWithholdingTaxesandtheamountofthecashpaymentoftheRedemptionPrice,ifany,isinsufficienttosatisfysuchWithholdingTaxes,theDebentureTrustee,ontheWrittenDirectionoftheCorporationbutfortheaccountoftheholder,willsell,orcausetobesoldthroughtheinvestmentbanks,brokersordealersspecifiedbytheCorporation,outoftheFreelyTradeableCommonSharesissuedbytheCorporationfortheaccountofsuchholderforthispurpose, such specified number of Freely Tradeable Common Shares that together with the cash payment of theRedemption Price, if any, issufficienttoyieldnetproceeds(afterpaymentofallcosts)tocovertheamountoftaxesrequiredtobewithheldordeducted,andwillremitsameonbehalfoftheCorporationtothepropertaxauthoritieswithintheperiodoftimeprescribedforthispurposeunderapplicablelaws.

(k) Interest accrued and unpaid on the Debentures on theRedemption Date will be paid (less applicable Withholding Taxes, if any) to holders ofDebentures,incash,inthemannercontemplatedinSection4.5,subjecttoArticle10.

4.7 Failure to Surrender Debentures Called for Redemption

IncasetheholderofanyDebenturecalledforredemptionfailsonorbeforetheRedemptionDatetosurrendersuchholder’sDebenture,orhasnotwithinsuchtimeacceptedpaymentoftheredemptionmoniespayable,ortakendeliveryofcertificatesrepresentingsuchCommonSharesissuableinrespectthereof,orgivensuchreceipttherefor,ifany,astheDebentureTrusteemayrequire,suchredemptionmoniesmaybesetasideintrust,orsuchcertificatesmaybeheldintrustwithoutinterest, either in the deposit department of theDebenture Trustee or in a Canadian chartered bank, and such setting aside will for all purposes be deemed apayment to the Debentureholder of the sumor CommonShares so set aside and, to that extent, the Debenture will thereafter not beconsideredasoutstandinghereunder.TheDebentureholderwillhavenootherrightthereunderexcepttoreceivepaymentoftheRedemptionPriceofsuchDebentureplusanyaccruedbutunpaidinterestthereontobutexcludingtheRedemptionDateoutofthemoniessopaidanddeposited,ortakedeliveryofthecertificatessodeposited,orboth,asthecasemaybe,lessapplicableWithholdingTaxes,ifany,uponsurrenderanddeliveryofsuchholder’sDebenture.Intheeventthatanymoney,orcertificatesforCommonShares,requiredtobedepositedhereunderwiththeDebentureTrusteeoranydepositaryorpayingagentonaccountofprincipal, premium,if any,orinterest,ifany,onDebenturesissuedhereunderwillremainsodepositedforaperiodofsixyearsfromtheRedemptionDate,then,subjecttoanyapplicablelawregardingunclaimedproperty,suchmoniesorcertificatesforCommonShares,togetherwithanyaccumulatedinterestthereonoranydividendordistributionpaidthereon,willattheendofsuchperiodbepaidoverordeliveredoverbytheDebentureTrusteeorsuchdepositaryorpayingagenttotheCorporationonitsdemand,andthereupon the Debenture Trustee will not be responsible to Debentureholders for any amounts owing to themand subject to applicable law, thereafter theholderof a Debenture in respect of whichsuchmoneywassorepaid to the Corporationwill have norights in respect thereof except to obtain payment of themoneyorCommonSharesduefromtheCorporation.

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4.8 Purchase of Debentures by the Corporation

UnlessotherwisespecificallyprovidedwithrespecttotheDebentures,theCorporation,ifitisnotatthetimeindefaulthereunder,may,atanytimeandfromtimetotime,purchaseDebenturesinthemarket(whichincludespurchasesfromorthroughaninvestmentdealerorafirmholdingmembershiponarecognizedstockexchange) or by tender or by private contract, at any price. All Debentures so purchased will be delivered to the Debenture Trustee and cancelled and noDebentureswillbeissuedinsubstitutiontherefor.If,uponaninvitationfortenders,moreDebenturesaretenderedatthesamelowestpricethattheCorporationisprepared to accept, the Debentures to bepurchased by the Corporation will be selected by the Debenture Trustee on apro rata basis or in such other mannerconsented to by the TSXV or such other exchange on which the Debentures may be listed and posted for trading which the Debenture Trustee considersappropriate, fromthe Debentures tenderedby each tendering Debentureholder who tendered at such lowest price. For thispurpose the Debenture Trustee maymake,andfromtimetotimeamend,regulationswithrespecttothemannerinwhichDebenturesmaybesoselected,andregulationssomadewillbevalidandbindinguponallDebentureholders,notwithstandingthefactthatasaresultthereofoneormoreofsuchDebenturesbecomesubjecttopurchaseinpartonly.TheholderofaDebentureofwhichonlyapartispurchased,uponsurrenderofsuchDebentureforpayment,willbeentitledtoreceive,withoutexpensetosuchholder,oneormorenewDebenturesfortheunpurchasedpartsosurrendered,andtheDebentureTrusteewillcertifyanddeliversuchnewDebentureorDebenturesuponreceiptoftheDebenturesosurrenderedor,withrespecttoaGlobalDebenture,theDebentureTrusteewillmakenotationsontheGlobalDebenture(orinthecaseofanuncertificatedGlobalDebenture,inaccordancewiththeDebentureTrustee’sInternalProcedures)oftheprincipalamountthereofsopurchased.

4.9 Right to Repay Principal Amount in Common Shares

(a) SubjecttotheotherprovisionsofthisSection4.9andapplicableregulatoryapproval,theCorporationmay,atitsoption,inexchangefororinlieuof paying all or any portion of the principal amount of the Debentures outstanding in money, elect to satisfy its obligation to repay all or anyportionoftheprincipalamountoftheDebenturesoutstandingbyissuinganddeliveringtoholdersontheMaturityDate,foreach$1,000due,thatnumber of Freely Tradeable CommonShares obtained by dividing $1,000 by 95% of the Current Market Price of the Common Shares (the “Common Share Repayment Right ”)ontheMaturityDate.

(b) The Corporation will exercise the Common Share Repayment Right by so specifying in the Maturity Notice, which will be delivered to theDebentureTrusteeandtheholdersofDebenturesnotmorethan60daysandnotlessthan30dayspriortotheMaturityDate.

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(c) TheCorporation’srighttoexercisetheCommonShareRepaymentRightisconditionaluponthefollowingconditionsbeingmetontheBusinessDayprecedingtheMaturityDate:

(i) theissuanceoftheCommonSharesontheexerciseoftheCommonShareRepaymentRightwillbemadeinaccordancewithApplicableSecuritiesLegislationandsuchCommonShareswillbeissuedasFreelyTradeableCommonShares.;

(ii) thelistingofsuchadditionalFreelyTradeableCommonSharesoneachstockexchangeonwhichtheCommonSharesarethenlisted;

(iii) the Corporationbeinga reportingissuer in goodstandingunder Applicable Securities Legislation where the distribution of suchFreelyTradeableCommonSharesoccurs;

(iv) noEventofDefaultwillhaveoccurredandbecontinuing;

(v) thereceiptbytheDebentureTrusteeofanOfficer’sCertificatestatingthatconditions(i),(ii),(iii)and(iv)abovehavebeensatisfiedand

settingforththenumberofCommonSharestobedeliveredforeach$1,000principalamountofDebenturesandtheCurrentMarketPriceoftheCommonSharesontheMaturityDateinaccordancewiththeprovisionsofSection4.9(a);and

(vi) thereceiptbytheDebentureTrusteeofanopinionofCounseltotheeffectthatsuchCommonShareshavebeendulyauthorizedand,whenissued and delivered pursuant to the terms of this Indenture in payment of the principal amount of the Debentures outstanding will bevalidly issued as fully paid and non-assessable, that conditions (i) and (ii) above have been satisfied and that, relying exclusively oncertificates of good standing or list of reporting issuers in default issued by the relevant securities authorities, condition (iii) above issatisfied,exceptthattheopinioninrespectofcondition(iii)neednotbeexpressedwithrespecttothoseprovinceswheresuchcertificatesorlistsarenotissued.

IftheforegoingconditionsarenotsatisfiedpriortothecloseofbusinessontheBusinessDayprecedingtheMaturityDate,theCorporationwillpaytheprincipalamountoftheDebenturesoutstandingincashinaccordancewithSection2.9,unlesstheDebentureholderswaivetheconditionswhicharenotsatisfiedbywayofExtraordinaryResolution.

(d) IntheeventthattheCorporationdulyexercisesitsCommonShareRepaymentRight,theCorporationwillonorbefore10:00a.m.(Montréaltime)ontheMaturityDate,delivertotheDebentureTrusteeorwill arrangethroughitstransferagentfortheCommonShares,fordeliverytoandonaccountoftheholders,upontheduepresentationandsurrenderoftheDebentures,theFreelyTradeableCommonSharestowhichsuchholdersareentitled.TheCorporationwillalsodepositwiththeDebentureTrusteeasumofmoneysufficienttopayanychargesorexpenseswhichmaybeincurred by the Debenture Trustee in connection with theCommon Share Repayment Right. Every such deposit will be irrevocable. From theCommonSharessodepositedinadditiontoamountspayablebytheDebentureTrusteepursuanttoSection2.9,theDebentureTrusteewillpayorcause to be paid, to the holders of such Debentures upon surrender of suchDebentures, the principal amount of and premium (if any) on theDebenturestowhichtheyarerespectivelyentitledonmaturityanddelivertosuchholderstheCommonSharestowhichsuchholdersareentitled.ThedeliveryofsuchCommonShares to the Debenture Trustee will satisfy anddischarge theliability of theCorporationfor theDebentures towhichthedeliveryofCommonSharesrelatestotheextentoftheamountdelivered(plustheamountremittedtothepropertaxauthorityobtainedfromanyFreelyTradeableCommonSharessoldtopayapplicabletaxesinaccordancewithSection4.9(j))andsuchDebentureswillthereaftertothatextentnotbeconsideredasoutstandingunderthisIndentureandsuchholderwillhavenootherrightinregardtheretootherthantoreceiveoutoftheCommonSharessodelivered,theCommonSharestowhichitisentitled.

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(e) NofractionalCommonShareswillbedeliveredupontheexerciseoftheCommonShareRepaymentRightbut,inlieuthereof,theCorporationwill

paytotheDebentureTrusteefortheaccountoftheholders,atthetimecontemplatedinSection2.9,thecashequivalentthereofdeterminedonthebasisoftheCurrentMarketPriceoftheCommonSharesontheMaturityDate(lessapplicableWithholdingTaxes,ifany).

(f) AregisteredholderwillbetreatedastheShareholderofrecordoftheFreelyTradeableCommonSharesissuedondueexercisebytheCorporationof its Common Share Repayment Right effective immediately after the close of business on the Maturity Date, and will be entitled to allsubstitutionstherefor,allincomeearnedthereonoraccretionstheretoandalldividends(includingdividendsinkind)thereonandarisingthereafter,andintheeventthattheDebentureTrusteereceivesthesame,itwillholdthesameintrustforthebenefitofsuchholder.

(g) TheCorporationwillatalltimesreserveandkeepavailableoutofitsauthorizedCommonShares(ifthenumberthereofisorbecomeslimited),solely for the purpose of issue and delivery upon the exercise of the Common Share Repayment Right as provided herein, and will issue toDebentureholderstowhomFreelyTradeableCommonShareswill beissuedpursuant toexercise oftheCommonShareRepaymentRight, suchnumberofFreelyTradeableCommonSharesaswillbeissuableinsuchevent.AllFreelyTradeableCommonShareswhichwillbesoissuablewillbedulyandvalidlyissuedasfullypaidandnon-assessable.

(h) TheCorporationwillcomplywithallApplicableSecuritiesLegislationregulatingtheissueanddeliveryofFreelyTradeableCommonSharesupon

exerciseoftheCommonShareRepaymentRightandwillcausetobelistedandpostedfortradingsuchFreelyTradeableCommonSharesontheTSXVorsuchotherexchangeonwhichtheCommonSharesarethenlisted.

(i) TheCorporationwillfromtimetotimepromptlypayalltaxesandchargeswhichmaybeimposedbythelawsofCanadaoranyprovincethereof(except income tax, Withholding Tax or security transfer tax, if any) which will be payable with respect to the issuance or delivery of FreelyTradeableCommonSharestoholdersuponexerciseoftheCommonShareRepaymentRightpursuanttothetermsoftheDebenturesandofthisIndenture.

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(j) IftheCorporationelectstosatisfyitsobligationtopayalloranyportionoftheprincipalamountofDebenturesdueonmaturitybyissuingFreelyTradeableCommonSharesinaccordancewiththisSection4.9andiftheprincipalamount(oranyportionthereof)towhichaholderisentitledissubjecttoWithholdingTaxesandtheamountofthecashpaymentoftheprincipalamountdueonmaturity,ifany,isinsufficienttosatisfysuchWithholdingTaxes,theDebentureTrustee,ontheWrittenDirectionoftheCorporationbutfortheaccountoftheholder(i)willsell,orcausetobesold, throughthe investment banks, brokersor dealers specified bythe Corporation, out of the Freely TradeableCommonShares issuedbytheCorporation for the account of such holder for this purpose, such number of Freely Tradeable Common Shares that together with the cashcomponent of the principal amount dueonmaturity is sufficient to yield net proceeds (after payment of all costs) to cover theamountoftaxesrequiredtobewithheld,and(ii)willremitsuchamountwithheldonbehalfoftheCorporationtothepropertaxauthoritieswithintheperiodoftimeprescribedforthispurposeunderapplicablelaws.

(k) Certificates representing Freely Tradeable Common Shares issued in respect of the Common Share Repayment Right may have imprinted or

otherwisereproducedthereonsuchlegendorlegendsorendorsementsasmayberequiredtocomplywithanylaworwithanyrulesorregulationspursuanttheretoorwithanyrulesorregulationsofanysecuritiesexchangeorsecuritiesregulatoryauthorityortoconformtogeneralusage.

(l) SubjecttoArticle10,interestaccruedandunpaidontheDebenturesontheMaturityDatewillbepaid(lessapplicableWithholdingTaxes,ifany)toholdersofDebentures,incash,inthemannercontemplatedinSection2.10.

4.10 Cancellation of Debentures Redeemed

Subject to the provisions of Sections 4.2 and 4.8 as toDebentures redeemed or purchased in part, all Debentures redeemed and paid under this Article 4 willforthwithbedeliveredtotheDebentureTrusteeandcancelledandnoDebentureswillbeissuedinsubstitutiontherefor.

ARTICLE 5SUBORDINATION OF DEBENTURES

5.1 Applicability of Article

TheindebtednessevidencedbytheDebenturesissuedhereunderwhichbytheirtermsaresubordinate,includingtheprincipalthereofandinterestthereon,willbesubordinateandsubjectinrightofpayment,totheextentandinthemannerhereinaftersetforthinthefollowingsectionsofthisArticle5tothepriorpaymentinfull,ofallSeniorIndebtednessoftheCorporationandeachholderofanyDebenturebyhisacceptancethereofagreestoandwillbeboundbytheprovisionsofthisArticle5.

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5.2 Order of Payment

UponanydistributionoftheassetsoftheCorporationonanydissolution,winding-up,totalliquidationorreorganizationoftheCorporation(whetherinbankruptcy,insolvencyorreceivershipproceedings,oruponan“assignmentforthebenefitofcreditors”oranyothermarshallingoftheassetsandliabilitiesoftheCorporation,orotherwise)oranysaleofallorsubstantiallyalloftheassetsoftheCorporation:

(a) allSeniorIndebtednesswillfirstbepaidinfull,orprovisionmadeforsuchpayment,beforeanypaymentismadeonaccountoftheprincipaloforinterestontheindebtednessevidencedbytheDebentures;and

(b) anypayment or distribution of assets of the Corporation,whether in cash, property or securities, to which the holders of theDebenturesortheDebentureTrusteeonbehalfofsuchholderswouldbeentitledexceptfortheprovisionsofthisArticle5,willbepaidordeliveredbythetrusteeinbankruptcy,receiver,assigneeforthebenefitofcreditors,orotherliquidatingagentmakingsuchpaymentordistribution,directlytotheholdersofSeniorIndebtednessortheirrepresentativeorrepresentatives,ortothetrusteeortrusteesunderanyindenturepursuanttowhichanyinstrumentsevidencinganyofsuchSeniorIndebtednessmayhavebeenissued,totheextentnecessarytopayallSeniorIndebtednessinfullaftergivingeffecttoanyconcurrentpaymentordistribution,orprovisiontherefor,totheholdersofsuchSeniorIndebtedness.

5.3 Subrogation to Rights of Holders of Senior Indebtedness

SubjecttothepaymentinfullofallSeniorIndebtedness,theholdersoftheDebentureswillbesubrogatedtotherightsoftheholdersofSeniorIndebtednesstoreceive payments or distributions of assets of theCorporation to the extent of the application thereto of suchpayments or otherassets whichwouldhavebeenreceived bythe holders of the Debentures but for the provisions hereof until the principal of andinterest onthe Debentures hasbeenpaid in full, andnosuchpaymentsordistributionstotheholdersoftheDebenturesofcash,propertyorsecurities,whichotherwisewouldbepayableordistributabletotheholdersoftheSeniorIndebtedness,will,asbetweentheCorporation,itscreditorsotherthantheholdersofSeniorIndebtedness,andtheholdersofDebentures,bedeemedtobeapayment bythe Corporation to theholders of the Senior Indebtedness or onaccount of the Senior Indebtedness, itbeingunderstoodthat the provisions of thisArticle5areandareintendedsolelyforthepurposeofdefiningtherelativerightsoftheholdersoftheDebentures,ontheonehand,andtheholdersofSeniorIndebtedness,ontheotherhand.

5.4 Obligation to Pay Not Impaired

NothingcontainedinthisArticle5orelsewhereinthisIndentureorintheDebenturesisintendedtoimpair,asbetweentheCorporation,itscreditorsotherthantheholdersofSeniorIndebtedness,andtheholdersoftheDebentures,theobligationoftheCorporation,whichisabsoluteandunconditional,topaytotheholdersoftheDebenturestheprincipalandinterestontheDebentures,asandwhenthesamebecomesdueandpayableinaccordancewiththeirterms;oraffecttherelativerightsoftheholdersoftheDebenturesandcreditorsoftheCorporationotherthantheholdersoftheSeniorIndebtedness;orwillanythinghereinorthereinpreventtheDebentureTrusteeortheholderofanyDebenturefromexercisingallremediesotherwisepermittedbyapplicablelawupondefaultunderthisIndenture,subjectto the rights, if any, under this Article 5 of the holders of Senior Indebtedness in respect of cash, property or securities of the Corporation received upon theexerciseofanysuchremedy.

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5.5 No Payment if Senior Indebtedness in Default

(a) UponthematurityofanySeniorIndebtednessbylapseoftime,accelerationorotherwise, then,all principalofandinterest onallsuchmatured

SeniorIndebtednesswillfirstbepaidinfull,orwillfirsthavebeendulyprovidedfor,beforeanypaymentismadeonaccountofprincipaloforinterestontheDebentures.

(b) IncaseofdefaultwithrespecttoanySeniorIndebtednesspermittingtheholdersthereoftoacceleratethematuritythereof,unlessanduntilsuchdefaultwillhavebeencuredorwaivedorceasedtoexist,nopayment(bypurchaseofDebenturesorotherwise)willbemadebytheCorporationwithrespecttotheprincipaloforinterestontheDebenturesandneithertheDebentureTrusteenortheholdersofDebentureswillbeentitledtodemand, institute proceedings for the collection of, or receive any payment or benefit (including without limitation by set-off, combination ofaccounts,realizationofsecurityorotherwiseinanymannerwhatsoever)onaccountoftheDebenturesafterthehappeningofsuchadefault(exceptasprovidedinSection5.8),andunlessanduntilsuchdefaulthasbeencuredorwaivedorhasceasedtoexist,suchpaymentswillbeheldintrustforthebenefitof,and,ifandwhensuchSeniorIndebtednessbecomesdueandpayable,willbepaidoverto,theholdersoftheSeniorIndebtednessortheirrepresentativeorrepresentativesortothetrusteeortrusteesunderanyindentureunderwhichanyinstrumentsevidencinganamountoftheSeniorIndebtednessremainingunpaiduntil all suchSenior Indebtedness hasbeenpaidinfull,after givingeffect to anyconcurrent payment ordistributiontotheholdersofsuchSeniorIndebtedness.

(c) ThefactthatanypaymenthereunderisprohibitedbythisSection5.5willnotpreventthefailuretomakesuchpaymentfrombeinganEventofDefaulthereunder.

5.6 Payment on Debentures Permitted

NothingcontainedinthisArticle5orelsewhereinthisIndenture,orinanyoftheDebentures,willaffecttheobligationoftheCorporationtomake,orpreventtheCorporationfrommaking,atanytimeexceptduringthependencyofanydissolution,windinguporliquidationoftheCorporationorreorganizationproceedingsspecifiedinSection5.2affectingtheaffairsoftheCorporation,anypaymentofprincipaloforinterestontheDebentures,exceptthattheCorporationwillnotmakeanysuchpaymentotherthanascontemplatedbythisArticle5,ifitisindefaultinpaymentofanySeniorIndebtednesspermittingtheholderthereoftoacceleratethematuritythereof.ThefactthatanysuchpaymentisprohibitedbythisSection5.6willnotpreventthefailuretomakesuchpaymentfrombeinganEventofDefaulthereunder.NothingcontainedinthisArticle5orelsewhereinthisIndenture,orinanyoftheDebentures,willpreventtheconversionoftheDebenturesortheapplicationbytheDebentureTrusteeofanymoniesdepositedwiththeDebentureTrusteehereunderforthepurpose,tothepaymentoforonaccountoftheprincipaloforinterestontheDebentures.

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5.7 Confirmation of Subordination

EachholderofDebenturesbyitsacceptancethereofauthorizesanddirectstheDebentureTrusteeonitsbehalftotakesuchaction,relyingontheadviceofCounsel,asmaybenecessaryorappropriatetoeffectthesubordinationasprovidedinthisArticle5andappointstheDebentureTrusteeitsattorney-in-factforanyandallsuchpurposes.UponrequestoftheCorporation,anduponbeingfurnishedanOfficer’sCertificatestatingthatoneormorenamedpersonsareholdersofSeniorIndebtedness,ortherepresentativeorrepresentativesofsuchholders,orthetrusteeortrusteesunderwhichanyinstrumentevidencingsuchSeniorIndebtednessmayhavebeenissued,andspecifyingtheamountandnatureofsuchSeniorIndebtedness,theDebentureTrusteewillenterintoawrittenagreementoragreementswiththeCorporationandthepersonorpersonsnamedinsuchOfficer’sCertificateprovidingthatsuchpersonorpersonsareentitledtoalltherightsandbenefitsofthisArticle5astheholderorholders,representativeorrepresentatives,ortrusteeortrusteesoftheSeniorIndebtednessspecifiedinsuchOfficer’sCertificateandinsuchagreement.SuchagreementwillbeconclusiveevidencethattheindebtednessspecifiedthereinisSeniorIndebtedness;however,nothinghereinwillimpairtherightsofanyholderofSeniorIndebtednesswhohasnotenteredintosuchanagreement.

5.8 Knowledge of Debenture Trustee

NotwithstandingtheprovisionsofthisArticle5,theDebentureTrusteewill notbechargedwithknowledgeoftheexistenceofanyfactthatwouldprohibit themaking of any payment of monies to or by the DebentureTrustee, or the taking of any other action by the Debenture Trustee, unless anduntil the DebentureTrusteehasreceivedwrittennoticethereoffromtheCorporation,anyDebentureholderoranyholderorrepresentativeofanyclassofSeniorIndebtednessoronitsbehalf.

