Document:

Exhibit 4.8

 

SCHEDULE
51-102F3

 

MATERIAL
CHANGE REPORT

 

		1.	Name
and Address of the Corporation

 

NOUVEAU
MONDE GRAPHITE INC. (the “Corporation”) 

331
Rue Brassard 

Saint-Michel-des-Saints
QC, J0K 3B0

 

		2.	Date
                                         of Material Change 

 

February
10, 2021

 

		3.	News
                                         Release 

 

A
news release, in French and English versions, was issued on February 10, 2021 through Globe Newswire and filed on SEDAR.

 

		4.	Summary
                                         of Material Change 

 

The
Corporation announced that it has reached a key milestone by receiving authorization from the Government of Québec to build
what is set to become the western world’s largest graphite mine.

 

		5.	Full
                                         Description of Material Change 

 

The
Corporation announced that, following a rigorous environmental review, the Government of Québec issued a ministerial decree
authorizing the Corporation’s Matawinie mining project for a 100,000-tpa high-purity graphite concentrate production (the
 “Decree”). Located only 150 km north of Montréal, the Corporation’s world-class deposit constitutes
the largest projected graphite operation in North America and Europe and is expected to become the world’s first all-electric
open-pit mine.

 

Since
the filing of its bankable feasibility study, the Corporation has invested time and effort to meticulously plan mining and environmental
engineering, master the ore metallurgical process to reach 97% purity after simple flotation, de-risk its operation through its
demonstration plant, and actively engage with the local community of Saint-Michel-des-Saints and the Atikamekw First Nation to
secure a social license to operate.

 

The
Decree provides the Corporation with the operational criteria and final design parameters to launch construction activities. From
mining development and environmental engineering to metallurgy and project management, the Corporation has assembled an experienced
team with a comprehensive skillset to finalize the robust project schedule, pay close attention to cost control and deliver sound
execution.

     

    

    

Through
an innovative coordination table set up by the Government of Québec, the Corporation has worked collaboratively with various
authorities over the past months to prepare the permitting process. Hence, the Corporation plans to start early works at the mining
site as of the second quarter 2021, and full construction is expected to be launched in the third quarter 2021 once permits and
authorisations are finalized. The project timeline places commissioning activities and start-up of commercial production in 2023,
in time to meet the growing demand of battery manufacturers.

 

Setting
new standards for mining

 

The
Corporation is working towards developing an operation that can provide the volumes required by major auto OEMs and battery manufacturers;
the most recent estimates indicate 120.3 Mt combined measured and indicated resources at a 4.26% Cg grade. Geological knowledge
of the Matawinie property paired with experience in extracting and concentrating the ore at the Corporation’s demonstration
plant have significantly de-risked the project.

 

The
Corporation has also integrated the following forward-looking and innovative environmental initiatives to limit the project’s
footprint and protect local biodiversity:

 

		•	an
                                         integrated onsite water management system guaranteeing constant monitoring and treatment
                                         that meet the highest quality standards;

 

		•	co-disposal
                                         of tailings and waste rock in line with requirements of the best practices such as The
                                         Global Tailings Review, the International Network for Acid Prevention and the Canadian
                                         Mine Environment Neutral Drainage Program. This management solution helps avoid acid
                                         mine drainage, provides greater environmental safety in the long term and reduces the
                                         infrastructure’s footprint;

 

		•	progressive
                                         land reclamation through backfilling of the pit and a comprehensive restoration plan;
                                         and

 

		•	all-electric
                                         fleet – a world’s first for an open-pit mine – powered by Québec’s
                                         clean, abundant, and affordable hydroelectricity.

 

Proactive
management of environmental liability

 

Through
its demonstration operations, the Corporation has already validated its process for desulphurisation of tailings and completed
the construction of a co-disposal experimental cell through a collaborative partnership with the Université du Québec
en Abitibi-Témiscamingue.

 

Over
the life of the mine, the Corporation intends to implement this system through a co-disposal pile and backfilling of the pit as
of year 6, thereby promoting the restoration of the natural ecosystem while reducing environmental risks. To ensure long-term
sustainability, the co-disposal storage facility will also include a capillary barrier effect multi-layer cover to block oxygen
and vegetate the site.

     

    

    

SNC-Lavalin,
Lamont Expert-Conseil, Minesite Drainage Assessment Group and the National Research Council of Canada (“NRC”)
have conducted modeling analyses of the Corporation’s co-disposal design to study critical design parameters on sulfide
oxidation reaction rates and optimise configurations of the pit backfill and co-disposal pile.

 

Recently,
the Corporation has expanded the mandate of NRC to simulate additional site-specific pile design parameters, such as compaction
level, using the Corporation’s demonstration plant tailings and test cell results. NRC will expand the model developed in
earlier phases and provide the Corporation with a strong tool to optimise tailings deposition plans.

 

Land
reclamation starts today

 

The
Corporation is committed to reaching, and even exceeding, the original biodiversity threshold while ensuring the community’s
safety and protection of water and natural resources. The Corporation has tasked Viridis Terra, a landscape restoration expert,
with the preparation of an ecological and climato-edaphic study to refine reclamation parameters, and the assessment of the optimal
mix for seeding from the valuation of deforestation by-products. Hence, initiatives as early as 2021 will be launched to conduct
field test beds for the study and optimisation of vegetation establishment, test flora species’ natural ability to capture
metals, re-sequester carbon following deforestation activities, and enhance wetlands and phytoremediation as complementary passive
natural treatment systems. Such efforts would help select species that promote the rapid return of a resilient and sustainable
native ecosystem, limit wind and water erosion, enhance biodiversity, protect the co-disposal progressive cover and reduce environmental
liabilities.

 

In
collaboration with research centres, tests could be carried out in laboratories, greenhouses and in situ.

 

Catalyst
for socio-economic growth

 

In
keeping with its responsible approach, the Corporation has launched many initiatives since the deposit discovery to align the
Matawinie project with the realities, concerns, and values of the local community. In addition to the creation of jobs and business
opportunities, the Corporation has signed a collaboration and benefit-sharing agreement with the municipality of Saint-Michel-des-Saints
to set out a concrete social, economic and environmental development partnership through financial and participatory mechanisms.

 

The
Corporation has also led the implementation of a professional training program in collaboration with the regional school board
and two forest product companies. This paid on-the-job education program, with guaranteed employment upon graduation, is a winning
formula for developing a skilled, local workforce. Launched in June 2020, the program begins training its third cohort in February
2021.

     

    

    

		6.	Reliance
                                         on subsection 7.1(2) of Regulation 51-102 

 

Not
applicable.

 

		7.	Omitted
                                         Information 

 

Not
applicable.

 

		8.	Executive
                                         Officer 

 

For
all additional information, please contact:

 

Mr.
David Torralbo 

Chief
Legal Officer and Corporate Secretary 

Telephone: (514) 605-6574

 

		9.	Date
                                         of Report 

 

February
18, 2021Exhibit 4.9

 

 

 

 

NOTICE
AND MANAGEMENT INFORMATION

CIRCULAR OF A SPECIAL MEETING OF

SHAREHOLDERS

 

 

 

Dated
February 22, 2021

Record
Date: February 19, 2021

 

TO
BE CONDUCTED VIA LIVE WEBCAST

https://web.lumiagm.com/169684233

  

We
will hold our special meeting of the holders of common shares in a virtual only format on March 23, 2021 at 10:00 a.m. Shareholders
may exercise their rights by attending the meeting by webcast or by completing a form of proxy.

 

YOUR
VOTE AS A SHAREHOLDER IS IMPORTANT. VOTE TODAY.

 

Pour
recevoir l’avis de convocation à l’assemblée, la circulaire de sollicitation de procurations par la
direction et le formulaire de procuration pour l’assemblée en français, prière de communiquer avec
M. David Torralbo, Chef des affaires juridiques et secrétaire corporatif, par lettre adressée à Nouveau Monde
Graphite Inc., 331, rue Brassard, Saint-Michel-des-Saints (Québec) J0K 3B0 ou par courriel à l’adresse suivante:
dtorralbo@nouveaumonde.ca ou encore consulter lesdits documents sous le profil de la société sur le site
Web de SEDAR à www.sedar.com.

     

     

    

TABLE
OF CONTENTS

 

	MANAGEMENT
    PROXY CIRCULAR	2
	FORWARD-LOOKING
    INFORMATION	2
	VOTING
    INFORMATION	2
	PROXY
    SOLICITATION	2
	NOMINATION
    OF PROXYHOLDERS	3
	EXERCISE
    OF VOTING RIGHTS BY PROXYHOLDERS	4
	RIGHT
    TO REVOKE PROXIES	4
	SPECIAL
    VOTING INSTRUCTIONS FOR THE BENEFIT OF BENEFICIAL OWNERS	5
	SPECIAL
    INSTRUCTIONS FOR THE VIRTUAL MEETING	6
	VOTING
    RESULTS	7
	QUORUM	7
	VOTING
    SECURITIES AND PRINCIPAL HOLDERS	7
	ITEMS
    ON MEETING AGENDA	7
	CONSOLIDATION
    OF COMMON SHARES	7
	ADOPTION
    OF NEW BY-LAWS OF THE CORPORATION	13
	OTHER
    INFORMATION	13
	TRANSFER
    AGENT AND REGISTRAR	13
	INTEREST
    OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON	14
	INTEREST
    OF INFORMED PERSONS IN MATERIAL TRANSACTIONS	14
	ADDITIONAL
    INFORMATION	15
	APPROVAL
    OF DIRECTORS	15

 

	SCHEDULE
    “I”	SPECIAL
    RESOLUTION CONCERNING THE APPROVAL OF THE SHARE CONSOLIDATION	I-1
	 	 	 
	SCHEDULE
    “II”	ORDINARY
    RESOLUTION CONCERNING THE ADOPTION OF NEW BY-LAWS OF THE CORPORATION	II-1
	 	 	 
	SCHEDULE
    “III”	NEW
    BY-LAWS OF THE CORPORATION	III-1

     

     

    

 

 

NOTICE
OF THE SPECIAL MEETING OF SHAREHOLDERS

 

To
the shareholders of Nouveau Monde Graphite Inc.:

 

NOTICE
IS HEREBY GIVEN that a special meeting (the “Meeting”) of holders of common shares (the “Common
Shares”) of Nouveau Monde Graphite Inc. (the “Corporation”) will be held by way of live webcast at
10:00 a.m. (Standard Eastern Time) on March 23, 2021, for the following purposes:

 

		1.	to
                                         consider and, if deemed advisable, pass, with or without variation, a special resolution
                                         (the full text of which is reproduced as Schedule “I” in the accompanying
                                         management proxy circular (the “Circular”)) authorizing an amendment to the
                                         Corporation’s articles to consolidate the Corporation’s issued and outstanding
                                         Common Shares on the basis of a ratio to be determined by the Corporation’s board
                                         of directors, in its sole discretion, within a range of one new post-consolidation Common
                                         Share up to every ten (10) old pre-consolidation Common Shares, as more particularly
                                         described in the Circular;

 

		2.	to
                                         consider and, if deemed advisable, to confirm and ratify by resolution (the text of which
                                         is reproduced in Schedule “II” of the Circular), the adoption, without any
                                         amendment, of new by-laws of the Corporation (the full text of which is reproduced in
                                         Schedule “III” of the Circular), the whole as described in the Circular;
                                         and

 

		3.	to
                                         transact such further or other business as may be properly brought before the Meeting
                                         or any postponement(s) or adjournment(s) thereof.

 

The
management proxy circular and proxy form for the Meeting are attached to this notice.

 

Montréal,
Québec, February 22, 2021

 

By
order of the Board of Directors,

 

	(s)
    David Torralbo	 
	David
    Torralbo	 
	Chief
    Legal Officer & Corporate Secretary	 

 

In
order to support the efforts of the Québec Government to contain the spread of the Global COVID-19 pandemic and to protect
the health and safety of its shareholders, employees, families and others who usually attend such meeting, there will be no physical
location for the Meeting which will be conducted by way of a live webcast through a virtual platform with real-time balloting.
We hope that hosting the Meeting virtually will increase participation by our shareholders, as it will enable shareholders to
more easily attend the Meeting regardless of their geographic location. Shareholders will not be able to physically attend the
Meeting. Even if you plan on attending the Meeting, we nonetheless recommend to vote prior to the Meeting in order to tabulate
your vote in advance.

 

Shareholders
of the Corporation whose Common Shares are registered in the Corporation’s register in their name may exercise their right
to vote by attending the Meeting or by completing a proxy form or voting instruction form. If you are unable to be present via
live webcast at the Meeting, kindly complete, date and sign the enclosed proxy form or voting instruction form. Proxies must be
received by the transfer agent and registrar of the Corporation no later than 10:00 a.m. (Standard Eastern Time) on Friday, March
19, 2021 or 48 hours, excluding Saturday, Sunday or holiday, preceding the resumption of the Meeting after an adjournment (i)
by mail at AST Trust Company (Canada), P.O. Box 721, Agincourt, Ontario, M1S 0A1; (ii) by facsimile machine at 416-368-2502 or
by toll-free number in Canada and the United States 1-866-781-3111; (iii) by calling the toll-free number in Canada and the United
States 1-888-489-7352; (iv) by casting your vote online to the following website: www.astvotemyproxy.com; (v) by scanning and
sending it by email to proxyvote@astfinancial.com; or (vi) by scanning the QR code indicated on the proxy form with their smartphones.

 

If
you are not a registered shareholder but you are a beneficial owner, please follow the instructions contained in the accompanying
management proxy circular.

     

     

    

MANAGEMENT
PROXY CIRCULAR

 

FORWARD-LOOKING
INFORMATION

 

This
management proxy circular (the “Circular”) contains “forward-looking information” and “forward-looking
statements” within the meaning of applicable securities legislation (collectively, “forward-looking statements”)
which are based upon the Corporation’s current internal expectations, estimates, projections, assumptions and beliefs. Such
statements can be identified by the use of forward-looking terminology such as “expect”, “believe”, “plan”,
 “project”, “assume”, “likely”, “may”, “will”, “should”,
 “intend”, “anticipate”, “potential”, “proposed”, “estimate” and other
similar words, including negative and grammatical variations thereof, or statements that certain events or conditions “may”
or “will” happen, or by discussions of strategy. No assurance can be given that the expectations in any forward-looking
statement will prove to be correct and, as such, the forward-looking statements included in this Circular should not be unduly
relied upon.

 

Forward-looking
statements contained in this Circular including, but not limited to: the resultant increase to the trading price of the Common
Shares from effecting the Share Consolidation (as defined herein); the ancillary benefits of the Share Consolidation; and the
receipt of regulatory approval for the Share Consolidation, including the approval of the TSX Venture Exchange (the “TSXV”),
include expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact.
Such forward-looking statements are made as of the date of this Circular. Forward-looking statements are based on reasonable assumptions
that have been made by the Corporation as at the date of such statements and are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results or outcome to be materially different from those expressed or implied by such
forward-looking statements, including but not limited to, those factors discussed in the section entitled “Risk Factors”
of our Annual Information Form and as described below under “Items on Meeting Agenda – Consolidation of Common Shares
- Risk Factors Associated with the Share Consolidation”.

 

Although
the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained
in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
The Corporation does not undertake to update any forward-looking statement that is included or incorporated by reference herein,
except in accordance with applicable securities laws.

 

VOTING
INFORMATION

 

PROXY
SOLICITATION

 

This
Circular is provided in the context of a solicitation of proxies by the management of Nouveau Monde Graphite Inc. (the “Corporation”)
for use at the special meeting (the “Meeting”) of holders (the “Shareholders”) of common
shares of the Corporation (the “Common Shares”) to be held virtually via live webcast available online using
the LUMI meeting platform at https://web.lumiagm.com/169684233 on Tuesday, March 23, 2021 at the time and for the purposes
set forth in the foregoing notice of Meeting (the “Notice”) and at any adjournment thereof. In this Circular,
unless otherwise indicated, all dollar amounts indicated herein are stated in Canadian dollars. Shareholders will not be able
to physically attend the Meeting.

 

While
proxies will be mainly solicited by mail, certain directors, officers, and employees of the Corporation may solicit them directly
in person, by telephone, or by other means of electronic communication, but without additional compensation. The Corporation may
also mandate an external proxy solicitation agency to help therewith. The cost of solicitation will be assumed by the Corporation,
and it is not expected to be significant. Arrangements will also be taken with brokerage firms and other receivers, trustees and
agents for the forwarding of proxy solicitation documents to non-objecting beneficial owners of Common Shares in accordance with
the provisions of Regulation 54-101 respecting Communication with Beneficial Owners of Securities of a Reporting Issuer
(the “Regulation 54-101”).

    -2-

     

    

Shareholders
whose Common Shares are registered in the Corporation’s register in their name may exercise their right to vote by attending
the Meeting or by completing a proxy form or voting instruction form. If you are unable to be present via live webcast at the
Meeting, kindly complete, date and sign the enclosed proxy form or voting instruction form. Proxies must be received by the transfer
agent and registrar of the Corporation no later than 10:00 a.m. (Standard Eastern Time) on Friday, March 19, 2021 or 48 hours,
excluding Saturday, Sunday or holiday, preceding the resumption of the Meeting after an adjournment (i) by mail at AST Trust Company
(Canada), P.O. Box 721, Agincourt, Ontario, M1S 0A1; (ii) by facsimile machine at 416-368-2502 or by toll-free number in Canada
and the United States 1-866-781-3111; (iii) by calling the toll-free number in Canada and the United States 1-888-489-7352; (iv)
by casting your vote online to the following website: www.astvotemyproxy.com; (v) by scanning and sending it by email to proxyvote@astfinancial.com;
or (vi) by scanning the QR code indicated on the proxy form with their smartphones.

 

If
you are not a registered Shareholder but you are a beneficial owner, please follow the instructions contained in this Circular.

 

NOMINATION
OF PROXYHOLDERS

 

The
persons named as proxyholders in the enclosed proxy form or voting instruction form are officers of the Corporation and have been
chosen by the board of directors of the Corporation (the “Board of Directors”). A Shareholder entitled to
vote at the Meeting has the right to appoint another person than the persons named in the enclosed proxy form or voting instruction
form to attend the Meeting and act on his or her behalf. To exercise this right, the Shareholder must insert the name of that
person in the space provided for that purpose in the proxy form or voting instruction form. Any person appointed as proxyholder
does not need to be a Shareholder of the Corporation.

 

To
be used at the Meeting, proxies must be received by the transfer agent and registrar of the Corporation no later than 10:00 a.m.
(Standard Eastern Time) on Friday, March 19, 2021 or 48 hours, excluding Saturday, Sunday or holiday, preceding the resumption
of the Meeting after an adjournment (i) by mail at AST Trust Company (Canada), P.O. Box 721, Agincourt, Ontario, M1S 0A1; (ii)
by facsimile machine at 416-368-2502 or by toll-free number in Canada and the United States 1-866-781-3111; (iii) by calling the
toll-free number in Canada and the United States 1-888-489-7352; (iv) by casting your vote online to the following website: www.astvotemyproxy.com;
(v) by scanning and sending it by email to proxyvote@astfinancial.com; or (vi) by scanning the QR code indicated on
the proxy form with their smartphones.

 

A
Shareholder who wishes to appoint a proxyholder MUST ALSO call AST Trust Company (Canada) at 1-866-751-6315 (within North
America) or 1 (212) 235-5754 (outside of North America) by no later than 10:00 a.m. (Standard Eastern Time) on March 19, 2021
to properly register the proxyholder, so that AST Trust Company (Canada) may provide such proxyholder with a 13-digit proxyholder
control number via email. Such 13-digit proxyholder control number will differ from the control number set forth on the proxy
form or voting instruction form. Without a 13-digit proxyholder control number, a proxyholder will not be able to participate,
interact, ask questions or vote at the Meeting, but will be able to attend as a guest. Alternatively, a duly appointed proxyholder
may request a 13-digit proxyholder control number by completing a form online using the following link: https://lp.astfinancial.com/control-number-request-en.html.

 

If
you are not a registered Shareholder but you are a beneficial owner, please follow the instructions contained in the Circular.

 

Any
Shareholder who is an individual must sign his or her name as it appears in the share ledger. If the Shareholder is a corporate
body, the proxy form must be signed by a duly authorized officer or representative of such corporate body. Also, for the Shareholder
who is a corporate body, a natural person authorized by a resolution of the Board of Directors or of the management of such corporate
body may represent the latter at the Meeting and may apply all the Shareholder’s powers.

 

If
the Common Shares are registered in the name of a liquidator, director or trustee, these persons must sign the exact name appearing
in the Corporation’s ledger. If the Common Shares are registered in the name of a deceased Shareholder, the name of the
Shareholder must be printed in block letters in the space provided for that purpose. The proxy form must be signed by the legal
representative, who must print his or her name in block letters under his or her signature, and evidence of his or her authority
to sign on behalf of the Shareholder must be attached to the proxy form.

