Document:

VOTING
      AND EXCHANGE TRUST AGREEMENT
      ("Agreement")
      made
      as of the 14th
      day of
      August, 2006.

     

    BETWEEN:

     

    CANWEST
      PETROLEUM CORPORATION,
      a
      corporation existing under the laws of the State of Colorado

    (hereinafter
      referred to as "Acquirer")

     

    -
      and
      -

     

    OILSANDS
      QUEST INC.,
      a
      corporation existing under the laws of the Province of Alberta 

    (hereinafter
      referred to as "Canco")

     

    -
      and
      -

     

    COMPUTERSHARE
      TRUST COMPANY OF CANADA,
      a trust
      company incorporated under the laws of Canada (hereinafter referred to as the
      "Trustee")

     

     

    WHEREAS
      in
      connection with the Reorganization Agreement, Canco may be required to issue
      Exchangeable Shares to certain holders of its common shares pursuant to the
      Reorganization contemplated in the Reorganization Agreement; and

     

    WHEREAS
      pursuant
      to the Reorganization Agreement, Acquirer and Canco have agreed to execute
      a
      voting and exchange trust agreement substantially in the form of this
      Agreement;

     

    NOW
      THEREFORE
      in
      consideration of the respective covenants and agreements provided in this
      Agreement and for other good and valuable consideration (the receipt and
      sufficiency of which are hereby acknowledged), the parties hereto covenant
      and
      agree as follows:

     

     

    ARTICLE 1

    INTERPRETATION

     

    Section 1.1 Definitions

     

    In
      this
      Agreement, unless the context otherwise requires, the following terms shall
      have
      the following meanings respectively:

     

    "Acquirer
      Consent"
      has the
      meaning ascribed thereto in Section 4.2;

     

    "Acquirer
      Control Transaction"
      has the
      meaning ascribed thereto in the Exchangeable Share Provisions;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    "Acquirer
      Meeting"
      has the
      meaning ascribed thereto in Section 4.2;

     

    "Acquirer
      Shares"
      has the
      meaning provided in the Exchangeable Share Provisions;

     

    "Acquirer
      Special Voting Share"
      means
      one share of preferred stock of Acquirer to which that number of voting rights
      attach (each such voting right to be equal to the voting rights attached to
      one
      Acquirer Share) equal to the number of outstanding Exchangeable Shares held
      by
      Beneficiaries; 

     

    "Acquirer
      Successor"
      has the
      meaning ascribed thereto in Section 10.1(a);

     

    "Act"
      means
      the Business
      Corporations Act (Alberta)
      as the same has been and may hereafter from time to time be
      amended;

     

    "Affiliate"
      has the
      meaning ascribed thereto in the Act;

     

    "Automatic
      Exchange Rights"
      means
      the benefit of the obligation of Acquirer to effect the automatic exchange
      of
      Exchangeable Shares for Acquirer Shares pursuant to Section 5.12;

     

    "Beneficiaries"
      means
      the registered holders from time to time of Exchangeable Shares, other than
      Acquirer and its Affiliates;

     

    "Beneficiary
      Votes"
      has the
      meaning ascribed thereto in Section 4.2;

     

    "Business
      Day"
      means
      any day on which commercial banks are generally open for business in Vancouver,
      British Columbia and Calgary, Alberta, other than a Saturday, a Sunday or a
      day
      observed as a holiday in Vancouver, British Columbia or in Calgary,
      Alberta;

     

    "Callco"
      means
      1259882 Alberta Ltd., a corporation existing under the laws of the Province
      of
      Alberta or any other direct or indirect Subsidiary of the Acquirer designated
      by
      the Acquirer from time to time;

     

    "Change
      of Law Call Right"
      has the
      meaning ascribed thereto in the Exchangeable Share Provisions;

     

    "Equivalent
      Vote Amount"
      means,
      with respect to any matter, proposition or question on which holders of Acquirer
      Shares are entitled to vote, consent or otherwise act, the number of votes
      to
      which a holder of one Acquirer Share is entitled with respect to such matter,
      proposition or question;

     

    "Exchange
      Right"
      has the
      meaning ascribed thereto in Section 5.1;

     

    "Exchangeable
      Share Consideration"
      has the
      meaning ascribed thereto in the Exchangeable Share Provisions;

     

    
      
        
        

      

      
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    "Exchangeable
      Share Price"
      has the
      meaning ascribed thereto in the Exchangeable Share Provisions;

     

    "Exchangeable
      Share Provisions"
      means
      the rights, privileges, restrictions and conditions attaching to the
      Exchangeable Shares;

     

    "Exchangeable
      Shares"
      means
      the non-voting Exchangeable Shares in the capital of Canco, having substantially
      the rights, privileges, restrictions and conditions set out in Schedule D to
      the
      Reorganization Agreement;

     

    "Indemnified
      Parties"
      has the
      meaning ascribed thereto in Section 8.1;

     

    "Insolvency
      Event"
      means
      (i) the institution by Canco of any proceeding to be adjudicated a bankrupt
      or
      insolvent or to be wound up, or the consent of Canco to the institution of
      bankruptcy, insolvency or winding-up proceedings against it, or (ii) the filing
      of a petition, answer or consent seeking dissolution or winding-up under any
      bankruptcy, insolvency or analogous laws, including the Companies
      Creditors' Arrangement Act
      (Canada)
      and the Bankruptcy
      and Insolvency Act
      (Canada), and the failure by Canco to contest in good faith any such proceedings
      commenced in respect of Canco within 30 days of becoming aware thereof, or
      the
      consent by Canco to the filing of any such petition or to the appointment of
      a
      receiver, or (iii) the making by Canco of a general assignment for the benefit
      of creditors, or the admission in writing by Canco of its inability to pay
      its
      debts generally as they become due, or (iv) Canco not being permitted, pursuant
      to solvency requirements of applicable law, to redeem any Retracted Shares
      pursuant to Section 6.6 of the Exchangeable Share Provisions;

     

    "Liquidation
      Call Right"
      has the
      meaning ascribed thereto in the Exchangeable Share Provisions;

     

    "Liquidation
      Event"
      has the
      meaning ascribed thereto in Section 5.12(b);

     

    "Liquidation
      Event Effective Time"
      has the
      meaning ascribed thereto in Section 5.12(c);

     

    "List"
      has the
      meaning ascribed thereto in Section 4.6;

     

    "Officer's
      Certificate"
      means,
      with respect to Acquirer or Canco, as the case may be, a certificate signed
      by
      any one of the authorized signatories of Acquirer or Canco, as the case may
      be;

     

    "Person"
      includes any individual, firm, partnership, joint venture, venture capital
      fund,
      limited liability company, unlimited liability company, association, trust,
      trustee, executor, administrator, legal personal representative, estate, group,
      body corporate, corporation, unincorporated association or organization,
      government body, syndicate or other entity, whether or not having legal
      status;

     

    
      
        
        

      

      
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    "Redemption
      Call Right"
      has the
      meaning ascribed thereto in the Exchangeable Share Provisions;

     

    "Redemption
      Date"
      has the
      meaning ascribed thereto in the Exchangeable Share Provisions;

     

    "Reorganization"
      means
      the reorganization of Canco's share capital contemplated by the Reorganization
      Agreement;

     

    "Reorganization
      Agreement"
      means
      the reorganization agreement made as of June 9, 2006 between Acquirer and Canco,
      as amended, supplemented and/or restated in accordance therewith prior to the
      date hereof, providing for, among other things, the Reorganization;

     

    "Retracted
      Shares"
      has the
      meaning ascribed thereto in Section 5.7;

     

    "Retraction
      Call Right"
      has the
      meaning ascribed thereto in the Exchangeable Share Provisions;

     

    "Support
      Agreement"
      means
      that certain support agreement made as of even date herewith between Canco,
      Callco and Acquirer substantially in the form and content of Schedule F to
      the
      Reorganization Agreement, with such changes thereto as the parties to the
      Reorganization Agreement, acting reasonably, may agree;

     

    "Trust"
      means
      the trust created by this Agreement;

     

    "Trust
      Estate"
      means
      the Acquirer Special Voting Share, any other securities, the Exchange Right,
      the
      Automatic Exchange Rights and any money or other property which may be held
      by
      the Trustee from time to time pursuant to this Agreement; and

     

    "Voting
      Rights"
      means
      the voting rights of the Acquirer Special Voting Share held by the
      Trustee.

     

    Section 1.2 Interpretation
      Not Affected By Headings, Etc.

     

    The
      division of this Agreement into articles, sections and other portions and the
      insertion of headings are for convenience of reference only and should not
      affect the construction or interpretation hereof. Unless otherwise indicated,
      all references to an "Article" or "Section" followed by a number refer to the
      specified Article or Section of this Agreement. The terms "this Agreement,"
      "hereof", "herein" and "hereunder" and similar expressions refer to this
      Agreement and not to any particular Article, Section or other portion
      hereof.

     

    Section 1.3 Rules
      of Construction

     

    Unless
      otherwise specifically indicated or the context otherwise requires, (a) all
      references to "dollars" or "$" mean United States dollars, (b) words importing
      the singular shall include the plural and vice versa and words importing any
      gender shall include all genders, and (c) "include," "includes" and "including"
      shall be deemed to be followed by the words "without limitation."

     

    
      
        
        

      

      
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    Section 1.4 Date
      for Any Action

     

    In
      the
      event that any date on which any action is required to be taken hereunder by
      any
      of the parties hereto is not a Business Day, such action shall be required
      to be
      taken on the next succeeding day that is a Business Day.

     

    Section 1.5 Payments

     

    All
      payments to be made hereunder will be made without interest and less any tax
      required by Canadian law to be deducted or withheld.

     

     

    ARTICLE 2

    PURPOSE
      OF AGREEMENT

     

    Section 2.1 Establishment
      of Trust

     

    The
      purpose of this Agreement is to create the Trust for the benefit of the
      Beneficiaries and Acquirer, as herein provided. The Trustee will hold the
      Acquirer Special Voting Share in order to enable the Trustee to exercise the
      Voting Rights and will hold the Exchange Right and the Automatic Exchange Rights
      in order to enable the Trustee to exercise such rights, in each case as trustee
      for and on behalf of the Beneficiaries as provided in this Agreement. The
      Trustee will hold the Acquirer Special Voting Share for and on behalf of
      Acquirer for all other rights associated with such Acquirer Special Voting
      Share
      other than the Voting Rights.

     

     

    ARTICLE 3

    ACQUIRER
      Special Voting SHARE

     

    Section 3.1 Issue
      and Ownership of the Acquirer Special Voting Share

     

    Acquirer
      hereby agrees to issue to, and deposit with, the Trustee the Acquirer Special
      Voting Share to be hereafter held of record by the Trustee as trustee for and
      on
      behalf of, and for the use and benefit of, the Beneficiaries and in accordance
      with the provisions of this Agreement. Acquirer hereby acknowledges receipt
      from
      the Trustee as trustee for and on behalf of the Beneficiaries of good and
      valuable consideration (and the adequacy thereof) for the issuance of the
      Acquirer Special Voting Share by Acquirer to the Trustee. During the term of
      the
      Trust and subject to the terms and conditions of this Agreement, the Trustee
      shall possess and be vested with full legal ownership of such Acquirer Special
      Voting Share and shall be entitled to exercise all of the rights and powers
      of
      an owner with respect to such Acquirer Special Voting Share provided that the
      Trustee shall:

     

    
      	 	
              (a)

            	
              hold
                such Acquirer Special Voting Share and the legal title thereto as
                trustee
                solely for the use and benefit of the Beneficiaries in accordance
                with the
                provisions of this Agreement; and

            

    

     

    
      
        
        

      

      
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              (b)

            	
              except
                as specifically authorized by this Agreement, have no power or authority
                to sell, transfer, vote or otherwise deal in or with such Acquirer
                Special
                Voting Share and such Acquirer Special Voting Share shall not be
                used or
                disposed of by the Trustee for any purpose other than the purposes
                for
                which this Trust is created pursuant to this
                Agreement.

            

    

     

    Section 3.2 Legended
      Share Certificates

     

    Canco
      will cause each certificate representing Exchangeable Shares to bear an
      appropriate legend notifying the Beneficiaries of their right to instruct the
      Trustee with respect to the exercise of the portion of the Voting Rights in
      respect of the Exchangeable Shares held by the Beneficiaries.

     

    Section 3.3 Safe
      Keeping of Certificate

     

    The
      physical certificate representing the Acquirer Special Voting Share shall at
      all
      times be held in safe keeping by the Trustee or its duly authorized
      agent.

     

     

    ARTICLE 4

    EXERCISE
      OF VOTING RIGHTS

     

    Section 4.1 Voting
      Rights

     

    The
      Trustee, as the holder of record of the Acquirer Special Voting Share forming
      part of the Trust Estate, shall be entitled to all of the Voting Rights,
      including the right to vote in person or by proxy the Acquirer Special Voting
      Share held by the Trustee on any matter, question, proposal or proposition
      whatsoever that may properly come before the shareholders of Acquirer at an
      Acquirer Meeting or in connection with an Acquirer Consent. The Voting Rights
      shall be and remain vested in and exercised by the Trustee. Subject to
Section 6.15
      hereof:

     

    
      	 	
              (a)

            	
              the
                Trustee shall exercise the Voting Rights only on the basis of instructions
                received pursuant to this Article 4
                from Beneficiaries entitled to instruct the Trustee as to the voting
                thereof at the time at which the Acquirer Meeting is held or an Acquirer
                Consent is sought; and 

            

    

     

    
      	 	
              (b)

            	
              to
                the extent that no instructions are received from a Beneficiary with
                respect to the Voting Rights to which such Beneficiary is entitled,
                the
                Trustee shall not exercise or permit the exercise of such Voting
                Rights.

            

    

     

    Section 4.2 Number
      of Votes

     

    With
      respect to all meetings of shareholders of Acquirer at which holders of Acquirer
      Shares are entitled to vote (each, an "Acquirer
      Meeting")
      and
      with respect to all written consents sought from Acquirer's shareholders,
      including the holders of Acquirer Shares (each, an "Acquirer
      Consent"),
      each
      Beneficiary shall be entitled to instruct the Trustee to cast and exercise,
      in
      the manner instructed, a number of votes equal to the Equivalent Vote Amount
      for
      each Exchangeable Share owned of record by such Beneficiary on the record date
      established by Acquirer or by applicable law for such Acquirer Meeting or
      Acquirer Consent, as the case may be (collectively, the "Beneficiary
      Votes"),
      in
      respect of each matter, question, proposal or proposition to be voted on at
      such
      Acquirer Meeting or consented to in connection with such Acquirer
      Consent.

     

    
      
        
        

      

      
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    Any
      Beneficiary who chooses to attend an Acquirer Meeting in person will be entitled
      to one vote on a show of hands.

     

    Section 4.3 Mailings
      to Shareholders

     

    With
      respect to each Acquirer Meeting and Acquirer Consent, the Trustee will use
      its
      reasonable efforts promptly to mail or cause to be mailed (or otherwise
      communicate in the same manner as Acquirer utilizes in communications to holders
      of Acquirer Shares subject to applicable regulatory requirements and provided
      such manner of communications is reasonably available to the Trustee) to each
      of
      the Beneficiaries named in the List, such mailing or communication to commence
      on the same day as the mailing or notice (or other communication) with respect
      thereto is commenced by Acquirer to its shareholders:

     

    
      	 	
              (a)

            	
              a
                copy of such notice, together with any related materials, including
                any
                proxy or information statement, to be provided to shareholders of
                Acquirer;

            

    

     

    
      	 	
              (b)

            	
              a
                statement that such Beneficiary is entitled to instruct the Trustee
                as to
                the exercise of the Beneficiary Votes with respect to such Acquirer
                Meeting or Acquirer Consent or, pursuant to Section 4.7,
                to attend such Acquirer Meeting and to exercise personally thereat
                the
                Beneficiary Votes of such
                Beneficiary;

            

    

     

    
      	 	
              (c)

            	
              a
                statement as to the manner in which such instructions may be given
                to the
                Trustee, including an express indication that instructions may be
                given to
                the Trustee to give:

            

    

     

    
      	 	
              (i)

            	
              a
                proxy to such Beneficiary or its designee to exercise personally
                the
                Beneficiary Votes; or

            

    

     

    
      	 	
              (ii)

            	
              a
                proxy to a designated agent or other representative of the management
                of
                Acquirer to exercise such Beneficiary
                Votes;

            

    

     

    
      	 	
              (d)

            	
              a
                statement that if no such instructions are received from the Beneficiary,
                the Beneficiary Votes to which such Beneficiary is entitled will
                not be
                exercised;

            

    

     

    
      	 	
              (e)

            	
              a
                form of direction whereby the Beneficiary may so direct and instruct
                the
                Trustee as contemplated herein; and 

            

    

     

    
      	 	
              (f)

            	
              a
                statement of the time and date by which such instructions must be
                received
                by the Trustee in order to be binding upon it, which in the case
                of a
                Acquirer Meeting shall not be earlier than the close of business
                on the
                second Business Day prior to such meeting, and of the method for
                revoking
                or amending such instructions.