5.9 Debenture Trustee May Hold Senior Indebtedness

TheDebentureTrusteeisentitledtoalltherightssetforthinthisArticle5withrespecttoanySeniorIndebtednessatthetimeheldbyit,tothesameextentasanyotherholderofSeniorIndebtedness,andnothinginthisIndenturedeprivestheDebentureTrusteeofanyofitsrightsassuchholder.

5.10 Rights of Holders of Senior Indebtedness Not Impaired

NorightofanypresentorfutureholderofanySeniorIndebtednesstoenforcethesubordinationhereinwillatanytimeorinanywaybeprejudicedorimpairedbyanyactorfailuretoactonthepartoftheCorporationorbyanynon-compliancebytheCorporationwiththeterms,provisionsandcovenantsofthisIndenture,regardlessofanyknowledgethereofwhichanysuchholdermayhaveorbeotherwisechargedwith.

5.11 Altering the Senior Indebtedness

The holders of the Senior Indebtedness have the right to extend, renew, revise, restate, modify or amend the terms of the Senior Indebtedness or anysecuritythereforandtorelease,sellorexchangesuchsecurityandotherwisetodealfreelywiththeCorporation,allwithoutnoticetoorconsentoftheDebentureholdersortheDebentureTrusteeandwithoutaffectingtheliabilitiesandobligationsofthepartiestothisIndentureortheDebentureholdersortheDebentureTrustee.

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5.12 Additional Indebtedness

This Indenture does not restrict the Corporation or any Subsidiary from incurring additional indebtedness, including indebtedness that ranks senior to theDebentures,ormortgaging,pledgingorchargingitspropertiestosecureanyindebtedness.

5.13 Right of Debentureholder to Convert Not Impaired

ThesubordinationoftheDebenturestotheSeniorIndebtednessandtheprovisionsofthisArticle5donotimpair inanywaytherightofaDebentureholdertoconvertitsDebenturespursuanttoArticle6.

5.14 Invalidated Payments

IntheeventthatanyoftheSeniorIndebtednessshallbepaidinfullandsubsequently,forwhateverreason,suchformerlypaidorsatisfiedSeniorIndebtednessbecomesunpaidorunsatisfied,thetermsandconditionsofthisArticle5shallbereinstatedandtheprovisionsofthisArticle5shallagainbeoperativeuntilallSenior Indebtedness is repaid in full, provided that such reinstatement shall not give the holders of Senior Indebtedness any rights or recourses against theDebenture Trustee or the Debentureholders for amounts paid to the Debentureholders subsequent to such payment or satisfaction in full and prior to suchreinstatement.

ARTICLE 6CONVERSION OF DEBENTURES

6.1 Applicability of Article

(a) DebenturesissuedhereunderareconvertibleintoFreelyTradeableCommonSharesorothersecurities,atsuchconversionrateorrates,andonsuch

dateordatesandinaccordancewithsuchotherprovisionsashavebeendeterminedatthetimeoftheirissuance,assamemaybeamendedfromtimetotime,inasupplementalindenture.

(b) Suchright ofconversionwill extendonlytothemaximumnumberof wholeCommonSharesintowhichtheaggregate principal amount of the

Debenture or Debentures surrendered for conversion at any one time by the holder thereof may be converted. Fractional interests in CommonShareswillbedealtwithinthemannerprovidedinSection6.5.

6.2 Revival of Right to Convert

IftheredemptionofanyDebenturecalledforredemptionbytheCorporationisnotmadeorthepaymentofthepurchasepriceofanyDebenturewhichhasbeentenderedinacceptanceofanofferbytheCorporationtopurchaseDebenturesforcancellationisnotmade,inthecaseofaredemptionuponduesurrenderofsuchDebentureorinthecaseofapurchaseonthedateonwhichsuchpurchaseisrequiredtobemade,asthecasemaybe,then,therighttoconvertsuchDebentureswillreviveandcontinueasifsuchDebenturehadnotbeencalledforredemptionortenderedinacceptanceoftheCorporation’soffer,respectively.

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6.3 Manner of Exercise of Right to Convert

(a) The holder of a Debenture desiring to convert suchDebenture in whole or in part into Common Shares will surrender suchDebenture to theDebentureTrusteeatitsprincipalofficeinToronto,OntariotogetherwiththeconversionnoticeintheformattachedheretoasScheduleEoranyotherwrittennoticeinaformsatisfactorytotheDebentureTrustee,ineithercasedulyexecutedbytheholderorhisexecutorsoradministratorsorotherlegalrepresentativesorhisortheirattorneydulyappointedbyaninstrumentinwritinginformandexecutedinamannersatisfactorytotheDebentureTrustee,exercisinghisrighttoconvertsuchDebentureinaccordancewiththeprovisionsofthisArticle6;providedthatwithrespecttoaGlobalDebenture,theobligationtosurrenderaDebenturetotheDebentureTrusteewillbesatisfiediftheDebentureTrusteemakesnotationontheGlobalDebenture(orinthecaseofanuncertificatedGlobalDebenture,inaccordancewiththeDebentureTrustee’sInternalProcedures)oftheprincipal amount thereof so converted and the Debenture Trustee is provided with all other documentation which it may reasonably request.Thereupon,theprincipaloftheDebentureshallbecomedueandpayabletosuchDebentureholderandsuchprincipalamountshallbedischargedandsatisfiedinfull withoutanyfurther actionbytheholder or theCorporationbythe makingof anycashpaymentrequiredtobemadeunderSection6.5and,astothebalance,bybeingappliedaspaymentinfulloftheConversionPriceforthenumberofwholeCommonSharesintowhichsuchDebentureisconvertibleinaccordancewiththeprovisionsofthisArticle6.Uponsuchdischargeandsatisfaction,suchDebentureholderor,subject to payment of all applicable stamp or security transfer taxes or other governmental charges and compliance with all reasonablerequirements of the Debenture Trustee, his nominee(s) or assignee(s) will be entitled to be entered in the books of the Corporation as at theBusinessDayimmediatelyaftertheDateofConversion(orsuchlaterdateasisspecifiedinSection6.3(b))astheholderofthenumberofCommonShares into which such Debenture is convertible in accordance with the provisions of this Article 6 and, as soon as practicable thereafter, theCorporation will, as need be, deliver, or cause its transfer agent to deliver to such Debentureholder or, subject as aforesaid, his nominee(s) orassignee(s),acertificateorcertificatesforsuchCommonSharesandmakeorcausetobemadeanypaymentof interesttowhichsuchholderisentitledinaccordancewithSection6.3(e)hereof.

(b) For the purposes of this Article 6, a Debenture will be deemed to be surrendered for conversion on the date on which it is so surrenderedinaccordancewiththeprovisionsofthisArticle6or,inthecaseofaGlobalDebenture,onthedateonwhichtheDebentureTrusteereceivednoticeofandallnecessarydocumentation,providedthedocumentationisreceivedingoodorder,inrespectoftheexerciseoftheconversionrightsand,inthecaseofaDebenturesosurrenderedbymailorothermeansoftransmission,onthedateonwhichitisreceivedbytheDebentureTrusteeatitsofficespecifiedinSection6.3(a);providedthatifaDebentureissurrenderedforconversiononadayonwhichtheregisterofDebenturesisclosed,theDebentureswillbedeemedtobesurrenderedasatthedateonwhichsuchregisterisnextreopened(ineachcase,the“Date of Conversion ”).

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(c) Anypart, being$1,000or anintegral multiple thereof,of a Debenture maybeconvertedas providedin this Article 6andall referencesinthisIndenturetoconversionofDebentureswillbedeemedtoincludeconversionofsuchpart.

(d) UponaholderofanyDebentureexercisingtherightofconversioninrespectofonlyapartoftheDebentureandsurrenderingsuchDebenturetotheDebentureTrustee,inaccordancewithSection6.3(a)theDebentureTrusteewillcancelthesameandwillwithoutchargeforthwithcertifyanddelivertotheholderanewDebentureorDebenturesinanaggregateprincipalamountequaltotheunconvertedpartoftheprincipalamountoftheDebenture so surrendered or, with respect to a Global Debenture, the Debenture Trustee will make notations on the Global Debenture of theprincipalamountthereofsoconverted.

(e) TheholderofaDebenturesurrenderedforconversioninaccordancewiththisSection6.3willbeentitledtoreceiveaccruedandunpaidinterestinrespectthereoffromthelastInterestPaymentDatepriortoconversion(orthedateofissueoftheDebenturesiftherehasnotyetbeenanInterestPayment Date) to, but excluding, the Date of Conversion and the Common Shares issued upon such conversion will rank only in respect ofdividendsdeclaredinfavourofShareholdersofrecordonandaftertheBusinessDayimmediatelyaftertheDateofConversionorsuchlaterdateassuchholderbecomestheholderofrecordofsuchCommonSharespursuanttoSection6.3(b),fromwhichapplicabledatetheywillforallpurposesbeandbedeemedtobeissuedandoutstandingasfullypaidandnon-assessableCommonShares.WheretheDepositaryistheregisteredholderoftheDebenture,theDebentureTrusteeshallacceptdeliveryofandactuponaDepositaryletterofinstructioninplaceofaconversionnoticesignedbytheregisteredholder, containingallpertinent conversioninformation andaccompanied bya panel for DebentureprincipalmarkdownbytheDebenture Trustee, or such other documentation submitted by the Depositary which the Debenture Trustee may deemsatisfactory to effect theconversionbeingrequested.

(f) IntheeventofaconversionofDebenturesintoFreelyTradeableCommonShareswheretheholderissubjecttoWithholdingTaxes,theDebentureTrustee,ontheWrittenDirectionoftheCorporationbutfortheaccountoftheholder,willsell,orcausetobesoldthroughtheinvestmentbanks,brokersordealersselectedbytheCorporation,outofthespecifiedamountofFreelyTradeableCommonSharesissuedbytheCorporationforthispurpose,suchnumberofFreelyTradeableCommonSharesthattogetherwithanycashpaymentinlieuoffractionalCommonSharesorinterestaccruedandpayableontheDebenturesthenconverted,ifany,issufficienttoyieldnetproceeds(afterpaymentofallcosts)tocovertheamountoftaxesrequiredtobewithheld,andwillremitsuchamountwithheldonbehalfoftheCorporationtothepropertaxauthoritieswithintheperiodoftimeprescribedforthispurposeunderapplicablelaws.

(g) NotwithstandinganyotherprovisionofthisArticle6,noDebenturemaybeconvertedduringthefiveBusinessDayprecedinganInterestPaymentDateortheMaturityDate.

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6.4 Adjustment of Conversion Price

TheConversionPriceineffectatanydatewillbesubjecttoadjustmentfromtimetotimeassetforthbelow.

(a) IfatanytimepriortotheMaturityDatetheCorporation

(i) subdividesorredividestheoutstandingCommonSharesintoagreaternumberofCommonShares, (ii) reduces,combinesorconsolidatestheoutstandingCommonSharesintoasmallernumberofCommonShares,or

(iii) issues Common Shares or securities exchangeable or convertible into Common Shares to the holders of all or substantially all of theoutstanding Common Shares by way of a dividend or distribution or otherwise (other than the issue of Common Shares to holders ofCommon Shares who have elected to receive dividend or distributions in the form of Common Shares in lieu of cash dividends ordistributionspaidintheordinarycourseontheCommonShares);

thentheConversionPriceineffectontheeffectivedateofsuchsubdivision,redivision,reduction,combinationorconsolidationorontherecorddateforsuchissueofCommonSharesbywayofadividendordistributionorotherwise,asthecasemaybe,will,inthecaseofanyoftheeventsreferred to in (i) and (iii) above be decreased in proportion to the number of outstanding Common Shares resulting from such subdivision,redivision,orissuebywayofdividendordistributionorotherwise;orwill,inthecaseofanyoftheeventsreferredtoin(ii)above,beincreasedinproportiontothenumber of outstandingCommonShares resultingfromsuchreduction, combinationor consolidation. Suchadjustment will bemadesuccessively whenever any event referred to in this Section 6.4(a) occurs. Any such issue of Common Shares by way of a dividend ordistributionwill bedeemedto havebeenmadeonthe record date for the dividendor distribution for thepurposeofcalculatingthenumberofoutstandingCommonSharesundersubsections(b)and(c)ofthisSection6.4.

(b) IfatanytimepriortotheMaturityDatetheCorporationfixesarecorddatefortheissuanceofoptions,rightsorwarrantstoallorsubstantiallyalltheholdersofitsoutstandingCommonSharesentitlingthem,foraperiodexpiringnotmorethan45daysaftersuchrecorddate,tosubscribefororpurchaseCommonShares(orsecuritiesconvertibleorexchangeableintoCommonShares)atapriceperCommonShare(orhavingaconversionorexchangepriceperCommonShare)lessthan95%oftheCurrentMarketPriceofaCommonShareonsuchrecorddate,thentheConversionPricewillbeadjustedimmediatelyaftersuchrecorddatesothatitwillequalthepricedeterminedbymultiplyingtheConversionPriceineffectonsuchrecorddatebyafraction,ofwhichthenumeratorwillbethetotalnumberofCommonSharesoutstandingonsuchrecorddateplusanumberofCommon Shares equal to the quotient obtained by dividing the aggregate price of the total number of additional Common Shares offered forsubscriptionorpurchase(ortheaggregateconversionorexchangepriceoftheconvertibleorexchangeablesecuritiessooffered)bysuchCurrentMarketPriceperCommonShare,andofwhichthedenominatorwillbethetotalnumberofCommonSharesoutstandingonsuchrecorddateplusthe total number of additional Common Shares offered for subscription or purchase (or into which the convertible securities so offered areconvertibleorexchangeable).Suchadjustmentwillbemadesuccessivelywheneversucharecorddateisfixed.Totheextentthatanysuchoptions,rightsorwarrantsarenotsoissuedoranysuchoptions,rightsorwarrantsarenotexercisedpriortotheexpirationthereof,theConversionPricewillbereadjustedtotheConversionPricewhichwouldthenbeineffectifsuchrecorddatehadnotbeenfixedortotheConversionPricewhichwouldthenbeineffectifonlythenumberofCommonShares(orsecuritiesconvertibleintoCommonShares)actuallyissuedupontheexerciseofsuchoptions,rightsorwarrantswereincludedinsuchfraction,asthecasemaybe.

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(c) IfatanytimepriortotheMaturityDatetheCorporationfixesarecorddateforthemakingofadividendordistributiontoallorsubstantiallyalltheholdersofitsoutstandingCommonSharesof(i)CommonSharesorothersecuritiesofanyclassotherthanCommonShares,(ii)rights,optionsorwarrants (excluding, rights, options or warrantsentitling the holders thereof for a periodof not more than 45days to subscribe for or purchaseCommonSharesorsecuritiesconvertibleintoCommonShares),(iii)evidencesofitsindebtedness,or(iv)anypropertyorotherassetsthen,ineachsuch case, the Conversion Price will be adjusted immediately after such record date so that it equals the price determined by multiplying theConversionPriceineffectonsuchrecorddatebyafraction,ofwhichthenumeratoristhetotalnumberofCommonSharesoutstandingonsuchrecord date multiplied by the Current Market Price per Common Share on such record date, less the fair market value (as determined by theDirectors, acting reasonably, which determination will be conclusive) of such Common Shares or rights, options or warrants or evidences ofindebtednessorassetsorcashactuallydistributed,andofwhichthedenominatorwillbethetotalnumberofCommonSharesoutstandingonsuchrecorddatemultipliedbysuchCurrentMarketPriceperCommonShare.Suchadjustmentwillbemadesuccessivelywheneversucharecorddateisfixed. Totheextent that suchdividendordistribution is not somade, theConversionPricewill bereadjustedtotheConversionPricewhichwouldthenbeineffectifsuchrecorddatehadnotbeenfixedortotheConversionPricewhichwouldthenbeineffectbaseduponsuchCommonSharesorothersecuritiesorrights,optionsorwarrantsorevidencesofindebtednessorassetsactuallydistributed,asthecasemaybe.

(d) IfatanytimepriortotheMaturityDate,thereisareclassificationoftheCommonSharesoracapitalreorganizationoftheCorporation(otherthanasdescribedinSection6.4(a)) oraconsolidation, merger, arrangement, acquisitionorbusinesscombinationoftheCorporationwithorintoanyotherPersonorotherentity;orasaleorconveyanceofthepropertyandassetsoftheCorporationasanentiretyorsubstantiallyasanentiretytoanyotherPersonorotherentityoraliquidation,dissolutionorwinding-upoftheCorporation,orsimilartransaction,anyholderofaDebenturewhohas not exercised its right of conversion prior to the effective date of such reclassification, capital reorganization, consolidation, merger,arrangement,acquisition,businesscombination,saleorconveyance,liquidation,termination,dissolution,winding-up,orsimilartransaction,upontheexerciseofsuchrightthereafter,willbeentitledtoreceiveandwillaccept,inlieuofthenumberofCommonSharesthensoughttobeacquiredby it, the number of Common Shares or other securities or property of the Corporation or of the Person or other entity resulting from suchreclassification, capital reorganization, consolidation, merger, arrangement, acquisition or business combination or to which such sale orconveyancemaybemadeorwhichholdersofCommonSharesreceivepursuanttosuchliquidation,termination,dissolutionorwinding-up,asthecasemaybe,thatsuchholderofaDebenturewouldhavebeenentitledtoreceiveonsuchreclassification,capitalreorganization,consolidation,arrangement, merger, acquisition, business combination, sale or conveyance or liquidation, termination, dissolution or winding-up, or similartransaction, if on the record date or the effective date thereof, as the case may be, the holder had been the registered holder of the number ofCommon Shares sought to be acquired by it and to which it was entitled to acquire upon the exercise of the conversion right. If determinedappropriatebytheDirectorstogiveeffecttoortoevidencetheprovisionsofthisSection6.4(d),theCorporation,itssuccessor,orsuchpurchasingPersonorotherentity,asthecasemaybe,will,priortoorcontemporaneouslywithanysuchreclassification,capitalreorganization,consolidation,merger, arrangement, acquisition, business combination, sale or conveyance or liquidation, termination, dissolution or winding-up, or similartransaction,enterintoanindenturewhichprovides,totheextentreasonablypossible,fortheapplicationoftheprovisionssetforthinthisIndenturewithrespecttotherightsandintereststhereafteroftheholderofDebenturestotheendthattheprovisionssetforthinthisIndenturewillthereaftercorrespondinglybemadeapplicable,asnearlyasreasonablypossible,withrespecttoanyCommonSharesorothersecuritiesorpropertytowhichaholderofDebenturesisentitledontheexerciseofitsconversionrightsthereafter.AnyindentureenteredintobetweentheCorporationandtheDebenture Trusteepursuant to the provisions of this Section 6.4(d) will be a supplemental indenture entered into pursuant to the provisions ofArticle16.AnyindentureenteredintobetweentheCorporation,anysuccessortotheCorporationorsuchpurchasingPersonorotherentityandtheDebentureTrusteewillprovideforadjustmentswhichwillbeasnearlyequivalentasmaybepracticabletotheadjustmentsprovidedinthisSection6.4(d)andwhichwill applytosuccessivereclassifications, capital reorganizations, consolidations, mergers,arrangements,acquisitions,businesscombinations,salesorconveyancesandtoanysuccessiveliquidation,termination,dissolutionorwinding-up,orsimilartransaction.

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(e) Inanycasein whichthis Section6.4requires that anadjustment will becomeeffective immediately after a recorddate for aneventreferredtoherein,theCorporationmaydefer,untiltheoccurrenceofsuchevent,issuingtotheholderofanyDebentureconvertedaftersuchrecorddateandbeforetheoccurrenceofsucheventtheadditionalCommonSharesissuableuponsuchconversionbyreasonoftheadjustmentrequiredbysuchevent before giving effect to such adjustment; provided, however, that the Corporation will deliver to such holder an appropriate instrumentevidencingsuchholder’srighttoreceivesuchadditionalCommonSharesupontheoccurrenceoftheeventrequiringsuchadjustmentandtherighttoreceiveanydividendspaidordistributionsmadeonsuchadditionalCommonSharesdeclaredinfavourofholdersofrecordofCommonSharesonandafter the Business Dayimmediately after the Date of Conversionor suchlater date as suchholder would, but for the provisions of thisSection6.4(e),havebecometheholderofrecordofsuchadditionalCommonSharespursuanttoSection6.3(b).

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(f) TheadjustmentsprovidedforinthisSection6.4arecumulativeandwillapplytosuccessivesubdivisions,redivisions,reductions,combinations,consolidations,dividends,distributions,issuesorothereventsresultinginanyadjustmentundertheprovisionsofthisSection;providedhoweverthat, notwithstandinganyother provisionof this Section, noadjustment of theConversionPrice will berequiredunless suchadjustment wouldrequireanincreaseordecreaseofatleast1%intheConversionPricethenineffect;provided,further,thatanyadjustmentswhichbyreasonofthisSection6.4(f)arenotrequiredtobemadewillbecarriedforwardandtakenintoaccountinanysubsequentadjustment.

(g) ForthepurposeofcalculatingthenumberofCommonSharesoutstanding,CommonSharesownedbyorforthebenefitoftheCorporationwillnotbecounted.

(h) IntheeventofanyquestionarisingwithrespecttotheadjustmentsprovidedinthisSection6.4,suchquestionwillbeconclusivelydeterminedbyafirmofnationallyrecognizedcharteredaccountantsappointedbytheCorporation(whomaybetheAuditoroftheCorporation);suchaccountantswillhaveaccesstoallnecessaryrecordsoftheCorporationandsuchdeterminationwillbebindingupontheCorporation,theDebentureTrustee,andtheDebentureholders,absentmanifesterror.

(i) IncasetheCorporationtakesanyactionaffectingtheCommonSharesotherthanactiondescribedinthisSection6.4,whichintheopinionoftheDirectors,wouldmateriallyaffecttherightsofDebentureholders(includingtheirconversionrights),theConversionPriceandtheCommonSharesissuableuponconversionoftheDebentureswillbeadjustedinsuchmannerandatsuchtime,byactionoftheDirectors,subjecttothepriorwrittenconsentoftheTSXVorsuchotherexchangeonwhichtheDebenturesandtheCommonSharesarethenlisted,astheDirectorsintheirdiscretionmaydeterminetobeequitableinthecircumstances.FailureoftheDirectorstomakesuchanadjustmentwillbeconclusiveevidencethattheyhavedeterminedthatitisequitabletomakenoadjustmentinthecircumstances.

(j) Subject to the prior written consent of the TSXV or such other exchange on which the Debentures may be listed and posted for trading, noadjustment in the Conversion Price will be made in respect of any event described in Sections 6.4(a), 6.4(b) or 6.4(c) other than the eventsdescribedin6.4(a)(i)or6.4(a)(ii)iftheholdersoftheDebenturesareentitledtoparticipateinsucheventonthesametermsmutatis mutandis asiftheyhadconvertedtheirDebenturespriortotheeffectivedateorrecorddate,asthecasemaybe,ofsuchevent.

(k) Except as stated abovein this Section6.4, noadjustmentwill be madein the ConversionPrice of anyDebenture as a result of the issuanceofCommonSharesatlessthantheCurrentMarketPriceforsuchCommonSharesonthedateofissuanceorthethenapplicableConversionPrice.

6.5 No Requirement to Issue Fractional Common Shares

TheCorporationwillnotberequiredtoissuefractionalCommonSharesupontheconversionofDebenturespursuanttothisArticle6.IfmorethanoneDebentureissurrenderedforconversionatonetimebythesameholder,thenumberofwholeCommonSharesissuableuponconversionthereofwillbecomputedonthebasisoftheaggregateprincipalamountofsuchDebenturestobeconverted.IfanyfractionalinterestinaCommonSharewould,exceptfortheprovisionsofthisSection6.5, be deliverable upon the conversion of any principal amount of Debentures, the Corporation will, in lieu of delivering any certificate representing suchfractionalinterest,makeacashpaymenttotheholderofsuchDebentureofanamountequaltothefractionalinterestwhichwouldhavebeenissuablemultipliedbytheCurrentMarketPriceoftheCommonSharesontheDateofConversion(lessapplicableWithholdingTaxes,ifany).