 

A
person acting for a Shareholder as administrator of the property of others may participate in and vote at the Meeting.

    -3-

     

    

If
two (2) or more persons hold Common Shares jointly, one of those Shareholders present or represented by proxy at the Meeting may,
in the absence of the others, exercise the voting right attached to those Common Shares. If two (2) or more of such Shareholders
are present or represented by proxy at the Meeting, they must vote together for the number of Common Shares indicated on the proxy.

 

In
many cases, the Common Shares belonging to a beneficial owner are registered in the name of a securities broker, another intermediary
or a clearing agency. Beneficial owners should carefully read the section of this Circular entitled “Special Voting Instructions
for the Benefit of Beneficial Owners” and carefully follow the directions given by their intermediaries.

 

EXERCISE
OF VOTING RIGHTS BY PROXYHOLDERS

 

For
any item listed in the Notice, the persons named as proxyholders in the enclosed proxy form will exercise the voting rights attached
to the Common Shares for which they have been nominated in accordance with the instructions of the Shareholders who have nominated
them. If no specific instruction has been given by the Shareholder, the voting rights attached to his or her Common Shares will
be exercised in favour of adopting the items listed in the Notice. The persons named as proxyholders will have discretionary authority
with respect to amendments or variations to matters identified in the Notice and other matters which may properly come before
the Meeting provided that (i) the management of the Corporation is not aware within a reasonable time before the time the solicitation
is made that any of those amendments, variations or other matters are to be presented for action at the Meeting and (ii) a specific
statement is made in this Circular or in the form of proxy that the proxy is conferring such discretionary authority. However,
the persons named as proxyholders may not have such discretionary authority to vote at any meeting other than the Meeting, or
any adjournment thereof. As of the date of this Circular, directors of the Corporation have no knowledge of any amendment to the
items listed in the Notice nor of any other item that may be brought before the Meeting in due form.

 

RIGHT
TO REVOKE PROXIES

 

Any
Shareholder who is an individual is at liberty to revoke a proxy by filing a written notice of revocation, including another proxy
form indicating a later date, signed by the Shareholder or his or her proxyholder duly authorized in writing. If the Shareholder
is a corporate body, the written notice of revocation and proxy form must be signed by a duly authorized officer or representative.

 

The
written notice of revocation as well as the proxy form must be delivered (i) by mail to the Corporation’s head office, no
later than 10:00 a.m. (Standard Eastern Time) on Friday, March 19, 2021 or 48 hours, excluding Saturday, Sunday or holiday, preceding
the resumption of the Meeting after any adjournment thereof at which the proxy is to be used or (ii) either by mail to AST Trust
Company (Canada) at P.O. Box 721, Agincourt, Ontario, M1S 0A1, or by facsimile machine at 416-368-2502 or by toll-free number
in Canada and the United States 1-866-781-3111, no later than the last clear business day preceding the Meeting or resumption
of the Meeting after any adjournment thereof at which the proxy is to be used, or (iii) by email to the chair or to the secretary
of such Meeting, at dtorralbo@nouveaumonde.ca, on the day of the Meeting or resumption of the Meeting after any adjournment
thereof at which the proxy is to be used, or (iv) by any other manner permitted by law. The act of appointing a proxyholder results
in the revocation of any previous act of appointing another proxyholder. Any proxy given by a registered Shareholder can also
be revoked by the Shareholder if he or she so requests. If a registered Shareholder follows the process for attending and voting
at the Meeting online, voting at the Meeting online will also revoke your previous proxy.

    -4-

     

    

SPECIAL
VOTING INSTRUCTIONS FOR THE BENEFIT OF BENEFICIAL OWNERS

 

The
information provided in this section is of considerable importance for many Shareholders, because a large number of them hold
Common Shares through securities brokers or their nominees and not in their own names. These Shareholders (the “Beneficial
Owners”) must be aware of the fact that only proxies filed by Shareholders whose names appear in the Corporation’s
ledger as registered holders of Common Shares may be recognized and may benefit from the right to vote at the Meeting. If the
Common Shares are registered in a statement that is remitted to the Shareholder by the broker, in almost all cases, these Common
Shares will not be registered in the Shareholder’s name in the Corporation’s ledger. These Common Shares will likely
be registered in the name of the broker or its nominee. In Canada, the majority of these Common Shares are registered in the name
of CDS & Co. (the nominee of CDS Clearing and Depository Services Inc.) which acts as a depository for a good number of Canadian
brokerage firms. The voting rights attached to the Common Shares held by brokers or their nominees may be exercised only according
to the Beneficial Owner’s specific instructions. Brokers and their nominees are prohibited from exercising the voting
rights attached to the Common Shares of their clients without specific voting instructions from their clients. In order for their
Common Shares to be voted at the Meeting, Beneficial Owners must make sure that their specific instructions concerning the exercise
of the voting rights attached to their Common Shares are conveyed to the appropriate person at their broker or nominee well before
the Meeting.

 

Pursuant
to Regulation 54-101, intermediaries and brokers must obtain voting instructions from Beneficial Owners before a meeting of Shareholders.
Each intermediary and broker has its own rules concerning the mailing and forwarding of voting instruction forms (the “VIFs”),
meeting notices, proxy circulars as well as all other documents sent to Shareholders for a meeting. These rules must be carefully
followed by Beneficial Owners to ensure that the rights attached to their Common Shares can be exercised at the Meeting. The VIF
remitted to Beneficial Owners by the intermediary or the broker is often the same as the one remitted to registered Shareholders;
however, its sole purpose is to obtain instructions for the intermediary or the broker on how to exercise the voting rights on
behalf of the Beneficial Owner. The majority of intermediaries or brokers now delegate the responsibility of obtaining voting
instructions from their clients to Broadridge Financial Solutions (Canada) Corp. (“Broadridge”). Broadridge
provides VIFs and mails them to the Beneficial Owners, and asks them to return the VIFs to Broadridge, or to call its toll-free
number to exercise the voting rights attached to their Common Shares, or to go to its web site at www.proxyvote.com to
provide voting instructions. Broadridge then computes the results of all the voting instructions received and gives the appropriate
instructions regarding the exercise of the voting rights attached to the Common Shares that will be represented at the Meeting.
The Beneficial Owner who receives a VIF from Broadridge may not use such VIF to exercise the voting rights attached to his
or her Common Shares directly at the Meeting. The VIF must be returned to Broadridge no later than 10:00 a.m. (Standard Eastern
Time) on Friday, March 19, 2021 or 48 hours, excluding Saturday, Sunday or holiday before the Meeting so that the voting rights
attached to the Common Shares can be exercised at the Meeting.

 

While
a Beneficial Owner cannot be recognized directly at the Meeting for the purpose of exercising the voting rights attached to the
Common Shares registered in the name of his or her broker or his or her broker’s nominee, the Beneficial Owner may attend
the Meeting as proxyholder for the registered Shareholder and may, in this capacity, exercise the voting rights attached to the
Common Shares. The Beneficial Owner wishing to attend the Meeting and indirectly exercise the voting rights attached to his or
her Common Shares as proxyholder for the registered Shareholder must enter his or her own name in the space provided in the VIF
and return it to his or her broker (or his or her broker’s nominee) in accordance with the instructions provided by the
broker (or broker’s nominee) before the Meeting. The Beneficial Owner can also write the name in the space provided in the
VIF of someone else whom he or she wishes to attend the Meeting and vote on his or her behalf. Unless prohibited by law, the person
whose name is written in the space provided in the VIF will have full authority to present matters to the Meeting and vote on
all matters that are presented at the Meeting, even if those matters are not set out in the VIF or this Circular. The Beneficial
Owner may consult a legal advisor if he or she wishes to modify the authority of that person in any way.

 

According
to Regulation 54-101, the Corporation has distributed copies of the Notice, this Circular and the proxy form (collectively, the
“Meeting Materials”) to clearing agencies and intermediaries for onward distribution to non-objecting Beneficial
Owners. The Corporation will pay for the distribution of Meeting Materials to objecting Beneficial Owners.

 

As
permitted under Regulation 54-101, the Corporation has used a non-objecting Beneficial Owners list to send the Meeting Materials
to the non-objecting owners whose names appear on that list.

 

The
Meeting Materials were sent to both registered and non-registered owners of the Common Shares. If you are a non-registered owner,
and the Corporation or its agent has sent the Meeting Materials directly to you, your name and address and information about your
holdings of Common Shares have been obtained in accordance with applicable securities regulatory requirements from the intermediary
holding on your behalf.

    -5-

     

    

By
choosing to send the Meeting Materials to you directly, the Corporation (and not the intermediary holding on your behalf) has
assumed responsibility for i) delivering these materials to you, and ii) executing your proper voting instructions. Please return
your voting instructions as specified in the request for voting instructions.

 

SPECIAL
INSTRUCTIONS FOR THE VIRTUAL MEETING

 

In
order to support the efforts of the Québec Government to contain the spread of the Global COVID-19 pandemic and to protect
the health and safety of its Shareholders, employees, families and others who usually attend such meeting, there will be no physical
location for the Meeting which will be conducted by way of a live webcast through a virtual platform with real-time balloting.
We hope that hosting the Meeting virtually will increase participation by our Shareholders, as it will enable Shareholders to
more easily attend the Meeting regardless of their geographic location. Shareholders will not be able to physically attend the
Meeting. Even if you plan on attending the Meeting, we nonetheless recommend to vote prior to the Meeting in order to tabulate
your vote in advance.

 

Registered
Shareholders and duly appointed proxyholders will be able to attend the virtual Meeting and vote in real time, provided they are
connected to the internet and follow the instructions in this Circular. Non-registered Shareholders who have not duly appointed
themselves as proxyholder will be able to attend the virtual Meeting as guests but will not be able to vote at the virtual Meeting.

 

Shareholders
who wish to appoint a person other than the management nominees identified in the form of proxy or voting instruction form (including
a non-registered Shareholder who wishes to appoint themselves to attend the virtual Meeting) must carefully follow the instructions
in this Circular and on their form of proxy or voting instruction form. These instructions include the additional step of registering
such proxyholder with our transfer agent, AST Trust Company (Canada), after submitting the form of proxy or voting instruction
form. Failure to register the proxyholder with AST Trust Company (Canada) will result in the proxyholder not receiving a control
number to participate in the virtual Meeting and only being able to attend as a guest. Guests will be able to listen to the virtual
Meeting but will not be able to vote.

 

We
encourage you to log into the Meeting at least one hour (1 hr) prior to the commencement of the Meeting. You may begin to log
into the Meeting virtual platform beginning at 9:00 a.m. (Standard Eastern Time) on March 23, 2021. The Meeting will begin promptly
at 10:00 a.m. (Standard Eastern Time) on March 23, 2021.

 

HOW
TO VOTE

 

You
have two ways to vote your Common Shares:

 

		▪	by
submitting your form of proxy or other voting instruction form as per instructions indicated; or

 

		▪	during
the Meeting by online ballot, when called for, through the virtual platform.

 

Registered
Shareholders and duly appointed proxyholders (including non-registered Shareholders who have duly appointed themselves as proxyholder)
that attend the Meeting online will be able to vote by completing a ballot online, when called for, during the Meeting through
the virtual platform.

 

Guests
(including non-registered Shareholders who have not duly appointed themselves as proxyholder) can log into the Meeting as set
out below. Guests will be able to listen to the Meeting but will not be able to vote during the Meeting.

 

To
Access and Vote at the Virtual Meeting:

 

		▪	Step
1: Log into the Virtual Platform online at https://web.lumiagm.com/169684233

 

		▪	Step
2: Follow these instructions:

 

Registered
Shareholders: Click “I have a control number” and then enter your unique 13-digit control number and password “nou2021”
(case-sensitive). The 13-digit number located on the form of proxy received from AST Trust Company (Canada) is your control number.
If you use your control number to log into the Meeting, any vote you cast at the Meeting will revoke any proxy you previously
submitted. If you do not wish to revoke a previously submitted proxy, you should not vote during the Meeting.

    -6-

     

    

Duly
appointed proxyholders: Click “I have a control number” and then enter your unique proxyholder 13-digit control number
and password “nou2021” (case-sensitive). The proxyholder 13-digit number will have been provided by email from AST
Trust Company (Canada) following your registration at 1-866-751-6315 (within North America) or 1 (212) 235-5754 (outside of North
America) by no later than 10:00 a.m. (Standard Eastern Time) on March 19, 2021. Alternatively, a duly appointed proxyholder may
request a 13-digit proxyholder control number by completing a form online using the following link: https://lp.astfinancial.com/control-number-request-en.html.
Failing to register will result in the proxyholder not receiving a control number, which is required to vote at the Meeting.

 

 

You
will need the latest versions of Chrome, Safari, Edge and Firefox. Please ensure your browser is compatible by login in early.
PLEASE DO NOT USE INTERNET EXPLORER.

 

Caution:
Internal network security protocols including firewalls and VPN connections may block access to the Lumi platform for
the Meeting. If you are experiencing any difficulty connecting or watching the Meeting, ensure your VPN setting is disabled or
use a computer on a network not restricted by security settings of your organization.

 

 

VOTING
RESULTS

 

Following
the Meeting, a report on the voting results will be filed with the Canadian securities regulatory authorities at www.sedar.com.

 

QUORUM

 

Under
the Corporation’s general by-laws, the quorum is present, irrespective of the number of persons actually present at the
meeting, if the holders of shares entitled to more than ten per cent (10%) of the votes which may be cast at such meeting are
present in person or represented by proxy.

 

The
quorum must be reached at the opening of the Shareholder meeting so that it is regularly constituted even if the quorum is not
maintained during the course of such meeting.

 

VOTING
SECURITIES AND PRINCIPAL HOLDERS

 

The
Corporation’s authorized capital is made up of an unlimited number of Common Shares without par value. As of the date of
this Circular, 369,913,932 Common Shares are issued and outstanding. The holders of Common Shares have the right to vote at any
meeting of Shareholders. Only Shareholders registered in the Corporation’s ledger at the close of business on February 19,
2021 have the right to receive the Notice. They also have the right to vote at the Meeting and any adjournment thereof, if they
are present or represented by proxyholder.

 

To
the knowledge of the directors and executive officers of the Corporation, based upon filings made with Canadian securities regulators
on or before the date of this Circular, no person beneficially owns, controls or directs, directly or indirectly, voting securities
carrying 10% or more of the voting rights attached to any class of our voting securities, other than: Pallinghurst Graphite International
Limited, the beneficial owner of 56,288,770 Common Shares representing 15.22% of the issued and outstanding Common Shares of the
Corporation and Investissement Québec, acting as mandatary for the government of Québec (“Investissement
Québec”), the beneficial owner of 38,172,414 Common Shares representing 10.32% of the issued and outstanding
Common Shares of the Corporation.

 

ITEMS
ON MEETING AGENDA

 

CONSOLIDATION
OF COMMON SHARES

 

At
the Meeting, Shareholders will be asked to consider for approval, with or without amendment, the special resolution set forth
in Schedule “I” to this Circular (the “Share Consolidation Resolution”) authorizing the Corporation
to file articles of amendment (the “Articles of Amendment”) to amend its articles to consolidate the outstanding
Common Shares based on a ratio of one new post-consolidation Common Share for up to every ten (10) old pre-consolidation Common
Shares (the “Share Consolidation”) held, with the precise share consolidation ratio and timing of implementation
of the Share Consolidation to be determined by the Board of Directors, in its sole discretion. The Share Consolidation Resolution
will confer discretion on the Board of Directors to implement the Share Consolidation until March 31, 2022.

    -7-

     

    

If
the Share Consolidation Resolution is approved, the Share Consolidation would only be implemented, if at all, upon a determination
by the Board of Directors that it is in the best interests of the Corporation and its Shareholders, at that time. The Board of
Directors’ determination as to the specific ratio will be based primarily on the trading price of the Common Shares on the
TSXV at the given time and expected stability of the trading price of the Common Shares following the Share Consolidation.

 

BACKGROUND
AND REASONS FOR THE SHARE CONSOLIDATION

 

The
Board of Directors is seeking authority to implement the Share Consolidation because it believes that the resultant increase to
the trading price of the Common Shares from effecting the Share Consolidation could potentially, and principally, (i) enable the
Corporation to satisfy certain minimum trading price requirements of stock exchanges in the United States for a potential listing
of the Corporation’s Common Shares, and (ii) broaden the pool of investors that may consider investing or be able to invest in
the Corporation.

 

The
Corporation anticipates that the Share Consolidation may result in certain additional ancillary benefits. Achieving a higher market
price for the Common Shares through the Share Consolidation could enhance the Corporation’s comparability against its peers on
per share metrics, as well as minimizing price volatility of the Common Shares. The Share Consolidation could also attract investors
whose internal investment policies prohibit or discourage them from purchasing stocks trading below a certain minimum price. The
Share Consolidation may also increase analysts and brokers interest as policies governing analysts and brokers may discourage
following or recommending companies with lower stock prices. In addition, brokerage houses and institutional investors may have
internal policies and practices that either prohibit them from investing in lower-priced stocks or tend to discourage individual
brokers from recommending lower-priced stocks to their customers, in part because processing of trades in lower-priced stocks
may be economically unattractive.

 

PRINCIPAL
EFFECTS OF THE SHARE CONSOLIDATION

 

General

 

If
the Share Consolidation is approved and implemented, its principal effect will be to proportionately decrease the number of issued
and outstanding Common Shares by a factor equal to the consolidation ratio selected by the Board of Directors. At the close of
business on February 19, 2021, the closing price of the Common Shares on the TSXV was $2.29 and there were 369,913,932 Common
Shares issued and outstanding. Based on the number of Common Shares currently issued and outstanding, immediately following the
completion of the Share Consolidation, for illustrative purposes only, depending on the Share Consolidation ratio selected, the
number of Common Shares then issued and outstanding (disregarding any resulting fractional Common Shares) will be as follows:

 

	Share
    Consolidation Ratio	 	Approximate
    Percentage

 Reduction in Common Shares 

Outstanding	 	Common
    Shares Outstanding
	2 : 1	 	50%	 	184,956,966
	5 : 1	 	80%	 	73,982,786
	10 : 1	 	90%	 	36,991,393

 

As
the Corporation currently has an unlimited number of Common Shares authorized for issuance, the Share Consolidation will not have
any effect on the number of Common Shares of the Corporation available for issuance.

 

The
Share Consolidation will not materially affect any Shareholder’s proportionate voting rights. Each consolidated Common Share outstanding
after the Share Consolidation will have the same rights and privileges as the existing Common Shares. The implementation of the
Share Consolidation would not affect the total Shareholders’ equity of the Corporation or any components of Shareholders’ equity
as reflected on the Corporation’s financial statements except to change the number of issued and outstanding Common Shares to
reflect the Share Consolidation.

 

No
fractional Common Shares will be issued in connection with the Share Consolidation and, if a Shareholder would otherwise be entitled
to receive a fractional Common Share as a result of the Share Consolidation, the number of Common Shares to be received by such
Shareholder will be rounded up or down to the nearest whole number.

    -8-

     

    

The
Share Consolidation may result in some Shareholders owning “odd lots” of fewer than 100 Common Shares or “mixed
lots” of less than even multiples of 100 Common Shares. Odd lot shares (including the odd lot portion of a mixed lot) may
be more difficult to sell, and brokerage commissions or other costs of transactions may be higher than the costs of transactions
in standard trading units of even multiples of 100 Common Shares (referred to as “board lots”). Further, because public
data feeds that display stock market quotes generally include only standard trading units, odd lot orders and the odd lot portions
of mixed lot orders are unable to trade against the displayed liquidity and, thus, are not covered by applicable order protection
regulations that require a sale order to be executed at the best available (i.e., highest) bid price. Accordingly, holders selling
odd lot shares may do so at a price that is lower than the quoted bid price and may have a reduced ability to ascertain whether
or not they are getting the best available price when selling their shares.

 

Upon
the Share Consolidation becoming effective, the exercise prices and the number of Common Shares issuable upon the exercise or
deemed exercise of any stock options or other convertible or exchangeable securities of the Corporation will be automatically
adjusted based on the consolidation ratio selected by the Board of Directors.

 

The
Board of Directors has considered these potential effects, as well as its understanding of the procedures that have been put in
place by the TSXV for the execution of odd lot orders, including the Odd Lot Dealer Program, and believes that holders wishing
to sell their odd lot holdings should be able to do so without significant difficulty and that any disadvantages that may be experienced
by such holders will be outweighed by the anticipated benefits of the Share Consolidation.