            

    

     

    
      
        
        

      

      
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    For
      the
      purpose of determining Beneficiary Votes to which a Beneficiary is entitled
      in
      respect of any Acquirer Meeting or Acquirer Consent, the number of Exchangeable
      Shares owned of record by the Beneficiary shall be determined at the close
      of
      business on the record date established by Acquirer or by applicable law for
      purposes of determining shareholders entitled to vote at such Acquirer Meeting
      or to give written consent in connection with such Acquirer Consent. Acquirer
      will notify the Trustee of any decision of the Board of Directors of Acquirer
      with respect to the calling of any Acquirer Meeting or the seeking of any
      Acquirer Consent and shall provide all necessary information and materials
      to
      the Trustee in each case promptly and in any event in sufficient time to enable
      the Trustee to perform its obligations contemplated by this Section 4.3.

     

    The
      materials referred to in this Section 4.3
      are to
      be provided to the Trustee by Acquirer and the materials referred to in
Section 4.3(c),
      Section 4.3(e)
      and
Section 4.3(f)
      shall be
      subject to reasonable comment by the Trustee in a timely manner. Acquirer shall
      ensure that the materials to be provided to the Trustee are provided in
      sufficient time to permit the Trustee to comment as aforesaid and to send all
      materials to each Beneficiary at the same time as such materials are first
      sent
      to holders of Acquirer Shares. Acquirer agrees not to communicate with holders
      of Acquirer Shares with respect to the materials referred to in this
Section 4.3
      otherwise than by mail unless such method of communication is also reasonably
      available to the Trustee for communication with the Beneficiaries.
      Notwithstanding the foregoing, Acquirer may at its option exercise the duties
      of
      the Trustee to deliver copies of all materials to each Beneficiary as required
      by this Section 4.3
      so long
      as in each case Acquirer delivers a certificate to the Trustee stating that
      Acquirer has undertaken to perform the obligations set forth in this
Section 4.3.

     

    Section 4.4 Copies
      of Shareholder Information

     

    Acquirer
      will deliver to the Trustee copies of all proxy materials (including notices
      of
      Acquirer Meetings but excluding proxies to vote Acquirer Shares), information
      statements, reports (including all interim and annual financial statements)
      and
      other written communications that, in each case, are to be distributed from
      time
      to time to holders of Acquirer Shares in sufficient quantities and in sufficient
      time so as to enable the Trustee to send those materials to each Beneficiary,
      to
      the extent possible, at the same time as such materials are first sent to
      holders of Acquirer Shares. The Trustee will mail or otherwise send to each
      Beneficiary, at the expense of Acquirer, copies of all such materials (and
      all
      materials specifically directed to the Beneficiaries or to the Trustee for
      the
      benefit of the Beneficiaries by Acquirer) received by the Trustee from Acquirer,
      to the extent possible, at the same time as such materials are sent to holders
      of Acquirer Shares. The Trustee will make copies of all such materials available
      for inspection by any Beneficiary at the Trustee's principal office in
Calgary,
      Alberta.
      Notwithstanding the foregoing, Acquirer at its option may exercise the duties
      of
      the Trustee to deliver copies of all materials to each Beneficiary as required
      by this Section 4.4
      so long
      as in each case Acquirer delivers a certificate to the Trustee stating that
      Acquirer has undertaken to perform the obligations set forth in this
Section 4.4.

     

    
      
        
        

      

      
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    Section 4.5 Other
      Materials

     

    As
      soon
      as reasonably practicable after receipt by Acquirer or holders of Acquirer
      Shares (if such receipt is known by Acquirer) of any material sent or given
      by
      or on behalf of a third party to holders of Acquirer Shares generally, including
      dissident proxy and information circulars (and related information and material)
      and tender and exchange offer circulars (and related information and material),
      Acquirer shall use its reasonable best efforts to obtain and deliver to the
      Trustee copies thereof in sufficient quantities so as to enable the Trustee
      to
      forward such material (unless the same has been provided directly to
      Beneficiaries by such third party) to each Beneficiary as soon as possible
      thereafter. As soon as reasonably practicable after receipt thereof, the Trustee
      will mail or otherwise send to each Beneficiary, at the expense of Acquirer,
      copies of all such materials received by the Trustee from Acquirer. The Trustee
      will also make available for inspection by any Beneficiary at the Trustee's
      principal office in Calgary, Alberta, copies of all such materials.
      Notwithstanding the foregoing, Acquirer at its option may exercise the duties
      of
      the Trustee to deliver copies of all such materials to each Beneficiary as
      required by this Section 4.5
      so long
      as in each case Acquirer delivers a certificate to the Trustee stating that
      Acquirer has undertaken to perform the obligations set forth in this
Section 4.5.

     

    Section 4.6 List
      of Persons Entitled to Vote

     

    Canco
      shall, (a) prior to each annual and special Acquirer Meeting or the seeking
      of
      any Acquirer Consent and (b) forthwith upon each request made at any time by
      the
      Trustee in writing, prepare or cause to be prepared a list (a "List")
      of the
      names and addresses of the Beneficiaries arranged in alphabetical order and
      showing the number of Exchangeable Shares held of record by each such
      Beneficiary, in each case at the close of business on the date specified by
      the
      Trustee in such request or, in the case of a List prepared in connection with
      an
      Acquirer Meeting or an Acquirer Consent, at the close of business on the record
      date established by Acquirer or pursuant to applicable law for determining
      the
      holders of Acquirer Shares entitled to receive notice of and/or to vote at
      such
      Acquirer Meeting or to give consent in connection with such Acquirer Consent.
      Each such List shall be delivered to the Trustee promptly after receipt by
      Canco
      of such request or the record date for such meeting or seeking of consent,
      as
      the case may be, and in any event within sufficient time as to permit the
      Trustee to perform its obligations under this Agreement. Acquirer agrees to
      give
      Canco notice (with a copy to the Trustee) of the calling of any Acquirer Meeting
      or the seeking of any Acquirer Consent by Acquirer or its management, together
      with the record dates therefor, sufficiently prior to the date of the calling
      of
      such meeting or seeking of such consent so as to enable Canco to perform its
      obligations under this Section 4.6.

     

    Section 4.7 Entitlement
      to Direct Votes

     

    Any
      Beneficiary named in a List prepared in connection with any Acquirer Meeting
      or
      Acquirer Consent will be entitled (a) to instruct the Trustee in the manner
      described in Section 4.2 with respect to the exercise of the Beneficiary Votes
      to which such Beneficiary is entitled or (b) to attend such meeting and
      personally exercise thereat (or to personally exercise with respect to any
      Acquirer Consent), as the proxy of the Trustee, the Beneficiary Votes to which
      such Beneficiary is entitled.

     

    
      
        
        

      

      
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    Section 4.8 Voting
      by Trustee and Attendance of Trustee Representative at
      Meeting

     

    
      	 	
              (a)

            	
              In
                connection with each Acquirer Meeting and Acquirer Consent, the Trustee
                shall exercise, either in person or by proxy, in accordance with
                the
                instructions received from a Beneficiary pursuant to Section 4.2,
                the
                Beneficiary Votes as to which such Beneficiary is entitled to direct
                the
                vote (or any lesser number thereof as may be set forth in the
                instructions); provided, however, that such written instructions
                are
                received by the Trustee from the Beneficiary prior to the time and
                date
                fixed by the Trustee for receipt of such instruction in the notice
                given
                by the Trustee to the Beneficiary pursuant to Section 4.3.

            

    

     

    
      	 	
              (b)

            	
              The
                Trustee shall cause a representative who is empowered by it to sign
                and
                deliver, on behalf of the Trustee, proxies for Voting Rights to attend
                each Acquirer Meeting. Upon submission by a Beneficiary (or its designee)
                of identification satisfactory to the Trustee's representative, and
                at the
                Beneficiary's request, such representative shall sign and deliver
                to such
                Beneficiary (or its designee) a proxy to exercise personally the
                Beneficiary Votes as to which such Beneficiary is otherwise entitled
                hereunder to direct the vote, if such Beneficiary either (i) has
                not
                previously given the Trustee instructions pursuant to Section 4.2
                in
                respect of such meeting or (ii) submits to such representative written
                revocation of any such previous instructions. At such meeting, upon
                receipt of a proxy from the Trustee's representative, the Beneficiary
                exercising such Beneficiary Votes shall have the same rights as the
                Trustee to speak at the meeting in respect of any matter, question,
                proposal or proposition, to vote by way of ballot at the meeting
                in
                respect of any matter, question, proposal or proposition, and to
                vote at
                such meeting by way of a show of hands in respect of any matter,
                question
                or proposition.

            

    

     

    Section 4.9 Distribution
      of Written Materials

     

    Any
      written materials distributed by or on behalf of the Trustee pursuant to this
      Agreement shall be sent by mail (or otherwise communicated in the same manner
      as
      Acquirer utilizes in communications to holders of Acquirer Shares, subject
      to
      applicable regulatory requirements and provided such manner of communications
      is
      reasonably available to the Trustee) to each Beneficiary at its address as
      shown
      on the books of Canco. Acquirer agrees not to communicate with holders of
      Acquirer Shares with respect to such written material otherwise than by mail
      unless such method of communication is also reasonably available to the Trustee
      for communication with the Beneficiaries. Canco shall provide or cause to be
      provided to the Trustee for purposes of communication, on a timely basis and
      without charge or other expense:

     

    
      
        
        

      

      
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              (a)

            	
              a
                current List; and

            

    

     

    
      	 	
              (b)

            	
              upon
                the request of the Trustee, mailing labels to enable the Trustee
                to carry
                out its duties under this
                Agreement.

            

    

     

    Canco's
      obligations under this Section 4.9
      shall be
      deemed satisfied to the extent Acquirer exercises its option to perform the
      duties of the Trustee to deliver copies of materials to each Beneficiary and
      Canco provides the required information and materials to Acquirer.

     

    Section 4.10 Termination
      of Voting Rights

     

    Except
      as
      otherwise provided herein or in the Exchangeable Share Provisions, all of the
      rights of a Beneficiary with respect to the Beneficiary Votes exercisable in
      respect of the Exchangeable Shares held by such Beneficiary, including the
      right
      to instruct the Trustee as to the voting of or to vote personally such
      Beneficiary Votes, shall be deemed to be surrendered by the Beneficiary to
      Acquirer or Callco, as the case may be, and such Beneficiary Votes and the
      Voting Rights represented thereby shall cease and be terminated immediately,
      upon the delivery by such Beneficiary to the Trustee of the certificates
      representing such Exchangeable Shares in connection with the exercise by the
      Beneficiary of the Exchange Right or upon the occurrence of the automatic
      exchange of Exchangeable Shares for Acquirer Shares, as specified in
Article 5
      (unless,
      in either case, Acquirer shall not have delivered the Exchangeable Share
      Consideration deliverable in exchange therefor to the Trustee for delivery
      to
      the Beneficiaries), or upon the redemption of Exchangeable Shares pursuant
      to
      Article 6 or Article 7 of the Exchangeable Share Provisions, or upon the
      effective date of the liquidation, dissolution or winding-up of Canco pursuant
      to Article 5 of the Exchangeable Share Provisions, or upon the purchase of
      Exchangeable Shares from the holder thereof by Callco pursuant to the exercise
      by Callco of the Retraction Call Right, the Redemption Call Right or the
      Liquidation Call Right, or upon the purchase of Exchangeable Shares from the
      holders thereof by Acquirer or Callco pursuant to the exercise by Acquirer
      or
      Callco of the Change of Law Call Right.

     

     

    ARTICLE 5

    EXCHANGE
      RIGHT AND AUTOMATIC EXCHANGE

     

    Section 5.1 Grant
      and Ownership of the Exchange Right

     

    Acquirer
      hereby grants to the Trustee as trustee for and on behalf of, and for the use
      and benefit of, the Beneficiaries the right (the "Exchange
      Right"),
      upon
      the occurrence and during the continuance of an Insolvency Event, to require
      Acquirer to purchase from each or any Beneficiary all or any part of the
      Exchangeable Shares held by such Beneficiary and the Automatic Exchange Rights,
      all in accordance with the provisions of this Agreement. Acquirer hereby
      acknowledges receipt from the Trustee as trustee for and on behalf of the
      Beneficiaries of good and valuable consideration (and the adequacy thereof)
      for
      the grant of the Exchange Right and the Automatic Exchange Rights by Acquirer
      to
      the Trustee. During the term of the Trust and subject to the terms and
      conditions of this Agreement, the Trustee shall possess and be vested with
      full
      legal ownership of the Exchange Right and the Automatic Exchange Rights and
      shall be entitled to exercise all of the rights and powers of an owner with
      respect to the Exchange Right and the Automatic Exchange Rights, provided that
      the Trustee shall:

     

    
      
        
        

      

      
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              (a)

            	
              hold
                the Exchange Right and the Automatic Exchange Rights and the legal
                title
                thereto as trustee solely for the use and benefit of the Beneficiaries
                in
                accordance with the provisions of this Agreement;
                and

            

    

     

    
      	 	
              (b)

            	
              except
                as specifically authorized by this Agreement, have no power or authority
                to exercise or otherwise deal in or with the Exchange Right or the
                Automatic Exchange Rights, and the Trustee shall not exercise any
                such
                rights for any purpose other than the purposes for which the Trust
                is
                created pursuant to this Agreement.

            

    

     

    Section 5.2 Legended
      Share Certificates

     

    Canco
      will cause each certificate representing Exchangeable Shares to bear an
      appropriate legend notifying the Beneficiaries of:

     

    
      	 	
              (a)

            	
              their
                right to instruct the Trustee with respect to the exercise of the
                Exchange
                Right in respect of the Exchangeable Shares held by a Beneficiary;
                and

            

    

     

    
      	 	
              (b)

            	
              the
                Automatic Exchange Rights.

            

    

     

    Section 5.3 General
      Exercise of Exchange Right

     

    The
      Exchange Right shall be and remain vested in and exercisable by the Trustee.
      Subject to Section 6.15,
      the
      Trustee shall exercise the Exchange Right only on the basis of instructions
      received pursuant to this Article 5 from Beneficiaries entitled to instruct
      the
      Trustee as to the exercise thereof. To the extent that no instructions are
      received from a Beneficiary with respect to the Exchange Right, the Trustee
      shall not exercise or permit the exercise of the Exchange Right.

     

    Section 5.4 Purchase
      Price

     

    The
      purchase price payable by Acquirer for each Exchangeable Share to be purchased
      by Acquirer under the Exchange Right shall be an amount per share equal to
      the
      Exchangeable Share Price on the last Business Day prior to the day of closing
      of
      the purchase and sale of such Exchangeable Share under the Exchange Right.
      In
      connection with each exercise of the Exchange Right, Acquirer shall provide
      to
      the Trustee an Officer's Certificate setting forth the calculation of the
      Exchangeable Share Price for each Exchangeable Share. The Exchangeable Share
      Price for each such Exchangeable Share so purchased may be satisfied only by
      Acquirer delivering or causing to be delivered to the Trustee, on behalf of
      the
      relevant Beneficiary, the Exchangeable Share Consideration representing the
      total Exchangeable Share Price. Upon payment by Acquirer of such purchase price
      to the Trustee for the benefit of the Beneficiary, the relevant Beneficiary
      shall cease to have any right to be paid any amount in respect of declared
      and
      unpaid dividends on each such Exchangeable Share by Canco.