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6.6 Corporation to Reserve Common Shares

TheCorporation covenants with the Debenture Trustee that itwill at all times reserve and keep available out of its authorized CommonShares, solely for thepurposeofissueuponconversionofDebenturesasprovidedinthisArticle6,andconditionallyallottoDebentureholderswhomayexercisetheirconversionrightshereunder, such number of Common Shares as will then be issuable upon the conversion of all outstanding Debentures. TheCorporation covenants with theDebentureTrusteethatallCommonShareswhichwillbesoissuablewillbedulyandvalidlyissuedasfully-paidandnon-assessable.

6.7 Cancellation of Converted Debentures

SubjecttotheprovisionsofSection6.3astoDebenturesconvertedinpart,allDebenturesconvertedinwholeorinpartundertheprovisionsofthisArticle6willbeforthwithdeliveredtoandcancelledbytheDebentureTrusteeandnoDebenturewillbeissuedinsubstitutiontherefor.

6.8 Certificate as to Adjustment

TheCorporationwill,fromtimetotimeimmediatelyaftertheoccurrenceofanyeventwhichrequiresanadjustmentorreadjustmentasprovidedinSection6.4,deliver an Officer’s Certificate to the Debenture Trustee specifying the nature of the event requiring the same and the amount of the adjustmentnecessitatedthereby and setting forth in reasonable detail themethod of calculation and the facts upon which such calculation is based. Until such Officer’s Certificate isreceivedbytheDebentureTrustee,theDebentureTrusteemayactandbeprotectedinactingonthepresumptionthatnoadjustmenthasbeenmadeorisrequired.TheCorporationwill,exceptinrespectofanysubdivision,redivision,reduction,combinationorconsolidationoftheCommonShares,forthwithgivenoticetotheDebentureholders in the manner provided inSection 14.2 specifying the event requiring such adjustment or readjustment and the results thereof, including theresultingConversionPrice; providedthat if theCorporationhasgivennotice under Section6.9coveringall therelevant factsinrespect ofsuchevent, nosuchnoticeneedbegivenunderthisSection6.8.

6.9 Notice of Special Matters

TheCorporationcovenantswiththeDebentureTrusteethatsolongasanyDebentureremainsoutstanding,itwillgivenoticetotheDebentureTrustee,andtotheDebentureholdersinthemannerprovidedinSection14.2and14.3,ofitsintentiontofixarecorddateforanyeventreferredtoinSection6.4(a),6.4(b)or6.4(c)(otherthanasubdivision,redivision,reduction,combinationorconsolidationofitsCommonShares)whichmaygiverisetoanadjustmentintheConversionPrice,and,ineachcase,suchnoticewillspecifytheparticularsofsucheventandtherecorddateandtheeffectivedateforsuchevent;providedthattheCorporationwillonlyberequiredtospecifyinsuchnoticesuchparticularsofsucheventashasbeenfixedanddeterminedonthedateonwhichsuchnoticeisgiven.Suchnoticewillbegivennotlessthan14daysineachcasepriortosuchapplicablerecorddate.

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6.10 Protection of Debenture Trustee

SubjecttoSection15.3,theDebentureTrustee:

(a) will not at any time be under any duty or responsibility to any Debentureholder to determine whether any facts exist which may requireany

adjustment in the Conversion Price, or with respect to the nature or extent of any such adjustment when made, or with respect to themethodemployedinmakingthesame;

(b) willnotbeaccountablewithrespecttothevalidityorvalue(orthekindoramount)ofanyCommonSharesorofanyCommonSharesorothersecuritiesorpropertywhichmayatanytimebeissuedordeliveredupontheconversionofanyDebenture;and

(c) willnotberesponsibleforanyfailureoftheCorporationtomakeanycashpaymentortoissue,transferordeliverCommonSharesorCommon

Sharecertificates uponthe surrender of anyDebenture for the purposeof conversion, or to complywithanyof thecovenants containedin thisArticle6.

(d) TheDebentureTrusteemayrelyuponallcertificatesandotherdocumentsfiledbytheCorporationpursuanttothisArticleforallpurposesoftheadjustment.

ARTICLE 7COVENANTS OF THE CORPORATION

TheCorporationherebycovenantsandagreeswiththeDebentureTrusteeforthebenefitoftheDebentureTrusteeandtheDebentureholders,thatsolongasanyDebenturesremainoutstanding.

7.1 To Pay Principal, Premium (if any) and Interest

The Corporation will duly and punctually pay or cause to be paid to every Debentureholder the principal of, premium (if any) and interest accrued on theDebenturesofwhichsuchDebentureholderistheholderonthedates,attheplacesandinthemannermentionedhereinandintheDebentures.

7.2 To Pay Debenture Trustee’s Remuneration

TheCorporationwillpaytheDebentureTrusteereasonableremunerationforitsservicesasDebentureTrusteehereunderandwillpayorreimbursetheDebentureTrustee on demand all reasonable expenses and monieswhich have been paid by the Debenture Trustee in connection with the executionof the trusts herebycreated(includingthereasonablecompensationanddisbursementsofitsCounselandallotherassistantsandadvisorsnotregularlyinitsemploy)andsuchmoniesincludingtheDebentureTrustee’sremuneration,willbepayableoutofanyfundscomingintothepossessionoftheDebentureTrusteeinprioritytopaymentofanyprincipalofandpremium(ifany)oftheDebenturesorinterestthereon.SuchremunerationwillcontinuetobepayableuntilthetrustshereofbefinallywoundupandwhetherornotthetrustsofthisIndentureareinthecourseofadministrationbyorunderthedirectionofacourtofcompetentjurisdiction.

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7.3 To Give Notice of an Event of Default

TheCorporationwillnotifytheDebentureTrusteeimmediatelyuponobtainingknowledgeofanyEventofDefaulthereunder.

7.4 Preservation of Existence, etc.

Subjecttotheexpressprovisionshereof,includingArticle11,theCorporationwillcarryonandconductitsactivitiesandbusiness,andcauseitsSubsidiariestocarryonandconducttheirbusinesses,inaproper,efficientandbusiness-likemannerandinaccordancewithgoodbusinesspractices;and,subjecttotheexpressprovisions hereof, including Article 11, it will do or cause to be done all things necessary to preserve and keep in full force andeffect its andits Subsidiariesrespectiveexistencesandrights.

7.5 Keeping of Books

TheCorporationwillkeeporcausetobekeptproperbooksofrecordandaccount,inwhichfullandcorrectentrieswillbemadeofallfinancialtransactionsandtheassetsandbusinessoftheCorporationinaccordancewithgenerallyacceptedaccountingprinciplesthenapplicabletotheCorporation.

7.6 Annual Certificate of Compliance

TheCorporationwilldelivertotheDebentureTrustee,within140daysaftertheendofeachcalendaryear,anOfficer’sCertificateastotheknowledgeofsuchDirectororofficeroftheCorporationwhoexecutestheOfficer’sCertificateoftheCorporation’scompliancewithallconditionsandcovenantsofthisIndenturecertifying that after reasonable investigation and inquiry, the Corporation has complied with all covenants, conditions or other requirements contained in thisIndenture,thenon-compliancewithwhichcould,withthegivingofnotice,lapseoftimeorotherwise,constituteanEventofDefaulthereunder,orifsuchisnotthecase,settingforthwithreasonableparticularsanystepstakenorproposedtobetakentoremedysuchEventofDefault.

7.7 Performance of Covenants of Debenture Trustee

IftheCorporationfailstoperformanyofitscovenantscontainedinthisIndenture,thentheDebentureTrusteemaynotifytheDebentureholdersofsuchfailureonthepartoftheCorporationormayitselfperformanyofthecovenantscapableofbeingperformedbyit,but(subjecttoSections8.2and15.3)willbeundernoobligationtodosoortonotifytheDebentureholders.AllsumssoexpendedoradvancedbytheDebentureTrusteewillberepayableasprovidedinSection7.2.Nosuchperformance,expenditureoradvancebytheDebentureTrusteewillbedeemedtorelievetheCorporationofanydefaulthereunder.

7.8 Reporting Issuer and Listing Status

TheCorporationwillusecommerciallyreasonableeffortstoensurethattheCommonSharesarelistedandpostedfortradingontheTSXVorsuchotherexchangeonwhichtheCommonSharesarelistedandpostedfortrading,tomaintainsuchlistingandpostingfortradingoftheCommonSharesontheTSXVorsuchotherexchange on which theCommonShares are listed and posted for trading, and to maintain theCorporation’s status as a “reporting issuer not in default” underApplicable Securities Legislation and, subject to and in compliance with, reporting obligations under either Section 13 or Section 15(d) of theUnited StatesSecurities Exchange Act of 1934 ,asamended;providedthattheforegoingcovenantshallnotpreventorrestricttheCorporationfromcarryingoutatransactiontowhichSection2.2(k)orArticle11wouldapplyifcarriedoutincompliancewithSection2.2(k)orArticle11,respectively,evenifasaresultofsuchtransactiontheCommonSharesortheDebentures, asthecasemaybe,ceasetobelistedontheTSXVoranother stockexchangerecognizedbyrelevantsecuritiesregulatoryauthoritiesortheCorporationceasestobea“reportingissuer”.

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7.9 Maximum Amount of Debentures

TheCorporationwillensurethattheDebenturesissuedhereundertogetherwithanyothersecuritiesissuedbytheCorporationunderanindentureinrelianceupontheexemptionaffordedinSection304(a)9of theUnitedStatesTrust IndentureActof 1939, asamended, withinthesameperiodof thirtysix(36)consecutivemonthsasanyDebentureissuedhereundershallnotexceedmorethan$10,000,000inaggregateprincipal.

ARTICLE 8DEFAULT

8.1 Events of Default

Eachofthefollowingeventsconstitutes,andishereinsometimesreferredtoas,an“Event of Default ”:

(a) failurefor30daystopayinterestontheDebentureswhendue;

(b) failure to pay principal or premium, if any, on the Debentures when due whether at maturity, upon redemption, by declaration or otherwise(whethersuchpaymentisdueincash,CommonSharesorothersecuritiesorpropertyoracombinationthereof);

(c) defaultinthedelivery,whendue,ofallcashandanyCommonSharesorotherconsideration,payableonconversionwithrespecttotheDebentures,andthecontinuanceofanysuchdefaultfor15days;

(d) ifadecreeororderofaCourthavingjurisdictionisenteredadjudgingtheCorporationabankruptorinsolventundertheBankruptcy and InsolvencyAct (Canada) or any other bankruptcy, insolvency or analogous laws, or issuing sequestration or process of execution against, or against anysubstantial part of, thepropertyoftheCorporation, or appointingareceiver of, or of anysubstantial part of, thepropertyoftheCorporationororderingthewinding-uporliquidationofitsaffairs,andanysuchdecreeorordercontinuesunstayedandineffectforaperiodof60days;

(e) if the Corporation institutes proceedings to be adjudicated a bankrupt or insolvent, or consents to the institution of bankruptcy or insolvencyproceedingsagainstitundertheBankruptcy and Insolvency Act (Canada)oranyotherbankruptcy,insolvencyoranalogouslaws,orconsentstothefilingofanysuchpetitionortotheappointmentofareceiverof,orofanysubstantialpartof,thepropertyoftheCorporationormakesageneralassignmentforthebenefitofcreditors,oradmitsinwritingitsinabilitytopayitsdebtsgenerallyastheybecomedue;

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(f) ifaresolutionispassedforthewinding-uporliquidationoftheCorporation,exceptinthecourseofcarryingoutorpursuanttoatransactioninrespectofwhichtheconditionsofSection11.1aredulyobservedandperformed;

(g) if,afterthedateofthisIndenture,anyproceedingswithrespecttotheCorporationaretakenwithrespecttoacompromiseorarrangement,withrespecttocreditorsoftheCorporationgenerally,undertheapplicablelegislationofanyjurisdiction;or

(h) defaultintheobservanceorperformanceofanycovenantcontainedinthisIndenturebytheCorporationandfailuretocure(orobtainawaiverfor)such default for a period of 30 days after notice inwriting has been given by the Debenture Trustee or a holder of not less than 25%of theaggregate principal amount of the Debentures to theCorporation specifying such default and requiring the Corporation to remedy(or obtain awaiverfor)suchdefault.

IneachandeverysucheventtheDebentureTrusteemay,initsdiscretion,butsubjecttotheprovisionsofthisSection,andwill,uponreceiptofarequestinwritingsignedbytheholdersofnotlessthan25%inprincipalamountoftheDebenturesthenoutstanding,andpriorfundingandindemnificationtoitssatisfaction,subjecttotheprovisionsofSection8.3,bynoticeinwritingtotheCorporation,declaretheprincipalofandinterestonallDebenturesthenoutstandingandallothermoniesoutstandinghereundertobedueandpayableandthesamewillforthwithbecomeimmediatelydueandpayabletotheDebentureTrustee,andtheCorporationwillforthwithpaytotheDebentureTrusteeforthebenefitoftheDebentureholderssuchprincipal,accruedandunpaidinterestandinterestonamountsindefaultonsuchDebenturesandallothermoniesoutstandinghereunder,togetherwithsubsequentinterestattheratebornebytheDebenturesonsuchprincipal,interestandsuchothermoniesfromthedateofsuchdeclarationuntilpaymentisreceivedbytheDebentureTrustee,suchsubsequentinteresttobepayableatthetimesandplacesandinthemoniesmentionedinandaccordingtothetenoroftheDebentures.SuchpaymentwhenmadewillbedeemedtohavebeenmadeindischargeoftheCorporation’sobligationshereunderandanymoniessoreceivedbytheDebentureTrusteewillbeappliedinthemannerprovidedinSection8.6.

8.2 Notice of Events of Default

If an Event of Default occurs and is continuing the DebentureTrustee will, within 30 days after it receives written notice of the occurrence of suchEvent ofDefault,givenoticeofsuchEventofDefaulttotheDebentureholdersinthemannerprovidedinSection14.2,providedthatnotwithstandingtheforegoing,unlesstheDebentureTrusteehasbeenrequestedtodosobytheholdersofnotlessthan25%oftheprincipalamountoftheDebenturesthenoutstanding,theDebentureTrusteewillnotberequiredtogivesuchnotice.

8.3 Waiver of Default

UponthehappeningofanyEventofDefaulthereunder:

(a) theholdersoftheDebentureswillhavethepower(inadditiontothepowersexercisablebyExtraordinaryResolutionashereinafterprovided)byrequisitioninwritingbytheholdersofmorethan50%oftheprincipalamountofDebenturesthenoutstanding,toinstructtheDebentureTrusteetowaiveanyEventofDefaultandtocancelanydeclarationmadebytheDebentureTrusteepursuanttoSection8.1andtheDebentureTrusteewillthereupon waive the Event of Default and cancel such declaration, or either, upon such terms and conditions as will be prescribed in suchrequisition;and

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(b) theDebentureTrustee,solongasithasnotbecomeboundtodeclaretheprincipalandinterestontheDebenturesthenoutstandingtobedueandpayable, or to obtain or enforce payment of the same, will have power to waive any Event of Default if, the same has been cured or adequatesatisfaction made therefor, and in such event to cancel any such declaration theretofore made by the Debenture Trustee in the exercise of itsdiscretion,uponsuchtermsandconditionsastheDebentureTrusteemaydeemadvisable.

NosuchactoromissioneitheroftheDebentureTrusteeoroftheDebentureholderswillextendtoorbetakeninanymannerwhatsoevertoaffectanysubsequentEventofDefaultortherightsresultingtherefrom.

8.4 Enforcement by the Debenture Trustee

(a) SubjecttotheprovisionsofSection8.3andtotheprovisionsofanyExtraordinaryResolutionthatmaybepassedbytheDebentureholders,iftheCorporationfailstopaytotheDebentureTrustee,forthwithafterthesamehasbeendeclaredtobedueandpayableunderSection8.1,theprincipalofandpremium(ifany)andinterestonall Debenturesthenoutstanding,togetherwithanyotheramountsduehereunder,theDebentureTrusteemayinitsdiscretionandwilluponreceiptofarequestinwritingsignedbytheholdersofnotlessthan25%inprincipalamountoftheDebenturesthen outstanding anduponbeing funded and indemnified to its reasonable satisfaction against all costs, expenses and liabilities to be incurred,proceedinitsnameastrusteehereundertoobtainorenforcepaymentofsuchprincipalofandpremium(ifany)andinterestonalltheDebenturesthen outstanding together with any other amounts due hereunder by such proceedings authorized by this Indenture or by law or equity as theDebentureTrusteeinsuchrequestwillhavebeendirectedtotake,orifsuchrequestcontainsnosuchdirection,oriftheDebentureTrusteeactswithout such request, then by such proceedings authorized by this Indenture or by suit at law or in equity as the Debenture Trustee deemsexpedient.

(b) TheDebentureTrusteewillbeentitledandempowered,eitherinitsownnameorasDebentureTrusteeofanexpresstrust,orasmandataryfortheholdersoftheDebentures,orinanyoneormoreofsuchcapacities,tofilesuchproofofdebt,amendmentofproofofdebt,claim,petitionorotherdocumentasmaybenecessaryoradvisableinordertohavetheclaimsoftheDebentureTrusteeandoftheholdersoftheDebenturesallowedinany insolvency, bankruptcy, liquidation, arrangement or other judicial proceedings relative to the Corporation or its creditors or relative to oraffectingitsproperty.TheDebentureTrusteeisherebyirrevocablyappointed(andthesuccessiverespectiveholdersoftheDebenturesbytakingandholdingthesamewill beconclusivelydeemedtohavesoappointedtheDebentureTrustee)thetrueandlawfulmandataryof therespectiveholdersoftheDebentureswithauthoritytomakeandfileintherespectivenamesoftheholdersoftheDebenturesoronbehalfoftheholdersoftheDebentures as a class, subject to deduction from any such claims of the amounts of any claims filed by any of the holders of theDebenturesthemselves,anyproofofdebt,amendmentofproofofdebt,claim,petitionorotherdocumentinanysuchproceedingsandtoreceivepaymentofanysumsbecomingdistributableonaccountthereof,andtoexecuteanysuchotherpapersanddocumentsandtodoandperformanyandallsuchactsandthingsforandonbehalfofsuchholdersoftheDebentures,asmaybenecessaryoradvisableintheopinionoftheDebentureTrustee,inordertohavetherespectiveclaimsoftheDebentureTrusteeandoftheholdersoftheDebenturesagainsttheCorporationoritspropertyallowedinanysuchproceeding,andtoreceivepaymentoforonaccountofsuchclaims;provided,however,thatsubjecttoSection8.3,nothingcontainedinthisIndenturewillbedeemedtogivetotheDebentureTrustee,unlesssoauthorizedbyExtraordinaryResolution,anyrighttoacceptorconsenttoanyplanofreorganization,arrangementorotherwisebyactionofanycharacterinsuchproceedingtowaiveorchangeinanywayanyrightofanyDebentureholder.

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(c) TheDebentureTrusteewillalsohavethepoweratanytimeandfromtimetotimetoinstituteandmaintainsuchsuitsandproceedingsasitmaybeadvisedarenecessaryoradvisabletopreserveandprotectitsinterestsandtheinterestsoftheDebentureholders.

(d) AllrightsofactionhereundermaybeenforcedbytheDebentureTrusteewithoutthepossessionofanyoftheDebenturesortheproductionthereofonthetrialorotherproceedingsrelatingthereto.AnysuchsuitorproceedinginstitutedbytheDebentureTrusteewillbebroughtinthenameoftheDebentureTrusteeastrusteeofanexpress trust, andanyrecoveryofjudgmentwill befor therateable benefit of theholders of theDebenturessubjecttotheprovisionsofthisIndenture.InanyproceedingbroughtbytheDebentureTrustee(andalsoanyproceedinginwhichadeclaratoryjudgmentofacourtmaybesoughtastotheinterpretationorconstructionofanyprovisionofthisIndenture,towhichtheDebentureTrusteewillbeaparty)theDebentureTrusteewillbeheldtorepresentalltheholdersoftheDebentures,anditwillnotbenecessarytomakeanyholdersoftheDebenturespartiestoanysuchproceeding.

8.5 No Suits by Debentureholders

NoholderofanyDebenturewillhaveanyrighttoinstituteanyaction,suitorproceedingatlaworinequityforthepurposeofenforcingpaymentoftheprincipaloforinterestontheDebenturesorfortheexecutionofanytrustorpowerhereunderorfortheappointmentofaliquidatororreceiverorforareceivingorderundertheBankruptcy and Insolvency Act (Canada)ortohavetheCorporationwounduportofileorproveaclaiminanyliquidationorbankruptcyproceedingorforanyotherremedyhereunder,unless:(a)suchholderhaspreviouslygiventotheDebentureTrusteewrittennoticeofthehappeningofanEventofDefaulthereunder;and(b)theDebentureholdersbyExtraordinaryResolutionorbywritteninstrumentsignedbytheholdersofatleast25%inprincipalamountoftheDebenturesthenoutstandinghavemadearequesttotheDebentureTrusteeandtheDebentureTrusteehasbeenaffordedreasonableopportunityeitheritselftoproceedtoexercisethepowershereinbeforegrantedortoinstituteanaction,suitorproceedinginitsnameforsuchpurpose;and(c)theDebentureholdersoranyofthemhasfurnishedtotheDebentureTrustee,whensorequestedbytheDebentureTrustee,sufficientfundsandsecurityandindemnitysatisfactorytoitagainstthecosts,expensesandliabilities tobeincurredthereinorthereby;and(d)theDebentureTrusteehasfailedtoactwithinareasonabletimeaftersuchnotification,requestandofferofindemnityandsuchnotification,requestandofferofindemnityareherebydeclaredineverysuchcase,attheoptionoftheDebentureTrustee,tobeconditionsprecedenttoanysuchproceedingorforanyotherremedyhereunderbyoronbehalfoftheholderofanyDebentures.

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8.6 Application of Monies by Debenture Trustee

(a) Except as herein otherwise expressly provided, any monies received by the Debenture Trustee from the Corporation pursuant to the foregoing

provisionsofthisArticle8,orasaresultoflegalorotherproceedingsorfromanytrusteeinbankruptcyorliquidatoroftheCorporation,willbeapplied,togetherwithanyothermoniesinthehandsoftheDebentureTrusteeavailableforsuchpurpose,asfollows:

(i) first, in payment or in reimbursement to the DebentureTrustee of its compensation, costs, charges, expenses, borrowings, advancesor

othermoniesfurnishedorprovidedbyorattheinstanceoftheDebentureTrusteeinorabouttheexecutionofitstrustsunder,orotherwiseinrelationto,thisIndenture,withinterestthereonashereinprovided;

(ii) second,butsubjectashereinafterinthisSection8.6provided,inpayment,rateablyandproportionatelyto(andinthecaseofapplicableWithholding Taxes, if any, on behalf of) the holders ofDebentures, of the principal of and premium (if any) and accrued and unpaidinterest and interest on amounts in default on the Debentures whichwill then be outstanding in the priority of principal first and thenpremiumandthenaccruedandunpaidinterest andinterest onamountsindefault unlessotherwisedirectedbyExtraordinaryResolutionandinthatcaseinsuchorderorpriorityasbetweenprincipal,premium(ifany)andinterestasmaybedirectedbysuchresolution;and

(iii) third,inpaymentofthesurplus,ifany,ofsuchmoniestotheCorporationoritsassigns.

provided,however,thatnopaymentwillbemadepursuanttoclause(ii)aboveinrespectoftheprincipal,premiumorinterestonanyDebentureheld,directlyorindirectly,byorforthebenefitoftheCorporationoranySubsidiary(otherthananyDebenturepledgedforvalueandingoodfaithtoapersonotherthantheCorporationoranySubsidiarybutonlytotheextentofsuchperson’sinteresttherein)exceptsubjecttothepriorpaymentinfulloftheprincipal,premium(ifany)andinterest(ifany)onallDebentureswhicharenotsoheld.