 

Effect
on Beneficial Owners

 

Beneficial
Owners (i.e. non-registered Shareholders) holding Common Shares through an intermediary (a securities broker, dealer, bank or
financial institution) should be aware that the intermediary may have different procedures for processing the Share Consolidation
than those that will be put in place by the Corporation for registered Shareholders. If Shareholders hold their Common Shares
through an intermediary and they have questions in this regard, they are encouraged to contact their intermediaries.

 

Effect
on Stock Options

 

As
of the date of this Circular, there were 22,925,000 options (the “Options”) issued and outstanding under the
current stock option plan of the Corporation (the “Stock Option Plan”), entitling the holders thereof to acquire
a like number of Common Shares.

 

The
Stock Option Plan provides that each Option outstanding, to the extent that it has not been completely exercised prior to the
Share Consolidation, will entitle the holder thereof, upon the exercise of such Option in accordance with the terms of the Stock
Option Plan, to such number of Common Shares to which such holder would have been entitled as a result of the Share Consolidation
had such holder actually exercised the unexercised portion of the Options immediately prior to the occurrence of the Share Consolidation
and the exercise price will be adjusted accordingly as if the originally optioned Common Shares of the Corporation were being
purchased thereunder. No fractional Common Shares or other security will be issued upon the exercise of any Option and accordingly,
if as a result of the Share Consolidation, a holder would become entitled to a fractional Common Share or other security, such
holder will have the right to purchase only the next lowest whole number of Common Shares and no payment or other adjustment will
be made with respect to the fractional interest so disregarded.

 

Upon
the occurrence of the Share Consolidation, the maximum number of Common Shares reserved for issuance under the Stock Option Plan
will be appropriately adjusted.

 

REGULATORY
APPROVALS

 

The
Share Consolidation is subject to regulatory approval, including approval of the TSXV, at the time of the proposed consolidation.
Pursuant to Policy 5.8 - Issuer Names, Issuer Name Changes, Share Consolidations and Splits of the TSXV, the TSXV requires, among
other things, that the Corporation meets the continued listing requirements contained in Policy 2.5 - Continued Listing Requirements
and Inter-Tier Movement of the TSXV. The Share Consolidation is not expected to adversely impact the Corporation’s ability to
meet the continued listing requirements of TSXV.

 

If
the Share Consolidation Resolution is approved, the Board of Directors will determine when and if the articles of amendment giving
effect to the Share Consolidation would be filed, if at all, and shall determine the share consolidation ratio. No further action
on the part of Shareholders would be required in order for the Board of Directors to implement the Share Consolidation.

    -9-

     

    

Notwithstanding
approval of the proposed Share Consolidation by Shareholders, the Board of Directors, in its sole discretion, may delay implementation
of the Share Consolidation or revoke the Share Consolidation Resolution and abandon the Share Consolidation without further approval
or action by or prior notice to Shareholders.

 

SHARE
CERTIFICATES UPON IMPLEMENTATION OF SHARE CONSOLIDATION

 

If
the Share Consolidation is approved by Shareholders and subsequently implemented, those registered Shareholders who will hold
at least one new post-consolidation Common Share will be required to exchange their share certificates representing old pre-consolidation
Common Shares for new share certificates representing new post-consolidation Common Shares or, alternatively, a Direct Registration
System (“DRS”) Statement representing the number of new post-consolidation Common Shares they hold following
the Share Consolidation. The DRS is an electronic registration system which allows Shareholders to hold Common Shares in their
name in book-based form, as evidenced by a DRS Statement, rather than a physical share certificate.

 

In
connection with the due implementation of the Share Consolidation, following the public announcement by the Corporation of the
effective date of the Share Consolidation, registered Shareholders will be sent a transmittal letter by the Corporation’s transfer
agent, AST Trust Company (Canada), containing instructions on how to exchange their share certificates representing old pre-consolidation
Common Shares for new share certificates representing new post-consolidation Common Shares. Each registered Shareholder must complete
and sign a letter of transmittal after the Share Consolidation takes effect. Non-registered Shareholders (being Shareholders who
hold their Common Shares through a broker, investment dealer, bank, trust company, custodian, nominee or other intermediary) should
note that such intermediaries may have different procedures for processing the Share Consolidation than those that will be put
in place by the Corporation for registered Shareholders. If a Shareholder holds his Common Shares with an intermediary and if
he has any questions in this regard, he is encouraged to contact them directly (See “Effect on Beneficial Shareholders”
above). The Corporation’s transfer agent will forward to each registered Shareholder who follows the instructions provided in
the letter of transmittal and has sent the required documents a new share certificate representing the number of new post-consolidation
Common Shares to which the Shareholder is entitled rounded up or down to the nearest whole number or, alternatively, a DRS Statement
representing the number of new post-consolidation Common Shares the registered Shareholder holds following the Share Consolidation.

 

Until
surrendered, each share certificate representing old pre-consolidation Common Shares will be deemed for all purposes to represent
the number of whole post-consolidation Common Shares to which the holder is entitled as a result of the Share Consolidation. Until
registered Shareholders have returned their properly completed and duly executed letter of transmittal and surrendered their old
share certificate(s) for exchange, registered Shareholders will not be entitled to receive any distributions, if any, that may
be declared and payable to holders of record following the Share Consolidation.

 

Any
registered Shareholder whose old certificate(s) have been lost, destroyed or stolen will be entitled to a replacement share certificate
only after complying with the requirements that the Corporation and the transfer agent customarily apply in connection with lost,
stolen or destroyed certificates.

 

The
method chosen for delivery of share certificates and letters of transmittal to the Corporation’s transfer agent is the responsibility
of the registered Shareholder and neither the transfer agent nor the Corporation will have any liability in respect of share certificates
and/or letters of transmittal which are not actually received by the transfer agent.

 

Shareholders
should not destroy any certificate(s) representing their Common Shares and should not submit any share certificate(s) until requested
to do so.

 

TAX
CONSIDERATIONS

 

The
following summary describes the principal Canadian federal income tax considerations based on the current provisions of the Income
Tax Act (Canada) (the “Tax Act”), the regulations thereunder in force as of the date hereof (“Regulations”)
generally applicable to a holder of Common Shares whose Common Shares are consolidated pursuant to the Share Consolidation and
who, for the purposes of the Tax Act and any applicable income tax treaty or convention, and at all relevant times, (i) holds
its Common Shares as capital property and (ii) deals at arm’s length with the Corporation and is not affiliated with the
Corporation (a “Holder”). Generally, the Common Shares will be considered to be capital property to a Holder
unless the Holder holds or uses the Common Shares or is deemed to hold or use the Common Shares in the course of carrying on a
business of trading or dealing in securities or has acquired them or deemed to have acquired them in a transaction or transactions
considered to be an adventure or concern in the nature of trade. Certain Holders that might not otherwise be considered to hold
their Common Shares as capital property may, in certain circumstances, be entitled to make an irrevocable election pursuant to
subsection 39(4) of the Tax Act to have their Shares and all other “Canadian securities”, as defined in the Tax Act,
owned by such Holders in the taxation year of the election and in all subsequent taxation years deemed to be capital property.

    -10-

     

    

This
summary is based on the current provisions of the Tax Act and the Regulations in force as of the date hereof, all specific proposals
to amend the Tax Act publicly announced by or on behalf of the Minister of Finance (Canada) (the “Tax Proposals”)
before the date of hereof and counsel’s understanding of the current administrative policies and assessing practices of
the Canada Revenue Agency (the “CRA”) published in writing prior to the date hereof. This summary assumes that
the Tax Proposals will be enacted in the form proposed and does not take into account or anticipate any other changes in law,
whether by way of judicial, legislative, administrative or governmental decision or action, nor does it take into account provincial,
territorial or foreign income tax legislation or considerations, which may differ significantly from the Canadian federal income
tax considerations discussed herein. No assurance can be given that the Tax Proposals will be enacted in the form proposed or
at all, or that legislative, judicial or administrative changes will not modify or change the statements expressed herein.

 

The
following portion of the summary does not apply to a Holder: (i) that is a “financial institution” for purposes of
section 142.2 of the Tax Act; (ii) that is a “specified financial institution” as defined in the Tax Act; (iii) to
which the “functional currency” reporting rules in section 261 of the Tax Act apply; (iv) an interest in which is
a “tax shelter investment” as defined in the Tax Act; (v) that is a corporation resident in Canada that is, or that
becomes, as part of a transaction or event or series of transactions or events that includes the acquisition of the Offered Shares,
controlled by a non-resident person or a group of a non-resident persons (comprised of any combination of non-resident corporations,
non-resident individuals or non-resident trusts) for purposes of the “foreign affiliate dumping” rules in section
212.3 of the Tax Act; (vi) that has entered into or will enter into, in respect of the Common Shares, a “synthetic disposition
arrangement”, a “derivative forward agreement” or a “dividend rental arrangement”, each as defined
under the Tax Act; or (vii) that is a partnership. In addition, this summary does not discuss all of the tax considerations applicable
to a Holder who acquired Common Shares pursuant to an employment compensation plan, such as the Stock Options Plans. Any such
Holders should consult their own tax advisors to determine the particular Canadian federal income tax consequences pursuant to
the Share Consolidation.

 

For
purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of Common Shares must be expressed in
Canadian dollars (including adjusted cost base, proceeds of disposition and dividends). For purposes of the Tax Act, amounts denominated
in a foreign currency generally must be converted into Canadian dollars using the rate of exchange quoted by the Bank of Canada
at noon on the date such amounts arose, or such other rate of exchange as is acceptable to the CRA.

 

THIS
SUMMARY IS NOT EXHAUSTIVE OF ALL POSSIBLE CANADIAN FEDERAL INCOME TAX CONSIDERATIONS APPLICABLE TO THE SHARE CONSOLIDATION. THIS
SUMMARY IS OF A GENERAL NATURE ONLY AND IS NOT INTENDED TO BE, NOR SHOULD IT BE CONSTRUED TO BE, LEGAL OR TAX ADVICE TO ANY PARTICULAR
HOLDER. ACCORDINGLY, HOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS REGARDING THE TAX CONSEQUENCES OF THE SHARE CONSOLIDATION IN
THEIR PARTICULAR CIRCUMSTANCES.

 

Residents
of Canada

 

The
following portion of the summary is generally applicable to a Holder who, at all relevant times, for the purposes of the Tax Act,
is or is deemed to be resident in Canada (a “Resident Holder”). Generally, a Resident Holder will not realize
a capital gain or a capital loss as a result of the Share Consolidation, and, generally, the adjusted cost base to a Resident
Holder of all its Common Shares will be the same after the Share Consolidation as it was before the Share Consolidation. As a
result of the Share Consolidation, all of the Common Shares held by a Resident Holder will be replaced by a smaller number of
Common Shares, and the adjusted cost base of each of the Common Shares will be increased proportionately. The adjusted cost base
for each of the Common Shares held by a Resident Holder will have to be recalculated.

 

Non-Residents
of Canada

 

The
following portion of this summary is generally applicable to a Holder who, at all relevant times, for the purposes of the Tax
Act and any applicable income tax treaty or convention, is neither resident nor deemed to be resident in Canada and does not use
or hold, and is not deemed to use or hold, Common Shares in, or in the course of, carrying on a business or part of a business
in Canada (a “Non-Resident Holder”). Special rules which are not discussed in this summary may apply to a non-resident
insurer carrying on business in Canada and elsewhere.

    -11-

     

    

Generally,
a Non-Resident Holder will not realize a capital gain or a capital loss as a result of the Share Consolidation. Generally, the
adjusted cost base to a Non-Resident Holder of all its Common Shares will be the same after the Share Consolidation as it was
before the Share Consolidation. As a result of the Share Consolidation, all of the Common Shares held by a Resident Holder will
be replaced by a smaller number of Common Shares, and the adjusted cost base of each of the Common Shares will be increased proportionately.
The adjusted cost base for each of the Common Shares held by a Resident Holder will have to be recalculated.

 

IMPLEMENTATION
PROCEDURES

 

If
the Share Consolidation Resolution is approved by the Shareholders and the Board of Directors decides to implement the Share Consolidation,
the Corporation will file Articles of Amendment with the Director under the Canada Business Corporations Act (the “CBCA”)
in the form prescribed by the CBCA to amend the Corporation’s articles. The Share Consolidation will become effective as specified
in the articles of amendment and the certificate of amendment issued by the Director under the CBCA.

 

NO
DISSENT RIGHTS

 

Sections
173(1)(h) of the CBCA require that the Shareholders of a corporation approve by special resolution to change the shares of any
class or series, whether issued or unissued, into a different number of shares of the same class or series or into the same or
a different number of shares of other classes or series. Under Section 190 of the CBCA, Shareholders do not have dissent and appraisal
rights with respect to the proposed Share Consolidation.

 

ACCOUNTING
CONSEQUENCES

 

If
the Share Consolidation is implemented, net income or loss per Common Share, and other per Common Share amounts, will be increased
because there will be fewer Common Shares issued and outstanding. In future financial statements, net income or loss per Common
Share and other per Common Share amounts for periods ending before the Share Consolidation took effect would be recast to give
retroactive effect to the Share Consolidation.

 

RISK
FACTORS ASSOCIATED WITH THE SHARE CONSOLIDATION

 

Reducing
the number of issued and outstanding Common Shares through the Share Consolidation is intended, absent other factors, to increase
the per share market price of the Common Shares. However, the market price of the Common Shares will also be affected by the Corporation’s
financial and operational results, its financial position, including its liquidity and capital resources, the development of its
reserves and resources, industry conditions, the market’s perception of the Corporation’s business and other factors,
which are unrelated to the number of Common Shares outstanding.

 

The
market price of the Common Shares immediately following the implementation of the Share Consolidation is expected to be approximately
equal to the market price of the Common Shares prior to the implementation of the Share Consolidation multiplied by the consolidation
ratio but there is no assurance that the anticipated market price immediately following the implementation of the Share Consolidation
will be realized or, if realized, will be sustained or will increase. There is a risk that the total market capitalization of
the Common Shares (the market price of the Common Shares multiplied by the number of Common Shares outstanding) after the implementation
of the Share Consolidation may be lower than the total market capitalization of the Common Shares prior to the implementation
of the Share Consolidation.

 

Although
the Corporation believes that establishing a higher market price for the Common Shares could (i) increase investment interest
for the Common Shares in equity capital markets by potentially broadening the pool of investors that may consider investing in
the Corporation, including investors whose internal investment policies prohibit or discourage them from purchasing stocks trading
below a certain minimum price, and (ii) enable the Corporation to satisfy certain minimum trading price requirements of stock
exchanges in the United States for a potential listing of the Common Shares, there is no assurance that implementing the Share
Consolidation will achieve these results.

 

If
the Share Consolidation is implemented and the market price of the Common Shares (adjusted to reflect the Share Consolidation
ratio) declines, the percentage decline as an absolute number and as a percentage of the Corporation’s overall market capitalization
may be greater than would have occurred if the Share Consolidation had not been implemented. Both the total market capitalization
of a company and the adjusted market price of such company’s shares following a consolidation or reverse split may be lower
than they were before the consolidation or reverse split took effect. The reduced number of Common Shares that would be outstanding
after the Share Consolidation is implemented could adversely affect the liquidity of the Common Shares.

    -12-

     

    

The
Share Consolidation may result in some Shareholders owning “odd lots” of fewer than 100 Common Shares on a post-consolidation
basis. Odd lot Common Shares may be more difficult to sell and brokerage commissions and other costs of transactions in odd lots
may be higher than the costs of transactions in “round lots” of even multiples of 100 Common Shares.

 

SHAREHOLDERS
APPROVAL

 

The
Share Consolidation Resolution is a special resolution requiring approval of at least two thirds (i.e., 662/3 %) of
the votes cast at the Meeting, whether in person, by proxy or otherwise.

 

The
Board of Directors unanimously recommends that Shareholders vote FOR the Share Consolidation Resolution.

 

Unless
the Shareholders provide instruction to the contrary or in the absence of specific instruction in this respect, the persons named
as proxyholders in the enclosed proxy form intend to vote FOR the special resolution approving the Share Consolidation, the full
text of which is reproduced in Schedule “I” of this Circular.

 

ADOPTION
OF NEW BY-LAWS OF THE CORPORATION

 

At
the Meeting, the Shareholders will be invited to consider and, if deemed advisable, to ratify and confirm, by ordinary resolution
(the text of which is reproduced in Schedule “II” of this Circular) (the “New By-laws Resolution”),
the adoption, without any amendment, of new by-laws of the Corporation (the “New By-laws”) as a replacement
of the original by-laws adopted by the Board of Directors as of November 15, 2012 (the “Original By-laws”).
The full text of the New By-laws is reproduced in Schedule “III” of this Circular.

 

Subsection
(1) of Section 103 of the CBCA stipulates that, unless the articles, by-laws, or unanimous shareholder agreements provide otherwise,
the directors may, by resolution, make, amend, or repeal any by-laws that regulate the business or internal affairs of a corporation.
The Corporation’s general Original By-Laws have not been amended since their adoption as of November 15, 2012. In view of
the foregoing and for modernization purposes, the Board of Directors deemed it appropriate, pursuant to resolutions adopted as
of February 22, 2021, to approve the New By-laws as a replacement of the Original By-laws.

 

In
accordance with the provisions of Subsection (2) of Section 103 of the CBCA, any measure taken by the Board of Directors to adopt
new by-laws must be submitted for Shareholders’ approval at the meeting following such adoption. To be duly approved, the
New By-laws Resolution must therefore be adopted by a majority of the votes cast by the Shareholders present or represented by
proxy at the Meeting and entitled to vote at the Meeting. In the event where the New By-laws Resolution is not so adopted by the
Shareholders, the New By-laws, as approved by the Board of Directors as of February 22, 2021, will cease to be effective.

 

SHAREHOLDERS’
APPROVAL

 

The
New By-laws Resolution is an ordinary resolution requiring approval of a simple majority (i.e., 50 % +1) of the votes cast at
the Meeting, whether in person, by proxy or otherwise.

 

The
Board of Directors unanimously recommends that Shareholders vote FOR the New By-laws Resolution.

 

Unless
the Shareholders provide instruction to the contrary or in the absence of specific instruction in this respect, the persons named
as proxyholders in the enclosed proxy form intend to vote FOR the confirmation and ratification, without any amendment, of the
New By-laws.

 

OTHER
INFORMATION

 

TRANSFER
AGENT AND REGISTRAR

 

The
transfer agent and registrar of the Corporation is AST Trust Company (Canada), P.O. Box 721, Agincourt, Ontario, M1S 0A1.

    -13-

     

    

INTEREST
OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON

 

No
director or executive officer of the Corporation at any time since the beginning of the Corporation’s last fiscal year,
neither any associate or affiliate of any such persons, has any material interest, direct or indirect, by way of beneficial ownership
of securities or otherwise, in any items on the Meeting agenda.

 

INTEREST
OF INFORMED PERSONS IN MATERIAL TRANSACTIONS

 

To
the knowledge of the Corporation, with the exception of what is provided herein, no informed person (as such term is defined under
applicable securities laws) of the Corporation (and any of their associates and affiliates) has had any material interest, direct
or indirect, in any transaction since the beginning of the Corporation’s last fiscal year or in any proposed transaction
which has materially affected or would materially affect the Corporation or any of its subsidiaries.

 

Pallinghurst
Graphite Limited is the wholly-owned subsidiary of Pallinghurst Graphite International Limited (collectively referred to as “The
Pallinghurst Group”), the beneficial owner of a total of 56,288,770 Common Shares, representing 15.22% of the issued
and outstanding Common Shares of the Corporation.

 

Investissement
Québec is the beneficial owner of 38,172,414 Common Shares representing 10.32% of the issued and outstanding Common Shares
of the Corporation.

 

On
March 16, 2020, the Corporation closed a second unsecured financing (the “Unsecured Financing”) with The Pallinghurst
Group for an aggregate amount of $2,000,000. The Unsecured Financing beared interest at a rate of 9% per year and the repayment
of the capital and the accrued interest were due on December 31, 2020.

 

On
April 29, 2020, the Corporation closed a financing agreement with Investissement Québec for an aggregate amount received
of $1,802,050 through two loan offers. The conditions also included a 1% issue cost fee calculated on the total aggregate amount.
The loan offers comprised a $641,090 loan at an interest rate of the prime rate plus 0.07% and a $1,353,315 loan at an interest
rate of the prime rate with no margin. The capital shall be repaid by no later than June 30, 2021. To secure its obligations set
out in the loan offers, the Corporation granted two first-ranking mortgages for a total of the loan amounts received covering
all of its present and future receivables, including all of its tax credits.