     

    
      
        
        

      

      
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    Section 5.5 Exercise
      Instructions

     

    Subject
      to the terms and conditions herein set forth, a Beneficiary shall be entitled,
      upon the occurrence and during the continuance of an Insolvency Event, to
      instruct the Trustee to exercise the Exchange Right with respect to all or
      any
      part of the Exchangeable Shares registered in the name of such Beneficiary
      on
      the books of Canco. To cause the exercise of the Exchange Right by the Trustee,
      the Beneficiary shall deliver to the Trustee, in person or by certified or
      registered mail, at its principal office in Calgary, Alberta or at such other
      places in Canada as the Trustee may from time to time designate by written
      notice to the Beneficiaries, the certificates representing the Exchangeable
      Shares which such Beneficiary desires Acquirer to purchase, duly endorsed in
      blank for transfer, and accompanied by such other documents and instruments
      as
      may be required to effect a transfer of Exchangeable Shares under the Act and
      the by-laws of Canco and such additional documents and instruments as the
      Trustee, Canco and Acquirer may reasonably require together with (a) a duly
      completed form of notice of exercise of the Exchange Right, contained on the
      reverse of or attached to the Exchangeable Share certificates, stating (i)
      that
      the Beneficiary thereby instructs the Trustee to exercise the Exchange Right
      so
      as to require Acquirer to purchase from the Beneficiary the number of
      Exchangeable Shares specified therein, (ii) that such Beneficiary has good
      title
      to and owns all such Exchangeable Shares to be acquired by Acquirer free and
      clear of all liens, claims, security interests and encumbrances, (iii) the
      names
      in which the certificates representing Acquirer Shares issuable in connection
      with the exercise of the Exchange Right are to be issued and (iv) the names
      and
      addresses of the persons to whom such new certificates should be delivered,
      and
      (b) payment (or evidence satisfactory to the Trustee, Canco and Acquirer of
      payment) of the taxes (if any) payable as contemplated by Section 5.8
      of this
      Agreement. If only a part of the Exchangeable Shares represented by any
      certificate or certificates delivered to the Trustee are to be purchased by
      Acquirer under the Exchange Right, a new certificate for the balance of such
      Exchangeable Shares shall be issued to the holder at the expense of
      Canco.

     

    
      
        
        

      

      
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    Section 5.6 Delivery
      of Acquirer Shares; Effect of Exercise

     

    Promptly
      after the receipt by the Trustee of the certificates representing the
      Exchangeable Shares which the Beneficiary desires Acquirer to purchase under
      the
      Exchange Right, together with such documents and instruments of transfer and
      a
      duly completed form of notice of exercise of the Exchange Right (and payment
      of
      taxes, if any payable as contemplated by Section 5.8
      or
      evidence thereof), duly endorsed for transfer to Acquirer, the Trustee shall
      notify Acquirer and Canco of its receipt of the same, which notice to Acquirer
      and Canco shall constitute exercise of the Exchange Right by the Trustee on
      behalf of the Beneficiary in respect of such Exchangeable Shares, and Acquirer
      shall promptly thereafter deliver or cause to be delivered to the Trustee,
      for
      delivery to the Beneficiary in respect of such Exchangeable Shares (or to such
      other persons, if any, properly designated by such Beneficiary) the Exchangeable
      Share Consideration deliverable in connection with the exercise of the Exchange
      Right; provided, however, that no such delivery shall be made unless and until
      the Beneficiary requesting the same shall have paid (or provided evidence
      satisfactory to the Trustee, Canco and Acquirer of the payment of) the taxes
      (if
      any) payable as contemplated by Section 5.8 of this Agreement. Immediately
      upon
      the giving of notice by the Trustee to Acquirer and Canco of the exercise of
      the
      Exchange Right, as provided in this Section 5.6, the closing of the transaction
      of purchase and sale contemplated by the Exchange Right shall be deemed to
      have
      occurred, and the Beneficiary of such Exchangeable Shares shall be deemed to
      have transferred to Acquirer all of such Beneficiary's right, title and interest
      in and to such Exchangeable Shares and in the related interest in the Trust
      Estate and shall cease to be a holder of such Exchangeable Shares and shall
      not
      be entitled to exercise any of the rights of a holder in respect thereof, other
      than the right to receive his proportionate part of the total purchase price
      therefor, unless such Exchangeable Share Consideration is not delivered by
      Acquirer to the Trustee for delivery to such Beneficiary (or to such other
      person, if any, properly designated by such Beneficiary) within five Business
      Days of the date of the giving of such notice by the Trustee, in which case
      the
      rights of the Beneficiary shall remain unaffected until such Exchangeable Share
      Consideration is delivered by Acquirer and any cheque included therein is paid.
      Upon delivery of such Exchangeable Share Consideration by Acquirer to the
      Trustee, the Trustee shall deliver such Exchangeable Share Consideration to
      such
      Beneficiary (or to such other person, if any, properly designated by such
      Beneficiary). Concurrently with such Beneficiary ceasing to be a holder of
      Exchangeable Shares, the Beneficiary shall be considered and deemed for all
      purposes to be the holder of the Acquirer Shares delivered to it pursuant to
      the
      Exchange Right.

     

    Section 5.7 Exercise
      of Exchange Right Subsequent to Retraction

     

    In
      the
      event that a Beneficiary has exercised its right under Article 6 of the
      Exchangeable Share Provisions to require Canco to redeem any or all of the
      Exchangeable Shares held by the Beneficiary (the "Retracted
      Shares")
      and is
      notified by Canco pursuant to Section 6.6 of the Exchangeable Share Provisions
      that Canco will not be permitted as a result of solvency requirements of
      applicable law to redeem all such Retracted Shares, and provided that Callco
      shall not have exercised the Retraction Call Right with respect to the Retracted
      Shares and that the Beneficiary has not revoked the retraction request delivered
      by the Beneficiary to Canco pursuant to Section 6.7 of the Exchangeable Share
      Provisions, and provided further that the Trustee has received written notice
      of
      same from Canco or Acquirer, the retraction request will constitute and will
      be
      deemed to constitute notice from the Beneficiary to the Trustee instructing
      the
      Trustee to exercise the Exchange Right with respect to those Retracted Shares
      that Canco is unable to redeem. In any such event, Canco hereby agrees with
      the
      Trustee and in favour of the Beneficiary promptly to forward or cause to be
      forwarded to the Trustee all relevant materials delivered by the Beneficiary
      to
      Canco or to the transfer agent of the Exchangeable Shares (including a copy
      of
      the retraction request delivered pursuant to Section 6.7 of the Exchangeable
      Share Provisions) in connection with such proposed redemption of the Retracted
      Shares and the Trustee will thereupon exercise the Exchange Right with respect
      to the Retracted Shares that Canco is not permitted to redeem and will require
      Acquirer to purchase such shares in accordance with the provisions of this
      Article 5.

     

    
      
        
        

      

      
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    Section 5.8 Stamp
      or Other Transfer Taxes

     

    Upon
      any
      sale of Exchangeable Shares to Acquirer pursuant to the Exchange Right or the
      Automatic Exchange Rights, the share certificate or certificates representing
      Acquirer Shares to be delivered in connection with the payment of the purchase
      price therefor shall be issued in the name of the Beneficiary in respect of
      the
      Exchangeable Shares so sold or in such names as such Beneficiary may otherwise
      direct in writing without charge to the holder of the Exchangeable Shares so
      sold; provided, however, that such Beneficiary (a) shall pay (and none of
      Acquirer, Canco or the Trustee shall be required to pay) any documentary, stamp,
      transfer or other taxes that may be payable in respect of any transfer involved
      in the issuance or delivery of such shares to a person other than such
      Beneficiary or evidenced to the satisfaction of the such taxes, if any, have
      been paid.

     

    Section 5.9 Notice
      of Insolvency Event

     

    As
      soon
      as practicable following the occurrence of an Insolvency Event or any event
      that
      with the giving of notice or the passage of time or both would be an Insolvency
      Event, Canco and Acquirer shall give written notice thereof to the Trustee.
      As
      soon as practicable following the receipt of notice from Canco and Acquirer
      of
      the occurrence of an Insolvency Event, or upon the Trustee becoming aware of
      an
      Insolvency Event, the Trustee will mail to each Beneficiary, at the expense
      of
      Acquirer (such funds to be received in advance), a notice of such Insolvency
      Event in the form provided by Acquirer, which notice shall contain a brief
      statement of the rights of the Beneficiaries with respect to the Exchange
      Right.

     

    Section 5.10 Qualification
      of Acquirer Shares

     

    Acquirer
      covenants that if any Acquirer Shares issuable pursuant to the Exchange Right
      or
      the Automatic Exchange Rights require registration or qualification with or
      approval of or the filing of any document, including any registration statement,
      prospectus or similar document, or the taking of any proceeding with or the
      obtaining of any order, ruling or consent from any governmental or regulatory
      authority under any Canadian or United States federal, provincial, territorial
      or state law or regulation or pursuant to the rules and regulations of any
      regulatory authority or stock exchange or the fulfilment of any other Canadian
      or United States federal, provincial, territorial or state legal requirement
      before such shares may be issued and delivered by Acquirer to the initial holder
      thereof or in order that such shares may be freely traded thereafter (other
      than
      any restrictions of general application on transfer by reason of a holder being
      a "control person" of Acquirer for purposes of Canadian provincial securities
      law or an "affiliate" of Acquirer for purposes of United States federal or
      state
      securities law), Acquirer will in good faith use its reasonable best efforts
      to
      take all such actions and do all such things as are necessary or desirable
      to
      cause such Acquirer Shares to be and remain duly registered, qualified or
      approved under United States and/or Canadian law, as the case may be, to the
      extent provided in the Reorganization Agreement. Acquirer will use its
      reasonable best efforts and in good faith expeditiously take all such actions
      and do all such things as are reasonably necessary or desirable to cause all
      Acquirer Shares to be delivered pursuant to the Exchange Right or the Automatic
      Exchange Rights to be listed, quoted or posted for trading on all stock
      exchanges and quotation systems on which outstanding Acquirer Shares are listed,
      quoted or posted for trading at such time.

     

    
      
        
        

      

      
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    Section 5.11 Acquirer
      Shares

     

    Acquirer
      hereby represents, warrants and covenants that the Acquirer Shares issuable
      to
      Beneficiaries as described herein will be duly authorized and validly issued,
      fully paid and non-assessable and shall be free and clear of any lien, claim
      or
      encumbrance.

     

    Section 5.12 Automatic
      Exchange on Liquidation of Acquirer

     

    
      	 	
              (a)

            	
              Acquirer
                will give the Trustee written notice of each of the following events
                at
                the time set forth below:

            

    

     

    
      	 	
              (i)

            	
              in
                the event of any determination by the Board of Directors of Acquirer
                to
                institute voluntary liquidation, dissolution or winding-up proceedings
                with respect to Acquirer or to effect any other distribution of assets
                of
                Acquirer among its shareholders for the purpose of winding up its
                affairs,
                at least 60 days prior to the proposed effective date of such liquidation,
                dissolution, winding-up or other distribution;
                and

            

    

     

    
      	 	
              (ii)

            	
              promptly
                following the earlier of (A) receipt by Acquirer of notice of, and
                (B)
                Acquirer otherwise becoming aware of, any threatened or instituted
                claim,
                suit, petition or other proceedings with respect to the involuntary
                liquidation, dissolution or winding-up of Acquirer or to effect any
                other
                distribution of assets of Acquirer among its shareholders for the
                purpose
                of winding up its affairs, in each case where Acquirer has failed
                to
                contest in good faith any such proceeding commenced in respect of
                Acquirer
                within 30 days of becoming aware
                thereof.

            

    

     

    
      	 	
              (b)

            	
              Promptly
                following receipt by the Trustee from Acquirer of notice of any event
                (a
                "Liquidation
                Event")
                contemplated by Section 5.12(a)
                above, the Trustee will give notice thereof to the Beneficiaries.
                Such
                notice shall be provided to the Trustee by Acquirer and shall include
                a
                brief description of rights of the Beneficiaries with respect to
                the
                Automatic Exchange Rights provided for in Section 5.12(c).

            

    

     

    
      	 	
              (c)

            	
              In
                order that the Beneficiaries will be able to participate on a pro
                rata
                basis with the holders of Acquirer Shares in the distribution of
                assets of
                Acquirer in connection with a Liquidation Event, immediately prior
                to the
                effective time (the "Liquidation
                Event Effective Time")
                of a Liquidation Event all of the then outstanding Exchangeable Shares
                shall be automatically exchanged for Acquirer Shares. To effect such
                automatic exchange, Acquirer shall purchase each Exchangeable Share
                outstanding immediately prior to the Liquidation Event Effective
                Time and
                held by Beneficiaries, and each Beneficiary shall sell the Exchangeable
                Shares held by such Beneficiary at such time, for a purchase price
                per
                share equal to the Exchangeable Share Price applicable at that time.
                Acquirer shall provide the Trustee with an Officer's Certificate
                in
                connection with any automatic exchange setting forth the calculation
                of
                the Exchangeable Share Price for each Exchangeable
                Share.

            

    

     

    
      
        
        

      

      
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              (d)

            	
              The
                closing of the transaction of purchase and sale contemplated by the
                automatic exchange of Exchangeable Shares for Acquirer Shares shall
                be
                deemed to have occurred immediately prior to the Liquidation Event
                Effective Time, and each Beneficiary shall be deemed to have transferred
                to Acquirer all of the Beneficiary's right, title and interest in
                and to
                such Beneficiary's Exchangeable Shares and the related interest in
                the
                Trust Estate. Any right of each such Beneficiary to receive declared
                and
                unpaid dividends from Canco shall be deemed to be satisfied and discharged
                and each such Beneficiary shall cease to be a holder of such Exchangeable
                Shares and Acquirer shall deliver to the Beneficiary the Exchangeable
                Share Consideration deliverable upon the automatic exchange of
                Exchangeable Shares. Concurrently with such Beneficiary ceasing to
                be a
                holder of Exchangeable Shares, the Beneficiary shall be considered
                and
                deemed for all purposes to be the holder of the Acquirer Shares issued
                pursuant to the automatic exchange of Exchangeable Shares for Acquirer
                Shares and the certificates held by the Beneficiary previously
                representing the Exchangeable Shares exchanged by the Beneficiary
                with
                Acquirer pursuant to such automatic exchange shall thereafter be
                deemed to
                represent Acquirer Shares issued to the Beneficiary by Acquirer pursuant
                to such automatic exchange. Upon the request of a Beneficiary and
                the
                surrender by the Beneficiary of Exchangeable Share certificates deemed
                to
                represent Acquirer Shares, duly endorsed in blank and accompanied
                by such
                instruments of transfer as Acquirer may reasonably require, Acquirer
                shall
                deliver or cause to be delivered to the Beneficiary certificates
                representing Acquirer Shares of which the Beneficiary is the
                holder.

            

    

     

    Section 5.13 Withholding
      Rights

     

    Acquirer,
      Canco and the Trustee shall be entitled to deduct and withhold from any
      consideration otherwise payable under this Agreement to any holder of
      Exchangeable Shares or Acquirer Shares such amounts as Acquirer, Canco or the
      Trustee is required to deduct and withhold with respect to such payment under
      the Income
      Tax Act
      (Canada), the United States Internal Revenue Code of 1986 or any provision
      of
      federal, provincial, state, local or foreign tax law, in each case as amended
      or
      succeeded. The Trustee may act on the advice of counsel with respect to such
      matters. To the extent that amounts are so withheld, such withheld amounts
      shall
      be treated for all purposes as having been paid to the holder of the shares
      in
      respect of which such deduction and withholding was made, provided that such
      withheld amounts are actually remitted to the appropriate taxing authority.
      To
      the extent that the amount so required to be deducted or withheld from any
      payment to a holder exceeds the cash portion of the consideration otherwise
      payable to the holder, Acquirer, Canco and the Trustee are hereby authorized
      to
      sell or otherwise dispose of such portion of the consideration as is necessary
      to provide sufficient funds to Acquirer, Canco or the Trustee, as the case
      may
      be, to enable it to comply with such deduction or withholding requirement and
      Acquirer, Canco or the Trustee shall notify the holder thereof and remit to
      such
      holder any unapplied balance of the net proceeds of such sale. 