(b) TheDebentureTrusteewillnotbeboundtoapplyormakeanypartialorinterimpaymentofanymoniescomingintoitshandsiftheamountsoreceived by it, after reserving thereout such amount as theDebenture Trustee may think necessary to provide for the paymentsmentionedinSection8.6(a)(i),isinsufficienttomakeadistributionofatleast2%oftheaggregateprincipalamountoftheoutstandingDebentures,butitmayretainthemoneysoreceivedbyitandinvestordepositthesameasprovidedforinSection15.9untilthemoneyortheinvestmentsrepresentingthesame,withtheincomederivedtherefrom,togetherwithanyothermoniesforthetimebeingunderitscontrolwillbesufficientforthesaidpurposeoruntilitconsidersitadvisabletoapplythesameinthemannerhereinbeforesetforth.Theforegoingwill,however,notapplytoafinalpaymentindistributionhereunder.

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8.7 Notice of Payment by Debenture Trustee

Notlessthan15days’noticewillbegiveninthemannerprovidedinSection14.2bytheDebentureTrusteetotheDebentureholdersofanypaymenttobemadeunderthisArticle8.SuchnoticewillstatethetimewhenandplacewheresuchpaymentistobemadeandalsotheliabilityunderthisIndenturetowhichitistobeapplied.Afterthedaysofixed,unlesspaymenthasbeendulydemandedandhasbeenrefused,theDebentureholderswillbeentitledtointerestonlyonthebalance(ifany)oftheprincipalmonies,premium(ifany)andinterestdue(ifany)tothem,respectively,ontheDebentures(lessapplicableWithholdingTaxes,ifany),afterdeductionoftherespectiveamountspayableinrespectthereofonthedaysofixed.

8.8 Debenture Trustee May Demand Production of Debentures

TheDebentureTrusteewillhavetherighttodemandproductionoftheDebenturesinrespectofwhichanypaymentofprincipal,interestorpremiumrequiredbythisArticle8ismadeandmaycausetobeendorsedonthesameamemorandumoftheamountsopaidandthedateofpayment,buttheDebentureTrusteemay,inits discretion, dispense with such production and endorsement, upon such indemnity being given to it and to the Corporation as theDebenture Trustee deemssufficient.

8.9 Remedies Cumulative

NoremedyhereinconferreduponorreservedtotheDebentureTrustee,oruponortotheholdersofDebenturesisintendedtobeexclusiveofanyotherremedy,buteachandeverysuchremedywillbecumulativeandwillbeinadditiontoeveryotherremedygivenhereunderornowexistingorhereaftertoexistbylaworbystatute.

8.10 Judgment Against the Corporation

TheCorporationcovenantsandagreeswiththeDebentureTrusteethat,incaseofanyjudicialorotherproceedingstoenforcetherightsoftheDebentureholders,judgmentmayberenderedagainstitinfavouroftheDebentureholdersorinfavouroftheDebentureTrustee,astrusteefortheDebentureholders,foranyamountwhichmayremaindueinrespectoftheDebenturesandpremium(ifany)andtheinterestthereonandanyothermoniesowinghereunder.

8.11 Immunity of Directors and Others

TheDebentureholdersandtheDebentureTrusteeherebywaiveandreleaseanyright,causeofactionorremedynoworhereafterexistinginanyjurisdictionagainstanypast,presentorfutureofficer,DirectororholderofCommonSharesorofanysuccessor,ineachcaseinsuchcapacity,forthepaymentoftheprincipaloforpremiumorinterestonanyoftheDebenturesoronanycovenant,agreement,representationorwarrantybytheCorporationhereinorintheDebenturescontained.

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ARTICLE 9SATISFACTION AND DISCHARGE

9.1 Cancellation and Destruction

AllDebentureswillforthwithafterpaymentthereofbedeliveredtotheDebentureTrusteeandcancelledbyit.AllDebenturescancelledorrequiredtobecancelledunder this or any other provision of this Indenturewill be cancelled by the Debenture Trustee and, if required by the Corporation, the Debenture Trustee willfurnishtoitacancellationcertificatesettingoutthedesignatingnumbersoftheDebenturessocancelled.

9.2 Non-Presentation of Debentures

IncasetheholderofanyDebenturefailstopresentthesameforpaymentonthedateonwhichtheprincipal,premium(ifany)ortheinterestthereonorrepresentedtherebybecomespayableeitherat maturityorotherwiseordoesnotacceptpaymentonaccountthereofandgivesuchreceipttherefor, ifany,astheDebentureTrusteemayrequire:

(a) theCorporationwillbeentitledtopayordelivertotheDebentureTrusteeanddirectittosetaside;or

(b) inrespectofmoniesorCommonSharesinthehandsoftheDebentureTrusteewhichmayorshouldbeappliedtothepaymentoftheDebentures,theCorporationwillbeentitledtodirecttheDebentureTrusteetosetaside;or

(c) iftheredemptionwaspursuanttonoticegivenbytheDebentureTrustee,theDebentureTrusteemayitselfsetaside.

theprincipal,premium(ifany)ortheinterest,asthecasemaybe,intrusttobepaidtotheholderofsuchDebentureuponduepresentationorsurrenderthereofinaccordance with the provisions of this Indenture; andthereuponthe principal, premium(if any) or the interest payableonor represented byeachDebenture inrespectwhereofsuchmoniesorCommonShares,ifapplicable,havebeensetasidewillbedeemedtohavebeenpaidandtheholderthereofwillthereafterhavenorightinrespectthereofexceptthatofreceivingdeliveryandpaymentofthemoniesorCommonShares,ifapplicable,(lessapplicableWithholdingTaxes,ifany)sosetasidebytheDebentureTrusteeuponduepresentationandsurrenderthereof,subjectalwaystotheprovisionsofSection9.3.

9.3 Repayment of Unclaimed Monies or Common Shares

Subject to applicable law, any monies or CommonShares, if applicable, set aside under Section 9.2 and not claimed by and paid to holdersof Debentures asprovidedinSection9.2withinsixyearsafterthedateofsuchsettingasidewillberepaidanddeliveredtotheCorporation,uponwrittenrequest,bytheDebentureTrusteeandthereupontheDebentureTrusteewillbereleasedfromallfurtherliabilitywithrespecttosuchmoniesorCommonShares,ifapplicable,andthereaftertheholdersoftheDebenturesinrespectofwhichsuchmoniesorCommonShares,ifapplicable,weresorepaidtotheCorporationwillhavenorightsinrespectthereofexcepttoobtainpaymentanddeliveryofthemoniesorCommonShares,ifapplicable,fromtheCorporation.

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9.4 Discharge

TheDebentureTrusteewillatthewrittenrequestoftheCorporationreleaseanddischargethisIndentureandexecuteanddeliversuchinstrumentsasitisadvisedby Counsel are requisite for that purpose and to release the Corporation from its covenants herein contained (other than the provisions relating to theindemnificationoftheDebentureTrustee),uponproofbeinggiventothereasonablesatisfactionoftheDebentureTrusteethattheprincipalandpremium(ifany)ofandinterest(includinginterestonamountsindefault,ifany),onalltheDebenturesandallothermoniespayablehereunderhavebeenpaidorsatisfiedorthatalltheDebentureshavingmaturedorhavingbeendulycalledforredemption,paymentoftheprincipalofandinterest(includinginterestonamountsindefault,ifany)onsuchDebenturesandofallothermoniespayablehereunderhasbeendulyandeffectuallyprovidedforinaccordancewiththeprovisionshereof.

9.5 Satisfaction

(a) TheCorporationwillbedeemedtohavefullypaid,satisfiedanddischarged(a“defeasance ”)alloftheoutstandingDebenturesandtheDebenture

Trustee,attheexpenseoftheCorporation,willexecuteanddeliverproperinstrumentsacknowledgingthefullpayment,satisfactionanddischargeofsuchDebentures,when,withrespecttoalloftheoutstandingDebentures:

(i) theCorporationhasdepositedorcausedtobedepositedwiththeDebentureTrusteeastrustfundsorpropertyintrustforthepurposeofmakingpaymentonsuchDebentures,anamountinmoneyorCommonShares,ifapplicable,sufficienttopay,satisfyanddischargetheentireamountofprincipal,premium,ifany,andinterest,ifany,tomaturityoranyrepaymentdate,RedemptionDate,ChangeofControlPurchaseDateoruponanyconversionorotherwise,asthecasemaybe,ofsuchDebentures;or

(ii) theCorporationhasdepositedorcausedtobedepositedwiththeDebentureTrusteeaspropertyintrustforthepurposeofmakingpaymentonsuchDebentures:

(A) ifallofsuchDebenturesareissuedinCanadiandollars,suchamountinCanadiandollarsofdirectobligationsof,orobligationstheprincipalandinterestofwhichareguaranteedby,theGovernmentofCanada;or

(B) if any of such Debentures are issued in a currency or currency unit other than Canadian dollars, cash in the currency(ies) orcurrency unit(s) in which such Debentures are payable and/or such amount in such currency(ies) or currency unit(s) of directobligationsof,orobligationstheprincipalandinterestofwhichareguaranteedby,theGovernmentofCanadaorthegovernmentthatissuedthecurrencyorcurrencyunitinwhichsuchDebenturesarepayable,asthecasemaybe;

as will, together with the income to accrue thereon and reinvestment thereof, be sufficient to pay and discharge the entire amount ofprincipal and accrued and unpaid interest to maturity or any repaymentdate, as the case maybe, of all such Debentures; and in eitherevent:

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(iii) theCorporationhaspaid,causedtobepaidormadeprovisionstothesatisfactionoftheDebentureTrusteeforthepaymentofallother

sumspayablewithrespecttoallofsuchDebentures(togetherwithallapplicableexpensesoftheDebentureTrusteeinconnectionwiththepaymentofsuchDebentures);

(iv) theCorporationhasdeliveredtotheDebentureTrusteeeither(A)anopinionofCounselinCanadareasonablyacceptabletotheDebentureTrusteetotheeffectthat,baseduponCanadianlawthenineffect(andalsotakingintoaccountanyproposedamendmentstoCanadianlawwhich,ifenactedintheformproposed,wouldhaveretroactiveeffect),thebeneficialownersoftheDebentureswillnotrecognizeincome,gainorlossforCanadianfederal,provincialorterritorialorothertaxpurposes,asaresultofthedefeasanceandwillbesubjecttoCanadiantaxesonthesameamountsandinthesamemannerandatthesametimeaswouldhavebeenthecaseifsuchdefeasancehadnotoccurredor(B) a ruling directed to the Debenture Trustee received fromtaxauthorities of Canada to the sameeffect as the opinion of Counseldescribedinclause(A)above;

(v) theCorporationhasdeliveredtotheDebentureTrusteeanOfficer’sCertificatestatingthatallconditionsprecedenthereinprovidedrelatingtothepayment,satisfactionanddischargeofallsuchDebentureshavebeencompliedwithandthedefeasancepaymentwasnotmadebythe Corporation with the intent of preferring the Debentureholders over the other creditors of the Corporation or with the intent ofdefeating,hindering,delayingordefraudingcreditorsoftheCorporationorothers;and

(vi) noEventofDefaultshallhaveoccurredandbecontinuingonthedateofthedefeasancepayment.

AnydepositswiththeDebentureTrusteereferredtointhisSection9.5willbeirrevocable,subjecttoSection9.6,andwillbemadeunderthetermsof an escrowand/or trust agreement in formand substance satisfactory to the Debenture Trustee and which provides for thedue and punctualpaymentoftheprincipalof,andinterestandpremium,ifany,ontheDebenturesbeingsatisfied.

(b) UponthesatisfactionoftheconditionssetforthinthisSection9.5withrespecttoalltheoutstandingDebentures,thetermsandconditionsoftheDebentures,includingthetermsandconditionswithrespecttheretosetforthinthisIndenture(otherthanthosecontainedinArticle2,Article3,Article4,Article6,Article9,Section8.4andtheprovisionsofArticle1pertainingtotheforegoingprovisions)willnolongerbebindinguponorapplicabletotheCorporation.

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(c) AnyfundsorobligationsdepositedwiththeDebentureTrusteepursuanttothisSection9.5willbedenominatedinthecurrencyordenominationoftheDebenturesinrespectofwhichsuchdepositismade.

(d) IftheDebentureTrusteeisunabletoapplyanymoneyorsecuritiesinaccordancewiththisSection9.5byreasonofanylegalproceedingoranyorder or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Corporation’sobligationsunderthisIndentureandtheaffectedDebentureswillberevivedandreinstatedasthoughnomoneyorsecuritieshadbeendepositedpursuant tothis Section9.5until suchtimeas theDebentureTrustee is permitted to applyall suchmoneyor securities in accordancewiththisSection9.5,providedthatiftheCorporationhasmadeanypaymentinrespectofprincipal,premiumorinterestonDebenturesor,asapplicable,otheramountsbecauseofthereinstatementofitsobligations,theCorporationwillbesubrogatedtotherightsoftheholdersofsuchDebenturestoreceivesuchpaymentfromthemoneyorsecuritiesheldbytheDebentureTrustee.

9.6 Continuance of Rights, Duties and Obligations

(a) Wheretrustfundsortrust propertyhavebeendepositedpursuanttoSection9.5,theholdersofDebenturesandtheCorporationwillcontinueto

haveandbesubjecttotheirrespectiverights,dutiesandobligationsunderArticle2,Article3,Article4,Article6,Article9,Section8.4andtheprovisionsofArticle1pertainingtotheforegoingprovisions,asmaybeapplicable.

(b) Intheeventthat,afterthedepositoftrustfundsortrustpropertypursuanttoSection9.5inrespectofDebentures(the“Defeased Debentures ”),anyholderofanyoftheDefeasedDebenturesfromtimetotimeconvertsitsDebenturestoCommonSharesorothersecuritiesoftheCorporationinaccordancewithSection2.2(f),Article6oranyotherprovisionofthisIndenture,theDebentureTrusteewill,uponreceiptofaWrittenDirectionoftheCorporation,returntotheCorporationfromtimetotimetheproportionateamountofthetrustfundsorothertrustpropertydepositedwiththeDebenture Trusteepursuant to Section 9.5 in respect of the Defeased Debentures which is applicable to the Defeased Debentures so converted(which amount will be based on the applicable principal amount of the Defeased Debentures being converted in relation to the aggregateoutstandingprincipalamountofalltheDefeasedDebentures).

(c) Intheeventthat,afterthedepositoftrustfundsortrustpropertypursuanttoSection9.5,theCorporationisrequiredtopurchaseanyoutstandingDebentures pursuant to Section 2.2(k), theCorporation will be entitled to use any trust money or trust property deposited with the DebentureTrustee pursuant to Section 9.5 for the purpose of paying to any holders of Defeased Debentures who have accepted any such offer of theCorporationtheOfferPricepayabletosuchholdersinrespectofsuchoffertopurchasetheDebentures.UponreceiptofaWrittenDirectionoftheCorporation, theDebentureTrusteewill beentitledtopaytosuchholder fromsuchtrust moneyortrust propertydepositedwiththeDebentureTrusteepursuanttoSection9.5inrespectoftheDefeasedDebentureswhichisapplicabletotheDefeasedDebenturesheldbysuchholderswhohaveacceptedanysuchofferfromtheCorporation(whichamountwillbebasedontheapplicableprincipalamountoftheDefeasedDebenturesheldbyholdersthatacceptanysuchofferinrelationtotheaggregateoutstandingprincipalamountofalltheDefeasedDebentures).

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ARTICLE 10COMMON SHARE INTEREST PAYMENT ELECTION

10.1 Common Share Interest Payment Election

(a) TheCorporationmay,atitssoleoption,electtosatisfyitsobligationtopayonanInterestPaymentDatetheinterestthenpayableonaccountofall,butnotlessthanall,oftheDebenturesbydeliveringtotheholdersandtheDebentureTrusteenotlessthan15daysandnotmorethan30dayspriornoticetotheInterestPaymentDate(the“Common Share Interest Payment Election Notice ”)and,ontheInterestPaymentDate,foreach$40of semi-annual interest amount, by issuing and delivering to holders that number of Freely Tradeable, fully paid and non-assessable CommonSharesobtainedbydividingeach$40ofinterestamountbythemarketpriceoftheCommonShares(asdefinedbythepoliciesoftheTSXV)onthedatebeforethepublicannouncementbytheCorporationofitsintentiontosatisfyitsInterestObligationinCommonShares(the“Common ShareInterest Payment Election ”).

(b) TheCorporation’srighttomakeaCommonShareInterestPaymentElectionshallbeconditionaluponthefollowingconditionsbeingmetontheBusinessDayimmediatelyprecedingtheInterestPaymentDate:

(i) the Common Shares to be issued on exercise of the Common Share Interest Payment Election shall be issued from treasury of theCorporationandshallbeFreelyTradeableandfullypaidandnon-assessable;

(ii) the listing or quotation of such Common Shares on theTSXVor any successor exchange on which the Common Shares are listed fortrading;

(iii) theCorporationbeingareportingissuer or theequivalent in goodstandingor equivalent under Applicable SecuritiesLegislationintheProvincesofCanadainwhichtheDebentureshavebeendistributedonthedateoftheirissuance;

(iv) noEventofDefaultshallhaveoccurredandbecontinuing;

(v) thereceiptbytheDebentureTrusteeofanOfficers’Certificatestatingthatconditions(i),(ii),(iii)and(iv)abovehavebeensatisfiedand

settingforththenumberofSharestobedeliveredforeach$40ofinterestamountandtheCurrentMarketPriceoftheSharesonthedatebeforethepublicannouncementbytheCorporationofitsintentiontosatisfyitsInterestObligationinCommonShares;and

(vi) thereceiptbytheDebentureTrustee(whichshalldistributetoanyHolderwhosorequests)ofanopinionofcounseltotheeffectthatsuch

Common Shares have been duly authorized and, when issued and delivered pursuant to the terms of this Indenture in payment of theInterestObligation,willbevalidlyissuedasfullypaidandnon-assessable,andthatconditions(i)and(ii)abovehavebeensatisfied.

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If theforegoingconditionsarenotsatisfiedbythecloseof businessontheBusinessDayprecedingtheInterestPaymentDate,theCorporationshallpayincashtheinterestthatwouldotherwisehavebeensatisfiedinCommonShares,unlesstheDebentureholderswaivetheconditionswhicharenotsatisfiedorextendsthetimebywhichtheCorporationistosatisfysuchconditionsbywayofExtraordinaryResolution.

(c) IntheeventthattheCorporationexercisesaCommonShareInterestPaymentElection,theCorporationshallontherelevantInterestPaymentDatedelivertotheDebentureTrusteetheCommonSharesand,ifapplicable,thecashpayableinconnectiontherewith.

(d) No fractional Common Shares shall be delivered upon the exercise of a Common Share Interest Payment Election but, in lieu thereof, theCorporationshallpaytotheDebentureTrusteefortheaccountoftheholdersthecashequivalentthereofdeterminedonthebasisoftheCurrentMarketPriceoftheCommonSharesonthedatebeforethepublicannouncementbytheCorporationofitsintentiontosatisfyitsInterestObligationinCommonShares.

(e) Aholder shall be treated as the shareholder of record of the CommonShares issued on due exercise by the Corporation of its CommonShareInterestPaymentElectioneffectiveimmediatelyafterthecloseofbusinessontheInterestPaymentDate,andshallbeentitledtoallsubstitutionstherefor,allincomeearnedthereonoraccretionstheretoandalldividendsordistributions(includingstockdividendsanddividendsordistributionsinkind)thereonandarisingthereafter.

(f) TheCorporationshallatalltimesreserveandkeepavailableoutofitsauthorizedCommonShares(ifthenumberthereofisorbecomeslimited)solelyforthepurposeofissueanddeliveryupontheexerciseofaCommonShareInterestPaymentElectionasprovidedherein,andshallissuetoDebentureholderstowhomCommonShareswillbeissuedpursuanttotheexerciseofaCommonShareInterestPaymentElection,suchnumberofCommonSharesasshallbeissuableinsuchevent.

(g) The Corporation shall comply with all ApplicableSecurities Legislation regulating the issue and delivery of FreelyTradeable CommonShares

uponexerciseofaCommonShareInterestPaymentElection,shallobtainanyregulatoryapprovalinrespectthereofasmayberequiredpursuanttoApplicableSecuritiesLegislationandshallcausetobelistedandpostedfortradingsuchCommonSharesasprovidedinSection10.1(b)(ii).

(h) If the Corporation elects to satisfy its obligation topay the interest by issuing CommonShares pursuant to a CommonShare InterestPaymentElectionandthedeliveryofCommonSharestowhichaholderisentitledissubjecttoWithholdingTax,eachDebentureholdershalldulysatisfytherequirements imposedunder Section2.11andtheCorporationshall thereafter attendto the remittance of suchWithholdingTaxpursuanttoSection2.11.

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ARTICLE 11SUCCESSORS

11.1 Restrictions on Merger and Sale of Certain Assets, etc.

SubjecttotheprovisionsofArticle12,theCorporationwillnotenterintoanytransactionorseriesoftransactionswherebyallorsubstantiallyallofitsundertaking,propertyorassetswouldbecomethepropertyofanyotherPerson(hereincalleda“Successor ”)whetherbywayofreorganization,consolidation,arrangement,merger,acquisition,transfer,saleorotherwise,unless:

(a) priortoorcontemporaneouslywiththeconsummationofsuchtransactiontheCorporationandtheSuccessorhaveexecutedsuchinstrumentsanddonesuchthingsas,intheopinionofCounsel,arenecessaryoradvisabletoestablishthatupontheconsummationofsuchtransaction:

(i) theSuccessorwillhaveassumedallthecovenantsandobligationsoftheCorporationunderthisIndentureinrespectoftheDebentures;

(ii) theDebentureswillbevalidandbindingobligationsoftheSuccessorentitlingtheholdersthereof,asagainsttheSuccessor,toalltherightsofDebentureholdersunderthisIndenture;and

(iii) inthecaseofanentityorganizedotherwisethanunderthelawsoftheProvinceofQuébec,willattornwithrespecttotheIndenturetothejurisdictionofthecourtsoftheProvinceofQuébec.

(b) noconditionoreventwill exist astotheCorporation(atthetimeofsuchtransaction)ortheSuccessor(immediatelyaftersuchtransaction)and

aftergivingfulleffecttheretoorimmediatelyaftertheSuccessorbecomesliabletopaytheprincipalmonies,premium,ifany,interestandothermoniesdueorwhichmaybecomeduehereunder,whichconstitutesorwouldconstituteanEventofDefaulthereunder.

11.2 Vesting of Powers in Successor

WhenevertheconditionsofSection11.1havebeendulyobservedandperformed,anySuccessorformedbyorresultingfromsuchtransactionwillsucceedto,andbesubstitutedfor,andmayexerciseeveryrightandpoweroftheCorporationunderthisIndenturewiththesameeffectasthoughtheSuccessorhadbeennamedastheCorporationhereinandthereafter,exceptinthecaseofaleaseorothersimilardispositionofpropertytotheSuccessor,theCorporationwillberelievedofallobligationsandcovenantsunderthisIndentureotherthanprovisionsfortheindemnityoftheDebentureTrusteeforanythingoccurringpriortothecompletionofthesuccessiontransaction, and the Debentures forthwith uponthe Corporation delivering to the DebentureTrustee anopinion of Counsel to the effect that thetransaction will not result in any material adverse tax consequences to the Corporation or the Successor. The Debenture Trustee will, at the expense of theSuccessor,executeanydocumentswhichitmaybeadvisedbyCounselarenecessaryoradvisableforeffectingorevidencingsuchreleaseanddischarge.