 

On
July 15, 2020, the Corporation entered into financing transactions with The Pallinghurst Group totalling approximately $20,000,000.
The Corporation entered into a convertible bond subscription agreement with The Pallinghurst Group pursuant to which the Corporation
issued a secured convertible bond in the principal amount of $15,000,000. Concurrently, the Corporation also entered into a royalty
purchase agreement with The Pallinghurst Group, pursuant to which it was agreed to exchange the principal amount and accrued interest
under its existing debt facilities into a net smelter return royalty on the Matawinie Graphite Property, with a partial buy-back
option for the Corporation.

 

OTHER
MATTERS WHICH MAY COME BEFORE THE MEETING

 

Management
of the Corporation knows of no matters to come before the Meeting other than as set forth in this Circular. HOWEVER, IF OTHER
MATTERS WHICH ARE NOT KNOWN TO THE MANAGEMENT SHOULD PROPERLY COME BEFORE THE MEETING, THE ENCLOSED FORM OF PROXY WILL BE USED
TO VOTE ON SUCH MATTERS IN ACCORDANCE WITH THE BEST JUDGMENT OF THE PERSONS VOTING THE PROXY.

    -14-

     

    

ADDITIONAL
INFORMATION

 

Additional
information relating to the Corporation is available under the Corporation’s profile on SEDAR at www.sedar.com. Financial
information is provided in the Corporation’s audited consolidated financial statements and management’s discussion
and analysis for the fiscal year ended December 31, 2019. Copies of the Corporation’s financial statements and management’s
discussion and analysis may be obtained under the Corporation’s profile on SEDAR at www.sedar.com, or upon written
request to the Corporate Secretary at:

 

	By
    e-mail:	dtorralbo@nouveaumonde.ca
	 	 
	By
    mail:	Nouveau
    Monde Graphite Inc. 
	 	331,
    Brassard Street
	 	Saint-Michel-des-Saints,
    Québec J0K 3B0
	 	Attention:
    Mr. David Torralbo, Chief Legal Officer and Corporate Secretary

 

APPROVAL
OF DIRECTORS

 

The
content of this Circular and delivery of it to each director of the Corporation and to the Shareholders entitled to notice of
the Meeting, have been approved by the Board of Directors.

 

February
22, 2021

 

	(s)
    David Torralbo	 
	David
    Torralbo	 
	Chief
    Legal Officer and Corporate Secretary	 

    -15-

     

    

SCHEDULE
 “I”

 

RESOLUTION
CONCERNING THE APPROVAL OF THE SHARE CONSOLIDATION

 

“IT
IS THEREFORE RESOLVED, as a special resolution of the shareholders of Nouveau Monde Graphite Inc. (the “Corporation”):

 

		1.	TO
                                         AUTHORIZE the Corporation to consolidate all of the issued and outstanding common
                                         shares of the Corporation (the “Common Shares”) on the basis of a
                                         ratio of one new post-consolidation Common Share for up to every ten (10) outstanding
                                         old pre-consolidation Common Shares, with such ratio to be determined by the board of
                                         directors of the Corporation (the “Board of Directors”), in its sole
                                         discretion, with any resulting fractional Common Shares to be either rounded up or down
                                         to the nearest whole Common Share (the “Share Consolidation”);

 

		2.	TO
                                         AUTHORIZE the Board of Directors to file the amendment to the articles of the Corporation
                                         giving effect to the Share Consolidation (the “Articles of Amendment”)
                                         at such time as the Board of Directors determines to be in the best interests of the
                                         Corporation, subject to the receipt of all necessary stock exchange approvals, and the
                                         effective date of the Share Consolidation shall be the date shown in the certificate
                                         of amendment issued by the Director appointed under the Canada Business Corporations
                                         Act (the “CBCA Director”) or such other date indicated in the Articles
                                         of Amendment provided that, in any event, such date shall be prior to March 31, 2022;

 

		3.	THAT
                                         any director or officer of the Corporation be, and each of them is, hereby authorized
                                         for and in the name of and on behalf of the Corporation, to execute and deliver or cause
                                         to be executed and delivered the Articles of Amendment to the CBCA Director;

 

		4.	THAT
                                         notwithstanding the approval of the shareholders of the Corporation through this
                                         special resolution, the Board of Directors may, in its sole discretion, revoke this special
                                         resolution in whole or in part at any time prior to its being given effect without further
                                         notice to, or approval of, the holders of the common shares of the Corporation; and

 

		5.	THAT
                                         any one director or officer of the Corporation be, and each of them is, hereby authorized
                                         and directed for and in the name of and on behalf of the Corporation, to execute or cause
                                         to be executed, whether under corporate seal of the Corporation or otherwise, and to
                                         deliver or cause to be delivered all such documents, and to do or cause to be done all
                                         such acts and things, as in the opinion of such director or officer may be necessary
                                         or advisable in order to carry out the terms of this resolution, such determination to
                                         be conclusively evidenced by the execution and delivery of such documents or the doing
                                         of any such act or thing.”

    I-1

     

    

SCHEDULE
 “II”

 

RESOLUTION
CONCERNING THE ADOPTION OF NEW BY-LAWS OF THE CORPORATION

 

“IT
IS THEREFORE RESOLVED, as an ordinary resolution of the shareholders of Nouveau Monde Graphite Inc. (the “Corporation”):

 

		1.	TO
                                         REPEAL the original By-laws of the Corporation adopted by the board of directors
                                         of the Corporation (the “Board of Directors”) as of November 15, 2012;

 

		2.	TO
                                         CONFIRM AND RATIFY, for the purposes of modernization, the adoption, without any
                                         amendment, of new by-laws of the Corporation adopted by the Board of Directors of the
                                         Corporation as of February 22, 2021, the whole text of which is set forth in Schedule
                                         “III” of the Management Proxy Circular regarding the Special Meeting of Shareholders
                                         scheduled for March 23, 2021; and

 

		3.	THAT
                                         any one director or officer of the Corporation be, and each of them is, hereby authorized
                                         and directed for and in the name of and on behalf of the Corporation, to execute or cause
                                         to be executed, whether under corporate seal of the Corporation or otherwise, and to
                                         deliver or cause to be delivered all such documents, and to do or cause to be done all
                                         such acts and things, as in the opinion of such director or officer may be necessary
                                         or advisable in order to carry out the terms of this resolution, such determination to
                                         be conclusively evidenced by the execution and delivery of such documents or the doing
                                         of any such act or thing.”

    II-1

     

    

SCHEDULE
 “III”

 

BY-LAWS
OF THE CORPORATION

    III-1

     

    

RÈGLEMENTS ADMINISTRATIFS

 

DE

 

NOUVEAU MONDE
GRAPHITE INC.

 

RÈGLEMENT PREMIER

 

INTERPRÉTATION

 

Les mots et expressions suivants, lorsqu’ils sont employés dans les règlements de la Société
ont, à moins d’incompatibilité avec le contexte, les significations suivantes:

 

1.1 ≪
administrateur ≫ (“director”) designe,
independamment de son titre, le titulaire de ce poste, et les termes ≪administrateurs≫
et ≪conseil d’administration≫
comprennent un administrateur unique;

 

1.2 ≪
Loi ≫ (“Act”) signifie la Loi regissant les
Sociétés par actions de regime federal et toute autre loi qui peut lui être substituée, telle qu’amendee
de temps à autre;

 

1.3 ≪
réglements ≫ (“by-laws”) signifie les règlements
administratifs de la Société, numérotés de premier à inclusivement, et tous autres règlements de la Société de temps à autre
en vigueur;

 

1.4 ≪
règlement d’application » (“regulations”) signifie le Règlement sur les sociétés
par actions de régime fédéral (2001) et tout autre règlement qui peut lui être substitué,
tel qu’amendé, de temps à autre;

 

1.5 ≪
Société ≫ (“Corporation”) signifie la société constituée par certificat de fusion
en vertu de la Loi, sous la dénomination sociale y indiquée;

BY-LAWS

 

OF

 

NOUVEAU MONDE
GRAPHITE INC.

 

BY-LAW ONE

 

INTERPRÉTATION

 

The following words and expressions, wherever used in the by-laws of the Corporation, shall, unless there be something in the context inconsistent therewith, have the following meanings:

 

1.1 “Act” (≪
Loi ≫) means an Act respecting Canadian business
corporations and any other statute which may be substituted therefor, as amended from time to time;

 

1.2 “articles” (≪
statuts ≫) means the original or restated articles of incorporation,
articles of amendment, articles of amalgamation, articles of continuance, articles of reorganization, articles of arrangement,
articles of dissolution, articles of revival and includes any amendments thereto;

 

1.3 “by-laws” (≪
règlements ≫) means the by-laws of the Corporation, numbered
one to thirteen inclusive, and all other by-laws of the Corporation from time to time in force and effect;

 

1.4 “Corporation” (≪ Société ≫)
means the corporation incorporated by certificate of amalgamation under the Act and therein named;

 

1.5 “director” (≪
administrateurs ≫) means a person occupying the position
of director, by whatever name called, and “directors” and “Board of Directors” include a single director.

    III-2

     

    

1.6 ≪
statuts ≫ (“articles”) désigne les clauses, initiales ou mises à jour, ou, réglementant
la constitution ainsi que toute modification, fusion, prorogation, réorganisation, dissolution, reconstitution ou tout arrangement
de la Société.

 

Sous réserve de ce qui précède, les mots et expressions définis dans la Loi
ont la même signification lorsque utilisés dans les présents règlements.

 

Les titres utilisés dans les présents règlements ne le sont qu’à titre
de référence et n’ont aucune portée sur l’interprétation de leurs termes ou de leurs dispositions.

 

Tout mot écrit au singulier comprend aussi le pluriel et vice versa; tout mot écrit au masculin
comprend aussi le féminin.

 

Les deux versions, française et anglaise, des règlements font pareillement foi.

 

RÈGLEMENT DEUXIÈME

 

DÉNOMINATION SOCIALE, SIÈGE SOCIAL ET SCEAU DE LA SOCIÉTÉ

 

ARTICLE 2.1    DÉNOMINATION SOCIALE

 

La dénomination sociale de la Société est celle indiquée dans ses statuts.

 

ARTICLE 2.2    SIÈGE SOCIAL

 

Le siège social de la Société est situé dans la province indiquée dans
les statuts de la Société et à l’adresse figurant sur l’avis du lieu du siège social déposé
au moment de la constitution ou à toute autre adresse, dans les limites de la province indiquée dans les statuts,
que le conseil d’administration peut à l’occasion déterminer par voie de résolution.

1.6 “regulations” (≪
réglement d’application ≫) means the Canada Business
Corporations Regulations (2001) and any other regulations which may be substituted therefor, as amended from time to time.

 

Save as aforesaid, words and expressions defined in the Act
have the same meanings when used herein.

 

The titles herein have been inserted for convenience of reference
only and shall not affect the interpretation of the terms and provisions hereof.

 

Words importing the singular number only shall include the plural
and vice versa and words importing the masculine gender shall include the feminine gender.

 

Both the English and French versions of the by-laws shall be
equally authoritative.

 

BY-LAW TWO

 

NAME OF CORPORATION, REGISTERED OFFICE AND CORPORATE SEAL

 

ARTICLE 2.1       NAME

 

The corporate name of the Corporation is as set out in its articles.

 

ARTICLE 2.2       REGISTERED
OFFICE

 

The head office of the Corporation, being its registered office,
is to be situated in the province set out in the articles of the Corporation and at the address stated in the notice of registered
office filed at the time of incorporation or at such other address within the province set out in the articles which may be determined
by resolution of the Board of Directors.

    III-3

     

    

La Société peut, en plus de son siège social et de sa principale place d’affaires,
 établir et maintenir d’autres bureaux, places d’affaires, succursales et agences, soit au Canada ou ailleurs, comme le conseil
d’administration peut en décider, à l’occasion, par voie de résolution.

 

ARTICLE 2.3       SCEAU

 

Le conseil d’administration peut adopter un sceau de la Société, préciser sa
forme et sa teneur et le changer par voie de résolution. L’absence du sceau de la Société sur tout document
signé en son nom ne le rend pas nul ou invalide pour autant.

 

RÈGLEMENT TROISIÈME

 

ACTIONNAIRES

 

ARTICLE 3.1       ASSEMBLÉES ANNUELLES

 

L’assemblée annuelle des actionnaires de la Société est convoquée dans les
dix-huit (18) mois suivant la création de la Société et, par la suite, dans les quinze (15) mois de la tenue
de l’assemblée annuelle précédente des actionnaires de la Société mais au plus tard dans
les six (6) mois suivant la fin de chaque exercice financier. L’assemblée annuelle est tenue à la date que
les administrateurs peuvent fixer, à l’occasion, par voie de résolution.

 

Les assemblées annuelles des actionnaires de la Société doivent être tenues
au siège social de la Société ou ailleurs au Canada, par voie de résolution du conseil d’administration,
ou en tout lieu hors du Canada que prévoient les statuts ou dont conviennent tous les actionnaires de la Société
habiles à y voter.

The Corporation may establish and maintain, in addition to its
registered office and principal place of business, such other offices, places of business and agencies elsewhere, within or without
Canada, as the Board of Directors may determine, from time to time, by resolution.

 

ARTICLE 2.3       SEAL

 

The Board of Directors may adopt a corporate seal of the Corporation,
specify the form and substance thereof and may change it by resolution. A document signed on behalf of the Corporation is not null
or invalid merely because the corporate seal of the Corporation is not affixed to it.

 

BY-LAW THREE

 

SHAREHOLDERS

 

ARTICLE 3.1       ANNUAL MEETINGS

 

The annual meeting of the shareholders of the Corporation shall
be called not later than eighteen (18) months after the Corporation comes into existence and thereafter not later than fifteen
(15) months after holding the last preceding annual meeting but not later than six (6) months after the end of each financial year.
The annual meeting of the shareholders shall be held on such date as the Board of Directors may determine, from time to time, by
resolution.

 

Annual meetings of the shareholders shall be held at the registered
office of the Corporation or at any other place, in Canada, by resolution of the Board of Directors or at any other place outside
Canada specified in the articles or agreed to by all shareholders entitled to vote thereat.

    III-4

     

    

ARTICLE 3.2       ASSEMBLÉES EXTRAORDINAIRES

 

Des assemblées extraordinaires des actionnaires peuvent être convoquées, en tout temps
et à l’occasion, par le président du conseil, le président ou l’administrateur-gérant ou par le conseil
d’administration, par voie de résolution, et doivent être convoquées lorsque les détenteurs d’au moins
cinq pour cent (5%) des actions émises par la Société, y ayant droit de vote, le requièrent par écrit,
les fractions d’actions représentées par des certificats ou scripts au porteur, s’il en est, ne devant pas, dans
le but de déterminer cette proportion, être considérées comme étant en cours. Chacune de ces
résolutions ou requêtes doit énoncer les points inscrits à l’ordre du jour de la future assemblée
et chacune de ces requêtes doit être envoyée à chaque administrateur et au siège social de la
Société.

 

Le président du conseil ou, en son absence, le président ou, en son absence, l’administrateur-gérant
doit, advenant l’adoption d’une telle résolution ou la réception d’une telle requête, faire en sorte que l’assemblée
soit convoquée, sans délai, par le secrétaire de la Société, conformément aux termes
de cette résolution ou requête. Si le secrétaire de la Société ne convoque pas l’assemblée
dans les vingt et un (2l) jours qui suivent l’adoption de la résolution ou la réception de la requête, tout
administrateur peut lui-même convoquer l’assemblée ou cette assemblée peut être convoquée par
tout actionnaire qui a signé ladite requête en conformité et sous réserve des dispositions de la Loi.

 

Les assemblées extraordinaires des actionnaires sont tenues au siège social de la Société
ou ailleurs au Canada, par voie de résolution du conseil d’administration, ou en tout lieu hors du Canada que prévoient
les statuts ou dont conviennent tous les actionnaires de la Société habiles à y voter.

ARTICLE 3.2       SPECIAL MEETINGS

 

Special meetings of the shareholders may be called, at any time
and from time to time, by the Chairman of the Board or the President or the Managing Director or by the Board of Directors, by
resolution, and shall be called whenever the holders of not less than five percent (5%) of the outstanding shares of the Corporation
carrying voting rights at such meeting shall, in writing, request the same, fractional shares represented by certificate or by
scrip certificates in bearer form, if any, not to be deemed, in determining this proportion, as outstanding shares. Any such resolution
or requisition shall state the agenda items to be transacted at the future meeting and each of these requisitions shall be sent
to each director and to the registered office of the Corporation.

 

It shall be the duty of the Chairman of the Board or, in his
absence, the President or, in his absence, the Managing Director, upon adoption of such a resolution or on receipt of such
a requisition, to cause the meeting to be called forthwith by the Secretary of the Corporation in conformity with the terms of
such resolution or requisition. If the Secretary of the Corporation does not within twenty-one (21) days after the adoption of
the resolution or the receipt of the requisition call the meeting, any director may call such meeting or the same may be called
by any shareholder who signed the requisition in accordance with and subject to the provisions of the Act.

 

Special meetings of the shareholders shall be held at the registered
office of the Corporation or at any other place in Canada by resolution of the Board of Directors or at any other place outside
Canada specified in the articles or agreed to by all shareholders  entitled to vote thereat.

    III-5

     

    

ARTICLE 3.3       AVIS DES ASSEMBLÉES

 

Un avis spécifiant la date, l’heure et le lieu de toute assemblée annuelle et de toute assemblée
extraordinaire des actionnaires doit être envoyé à chaque actionnaire habile à y voter, à sa
dernière adresse telle qu’elle apparaît aux livres de la Société, à chaque administrateur et
 à l’auditeur de la Société, et ce, vingt-et-un (21) jours au moins et soixante (60) jours au plus avant
la date fixée pour l’assemblée.

 

L’avis de convocation peut prévoir que l’assemblée sera tenue entièrement
par un moyen de communication téléphonique, électronique ou autre permettant à tous les participants
de communiquer adéquatement entre eux.

 

Dans le cas de détenteurs conjoints d’actions, l’avis est donné à celui dont le nom
apparaît en premier lieu dans les livres de la Société et un avis qui a été ainsi donné
est un avis suffisant à chacun de ces détenteurs conjoints.

 

Un actionnaire et toute autre personne habile à assister à une assemblée d’actionnaires
peut toujours, d’une manière quelconque, renoncer à l’avis de convocation, soit avant, soit après la tenue
de l’assemblée, et le fait pour cette personne d’assister à l’assemblée équivaut à une telle
renonciation, sauf lorsqu’elle y assiste spécialement pour s’opposer aux délibérations parce que l’assemblée
n’est pas régulièrement convoquée.

 

L’avis de convocation d’une assemblée des actionnaires à l’ordre du jour de laquelle des
questions spéciales sont inscrites doit, notamment, énoncer:

 

		a)	leur nature, avec suffisamment de détails pour permettre aux actionnaires de se former un jugement
 éclairé sur celles-ci; et

ARTICLE 3.3       NOTICE OF MEETINGS

 

Notice specifying the time and place of each annual and of each
special meeting of shareholders shall be given by sending the notice to each shareholder entitled to vote at the meeting to his
latest address as shown on the books of the Corporation, to each director and to the auditor of the Corporation, not less than
twenty-one (21) days nor more than sixty (60) days prior to the date fixed for such meeting.

 

The notice of meeting may determine that the meeting shall be
held entirely by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately
with each other during the meeting.

 

In the case of joint holders of a share, all notices shall be
given to that one of them whose name stands first in the books of the Corporation, and notice so given shall be sufficient notice
to each of such joint holders.

 

A shareholder and any other person entitled to attend a meeting
of shareholders may in any manner waive notice of a meeting of shareholders, either before or after the holding thereof, and attendance
of any such person at a meeting of shareholders is a waiver of notice of the meeting, except where he attends a meeting for the
express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.

 

Notice of a meeting of shareholders at which special business
is to be transacted shall state, among others:

 

		(a)	the nature of that business in  sufficient detail
to permit the shareholder to form a reasoned judgment thereon; and

    III-6

     

    

		b)	le texte de toute résolution spéciale qui doit être soumise à l’assemblée.

 

Tous les points à l’ordre du jour tant lors d’une assemblée extraordinaire d’actionnaires
que lors d’une assemblée annuelle d’actionnaires, à l’exception de l’examen des états financiers et du rapport
de l’auditeur, du renouvellement de son mandat et de l’élection des administrateurs, sont réputés être
des questions spéciales.

 

Les simples irrégularités dans l’avis ou dans la manière de le donner, de même
que l’omission involontaire de donner avis d’une assemblée à un actionnaire ou le défaut par un actionnaire
de recevoir tel avis, n’invalident en rien les actes faits ou posés à l’assemblée concernée.