     

    
      
        
        

      

      
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    ARTICLE 6

    CONCERNING
      THE TRUSTEE

     

    Section 6.1 Powers
      and Duties of the Trustee

     

    The
      rights, powers, duties and authorities of the Trustee under this Agreement,
      in
      its capacity as trustee of the Trust, shall include:

     

    
      	 	
              (a)

            	
              receipt
                and deposit of the Acquirer Special Voting Share from Acquirer as
                trustee
                for and on behalf of the Beneficiaries in accordance with the provisions
                of this Agreement;

            

    

     

    
      	 	
              (b)

            	
              granting
                proxies and distributing materials to Beneficiaries as provided in
                this
                Agreement;

            

    

     

    
      	 	
              (c)

            	
              casting
                and exercising the Beneficiary Votes in accordance with the provisions
                of
                this Agreement;

            

    

     

    
      	 	
              (d)

            	
              receiving
                the grant of the Exchange Right and the Automatic Exchange Rights
                from
                Acquirer as trustee for and on behalf of the Beneficiaries in accordance
                with the provisions of this
                Agreement;

            

    

     

    
      	 	
              (e)

            	
              exercising
                the Exchange Right and enforcing the benefit of the Automatic Exchange
                Rights, in each case in accordance with the provisions of this Agreement,
                and in connection therewith receiving from Beneficiaries Exchangeable
                Shares and other requisite documents and distributing to such
                Beneficiaries Acquirer Shares and cheques, if any, to which such
                Beneficiaries are entitled upon the exercise of the Exchange Right
                or
                pursuant to the Automatic Exchange Rights, as the case may
                be;

            

    

     

    
      	 	
              (f)

            	
              holding
                title to the Trust Estate;

            

    

     

    
      	 	
              (g)

            	
              investing
                any moneys forming, from time to time, a part of the Trust Estate
                as
                provided in this Agreement;

            

    

     

    
      
        
        

      

      
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              (h)

            	
              taking
                action on its own initiative or at the direction of a Beneficiary
                or
                Beneficiaries to enforce the obligations of Acquirer and Canco under
                this
                Agreement; and

            

    

     

    
      	 	
              (i)

            	
              taking
                such other actions and doing such other things as are specifically
                provided in this Agreement.

            

    

     

    In
      the
      exercise of such rights, powers, duties and authorities, the Trustee shall
      have
      (and is granted) such incidental and additional rights, powers, duties and
      authority not in conflict with any of the provisions of this Agreement as the
      Trustee, acting in good faith and in the reasonable exercise of its discretion,
      may deem necessary, appropriate or desirable to effect the purpose of the Trust.
      Any exercise of such discretionary rights, powers, duties and authorities by
      the
      Trustee shall be final, conclusive and binding upon all persons.

     

    The
      Trustee in exercising its rights, powers, duties and authorities hereunder
      shall
      act honestly and in good faith and with a view to the best interests of the
      Beneficiaries and shall exercise the care, diligence and skill that a reasonably
      prudent trustee would exercise in comparable circumstances.

     

    The
      Trustee shall not be bound to give notice or do or take any act, action or
      proceeding by virtue of the powers conferred on it hereby unless and until
      it
      shall be specifically required to do so under the terms hereof, nor shall the
      Trustee be required to take any notice of, or to do, or to take any act, action
      or proceeding as a result of any default or breach of any provision hereunder,
      unless and until notified in writing of such default or breach, which notices
      shall distinctly specify the default or breach desired to be brought to the
      attention of the Trustee, and in the absence of such notice the Trustee may
      for
      all purposes of this Agreement conclusively assume that no default or breach
      has
      been made in the observance or performance of any of the representations,
      warranties, covenants, agreements or conditions contained herein.

     

    Section 6.2 No
      Conflict of Interest

     

    The
      Trustee represents to Acquirer and Canco that at the date of execution and
      delivery of this Agreement there exists no material conflict of interest in
      the
      role of the Trustee as a fiduciary hereunder and the role of the Trustee in
      any
      other capacity. The Trustee shall, within 90 days after it becomes aware that
      such material conflict of interest exists, either eliminate such material
      conflict of interest or resign in the manner and with the effect specified
      in
      Article 9. If, notwithstanding the foregoing provisions of this Section 6.2,
      the
      Trustee has such a material conflict of interest, the validity and
      enforceability of this Agreement shall not be affected in any manner whatsoever
      by reason only of the existence of such material conflict of interest. If the
      Trustee contravenes the foregoing provisions of this Section 6.2,
      any
      interested party may apply to the Court of Queen's Bench of Alberta for an
      order
      that the Trustee be replaced as trustee hereunder.

     

    
      
        
        

      

      
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    Section 6.3 Dealings
      with Transfer Agents, Registrars, etc.

     

    Acquirer
      and Canco irrevocably authorize the Trustee, from time to time, to:

     

    
      	 	
              (a)

            	
              consult,
                communicate and otherwise deal with the respective registrars and
                transfer
                agents, and with any such subsequent registrar or transfer agent,
                of the
                Exchangeable Shares and Acquirer Shares;
                and

            

    

     

    
      	 	
              (b)

            	
              requisition,
                from time to time, (i) from any such registrar or transfer agent
                any
                information readily available from the records maintained by it which
                the
                Trustee may reasonably require for the discharge of its duties and
                responsibilities under this Agreement and (ii) from the transfer
                agent of
                Acquirer Shares, and any subsequent transfer agent of such shares,
                the
                share certificates issuable upon the exercise from time to time of
                the
                Exchange Right and pursuant to the Automatic Exchange
                Rights.

            

    

     

    Acquirer
      and Canco irrevocably authorize their respective registrars and transfer agents
      to comply with all such requests. Acquirer covenants that it will supply its
      transfer agent with duly executed share certificates for the purpose of
      completing the exercise from time to time of the Exchange Right and the
      Automatic Exchange Rights.

     

    Section 6.4 Books
      and Records

     

    The
      Trustee shall keep available for inspection by Acquirer and Canco at the
      Trustee's principal office in Calgary, Alberta correct and complete books and
      records of account relating to the Trust created by this Agreement, including
      all relevant data relating to mailings and instructions to and from
      Beneficiaries and all transactions pursuant to the Exchange Right and the
      Automatic Exchange Rights. On or before January 15 in every year, so long as
      any
      Acquirer Shares are on deposit with the Trustee, the Trustee shall transmit
      to
      Acquirer and Canco a brief report, dated as of the preceding December 31, with
      respect to:

     

    
      	 	
              (a)

            	
              the
                property and funds comprising the Trust Estate as of that
                date;

            

    

     

    
      	 	
              (b)

            	
              the
                number of exercises of the Exchange Right, if any, and the aggregate
                number of Exchangeable Shares received by the Trustee on behalf of
                Beneficiaries in consideration of the issuance by Acquirer of Acquirer
                Shares in connection with the Exchange Right, during the calendar
                year
                ended on such December 31; and

            

    

     

    
      	 	
              (c)

            	
              any
                action taken by the Trustee in the performance of its duties under
                this
                Agreement which it had not previously reported and which, in the
                Trustee's
                opinion, materially affects the Trust
                Estate.

            

    

     

    
      
        
        

      

      
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    Section 6.5 Income
      Tax Returns and Reports

     

    The
      Trustee shall, to the extent necessary, prepare and file on behalf of the Trust
      appropriate United States and Canadian income tax returns and any other returns
      or reports as may be required by applicable law or pursuant to the rules and
      regulations of any securities exchange or other trading system through which
      the
      Exchangeable Shares are traded. In connection therewith, the Trustee may obtain
      the advice and assistance of such experts or advisors as the Trustee reasonably
      considers necessary or advisable (who may be experts or advisors to Acquirer
      or
      Canco). If requested by the Trustee, Acquirer or Canco shall retain qualified
      experts or advisors for the purpose of providing such tax advice or
      assistance.

     

    Section 6.6 Indemnification
      Prior to Certain Actions by Trustee

     

    The
      Trustee shall exercise any or all of the rights, duties, powers or authorities
      vested in it by this Agreement at the request, order or direction of any
      Beneficiary upon such Beneficiary furnishing to the Trustee reasonable funding,
      security or indemnity against the costs, expenses and liabilities which may
      be
      incurred by the Trustee therein or thereby, provided that no Beneficiary shall
      be obligated to furnish to the Trustee any such security or indemnity in
      connection with the exercise by the Trustee of any of its rights, duties, powers
      and authorities with respect to the Acquirer Special Voting Share held by the
      Trustee pursuant to Article 4,
      subject
      to Section 6.15,
      with
      respect to the Exchange Right pursuant to Article 5,
      subject
      to Section 6.15,
      and
      with respect to the Automatic Exchange Rights pursuant to Article 5,
      subject
      to Section 6.15.

     

    None
      of
      the provisions contained in this Agreement shall require the Trustee to expend
      or risk its own funds or otherwise incur financial liability in the exercise
      of
      any of its rights, powers, duties, or authorities unless funded, given security
      or indemnified as aforesaid.

     

    Section 6.7 Action
      of Beneficiaries

     

    No
      Beneficiary shall have the right to institute any action, suit or proceeding
      or
      to exercise any other remedy authorized by this Agreement for the purpose of
      enforcing any of its rights or for the execution of any trust or power hereunder
      unless the Beneficiary has requested the Trustee to take or institute such
      action, suit or proceeding and furnished the Trustee with the funding, security
      or indemnity required by Section 6.6
      and the
      Trustee shall have failed to act within a reasonable time thereafter. In such
      case, but not otherwise, the Beneficiary shall be entitled to take proceedings
      in any court of competent jurisdiction such as the Trustee might have taken;
      it
      being understood and intended that no one or more Beneficiaries shall have
      any
      right in any manner whatsoever to affect, disturb or prejudice the rights hereby
      created by any such action, or to enforce any right hereunder or the Voting
      Rights, the Exchange Rights or the Automatic Exchange Rights except subject
      to
      the conditions and in the manner herein provided, and that all powers and trusts
      hereunder shall be exercised and all proceedings at law shall be instituted,
      had
      and maintained by the Trustee, except only as herein provided, and in any event
      for the equal benefit of all Beneficiaries.

     

    
      
        
        

      

      
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    Section 6.8 Reliance
      Upon Declarations

     

    The
      Trustee shall not be considered to be in contravention of any of its rights,
      powers, duties and authorities hereunder if, when required, it acts and relies
      in good faith upon statutory declarations, certificates, opinions, Lists,
      reports or other papers or documents furnished pursuant to the provisions hereof
      or required by the Trustee to be furnished to it in the exercise of its rights,
      powers, duties and authorities hereunder if such statutory declarations,
      certificates, opinions, Lists, reports or other papers or documents comply
      with
      the provisions of Section 6.9,
      if
      applicable, and with any other applicable provisions of this
      Agreement.

     

    Section 6.9 Evidence
      and Authority to Trustee

     

    Acquirer
      and/or Canco shall furnish to the Trustee evidence of compliance with the
      conditions provided for in this Agreement relating to any action or step
      required or permitted to be taken by Acquirer and/or Canco or the Trustee under
      this Agreement or as a result of any obligation imposed under this Agreement,
      including in respect of the Voting Rights or the Exchange Right or the Automatic
      Exchange Rights and the taking of any other action to be taken by the Trustee
      at
      the request of or on the application of Acquirer and/or Canco promptly if and
      when:

     

    
      	 	
              (a)

            	
              such
                evidence is required by any other section of this Agreement to be
                furnished to the Trustee in accordance with the terms of this Section 6.9;
                or

            

    

     

    
      	 	
              (b)

            	
              the
                Trustee, in the exercise of its rights, powers, duties and authorities
                under this Agreement, gives Acquirer and/or Canco written notice
                requiring
                it to furnish such evidence in relation to any particular action
                or
                obligation specified in such
                notice.

            

    

     

    Such
      evidence shall consist of an Officer's Certificate of Acquirer and/or Canco
      or a
      statutory declaration or a certificate made by persons entitled to sign an
      Officer's Certificate stating that any such condition has been complied with
      in
      accordance with the terms of this Agreement.

     

    Whenever
      such evidence relates to a matter other than the Voting Rights or the Exchange
      Right or the Automatic Exchange Rights or the taking of any other action to
      be
      taken by the Trustee at the request or on the application of Acquirer and/or
      Canco, and except as otherwise specifically provided herein, such evidence
      may
      consist of a report or opinion of any solicitor, attorney, auditor, accountant,
      appraiser, valuer, engineer or other expert or any other person whose
      qualifications give authority to a statement made by him, provided that if
      such
      report or opinion is furnished by a director, officer or employee of Acquirer
      and/or Canco it shall be in the form of an Officer's Certificate or a statutory
      declaration.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    

     

    Each
      statutory declaration, Officer's Certificate, opinion or report furnished to
      the
      Trustee as evidence of compliance with a condition provided for in this
      Agreement shall include a statement by the person giving the
      evidence:

     

    
      	 	
              (c)

            	
              declaring
                that such person has read and understands the provisions of this
                Agreement
                relating to the condition in
                question;

            

    

     

    
      	 	
              (d)

            	
              describing
                the nature and scope of the examination or investigation upon which
                such
                person based the statutory declaration, certificate, statement or
                opinion;
                and

            

    

     

    
      	 	
              (e)

            	
              declaring
                that such person has made such examination or investigation as such
                person
                believes is necessary to enable such person to make the statements
                or give
                the opinions contained or expressed
                therein.

            

    

     

    Section 6.10 Experts,
      Advisers and Agents

     

    The
      Trustee may:

     

    
      	 	
              (a)

            	
              in
                relation to these presents act and rely on the opinion or advice
                of or
                information obtained from any solicitor, attorney, auditor, accountant,
                appraiser, valuer, engineer or other expert, whether retained by
                the
                Trustee or by Acquirer and/or Canco or otherwise, and may retain
                or employ
                such assistants as may be necessary to the proper discharge of its
                powers
                and duties and determination of its rights hereunder and may pay
                proper
                and reasonable compensation for all such legal and other advice or
                assistance as aforesaid; and

            

    

     

    
      	 	
              (b)

            	
              employ
                such agents and other assistants as it may reasonably require for
                the
                proper determination and discharge of its powers and duties hereunder,
                and
                may pay reasonable remuneration for all services performed for it
                (and
                shall be entitled to receive reasonable remuneration for all services
                performed by it) in the discharge of the trusts hereof and compensation
                for all disbursements, costs and expenses made or incurred by it
                in the
                discharge of its duties hereunder and in the management of the
                Trust.

            

    

     

    Section 6.11 Investment
      of Moneys Held by Trustee

     

    Unless
      otherwise provided in this Agreement, any moneys held by or on behalf of the
      Trustee which under the terms of this Agreement may or ought to be invested
      or
      which may be on deposit with the Trustee or which may be in the hands of the
      Trustee may be invested and reinvested in the name or under the control of
      the
      Trustee, in trust for Canco, in securities in which, under the laws of the
      Province of Alberta, trustees are authorized to invest trust moneys, provided
      that such securities are stated to mature within two years after their purchase
      by the Trustee, and the Trustee shall so invest such moneys on the written
      direction of Canco. Pending the investment of any moneys as hereinbefore
      provided, such moneys may be deposited in the name of the Trustee in any
      chartered bank in Canada or, with the consent of Canco, in the deposit
      department of the Trustee or any other loan or trust company authorized to
      accept deposits under the laws of Canada or any province thereof at the rate
      of
      interest then current on similar deposits.

     

    
      
        
        

      

      
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    Section 6.12 Trustee
      Not Required to Give Security

     

    The
      Trustee shall not be required to give any bond or security in respect of the
      execution of the trusts, rights, duties, powers and authorities of this
      Agreement or otherwise in respect of the premises.

     

    Section 6.13 Trustee
      Not Bound to Act on Request

     

    Except
      as
      in this Agreement otherwise specifically provided, the Trustee shall not be
      bound to act in accordance with any direction or request of Acquirer and/or
      Canco or of the directors thereof until a duly authenticated copy of the
      instrument or resolution containing such direction or request shall have been
      delivered to the Trustee, and the Trustee shall be empowered to act and rely
      upon any such copy purporting to be authenticated and believed by the Trustee
      to
      be genuine.

     

    Section 6.14 Authority
      to Carry on Business

     

    The
      Trustee represents to Acquirer and Canco that at the date of execution and
      delivery by it of this Agreement it is authorized to carry on the business
      of a
      trust company in each of the Provinces of Canada but if, notwithstanding the
      provisions of this Section 6.14,
      it
      ceases to be so authorized to carry on business, the validity and enforceability
      of this Agreement and the Voting Rights, the Exchange Right and the Automatic
      Exchange Rights shall not be affected in any manner whatsoever by reason only
      of
      such event but the Trustee shall, within 90 days after ceasing to be authorized
      to carry on the business of a trust company in any province of Canada, either
      become so authorized or resign in the manner and with the effect specified
      in
      Article 9.