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ARTICLE 12COMPULSORY ACQUISITION

12.1 Definitions In this Article 12:

(a) “Affiliate ”and“Associate ”havethesamerespectivemeaningssetforthintheSecurities Act (Québec);

(b) “Dissenting Debentureholders ”meansaDebentureholderwhodoesnotacceptanOfferreferredtoinSection12.2andincludesanyassigneeoftheDebentureofaDebentureholdertowhomsuchanOfferismade,whetherornotsuchassigneeisrecognizedunderthisIndenture;

(c) “Offer ”meansanoffertoacquireoutstandingDebentures; (d) “offer to acquire ”hasthemeaningattributedtosuchterminMI62-104; (e) “Offeror ”meansaperson,ortwoormorepersonsactingjointlyorinconcert,whomakeanoffertoacquireDebentures;

(f) “Offeror’s Debentures ”meansDebenturesbeneficiallyowned,oroverwhichcontrolordirectionisexercised,onthedateofanOfferbytheOfferor,anyAffiliateorAssociateoftheOfferororanypersonorcompanyactingjointlyorinconcertwiththeOfferor;and

(g) “Offeror’s Notice ”meansthenoticedescribedinSection12.3. (h) “Regulation 62-104 ”meansRegulation62-104-Take-Over Bids and Issuer Bids ;

12.2 Offer for Debentures

IfanOfferforalloftheoutstandingDebentures(otherthanDebenturesheldbyoronbehalfoftheOfferororanAffiliateorAssociateoftheOfferor)ismadeand:

(a) withinthetimeprovidedintheOfferforitsacceptanceorwithin60daysafterthedatetheOfferismade,whicheverperiodistheshorter,theOffer

is accepted by Debentureholders representing at least 90% of the outstanding principal amount of the Debentures, other than the Offeror’sDebentures;

(b) theOfferorhastakenupandpaidfortheDebenturesoftheDebentureholderswhoacceptedtheOffer;and (c) theOfferorcomplieswithSections12.3and12.5;

theOfferorisentitledtoacquire,andtheDissentingDebentureholdersarerequiredtoselltotheOfferor,theDebenturesheldbytheDissentingDebentureholdersforthesameconsiderationperDebenturepayableorpaid,asthecasemaybe,undertheOffer.

12.3 Offeror’s Notice to Dissenting Debentureholders

WhereanOfferorisentitledtoacquireDebenturesheldbyDissentingDebentureholderspursuanttoSection12.2andtheOfferorwishestoexercisesuchright,theOfferorwillsendbyregisteredmailwithin30daysafterthedateofterminationoftheOfferanotice(the“Offeror’sNotice”)toeachDissentingDebentureholderstatingthat:

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(a) Debentureholdersholdingatleast90%oftheprincipalamountofalloutstandingDebentures,otherthanOfferor’sDebentures,haveacceptedtheOffer;

(b) theOfferorhastakenupandpaidfor,theDebenturesoftheDebentureholderswhoacceptedtheOffer;

(c) DissentingDebentureholderswilltransfertheirrespectiveDebenturestotheOfferoronthetermsonwhichtheOfferoracquiredtheDebenturesoftheDebentureholderswhoacceptedtheOfferwithin21daysafterthedateofthesendingoftheOfferor’sNotice;and

(d) Dissenting Debentureholders will send their respective Debenture certificate(s) to the Debenture Trustee within 21 days after the date of thesendingoftheOfferor’sNotice.

12.4 Delivery of Debenture Certificates

ADissentingDebentureholdertowhomanOfferor’sNoticeissentpursuanttoSection12.3will,within21daysafterthesendingoftheOfferor’sNotice,sendhisorherDebenturecertificate(s)totheDebentureTrusteedulyendorsedfortransfer.

12.5 Payment of Consideration to Debenture Trustee

Within21daysafter theOfferorsendsanOfferor’s NoticepursuanttoSection12.3,theOfferorwill payortransfer totheDebentureTrustee,ortosuchotherperson as the Debenture Trustee may direct, the cash or other consideration that is payable to Dissenting Debentureholders pursuant to Section 12.2. TheacquisitionbytheOfferorofallDebenturesheldbyallDissentingDebentureholderswillbeeffectiveasofthetimeofsuchpaymentortransfer.

12.6 Consideration to be held in Trust

TheDebentureTrustee,orthepersondirectedbytheDebentureTrustee,willholdintrustfortheDissentingDebentureholdersthecashorotherconsiderationtheyorit receives under Section12.5. TheDebentureTrustee, or suchpersons, will deposit cashin a separate account in a Canadiancharteredbank, or other bodycorporate, any of whose deposits are insured by the Canada Deposit Insurance Corporation, and will place other consideration in the custody of a Canadiancharteredbankorsuchotherbodycorporate.

12.7 Completion of Transfer of Debentures to Offeror

Within30daysafterthedateofthesendingofanOfferor’sNoticepursuanttoSection12.3,theDebentureTrustee,iftheOfferorhascompliedwithSection12.5,will:

(a) doallactsandthingsandexecuteandcausetobeexecutedallinstrumentsasintheDebentureTrustee’sopinionmaybenecessaryordesirabletocausethetransferoftheDebenturesoftheDissentingDebentureholderstotheOfferor;

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(b) send to each Dissenting Debentureholder who has compliedwith Section 12.4 the consideration to which such DissentingDebentureholderisentitledunderthisArticle12(lessapplicableWithholdingTaxes,ifany);and

(c) sendtoeachDissentingDebentureholderwhohasnotcompliedwithSection12.4anoticestatingthat:

(i) hisorherDebentureshavebeentransferredtotheOfferor; (ii) theDebentureTrusteeorsomeotherpersondesignatedinsuchnoticeareholdingintrusttheconsiderationforsuchDebentures;and

(iii) the Debenture Trustee, or such other person, will send the consideration to such Dissenting Debentureholder as soon as possible after

receiving such Dissenting Debentureholder’ s Debenture certificate(s) or such other documents as the Debenture Trustee or suchotherpersonmayrequireinlieuthereof.

andtheDebentureTrusteeisherebyappointedtheagentandmandatary,andisgrantedpowerofattorneyoftheDissentingDebentureholdersforthepurposesofgivingeffecttotheforegoingprovisionsincluding,withoutlimitation,thepowerandauthoritytoexecutesuchtransfersasmaybenecessaryordesirableinrespectofthebook-entryonlyregistrationsystemoftheDepositary.

12.8 Communication of Offer to Trust

AnOfferorcannotmakeanOfferforDebenturesunless,concurrentwiththecommunicationoftheOffertoanyDebentureholder,acopyoftheOfferisprovidedtotheCorporationandtheDebentureTrustee.

ARTICLE 13MEETINGS OF DEBENTUREHOLDERS

13.1 Right to Convene Meeting

The Debenture Trustee or the Corporation may at any time, and from time to time, and the Debenture Trustee will, on receipt of a written request of theCorporationorawrittenrequestsignedbytheholdersofnotlessthan25%oftheprincipalamountoftheDebenturesthenoutstandinganduponreceivingfundingandbeingindemnifiedtoitsreasonablesatisfactionbytheCorporationorbytheDebentureholderssigningsuchrequestagainstthecostswhichmaybeincurredinconnectionwiththecallingandholdingofsuchmeeting,conveneameetingoftheDebentureholders.IntheeventoftheDebentureTrusteefailing,within30daysafterreceiptofanysuchrequestandsuchfundingofindemnity,togivenoticeconveningameeting,theCorporationorsuchDebentureholders,asthecasemaybe,mayconvenesuchmeeting.EverysuchmeetingwillbeheldintheCityofMontréaloratsuchotherplaceasmaybeapprovedordeterminedbytheDebentureTrustee.

13.2 Notice of Meetings

Atleast21days’noticeofanymeetingwillbegiventotheDebentureholdersinthemannerprovidedinSection14.2andacopyofsuchnoticewillbesentbymailtotheDebentureTrustee,unlessthemeetinghasbeencalledbyit.Suchnoticewillstatethetimewhenandtheplacewherethemeetingistobeheldandwillstatebriefly the general nature of the business to be transacted thereat and itwill not be necessary for any such notice to set out the terms of any resolution tobeproposed or any of the provisions of this Article 13. The accidental omission to give notice of a meeting to any holder of Debentures will not invalidateanyresolutionpassedatanysuchmeeting.Aholdermaywaivenoticeofameetingeitherbeforeorafterthemeeting.

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13.3 Chair

Someperson,whoneednotbeaDebentureholder,nominatedinwritingbytheDebentureTrusteewillbechairofthemeetingandifnopersonissonominated,orifthepersonsonominatedisnotpresentwithin15minutesfromthetimefixedfortheholdingofthemeeting,amajorityoftheDebentureholderspresentinpersonorbyproxywillchoosesomepersonpresenttobechairman.

13.4 Quorum

Subject to the provisions of Section 13.12, at any meeting of the Debentureholders a quorumconsists of Debentureholders present in person or by proxy andrepresentingatleast25%inprincipalamountoftheoutstandingDebentures.IfaquorumoftheDebentureholdersisnotpresentwithin30minutesfromthetimefixedforholdinganymeeting,themeeting,ifsummonedbytheDebentureholdersorpursuanttoarequestoftheDebentureholders,willbedissolved,butinanyothercasethemeetingwillbeadjournedtothesamedayinthenextweek(unlesssuchdayisnotaBusinessDayinwhichcaseitwillbeadjournedtothenextfollowingBusinessDaythereafter)atthesametimeandplaceandnonoticewillberequiredtobegiveninrespectofsuchadjournedmeeting.Attheadjournedmeeting,theDebentureholderspresentinpersonorbyproxywill,subjecttotheprovisionsofSection13.12,constituteaquorumandmaytransactthebusinessforwhichthemeetingwasoriginallyconvenednotwithstandingthattheymaynotrepresent25%oftheprincipalamountoftheoutstandingDebentures.Anybusinessmaybebroughtbeforeordealtwithatanadjournedmeetingwhichmighthavebeenbroughtbeforeordealtwithattheoriginalmeetinginaccordancewiththenoticecallingthesame.Nobusinesswillbetransactedatanymeetingunlesstherequiredquorumispresentatthecommencementofbusiness.

13.5 Power to Adjourn

The chair of any meeting at which a quorumof theDebentureholders is present may, with the consent of the holders of a majority inprincipal amount of theDebentures represented thereat, adjourn any suchmeeting and no notice of such adjournment need be given except such notice, if any, as the meeting mayprescribe.

13.6 Show of Hands

Everyquestionsubmittedtoameetingwill,subjecttoSection13.7,bedecidedinthefirstplacebyamajorityofthevotesgivenonashowofhandsexceptforvotes on Extraordinary Resolutions which will be given in the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as hereinprovided,adeclarationbythechairmanthataresolutionhasbeencarriedorcarriedunanimouslyorbyaparticularmajorityorlostornotcarriedbyaparticularmajoritywillbeconclusiveevidenceofthefact.Thechairofanymeetingisentitled,bothonashowofhandsandonapoll,tovoteinrespectoftheDebentures,ifany,heldbyhim.

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13.7 Poll

OneveryExtraordinaryResolution,andonanyotherquestionsubmittedtoameetingwhendemandedbythechairmanorbyoneormoreDebentureholdersorproxies for Debentureholders, a poll will be taken in such manner and either at once or after an adjournment as the chairman directs. Questions other thanExtraordinaryResolutionswill, if apoll betaken,bedecidedbythevotesoftheholdersofamajorityinprincipal amountoftheDebenturesrepresentedatthemeetingandvotedonthepoll.

13.8 Voting

Onashowofhandseverypersonwhoispresentandentitledtovote,whetherasaDebentureholderorasproxyforoneormoreDebentureholdersorboth,willhaveonevote.OnapolleachDebentureholderpresentinpersonorrepresentedbyaproxydulyappointedbyaninstrumentinwritingwillbeentitledtoonevoteinrespectofeach$1,000principalamountofDebenturesofwhichhewillthenbetheholder.AproxyneednotbeaDebentureholder.InthecaseofjointholdersofaDebenture,anyoneofthempresentinpersonorbyproxyatthemeetingmayvoteintheabsenceoftheotherorothersbutincasemorethanoneofthembepresentinpersonorbyproxy,theywillvotetogetherinrespectoftheDebenturesofwhichtheyarejointholders.

13.9 Proxies

ADebentureholdermaybepresentandvoteatanymeetingofDebentureholdersthroughanauthorizedrepresentative.TheCorporation(incaseitconvenesthemeeting)ortheDebentureTrustee(inanyothercase)forthepurposeofenablingtheDebentureholderstobepresentandvoteatanymeetingwithoutproducingtheirDebentures,andofenablingthemtobepresentandvoteatanysuchmeetingbyproxyandoflodginginstrumentsappointingsuchproxiesatsomeplaceotherthantheplacewherethemeetingistobeheld,mayfromtimetotimemakeandvarysuchregulationsasitthinksfitprovidingforandgoverninganyorallofthefollowingmatters:

(a) theformoftheinstrumentappointingaproxy,whichwillbeinwriting,andthemannerinwhichthesameisexecutedandtheproductionoftheauthorityofanypersonsigningonbehalfofaDebentureholder;

(b) the deposit of instruments appointing proxies at such place as the Debenture Trustee, the Corporation or the Debentureholder convening the

meeting, as the case may be, may, in the notice convening the meeting, direct and the time, if any, before the holding of themeeting or anyadjournmentthereofbywhichthesamewillbedeposited;and

(c) thedepositofinstrumentsappointingproxiesatsomeapprovedplaceorplacesotherthantheplaceatwhichthemeetingistobeheldandenablingparticularsofsuchinstrumentsappointingproxiestobemailed,faxed,orsentbyotherelectronicmeansbeforethemeetingtotheCorporationortotheDebentureTrusteeattheplacewherethesameistobeheldandforthevotingofproxiessodepositedasthoughtheinstrumentsthemselveswereproducedatthemeeting.

Anyregulationssomadewillbebindingandeffectiveandthevotesgiveninaccordancetherewithwillbevalidandwillbecounted.SaveassuchregulationsmayprovideandsubjecttoSection13.10below,theonlypersonswhowillberecognizedatanymeetingastheholdersofanyDebentures,orasentitledtovoteorbepresent at the meeting in respect thereof, will be Debentureholders and personswhomDebentureholders have by instrument in writing duly appointed as theirproxies.

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13.10 Persons Entitled to Attend Meetings

TheCorporationandtheDebentureTrustee,bytheirrespectiveofficersandDirectors,theAuditoroftheCorporationandthelegaladvisersoftheCorporation,theDebentureTrusteeoranyDebentureholdermayattendanymeetingoftheDebentureholders,butwillhavenovoteassuch.

13.11 Powers Exercisable by Extraordinary Resolution

Inadditionto thepowers conferreduponthembyanyotherprovisions of this Indenture or bylaw, a meetingof the Debentureholders willhavethefollowingpowersexercisablefromtimetotimebyExtraordinaryResolution,subjectinthecaseofthemattersinparagraphs(a),(b),(c),(d)and(l)toreceiptofthepriorapprovaloftheTSXV(ifapplicable)orsuchotherexchangeonwhichtheDebenturesarethenlisted:

(a) powertoauthorizetheDebentureTrusteetograntextensionsoftimeforpaymentofanyprincipal,premiumorinterestontheDebentures,whetherornottheprincipal,premium,orinterest,thepaymentofwhichisextended,isatthetimedueoroverdue;

(b) power to sanction any modification, abrogation, alteration, compromise or arrangement of the rights of theDebentureholders or the Debenture

Trustee (provided that the DebentureTrustee shall have givenits prior written consent thereto) against theCorporation, or against its property,whethersuchrightsariseunderthisIndentureortheDebenturesorotherwise;

(c) powertoassenttoanymodificationoforchangeinoradditiontooromissionfromtheprovisionscontainedinthisIndentureoranyDebenture

whichwill beagreedto bytheCorporationandtoauthorize theDebenture Trustee to concur inandexecute anyindenture supplementalheretoembodyinganymodification,change,additionoromission;

(d) powertosanctionanyschemeforthereconstruction,reorganizationorrecapitalizationoftheCorporationorfortheconsolidationormergeroftheCorporationwithanyotherPersonorforthesale,leasing,transferorotherdispositionofallorsubstantiallyalloftheundertaking,propertyandassetsoftheCorporationoranypartthereof,providedthatnosuchsanctionwillbenecessaryinrespectofanysuchtransactioniftheprovisionsofSection11.1havebeencompliedwith;

(e) powertodirectorauthorizetheDebentureTrusteetoexerciseanypower,right,remedyorauthoritygiventoitbythisIndentureinanymannerspecifiedinanysuchExtraordinaryResolutionortorefrainfromexercisinganysuchpower,right,remedyorauthority;

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(f) subjecttoSection8.3(a),powertowaive,anddirecttheDebentureTrusteetowaive,anydefaulthereunderand/orcancelanydeclarationmadebytheDebentureTrusteepursuanttoSection8.1eitherunconditionallyoruponanyconditionspecifiedinsuchExtraordinaryResolution;

(g) power to restrain any Debentureholder from taking or instituting any suit, action or proceeding permitted by Section 8.5 for the purpose ofenforcingpaymentoftheprincipal,premiumorinterestontheDebentures,orfortheexecutionofanytrustorpowerhereunder;

(h) powertodirectanyDebentureholderwho,assuch,hasbroughtanyaction,suitorproceedingtostayordiscontinueorotherwisedealwiththesame

upon payment, if the taking of such suit, action or proceeding is permitted by Section 8.5, of the costs, charges and expenses reasonablyandproperlyincurredbysuchDebentureholderinconnectiontherewith;

(i) powertoassenttoanycompromiseorarrangementwithanycreditororcreditorsoranyclassorclassesofcreditors,whethersecuredorotherwise,andwithholdersofanyCommonSharesorothersecuritiesoftheCorporation;

(j) powertoappointacommitteewithpowerandauthority(subjecttosuchlimitations,ifany,asmaybeprescribedintheresolution)toexercise,andtodirecttheDebentureTrusteetoexercise,onbehalfoftheDebentureholders,suchofthepowersoftheDebentureholdersasareexercisablebyExtraordinary Resolution or other resolution as will be included in the resolution appointing the committee. The resolution making suchappointmentmayprovideforpaymentoftheexpensesanddisbursementsofandcompensationtosuchcommittee.Suchcommitteewillconsistofsuch number of persons as prescribed in the resolution appointing it and the members need not be themselves Debentureholders. Every suchcommitteemayelectitschairmanandmaymakeregulationsrespectingitsquorum,thecallingofitsmeetings,thefillingofvacanciesoccurringinitsnumberanditsproceduregenerally.Suchregulationsmayprovidethatthecommitteemayactatameetingatwhichaquorumispresentormayactbyminutessignedbythenumberofmembersthereofnecessarytoconstituteaquorum.AllactsofanysuchcommitteewithintheauthoritydelegatedtoitwillbebindinguponallDebentureholders.Neitherthecommitteenoranymemberthereofwillbeliableforanylossarisingfromorinconnectionwithanyactiontakenoromittedtobetakenbythemingoodfaith;

(k) powertoremovetheDebentureTrusteefromofficeandtoappointanewDebentureTrusteeprovidedthatnosuchremovalwillbeeffectiveunlessanduntilanewDebentureTrusteehasbecomeboundbythisIndenture;

(l) power to sanction the exchange of the Debentures for or the conversion thereof into Common Shares, bonds, debentures or other securitiesorobligationsoftheCorporationorofanyotherPersonformedortobeformed;

(m) powertoauthorizethedistributioninspecieofanyCommonSharesorsecuritiesreceivedpursuanttoatransactionauthorizedundertheprovisionsofSection13.11(l);and

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(n) power to amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by the Debentureholders or by any committeeappointedpursuanttoSection13.11(l).

13.12 Meaning of “Extraordinary Resolution”

(a) Theexpression“Extraordinary Resolution ”whenusedinthisIndenturemeans,subjectashereinafterinthisArticle13provided,aresolutionproposedtobepassedasanExtraordinaryResolutionatameetingofDebentureholders(includinganadjournedmeeting)dulyconvenedforthepurposeandheldin accordancewiththeprovisions of this Article 13at whichthe holders of not less than25%of theprincipal amount of theDebenturesthenoutstandingarepresentinpersonorbyproxy,andpassedbytheholdersofnotlessthan66⅔%of theprincipalamountoftheDebenturesatthemeetingandvotedupononapollonsuchresolution.

(b) If,atanysuchmeeting,theholdersofnotlessthan25%oftheprincipalamountoftheDebenturesthenoutstandingarenotpresentinpersonorbyproxywithin30minutesafterthetimeappointedforthemeeting,thenthemeeting,ifconvenedbyorontherequisitionofDebentureholders,willbedissolved,butinanyothercaseitshallbeadjournedtothesamedayinthenextweek(unlesssuchdayisnotaBusinessDayinwhichcaseitwillbeadjournedtothenextfollowingBusinessDaythereafter)atthesametimeandplaceandnonoticewillberequiredtobegiveninrespectofsuchadjournedmeeting.AttheadjournedmeetingtheDebentureholderspresentinpersonorbyproxywillformaquorumandmaytransactthebusinessforwhichthemeetingwasoriginallyconvenedandaresolutionproposedatsuchadjournedmeetingandpassedthereatbytheaffirmativevoteofholdersofnotlessthan66⅔%oftheprincipalamountoftheDebenturespresentorrepresentedbyproxyatthemeetingandvotedupononapollwillbeanExtraordinaryResolutionwithinthemeaningofthisIndenture,notwithstandingthattheholdersofnotlessthan25%inprincipalamountoftheDebenturesthenoutstandingarenotpresentinpersonorbyproxyatsuchadjournedmeeting.

(c) VotesonanExtraordinaryResolutionwillalwaysbegivenonapollandnodemandforapollonanExtraordinaryResolutionisnecessary.

13.13 Powers Cumulative

AnyoneormoreofthepowersinthisIndenturestatedtobeexercisablebytheDebentureholdersbyExtraordinaryResolutionorotherwisemaybeexercisedfromtimetotimeandtheexerciseofanyoneormoreofsuchpowersfromtimetotimewillnotbedeemedtoexhausttherightsoftheDebentureholderstoexercisethesameoranyothersuchpowerorpowersthereafterfromtimetotime.

13.14 Minutes

MinutesofallresolutionsandproceedingsateverymeetingasaforesaidwillbemadeanddulyenteredinbookstobefromtimetotimeprovidedforthatpurposebytheCorporation,andanysuchminutesasaforesaid,ifsignedbythechairmanofthemeetingatwhichsuchresolutionswerepassedorproceedingshad,orbythechairmanofthenextsucceedingmeetingoftheDebentureholders,willbeprimafacieevidenceofthemattersthereinstatedand,untilthecontraryisproved,everysuchmeeting, inrespectof theproceedings of whichminutes havebeenmade, will bedeemedtohavebeendulyheldandconvened,andall resolutionspassedthereatorproceedingstakenthereattohavebeendulypassedandtaken.

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13.15 Instruments in Writing

AllactionswhichmaybetakenandallpowersthatmaybeexercisedbytheDebentureholdersatameeting,heldashereinbeforeinthisArticle13provided,mayalsobetakenandexercisedbytheholdersoftherequisiteprincipalamountofalltheoutstandingDebenturesbyaninstrumentinwritingsignedinoneormorecounterpartsandtheexpression“resolution”,or“ExtraordinaryResolution”,asthecasemaybe,whenusedinthisIndentureincludesaninstrumentsosigned.