 

ARTICLE 3.4       PRÉSIDENT D’ASSEMBLÉE

 

Le président du conseil ou, en son absence, le président ou, en son absence, un des vice-présidents
qui fait partie du conseil d’administration (ce vice-président devant être désigné par l’assemblée,
advenant que plus d’un de ces vice-présidents soient présents) préside toute assemblée des actionnaires.
Si tous les dirigeants ci-haut mentionnés sont absents ou refusent d’agir, les personnes présentes peuvent choisir
quelqu’un parmi elles pour agir comme président. Advenant égalité des voix, le président de toute assemblée
des actionnaires n’a pas droit à une deuxième voix ou voix prépondérante relativement à toute
question soumise au vote de l’assemblée.

 

ARTICLE 3.5       QUORUM,
VOTE ET AJOURNEMENT

 

Le quorum, tant pour l’assemblée annuelle des actionnaires que pour une assemblée extraordinaire
des actionnaires de la Société, est atteint quel que soit le nombre de personnes effectivement présentes,
lorsque le ou les détenteurs d’actions disposant de plus de dix pour cent (10 %) des voix pouvant être exprimées
 à ladite assemblée sont présents ou représentés.

		(b)	the text of any special resolution to be submitted to
the meeting.

 

All business transacted
at a special meeting of shareholders and all business transacted at an annual meeting of shareholders, except consideration of the
financial statements, auditor’s report, election of directors and reappointment of the incumbent auditor, are deemed to be
special business.

 

Irregularities in the notice or in the giving thereof to, or the accidental omission to give
notice to, or the non-receipt of any such notice by any of the shareholders shall not invalidate any action taken by or at any
such meeting.

 

ARTICLE 3.4
       CHAIRMAN OF THE MEETING

 

The Chairman of the Board or, in his absence, the President
or, in his absence, one of the Vice-Presidents who is a director (to be designated by the meeting, in the event of more than one
such Vice-President being present) shall preside at all meetings of the shareholders. If all of the aforesaid officers be absent
or decline to act, the persons present may choose someone from among their number to act as chairman of the meeting. In the event
of an equality of votes, the chairman of any meeting shall not be entitled to cast a second or casting vote in respect of any matter
submitted to the vote of the meeting.

 

ARTICLE 3.5       QUORUM, VOTING AND ADJOURNMENTS

 

A quorum for an
annual meeting of shareholders, as well as a quorum for a special meeting of shareholders, is present,irrespective of the
number of persons actually present at the meeting, if the holders of shares entitled to more than ten percent (10 %) of the
votes which may be cast at such meeting are present in person or represented by proxy. 

    III-7

     

    

Les actes du ou des détenteurs de la majorité des actions représentées et
comportant droit de vote à ladite assemblée doivent être considérés comme les actes de tous les
actionnaires, sauf les cas où le vote ou le consentement d’un nombre d’actions supérieur à la majorité
est requis ou exigé par la Loi, par les statuts de la Société ou par les règlements de la Société.
Sous réserve de ce qui précède, le vote du ou des détenteurs de la majorité des actions représentées
 à toute assemblée annuelle et comportant droit de vote à ladite assemblée est suffisant pour ratifier
validement tout acte antérieur du conseil d’administration et des dirigeants de la Société.

 

S’il n’y a pas quorum à l’ouverture d’une assemblée des actionnaires, l’assemblée,
advenant qu’elle ait été convoquée à la demande d’actionnaires, est dissoute. Dans tout autre cas,
ceux qui sont présents en personne et ayant droit d’être comptés dans le but de former un quorum ont le pouvoir
d’ajourner l’assemblée à l’endroit, à la date et à l’heure qu’ils peuvent alors fixer, par voie de
résolution.

 

Il suffit, pour donner avis de tout ajournement de moins de trente (30) jours d’une assemblée,
d’en faire l’annonce lors de l’assemblée en question.

 

Avis de tout ajournement, en une ou plusieurs fois, pour au moins trente (30) jours doit être donné
de la manière et dans le délai stipulés à l’article 3.3 du présent règlement troisième.

 

Le quorum, à cette seconde assemblée ou assemblée ajournée, consistera uniquement
de la ou des personnes qui y sont physiquement présentes et qui sont habiles à y voter.

The acts of the holder or holders of a majority of the shares
represented and carrying voting rights thereat shall be the acts of all shareholders, except as to matters in respect of which
the vote or consent of a greater number of shares is required or directed by the Act, by the articles of the Corporation or
by the by-laws of Corporation. Subject to the foregoing, the vote of the holder or holders of a majority of the shares represented
at any annual meeting and carrying voting rights thereat shall be sufficient for the valid ratification of any previous action
of the Board of Directors and of the officers of the Corporation.

 

Should a quorum not be present at any meeting of the shareholders,
the meeting, if convened on the requisition of shareholders, shall be dissolved. In any other case, those present in person and
entitled to be counted for the purpose of forming a quorum shall  have power to adjourn the meeting to the place, date and
 hour fixed by them by resolution.

 

If a meeting of shareholders is adjourned for less than
thirty (30) days, it is sufficient to make an announcement during such meeting.

 

Notice of any adjournment, on one or more occasions, for an
aggregate of thirty (30) days or more, shall be given in the manner and within the delay stipulated in article 3.3 of this by-law
three.

 

The quorum, at this second meeting or adjourned meeting, shall
consist solely of the persons present thereat in person and entitled to vote.

    III-8

     

    

À cette seconde assemblée ou assemblée ajournée, on peut validement traiter
toute question qui aurait pu être validement traitée lors de l’assemblée originaire.

 

ARTICLE 3.6       DROIT DE VOTE

 

Toute personne morale ou association qui est détentrice d’actions du capital social de la Société
comportant droit de vote à toute assemblée des actionnaires de la Société, ou à toute assemblée
d’une catégorie quelconque des actionnaires de la Société, peut y agir et y voter par l’entremise d’un représentant
dûment autorisé, qui ne doit pas nécessairement être lui-même actionnaire de la Société.

 

À toute assemblée des actionnaires, chaque actionnaire y ayant droit de vote, présent
ou représenté à cette assemblée, a droit à un (l) vote, lors d’un vote ouvert et, lors d’un
vote par scrutin, a droit à un (l) vote pour chaque action comportant droit de vote à l’assemblée et qui est
inscrite en son nom dans les livres de la Société, à moins que les statuts de la Société ne
prescrivent une autre manière de voter, auquel cas, il faut suivre cette autre manière.

 

Toute question soumise à une assemblée des actionnaires est décidée par vote
ouvert, à moins qu’un vote par scrutin ne soit demandé conformément au paragraphe suivant.

 

Le président de l’assemblée ainsi que tout actionnaire ou fondé de pouvoir
d’un actionnaire, y compris le représentant autorisé d’une personne morale ou d’une association, peut demander le
vote par scrutin sur toute question soumise au vote des actionnaires.

 

Lors d’une assemblée des actionnaires, les actionnaires, y compris une personne morale ou une association,
ayant droit de vote, peuvent, lors d’un vote par scrutin, voter par procuration écrite. Il en est de même pour le
représentant autorisé d’une personne morale ou d’une association s’il est dûment autorisé à cet
effet par cette personne morale ou association.

At this second meeting or adjourned meeting, any business
may be transacted which might have been transacted at the original meeting.

 

ARTICLE 3.6       RIGHT TO VOTE

 

Any body corporate or association which holds shares in the
share capital of the Corporation carrying voting rights at any meeting of shareholders, or at any meeting of shareholders of any
class of the Corporation, shall act and vote thereat through a duly authorized representative who need not necessarily be a
shareholder of the Corporation.

 

At all meetings of shareholders, each shareholder entitled to vote thereat, attending or being
represented at such meeting, shall be entitled, on a show of hands, to one (l) vote and, upon a poll, shall be entitled to one
(1) vote for each share carrying voting rights at such meeting and registered in his or its name on the books of the Corporation,
unless, pursuant to the articles of the Corporation, some other voting process is fixed, in which event, such other process shall
be followed.

 

Any matter
submitted to a meeting of shareholders shall be decided by a show of hands unless a poll be demanded accordance with the
following paragraph.

 

The chairman of the meeting as well as  any shareholder or proxy, including the authorized
representative of a body corporate or association, may demand a poll in respect of any matter submitted to the vote of the shareholders.

 

Shareholders, including a body corporate or association, entitled to vote thereat may vote, upon a poll, by written proxy, at all
meetings of the shareholders. The same applies with respect to the authorized representative of a body corporate or association
if he is duly authorized for that purpose by said body corporate or association.

    III-9

     

    

Dans le cas de détenteurs conjoints d’actions, le vote du plus ancien de ceux-ci, en personne ou
par procuration, est accepté, à l’exclusion du vote de tout autre détenteur conjoint des mêmes actions,
et, à cette fin, le plus ancien de ceux-ci est celui dont le nom apparaît en premier lieu dans les livres de la Société.

 

Toute personne habile à assister à une assemblée d’actionnaires peut y participer
par tout moyen de communication téléphonique, électronique ou autre permettant à tous les participants
de communiquer adéquatement entre eux, si un tel moyen est mis à leur disposition par la Société, et
elle est alors réputée assister à l’assemblée.

 

ARTICLE 3.7       PROCURATION ET SOLLICITATION DE PROCURATIONS

 

Tout actionnaire habile à voter lors d’une assemblée peut, par procuration, nommer un fondé
de pouvoir ainsi que plusieurs suppléants qui peuvent ne pas être actionnaires, aux fins d’assister à cette
assemblée et d’y agir dans les limites prévues à la procuration.

 

L’acte nommant un fondé de pouvoir doit être fait par écrit, sous la signature de
l’actionnaire ou de son mandataire autorisé par écrit ou, si l’actionnaire est une personne morale, soit sous la
signature d’un de ses dirigeants ou sous la signature d’un mandataire ainsi autorisé; une telle procuration n’est valable
que lors de l’assemblée relativement à laquelle elle est donnée ou lors de toute assemblée qui la continue
en cas d’ajournement.

In the case of joint holders of a share, the vote of the senior
among them, whether in person or by proxy, shall be accepted to the exclusion of the vote of any other joint holders, and, for
this purpose, the senior shall be the one whose name stands first in the books of the Corporation.

 

Any person entitled to attend a meeting of shareholders may
participate in the meeting by means of a telephonic, electronic or other communication facility allowing all participants to communicate
adequately with each other during the meeting, if Corporation makes available such a communication facility, and shall then
be deemed to attend the meeting.

 

ARTICLE 3.7       PROXY AND PROXIES SOLICITATION

 

Any shareholder
entitled to vote at a meeting of shareholders may, by means of a proxy, appoint a proxyholder or one or more  alternate proxyholders who need not be shareholders, to attend and act at the meeting within the authority conferred by the proxy.

 

The instrument appointing a proxy shall be in writing under
the hand of the appointor shareholder or of his attorney duly authorized in writing or, if the appointor is a body corporate, either
under the hand of an officer or attorney so authorized; such proxy is valid only at the meeting in respect of which it is given
or any adjournment thereof.

    III-10

     

    

L’actionnaire peut révoquer la procuration en déposant un acte écrit signé
de lui ou de son mandataire autorisé par écrit au siège social de la Société jusqu’au dernier
jour ouvrable inclusivement qui précède l’assemblée concernée ou la date de reprise en cas d’ajournement,
ou entre les mains du président de l’assemblée à la date de son ouverture ou de sa reprise en cas d’ajournement.

 

Les administrateurs peuvent, dans l’avis de convocation d’une assemblée, préciser une date
limite, qui ne peut être antérieure de plus de quarante-huit (48) heures, non compris les samedis, dimanches et les
jours fériés, à la date d’ouverture de l’assemblée ou de sa reprise en cas d’ajournement, pour la remise
des procurations à la Société ou à son mandataire.

 

Les codétenteurs d’une action étant comptés comme un seul actionnaire, la direction
doit, en donnant avis de toute assemblée d’actionnaires, envoyer un formulaire de procuration et une circulaire de la direction,
tous deux en la forme prescrite par la Loi, à l’auditeur de la Société, aux actionnaires intéressés
et au Directeur nommé en vertu de la Loi.

 

Sous réserve des dispositions de la Loi relatives à la sollicitation de procurations, tout
acte nommant un fondé de pouvoir peut être fait conformément à la formule suivante :

A shareholder may revoke a proxy by depositing an instrument
in writing executed by him or by his attorney authorized in writing at the registered office of the Corporation at any time
up to and including the last business day preceding the day of the meeting, or an adjournment thereof, at which the proxy is to
be used, or with the chairman of the meeting on the day of the meeting or an adjournment thereof.

 

The directors may specify in the notice calling a meeting of
shareholders a time not exceeding forty-eight (48) hours, excluding Saturdays, Sundays and holidays, preceding the meeting or an
adjournment thereof, before which time proxies to be used at the meeting must be delivered to the Corporation or its agent.

 

Joint holders being counted as
shareholder, management of the Corporation shall, concurrently with giving notice of a meeting of shareholders, send a form
of proxy and a proxy circular, both in the form prescribed by the Act, to the auditor of the Corporation, to each
shareholder who is entitled to receive notice of the meeting and to the Director appointed under the Act.

 

Subject to the
provisions of the Act dealing with the solicitation of proxies, any instrument appointing a proxy may be in accordance with
the following form:

    III-11

     

    

PROCURATION

 

À TOUS CEUX QUI VERRONT
LES PRÉSENTES, je, soussigné, , de , étant détenteur inscrit de (           ) actions en circulation du capital
de constitue et nomme, par les présentes,
, de , ou, à son défaut, , de , mon fondé de pouvoir, pour assister et pour voter, dans la mesure du nombre
de votes auxquels j’ai maintenant droit ou pourrai alors avoir droit, et autrement agir, pour moi, en mon nom et à ma place,
 à l’assemblée (extraordinaire et/ou annuelle) des actionnaires de la Société, devant être tenue
 à

 

, province de Québec, Canada, le jour de           20    , à heures, et à tout ajournement ou ajournements de celle-ci,
aussi pleinement que je le ferais ou pourrais le faire, si j’y étais présent en personne, et avec plein pouvoir
de substitution et de révocation en l’occurrence, dans le but de

 

, et (le cas échéant) je révoque, par les présentes, la procuration donnée en faveur de
, en date du e jour de                 20    .

 

ET j’approuve, ratifie et confirme, par les présentes, tout ce que mon fondé de pouvoir, ou son substitut, pourra
légalement faire ou faire faire, pour moi, en mon nom et à ma place, en vertu des présentes.

 

DONNÉE et SIGNÉE ce jour de 20 à                    ,                    .

 

EN PRÉSENCE DE:

 

	 	 	 
	témoin

	 	actionnaire

 

ARTICLE 3.8       SCRUTATEURS

 

Le président de toute assemblée des actionnaires peut nommer une (l) ou plusieurs personnes
(il n’est pas nécessaire qu’elles soient actionnaires) pour agir comme scrutateur ou scrutateurs à une telle assemblée.

PROXY

 

KNOW ALL MEN BY THESE PRESENTS that I, the undersigned, ,
of , being the registered holder of (       ) outstanding shares in the share capital of do
hereby nominate, constitute and appoint , of , or failing him, , of , as my proxy and my true and lawful attorney to attend
and to vote, according to the number of votes which I may now or then be entitled to cast, and otherwise act, for me, on my
behalf and in my n place and stead, at the (annual and/or special) meeting of the shareholders of Corporation, to be held
at , province of Quebec, Canada,

 

, on the day of , 20 , at o’clock, and at any adjournment or adjournments thereof, as fully
as I might or could do if personally present, with full power of substitution and revocation, for the purpose of

 

, and (as the case may be) I hereby revoke my proxy dated as
of the day of , 20 , in favour of .

 

AND I hereby approve, ratify and confirm all that my said proxy
and true and lawful attorney, or his substitute may lawfully do or cause to be done for me, on my behalf and in my name, place
and stead, by virtue of these presents.

 

DATED and SIGNED at , as of the day of , 20 , in , .

 

IN THE PRESENCE OF:

 

	 	 	 
	Witness	 	Shareholder

 

ARTICLE 3.8       SCRUTINEERS

 

The chairman at any meeting of shareholders may appoint one
(1) or more persons (who need not be shareholders) to act as scrutineer or scrutineers at such meeting.

    III-12

     

    

ARTICLE 3.9       ADRESSES DES ACTIONNAIRES

 

Tout actionnaire doit fournir à la Société une adresse où l’on peut lui expédier
ou signifier tout avis qui lui est destiné; si un actionnaire ne fournit pas une telle adresse, les avis peuvent lui être
expédiés à toute adresse apparaissant alors aux livres de la Société. S’il n’y a pas d’adresse
aux livres de la Société, on expédie les avis à l’adresse que la personne chargée d’expédier
l’avis considère la meilleure aux fins que l’avis atteigne son destinataire le plus tôt possible.

 

ARTICLE 3.10       RÉSOLUTIONS ÉCRITES

 

Toutes les propositions ou résolutions des actionnaires doivent être adoptées à
des assemblées dûment convoquées. Toutefois, sauf dans les cas où la convocation des actionnaires à
une assemblée est exigée par la Loi, la signature de tous les actionnaires de la Société habiles à
voter sur tout document (qui peut être signé en contrepartie) constituant une proposition ou une résolution
qui pourrait être adoptée par les actionnaires donne à cette proposition ou résolution la même
valeur et le même effet que si elle avait été adoptée par les actionnaires habiles à voter sur
cette résolution à une assemblée dûment convoquée et tenue à cette fin.

 

RÈGLEMENT QUATRIÈME

 

CONSEIL D’ADMINISTRATION

 

ARTICLE 4.1       NOMBRE DES ADMINISTRATEURS

 

Le conseil d’administration de la Société est composé du nombre fixe ou des nombres
minimal et maximal d’administrateurs indiqués dans les statuts de la Société, le nombre précis d’administrateurs
dans ce dernier cas étant celui qui correspond au nombre d’administrateurs élus à la dernière assemblée annuelle des actionnaires
ou, le cas échéant, celui fixé, à l’occasion, par résolution du conseil d’administration.

ARTICLE 3.9       ADDRESSES OF SHAREHOLDERS

 

Every shareholder shall furnish to the Corporation an address
to or at which all notices intended for such shareholder shall be mailed or served upon him, and, if any shareholder does not
furnish such address, any such notice may be sent at any address then appearing on the books of the Corporation. If no address
appears on the books of Corporation, such notice may be sent to such address as the person sending the notice may consider
to be the most likely to result in such notice promptly reaching such shareholder.

 

ARTICLE 3.10       RESOLUTIONS
IN WRITING

 

All motions or resolutions of shareholders shall be adopted
at duly convened meetings. However, except in those cases where the Act requires the convocation of the shareholders at a meeting,
the signature of all the shareholders of the Corporation, entitled to vote thereat, to any instrument (which may be signed in
counterparts) setting out a motion or resolution which could be adopted by the shareholders shall give to such motion or resolution
the same force and effect as if the same had been adopted by the shareholders entitled to vote at a meeting duly convened and held
for that purpose.

 

BY-LAW FOUR

 

BOARD OF DIRECTORS

 

ARTICLE 4.1       NUMBER OF DIRECTORS

 

The Board of Directors of the Corporation shall consist of the
fixed number or minimum and maximum numbers of directors set out in the articles of the Corporation, the precise number thereof
in that latter case to be that which corresponds to the number of directors elected at the last
annual meeting of shareholders or, as the case may be, that which is determined from time to time by resolution of the Board of
Directors.

    III-13

     

    

ARTICLE 4.2       CAPACITÉ ET DURÉE DES FONCTIONS

 

Sauf dispositions contraires prévues aux présentes, l’élection des administrateurs
doit avoir lieu à chaque assemblée annuelle des actionnaires par la majorité des voix exprimées à
cette élection. Il n’est pas nécessaire que le vote pour l’élection des administrateurs de la Société
soit par scrutin, sauf sur demande expresse d’une personne présente et ayant droit de vote à l’assemblée où
cette élection a lieu. Chaque administrateur ainsi élu reste en fonction jusqu’à la prochaine assemblée
annuelle des actionnaires ou jusqu’à l’élection de son successeur, à moins qu’il ne démissionne
ou qu’il ne soit incapable d’agir, en raison de son décès, de sa destitution ou de toute autre cause.

 

Si, lors d’une assemblée, le nombre d’administrateurs élus – compte tenu
de l’absence de consentement, de l’inhabileté, de l’incapacité ou du décès de certains
candidats – ne peut atteindre le nombre fixe ou minimal d’administrateurs requis par les statuts, les administrateurs
 élus peuvent exercer tous les pouvoirs des administrateurs s’ils constituent le quorum au sein du conseil d’administration.