     

    Section 6.15 Conflicting
      Claims

     

    If
      conflicting claims or demands are made or asserted with respect to any interest
      of any Beneficiary in any Exchangeable Shares, including any disagreement
      between the heirs, representatives, successors or assigns succeeding to all
      or
      any part of the interest of any Beneficiary in any Exchangeable Shares,
      resulting in conflicting claims or demands being made in connection with such
      interest, then the Trustee shall be entitled, at its sole discretion, to refuse
      to recognize or to comply with any such claims or demands. In so refusing,
      the
      Trustee may elect not to exercise any Voting Rights, Exchange Right or Automatic
      Exchange Rights subject to such conflicting claims or demands and, in so doing,
      the Trustee shall not be or become liable to any person on account of such
      election or its failure or refusal to comply with any such conflicting claims
      or
      demands. The Trustee shall be entitled to continue to refrain from acting and
      to
      refuse to act until:

     

    
      
        
        

      

      
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              (a)

            	
              the
                rights of all adverse claimants with respect to the Voting Rights,
                Exchange Right or Automatic Exchange Rights subject to such conflicting
                claims or demands have been adjudicated by a final judgment of a
                court of
                competent jurisdiction and all rights of appeal have expired;
                or

            

    

     

    
      	 	
              (b)

            	
              all
                differences with respect to the Voting Rights, Exchange Right or
                Automatic
                Exchange Rights subject to such conflicting claims or demands have
                been
                conclusively settled by a valid written agreement binding on all
                such
                adverse claimants, and the Trustee shall have been furnished with
                an
                executed copy of such agreement certified to be in full force and
                effect.

            

    

     

    If
      the
      Trustee elects to recognize any claim or comply with any demand made by any
      such
      adverse claimant, it may in its discretion require such claimant to furnish
      such
      surety bond or other security satisfactory to the Trustee as it shall deem
      appropriate to fully indemnify it as between all conflicting claims or
      demands.

     

    Section 6.16 Acceptance
      of Trust

     

    The
      Trustee hereby accepts the Trust created and provided for by and in this
      Agreement and agrees to perform the same upon the terms and conditions herein
      set forth and to hold all rights, privileges and benefits conferred hereby
      and
      by law in trust for the various persons who shall from time to time be
      Beneficiaries, subject to all the terms and conditions herein set
      forth.

     

    Section 6.17 Maintenance
      of Office or Agency

     

    Acquirer
      will maintain in Calgary, Alberta an office or agency where certificates
      representing Exchangeable Shares may be presented or surrendered for exchange
      by
      Beneficiaries and where notices and demands to or upon Acquirer or Canco in
      respect of the Exchangeable Shares may be served. Acquirer will give prompt
      written notice to the Trustee of the location, and any change in the location,
      of such office or agency. If at any time Acquirer shall fail to maintain any
      such office or agency or shall fail to furnish the Trustee with the address
      thereof, such presentations, surrenders, notices and demands may be served
      at
      the Corporate Trust Office of the Trustee, and Acquirer and Canco hereby appoint
      the Trustee as their agent to receive all such presentations, surrenders,
      notices and demands. Furthermore, copies of all Acquirer proxy materials will
      be
      made available for inspection by any Beneficiary at such office or
      agency.

     

    
      
        
        

      

      
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    ARTICLE 7

    COMPENSATION

     

    Section 7.1 Fees
      and Expenses of the Trustee

     

    Acquirer
      and Canco jointly and severally agree to pay the Trustee reasonable compensation
      for all of the services rendered by it under this Agreement and will reimburse
      the Trustee for all reasonable expenses (including taxes other than taxes based
      on the net income of the Trustee, fees paid to legal counsel and other experts
      and advisors and travel expenses) and disbursements, including the cost and
      expense of any suit or litigation of any character and any proceedings before
      any governmental agency reasonably incurred by the Trustee in connection with
      its duties under this Agreement; provided that Acquirer and Canco shall have
      no
      obligation to reimburse the Trustee for any expenses or disbursements paid,
      incurred or suffered by the Trustee in any suit or litigation in which the
      Trustee is determined to have acted in bad faith or with gross negligence,
      recklessness or wilful misconduct.

     

     

    ARTICLE 8

    INDEMNIFICATION
      AND LIMITATION OF LIABILITY

     

    Section 8.1 Indemnification
      of the Trustee

     

    Acquirer
      and Canco jointly and severally agree to indemnify and hold harmless the Trustee
      and each of its directors, officers, employees and agents appointed and acting
      in accordance with this Agreement (collectively, the "Indemnified
      Parties")
      against all claims, losses, damages, reasonable costs, penalties, fines and
      reasonable expenses (including reasonable expenses of the Trustee's legal
      counsel) which, without fraud, gross negligence, recklessness, wilful misconduct
      or bad faith on the part of such Indemnified Party, may be paid, incurred or
      suffered by the Indemnified Party by reason or as a result of the Trustee's
      acceptance or administration of the Trust, its compliance with its duties set
      forth in this Agreement, or any written or oral instruction delivered to the
      Trustee by Acquirer or Canco pursuant hereto.

     

    Acquirer
      or Canco shall not be liable under this indemnity for any claim against any
      of
      the Indemnified Parties unless Acquirer and Canco shall be notified by the
      Trustee of the written assertion of a claim or of any action commenced against
      the Indemnified Parties, promptly after any of the Indemnified Parties shall
      have received any such written assertion of a claim or shall have been served
      with a summons or other first legal process giving information as to the nature
      and basis of the claim, but Acquirer and Canco shall not be liable only to
      the
      extent that a delay in such notification by the Trustee prejudices the claim.
      Subject to (ii) below, Acquirer and Canco shall be entitled to participate at
      their own expense in the defense and, if Acquirer and Canco so elect at any
      time
      after receipt of such notice, either of them may assume the defense of any
      suit
      brought to enforce any such claim. The Trustee shall have the right to employ
      separate counsel in any such suit and participate in the defense thereof, but
      the fees and expenses of such counsel shall be at the expense of the Trustee
      unless: (i) the employment of such counsel has been authorized by Acquirer
      or
      Canco; or (ii) the named parties to any such suit include both the Trustee
      and
      Acquirer or Canco and the Trustee shall have been advised by counsel acceptable
      to Acquirer or Canco that there may be one or more legal defenses available
      to
      the Trustee that are different from or in addition to those available to
      Acquirer or Canco and that, in the judgment of such counsel, would present
      a
      conflict of interest were a joint representation to be undertaken (in which
      case
      Acquirer and Canco shall not have the right to assume the defense of such suit
      on behalf of the Trustee but shall be liable to pay the reasonable fees and
      expenses of counsel for the Trustee). This indemnity shall survive the
      termination of this Agreement and the resignation or removal of the
      Trustee.

     

    
      
        
        

      

      
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    Section 8.2 Limitation
      of Liability

     

    The
      Trustee shall not be held liable for any loss which may occur by reason of
      depreciation of the value of any part of the Trust Estate or any loss incurred
      on any investment of funds pursuant to this Agreement, except to the extent
      that
      such loss is attributable to the fraud, gross negligence, recklessness, wilful
      misconduct or bad faith on the part of the Trustee.

     

     

    ARTICLE 9

    CHANGE
      OF TRUSTEE

     

    Section 9.1 Resignation

     

    The
      Trustee, or any trustee hereafter appointed, may at any time resign by giving
      written notice of such resignation to Acquirer and Canco specifying the date
      on
      which it desires to resign, provided that such notice shall not be given less
      than thirty (30) days before such desired resignation date unless Acquirer
      and
      Canco otherwise agree and provided further that such resignation shall not
      take
      effect until the date of the appointment of a successor trustee and the
      acceptance of such appointment by the successor trustee. Upon receiving such
      notice of resignation, Acquirer and Canco shall promptly appoint a successor
      trustee, which shall be a corporation organized and existing under the laws
      of
      Canada or any Province thereof, by written instrument in duplicate, one copy
      of
      which shall be delivered to the resigning trustee and one copy to the successor
      trustee. Failing the appointment and acceptance of a successor trustee, a
      successor trustee may be appointed by order of a court of competent jurisdiction
      upon application of one or more of the parties to this Agreement. If the
      retiring trustee is the party initiating an application for the appointment
      of a
      successor trustee by order of a court of competent jurisdiction, Acquirer and
      Canco shall be jointly and severally liable to reimburse the retiring trustee
      for its legal costs and expenses in connection with same.

     

    Section 9.2 Removal

     

    The
      Trustee, or any trustee hereafter appointed, may (provided a successor trustee
      is appointed) be removed at any time on not less than 30 days' prior notice
      by
      written instrument executed by Acquirer and Canco, in duplicate, one copy of
      which shall be delivered to the trustee so removed and one copy to the successor
      trustee.

     

    
      
        
        

      

      
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    Section 9.3 Successor
      Trustee

     

    Any
      successor trustee appointed as provided under this Agreement shall execute,
      acknowledge and deliver to Acquirer and Canco and to its predecessor trustee
      an
      instrument accepting such appointment. Thereupon the resignation or removal
      of
      the predecessor trustee shall become effective and such successor trustee,
      without any further act, deed or conveyance, shall become vested with all the
      rights, powers, duties and obligations of its predecessor under this Agreement,
      with the like effect as if originally named as trustee in this Agreement.
      However, on the written request of Acquirer and Canco or of the successor
      trustee, the trustee ceasing to act shall, upon payment of any amounts then
      due
      it pursuant to the provisions of this Agreement, execute and deliver an
      instrument transferring to such successor trustee all the rights and powers
      of
      the trustee so ceasing to act. Upon the request of any such successor trustee,
      Acquirer, Canco and such predecessor trustee shall execute any and all
      instruments in writing for more fully and certainly vesting in and confirming
      to
      such successor trustee all such rights and powers.

     

    Section 9.4 Notice
      of Successor Trustee

     

    Upon
      acceptance of appointment by a successor trustee as provided herein, Acquirer
      and Canco shall cause to be mailed notice of the succession of such trustee
      hereunder to each Beneficiary specified in a List. If Acquirer or Canco shall
      fail to cause such notice to be mailed within 10 days after acceptance of
      appointment by the successor trustee, the successor trustee shall cause such
      notice to be mailed at the expense of Acquirer and Canco.

     

     

    ARTICLE 10

    ACQUIRER
      SUCCESSORS

     

    Section 10.1 Certain
      Requirements in Respect of Combination, etc.

     

    Acquirer
      shall not consummate any transaction (whether by way of reconstruction,
      reorganization, consolidation, merger, transfer, sale, lease or otherwise)
      whereby all or substantially all of its undertaking, property and assets would
      become the property of any other person or, in the case of a merger, of the
      continuing corporation resulting therefrom, but may do so if:

     

    
      	 	
              (a)

            	
              such
                other person or continuing corporation (herein called the "Acquirer
                Successor"),
                by operation of law, becomes, without more, bound by the terms and
                provisions of this Agreement or, if not so bound, executes, prior
                to or
                contemporaneously with the consummation of such transaction, a trust
                agreement supplemental hereto and such other instruments (if any)
                as are
                satisfactory to the Trustee, acting reasonably, and in the opinion
                of
                legal counsel to the Trustee are reasonably necessary or advisable
                to
                evidence the assumption by the Acquirer Successor of liability for
                all
                moneys payable and property deliverable hereunder (including without
                limitation one or more voting securities of such Acquirer Successor
                to
                allow Beneficiaries to exercise voting rights in respect of the Acquirer
                Successor substantially similar to those provided for in this Agreement
                in
                respect of Acquirer) and the covenant of such Acquirer Successor
                to pay
                and deliver or cause to be delivered the same and its agreement to
                observe
                and perform all the covenants and obligations of Acquirer under this
                Agreement; and

            

    

     

    
      
        
        

      

      
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              (b)

            	
              such
                transaction shall be upon such terms and conditions as substantially
                to
                preserve and not to impair in any material respect any of the rights,
                duties, powers and authorities of the Trustee or of the Beneficiaries
                hereunder.

            

    

     

    Section 10.2 Vesting
      of Powers in Successor

     

    Whenever
      the conditions of Section 10.1
      have
      been duly observed and performed, the Trustee, Acquirer Successor and Canco
      shall, if required by Section 10.1,
      execute
      and deliver the supplemental trust agreement provided for in Article 11
      and
      thereupon Acquirer Successor shall possess and from time to time may exercise
      each and every right and power of Acquirer under this Agreement in the name
      of
      Acquirer or otherwise and any act or proceeding by any provision of this
      Agreement required to be done or performed by the Board of Directors of Acquirer
      or any officers of Acquirer may be done and performed with like force and effect
      by the directors or officers of such Acquirer Successor.

     

    Section 10.3 Wholly-Owned
      Subsidiaries

     

    Nothing
      herein shall be construed as preventing the amalgamation or merger of any
      wholly-owned direct or indirect subsidiary of Acquirer with or into Acquirer
      or
      the winding-up, liquidation or dissolution of any wholly-owned subsidiary of
      Acquirer provided that all of the assets of such subsidiary are transferred
      to
      Acquirer or another wholly-owned direct or indirect subsidiary of Acquirer
      and
      any such transactions are expressly permitted by this Article 10.

     

    Section 10.4 Successorship
      Transaction

     

    Notwithstanding
      the foregoing provisions of this Article 10,
      in the
      event of an Acquirer Control Transaction:

     

    
      	 	
              (a)

            	
              in
                which Acquirer merges or amalgamates with, or in which all or
                substantially all of the then outstanding Acquirer Shares are acquired
                by,
                one or more other corporations to which Acquirer is, immediately
                before
                such merger, amalgamation or acquisition, "related" within the meaning
                of
                the Income
                Tax Act (Canada)
                (otherwise than by virtue of a right referred to in paragraph 251(5)(b)
                thereof);

            

    

     

    
      	 	
              (b)

            	
              which
                does not result in an acceleration of the Redemption Date in accordance
                with paragraph (b) of that definition;
                and

            

    

     

    
      	 	
              (c)

            	
              in
                which all or substantially all of the then outstanding Acquirer Shares
                are
                converted into or exchanged for shares or rights to receive such
                shares
                (the "Other Shares") of another corporation (the "Other Corporation")
                that, immediately after such Acquirer Control Transaction, owns or
                controls, directly or indirectly,
                Acquirer;

            

    

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    

     

    then
      (i) all
      references herein to "Acquirer" shall thereafter be and be deemed to be
      references to "Other Corporation" and all references herein to "Acquirer Shares"
      shall thereafter be and be deemed to be references to "Other Shares" (with
      appropriate adjustments, if any, as are required to result in a holder of
      Exchangeable Shares on the exchange, redemption or retraction of such shares
      pursuant to the Exchangeable Share Provisions or exchange of such shares
      pursuant to this Agreement immediately subsequent to the Acquirer Control
      Transaction being entitled to receive that number of Other Shares equal to
      the
      number of Other Shares such holder of Exchangeable Shares would have received
      if
      the exchange, redemption or retraction of such shares pursuant to the
      Exchangeable Share Provisions or exchange of such shares pursuant to this
      Agreement had occurred immediately prior to the Acquirer Control Transaction
      and
      the Acquirer Control Transaction was completed) without any need to amend the
      terms and conditions of this Agreement and without any further action required;
      and (ii) Acquirer
      shall cause the Other Corporation to deposit one or more voting securities
      of
      such Other Corporation to allow Beneficiaries to exercise voting rights in
      respect of the Other Corporation substantially similar to those provided for
      in
      this Agreement. 

     

     

    ARTICLE 11

    AMENDMENTS
      AND SUPPLEMENTAL TRUST AGREEMENTS

     

    Section 11.1 Amendments,
      Modifications, etc.

     

    This
      Agreement may not be amended or modified except by an agreement in writing
      executed by Acquirer, Canco and the Trustee and approved by the Beneficiaries
      in
      accordance with Section 10.2
      of the
      Exchangeable Share Provisions.