13.16 Binding Effect of Resolutions

EveryresolutionandeveryExtraordinaryResolutionpassedinaccordancewiththeprovisionsofthisArticle13atameetingofDebentureholderswillbebindinguponalltheDebentureholders,whetherpresentatorabsentfromsuchmeeting,andeveryinstrumentinwritingsignedbyDebentureholdersinaccordancewithSection13.15willbebindinguponalltheDebentureholders,whethersignatoriestheretoornot,andeachandeveryDebentureholderandtheDebentureTrustee(subject to the provisions for its indemnity herein contained) will be bound to give effect accordingly to every such resolution, Extraordinary Resolution andinstrumentinwriting.

13.17 Evidence of Rights of Debentureholders

(a) Any request, direction, notice, consent or other instrument which this Indenture may require or permit to be signed or executed by theDebentureholdersmaybeinanynumberofconcurrentinstrumentsofsimilartenorsignedorexecutedbysuchDebentureholders.

(b) TheDebentureTrusteemay,initsdiscretion,requireproofofexecutionincaseswhereitdeemsproofdesirableandmayacceptsuchproofasitconsidersproper.

ARTICLE 14NOTICES

14.1 Notice to the Corporation

(a) AnynoticetotheCorporationundertheprovisionsofthisIndenturewillbevalidandeffective,ifdeliveredorsentviafacsimiletotheCorporationat 6240 Abrams, Ville Saint-Laurent, QC H4S 1Y2, Attention: Corporate Secretary, Facsimile No.: 514-331-0436, and copies delivered toMcCarthyTétraultLLP,1000DeLaGauchetièreStreetWest,Suite2500,Montréal,QCH4B0A2,Attention:ClemensMayr,FacsimileNo.:514-875-6246,orifgivenbyregisteredletter,postageprepaid,tosuchofficesandsoaddressedandifmailed,willbedeemedtohavebeeneffectivelygiventhreedaysfollowingthemailingthereof. TheCorporation mayfromtimeto timenotify the Debenture Trustee in writingof a changeofaddresswhichthereafter,untilchangedbylikenotice,willbetheaddressoftheCorporationforallpurposesofthisIndenture.

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(b) Ifbyreasonofanyinterruptionofmail service, actualorthreatened,anynoticetobegiventotheCorporationwouldreasonablybeunlikelyto

reachitsdestinationbythetimenoticebymailisdeemedtohavebeengivenpursuanttothisSection14.1,suchnoticewillbevalidandeffectiveonlyifdeliveredorsentviafacsimileinaccordancewiththisSection14.1.

14.2 Notice to Debentureholders

(a) AllnoticestobegivenhereunderwithrespecttotheDebentureswillbedeemedtobevalidlygiventotheholdersthereofifsentbyfirstclassmail,postage prepaid, by letter or circular addressed to such holders at their post office addresses appearing in any of the registers hereinbeforementioned with a copy to the Debenture Trustee andwill be deemed to have been effectively given three days following the day ofmailing.AccidentalerrororomissioningivingnoticeoraccidentalfailuretomailnoticetoanyDebentureholderortheinabilityoftheCorporationtogiveormailanynoticeduetoanythingbeyondthereasonablecontroloftheCorporationwillnotinvalidateanyactionorproceedingfoundedthereon.

(b) IfanynoticegiveninaccordancewiththeforegoingparagraphwouldbeunlikelytoreachtheDebentureholders towhomit isaddressedinthe

ordinarycourseofpostbyreasonofaninterruptioninmailservice,whetherattheplaceofdispatchorreceiptorboth,theCorporationwillgivesuchnoticebypublicationatleastonceinanEnglishlanguagedailynewspaperofgeneralcirculationinCanada.

(c) AnynoticegiventoDebentureholdersbypublicationwillbedeemedtohavebeengivenonthedayonwhichpublicationhasbeeneffectedatleastonceineachofthenewspapersinwhichpublicationwasrequired.

(d) AllnoticeswithrespecttoanyDebenturemaybegiventowhicheveroneoftheholdersthereof(ifmorethanone)isnamedfirstintheregistershereinbeforementioned,andanynoticesogivenwillbesufficientnoticetoallholdersofanypersonsinterestedinsuchDebenture.

14.3 Notice to Debenture Trustee

AnynoticetotheDebentureTrusteeundertheprovisionsofthisIndenturewillbevalidandeffectiveifdeliveredtotheDebentureTrusteeatitsofficeintheCityofTorontoatTSXTrustCompany,200UniversityAvenue,Suite300,Toronto,OntarioM5H4H1,Attention:VicePresident,TrustServicesorifsentbyfacsimiletofacsimilenumber416-361-0470,Attention:Manager,CorporateTrust,orifgivenbyregisteredletter,postageprepaid,tosuchofficeandsoaddressedand,ifmailed, will be deemed to have been effectively given three days following the mailing thereof. The Debenture Trustee may from time to time notify theCorporationinwritingofachangeofaddresswhichthereafter,untilchangedbylikenotice,willbetheaddressoftheDebentureTrusteeforallpurposesofthisIndenture.

14.4 Mail Service Interruption

Ifbyreasonofanyinterruptionofmail service, actualorthreatened, anynoticetobegiventotheDebentureTrusteewouldreasonablybeunlikelytoreachitsdestination by the time notice by mail is deemed to have been given pursuant to Section 14.3 such notice will be valid and effective only if delivered at theappropriateaddressinaccordancewithSection14.3.

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ARTICLE 15CONCERNING THE DEBENTURE TRUSTEE

15.1 No Conflict of Interest

TheDebentureTrusteerepresentstotheCorporationthatatthedateofexecutionanddeliverybyitofthisIndenture,thereexistsnomaterialconflictofinterestintheroleoftheDebentureTrusteeasafiduciaryhereunderbutif,notwithstandingtheprovisionsofthisSection15.1,suchamaterialconflictofinterestexists,orhereafterarises,thevalidityandenforceabilityofthisIndenture,andtheDebenturesissuedhereunder,willnotbeaffectedinanymannerwhatsoeverbyreasononlythatsuchmaterialconflictofinterestexistsorarisesbuttheDebentureTrusteewill,within90daysafterascertainingthatithasamaterialconflictofinterest,eithereliminatesuchmaterialconflictofinterestorresigninthemannerandwiththeeffectspecifiedinSection15.2.

15.2 Replacement of Debenture Trustee

(a) TheDebentureTrusteemayresignitstrustandbedischargedfromallfurtherdutiesandliabilitieshereunderbygivingtotheCorporation60days’notice in writing or such shorter notice as theCorporation may accept as sufficient. In the event of the Debenture Trustee resigning or beingremovedorbeingdissolved,becomingbankrupt,goingintoliquidationorotherwisebecomingincapableofactinghereunder,theCorporationwillforthwith appoint a newDebenture Trusteeunless a newDebenture Trustee has already been appointed by theDebentureholders. Failing suchappointment by the Corporation, the retiring Debenture Trustee or any Debentureholder mayapply to a judge of the Superior Court of Justice,CommercialListonsuchnoticeassuchjudgemaydirectattheCorporation’sexpense,fortheappointmentofanewDebentureTrusteebutanynewDebentureTrusteesoappointedbytheCorporationorbytheCourtwillbesubjecttoremovalasaforesaidbytheDebentureholdersandtheappointmentofsuchnewDebentureTrusteewillbeeffectiveonlyuponsuchnewDebentureTrusteebecomingboundbythisIndenture.AnynewDebentureTrusteeappointedunderanyprovisionofthisSection15.2willbeaCorporationauthorizedtocarryonthebusinessofatrustcompanyinall oftheProvincesofCanada.OnanynewappointmentthenewDebentureTrusteewill bevestedwiththesamepowers, rights,duties,andresponsibilitiesasifithadbeenoriginallynamedhereinasDebentureTrustee.

(b) AnycompanyintowhichtheDebentureTrusteemaybemergedor,withortowhichitmaybeconsolidated,amalgamatedorsold,oranycompanyresultingfromanymerger,consolidation,saleoramalgamationtowhichtheDebentureTrusteewillbeaparty,oranycompanysucceedingtothecorporate trust business of the Debenture Trustee will be the successor Debenture Trustee under this Indenture without the execution of anyinstrument or any further act. Nevertheless, upon the written request of the successor Debenture Trustee or of theCorporation, the DebentureTrusteeceasingtoactwill,onreceiptofallitsoutstandingfeesanddisbursements,executeanddeliveraninstrumentassigningandtransferringtosuchsuccessorDebentureTrustee,uponthetermshereinexpressed,alltherights,powersandtrustsoftheDebentureTrusteesoceasingtoact,andwilldulyassign,transferanddeliverallpropertyandmoneyheldbysuchDebentureTrusteetothesuccessorDebentureTrusteesoappointedinitsplace.Shouldanydeed,conveyanceorinstrumentinwritingfromtheCorporationberequiredbyanynewDebentureTrusteeformorefullyandcertainly vesting in and confirming to it such estates, properties, rights, powers and trusts, then any and all such deeds, conveyances andinstrumentsinwritingwillonrequestofsaidnewDebentureTrustee,bemade,executed,acknowledgedanddeliveredbytheCorporation.

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15.3 Duties of Debenture Trustee

Intheexerciseoftherights,dutiesandobligationsprescribedorconferredbythetermsofthisIndenture,theDebentureTrusteewillacthonestlyandingoodfaithandexercisethatdegreeofcare,diligenceandskillthatareasonablyprudenttrusteewouldexerciseincomparablecircumstances.TheDebentureTrusteeshallnotbeliableforthefailureofthirdpartiestoprovidedocumentsorotherinformationinatimelymanner.NodutyshallrestwiththeDebentureTrusteetodeterminecomplianceofanytransferorortransfereewithapplicablesecuritieslaws.TheDebentureTrusteeshallbeentitledtoassumethatalltransfersarelegalandproper.

TheCorporationacknowledgesthattheDebentureTrusteeassumesnoresponsibilityforcompliancebytheCorporationorbytheDebentureTrusteewiththelawsoftheUnitedStatesincludingwithoutlimitationthecorporate,securitiesortaxlawsapplicabletotheCorporation(collectively,the“Corporation’sLaws”);andtheCorporation agrees that all matters pertaining to the rights and duties of the Debenture Trustee as the transfer agent, registrar and disbursing agent of theCorporationhereundershallbedeterminedinaccordancewiththelawsoftheProvinceofQuebec(otherthanitsconflict oflawsrules)andthefederallawsofCanadaapplicable therein (“Quebec Law”) andwithout regard to the Corporation’s Laws, unless the Corporation’s Lawsare ofmandatory application to suchmatters, in which case the Corporation’s Laws shall govern only to the extent of such mandatory application. In the event that the Corporation’s Laws are ofmandatoryapplication,theCorporationcovenantstopromptlyprovidetheDebentureTrusteewithanopinionofCounseldescribingsuchmandatoryapplication.Withoutlimitingthegeneralityoftheforegoing,exceptashereinbeforeprovided,theCorporationagreesthattherightsanddutiesoftheDebentureTrusteewithrespecttotheregistrationoftransferofDebentures,thedutyoftheDebentureTrusteetoregisteratransferofDebenturesandtheassurancesthattheTrusteemayrequire(includingsignatureguarantees)thateachnecessaryendorsementonaDebenturecertificateisgenuineandauthorizedshallineachcasebegovernedbytheapplicableprovisionsofanAct respecting the transfer of Securities and the establishment of security entitlements (Québec),asineffectfromtimetotime.

The Debenture Trustee shall not be liable for or by reason of any statements of fact or recitals in this Indenture or the Debenture certificates (except therepresentationcontainedinSection15.1orinthecertificateoftheIndentureTrusteeontheDebenturecertificates)orberequiredtoverifythesame,butallsuchstatementsorrecitalsareandshallbedeemedtobemadebytheCorporation.

NothinghereincontainedshallimposeanyobligationontheDebentureTrusteetoseetoortorequireevidenceoftheregistrationorfiling(orrenewalthereof)ofthisIndentureoranyinstrumentancillaryorsupplementalhereto.

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TheDebentureTrusteeisnottobeappointedreceiverorreceivermanageroftheassetsoftheCorporation.

15.4 Reliance Upon Declarations, Opinions, etc.

Intheexerciseofitsrights,dutiesandobligationshereundertheDebentureTrusteemay,ifactingingoodfaith,rely,astothetruthofthestatementsandaccuracyoftheopinionsexpressedtherein,uponstatutorydeclarations,opinions,reportsorcertificatesfurnishedpursuanttoanycovenant,conditionorrequirementofthisIndenture or required by theDebenture Trustee to be furnished to it in the exercise of its rights and duties hereunder, if the Debenture Trustee examines suchstatutorydeclarations,opinions,reportsorcertificatesanddeterminesthattheycomplywithSection15.5,ifapplicable,andwithanyotherapplicablerequirementsof this Indenture. The Debenture Trustee may nevertheless, in its discretion, require further proof in cases where it deems further proof desirable. Withoutrestrictingtheforegoing,theDebentureTrusteemayrelyonanopinionofCounselsatisfactorytotheDebentureTrusteenotwithstandingthatitisdeliveredbyafirmwhichactsassolicitorsfortheCorporation.ProofoftheexecutionofaninstrumentinwritingbyanyDebentureholdermaybemadebythecertificateofanotary, solicitor or commissioner for oaths, or other officerwith similar powers, that the person signing such instrument acknowledged to him theexecutionthereof,orbyanaffidavitofawitnesstosuchexecutionorinanyothermannerwhichtheIndentureTrusteemayconsideradequateandinrespectofacorporateDebentureholder, shall include a certificate of incumbency of such Debentureholder together with a certified resolution authorizing the person who signs suchinstrumenttosignsuchinstrument.

15.5 Evidence and Authority to Debenture Trustee, Opinions, etc.

TheCorporationwillfurnishtotheDebentureTrusteeevidenceofcompliancewiththeconditionsprecedentprovidedforinthisIndenturerelatingtoanyactionorstep required or permitted to be taken by the Corporation or the Debenture Trustee under this Indenture or as a result of any obligation imposed under thisIndenture,includingwithoutlimitation,thecertificationanddeliveryofDebentureshereunder,thesatisfactionanddischargeofthisIndentureandthetakingofanyotheractiontobetakenbytheDebentureTrusteeattherequestoforontheapplicationoftheCorporation,forthwithifandwhen(a)suchevidenceisrequiredbyanyotherSectionofthisIndenturetobefurnishedtotheDebentureTrusteeinaccordancewiththetermsofthisSection15.5,or(b)theDebentureTrustee,intheexerciseofitsrightsanddutiesunderthisIndenture,givestheCorporationwrittennoticerequiringittofurnishsuchevidenceinrelationtoanyparticularactionorobligationspecifiedinsuchnotice.

Suchevidencewillconsistof:

(a) a certificate made by any one officer or Director of the Corporation, stating that any such condition precedent has been complied with inaccordancewiththetermsofthisIndenture;

(b) inthecaseofaconditionprecedentcompliancewithwhichis,bythetermsofthisIndenture,madesubjecttorevieworexaminationbyasolicitor,anopinionofCounselthatsuchconditionprecedenthasbeencompliedwithinaccordancewiththetermsofthisIndenture;and

(c) inthecaseofanysuchconditionprecedentcompliancewithwhichissubjecttorevieworexaminationbyauditorsoraccountants,anopinionor

reportoftheAuditoroftheCorporationwhomtheDebentureTrusteeforsuchpurposesherebyapproves,thatsuchconditionprecedenthasbeencompliedwithinaccordancewiththetermsofthisIndenture.

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WheneversuchevidencerelatestoamatterotherthanthecertificatesanddeliveryofDebenturesandthesatisfactionanddischargeofthisIndenture,andexceptasotherwisespecificallyprovidedherein,suchevidencemayconsist ofareportoropinionofanysolicitor, auditor,accountant,engineerorappraiseroranyotherpersonwhosequalificationsgiveauthoritytoastatementmadebyhim,providedthatifsuchreportoropinionisfurnishedbyaDirectororofficeroremployeeofthe Corporation, it will be in the form of a statutory declaration. Such evidence will be, so far as appropriate, in accordance with the immediately precedingparagraphofthisSection.

Each statutory declaration, certificate, opinion or report with respect to compliance with a condition precedent provided for in the Indenturewill include (a) astatementbythepersongivingtheevidencethathehasreadandisfamiliarwiththoseprovisionsofthisIndenturerelatingtotheconditionprecedentinquestion,(b)abriefstatementofthenatureandscopeoftheexaminationorinvestigationuponwhichthestatementsoropinionscontainedinsuchevidencearebased,(c)astatementthat,inthebeliefofthepersongivingsuchevidence,hehasmadesuchexaminationorinvestigationasisnecessarytoenablehimtomakethestatementsor give the opinions contained or expressed therein and (d) a statement whether in the opinion of such person the conditions precedent in question have beencompliedwithorsatisfied.

TheCorporationwillfurnishtotheDebentureTrusteeatanytimeiftheDebentureTrusteereasonablysorequires,itscertificatethattheCorporationhascompliedwithallcovenants,conditionsorotherrequirementscontainedinthisIndenture,thenon-compliancewithwhichwould,withthegivingofnoticeorthelapseoftime,orboth,orotherwise,constituteanEventofDefault,orifsuchisnotthecase,specifyingthecovenant,conditionorotherrequirementwhichhasnotbeencompliedwithandgivingparticularsofsuchnon-compliance.TheCorporationwill,whenevertheDebentureTrusteesorequires,furnishtheDebentureTrusteewithevidencebywayofstatutorydeclaration,opinion,reportorcertificateasspecifiedbytheDebentureTrusteeastoanyactionorsteprequiredorpermittedtobetakenbytheCorporationorasaresultofanyobligationimposedbythisIndenture.

ForcertainpaymentsmadepursuanttothisIndenture,theDebentureTrustee,ifsodirectedbytheCorporation,willberequiredtomakea“reportablepayment”or“withholdablepayment”andinsuchcasestheDebentureTrusteemayhavethedutytoactasapayororwithholdingagent,respectively,thatisresponsibleforanytaxwithholdingandreportingrequiredunderChapters3,4,24,and61oftheCode,aswillbedirectedbytheCorporation.TheDebentureTrusteewillrelysolelyonthedirectionoftheCorporationastowhichpaymentswithrespecttowhichitisthewithholdingagentare“reportablepayments”or“withholdablepayments”undertheCodeandastowhatwithholdingandreportingisrequired.TheDebentureholdersshallprovideanexecutedIRSFormW-9orappropriateIRSFormW-8(or,ineachcase,anysuccessorform)totheDebentureTrusteepriortoclosing,andshallpromptlyupdateanysuchformtotheextentsuchformbecomesobsoleteorinaccurateinanyrespect.TheDebentureTrusteeshallhavetherighttorequestfromanyDebentureholders,oranyotherpersonentitledtopaymenthereunder,anyadditional forms, documentation or other information as may be reasonably necessary for the Debenture Trustee to satisfy any reporting and withholdingobligations,delegatedtoitbytheCorporation,undertheCode.TotheextentanysuchformstobedeliveredunderthisSection15.5arenotprovidedpriortoorbythetimetherelatedpaymentisrequiredtobemadeoraredeterminedbytheCorporationtobeincompleteand/orinaccurateinanyrespect,theDebentureTrusteemaybedirectedbytheCorporationtowithholdonanysuchpaymentshereundertotheextenttheCorporationdetermineswithholdingisrequiredunderChapters3,4,24or61oftheCode,andshallhavenoobligationtogrossupanysuchpayment.

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15.6 Officer’s Certificates Evidence

ExceptasotherwisespecificallyprovidedorprescribedbythisIndenture,wheneverintheadministrationoftheprovisionsofthisIndenturetheDebentureTrusteedeemsit necessaryordesirablethatamatterbeprovedorestablishedpriortotakingoromittinganyactionhereunder. theDebentureTrustee,ifactingingoodfaith,mayrelyuponanOfficer’sCertificate.

15.7 Experts, Advisers and Agents

TheDebentureTrusteemay:

(a) employ or retain and act and rely on the opinion or advice of or information obtained from any solicitor, auditor, valuer, engineer,surveyor,appraiser or other expert, whether obtained by theDebenture Trustee or by the Corporation, or otherwise, and will not be liable for acting, orrefusingtoact,ingoodfaithonanysuchopinionoradviceandmaypayproperandreasonablecompensationforallsuchlegalandotheradviceorassistanceasaforesaid;and

(b) employ such agents and other assistants as it may reasonably require for the proper discharge of its duties hereunder, andmay pay reasonableremunerationfor all services performedfor it (andwill beentitled to receive reasonable remuneration for all servicesperformedbyit fromtheCorporation) in the discharge of the trusts hereof and compensation for all disbursements, costs and expenses made or incurred by it in thedischargeofitsdutieshereunderandinthemanagementofthetrustshereofandanysolicitorsemployedorconsultedbytheDebentureTrusteemay, but need not be, solicitors for the Corporation. The Corporation shall pay or reimburse the Debenture Trustee for any reasonable fees,expensesanddisbursementsofsuchagents,counseloradvisorsretainedunderSection15.7.

15.8 Debenture Trustee May Deal in Debentures

Subject to Sections 15.1 and 15.3, the Debenture Trustee may, in its personal or other capacity, buy, sell, lend uponand deal in theDebenturesandgenerallycontractandenterintofinancialtransactionswiththeCorporationorotherwise,withoutbeingliabletoaccountforanyprofitsmadethereby.

15.9 Investment of Monies Held by Debenture Trustee

UnlessotherwiseprovidedinthisIndenture,anymoniesheldbytheDebentureTrustee,which,underthetrustsofthisIndenture,mayoroughttobeinvestedorwhichmaybeondepositwiththeDebentureTrusteeorwhichmaybeinthehandsoftheDebentureTrustee,maybeinvestedandreinvestedinthenameorunderthecontroloftheDebentureTrusteeinsecuritiesinwhich,underthelawsoftheProvinceofQuébec,trusteesareauthorizedtoinvesttrustmonies,providedthatsuchsecuritiesareexpressedtomaturewithintwoyearsorsuchshorterperiodselectedtofacilitateanypaymentsexpectedtobemadeunderthisIndenture,aftertheir purchasebytheDebentureTrustee, andunlessanduntil theDebentureTrusteehasdeclaredtheprincipal ofandinterest ontheDebentures tobedueandpayable, the Debenture Trustee will only invest such monies at theWritten Direction of the Corporation given in a reasonably timely manner. Pending theinvestmentofanymoniesashereinbeforeprovided,suchmoniesmaybedepositedinthenameoftheDebentureTrusteeinanyCanadiancharteredbankor,withtheconsentoftheCorporation,inthedepositdepartmentoftheDebentureTrusteeoranyotherloanortrustcompanyauthorizedtoacceptdepositsunderthelawsof Canada or any Province thereof at the rate of interest, if any, then current on similar deposits. The Corporation will receive such chartered bank’s or theDebentureTrustee’s(asthecasemaybe)prevailingrateforallmoniesheldbyit,asmaychangefromtimetotime.

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Unless and until the Debenture Trustee has declared theprincipal of and interest on the Debentures to be due and payable, and except as otherwiseexpresslyprovidedherein, theDebentureTrusteewill payovertotheCorporationall interest, if any, receivedbytheDebentureTrusteeinrespectofanyinvestmentsordepositsmadepursuanttotheprovisionsofthisSection.