 

Le poste d’un administrateur
devient vacant, ipso facto, advenant l’un quelconque des événements suivants, savoir:

 

		a)	s’il devient failli ou fait une cession autorisée de ses biens, pour le bénéfice
de ses créanciers en général, ou devient insolvable; ou

 

		b)	s’il est interdit ou devient faible d’esprit ou est autrement déclaré incapable par la loi.

ARTICLE 4.2       QUALIFICATION AND TERM OF OFFICE

 

Except as herein otherwise provided, the election of the directors
shall take place at each annual meeting of the shareholders by a majority of the votes cast in respect of such election. It shall
not be necessary that the voting for the election of the directors be conducted by poll, unless voting by poll requested by someone
present and entitled to vote at the meeting at which such election takes place. Each director so elected shall hold office until
the next annual meeting of the shareholders or until the election of his successor, unless he resigns or his office becomes
vacant by death, removal or other cause.

 

If a meeting of
shareholders fails to elect the number or the minimum number directors required by the articles by reason of the lack of
consent, disqualification, incapacity or death of any candidates, the directors elected at that meeting may exercise all the
powers of the directors if the number of directors so elected constitutes a quorum.

 

The office of a director
shall ipso facto be vacated in any of the following events, to wit:

 

		(a)	if he becomes bankrupt or makes an authorized assignment
of his property for the general benefit of his creditors or is declared insolvent; or

 

		(b)	if he is interdicted or becomes of unsound mind or his
incapacity is otherwise declared by law.

    III-14

     

    

Le conseil d’administration doit se composer d’au moins vingt-cinq pour cent (25%) de résidents canadiens. Toutefois, si la Société
compte moins de quatre (4) administrateurs, au moins l’un d’entre eux ou l’administrateur unique, selon le cas,
doit être résident canadien.

 

L’élection ou la nomination d’un administrateur est assujettie :

 

		a)	s’il était présent à l’assemblée qui l’élit ou le
nomme administrateur, à ce qu’il ne refuse pas d’occuper ce poste;

 

		b)	s’il était absent, soit à son consentement à occuper ce poste, donné
par écrit avant son élection ou sa nomination ou dans les dix (10) jours suivants, soit au fait de remplir les fonctions
de ce poste après son élection ou sa nomination.

 

ARTICLE 4.3       POUVOIRS GÉNÉRAUX DES
ADMINISTRATEURS

 

Les administrateurs de la Société gèrent les activités commerciales et les
affaires internes de la Société ou en surveillent la gestion et peuvent passer, en son nom, toutes espèces
de contrats permis par la loi; et, d’une façon générale, sauf tel que ci-après prévu, ils peuvent
exercer tous les autres pouvoirs et poser tous les autres actes que la Société est autorisée à exercer
ou à poser en vertu de ses statuts ou à quelque autre titre que ce soit.

 

Sans déroger en aucune façon à ce qui précède, les administrateurs
sont expressément autorisés, en tout temps, à acheter, louer ou autrement acquérir, aliéner,
vendre, échanger ou autrement disposer des terrains, bâtiments ou autres biens, meubles ou immeubles, réels
ou personnels ou mixtes, tangibles ou intangibles, de même que tous droits ou intérêts s’y rapportant; et à
souscrire, acheter ou autrement acquérir, détenir, aliéner, vendre ou autrement disposer des actions, valeurs,
droits, titres au porteur, options et autres valeurs, pour le prix, selon les termes et sous réserve des conditions qu’ils estiment convenables.

At least twenty-five per cent (25%) of the directors
must be Canadian residents. However, if the Corporation has less than four (4) directors, at least one director or the sole
director, as the case may be, must be a Canadian resident.

 

Election or appointment of a director is subject
to :

 

		(a)	if he was attending the meeting which elected or appointed
him, that he did not refuse to hold office as a director; or

 

		(b)	if he was not present at the meeting, that (i) he consented
to hold office as a director in writing prior to his election or appointment or within ten (10) days thereafter, or (ii) he has
acted as director following the election or appointment.

 

ARTICLE 4.3       GENERAL POWERS OF DIRECTORS

 

The directors shall manage, or supervise the management of,
the business and affairs of the Corporation in all respects and make or cause to be made for the Corporation, in its name, contracts
of any nature which the Corporation may lawfully enter into and generally, save as hereinafter provided, may exercise all such
other powers and do all such other acts and things as the Corporation is, by its articles or otherwise, authorized to exercise
and do.

 

Without any derogation to the foregoing, the directors are expressly
empowered, at any time, to purchase, lease or otherwise acquire, alienate, sell, exchange or otherwise dispose of lands, buildings
and/or other property, moveable or immoveable, or mixed, real or personal, or any right, title or interest therein or thereto;
and/or to underwrite, purchase or otherwise acquire, hold, alienate, sell, exchange or otherwise dispose of shares, stocks,
rights, warrants, options and/or other securities, for such consideration, upon such terms and subject to such conditions as they may deem advisable.

    III-15

     

    

Tout acte posé par une réunion des administrateurs ou par toute personne agissant comme
administrateur est, aussi longtemps qu’un successeur n’a pas été dûment élu ou nommé, quoiqu’on
puisse découvrir par la suite qu’il y avait quelque invalidité dans l’élection des administrateurs ou de telle
personne agissant comme administrateur ou qu’un ou plusieurs des administrateurs n’étaient pas habiles à agir, aussi
valide que si les administrateurs ou cette ou ces personnes, suivant le cas, avaient été dûment élus
et étaient habiles à agir comme administrateurs de la Société.

 

ARTICLE 4.4       POUVOIR DE RÉPARTIR DES ACTIONS ET D’ACCORDER
DES OPTIONS

 

Les actions de la Société sont, en tout temps, sous le contrôle des administrateur
qui peuvent, sous réserve de la Loi et des dispositions des statuts de la Société, par voie de résolution,
 à l’occasion, accepter des souscriptions, attribuer, répartir et émettre, en totalité ou en partie,
les actions non émises de la Société ou autrement en disposer, de quelque façon ou manière que
ce soit, et accorder des options s’y rapportant, et ce, aux administrateurs, personnes ou entités, selon les modalités,
sous réserve des conditions, pour la contrepartie (non contraire à la Loi ou aux statuts de la Société)
et au temps qu’ils peuvent prescrire dans les résolutions y ayant trait.

 

ARTICLE 4.5       POUVOIR DE DÉCLARER DES
DIVIDENDES

 

Les administrateurs peuvent, à l’occasion, comme ils le jugent à propos, mais sous réserve
de la Loi, déclarer et payer, à même les fonds disponibles à cette fin, des dividendes aux actionnaires,
suivant leurs droits respectifs et leur intérêt dans la Société.

All acts done by any meeting of directors or by any person
acting as a director, so long as his successor shall not have been duly elected or appointed, shall, notwithstanding that it be afterwards discovered that there was some defect in the election of the directors or of such person acting as a director or that
they or any of them were disqualified, be as valid as if the directors or such other person, as the case may be, had been duly
elected and were or was qualified to be directors or a director of the Corporation.

 

ARTICLE 4.4       POWER TO ALLOT STOCK AND GRANT OPTIONS

 

The shares in the capital of the Corporation shall be, at all
times, under the control of the directors, who may, subject to the Act and the provisions of the articles of the Corporation, by
resolution, from time to time, accept subscriptions, allot, issue, grant options in respect of, or otherwise dispose of the whole
or any part of the unissued shares in the capital of the Corporation to such directors, persons or entities, upon such terms and
subject to such conditions, for such consideration (not contrary to the Act or to the articles of the Corporation) and at such
times as such resolutions shall prescribe.

 

ARTICLE 4.5       POWER TO DECLARE DIVIDENDS

 

The directors may, from time to time, as they may deem advisable,
but subject to the Act, declare and pay dividends to the shareholders, out of any funds available for this purpose, according
to their respective rights and interest in the Corporation.

    III-16

     

    

Les administrateurs peuvent, avant de déclarer un dividende ou de faire toute distribution de profits,
mettre de côté, à même les profits de la Société, les sommes qu’ils jugent convenables
comme réserve ou réserves qui seront, à la discrétion des administrateurs, employées aux fins
auxquelles les profits de la Société peuvent être valablement employés.

 

Les administrateurs peuvent, par voie de résolution, stipuler que le montant de tout dividende
qu’ils peuvent légalement déclarer soit payé, en tout ou en partie, en actions du capital de la Société,
et, à cette fin, peuvent autoriser l’attribution, la répartition et l’émission d’actions du capital de la
Société comme étant entièrement acquittées.

 

Tout dividende peut être payé par chèque ou par mandat payable à l’ordre de
l’actionnaire ou de la personne y ayant droit et envoyé par la poste à sa dernière adresse telle qu’elle apparaît
aux livres de la Société ou, dans le cas de détenteurs conjoints, à celui dont le nom apparaît
en premier lieu dans les livres de la Société et l’envoi d’un tel chèque ou mandat constitue paiement, à
moins que le chèque ou mandat ne soit pas payé sur présentation.

 

ARTICLE 4.6       DATE DES RÉUNIONS ET AVIS

 

Immédiatement après la première assemblée des actionnaires et, par la suite,
après chaque assemblée annuelle des actionnaires, on doit tenir, sans qu’il soit nécessaire d’en donner avis,
une réunion, dite «réunion annuelle», des nouveaux administrateurs qui sont alors présents, à
la condition qu’ils constituent un quorum, pour la nomination des dirigeants de la Société et pour traiter toute
question qui peut se présenter.

The directors may, before declaring any dividend or making any
distribution of profits, set aside, out of the profits of the Corporation, such sums as they think proper as a reserve or reserves
which shall, at the discretion of the  directors, be used for any purpose to which the profits of the Corporation may be properly
used.

 

The directors may, by resolution, provide that the amount of
any dividend that they may lawfully declare be paid, in whole or in part, in shares of the capital of the Corporation, and, for
that purpose, they may authorize the allotment and issue of shares in the capital of the Corporation as fully paid.

 

Any dividend may be paid by cheque or warrant made payable to,
and mailed to the address on the books of the Corporation, of the shareholder or person entitled thereto and, in the case of joint
holders, to that one of them whose name stands first in the books of the Corporation, and the mailing of such cheque or warrant
shall constitute payment, unless the cheque or warrant is not paid u presentation.

 

ARTICLE 4.6       TIME AND PLACE OF MEETINGS AND NOTICE

 

Immediately after the first meeting of shareholders and, thereafter, immediately after each annual meeting of the
shareholders, a meeting, called “annual meeting”, of the newly elected directors as are then present shall be
held, without further notice, provided they shall constitute a quorum, for the appointment of the officers of the
Corporation, and the transaction of such other  business as may come before them.

    III-17

     

    

Les réunions régulières du conseil d’administration peuvent être tenues à
tout endroit, au Canada ou ailleurs, à toute date et sur tout avis, s’il y a lieu, que le conseil d’administration peut, à l’occasion, déterminer,
par résolution. Une copie de toute résolution du conseil d’administration fixant l’endroit et la date des réunions
régulières doit être envoyée à chaque administrateur immédiatement après son adoption,
mais aucun autre avis ne sera requis pour une réunion régulière, sauf lorsque la Loi exige que l’objet de
la réunion et les questions qui doivent y être traitées soient spécifiés.

 

Toute réunion du conseil d’administration qui n’est pas convoquée en conformité avec
les stipulations précédentes du présent article est une réunion spéciale.

 

Des réunions spéciales du conseil d’administration peuvent être convoquées,
en tout temps, par le président du conseil, le président, l’administrateur-gérant ou par deux (2)
des administrateurs. Un avis stipulant le lieu, le jour et l’heure d’une telle réunion doit être signifié à
chacun des administrateurs ou laissé à sa résidence ou à sa place d’affaires ordinaire ou lui être
expédié par la poste, sous pli affranchi, ou par télécopieur ou courrier électronique, à
son adresse, telle qu’elle apparaît aux livres de la Société, au moins quarante-huit (48) heures avant l’heure
et la date fixées pour la réunion. Si l’adresse de tout administrateur n’apparaît pas aux livres de la Société,
on doit expédier ledit avis par la poste, télécopieur ou courriel, selon le cas, à l’adresse considérée,
par la personne qui l’expédie, comme étant la meilleure pour atteindre promptement l’administrateur concerné.
Toute réunion spéciale ainsi convoquée peut être tenue au siège social de la Société
ou à tout autre endroit, au Canada ou ailleurs, approuvé par résolution des administrateurs.

Regular meetings of the Board of Directors
may be held at such places, within or outside Canada, at such time and upon such notice as may be determined, from time to time,
by resolution of the Board of Directors. A copy of any resolution of the Board of Directors determining the place and date of
such regular meetings shall be sent to each director immediately after its adoption, but no other notice will be required for
a regular meeting, except when the Act requires that the subject matter of the meeting and the business to be transacted thereat
be specified.

 

Any meeting of the Board of Directors convened otherwise than in conformity with the foregoing provisions of this
article shall be a special meeting

 

Special meetings of the Board of Directors may be called, at any time and from time to time,
by or on the order of the Chairman of the Board, the President, the Managing Director or by any two (2) directors. Notice specifying
the place, day and hour of such meeting shall be served upon each of the directors or left at his usual residence or usual place
of business, or shall be mailed, postage prepaid, or sent by fax or electronic mail, addressed to each director, at his address
as it appears on the books of the Corporation, at least forty-eight (48) hours prior to the hour and date fixed for such meeting.
If the address of any director does not appear in the books of the Corporation, then such notice shall be mailed, faxed or e-mailed,
as the case may be, at such address as the person sending the notice may consider to be the most likely to result in such notice
promptly reaching such director. Any special meeting so convened may be held at the registered office of the Corporation or at
such other place, within or outside Canada, approved by resolution of the directors.

    III-18

     

    

	En
    tout temps, lorsque le président du conseil, le président ou l’administrateur-gérant, à sa discrétion,
    considère qu’il est urgent qu’une réunion des administrateurs soit convoquée, l’avis peut être
    donné, par écrit ou verbalement, soit par télécopieur, courriel, téléphone ou autrement,
    au moins une (l) heure avant que la réunion ne soit tenue; et cet avis est valable pour la réunion convoquée
    en de telles circonstances.	 	In
                                         the case where the convening of a meeting is considered by the Chairman of the Board,
                                         the President or the Managing Director, in his discretion, to be a matter of urgency,
                                         verbal or written notice can be given by fax, email or telephone or otherwise, not less
                                         than one (1) hour before such meeting is to be held; and such notice shall be adequate
                                         for the meeting so convened.

	 	 	 
	Des
                                         réunions spéciales du conseil d’administration peuvent être tenues
                                         à toute date, en tout endroit et à toutes fins, sans avis, quand tous les
                                         administrateurs sont présents ou quand les administrateurs absents ont, par écrit,
                                         renoncé à l’avis de la tenue d’une telle réunion. Tout administrateur
                                         peut renoncer à l’avis de toute réunion soit avant ou après la tenue
                                         de la réunion et le fait pour un administrateur d’assister à une réunion
                                         d’administrateurs constitue une renonciation à l’avis de convocation de ladite
                                         réunion, sauf lorsqu’un administrateur assiste à une réunion dans
                                         le but exprès de s’opposer aux délibérations parce que ladite réunion
                                         n’est pas régulièrement convoquée.
	 	Special
                                         meetings of the Board of Directors may be held at such time and place and for such purposes,
                                         without notice, when all directors are present or when those absent shall have waived
                                         in writing notice of said meeting. Any director may waive notice of a meeting, either
                                         before or after the holding thereof, and attendance of a director at a meeting of directors
                                         is a waiver of notice of the meeting, except where a director attends a meeting for the
                                         express purpose of objecting to the transaction of any business on the grounds that the
                                         meeting is not lawfully called.

	 	 	 
	Un
                                         administrateur peut, avec le consentement de tous les administrateurs, participer à
                                         une réunion du conseil d’administration ou d’un de ses comités
                                         par tout moyen de communication téléphonique, électronique ou autre
                                         permettant à tous les participants de communiquer adéquatement entre eux
                                         et un administrateur qui participe ainsi à une réunion est réputé
                                         avoir assisté à cette réunion.

	 	A
                                         director may, if all the directors of the Corporation consent, participate in a meeting
                                         of directors or of a committee of directors by means of telephonic, electronic or other
                                         communication facility that allows all persons participating in the meeting to communicate
                                         adequately with each other, and a director participating in such a meeting by such means
                                         is deemed to be present at that meeting.

        

	 	 	 
	ARTICLE
    4.7       PRÉSIDENT	 	ARTICLE
    4.7       CHAIRMAN OF THE MEETING
	 	 	 
	Le
                                         président du conseil ou, en son absence, le président ou, en son absence,
                                         l’administrateur-gérant ou, en son absence, un des vice-présidents qui
                                         fait partie du conseil d’administration (ce vice-président devant être
                                         désigné par l’assemblée, advenant que plus d’un de ces vice-présidents
                                         soient présents) préside toute réunion des administrateurs. Si tous
                                         les dirigeants ci-haut mentionnés sont absents ou refusent d’agir, les personnes
                                         présentes peuvent choisir quelqu’un parmi elles pour agir comme président.
                                         Le président de toute réunion du conseil d’administration a droit
                                         de vote comme administrateur relativement à toute question soumise au vote de
                                         l’assemblée, mais, advenant égalité des voix, n’a pas droit
                                         à une deuxième voix ou voix prépondérante. 
	 	The
                                         Chairman of the Board or, in his absence, the President or, in his absence, the Managing
                                         Director or in his absence, one of the Vice-Presidents who is a director (to be designated
                                         by the meeting, in the event of more than one such Vice-President being present) shall
                                         preside at all meetings of the directors. If all of the aforesaid officers be absent
                                         or decline to act, the persons present may choose one of their number to act as chairman
                                         of the meeting. The chairman of any meeting of the directors shall be entitled to vote
                                         as director in respect of any matter submitted to the vote of the meeting, but, in the
                                         event of an equality of votes, shall not be entitled to cast a second or casting vote.

    III-19

     

    

	ARTICLE
                                         4.8        QUORUM
	 	ARTICLE
    4.8         QUORUM
	 	 	 
	Sous
    réserve de la Loi, les administrateurs peuvent, à l’occasion, par voie de résolution, fixer le quorum
    pour les réunions du conseil d’administration, mais, jusqu’à ce qu’ils l’aient fait, une majorité des
    administrateurs en fonction, à l’occasion, constitue un quorum.	 	Subject
    to the Act, the directors may, from time to time, fix by resolution the quorum for meetings of directors, but until otherwise
    fixed, a majority of directors in office from time to time shall constitute a quorum.
	 	 	 
	Toute
                                         réunion du conseil d’administration où il y a quorum, à la condition
                                         que ce quorum soit constitué d’au moins vingt-cinq pour cent (25%) de résidents
                                         canadiens ou si la Société compte moins de quatre (4) administrateurs,
                                         à la condition qu’au moins l’un (1) des administrateurs présents
                                         soit résident canadien, est compétente pour exercer tous et chacun des
                                         mandats, pouvoirs et discrétions que la Loi, les statuts ou les règlements
                                         de la Société attribuent ou reconnaissent aux administrateurs, nonobstant
                                         toute vacance en leur sein.
	 	Any
                                         meeting of directors at which a quorum is present, provided that twenty-five per cent
                                         (25%) of the directors present are Canadian residents or, if the Corporation has less
                                         than four (4) directors, at least one (1) of the directors present is a Canadian resident,
                                         shall be competent to exercise all or any of the authorities, powers and discretions
                                         by the Act or under the articles or by-laws of the Corporation for the time being vested
                                         in or exercisable by the directors generally, notwithstanding any vacancy among the directors.

	 	 	 
	Nonobstant
                                         les dispositions du paragraphe précédent, les administrateurs peuvent délibérer,
                                         même en l’absence du nombre de résidents canadiens dont la présence
                                         est requise aux termes des présentes,
	 	Notwithstanding
                                         the provisions of the preceding paragraph, directors may transact business at a meeting
                                         of directors where the number of Canadian resident directors required hereunder is not
                                         present if:

	 	 	 
	a)
        si, parmi les administrateurs absents, un résident canadien approuve les délibérations,
    par écrit ou par tout autre moyen de communication téléphonique, électronique ou autre; et 	 	(a)    if
    a Canadian resident director who is unable to be present approves in writing or by telephonic, electronic or other communication
    facility, the business transacted at the meeting; and
	 	 	 
	b)     lorsque
                                         la présence de cet administrateur aurait permis de constituer le nombre de résidents
                                         canadiens dont la présence est requise.
	 	(b)
                                           the required number of resident Canadian directors would have been present
                                         had that director been present at the meeting.

	 	 	 
	Les
                                         questions soulevées à toute réunion des administrateurs sont résolues
                                         par le vote affirmatif de la majorité des administrateurs qui y sont présents.
	 	Questions
                                         arising at any meetings of directors shall be decided by the affirmative vote of a majority
                                         of the directors present thereat.