     

    Section 11.2 Ministerial
      Amendments

     

    Notwithstanding
      the provisions of Section 11.1,
      the
      parties to this Agreement may in writing, at any time and from time to time,
      without the approval of the Beneficiaries, amend or modify this Agreement for
      the purposes of

     

    
      	 	
              (a)

            	
              adding
                to the covenants of any or all parties hereto for the protection
                of the
                Beneficiaries hereunder provided that the Board of Directors of each
                of
                Canco and Acquirer shall be of the good faith opinion that such additions
                will not be prejudicial to the rights or interests of the
                Beneficiaries;

            

    

     

    
      	 	
              (b)

            	
              making
                such amendments or modifications not inconsistent with this Agreement
                as
                may be necessary or desirable with respect to matters or questions
                which,
                in the good faith opinion of the Board of Directors of each of Acquirer
                and Canco and in the opinion of the Trustee, having in mind the best
                interests of the Beneficiaries it may be expedient to make, provided
                that
                such Boards of Directors and the Trustee, acting on the advice of
                counsel,
                shall be of the opinion that such amendments and modifications will
                not be
                prejudicial to the interests of the Beneficiaries;
                or

            

    

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (c)

            	
              making
                such changes or corrections which, on the advice of counsel to Acquirer,
                Canco and the Trustee, are required for the purpose of curing or
                correcting any ambiguity or defect or inconsistent provision or clerical
                omission or mistake or manifest error, provided that the Trustee,
                acting
                on the advice of counsel, and the Board of Directors of each of Acquirer
                and Canco shall be of the opinion that such changes or corrections
                will
                not be prejudicial to the rights and interests of the
                Beneficiaries.

            

    

     

    Section 11.3 Meeting
      to Consider Amendments

     

    Canco,
      at
      the request of Acquirer, shall call a meeting or meetings of the Beneficiaries
      for the purpose of considering any proposed amendment or modification requiring
      approval pursuant hereto. Any such meeting or meetings shall be called and
      held
      in accordance with the by-laws of Canco, the Exchangeable Share Provisions
      and
      all applicable laws; provided that any such meeting shall only be called for
      a
      bona fide business purpose and not for the principal purpose of causing a
      Redemption Date (as defined in the Exchangeable Share Provisions) to occur
      or
      transpire.

     

    Section 11.4 Changes
      in Capital of Acquirer and Canco

     

    At
      all
      times after the occurrence of any event contemplated pursuant to Section 2.7
      or
      2.8 of the Support Agreement or otherwise, as a result of which either Acquirer
      Shares or the Exchangeable Shares or both are in any way changed, this Agreement
      shall forthwith be deemed amended and modified as necessary in order that it
      shall apply with full force and effect, mutatis
      mutandis,
      to all
      new securities into which Acquirer Shares or the Exchangeable Shares or both
      are
      so changed.

     

    Section 11.5 Execution
      of Supplemental Trust Agreements

     

    No
      amendment to or modification or waiver of any of the provisions of this
      Agreement otherwise permitted hereunder shall be effective unless made in
      writing and signed by all of the parties hereto. From time to time Canco,
      Acquirer and the Trustee may, subject to the provisions of these presents,
      and
      they shall, when so directed by these presents, execute and deliver by their
      proper officers, trust agreements or other instruments supplemental hereto,
      which thereafter shall form part hereof, for any one or more of the following
      purposes:

     

    
      	 	
              (a)

            	
              evidencing
                the succession of Acquirer Successors and the covenants of and obligations
                assumed by each such Acquirer Successor in accordance with the provisions
                of Article 10
                and the successors of any successor trustee in accordance with the
                provisions of Article 9;

            

    

     

    
      	 	
              (b)

            	
              making
                any additions to, deletions from or alterations of the provisions
                of this
                Agreement or the Voting Rights, the Exchange Right or the Automatic
                Exchange Rights which, in the opinion of the Trustee, will not be
                prejudicial to the interests of the Beneficiaries or are, in the
                opinion
                of counsel to the Trustee, necessary or advisable in order to incorporate,
                reflect or comply with any legislation the provisions of which apply
                to
                Acquirer, Canco, the Trustee or this Agreement;
                and

            

    

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (c)

            	
              for
                any other purposes not inconsistent with the provisions of this Agreement,
                including to make or evidence any amendment or modification to this
                Agreement as contemplated hereby, provided that, in the opinion of
                the
                Trustee, the rights of the Trustee and Beneficiaries will not be
                prejudiced thereby.

            

    

     

     

    ARTICLE 12

    TERMINATION

     

    Section 12.1 Term

     

    The
      Trust
      created by this Agreement shall continue until the earliest to occur of the
      following events:

     

    
      	 	
              (a)

            	
              no
                outstanding Exchangeable Shares are held by a
                Beneficiary;

            

    

     

    
      	 	
              (b)

            	
              each
                of Acquirer and Canco elects in writing to terminate the Trust and
                such
                termination is approved by the Beneficiaries in accordance with Section
                13.2 of the Exchangeable Share Provisions;
                and

            

    

     

    
      	 	
              (c)

            	
              21
                years after the death of the last survivor of the descendants of
                His
                Majesty King George VI of Canada and the United Kingdom of Great
                Britain
                and Northern Ireland living on the date of the creation of the
                Trust.

            

    

     

    Section 12.2 Survival
      of Agreement

     

    This
      Agreement shall survive any termination of the Trust and shall continue until
      there are no Exchangeable Shares outstanding held by a Beneficiary; provided,
      however, that the provisions of Article 7
      and
Article 8
      shall
      survive any such termination of this Agreement.

     

     

    ARTICLE 13

    GENERAL

     

    Section 13.1 Severability

     

    If
      any
      term or other provision of this Agreement is invalid, illegal or incapable
      of
      being enforced by any rule of law or public policy, all other conditions and
      provisions of this Agreement shall nevertheless remain in full force and effect
      so long as the economic or legal substance of the transactions contemplated
      hereby is not affected in any manner materially adverse to any party. Upon
      such
      determination that any term or other provision is invalid, illegal or incapable
      of being enforced, the parties hereto shall negotiate in good faith to modify
      this Agreement so as to effect the original intent of the parties as closely
      as
      possible in an acceptable manner to the end that transactions contemplated
      hereby are fulfilled to the extent possible.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    

     

    Section 13.2 Assignment

     

    No
      party
      hereto may assign this Agreement or any of its rights, interests or obligations
      under this Agreement (whether by operation of law or otherwise) except that
      Canco may assign in its sole discretion, any or all of its rights, interests
      and
      obligations hereunder to any wholly-owned subsidiary of Acquirer.

     

    Section 13.3 Binding
      Effect

     

    Subject
      to Section 13.2,
      this
      Agreement shall be binding upon, enure to the benefit of and be enforceable
      by
      the parties hereto and their respective successors and assigns and to the
      benefit of the Beneficiaries.

     

    Section 13.4 Notices
      to Parties

     

    All
      notices and other communications hereunder shall be in writing and shall be
      deemed given when delivered personally, telecopied (which is confirmed) or
      dispatched (postage prepaid) to a nationally recognized overnight courier
      service with overnight delivery instructions, in each case addressed to the
      particular party at:

     

    
      	 	
              (a)

            	
              if
                to Acquirer or Canco, at:

            

    

     

    CanWest
      Petroleum Corporation

    Suite
      205, 707 - 7th
      Avenue
      S.W.

    Calgary,
      AB T2P 3H6

    Calgary,
      Alberta 

    

    Attention:
      Chief Executive Officer

     

    Telecopier
      Number: (403) 263-9812

     

    With
      a
      copy to:

     

    Macleod
      Dixon llp

    3700
      Canterra Tower

    400
      Third
      Avenue, S.W.

    Calgary,
      Alberta T2P 4H2

    

    Attention:
      Craig Hoskins

    Telecopier
      Number: (403) 264-5973

     

    

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (b)

            	
              if
                to the Trustee, at:

            

    

     

    Computershare
      Trust Company of Canada

    710,
      530
      - 8th
      Avenue
      S.W.

    Calgary,
      Alberta

    T2P
      3S8

     

    Attention:
      Manager, Corporate Trust 

     

    Telecopier
      Number: (403) 267-6598

     

    or
      at
      such other address of which any party may, from time to time, advise the other
      parties by notice in writing given in accordance with the
      foregoing.

     

    Section 13.5 Notice
      to Beneficiaries

     

    Any
      and
      all notices to be given and any documents to be sent to any Beneficiaries may
      be
      given or sent to the address of such Beneficiary shown on the register of
      holders of Exchangeable Shares in any manner permitted by the by-laws of Canco
      from time to time in force in respect of notices to shareholders and shall
      be
      deemed to be received (if given or sent in such manner) at the time specified
      in
      such by-laws, the provisions of which by-laws shall apply mutatis mutandis
      to
      notices or documents as aforesaid sent to such Beneficiaries.

     

    Section 13.6 Counterparts

     

    This
      Agreement may be executed in counterparts, each of which shall be deemed to
      be
      an original but all of which together shall constitute one and the same
      instrument.

     

    Section 13.7 Governing
      Laws; Consent to Jurisdiction

     

    This
      Agreement shall be governed by and construed in accordance with the laws of
      Alberta. Each party hereby irrevocably attorns to the jurisdiction of the courts
      of Alberta in respect of all matters arising under or in relation to this
      Agreement and Acquirer hereby appoints Macleod Dixon llp
      as its
      registered office in Alberta as attorney for service of process.

     

    Section 13.8 United
      States Tax Characterization

     

    The
      parties hereto recognize and intend that, for United States federal, state
      and
      local income, franchise and similar tax purposes, the Trust will be disregarded
      as an entity separate from Acquirer pursuant to Treas. Reg. 301.7701-3(b),
      and
      no party shall take any position on any tax return or otherwise that is
      inconsistent with such treatment.

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF the
      parties hereto have caused this Agreement to be duly executed as of the date
      first above written.

     

    

      
        	 	
                CANWEST
                  PETROLEUM CORPORATION

              
	
                 

                By:

              
	
                Name:

              
	
                Title:

              
	
                 

                
                  By:

                

              
	
                Name:

              
	
                Title:

              

      

    

    

    
      
        	 	
                
                  OILSANDS
                    QUEST INC.

                

              
	
                 

                By:

              
	
                Name:

              
	
                Title:

              
	
                 

                
                  By:

                

              
	
                Name:

              
	
                Title:

              

      

    

     

    
      
        	 	
                
                  COMPUTERSHARE
                    TRUST COMPANY OF CANADA

                

              
	
                 

                By:

              
	
                Name:

              
	
                Title:

              
	
                 

                
                  By:

                

              
	
                Name:

              
	
                Title:

              

      

    

     

     

    
      
        
        

      

      35SUPPORT
      AGREEMENT
      ("Agreement")
      made
      as of the 14th
      day
      of
      August, 2006. 

     

    BETWEEN:

     

    CANWEST
      PETROLEUM CORPORATION,
      a
      corporation existing under the laws of the State of Colorado (hereinafter
      referred to as "Acquirer")

     

    -
      and
      -

     

    1259882
      ALBERTA LTD.,
      a
      corporation existing under the laws of the Province of Alberta (hereinafter
      referred to as "Callco")

     

    -
      and
      -

     

    OILSANDS
      QUEST INC.,
      a
      corporation existing under the laws of Alberta (hereinafter referred to as
      "Canco")

     

     

    WHEREAS
      in connection with a reorganization agreement (the "Reorganization
      Agreement")
      made
      as of June 9, 2006, as amended and restated from time to time, between Acquirer
      and Canco, Canco is to reorganize its share capital and issue exchangeable
      shares (the "Exchangeable
      Shares")
      to
      certain holders of common shares in the capital of Canco pursuant to the
      Reorganization contemplated by the Reorganization Agreement; and

     

    WHEREAS
      pursuant to the Reorganization Agreement, Acquirer has agreed to, and to cause
      Canco to, execute a support agreement substantially in the form of this
      Agreement on the Effective Time (as defined in the Reorganization
      Agreement);

     

    NOW
      THEREFORE in consideration of the respective covenants and agreements provided
      in this Agreement and for other good and valuable consideration (the receipt
      and
      sufficiency of which are hereby acknowledged), the parties hereto covenant
      and
      agree as follows:

     

     

    ARTICLE 1

    INTERPRETATION

     

    
      	
              1.1

            	
              DEFINED
                TERMS

            

    

     

    Each
      term
      denoted herein by initial capital letters and not otherwise defined herein
      shall
      have the meaning ascribed thereto in the rights, privileges, restrictions and
      conditions (collectively, the "Exchangeable
      Share Provisions")
      attaching to the Exchangeable Shares attached as Schedule D to the
      Reorganization Agreement and as set out in the Articles of Canco, unless the
      context requires otherwise.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              1.2

            	
              INTERPRETATION
                NOT AFFECTED BY HEADINGS

            

    

     

    The
      division of this agreement into articles, sections and other portions and the
      insertion of headings are for convenience of reference only and shall not affect
      the construction or interpretation hereof. Unless otherwise indicated, all
      references to an "Article" or "Section" followed by a number refer to the
      specified Article or Section of this Agreement. The terms "this Agreement,"
      "hereof," "herein" and "hereunder" and similar expressions refer to this
      agreement and not to any particular Article, Section or other portion hereof
      and
      include any agreement or instrument supplementary or ancillary
      hereto.

     

    
      	
              1.3

            	
              RULES
                OF CONSTRUCTION

            

    

     

    Unless
      otherwise specifically indicated or the context otherwise requires, (a) all
      references to "dollars" or "$" mean United States dollars, (b) words importing
      the singular shall include the plural and vice versa and words importing any
      gender shall include all genders, and (c) "include," "includes" and "including"
      shall be deemed to be followed by the words "without limitation."

     

    
      	
              1.4

            	
              DATE
                FOR ANY ACTION

            

    

     

    If
      the
      event that any date on which any action is required to be taken hereunder by
      any
      of the parties hereto is not a Business Day, such action shall be required
      to be
      taken on the next succeeding day that is a Business Day.

     

     

    ARTICLE 2

    COVENANTS
      OF ACQUIRER AND CANCO

     

    
      	
              2.1

            	
              COVENANTS
                REGARDING EXCHANGEABLE
                SHARES

            

    

     

    So
      long
      as any Exchangeable Shares not owned by Acquirer or its affiliates as defined
      in
      the ABCA ("Affiliates")
      are
      outstanding, Acquirer will:

     

    
      	 	
              (a)

            	
              not
                declare or pay any dividend on the Acquirer Shares unless (i) Canco
                shall
                (w) simultaneously declare or pay, as the case may be, an equivalent
                dividend or other distribution economically equivalent thereto (as
                provided for in the Exchangeable Share Provisions) on the Exchangeable
                Shares (an "Equivalent
                Dividend")
                and (x) Canco shall have sufficient money or other assets or authorized
                but unissued securities available to enable the due declaration and
                the
                due and punctual payment, in accordance with applicable law and the
                terms
                of the Exchangeable Share Provisions, of any such Equivalent Dividend,
                or,
                if the dividend or other distribution is a stock dividend or distribution
                of stock, in lieu of such dividend (ii) Canco shall (y) effect a
                corresponding, contemporaneous and economically equivalent subdivision
                of
                the Exchangeable Shares (as provided for in the Exchangeable Share
                Provisions) (an "Equivalent
                Stock Subdivision"),
                and (z) have sufficient authorized but unissued securities available
                to
                enable the Equivalent Stock
                Subdivision;

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (b)

            	
              advise
                Canco sufficiently in advance of the declaration by Acquirer of any
                dividend on Acquirer Shares and take all such other actions as are
                reasonably necessary, in cooperation with Canco, to ensure that (i)
                the
                respective declaration date, record date and payment date for an
                Equivalent Dividend on the Exchangeable Shares shall be the same
                as the
                declaration date, record date and payment date for the corresponding
                dividend on the Acquirer Shares, or (ii) the record date and effective
                date for an Equivalent Stock Subdivision shall be the same as the
                record
                date and payment date for the stock dividend on the Acquirer Shares
                and
                that such dividend on the Exchangeable Shares will correspond with
                any
                requirement of the principal stock exchange on which the Exchangeable
                Shares are listed;

            

    

     

    
      	 	
              (c)

            	
              ensure
                that the record date for any dividend declared on Acquirer Shares
                is not
                less than 10 Business Days after the declaration date of such
                dividend;

            

    

     

    
      	 	
              (d)

            	
              take
                all such actions and do all such things as are reasonably necessary
                or
                desirable to enable and permit Canco, in accordance with applicable
                law,
                to pay and otherwise perform its obligations with respect to the
                satisfaction of the Liquidation Amount, the Retraction Price or the
                Redemption Price in respect of each issued and outstanding Exchangeable
                Share (other than Exchangeable Shares owned by Acquirer or its Affiliates)
                upon the liquidation, dissolution or winding-up of Canco or any other
                distribution of the assets of Canco among its shareholders for the
                purpose
                of winding-up its affairs, the delivery of a Retraction Request by
                a
                holder of Exchangeable Shares or a redemption of Exchangeable Shares
                by
                Canco, as the case may be, including all such actions and all such
                things
                as are necessary or desirable to enable and permit Canco to cause
                to be
                delivered Acquirer Shares to the holders of Exchangeable Shares in
                accordance with the provisions of Article 5, 6 or 7, as the case
                may be,
                of the Exchangeable Share Provisions and cash and other property
                in
                respect of declared and unpaid dividends;

            

    

     

    
      	 	
              (e)

            	
              take
                all such actions and do all such things as are reasonably necessary
                or
                desirable to enable and permit Callco, in accordance with applicable
                law,
                to perform its obligations arising upon the exercise by it of the
                Liquidation Call Right, the Retraction Call Right or the Redemption
                Call
                Right, including all such actions and all such things as are necessary
                or
                desirable to enable and permit Callco to cause to be delivered Acquirer
                Shares to the holders of Exchangeable Shares in accordance with the
                provisions of the Liquidation Call Right, the Retraction Call Right
                or the
                Redemption Call Right, as the case may be, and cash and other property
                in
                respect of declared and unpaid dividends;
                and

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (f)

            	
              not
                (and will ensure that Callco or any of its Affiliates does not) exercise
                its vote as a shareholder to initiate the voluntary liquidation,
                dissolution or winding-up of Canco or any other distribution of the
                assets
                of Canco among its shareholders for the purpose of winding up its
                affairs
                nor take any action or omit to take any action (and Acquirer will
                not
                permit Callco or any of its Affiliates to take any action or omit
                to take
                any action) that is designed to result in the liquidation, dissolution
                or
                winding up of Canco or any other distribution of the assets of Canco
                among
                its shareholders for the purpose of winding up its
                affairs.