15.10 Debenture Trustee Not Ordinarily Bound

ExceptasprovidedinSection8.2andasotherwisespecificallyprovidedherein,theDebentureTrusteewillnot,subjecttoSection15.3beboundtogivenoticetoanypersonof theexecutionhereof, nor to do, observeor performor seeto theobservanceor performancebytheCorporationof anyof theobligationshereinimposedupontheCorporationorofthecovenantsonthepartoftheCorporationhereincontained,norinanywaytosuperviseorinterferewiththeconductoftheCorporation’sbusiness,unlesstheDebentureTrusteehasbeenrequiredtodosoinwritingbytheholdersofnotlessthan25%oftheaggregateprincipalamountoftheDebenturesthenoutstandingorbyanyExtraordinaryResolutionoftheDebentureholderspassedinaccordancewiththeprovisionscontainedinArticle13,andthenonlyafterithasbeenfundedandindemnifiedtoitssatisfactionagainstallactions,proceedings,claimsanddemandstowhichitmayrenderitselfliableandallcosts,charges,damagesandexpenseswhichitmayincurbysodoing.TheDebentureTrusteeberequiredtotakenoticeofanydefaulthereunder,unlessanduntilnotified in writing of such default, which notice shall distinctly specify the default desired to bebrought to the attention of the Indenture Trustee and , in theabsenceofanysuchnotice,theIndentureTrusteemayforallpurposesofthisIndentureconclusivelyassumethatnodefaulthasbeenmadeintheobservanceorperformanceofanyoftherepresentations,debentures,covenants,agreements,orconditionscontainedherein.

TheDebentureTrusteeshallnotincuranyliabilityorresponsibilitywhateverorbeinanywayresponsiblefortheconsequenceofanybreachonthepartoftheCorporationofanyofthecovenantshereincontainedorofanyactsofanydirectors,officers,employees,trusteesorservantsoftheCorporation.

15.11 Debenture Trustee Not Required to Give Security

TheDebentureTrusteewillnotberequiredtogiveanybondorsecurityinrespectoftheexecutionofthetrustsandpowersofthisIndentureorotherwiseinrespectofthepremises.

15.12 Debenture Trustee Not Bound to Act on the Corporation’s Request

Except as in this Indenture otherwise specifically provided, the Debenture Trustee will not be bound to act in accordance with any directionor request of theCorporationuntiladulyauthenticatedcopyoftheinstrumentorresolutioncontainingsuchdirectionorrequesthasbeendeliveredtotheDebentureTrustee,andtheDebentureTrusteewillbeempoweredtoactuponanysuchcopypurportingtobeauthenticatedandbelievedbytheDebentureTrusteetobegenuine.ShouldtheDebentureTrusteereasonablyrequestoriginalsofthedirectionorrequest,theyshallbeprovided.

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15.13 Conditions Precedent to Debenture Trustee’s Obligations to Act Hereunder

TheobligationoftheDebentureTrusteetocommenceorcontinueanyact,actionorproceedingforthepurposeofenforcingtherightsoftheDebentureTrusteeandof the Debentureholders hereunder will be conditional upon the Debentureholders furnishing when required by notice in writing by the Debenture Trustee,sufficient fundstocommenceorcontinuesuchact, actionorproceedingandanindemnity reasonablysatisfactory to theDebenture Trusteetoprotectandholdharmless the Debenture Trustee against the costs, charges andexpenses andliabilities to be incurred therebyandanyloss anddamageit maysufferbyreasonthereof.

NoneoftheprovisionscontainedinthisIndenturewillrequiretheDebentureTrusteetoexpendorriskitsownfundsorotherwiseincurfinancialliabilityintheperformanceofanyofitsdutiesorintheexerciseofanyofitsrightsorpowersunlessindemnifiedasaforesaid.

TheDebentureTrusteemay,beforecommencingoratanytimeduringthecontinuanceofanysuchact,actionorproceedingrequiretheDebentureholdersatwhoseinstanceitisactingtodepositwiththeDebentureTrusteetheDebenturesheldbythemforwhichDebenturestheDebentureTrusteewillissuereceipts.

15.14 Authority to Carry on Business

TheDebentureTrusteerepresentstotheCorporationthatatthedateofexecutionanddeliverybyitofthisIndentureitisauthorizedtocarryonthebusinessofatrustcompanyinallProvincesandTerritoriesofCanadabutif,notwithstandingtheprovisionsofthisSection,itceasestobesoauthorizedtocarryonbusiness,thevalidityandenforceabilityofthisIndentureandthesecuritiesissuedhereunderwillnotbeaffectedinanymannerwhatsoeverbyreasononlyofsucheventbuttheDebenture Trustee will, within90 days after ceasing to be authorized to carry on the business of trust company in the Province of Québec, either become soauthorizedorresigninthemannerandwiththeeffectspecifiedinSection15.2.

15.15 Compensation and Indemnity

(a) TheCorporationwillpaytotheDebentureTrusteefromtimetotimereasonablecompensationforitsserviceshereunderasagreedseparatelybythe Corporation and the Debenture Trustee, and will pay or reimburse the Debenture Trustee upon its request for all reasonable expenses,disbursements and advances incurred or made by the Debenture Trustee in the administration or execution of its duties under this Indenture(includingthereasonableanddocumentedcompensationanddisbursementsofitsCounselandallotheradvisersandassistantsnotregularlyinitsemploy),bothbeforeanydefaulthereunderandthereafteruntil all dutiesoftheDebentureTrusteeunderthisIndenturewillbefinallyandfullyperformed.TheDebentureTrustee’scompensationwillnotbelimitedbyanylawoncompensationofatrusteeofanexpresstrust.

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(b) TheCorporationherebyindemnifiesandsavesharmlesstheDebentureTrusteeanditsdirectors,officers,agentsandemployees(the“IndemnifiedParties”)fromandagainstanyandallloss,damages,charges,expenses,claims,demands,actionsorliabilitywhatsoeverwhichmaybebroughtagainsttheDebentureTrusteeorwhichitmaysufferorincurasaresultoforarisingoutoftheperformanceofitsdutiesandobligationshereundersaveonlyintheeventofthegrossnegligentfailuretoact,orthewilfulmisconductorbadfaithoftheDebentureTrustee.Forgreatercertainty,theCorporation agrees to indemnify and save harmless the Indemnified Parties against and from any present and future taxes (other than incometaxes),duties,assessmentsorotherchargesimposedorleviedonbehalfofanygovernmentalauthorityhavingthepowertotaxinconnectionwiththeIndentureTrustee’sdutieshereunder. Inaddition,theCorporationagreestoreimburse, indemnifyandsaveharmlesstheIndemnifiedPartiesfor,againstandfromalllegalfeesanddisbursements(onasubstantialindemnity,orsolicitorandclient,basis)incurredbyanIndemnifiedPartyiftheCorporationcommencesanaction,orcrossclaimsorcounterclaims,againsttheIndemnifiedPartyandtheIndemnifiedPartyissuccessfulindefendingsuchclaim.ThisindemnitywillsurvivetheterminationordischargeofthisIndentureandtheresignationorremovaloftheDebentureTrustee.TheDebentureTrusteewillnotifytheCorporationpromptlyofanyclaimforwhichitmayseekindemnity.TheCorporationwilldefendtheclaimandtheDebentureTrusteewillco-operateinthedefence.TheDebentureTrusteemayhaveseparatecounselandtheCorporationwillpaythereasonablefeesandexpensesofsuchCounsel.TheCorporationneednotpayforanysettlementmadewithoutitsconsent,whichconsentwillnotbeunreasonablywithheld.ThisindemnitywillsurvivetheresignationorremovaloftheDebentureTrusteeorthedischargeofthisIndenture.

(c) The Corporation need not reimburse any expense or indemnify against any loss or liability incurred by the Debenture Trustee through grossnegligenceorbadfaithorwilfulmisconductoftheDebentureTrusteeintheexecutionofitsdutieshereunder.

15.16 Anti-Money Laundering

(a) The Corporation hereby represents to the DebentureTrustee that any account to be opened by, or interest to held by, theDebentureTrusteeinconnectionwiththisIndenture,forortothecreditofsuchparty,either(i)isnotintendedtobeusedbyoronbehalfofanythirdparty;or(ii)isintended to be used by or on behalf of a third party, in which case the person signing the declaration hereto agrees to complete and executeforthwithadeclarationintheDebentureTrustee’sprescribedformastotheparticularsofsuchthirdparty.

(b) TheDebentureTrusteeshallretaintherightnottoactandshallnotbeliableforrefusingtoactif,duetoalackofinformationorforanyotherreasonwhatsoever,theDebentureTrustee,initssolejudgment,determinesthatsuchactmightcauseittobeinnon-compliancewithanyapplicableanti-moneylaundering,anti-terroristoreconomicsanctionslegislation,regulationorguideline.Further,shouldtheDebentureTrustee,initssolejudgment, determineat anytimethat its actingunder this Indenture hasresultedinits beinginnon-compliancewithanyapplicable anti-moneylaundering,anti-terroristoreconomicsanctionslegislation,regulationorguideline,thenitshallhavetherighttoresignon10dayswrittennoticetotheotherpartiestothisIndenture,provided(i)thattheDebentureTrustee’swrittennoticeshalldescribethecircumstancesofsuchnon-compliance;and(ii)thatifsuchcircumstancesarerectifiedtotheDebentureTrustee'ssatisfactionwithinsuch10dayperiod,thensuchresignationshallnotbeeffective.

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15.17 Acceptance of Trust

TheDebentureTrusteeherebyacceptsthetrustsinthisIndenturedeclaredandprovidedforandagreestoperformthesameuponthetermsandconditionshereinsetforthandtoholdallrights,privilegesandbenefitsconferredherebyandbylawintrustforthevariouspersonswhowillfromtimetotimebeDebentureholders,subjecttoallthetermsandconditionshereinsetforth.

15.18 Privacy

(a) The parties acknowledge that the Debenture Trustee may, in the course of providing services hereunder, collect or receive financial and other

personalinformationaboutsuchpartiesand/ortheirrepresentatives,asindividuals,oraboutotherindividualsrelatedtothesubjectmatterhereof,andusesuchinformationforthefollowingpurposes:

(i) toprovidetheservicesrequiredunderthisIndentureandotherservicesthatmayberequestedfromtimetotime; (ii) tohelptheDebentureTrusteemanageitsservicingrelationshipswithsuchindividuals; (iii) tomeettheDebentureTrustee’slegalandregulatoryrequirements;and

(iv) ifsocialinsurancenumbersarecollectedbytheDebentureTrustee,toperformtaxreportingandtoassistinverificationofanindividual’sidentityforsecuritypurposes.

(b) TheCorporationacknowledgesandagreesthattheDebentureTrusteemayreceive,collect,useanddisclosepersonalinformationprovidedtoitoracquired by it in the course of this Indenture for the purposes described above and, generally, in the manner and on the terms described in itsprivacy code, which the Debenture Trustee shall make available on its website, tsxtrust.com or upon request, including revisions thereto. TheDebentureTrusteemaytransferpersonalinformationtoothercompaniesinoroutsideofCanadathatprovidedataprocessingandstorageorothersupport in order to facilitate the services it provides. Further, the Corporation agrees that it shall not provide or cause to be provided to theDebentureTrusteeanypersonalinformationrelatingtoanindividualwhoisnotapartytothisIndentureunlessthatpartyhasassureditselfthatsuchindividualunderstandsandhasconsentedtotheaforementionedusesanddisclosures.

15.19 Force Majeure

Neitherpartyshallbeliabletotheother,orheldinbreachofthisIndenture,ifprevented,hindered,ordelayedintheperformanceorobservanceofanyprovisioncontainedhereinbyreasonofactofGod,riots,terrorism,actsofwar,epidemics,governmentalactionorjudicialorder,earthquakes,oranyothersimilarcauses(including, but not limited to, mechanical, electronic or communication interruptions, disruptions or failures). Performance times under this Indenture shallbeextendedforaperiodoftimeequivalenttothetimelostbecauseofanydelaythatisexcusableunderthisSection.

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ARTICLE 16SUPPLEMENTAL INDENTURES

16.1 Supplemental Indentures

SubjecttoanyapprovalthatmayberequiredpursuanttotherequirementsoftheTSXVorsuchotherexchangeonwhichtheCommonSharesarelistedandpostedfortrading,fromtimetotimetheDebentureTrusteeand,whenauthorizedbyaresolutionoftheDirectors,theCorporation,may,andtheywillwhenrequiredbythisIndenture,execute,acknowledgeanddeliverbytheirproperofficersdeedsorindenturessupplementalheretowhichthereafterwillformparthereof,foranyoneormoreofthefollowingpurposes:

(a) adding to the covenants of the Corporation herein contained for the protection of the Debentureholders, or providing for events of default, inadditiontothosehereinspecified;

(b) makingsuchprovisionsnotinconsistentwiththisIndentureasmaybenecessaryordesirablewithrespecttomattersorquestionsarisinghereunder,

includingthemakingofanymodificationsintheformoftheDebentureswhichdonotaffectthesubstancethereofandwhichintheopinionoftheDebentureTrustee(relyingonanopinionofCounsel)willnotbeprejudicialtotheinterestsoftheDebentureholders;

(c) evidencing the succession, or successive successions, of others to the Corporation and the covenants of and obligations assumed by anysuchsuccessorinaccordancewiththeprovisionsofthisIndenture;

(d) givingeffecttoanyExtraordinaryResolutionpassedasprovidedinArticle13;and (e) foranyotherpurposenotinconsistentwiththetermsofthisIndenture.

Unless this Indenture or the supplemental indenture requires the consent or concurrence of Debentureholders by Extraordinary Resolution, the consent orconcurrenceofDebentureholderswillnotberequiredinconnectionwiththeexecution,acknowledgementordeliveryofasupplementalindenture.TheCorporationandtheDebentureTrustee,withouttheconsentorapprovaloftheDebentureholders,mayamendanyoftheprovisionsofthisIndenturerelatedtomattersofUnitedStateslawortheissuanceofDebenturesintotheUnitedStatesinordertoensurethatsuchissuancescanbemadeinaccordancewithapplicablelawintheUnitedStates.TheDebentureTrusteewillhavetherighttorequestalegalopinionregardingmattersofUnitedStateslawortheissuanceofDebenturesintotheUnitedStatespriortoorconcurrentlywithmakingsuchamendments.Further,theCorporationandtheDebentureTrusteemaywithouttheconsentorconcurrenceoftheDebentureholdersbysupplementalindentureorotherwise,makeanychangesorcorrectionsinthisIndenturewhichithasbeenadvisedbyCounselarerequiredforthepurposeofcuringorcorrectinganyambiguityordefectiveorinconsistentprovisionsorclericalomissionsormistakesormanifesterrorscontainedhereinorinanyindenturesupplementalheretooranyWrittenDirectionoftheCorporationprovidedfortheissueofDebentures,providingthatintheopinionoftheDebentureTrustee(relyinguponanopinionofCounsel)therightsoftheDebentureholdersareinnowayprejudicedthereby.

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ARTICLE 17EXECUTION AND FORMAL DATE; RIGHTS OF RESCISSION;

CONCERNING THIS TRUST INDENTURE

17.1 Execution

ThisIndenturemaybeexecutedanddeliveredbyfacsimileandincounterparts,eachofwhichwhensoexecutedanddeliveredwillbedeemedtobeanoriginalandsuchcounterpartstogetherconstituteoneandthesameinstrumentandnotwithstandingtheirdateofexecutiontheyaredeemedtobedatedasofthedatehereof.

17.2 Formal Date

ForthepurposeofconveniencethisIndenturemaybereferredtoasbearingtheformaldateofJuly12,2017irrespectiveoftheactualdateofexecutionhereof.

17.3 Concerning this Trust Indenture

TotheextentofanyconflictbetweenthedescriptionoftheDebenturesinanytermsheet,prospectusorotherofferingdocumentwhichqualifiesfordistributionanyDebenturesgovernedbythisTrustIndenture,thetermsandconditionsofthisTrustIndentureshallbetakeprecedenceandgovern.

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IN WITNESS WHEREOF thepartiesheretohaveexecutedthisIndentureasofthedatefirstwrittenabove.

INTELGENX TECHNOLOGIES CORP. Per: /s/ Dr. Horst G. ZerbeName:Dr.HorstG.Zerbe

Title:PresidentandChiefExecutiveOfficer TSX TRUST COMPANY Per: /s/ Don Crawford

Name:DonCrawfordTitle:Sr.TrustOfficer

Per: /s/ Kathy Thorpe

Name:KathyThorpeTitle:SeniorTrustOfficer

SCHEDULE A

TO THE TRUST INDENTURE BETWEENINTELGENX TECHNOLOGIES CORP. AND

TSX TRUST COMPANYFORM OF DEBENTURE

This Debenture is a Global Debenture within the meaning of the Indenture herein referred to and is registered in the name of a Depository or a nomineethereof. This Debenture may not be transferred to or exchanged for Debentures registered in the name of any Person other than the Depository or anominee thereof and no such transfer may be registered except in the limited circumstances described in the Indenture. Every Debenture authenticatedand delivered upon registration of, transfer of, or in exchange for, or in lieu of, this Debenture shall be a Global Debenture subject to the foregoing, exceptin such limited circumstances described in the Indenture.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICESINC. (“CDS”) TO INTELGENX TECHNOLOGIES CORP. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS ISREQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHERENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FORVALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS APROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTSFOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.

No.• CUSIP45822RAA9 ISINCA45822RAA91

INTELGENX TECHNOLOGIES CORP.

(AcorporationexistingunderthelawsofDelaware)

8.00%ConvertibleUnsecuredSubordinatedDebenturesDueJune30,2020

DateofIssue:•,2017 MaturityDate:June30,2020RegisteredHolder:•

INTELGENX TECHNOLOGIES CORP. (the“Corporation ”)for valuereceivedherebyacknowledges itself indebtedand, subject to theprovisionsoftheTrustIndenture(the“Indenture ”)datedJuly12,2017betweentheCorporationandTSXTrustCompany(the“Debenture Trustee ”),promisestopaytotheregisteredholderhereofonthematuritydateofthisDebenture,ashereinafterdescribed,oronsuchearlierdateastheprincipalamounthereofmaybecomedueinaccordancewiththeprovisionsoftheIndenture,theprincipalamountofinlawfulmoneyofCanada,asmaybeadjustedassetoutinExhibit1,onpresentationandsurrenderofthisDebentureatthemainbranchoftheDebentureTrusteeinToronto,OntarioinaccordancewiththetermsoftheIndenture.

A-2

$ •

This Debenture is one of the 8.00% Convertible Unsecured Subordinated Debentures (referred to herein as the “Debentures ”) of theCorporation issued orissuableundertheprovisionsoftheIndenture.ReferenceisherebyexpresslymadetotheIndentureforadescriptionofthetermsandconditionsuponwhichtheDebenturesaretobeissuedandheldandtherightsandremediesoftheholdersoftheDebenturesandoftheCorporationandoftheDebentureTrustee,alltothesameeffectasiftheprovisionsoftheIndenturewerehereinsetforthtoallofwhichprovisionstheholderofthisDebenturebyacceptancehereofassents.

Thematuritydate(the“Maturity Date ”)fortheDebentureswillbeJune30,2020.TheDebentureswillbearinterestattherateof8.00%perannum,payableinequalsemi-annualpayments,inarrears,onJune30andDecember31ineachyear,thefirstsuchpaymenttofalldueonDecember31,2017,payableafteraswellasbeforematurityandafteraswellasbeforedefault,withinterestonamountsindefaultatthesamerate,compoundedsemi-annually.

Interest hereonwill bepayable (less applicable WithholdingTaxes, if any)bychequemailedbyprepaidordinarymail or byelectronic transfer of fundstotheregisteredholderhereofand,subjecttotheprovisionsoftheIndenture,themailingofsuchchequeorthesendingoftheelectronictransferoffunds,asthecasemaybe, will, to the extent of the sum represented thereby (plus the amount of any tax withheld or deducted and remitted to the proper tax authority), satisfy anddischargeallliabilityforinterestonthisDebenture.

TheDebenturesareissuableonlyindenominationsof$1,000andintegralmultiplesthereof.UponcompliancewiththeprovisionsoftheIndenture,DebenturesofanydenominationmaybeexchangedforanequalaggregateprincipalamountofDebenturesinanyotherauthorizeddenominationordenominations.

TheprincipalofthisDebentureisconvertible,attheoptionoftheholderhereof,uponsurrenderofthisDebentureattheprincipalofficeoftheDebentureTrusteeinToronto,Ontario,atanytimeandpriortothecloseofbusinessontheMaturityDateor,ifthisDebentureiscalledforredemptiononorpriortosuchdate,thenuptobutnotafterthecloseofbusinessonthelastBusinessDayimmediatelyprecedingthedatespecifiedforredemptionofthisDebenture,intoCommonSharesataconversionpriceof$1.35(the“Conversion Price ”)perCommonShare,beingarateof740CommonSharesforeach$1,000principalamountofDebentures,allsubjecttothetermsandconditionsandinthemannersetforthintheIndenture.Notwithstandingtheforegoing,noDebenturemaybeconvertedduringthelastfiveBusinessDayprecedinganInterestPaymentDateortheMaturityDate.HoldersofDebenturesconvertingtheirDebentureswillreceiveaccruedandunpaidinterestfromandincludingthelastInterestPaymentDate(orthedateofissueiftherehasnotbeenanInterestPaymentDate)tobutexcludingtheDateofConversion.TheIndenture makes provision for the adjustment of the Conversion Price in the events therein specified. No fractional Common Shares will be issued on anyconversion but, in lieu thereof, the Corporation will satisfy suchfractional interest by a cash payment equal to the fractional interest multiplied by the CurrentMarketPriceoftheCommonSharesontheDateofConversiondeterminedinaccordancewiththeIndenture.

A-3

ThisDebenturemayberedeemedattheoptionoftheCorporationonthetermsandconditionssetoutintheIndentureattheredemptionpricethereinandhereinsetoutprovidedthatthisDebentureisnotredeemablepriortoJune30,2018(the“First Call Date ”)exceptintheeventofthesatisfactionofcertainconditionsafteraChangeofControlhasoccurred.OnoraftertheFirstCallDateandpriortoJune30,2019(the“Second Call Date ”),theDebenturesmayberedeemedattheoptionoftheCorporationattheredemptionpriceequaltotheprincipalamountoftheDebentures(the“Redemption Price ”)providedtheCurrentMarketPriceonthedateonwhichthenoticeofredemptionisgivenisatleast125%oftheConversionPriceand,inadditionthereto,atthetimeofredemption,theCorporationwillpaytotheholderaccruedandunpaidinterestonthetermsandconditionsdescribedintheIndenture.OnoraftertheSecondCallDateandpriortotheMaturityDate,theDebenturesmayberedeemedattheoptionoftheCorporationattheRedemptionPrice,irrespectiveoftheCurrentMarketPriceoftheCommonShares,and,inadditionthereto,atthetimeofredemption,theCorporationwillpaytotheholderaccruedandunpaidinterestonthetermsandconditionsdescribedintheIndenture.TheCorporationmay,onnoticeasprovidedintheIndenture,atitsoptionandsubjecttoanyapplicableregulatoryapproval,electtosatisfyitsobligationtopayalloraportionoftheapplicableRedemptionPricebytheissueofthatnumberofFreelyTradeableCommonSharesobtainedbydividingtheapplicableRedemptionPriceby95%oftheCurrentMarketPriceoftheCommonSharesontheRedemptionDate.

UpontheoccurrenceofaChangeofControloftheCorporation,theCorporationisrequiredtomakeanoffertopurchaseall theDebenturesatapriceequalto101%oftheprincipalamountofsuchDebenturesplusaccruedandunpaidinterestupto,butexcluding,thedatetheDebenturesaresorepurchased(the“Offer ”).If90%ormoreoftheaggregateprincipalamountoftheDebenturesissuedundertheIndentureoutstandingonthedatetheCorporationprovidesnoticeofaChangeofControltotheDebentureTrusteehavebeentenderedforpurchasepursuanttotheOffer,theCorporationhastherighttoredeemalltheremainingoutstandingDebenturesatthesameprice.

TheCorporationmay,onnoticeasprovidedintheIndenture,atitsoptionandsubjecttoanyapplicableregulatoryapproval,electtosatisfytheobligationtorepayalloranyportionoftheprincipalamountofthisDebenturedueontheMaturityDatebytheissueofthatnumberofFreelyTradeableCommonSharesobtainedbydividingtheprincipalamountofthisDebenturetobepaidforinCommonSharespursuanttotheexercisebytheCorporationoftheCommonShareRepaymentRightby95%oftheCurrentMarketPriceontheMaturityDate.