    III-20

     

    

	ARTICLE
                                         4.9        DÉMISSION DES ADMINISTRATEURS
	 	ARTICLE
                                         4.9        RESIGNATION OF DIRECTORS

	 	 	 
	Tout
                                         administrateur peut, en tout temps, donner sa démission par écrit. Il n’est
                                         pas nécessaire que sa démission soit motivée; l’administrateur
                                         n’encourt aucune responsabilité envers la Société du simple
                                         fait de sa démission, même non motivée; pourvu que cette démission
                                         ne cause aucun préjudice à la Société parce qu’elle
                                         est à contretemps.
	 	Any
                                         director may, at any time, tender his resignation in writing. Such resignation need not
                                         be justified and no liability is incurred by the director towards the Corporation even
                                         though such resignation is not justified; provided that such resignation does not cause
                                         any prejudice to the Corporation if tendered at an inopportune time.

	 	 	 
	ARTICLE
                                         4.10        DESTITUTION DES ADMINISTRATEURS
	 	ARTICLE
                                         4.10     REMOVAL OF DIRECTORS

	 	 	 
	Tout
                                         administrateur peut, par résolution ordinaire adoptée à toute assemblée
                                         extraordinaire des actionnaires convoquée dans ce but, être destitué,
                                         avec ou sans raison, et une autre personne dûment qualifiée peut, par résolution
                                         adoptée à cette même assemblée, être élue à
                                         sa place. La personne ainsi élue reste en fonction pour le temps seulement que
                                         l’administrateur dont il prend la place aurait été en fonction s’il
                                         n’avait pas été destitué.

         
	 	Any
                                         director may, by ordinary resolution adopted at any special meeting of the shareholders
                                         called for that purpose, be removed from office, either with or without cause, and another
                                         duly qualified person may, by resolution adopted at the same meeting, be elected in his
                                         stead. The person so elected shall hold office during such time only as the director
                                         in whose place he was elected would have held the same if he had not been removed.

	 	 	 
	ARTICLE
                                         4.11        VACANCES
	 	ARTICLE
    4.11     VACANCIES
	 	 	 
	À
                                         l’exception d’une vacance résultant du défaut d’élire
                                         le nombre fixe ou le nombre minimal d’administrateurs prévu par les statuts
                                         de la Société ou d’une augmentation du nombre fixe, minimal ou maximal
                                         d’administrateurs prévu par les statuts, les administrateurs alors en fonction,
                                         s’ils constituent quorum, peuvent combler les vacances survenues au sein du conseil.
                                         Tout administrateur ainsi nommé, sous réserve des dispositions de l’article
                                         4.10 du présent règlement quatrième, demeure en fonctions pendant
                                         la durée non expirée du mandat de son prédécesseur et peut
                                         alors être réélu. 
	 	Except
    for a vacancy resulting from an increase in the number or the minimum or maximum number of directors or from a failure to
    elect the number or minimum number of directors provided for in the articles of the Corporation, the directors then in office
    may, if they constitute a quorum, fill any vacancy among the directors, and any director so appointed shall, subject to the
    provisions of article 4.10 of this by-law four, hold office for the unexpired term of his predecessor and shall then be eligible
    for re-election.

    III-21

     

    

	Si
                                         les administrateurs alors en fonctions ne constituent pas quorum ou si la vacance résulte
                                         du défaut d’élire le nombre fixe ou le nombre minimal d’administrateurs
                                         requis par les statuts de la Société ou d’une augmentation de ce
                                         nombre, les administrateurs alors en fonctions doivent dès lors convoquer une
                                         assemblée extraordinaire des actionnaires en vue de combler cette vacance. Si
                                         les administrateurs négligent de le faire ou s’il n’y a alors aucun
                                         administrateur en fonctions, tout actionnaire de la Société peut convoquer
                                         cette assemblée. 
	 	If
                                         the directors then in office do not constitute a quorum or if the vacancy results from
                                         an increase in the number or minimum number of directors or from a failure to elect the
                                         number or minimum number of directors required by the articles of the Corporation, the
                                         directors then in office shall immediately call a special meeting of the shareholders
                                         for the purpose of filling the vacancy. If the directors fail to call such a meeting
                                         or if there are no directors then in office, any shareholder of the Corporation may call
                                         said meeting. 

	 	 	 
	ARTICLE
                                         4.12      RÉMUNÉRATION DES ADMINISTRATEURS
	 	ARTICLE
                                         4.12      REMUNERATION OF DIRECTORS

	 	 	 
	Chaque
                                         administrateur reçoit la rémunération que le conseil d’administration
                                         peut déterminer, à l’occasion, par voie de résolution. 
	 	Each
                                         director shall receive such remuneration as the Board of Directors shall fix, from time
                                         to time, by resolution. 

	 	 	 
	Les
                                         administrateurs ont droit d’être remboursés par la Société
                                         pour toutes dépenses raisonnables de voyage (y compris les dépenses d’hôtel
                                         et celles incidentes) qu’ils peuvent encourir en assistant aux réunions
                                         des administrateurs ou aux assemblées des actionnaires ou qu’ils peuvent
                                         autrement encourir dans le cours ordinaire des affaires de la Société. 
	 	The
                                         directors shall be entitled to be repaid by the Corporation all such reasonable travelling
                                         (including hotel and incidental) expenses as they may incur in attending meetings of
                                         the directors or shareholders or which they may otherwise incur in the normal course
                                         of business of the Corporation.

         

	 	 	 
	Tout
                                         administrateur qui, sur demande, exécute des services spéciaux pour la
                                         Société peut obtenir une rémunération supplémentaire
                                         que les administrateurs peuvent déterminer. 
	 	Any
                                         director who, by request, performs special services for the Corporation may be paid such
                                         extra remuneration as the directors may determine. 

	 	 	 
	ARTICLE
                                         4.13      RÈGLEMENTS ET RÉSOLUTIONS
	 	ARTICLE
                                         4.13      BY-LAWS AND RESOLUTIONS

	 	 	 
	Tous
                                         les règlements et toutes les résolutions des administrateurs doivent être
                                         passés ou adoptés à des réunions dûment convoquées.
                                         Néanmoins, la signature de tous les administrateurs de la Société
                                         au bas de tout document (qui peut être signé en contrepartie) constituant
                                         un règlement ou une résolution qui pourrait être passé ou
                                         adopté par les administrateurs à une réunion donne à un tel
                                         règlement ou une telle résolution la même valeur et le même
                                         effet que si ce règlement ou cette résolution avait été passé
                                         ou adopté, selon le cas, par les administrateurs à une réunion dûment
                                         convoquée et tenue. 
	 	All
                                         by-laws and resolutions of the directors shall be enacted or adopted at duly convened
                                         meetings. However, the signature of all the directors of the Corporation on any instrument
                                         (which may be signed in counterparts) setting out a by-law or resolution which could
                                         be enacted or adopted by the directors shall give to such by-law or resolution the same
                                         force and effect as if the same had been enacted or adopted, as the case may be, by vote
                                         of the directors at a meeting duly convened and held. 

    III-22

     

    

	RÈGLEMENT
                                         CINQUIÈME 
	 	BY-LAW
                                         FIVE 

	 	 	 
	COMITÉS 	 	COMMITTEES
	 	 	 
	ARTICLE
                                         5.1      COMITÉ D’ADMINISTRATEURS
	 	ARTICLE
    5.1      COMMITTEE OF DIRECTORS
	 	 	 
	Les
                                         administrateurs de la Société peuvent nommer parmi eux un comité
                                         d’administrateurs, peu importe la façon dont il est désigné,
                                         et déléguer à ce comité l’un ou plusieurs des pouvoirs
                                         qu’ils possèdent, à l’exception de ceux qu’un comité
                                         d’administrateurs n’est pas autorisé à exercer en vertu de
                                         la Loi.
	 	The
                                         board may appoint from their number a committee of directors, however designated, and
                                         delegate to such committee any of the powers of the board except those which under the
                                         Act, a committee of directors has no authority to exercise.

	 	 	 
	Il
                                         n’est pas nécessaire que les membres de ce comité soient des résidents
                                         canadiens.
	 	Members
                                         of such committee need not be Canadian residents.

	 	 	 
	ARTICLE
                                         5.2      MODE DE FONCTIONNEMENT
	 	ARTICLE
    5.2      TRANSACTION OF BUSINESS
	 	 	 
	Sous
                                         réserve des dispositions du dernier alinéa de l’article 4.6 du règlement
                                         quatrième, les pouvoirs du comité d’administrateurs peuvent être
                                         exercés par une réunion à laquelle un quorum est présent
                                         ou par une résolution écrite signée par tous les membres du comité
                                         qui auraient eu le droit de voter sur cette résolution à une réunion
                                         du comité. Les réunions du comité peuvent être tenues à
                                         tout endroit au Canada ou ailleurs. 
	 	Subject
                                         to the provisions of the last paragraph of article 4.6 of by-law four, the powers of
                                         a committee of directors may be exercised by a meeting at which a quorum is present or
                                         by resolution in writing signed by all the members of such committee who would have been
                                         entitled to vote on that resolution at a meeting of the committee. Meetings of such committee
                                         may be held at any place in or outside Canada. 

	 	 	 
	ARTICLE
                                         5.3      COMITÉS CONSULTATIFS
	 	ARTICLE
    5.3      ADVISORY COMMITTEES
	 	 	 
	Les
                                         administrateurs de la Société peuvent à l’occasion nommer
                                         tels autres comités qu’ils estiment opportuns ou qui sont requis par les
                                         lois régissant la Société, dont notamment le comité d’audit,
                                         mais les fonctions de tels autres comités doivent être consultatives seulement.
	 	The
    directors may from time to time appoint such other committees as they may deem advisable or that are required under the laws
    governing the Corporation, including the audit committee, but the functions of any such other committees shall be advisory
    only.

    III-23

     

    

	ARTICLE
    5.4      PROCÉDURE	 	ARTICLE
    5.4      PROCEDURE
	 	 	 
	À
                                         moins qu’il n’en soit autrement décidé par les administrateurs,
                                         chaque comité a le pouvoir de fixer son quorum à tout nombre qui n’est
                                         pas moindre que la majorité de ses membres, d’élire son président
                                         et de réglementer sa procédure.

        
	 	Unless
                                         otherwise determined by the directors, each committee shall have the power to fix its
                                         quorum at not less than a majority of its members, to elect its chairman and to regulate
                                         its procedure.

	 	 	 
	RÈGLEMENT
                                         SIXIÈME
	 	BY-LAW
                                         SIX

	 	 	 
	DIRIGEANTS
	 	OFFICERS

	 	 	 
	ARTICLE
                                         6.1      DIRECTION
	 	ARTICLE
    6.1      MANAGEMENT
	 	 	 
	La
                                         direction de la Société est composée d’un président,
                                         d’un chef de la direction financière et, si jugé à propos,
                                         d’un ou plusieurs vice-présidents (y compris tout vice-président
                                         directeur ou premier vice-président), d’un trésorier, d’un
                                         contrôleur et d’un secrétaire. On peut aussi nommer, pour faire partie
                                         de la direction, un président du conseil, un ou plusieurs secrétaires adjoints,
                                         contrôleurs adjoints et/ou trésoriers adjoints, et/ou un administrateur-gérant.
	 	The
                                         management of the Corporation shall consist of a President, a Chief Financial Officer
                                         and, if deemed appropriate, one or more Vice Presidents (including any Executive Vice
                                         President or Senior Vice President), a Treasurer, a Controller and a Secretary. There
                                         may also be elected or appointed a Chairman of the Board, one or more Assistant-Secretaries,
                                         Assistant-Controllers and/or Assistant-Treasurers, and/or a Managing Director.

	 	 	 
	Ces
                                         dirigeants doivent être nommés par le conseil d’administration à
                                         sa première réunion après la première assemblée des
                                         actionnaires et, par la suite, à la première réunion du conseil
                                         d’administration après chaque assemblée annuelle des actionnaires;
                                         et ces dirigeants de la Société restent en fonctions jusqu’à
                                         ce que leurs successeurs aient été choisis et nommés à leur
                                         place. D’autres dirigeants peuvent aussi être nommés lorsque le conseil
                                         d’administration le juge nécessaire, à l’occasion.
	 	Such
                                         officers shall be appointed by the Board of Directors, at its first meeting after the
                                         first meeting of the shareholders, and, thereafter, at the first meeting of the Board
                                         of Directors after each annual meeting of the shareholders; and shall hold office until
                                         their successors shall have been appointed. There may also be appointed such other officers
                                         as the Board of Directors may, from time to time, deem necessary.

         

	 	 	 
	Ces
                                         dirigeants doivent dûment remplir les devoirs, en plus de ceux spécifiés
                                         dans les règlements, que le conseil d’administration prescrit, à
                                         l’occasion. La même personne peut remplir plus d’une (l) fonction.
                                         Il n’est pas nécessaire que ces dirigeants de la Société soient
                                         des actionnaires de la Société et il n’est pas nécessaire
                                         qu’ils soient des administrateurs de la Société, à l’exception
                                         du président du conseil et du président. 
	 	Such
                                         officers shall respectively perform such duties, in addition to those specified in the
                                         by-laws of the Corporation, as shall, from time to time, be prescribed by the Board of
                                         Directors. The same person may hold more than one office. None of such officers of the
                                         Corporation need be a shareholder of the Corporation and none of them, except the Chairman
                                         of the Board and the President, need be a director of the Corporation. 

    III-24

     

    

	ARTICLE
6.2      PRÉSIDENT DU CONSEIL
	 	ARTICLE
6.2      CHAIRMAN OF THE BOARD

	 	 	 
	Le
                                         président du conseil est choisi parmi les administrateurs. Il préside toutes
                                         les assemblées des actionnaires et toutes les réunions du conseil d’administration.
                                         Il a tous les autres pouvoirs et devoirs que le conseil d’administration peut,
                                         à l’occasion, lui assigner, par voie de résolution, sous réserve
                                         de la Loi. 
	 	The
                                         Chairman of the Board shall be chosen from among the directors. He shall preside at all
                                         meetings of the Board of Directors and shareholders. He shall have such other powers
                                         and duties as the Board of Directors may determine, from time to time, by resolution,
                                         subject to the Act. 

	 	 	 
	ARTICLE
                                         6.3      PRÉSIDENT
	 	ARTICLE
                                         6.3      PRESIDENT

	 	 	 
	Le
                                         président est choisi parmi les administrateurs. En l’absence du président
                                         du conseil, il préside toutes les assemblées des actionnaires et les réunions
                                         du conseil d’administration. Il est le dirigeant principal de la Société
                                         et, s’il n’y a pas d’administrateur-gérant, il exerce un contrôle
                                         général et une surveillance générale sur les affaires de
                                         la Société. Il a tous les autres pouvoirs et devoirs que le conseil d’administration
                                         peut, à l’occasion, lui assigner, par voie de résolution, sous réserve
                                         de la Loi. 
	 	The
President shall be chosen from among the directors. He shall, in the absence of the Chairman of the Board, preside at all meetings
of the Board of Directors and of the shareholders. He shall be the chief executive officer of the Corporation and, if there is
no Managing Director, shall exercise a general control of and supervision over its affairs. He shall have such other powers and
duties as the Board of Directors may determine, from time to time, by resolution, subject to the Act.

	 	 	 
	ARTICLE
                                         6.4      VICE-PRÉSIDENT OU VICE-PRÉSIDENTS
	 	ARTICLE
    6.4      VICE-PRESIDENT OR VICE-PRESIDENTS
	 	 	 
	Le
                                         chef de la direction financière et tout vice-président, qu’ils aient
                                         ou non été choisis parmi les administrateurs, ont les pouvoirs et remplissent
                                         les fonctions que le conseil d’administration peut, à l’occasion,
                                         leur assigner, par voie de résolution. En cas d’absence ou d’incapacité
                                         du président du conseil et du président, le chef de la direction financière
                                         ou tout vice-président directeur ou premier vice-président, ou tout vice-président
                                         désigné par le président du conseil ou par le président,
                                         peut exercer les pouvoirs et remplir les fonctions du président du conseil ou
                                         du président; et, si un tel dirigeant exerce l’un quelconque des pouvoirs
                                         ou remplit l’une quelconque des fonctions du président du conseil ou du
                                         président, l’absence ou l’incapacité du président du
                                         conseil ou du président, selon le cas, est présumée. 
	 	The
                                         Chief Financial Officer and any Vice President, whether or not chosen from among the
                                         directors, shall have such powers and duties as may be assigned to him or them respectively,
                                         by resolution of the Board of Directors. In case of absence or disability of the Chairman
                                         of the Board and of the President, the Chief Financial Officer or any Executive Vice
                                         President or Senior Vice President, or any Vice President as designated by the Chairman
                                         of the Board or the President, may exercise the powers and perform the duties of the
                                         Chairman of the Board or of the President; and if any such officer exercises any of the
                                         powers or performs any of the duties of the Chairman of the Board or of the President,
                                         the absence or disability of the Chairman of the Board or of the President shall be presumed. 

    III-25

     

    

	ARTICLE
                                         6.5      CHEF DE LA DIRECTION FINANCIÈRE, TRÉSORIER
                                         ET TRÉSORIERS ADJOINTS, CONTRÔLEUR ET CONTRÔLEURS ADJOINTS
	 	ARTICLE
    6.5     CHIEF FINANCIAL OFFICER, TREASURER AND ASSISTANT-TREASURERS, CONTROLLER AND ASSISTANT-CONTROLLERS
	 	 	 
	Le
                                         chef de la direction financière a la responsabilité générale
                                         des finances de la Société. Il a la responsabilité générale
                                         de déposer l’argent et les autres valeurs de la Société, au
                                         nom et au crédit de la Société, auprès de toutes banques,
                                         caisses d’épargne et de crédit, compagnies de fiducie ou autres dépositaires
                                         que le conseil d’administration désigne, à l’occasion, par
                                         voie de résolution. Il doit, lorsque requis par le conseil d’administration,
                                         lui rendre compte de la situation financière de la Société et de
                                         toutes ses transactions; et, aussitôt que possible après la clôture
                                         de chaque exercice financier, il prépare et soumet au conseil d’administration
                                         un rapport sur l’exercice financier écoulé. Il est responsable de
                                         la garde, du dépôt et de la tenue de tous les livres de comptes et autres
                                         documents qui, selon les lois régissant la Société, doivent être
                                         tenus par la Société. Il doit exécuter tous les autres devoirs propres
                                         à la fonction de chef de la direction financière (y compris ceux relatifs
                                         aux postes de trésorier et de contrôleur si ces postes sont vacants), ainsi
                                         que ceux que le conseil d’administration peut, à l’occasion, lui assigner,
                                         par voie de résolution, le tout sous réserve du contrôle dudit conseil
                                         d’administration et sous réserve de la Loi; si les postes de trésorier
                                         et de contrôleur sont occupés par d’autre personnes, le chef de la
                                         direction financière doit superviser l’accomplissement des devoirs de ces
                                         personnes qui doivent relever du chef de la direction financière. 
	 	The
    Chief Financial Officer shall have general charge of the finances of the Corporation. He has general charge of depositing
    all moneys and other valuable effects of the Corporation in the name and to the credit of the Corporation, in such banks,
    savings and credit unions, trust companies or other depositaries, as the Board of Directors may, from time to time, designate,
    by resolution. He shall render to the Board of Directors, whenever directed by the Board, an account of the financial condition
    of the Corporation and of all his transactions; and, as soon as possible after the close of each financial year, he shall
    make and submit to the Board of Directors a report for such financial year. He shall have charge and custody of and be responsible
    for the keeping of the books, accounts and other documents required under the laws governing the Corporation. He shall perform
    all the acts relating to the office of Chief Financial Officer (including those relating to the offices of Treasurer and Controller
    if the latter positions are vacant), as well as those that may be assigned to him, from time to time, by resolution of the
    Board of Directors, the whole subject to the control of the Board of Directors and subject to the Act; if the offices of Treasurer
    and Controller are held by others, the Chief Financial Officer shall supervise the performance of such officers who shall
    report to the Chief Financial Officer.

    III-26

     

    

	Les
                                         trésoriers adjoints peuvent remplir toute fonction du trésorier que le
                                         conseil d’administration ou le trésorier peut, à l’occasion,
                                         leur assigner sous réserve de la Loi. Les contrôleurs adjoints peuvent remplir
                                         toute fonction du contrôleur que le conseil d’administration ou le contrôleur
                                         peut, à l’occasion, leur assigner sous réserve de la Loi.

         
	 	Assistant-Treasurers
                                         may perform any of the duties of the Treasurer delegated to them, from time to time,
                                         by the Board of Directors or by the Treasurer, subject to the Act. Assistant-Controllers
                                         may perform any of the duties of the Controller delegated to them, from time to time,
                                         by the Board of Directors or by the Controller, subject to the Act.