            

    

     

    
      	
              2.2

            	
              SEGREGATION
                OF FUNDS

            

    

     

    
      	 	
              (a)

            	
              Acquirer
                will cause Canco to deposit a sufficient amount of funds in a separate
                account of Canco and segregate a sufficient amount of such other
                assets
                and property as is necessary to enable Canco to pay dividends when
                due and
                to pay or otherwise satisfy its respective obligations under
                Article 5, 6 or 7 of the Exchangeable Share Provisions or, if
                required, to pay the purchase price for Acquirer Shares as contemplated
                by
                Section 2.5,
                as applicable.

            

    

     

    
      	 	
              (b)

            	
              Acquirer
                will cause Callco to deposit a sufficient amount of funds in a separate
                account of Callco and segregate a sufficient amount of such other
                assets
                and property as is necessary to enable Callco to pay the purchase
                price
                for Acquirer Shares as contemplated by Section 2.5.

            

    

     

    
      	
              2.3

            	
              RESERVATION
                OF ACQUIRER SHARES

            

    

     

    Acquirer
      hereby represents, warrants and covenants in favour of Canco and Callco that
      Acquirer has reserved for issuance and will, at all times while any Exchangeable
      Shares (other than Exchangeable Shares held by Acquirer or its Affiliates)
      are
      outstanding, keep available, free from preemptive and other rights, out of
      its
      authorized and unissued capital stock such number of Acquirer Shares (or other
      shares or securities into which Acquirer Shares may be reclassified or changed
      as contemplated by Section 2.7
      hereof):
      (a) as is equal to the sum of (i) the number of Exchangeable Shares issued
      and
      outstanding from time to time; and (ii) the number of Exchangeable Shares
      issuable upon the exercise of all rights to acquire Exchangeable Shares
      outstanding from time to time and (b) as are now and may hereafter be required
      to enable and permit Acquirer to meet its obligations under the Voting and
      Exchange Trust Agreement, to enable and permit Callco to meet its obligations
      arising upon exercise by it of each of the Liquidation Call Right, the
      Retraction Call Right and the Redemption Call Right and to enable and permit
      Canco to meet its obligations hereunder and under the Exchangeable Share
      Provisions.

     

    
      	
              2.4

            	
              NOTIFICATION
                OF CERTAIN EVENTS

            

    

     

    In
      order
      to assist Acquirer in compliance with its obligations hereunder and to permit
      Callco to exercise the Liquidation Call Right, the Retraction Call Right and
      the
      Redemption Call Right, Canco will notify Acquirer and Callco of each of the
      following events at the times set forth below:

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (a)

            	
              in
                the event of any determination by the Board of Directors of Canco
                to
                institute voluntary liquidation, dissolution or winding-up proceedings
                with respect to Canco or to effect any other distribution of the
                assets of
                Canco among its shareholders for the purpose of winding up its affairs,
                at
                least 60 days prior to the proposed effective date of such liquidation,
                dissolution, winding-up or other
                distribution;

            

    

     

    
      	 	
              (b)

            	
              promptly,
                upon the earlier of receipt by Canco of notice of or Canco otherwise
                becoming aware of any threatened or instituted claim, suit, petition
                or
                other proceeding with respect to the involuntary liquidation, dissolution
                or winding-up of Canco or to effect any other distribution of the
                assets
                of Canco among its shareholders for the purpose of winding up its
                affairs;

            

    

     

    
      	 	
              (c)

            	
              promptly,
                upon receipt by Canco of a Retraction
                Request;

            

    

     

    
      	 	
              (d)

            	
              promptly
                following the date on which notice of redemption is given to holders
                of
                Exchangeable Shares, upon the determination of a Redemption Date
                in
                accordance with the Exchangeable Share Provisions;
                and

            

    

     

    
      	 	
              (e)

            	
              promptly
                upon the issuance by Canco of any Exchangeable Shares or rights to
                acquire
                Exchangeable Shares.

            

    

     

    
      	
              2.5

            	
              DELIVERY
                OF ACQUIRER SHARES TO CANCO AND
                CALLCO

            

    

     

    In
      furtherance of its obligations under Sections 2.1(d)
      and
(e)
      hereof,
      upon notice from Canco or Callco of any event that requires Canco or Callco
      to
      cause to be delivered Acquirer Shares to any holder of Exchangeable Shares,
      Acquirer shall forthwith issue and deliver the requisite number of Acquirer
      Shares to be received by, and issued to or to the order of, the former holder
      of
      the surrendered Exchangeable Shares, as Canco or Callco shall direct. All such
      Acquirer Shares shall be duly authorized, validly issued and fully paid and
      non-assessable and shall be free and clear of any lien, claim or encumbrance.
      In
      consideration of the issuance and delivery of such Acquirer Shares, Callco
      or
      Canco, as the case may be, shall pay a purchase price equal to the fair market
      value of such Acquirer Shares.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

     

    
      	
              2.6

            	
              QUALIFICATION
                OF ACQUIRER SHARES

            

    

     

    Acquirer
      covenants that if any Acquirer Shares (or other shares or securities into which
      Acquirer Shares may be reclassified or changed as contemplated by
      Section 2.7
      hereof)
      to be issued and delivered hereunder (including for greater certainty, pursuant
      to the Exchangeable Share Provisions, or pursuant to the Change of Law Call
      Right, Exchange Right or the Automatic Exchange Rights (all as defined in the
      Voting and Exchange Trust Agreement)) require registration or qualification
      with, or approval of, or the filing of any document, including any prospectus
      or
      similar document, the taking of any proceeding with, or the obtaining of any
      order, ruling or consent from, any governmental or regulatory authority under
      any Canadian or United States federal, provincial, territorial or state
      securities or other law or regulation or pursuant to the rules and regulations
      of any securities or other regulatory authority, or the fulfilment of any other
      United States or Canadian legal requirement (collectively, the "Applicable
      Laws")
      before
      such shares (or other shares or securities into which Acquirer Shares may be
      reclassified or changed as contemplated by Section 2.7
      hereof)
      may be issued and delivered by Acquirer at the direction of Canco or Callco,
      if
      applicable, to the holder of surrendered Exchangeable Shares or in order that
      such shares (or other shares or securities into which Acquirer Shares may be
      reclassified or changed as contemplated by Section 2.7
      hereof)
      may be freely traded thereafter (other than any restrictions of general
      application on transfer by reason of a holder being a "control person" of
      Acquirer for purposes of Canadian provincial securities law or an "affiliate"
      of
      Acquirer for purposes of United States federal or state securities law),
      Acquirer will use its reasonable best efforts and in good faith expeditiously
      take all such actions and do all such things as are necessary or desirable
      and
      within its power to cause such Acquirer Shares (or other shares or securities
      into which Acquirer Shares may be reclassified or changed as contemplated by
      Section 2.7
      hereof)
      to be and remain duly registered, qualified or approved under United States
      and/or Canadian law, as the case may be, to the extent expressly provided in
      the
      Reorganization Agreement. Acquirer will use its reasonable best efforts and
      in
      good faith expeditiously take all such actions and do all such things as are
      reasonably necessary or desirable to cause all Acquirer Shares (or other shares
      or securities into which Acquirer Shares may be reclassified or changed as
      contemplated by Section 2.7
      hereof)
      to be delivered hereunder to be listed, quoted or posted for trading on all
      stock exchanges and quotation systems on which outstanding Acquirer Shares
      (or
      other shares or securities into which Acquirer Shares may be reclassified or
      changed as contemplated by Section 2.7
      hereof)
      are listed and are quoted or posted for trading at such time.

     

    
      	
              2.7

            	
              ECONOMIC
                EQUIVALENCE

            

    

     

    So
      long
      as any Exchangeable Shares not owned by Acquirer or its Affiliates are
      outstanding:

     

    
      	 	
              (a)

            	
              Acquirer
                will not, without prior approval of Canco and the prior approval
                of the
                holders of the Exchangeable Shares given in accordance with Section
                13.2
                of the Exchangeable Share
                Provisions:

            

    

     

    
      	 	
              (i)

            	
              issue
                or distribute Acquirer Shares (or securities exchangeable for or
                convertible into or carrying rights to acquire Acquirer Shares) to
                the
                holders of all or substantially all of the then outstanding Acquirer
                Shares by way of stock dividend or other distribution, other than
                an issue
                of Acquirer Shares (or securities exchangeable for or convertible
                into or
                carrying rights to acquire Acquirer Shares) to holders of Acquirer
                Shares
                who (A) exercise an option to receive dividends in Acquirer Shares
                (or
                securities exchangeable for or convertible into or carrying rights
                to
                acquire Acquirer Shares) in lieu of receiving cash dividends, or
                (B)
                pursuant to any dividend reinvestment plan or scrip dividend;
                or

            

    

     

    
      	 	
              (ii)

            	
              issue
                or distribute rights, options or warrants to the holders of all or
                substantially all of the then outstanding Acquirer Shares entitling
                them
                to subscribe for or to purchase Acquirer Shares (or securities
                exchangeable for or convertible into or carrying rights to acquire
                Acquirer Shares); or

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (iii)

            	
              issue
                or distribute to the holders of all or substantially all of the then
                outstanding Acquirer Shares (A) shares or securities of Acquirer
                of any
                class other than Acquirer Shares (other than shares convertible into
                or
                exchangeable for or carrying rights to acquire Acquirer Shares),
                (B)
                rights, options or warrants other than those referred to in
                Section 2.7(a)(ii)
                above, (C) evidences of indebtedness of Acquirer or (D) assets of
                Acquirer,

            

    

     

    unless
      the economic equivalent on a per Exchangeable Share basis of such rights,
      options, warrants, securities, shares, evidences of indebtedness or other assets
      is issued or distributed simultaneously to holders of the Exchangeable Shares;
      provided that, for greater certainty, the above restrictions shall not apply
      to
      any securities issued or distributed by Acquirer in order to give effect to
      and
      to consummate the transactions contemplated by, and in accordance with, the
      Reorganization Agreement.

     

    
      	 	
              (b)

            	
              Acquirer
                will not without the prior approval of Canco and the prior approval
                of the
                holders of the Exchangeable Shares given in accordance with Section
                13.2
                of the Exchangeable Share
                Provisions:

            

    

     

    
      	 	
              (i)

            	
              subdivide,
                redivide or change the then outstanding Acquirer Shares into a greater
                number of Acquirer Shares; or

            

    

     

    
      	 	
              (ii)

            	
              reduce,
                combine, consolidate or change the then outstanding Acquirer Shares
                into a
                lesser number of Acquirer Shares;
                or

            

    

     

    
      	 	
              (iii)

            	
              reclassify
                or otherwise change Acquirer Shares or effect an amalgamation, merger,
                reorganization or other transaction affecting the Acquirer
                Shares,

            

    

     

    unless
      the same or an economically equivalent change shall simultaneously be made
      to,
      or in the rights of the holders of, the Exchangeable Shares; provided that,
      for
      greater certainty, the above restrictions shall not apply to any securities
      issued or distributed by Acquirer in order to give effect to and to consummate
      the transactions contemplated by, and in accordance with, the Reorganization
      Agreement.

     

    
      	 	
              (c)

            	
              Acquirer
                will ensure that the record date for any event referred to in
                Section 2.7(a)
                or
                2.7(b)
                above, or (if no record date is applicable for such event) the effective
                date for any such event, is not less than five Business Days after
                the
                date on which such event is declared or announced by Acquirer (with
                contemporaneous notification thereof by Acquirer to
                Canco).

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (d)

            	
              The
                Board of Directors of Canco shall determine, in good faith and in
                its sole
                discretion, economic equivalence for the purposes of any event referred
                to
                in Section 2.7(a)
                or
                2.7(b)
                above and each such determination shall be conclusive and binding
                on
                Acquirer and the holders of Exchangeable Shares. In making each such
                determination, the following factors shall, without excluding other
                factors determined by the Board of Directors of Canco to be relevant,
                be
                considered by the Board of Directors of
                Canco:

            

    

     

    
      	 	
              (i)

            	
              in
                the case of any stock dividend or other distribution payable in Acquirer
                Shares, the number of such shares issued as a result of any stock
                dividend
                or other distribution in proportion to the number of Acquirer Shares
                previously outstanding;

            

    

     

    
      	 	
              (ii)

            	
              in
                the case of the issuance or distribution of any rights, options or
                warrants to subscribe for or purchase Acquirer Shares (or securities
                exchangeable for or convertible into or carrying rights to acquire
                Acquirer Shares), the relationship between the exercise price of
                each such
                right, option or warrant and the Current Market Price, the volatility
                of
                the Acquirer Shares and the term of any such
                instrument;

            

    

     

    
      	 	
              (iii)

            	
              in
                the case of the issuance or distribution of any other form of property
                (including any shares or securities of Acquirer of any class other
                than
                Acquirer Shares, any rights, options or warrants other than those
                referred
                to in Section 2.7(d)(ii)
                above, any evidences of indebtedness of Acquirer or any assets of
                Acquirer), the relationship between the fair market value (as determined
                by the Board of Directors of Canco in the manner above contemplated)
                of
                such property to be issued or distributed with respect to each outstanding
                Acquirer Share and the Current Market
                Price;

            

    

     

    
      	 	
              (iv)

            	
              in
                the case of any subdivision, redivision or change of the then outstanding
                Acquirer Shares into a greater number of Acquirer Shares or the reduction,
                combination, consolidation or change of the then outstanding Acquirer
                Shares into a lesser number of Acquirer Shares or any amalgamation,
                merger, reorganization or other transaction affecting Acquirer Shares,
                the
                effect thereof upon the then outstanding Acquirer Shares;
                and

            

    

     

    
      	 	
              (v)

            	
              in
                all such cases, the general taxation consequences of the relevant
                event to
                holders of Exchangeable Shares to the extent that such consequences
                may
                differ from the taxation consequences to holders of Acquirer Shares
                as a
                result of differences between taxation laws of Canada and the United
                States (except for any differing consequences arising as a result
                of
                differing marginal taxation rates and without regard to the individual
                circumstances of holders of Exchangeable
                Shares).

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (e)

            	
              Canco
                agrees that, to the extent required, upon due notice from Acquirer,
                Canco
                will use its best efforts to take or cause to be taken such steps
                as may
                be necessary for the purposes of ensuring that appropriate dividends
                are
                paid or other distributions are made by Canco, or subdivisions,
                redivisions or changes are made to the Exchangeable Shares, in order
                to
                implement the required economic equivalent with respect to the Acquirer
                Shares and Exchangeable Shares as provided for in this Section
                2.7.