The indebtedness evidenced by this Debenture, and byall otherDebentures nowor hereafter certified and delivered under the Indenture, is adirectunsecuredobligationoftheCorporation,andissubordinatedinrightofpayment,totheextentandinthemannerprovidedintheIndenture,tothepriorpaymentofallSeniorIndebtedness,whetheroutstandingatthedateoftheIndentureorthereaftercreated,incurred,assumedorguaranteed.

Theprincipalhereofmaybecomeorbedeclareddueandpayablebeforethestatedmaturityintheevents,inthemanner,withtheeffectandatthetimesprovidedintheIndenture.

TheIndenturecontainsprovisionsmakingbindinguponallholdersofDebenturesoutstandingthereunderresolutionspassedatmeetingsofsuchholdersheldinaccordancewithsuchprovisionsandinstrumentssignedbytheholdersofaspecifiedmajorityofDebenturesoutstanding,whichresolutionsorinstrumentsmayhavetheeffectofamendingthetermsofthisDebentureortheIndenture.

A-4

AlldollaramountsexpressedinthisDebentureareinlawfulmoneyofCanadaandallpaymentsrequiredtobemadehereunderwillbemadeinCanadiandollars.

ThisDebenturewillnotbecomeobligatoryforanypurposeuntilitwillhavebeencertifiedbytheDebentureTrusteeundertheIndenture.

IfanyoftheprovisionsofthisDebentureareinconsistentwiththeprovisionsoftheIndenture,theprovisionsoftheIndenturewilltakeprecedenceandwillgovern.CapitalizedwordsorexpressionsusedinthisDebenture,unlessotherwisedefinedherein,havethemeaningattributedtheretointheIndenture.

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A-5

IN WITNESS WHEREOF IntelGenxTechnologiesCorp.hascausedthisDebenturetobesignedbyitsdulyauthorizedofficerasofthe•thdayof•.

INTELGENX TECHNOLOGIES CORP.Per: Name: Title:

DEBENTURE TRUSTEE’S CERTIFICATE

This Debenture is one of the 8.00% Convertible Unsecured Subordinated Debentures due June 30, 2020 of IntelGenx Technologies Corp. referred to in theIndenturewithinmentioned.

TSX TRUST COMPANY Per:

AuthorizedSignatory

A-6

FORM OF ASSIGNMENT

FOR VALUE RECEIVED , the undersigned hereby sells, assigns and transfers unto _______________, whose address and social insurance number, ifapplicable, are set forth below, this Debenture (or $ __________principal amount hereof*) of IntelGenx Technologies Corp. standing in the name(s) of theundersignedin the register maintainedwith respect to suchDebenture anddoes herebyirrevocably authorize anddirect the Debenture Trustee totransfersuchDebenture in such register, with full power of substitution in the premises. All dollar amounts expressed in this Form of Assignment are in lawful money ofCanada.

Dated: AddressofTransferee:

(StreetAddress,City,Province/StateandPostal/ZipCodeandCountry)

SocialInsuranceNumberofTransferee,ifapplicable:

* IflessthanthefullprincipalamountofthewithinDebentureistobetransferred,indicateinthespaceprovidedtheprincipalamount(whichwillbe$1,000oranintegralmultiplethereof)tobetransferred.

Thesignature(s)tothisassignmentmustcorrespondwiththename(s)aswrittenuponthefaceofthis8.00%Debentureineveryparticularwithoutalterationoranychangewhatsoever.Thesignature(s)mustbeguaranteedbyoneofthefollowingmethods:

2. CanadaandtheUSA: AMedallionSignatureGuarantee obtained froma member of an acceptable Medallion SignatureGuaranteeProgram(STAMP,SEMP,MSP).Manycommercialbanks,savingsbanks,creditunions,andallbrokerdealersparticipateinaMedallionSignatureGuaranteeProgram.TheGuarantormustaffixastampbearingtheactualwords“MedallionGuaranteed”.

3. Canada:ASignatureGuaranteeobtainedfromamajorCanadianSchedule1charteredbank.TheGuarantormustaffixastampbearingtheactualwords

“SignatureGuaranteed”.SignatureGuaranteesarenotacceptedfromTreasuryBranches,CreditUnionsorCaissesPopulairesunlesstheyaremembersofaMedallionSignatureGuaranteeProgram.

4. Outside North America : For holders located outside North America, present the certificate(s) and/or document(s) that require a guarantee to a local

financialinstitutionthathasacorrespondingCanadianorAmericanaffiliatewhichisamemberofanacceptableMedallionSignatureGuaranteeProgram.Thecorrespondingaffiliatewillarrangeforthesignaturetobeover-guaranteed.

Theregisteredholderof this Debentureis responsiblefor thepayment of anydocumentary, stampor other transfer taxes that maybepayable in respectofthetransferofthisDebenture.

A-7

Signature of Guarantor

AuthorizedOfficer Signatureoftransferringregisteredholder NameofInstitution

EXHIBIT 1

8.00% Convertible Unsecured Subordinated Debentures due June 30, 2020

CUSIP:45822RAA9/ISIN:CA45822RAA91

InitialPrincipalAmount $•Authorization:____________________________________________________

ADJUSTMENTS

Date of Registration

Amount of Increase

Amount of Decrease

New Principal Amount

Authorization

SCHEDULE B

TO THE TRUST INDENTURE BETWEENINTELGENX TECHNOLOGIES CORP. AND

TSX TRUST COMPANY

FORM OF REDEMPTION NOTICE

INTELGENX TECHNOLOGIES CORP.8.00% CONVERTIBLE UNSECURED SUBORDINATED DEBENTURES

REDEMPTION NOTICE

TO: Holders of 8.00% Convertible Unsecured Subordinated Debentures (the “Debentures”) of INTELGENX TECHNOLOGIES CORP. (the“Corporation”)

Note: AllcapitalizedtermsusedhereinhavethemeaningattributedtheretointheIndenturementionedbelow,unlessotherwiseindicated.

NoticeisherebygivenpursuanttoSection4.3oftheTrustIndenture(the“Indenture ”)datedJuly12,2017betweentheCorporationandTSXTrustCompany(the“Debenture Trustee ”),thattheaggregateprincipalamountof$•ofthe$•ofDebenturesoutstandingwillberedeemedasof•(the“Redemption Date ”),uponpaymentofaredemptionamountof$•per$1,000principalamountofDebentures(the“Redemption Price ”),andallaccruedandunpaidinteresthereontobutexcludingtheRedemptionDate(lessapplicableWithholdingTaxes,ifany)(collectively,the“Total Redemption Price ”).AlldollaramountsexpressedinthisRedemptionNoticeareinlawfulmoneyofCanadaandallpaymentsrequiredtobemadehereunderwillbemadeinCanadiandollars.

TheTotalRedemptionPricewillbepayableuponpresentationandsurrenderoftheDebenturescalledforredemptionatthefollowingcorporatetrustoffice:

TSX Trust Company 200 University Avenue, Suite 300 Toronto, Ontario M5H 4H1 Attention:VicePresident,TrustServices

TheinterestupontheprincipalamountofDebenturescalledforredemptionwillceasetobepayablefromandaftertheRedemptionDate,unlesspaymentoftheTotalRedemptionPricewillnotbemadeonpresentationforsurrenderofsuchDebenturesattheabove-mentionedcorporatetrustofficeonoraftertheRedemptionDateorpriortothesettingasideoftheTotalRedemptionPricepursuanttotheIndenture.

PursuanttoSection4.6oftheIndenture,theCorporationherebyirrevocablyelectstosatisfyitsobligationtopaytotheholdersofDebentures$•oftheRedemptionPricepayabletoholdersofDebenturesinaccordancewiththisnoticebyissuinganddeliveringtotheholdersthatnumberofFreelyTradeableCommonSharesobtainedbydividingtheRedemptionPriceby95%ofthethenCurrentMarketPriceoftheCommonSharesontheRedemptionDate.

B-2

NofractionalCommonShareswillbedeliveredupontheexercisebytheCorporationoftheabove-mentionedredemptionrightbut,inlieuthereof,theCorporationwillpaythecashequivalentthereofdeterminedonthebasisoftheCurrentMarketPriceofCommonSharesontheRedemptionDate(lessapplicableWithholdingTaxes,ifany).

Inconnectionwiththeabove,theCorporationwill,ontheRedemptionDate,makethedeliverytotheDebentureTrusteeorwillarrangethroughitstransferagentfortheCommonSharessolelyinrelationtotheissuanceoftheCommonShares,attheabove-mentionedcorporatetrustoffice,fordeliverytoandonaccountoftheholders upon presentation and surrender of their Debentures for payment, certificates or facilitate the settlement of electronic deposits representing the FreelyTradeableCommonSharestowhichholdersareentitledtogetherwiththecashequivalentinlieuoffractionalCommonShares,cashforallaccruedandunpaidinterestupto,butexcluding,theRedemptionDate,and,ifonlyaportionoftheDebenturesaretoberedeemedbyissuingFreelyTradeableCommonShares,cashrepresentingthebalanceoftheRedemptionPrice.

Date: INTELGENX TECHNOLOGIES CORP. Per:

Name:Title:

SCHEDULE C

TO THE TRUST INDENTURE BETWEENINTELGENX TECHNOLOGIES CORP. AND

TSX TRUST COMPANY

FORM OF MATURITY NOTICE

INTELGENX TECHNOLOGIES CORP.

8.00% CONVERTIBLE UNSECURED SUBORDINATED DEBENTURESMATURITY NOTICE

TO: Holdersof8.00%ConvertibleUnsecuredSubordinatedDebentures(the“Debentures ”)ofINTELGENXTECHNOLOGIESCORP.(the“Corporation ”)

Note: AllcapitalizedtermsusedhereinhavethemeaningattributedtheretointheIndenturementionedbelow,unlessotherwiseindicated.

NoticeisherebygivenpursuanttoSection4.9(b)oftheTrustIndenture(the“Indenture ”)datedJuly12,2017betweentheCorporationandTSXTrustCompany,astrustee(the“Debenture Trustee ”),thattheDebenturesaredueandpayableasofJune30,2020(the“Maturity Date ”)andtheCorporationelectstosatisfyitsobligationtopaytoholdersofDebentures$•ofthe$•principalamountoftheDebenturesoutstandingontheMaturityDatebyissuinganddeliveringtotheholdersthatnumberofFreelyTradeableCommonSharesequaltothenumberobtainedbydividingsuchprincipalamountoftheDebenturesby95%oftheCurrentMarketPriceofCommonSharesontheMaturityDate.

NofractionalCommonShareswillbedeliveredonexercisebytheCorporationoftheabovementionedrepaymentrightbut,inlieuthereof,theCorporationwillpaythecashequivalentthereofdeterminedonthebasisoftheCurrentMarketPriceofCommonSharesontheMaturityDate(lessapplicableWithholdingTaxes,ifany).

Inconnectionwiththeabove, theCorporationwill, ontheMaturity Date, makedeliverytotheDebenture Trusteeor will arrangethroughitstransferagentforCommonSharessolelyinrelationtotheissuanceoftheCommonShares,atitsprincipalcorporatetrustofficeinToronto,OntariofordeliverytoandonaccountoftheholdersuponpresentationandsurrenderoftheirDebenturesforpayment,certificatesorfacilitatethesettlementofelectronicdepositsrepresentingtheFreelyTradeableCommonSharestowhichholdersareentitledtogetherwiththecashequivalentinlieuoffractionalCommonShares,cashforallaccruedandunpaidinterest up to, but excluding, the Maturity Date and if only a portion of the Debentures are to be repaid by issuing Freely Tradeable Common Shares, cashrepresentingthebalanceoftheprincipalamountandpremium(ifany)dueontheMaturityDate.

C-2

Date: INTELGENX TECHNOLOGIES CORP. Per:

Name:Title:

SCHEDULE D

TO THE TRUST INDENTURE BETWEENINTELGENX TECHNOLOGIES CORP. AND

TSX TRUST COMPANY

FORM OF COMMON SHARE INTEREST PAYMENT ELECTION NOTICE

INTELGENX TECHNOLOGIES CORP.

8.00% CONVERTIBLE UNSECURED SUBORDINATED DEBENTURESCOMMON SHARE INTEREST PAYMENT ELECTION NOTICE

TO: Holdersof8.00%ConvertibleUnsecuredSubordinatedDebentures(the“Debentures ”)ofINTELGENXTECHNOLOGIESCORP.(the“Corporation ”)

Note: AllcapitalizedtermsusedhereinhavethemeaningattributedtheretointheIndenturementionedbelow,unlessotherwiseindicated.

Notice is hereby given pursuant to Section 10.1(a) of the Trust Indenture (the “ Indenture ”) dated July 12, 2017 between the Corporation and TSX TrustCompany, as trustee (the “Debenture Trustee ”), that as of • (the “Interest Payment Date ”), interest on the Debentures in respect of the interest periodcommencingon•andendingon•(the“Interest Obligation ”)willbedueandpayabletotheDebentureholdersunderthetermsoftheIndenture.TheCorporationelects to satisfy its obligation to pay to holders of Debentures on the Interest Payment Date the Interest Obligation through the issuance and delivery to theDebentureholders, for each $40of interest amount, that number of Freely Tradeable CommonShares obtained bydividing each $40 of interest amount by themarketpriceoftheCommonShares(asdefinedbythepoliciesoftheTSXV)onthedatebeforethepublicannouncementbytheCorporationofits intentiontosatisfyitsinterestObligationinCommonShare,suchamounttobesubjecttorequiredwithholdingsandroundinginaccordancewiththetermsandconditionsoftheIndenture.

NofractionalCommonShareswillbedeliveredonexercisebytheCorporationoftheabovementionedrightbut,inlieuthereof,theCorporationwillpaythecashequivalentthereofdeterminedonthebasisoftheCurrentMarket PriceofCommonSharesontheInterest PaymentDate(lessapplicableWithholdingTaxes,ifany).

Date: INTELGENX TECHNOLOGIES CORP. Per:

Name:Title:

SCHEDULE E

TO THE TRUST INDENTURE BETWEENINTELGENX TECHNOLOGIES CORP. AND

TSX TRUST COMPANY

FORM OF NOTICE OF CONVERSIONCONVERSION NOTICE

TO: INTELGENX TECHNOLOGIES CORP. AND TSX TRUST COMPANY, as Debenture Trustee TO: Note: AllcapitalizedtermsusedhereinhavethemeaningattributedtheretointheTrustIndenturebetweenINTELGENXTECHNOLOGIESCORP.and

TSXTrustCompanydatedJuly12,2017(the“Indenture ”),unlessotherwiseindicated.

Theundersignedregisteredholderof8.00%ConvertibleUnsecuredSubordinatedDebenturesbearingCertificateNo.______________irrevocablyelectstoconvertsuch Debentures (or $_______________principal amount thereof) in accordance with the terms of the Indenture referred to in such Debentures and tendersherewiththeDebenturesand,ifapplicable,directsthattheCommonSharesofINTELGENXTECHNOLOGIESCORP.issuableuponaconversion(orsuchothersecuritiesorpropertyrequiredtobedeliveredasprovidedbythetermsoftheIndenture)beissuedand/ordeliveredtothepersonindicatedbelow.(IfCommonSharesorothersecuritiesaretobeissuedinthenameofapersonotherthantheholder,allrequisitetransfertaxeswillbetenderedbytheundersigned).

Dated (SignatureofRegisteredHolder)

IflessthanthefullprincipalamountoftheDebentures,indicateinthespaceprovidedtheprincipalamount(whichwillbe$1,000orintegralmultiplesthereof).______________________

AlldollaramountsexpressedinthisConversionNoticeareinlawfulmoneyofCanada.

NOTE: If Common Shares are to be issued in the name of a person other than the holder, the signature will be guaranteed by a CanadianScheduleIcharteredbank,atrustcompanyorbyamemberofanacceptableMedallionGuaranteeProgram.TheGuarantormustaffixastampbearingtheactual words: “SIGNATURE GUARANTEED”, “MEDALLION GUARANTEED” or “SIGNATURE & AUTHORITY TO SIGNGUARANTEE”,allinaccordancewiththetransferagent’sthencurrentguidelinesandrequirementsatthetimeoftransfer.Forcorporateholders,corporate signing resolutions, including a certificate of incumbency, will also be required to accompany the transfer unless there is a“SIGNATURE&AUTHORITYTOSIGNGUARANTEE”stampaffixedtotheformoftransfer.

E-2

(PrintnameinwhichCommonSharesaretobeissued,deliveredandregistered)

Name:(Address)(City,Province/State,PostalCode/ZipCodeandCountry)Nameofguarantor: Authorizedsignature:

IntelGenx Completes CDN$6.8 Million Convertible Debenture Offering

Saint Laurent, Quebec ,July 12, 2017 -IntelGenxTechnologiesCorp.(TSXV:IGX)(OTCQX:IGXT)(the“Corporation ”or“IntelGenx ”)ispleasedtoannouncethatithascloseditspreviouslyannouncedprospectusoffering(the“Offering ”)ofconvertibleunsecuredsubordinateddebenturesoftheCorporation(the“Debentures ”)forgrossaggregateproceedsofCDN$6,838,000.

Pursuant totheOffering, theCorporationissuedanaggregateprincipal amount of CDN$6,838,000of Debentures at a price of CDN$1,000perDebenture.TheDebentures will mature on June 30, 2020 and bear interest at annual rate of 8% payable semi-annually on the last day of June and December of eachyear,commencingonDecember31,2017.TheDebentureswillbeconvertibleattheoptionoftheholdersatanytimepriortothecloseofbusinessontheearlierofJune30,2020andthebusinessdayimmediatelyprecedingthedatespecifiedbytheCorporationforredemptionofDebentures.TheconversionpricewillbeCDN$1.35(the“Conversion Price ”) per commonshare of theCorporation(“Share ”), being a conversion rate of approximately 740Shares per CDN$1,000principalamountofDebentures,subjecttoadjustmentincertainevents.

The Debentures are not redeemable prior to June 30, 2018. On or after June 30, 2018, but prior to June 30, 2019, the Debentures may be redeemed at theCorporation’ssoleoption,inwholeorinpart,fromtimetotimeonrequiredpriornoticeataredemptionpriceequaltotheprincipalamountoftheDebentures,providedthatthecurrentmarketpriceonthedateonwhichsuchnoticeofredemptionisgivenisnotlessthan125%oftheConversionPrice.OnorafterJune30,2019andpriortoJune30,2020,theDebenturesmayberedeemedattheCorporation’ssoleoption,inwholeorinpart,fromtimetotimeonrequiredpriornotice,ataredemptionpriceequaltotheprincipalamountoftheDebentures,irrespectiveofthecurrentmarketprice.Inadditionthereto,atthetimeofredemption,theCorporationwillpaytotheholderaccruedandunpaidinterestuptobutnotincludingthedateofredemption.

TheDebentures were distributed under a short formprospectusdated June 28, 2017filed by the Corporation in connection with the Offering andavailableonSEDARatwww.sedar.com. The Offering was conducted, on a best efforts basis, by a syndicate of agents led by Desjardins Capital Markets andincludingLaurentian Bank Securities Inc. and Echelon Wealth Partners Inc. (collectively, the “Agents ”). In consideration for the services renderedbythe Agents, theCorporationhaspaidtheAgentsanagencyfeeofCDN$405,280.

TheDebentureswillcommencetradingontheTSXVentureExchangetodayunderthestocksymbolIGX.DB.

The Corporation intends to use the aggregate net proceeds from the Offering for capital expansion, clinical studies, product development andgeneralworkingcapitalrequirements.

TheDebenturesandthecommonsharesissuableuponconversion,redemptionormaturityoftheDebentureshavebeenregisteredwiththeUnitedStatesSecuritiesandExchangeCommissionpursuanttoaFormS-1RegistrationStatementthatwasdeclaredeffectiveonJuly11,2017(the“Registration Statement ”).

CertaininsidersoftheCorporationparticipatedintheOfferingandpurchasedanaggregateof$120,000principalamountofDebentures.ParticipationofinsidersoftheCorporationintheOfferingconstitutesa“relatedpartytransaction”asdefinedunderMultilateralInstrument61-101–Protection of Minority Security Holdersin Special Transactions (“MI 61-101 ”),butisexemptfromtheformalvaluationandminorityshareholderapprovalrequirementsofMI61-101asneitherthefairmarketvalueofsecuritiesbeingissuedtoinsidersnortheconsiderationbeingpaidbyinsidersexceeds25%oftheCorporation’smarketcapitalization.NoneoftheCorporation’sdirectorshasexpressedanycontraryviewsordisagreementswithrespecttotheforegoing.TheCorporationdidnotfileamaterialchangereport21dayspriortotheclosingoftheOfferingasthedetailsoftheparticipationoftheinsidersoftheCorporationhadnotbeenconfirmedatthattime.

About IntelGenx:

Establishedin2003,IntelGenxisaleadingoraldrugdeliverycompanyprimarilyfocusedonthedevelopmentandmanufacturingofinnovativepharmaceuticaloralfilmsbasedonitsproprietaryVersaFilm™technologyplatform.

IntelGenx' highly skilled team provides comprehensive pharmaceuticals services to pharmaceutical partners, including R&D, analytical method development,clinical monitoring, IPandregulatoryservices. IntelGenx'state-of-the-artmanufacturingfacility,establishedfortheVersaFilm™technologyplatform,supportslab-scale to pilot and commercial-scale production, offering full service capabilities to its clients. More information about the company can be found atwww.intelgenx.com.

Forward Looking Information and Statements:

Thisdocumentmaycontainforward-lookinginformationorforward-lookingstatementswithinthemeaningofapplicableU.S.andCanadiansecuritieslaws.Thesestatements are statements that are not purely historical and include, but are not limited to, statements about the use of the Offeringproceeds,IntelGenx'plans,objectives, expectations, strategies, intentions or other characterizations of future events or circumstances and are generally identified by the words “may”,“expects”,“anticipates”,“intends”,“plans”,“believes”,“seeks”,“estimates”,“could”,“would”,andsimilarexpressions.Theseforward-lookingstatementsincludestatementsregardingthetermsoftheOffering,anypotentialredemptionsandtheuseofproceeds.Allforwardlookingstatementsareexpresslyqualifiedintheirentiretybythiscautionarystatement.Becausetheseforward-lookingstatementsaresubjecttoanumberofrisksanduncertainties,IntelGenx'actualresultscoulddiffermateriallyfromthoseexpressedorimpliedbytheseforwardlookingstatements.

Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the heading “RiskFactors” in the RegistrationStatementandinIntelGenx'annualreportonForm10-K,filedwiththeUnitedStatesSecuritiesandExchangeCommissionandavailableatwww.sec.gov,andalsofiledwithCanadiansecuritiesregulatoryauthoritiesandwww.sedar.com.IntelGenxassumesnoobligationtoupdateanysuchforward-lookingstatements.

Althoughthe Corporation believes that the expectations andassumptions on which Forward-Looking Information is based are reasonable, readers of this pressreleasearecautionednottorelyundulyonthisForward-LookingInformationsincenoassurancecanbegiventhattheywillprovetobecorrect.TheCorporationdoesnotundertakeanyobligationtoupdateorreviseanyForward-LookingInformation,whetherasaresultofeventsorcircumstancesoccurringafterthedateofthispressrelease,unlesssorequiredbylegislation.

For more information, please contact:

StephenKilmerInvestorRelations(514)331-7440ext232stephen@intelgenx.com

OR

AndreGodin,CPA,CAExecutiveVice-PresidentandCFOIntelGenxTechnologiesCorp.(514)331-7440ext203andre@intelgenx.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute an offer to sell ora solicitation of an offer to buy any securities of the Corporation in any jurisdiction in which such offer or solicitation of sale would be unlawful.