            

    

     

    
      	
              2.8

            	
              TENDER
                OFFERS

            

    

     

    For
      so
      long as Exchangeable Shares remain outstanding (not including Exchangeable
      Shares held by Acquirer and its Affiliates), in the event that a tender offer,
      share exchange offer, issuer bid, take-over bid or similar transaction with
      respect to Acquirer Shares (an "Offer")
      is
      proposed by Acquirer or is proposed to Acquirer or its shareholders and is
      recommended by the Board of Directors of Acquirer, or is otherwise effected
      or
      to be effected with the consent or approval of the Board of Directors of
      Acquirer, and the Exchangeable Shares are not redeemed by Canco or purchased
      by
      Callco pursuant to the Redemption Call Right, Acquirer will use its reasonable
      best efforts expeditiously and in good faith to take all such actions and do
      all
      such things as are necessary or desirable to enable and permit holders of
      Exchangeable Shares (other than Acquirer and its Affiliates) to participate
      in
      such Offer to the same extent and on an economically equivalent basis as the
      holders of Acquirer Shares, without discrimination. Without limiting the
      generality of the foregoing, Acquirer will use its reasonable best efforts
      expeditiously and in good faith to ensure that holders of Exchangeable Shares
      may participate in each such Offer without being required to retract
      Exchangeable Shares as against Canco (or, if so required, to ensure that any
      such retraction, shall be effective only upon, and shall be conditional upon,
      the closing of such Offer and only to the extent necessary to tender or deposit
      to the Offer). Nothing herein shall affect the rights of Canco to redeem (or
      Callco to purchase pursuant to the Redemption Call Right) Exchangeable Shares,
      as applicable, in the event of an Acquirer Control Transaction.

     

    
      	
              2.9

            	
              OWNERSHIP
                OF OUTSTANDING SHARES

            

    

     

    Without
      the prior approval of Canco and the prior approval of the holders of the
      Exchangeable Shares given in accordance with Section 13.2 of the Exchangeable
      Share Provisions, Acquirer covenants and agrees in favour of Canco that, as
      long
      as any outstanding Exchangeable Shares are owned by any Person other than
      Acquirer or any of its Affiliates, Acquirer will be and remain the direct or
      indirect beneficial owner of all issued and outstanding voting shares in the
      capital of Canco and Callco. Notwithstanding the foregoing, Acquirer shall
      not
      be in violation of this section if any person or group of persons acting jointly
      or in concert acquires all or substantially all of the assets of Acquirer or
      the
      Acquirer Shares pursuant to any merger of Acquirer pursuant to which Acquirer
      was not the surviving corporation.

     

    
      	
              2.10

            	
              ACQUIRER
                AND AFFILIATES NOT TO VOTE EXCHANGEABLE
                SHARES

            

    

     

    Acquirer
      and Callco each covenants and agrees that it will not, and will cause its
      Affiliates not to, exercise any voting rights which may be exercisable by
      holders of Exchangeable Shares from time to time pursuant to the Exchangeable
      Share Provisions or pursuant to the provisions of the ABCA (or any successor
      or
      other corporate statute by which Canco may in the future be governed) with
      respect to any Exchangeable Shares held by it or by its Affiliates in respect
      of
      any matter considered at any meeting of holders of Exchangeable
      Shares.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

     

    
      	
              2.11

            	
              RULE
                10B-18 PURCHASES

            

    

     

    For
      greater certainty, nothing contained in this Agreement, including the
      obligations of Acquirer contained in Section 2.8
      hereof,
      shall limit the ability of Acquirer or Canco to make a "Rule l0b-18 purchase"
      of
      Acquirer Shares pursuant to Rule 10b-18 of the United States Securities
      Exchange Act of
      1934,
      as
      amended, or any successor rule.

     

     

    ARTICLE 3

    ACQUIRER
      SUCCESSORS

     

    
      	
              3.1

            	
              CERTAIN
                REQUIREMENTS IN RESPECT OF COMBINATION,
                ETC.

            

    

     

    Neither
      Acquirer nor Callco shall consummate any transaction (whether by way of
      reconstruction, reorganization, consolidation, merger, transfer, sale, lease
      or
      otherwise) whereby all or substantially all of its undertaking, property and
      assets would become the property of any other Person or, in the case of a
      merger, of the continuing corporation resulting therefrom unless, but may do
      so
      if:

     

    
      	 	
              (a)

            	
              such
                other Person or continuing corporation (the "Acquirer
                Successor")
                by operation of law, becomes, without more, bound by the terms and
                provisions of this Agreement or, if not so bound, executes, prior
                to or
                contemporaneously with the consummation of such transaction, an agreement
                supplemental hereto and such other instruments (if any) as are reasonably
                necessary or advisable to evidence the assumption by the Acquirer
                Successor of liability for all moneys payable and property deliverable
                hereunder and the covenant of such Acquirer Successor to pay and
                deliver
                or cause to be delivered the same and its agreement to observe and
                perform
                all the covenants and obligations of Acquirer or Callco, as the case
                may
                be, under this Agreement; 

            

    

     

    
      	 	
              (b)

            	
              in
                the event that the Acquirer Shares are reclassified or otherwise
                changed
                as part of such transaction, the same or an economically equivalent
                change
                is simultaneously made to, or in the rights of the holders of, the
                Exchangeable Shares; and

            

    

     

    
      	 	
              (c)

            	
              such
                transaction shall be upon such terms and conditions as substantially
                to
                preserve and not to impair in any material respect any of the rights,
                duties, powers and authorities of the other parties hereunder or
                the
                holders of Exchangeable Shares.

            

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

     

    
      	
              3.2

            	
              VESTING
                OF POWERS IN SUCCESSOR

            

    

     

    Whenever
      the conditions of Section 3.1
      have
      been duly observed and performed, the parties, if required by
      Section 3.1,
      shall
      execute and deliver the supplemental agreement provided for in
      Section 3.1(a)
      and
      thereupon the Acquirer Successor shall possess and from time to time may
      exercise each and every right and power of Acquirer or Callco, as the case
      may
      be, under this Agreement in the name of Acquirer or otherwise and any act or
      proceeding by any provision of this Agreement required to be done or performed
      by the Board of Directors of Acquirer or any officers of Acquirer may be done
      and performed with like force and effect by the directors or officers of such
      Acquirer Successor.

     

    
      	
              3.3

            	
              WHOLLY-OWNED
                SUBSIDIARIES

            

    

     

    Nothing
      herein shall be construed as preventing the amalgamation or merger of any
      wholly-owned direct or indirect subsidiary of Acquirer (other than Canco or
      Callco) with or into Acquirer or the winding-up, liquidation or dissolution
      of
      any wholly-owned subsidiary of Acquirer provided that all of the assets of
      such
      subsidiary are transferred to Acquirer or another wholly-owned direct or
      indirect subsidiary of Acquirer and any such transactions are expressly
      permitted by this Article 3.

     

    
      	
              3.4

            	
              SUCCESSORSHIP
                TRANSACTION

            

    

     

    Notwithstanding
      the foregoing provisions of Article 3,
      in the
      event of an Acquirer Control Transaction:

     

    
      	 	
              (a)

            	
              in
                which Acquirer merges or amalgamates with, or in which all or
                substantially all of the then outstanding Acquirer Shares are acquired
                by,
                one or more other corporations to which Acquirer is, immediately
                before
                such merger, amalgamation or acquisition, "related" within the meaning
                of
                the ITA (otherwise than by virtue of a right referred to in paragraph
                251(5)(b) thereof);

            

    

     

    
      	 	
              (b)

            	
              which
                does not result in an acceleration of the Redemption Date in accordance
                with paragraph (b) of that definition;
                and

            

    

     

    
      	 	
              (c)

            	
              in
                which all or substantially all of the then outstanding Acquirer Shares
                are
                converted into or exchanged for shares or rights to receive such
                shares
                (the "Other Shares") of another corporation (the "Other Corporation")
                that, immediately after such Acquirer Control Transaction, owns or
                controls, directly or indirectly,
                Acquirer;

            

    

     

    then
      all
      references herein to "Acquirer" shall thereafter be and be deemed to be
      references to "Other Corporation" and all references herein to "Acquirer Shares"
      shall thereafter be and be deemed to be references to "Other Shares" (with
      appropriate adjustments, if any, as are required to result in a holder of
      Exchangeable Shares on the exchange, redemption or retraction of such shares
      pursuant to the Exchangeable Share Provisions or exchange of such shares
      pursuant to the Voting and Exchange Trust Agreement immediately subsequent
      to
      the Acquirer Control Transaction being entitled to receive that number of Other
      Shares equal to the number of Other Shares such holder of Exchangeable Shares
      would have received if the exchange, redemption or retraction of such shares
      pursuant to the Exchangeable Share Provisions or exchange of such shares
      pursuant to the Voting and Exchange Trust Agreement had occurred immediately
      prior to the Acquirer Control Transaction and the Acquirer Control Transaction
      was completed) without any need to amend the terms and conditions of the
      Exchangeable Shares and without any further action required.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

     

    ARTICLE 4

    GENERAL

     

    
      	
              4.1

            	
              TERM

            

    

     

    This
      Agreement shall come into force and be effective as of the date hereof and
      shall
      terminate and be of no further force and effect at such time as no Exchangeable
      Shares (or securities or rights convertible into or exchangeable for or carrying
      rights to acquire Exchangeable Shares) are held by any Person other than
      Acquirer and any of its Affiliates.

     

    
      	
              4.2

            	
              CHANGES
                IN CAPITAL OF ACQUIRER AND
                CANCO

            

    

     

    At
      all
      times after the occurrence of any event contemplated pursuant to
      Sections 2.7
      and
2.8
      hereof
      or otherwise, as a result of which either Acquirer Shares or the Exchangeable
      Shares or both are in any way changed, this Agreement shall forthwith be deemed
      amended and modified as necessary in order that it shall apply with full force
      and effect, mutatis
      mutandis,
      to all
      new securities into which Acquirer Shares or the Exchangeable Shares or both
      are
      so changed and the parties hereto shall execute and deliver an agreement in
      writing giving effect to and evidencing such necessary amendments and
      modifications.

     

    
      	
              4.3

            	
              NOTICES
                TO PARTIES

            

    

     

    All
      notices and other communications hereunder shall be in writing and shall be
      deemed given when delivered personally, telecopied (which is confirmed) or
      dispatched (postage prepaid) to a nationally recognized overnight courier
      service with overnight delivery instructions, in each case addressed to the
      particular party at:

     

    CanWest
      Petroleum Corporation

    Suite
      205, 707 - 7th
      Avenue
      S.W.

    Calgary,
      Alberta T2P 3H6

    Attention:
      Chief Executive Officer

    Telecopier
      Number: (403) 263-9812

     

    With
      a
      copy to:

     

    Macleod
      Dixon llp

    3700
      Canterra Tower

    400
      Third
      Avenue, S.W.

    Calgary,
      Alberta T2P 4H2

    

    Attention:
      Craig Hoskins

    Telecopier
      Number: (403) 264-5973

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

     

    or
      at
      such other address of which any party may, from time to time, advise the other
      parties by notice in writing given in accordance with the
      foregoing.

     

    
      	
              4.4

            	
              ASSIGNMENT

            

    

     

    No
      party
      hereto may assign this Agreement or any of its rights, interests or obligations
      under this Agreement (whether by operation of law or otherwise) except that
      each
      of Canco and Callco may assign in its sole discretion, any or all of its rights,
      interests and obligations hereunder to any wholly-owned subsidiary of
      Acquirer.

     

    
      	
              4.5

            	
              BINDING
                EFFECT

            

    

     

    Subject
      to Section 4.4,
      this
      Agreement shall be binding upon, enure to the benefit of and be enforceable
      by
      the parties hereto and their respective successors and assigns.

     

    
      	
              4.6

            	
              AMENDMENTS,
                MODIFICATIONS

            

    

     

    Subject
      to Sections 4.2,
      4.7
      and
4.11,
      this
      Agreement may not be amended or modified except by an agreement in writing
      executed by Canco, Callco and Acquirer and approved by the holders of the
      Exchangeable Shares in accordance with Section 13.2 of the Exchangeable Share
      Provisions.

     

    
      	
              4.7

            	
              MINISTERIAL
                AMENDMENTS

            

    

     

    Notwithstanding
      the provisions of Section 4.6,
      the
      parties to this Agreement may in writing at any time and from time to time,
      without the approval of the holders of the Exchangeable Shares, amend or modify
      this Agreement for the purposes of:

     

    
      	 	
              (a)

            	
              adding
                to the covenants of any or all parties provided that the board of
                directors of each of Canco, Callco and Acquirer shall be of the good
                faith
                opinion that such additions will not be prejudicial to the rights
                or
                interests of the holders of the Exchangeable
                Shares;

            

    

     

    
      	 	
              (b)

            	
              making
                such amendments or modifications not inconsistent with this Agreement
                as
                may be necessary or desirable with respect to matters or questions
                which,
                in the good faith opinion of the board of directors of each of Canco,
                Callco and Acquirer, it may be expedient to make, provided that each
                such
                board of directors shall be of the good faith opinion that such amendments
                or modifications will not be prejudicial to the rights or interests
                of the
                holders of the Exchangeable Shares;
                or

            

    

     

    
      	 	
              (c)

            	
              making
                such changes or corrections which, on the advice of counsel to Canco,
                Callco and Acquirer, are required for the purpose of curing or correcting
                any ambiguity or defect or inconsistent provision or clerical omission
                or
                mistake or manifest error, provided that the board of directors of
                each of
                Canco, Callco and Acquirer shall be of the good faith opinion that
                such
                changes or corrections will not be prejudicial to the rights or interests
                of the holders of the Exchangeable
                Shares.

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

     

    
      	
              4.8

            	
              MEETING
                TO CONSIDER AMENDMENTS

            

    

     

    Canco,
      at
      the request of Acquirer, shall call a meeting or meetings of the holders of
      the
      Exchangeable Shares for the purpose of considering any proposed amendment or
      modification requiring approval pursuant to Section 4.6
      hereof;
      provided that any such meeting shall only be called for a bona fide business
      purpose and not for the principal purpose of causing a Redemption Date to occur
      or transpire. Any such meeting or meetings shall be called and held in
      accordance with the bylaws of Canco, the Exchangeable Share Provisions and
      all
      applicable laws.

     

    
      	
              4.9

            	
              AMENDMENTS
                ONLY IN WRITING

            

    

     

    No
      amendment to or modification or waiver of any of the provisions of this
      Agreement otherwise permitted hereunder shall be effective unless made in
      writing and signed by all of the parties hereto.

     

    
      	
              4.10

            	
              GOVERNING
                LAWS; CONSENT TO
                JURISDICTION

            

    

     

    This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      Province of Alberta and the laws of Canada applicable therein and shall be
      treated in all respects as an Alberta contract. Each party hereby irrevocably
      attorns to the jurisdiction of the courts of the Province of Alberta in respect
      of all matters arising under or in relation to this Agreement.

     

    
      	
              4.11

            	
              SEVERABILITY

            

    

     

    If
      any
      term or other provision of this Agreement is invalid, illegal or incapable
      of
      being enforced by any rule of law or public policy, all other conditions and
      provisions of this Agreement shall nevertheless remain in full force and effect
      so long as the economic or legal substance of the transactions contemplated
      hereby is not affected in any manner materially adverse to any party. Upon
      such
      determination that any term or other provision is invalid, illegal or incapable
      of being enforced, the parties hereto shall negotiate in good faith to modify
      this Agreement so as to effect the original intent of the parties as closely
      as
      possible in an acceptable manner to the end that transactions contemplated
      hereby are fulfilled to the extent possible.

     

    
      	
              4.12

            	
              COUNTERPARTS

            

    

     

    This
      Agreement may be executed in counterparts, each of which shall be deemed to
      be
      an original but all of which together shall constitute one and the same
      instrument.

     

    

     

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

     

    IN
      WITNESS WHEREOF the parties hereto have caused this Agreement to be duly
      executed as of the date first above written.

     

                                        CANWEST
      PETROLEUM
      CORPORATION

     

    By:________________________________

                                        Name:

    Title:

     

                                        1259882
      ALBERTA
      LTD.

     

    By:________________________________

    Name:

    Title:

     

                                        OILSANDS
      QUEST
      INC.

     

    By:________________________________

    Name:

    Title:

     

    
      
        
        

      

      15

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