         

	 	 	 
	ARTICLE
                                         6.6        SECRÉTAIRE ET SECRÉTAIRES
                                         ADJOINTS
	 	ARTICLE
                                         6.6       SECRETARY AND ASSISTANT-SECRETARIES

	 	 	 
	Le
                                         secrétaire doit donner et faire signifier tous avis de la Société
                                         et doit rédiger et conserver les procès-verbaux de toutes les assemblées
                                         des actionnaires et de toutes les réunions du conseil d’administration et
                                         des comités d’administrateurs dans un ou plusieurs livres à cet effet.
                                         Il doit garder en sûreté le sceau de la Société, le cas échéant.
                                         Il est responsable des registres de la Société, y compris les livres où
                                         sont consignés les noms et adresses des actionnaires et des membres du conseil
                                         d’administration, conjointement avec les copies de tous les rapports faits par
                                         la Société et tous les autres livres et documents que le conseil d’administration
                                         peut ordonner ou lui confier. Il est responsable de la garde et de la production de tous
                                         les livres, rapports, certificats et autres documents dont la Loi exige la garde et la
                                         production. Il doit remplir tous autres devoirs relatifs à ses fonctions, ainsi
                                         que ceux que le conseil d’administration peut, à l’occasion, lui assigner,
                                         par voie de résolution, sous réserve de la Loi. 
	 	The
                                         Secretary shall attend to the giving of all notices of the Corporation and shall draft
                                         and keep the minutes of all meetings of the shareholders and of the Board of Directors
                                         and of Committees of Directors in a book or books to be kept for that purpose. He shall
                                         keep in safe custody the corporate seal of the Corporation, if applicable. He shall have
                                         charge of the records of the Corporation, including books containing the names and addresses
                                         of the shareholders and members of the Board of Directors, together with copies of all
                                         reports made by the Corporation, and such other books and documents as the Board of Directors
                                         may direct and/or entrust to him. He shall be responsible for the keeping and filing
                                         of all books, reports, certificates and other documents required by law to be kept and
                                         filed by the Corporation. He shall perform such other duties as appertain to his office
                                         or as may be required by resolution of the Board of Directors, subject to the Act.

         

	 	 	 
	Les
                                         secrétaires adjoints peuvent remplir toute fonction du secrétaire que le
                                         conseil d’administration ou le secrétaire peut, à l’occasion,
                                         leur assigner, sous réserve de la Loi. 
	 	Assistant-Secretaries
                                         may perform any of the duties of the Secretary delegated to them, from time to time,
                                         by the Board of Directors or by the Secretary, subject to the Act.

	 	 	 
	ARTICLE
                                         6.7        SECRÉTAIRE-TRÉSORIER
	 	ARTICLE
                                         6.7        SECRETARY-TREASURER

	 	 	 
	Lorsque
                                         le secrétaire remplit aussi les fonctions de trésorier, il peut, au gré
                                         du conseil d’administration, être désigné comme «secrétaire-
                                         trésorier». 
	 	Whenever
                                         the Secretary is also the Treasurer, he may, at the option of the Board of Directors,
                                         be designated the “Secretary-Treasurer”. 

    III-27

     

    

	ARTICLE
                                         6.8         ADMINISTRATEUR-GÉRANT
	 	ARTICLE
    6.8         MANAGING DIRECTOR
	 	 	 
	Les
                                         administrateurs peuvent, à l’occasion, nommer parmi eux-mêmes un administrateur-gérant,
                                         à la condition que cet administrateur-gérant soit un résident canadien.
                                         Il gère les affaires tant commerciales qu’internes de la Société,
                                         sous la surveillance du conseil d’administration, et exerce les pouvoirs que le
                                         conseil d’administration peut, à l’occasion, lui déléguer
                                         d’une façon générale ou spéciale, par voie de résolution,
                                         sous réserve de la Loi.

         
	 	The
                                         directors of the Corporation may, from time to time, appoint from their number a Managing
                                         Director who is a Canadian resident. He shall manage the affairs of the Corporation,
                                         under the supervision of the Board of Directors, and shall execute such powers as may
                                         be delegated to him, from time to time, by resolution of the Board of Directors, subject
                                         to the Act, and such authority may be either general or specific.

         

	 	 	 
	ARTICLE
                                         6.9         DESTITUTION
	 	ARTICLE
    6.9         REMOVAL
	 	 	 
	Le
                                         conseil d’administration peut, par voie de résolution, destituer et congédier
                                         tout dirigeant de la Société, avec ou sans raison, à toute réunion
                                         convoquée dans ce but et peut en élire ou en nommer d’autres à
                                         leur place. Si, cependant, il n’y a pas de raison pour la destitution ou le congédiement
                                         et s’il existe un contrat particulier dérogeant aux stipulations du présent
                                         article, la destitution ne peut avoir lieu que conformément aux stipulations de
                                         ce contrat. 
	 	The
                                         Board of Directors may, by resolution, remove and discharge any officers of the Corporation,
                                         either with or without cause, at any meeting called for that purpose and may elect or
                                         appoint others in their place or places. If, however, there be no cause for such removal
                                         or discharge and there be a particular contract derogating from the provisions of this
                                         article, such removal or discharge shall be subject to the provisions of such contract. 

	 	 	 
	ARTICLE
                                         6.10         RÉMUNÉRATION
	 	ARTICLE
                                         6.10        REMUNERATION

	 	 	 
	La
                                         rémunération de tous les dirigeants de la Société est déterminée,
                                         à l’occasion, par résolution du conseil d’administration. 
	 	The
                                         remuneration of all officers of the Corporation shall be fixed, from time to time, by
                                         resolution of the Board of Directors. 

	 	 	 
	RÈGLEMENT
                                         SEPTIÈME
	 	BY-LAW
                                         SEVEN

	 	 	 
	VALEURS
                                         MOBILIÈRES
	 	SECURITIES

	 	 	 
	ARTICLE
                                         7.1        CERTIFICATS DE VALEURS MOBILIÈRES
	 	ARTICLE
    7.1        SECURITY CERTIFICATES
	 	 	 
	Les
                                         certificats représentant les valeurs mobilières de la Société,
                                         le cas échéant, sont rédigés de la manière approuvée
                                         par le conseil d’administration. Ces certificats doivent être signés
                                         par le président ou tout vice-président et le secrétaire ou tout
                                         secrétaire adjoint de la Société, mais la signature du président
                                         ou du vice-président peut aussi être gravée, lithographiée
                                         ou reproduite mécaniquement de quelque autre manière sur les certificats
                                         et, si la Société a nommé un agent de transfert, la signature du
                                         secrétaire ou du secrétaire adjoint peut aussi être gravée,
                                         lithographiée ou reproduite mécaniquement de quelque autre manière
                                         sur les certificats. Tous certificats ainsi signés sont présumés
                                         avoir été signés à la main par ces dirigeants et sont valables,
                                         à toutes fins pratiques, au même titre que s’ils avaient été
                                         signés à la main, même si les personnes dont les signatures sont
                                         ainsi reproduites ont cessé d’être dirigeants de la Société
                                         au temps de l’émission des certificats ou à la date qu’ils
                                         portent. 
	 	Certificates
                                         representing securities of the Corporation, as the case may be, shall be in such form
                                         as shall be approved by the Board of Directors. Such certificates shall bear the signature
                                         of the President or any Vice President and that of the Secretary or any Assistant-Secretary
                                         of the Corporation, but the signature of the President or Vice President may be engraved,
                                         lithographed or otherwise mechanically reproduced thereon, as well as, should the Corporation
                                         have appointed a transfer agent, the signature of the Secretary or any Assistant-Secretary.
                                         Any certificate bearing reproductions of the signature of any of such authorized officers
                                         shall be deemed to have been manually signed by them and shall be as valid, for all intents
                                         and purposes, as if they had been manually signed, notwithstanding that the persons whose
                                         signatures are so reproduced shall, at the time that the certificate is issued or on
                                         the date of such certificate, have ceased to be officers of the Corporation. 

    III-28

     

    

	ARTICLE
                                         7.2         REGISTRE DES VALEURS MOBILIÈRES
	 	ARTICLE
    7.2         SECURITIES REGISTER
	 	 	 
	Un
                                         registre central des valeurs mobilières doit être tenu au siège social
                                         ou principale place d’affaires de la Société, ou à tout autre
                                         lieu au Canada choisi par les administrateurs; et un (1) ou plusieurs registres locaux
                                         des valeurs mobilières peuvent être tenus au Canada ou à l’étranger,
                                         en tel lieu que les administrateurs peuvent indiquer, à l’occasion, par
                                         voie de résolution. Ce registre central des valeurs mobilières et ces registres
                                         locaux des valeurs mobilières sont tenus par le secrétaire ou par tout
                                         autre dirigeant qui peut être spécialement chargé de ce soin ou par
                                         tout autre agent que le conseil d’administration peut nommer au besoin, par résolution
                                         à cette fin. 
	 	A
                                         central securities register shall be kept at the registered office or principal place
                                         of business of the Corporation, or at any other place in Canada selected by the directors;
                                         and one (1) or more branch securities registers may be kept at such place in Canada or
                                         elsewhere, as may, from time to time, be designated by resolution of the Board of Directors.
                                         Such central securities register and branch securities registers shall be kept by the
                                         Secretary or by such other officer or officers as may be especially charged with such
                                         duty or by such agent or agents as may be appointed, from time to time, for that purpose,
                                         by resolution of the Board of Directors. 

	 	 	 
	Sous
                                         réserve des dispositions de tout règlement pouvant être adopté
                                         relativement à l’émission de titres au porteur, les noms, par ordre
                                         alphabétique, et la dernière adresse connue des personnes qui détiennent
                                         ou ont détenu des valeurs mobilières émises par la Société,
                                         le nombre de valeurs mobilières détenues par chacune et la date et les
                                         conditions de l’émission et du transfert ou transmission de chaque valeur
                                         mobilière doivent être inscrits sur le registre central des valeurs mobilières.
                                         Le registre local des valeurs mobilières ne contient que les détails relatifs
                                         aux valeurs mobilières émises ou transférées en ce lieu et
                                         les conditions de chaque émission ou de chaque transfert d’une valeur mobilière
                                         inscrite dans un registre local des valeurs mobilières sont également portées
                                         au registre central. 
	 	Subject
                                         to the provisions of any by-law respecting the issue of bearer securities, the names,
                                         in alphabetical order, and the latest known address of each person who is or has been
                                         a security holder, the number of securities held by each security holder and the date
                                         and particulars of the issue and transfer or transmission of securities shall be recorded
                                         in the central securities register. A branch securities register shall only contain particulars
                                         of securities issued or transferred at that branch and particulars of each issue or transfer
                                         of a security registered in a branch securities register shall also be kept in the corresponding
                                         central securities register.

         

	 	 	 

    III-29

     

    

	Sous
                                         réserve d’un tel règlement, toute mention de l’émission
                                         ou du transfert ou transmission d’une valeur mobilière de la Société
                                         sur l’un des registres en constitue une inscription complète et valide.
                                         Toutes les valeurs mobilières de la Société sont, sous réserve
                                         d’un tel règlement, transférables sur le registre central des valeurs
                                         mobilières ou sur un registre local des valeurs mobilières sans égard
                                         au lieu où le certificat représentant les valeurs mobilières qui
                                         font l’objet du transfert, du transport ou de la transmission a été
                                         émis. 
	 	Subject
                                         to any such by-law, entry of the issue or transfer or transmission of any security of
                                         the Corporation in any securities register, shall be a complete and valid registration.
                                         All securities of the Corporation shall, subject to any such by-law, be transferable
                                         on the central securities register or on any branch securities register, regardless of
                                         where the certificate representing the securities to be transferred or transmitted shall
                                         have been issued.

         

	 	 	 
	Ces
                                         registres doivent, durant les heures normales d’affaires, à l’endroit
                                         ou aux endroits où les administrateurs ont donné l’autorisation de
                                         les tenir respectivement, suivant les dispositions du présent règlement,
                                         être ouverts à l’inspection des actionnaires et des créanciers
                                         de la Société et de leurs mandataires et représentants légaux
                                         et chacun d’eux peut en prendre gratuitement des extraits. 
	 	Such
                                         registers shall, during normal business hours, at the place or places where they are
                                         respectively authorized by the Board of Directors to be kept, pursuant to the provisions
                                         of this by-law, be open to the inspection of shareholders and creditors of the Corporation
                                         and their representatives and agents, and each of them may take extracts therefrom, free
                                         of charge. 

	 	 	 
	Nul
                                         transfert ou transmission des valeurs mobilières de la Société n’est
                                         valable et ne doit être inscrit au registre central des valeurs mobilières
                                         ou à un registre local des valeurs mobilières à moins que les certificats
                                         représentant les valeurs mobilières faisant l’objet du transfert,
                                         du transport ou de la transmission, selon le cas, n’aient été remis
                                         ou annulés. 
	 	No
                                         transfer or transmission of securities of the Corporation shall be valid nor shall the
                                         same be entered in such central securities register or branch securities register, unless
                                         or until the certificates representing the securities to be transferred and transmitted,
                                         as the case may be, have been surrendered and cancelled.

         

    III-30

     

    

	ARTICLE
                                         7.3         DATE DE CLÔTURE DES REGISTRES
	 	ARTICLE
    7.3         RECORD DATE
	 	 	 
	Le
                                         conseil d’administration peut, en tout temps et à l’occasion, choisir
                                         d’avance, dans le délai prévu de temps à autre dans le règlement
                                         d’application, une date de clôture des registres, pour déterminer
                                         les actionnaires habiles à : 
	 	The
                                         Board of Directors may at any time and from time to time, fix in advance, within the
                                         period prescribed from time to time by the regulations, a record date for the purpose
                                         of determining the shareholders entitled to : 

	 	 	 
	a)     recevoir
    des dividendes;	 	(a)    receive
    payment of a dividend; 
	 	 	 
	b)     participer
    au partage consécutif à la liquidation; 	 	(b)   participate
    in a liquidation distribution; 
	 	 	 
	c)     recevoir
    avis d’une assemblée; 	 	(c)   receive
    notice of a meeting of shareholders; 
	 	 	 
	d)     à
    voter lors d’une assemblée; ou 	 	(d)   vote
    at a meeting of shareholders; or 
	 	 	 
	

        

        e)     pour
        toute autre fin. 
	 	

        

        (e)
          for any other purpose. 

	 	 	 
	Sous
                                         réserve de tout amendement au règlement d’application, pour l’application
                                         des alinéas a), b) et e) ci-dessus, les administrateurs fixent la date de clôture
                                         des registres dans les soixante (60) jours précédant la mesure en cause
                                         et, pour l’application des alinéas c) et d), les administrateurs la fixent
                                         au plus tôt le soixantième (60e) jour et au plus tard le vingt-et-unième
                                         (21e) jour précédant l’assemblée. 
	 	Subject
                                         to any amendment to the regulations, for the purposes of paragraphs (a), (b) and (e)
                                         above, the period prescribed for the directors to fix the record date is not more than
                                         sixty (60) days before the particular action to be taken and, for the purposes of paragraphs
                                         (c) and (d), is not less than twenty-one (21) days and not more than sixty (60) days
                                         before the date of the meeting. 

	 	 	 
	Sauf
                                         si chacun des détenteurs d’actions qui y a droit y a renoncé par
                                         écrit, un avis de toute date de référence ainsi choisie doit être
                                         donné, dans le délai prévu de temps à autre dans le règlement
                                         d’application, par insertion dans un journal publié ou diffusé au
                                         lieu du siège social de la Société et en chaque lieu, au Canada
                                         où elle a un agent de transfert ou auquel un transfert de ses actions peut être
                                         inscrit, et par écrit à chaque bourse de valeurs du Canada où les
                                         actions de la Société se transigent, selon le cas. 
	 	Unless
                                         notice is waived in writing by every holder entitled thereto, a notice of the record
                                         date fixed as aforesaid shall be given within the period prescribed from time to time
                                         by the regulations by advertisement in a daily newspaper published or distributed in
                                         the place where the Corporation has its registered office and in each place in Canada
                                         where it has a transfer agent or where a transfer of its shares may be recorded and by
                                         written notice to each stock exchange in Canada on which the shares of the Corporation
                                         are listed for trading, as the case may be. 

	 	 	 
	Sous
                                         réserve de tout amendement au règlement d’application, les administrateurs
                                         donnent avis de la date de clôture des registres au moins dix (10) jours avant
                                         la date fixée. 
	 	Subject
                                         to any amendment to the regulations, the directors shall provide notice of the record
                                         date not less than ten (10) days before the date fixed. 

	 	 	 
	Seuls
                                         les actionnaires qui apparaissent aux registres à la date de clôture des
                                         registres choisie tel que susdit peuvent se prévaloir des droits ci-haut mentionnés,
                                         mais le fait de ne pas avoir reçu avis d’une assemblée ne prive pas
                                         un actionnaire du droit de voter lors de cette assemblée. 
	 	Only
    shareholders of record on any record date fixed as aforesaid shall be entitled to take advantage of the rights hereinabove
    mentioned, but failure to receive a notice does not deprive a shareholder of the right to vote at the meeting.

    III-31

     

    

	ARTICLE 7.4       AGENTS DE TRANSFERTS
    ET DE TENUE DES REGISTRES	 	ARTICLE 7.4       TRANSFER AGENTS
    AND REGISTRARS
	 	 	 
	Le conseil d’administration peut, à l’occasion, par voie de résolution, nommer ou remplacer les agents de transferts et de tenue des registres de la Société et, en général, faire les règlements concernant le transfert et la transmission des valeurs mobilières de la Société. Tous les certificats de valeurs mobilières de la Société émis après qu’une telle nomination a été faite doivent être contresignés par un de ces agents de transferts ou agents de tenue des registres et ne sont pas valides à moins qu’ils ne soient ainsi contresignés.	 	The Board of Directors may appoint or remove by resolution, from time to time, transfer agents and registrars of the Corporation and make regulations generally, from time to time, pertaining to the transfer and transmission of the securities of the Corporation. Upon any such appointment being made, all certificates representing securities of the Corporation thereafter issued shall be countersigned by one of such transfer agents and/or of such registrars and shall not be valid unless so countersigned.  
	 	 	 
	ARTICLE 7.5       CERTIFICATS PERDUS, DÉTRUITS
    OU MUTILÉS	 	ARTICLE 7.5       LOST,
    DESTROYED OR WORN OUT CERTIFICATES
	 	 	 
	Le conseil d’administration doit ordonner qu’un nouveau certificat de valeurs mobilières de la Société soit émis pour remplacer tout certificat précédemment émis par la Société et qui a été mutilé, perdu, détruit ou volé si le propriétaire:	 	The Board of Directors shall direct that a new security certificate of the Corporation be issued to replace any certificate theretofore issued by the Corporation that has been worn out, lost, destroyed or wrongfully taken if the owner:
	 	 	 
	a)     l’en requiert avant d’être avisé de l’acquisition de cette valeur par un acheteur de bonne foi;	 	(a)   so requests before the Corporation receives notice that this security certificate has been acquired by a bona fide purchaser;
	 	 	 
	b)     fournit à la Société un cautionnement suffisant; et	 	(b)   provides the Corporation with a sufficient indemnity bond; and
	 	 	 
	c)     satisfait à toute autre exigence raisonnable qu’impose la Société.	 	(c)   satisfies any other reasonable requirements of the Corporation.

    III-32

     

    

	ARTICLE
                                         7.6      RESTRICTIONS AFFECTANT LES VALEURS MOBILIÈRES
                                         ET LES ACTIONNAIRES
	 	ARTICLE
                                         7.6       RESTRICTIONS AS TO SECURITIES AND SHAREHOLDERS

	 	 	 
	Les
                                         valeurs mobilières et les actionnaires de la Société sont assujettis
                                         aux restrictions, s’il en est, qui sont stipulées ou pourront l’être
                                         à leur égard dans les statuts de la Société. 
	 	The
                                         securities and shareholders of the Corporation are subject to the restrictions, if any,
                                         that are or will be stipulated concerning same in the articles of the Corporation. 

	 	 	 
	RÈGLEMENT
                                         HUITIÈME
	 	BY-LAW
                                         EIGHT

	 	 	 
	EXERCICE
                                         FINANCIER, COMPTES ET AUDIT

        
	 	FINANCIAL
                                         YEAR, ACCOUNTS AND AUDIT

	 	 	 
	ARTICLE
                                         8.1       EXERCICE FINANCIER
	 	ARTICLE
                                         8.l       FINANCIAL YEAR

	 	 	 
	L’exercice
                                         financier de la Société est déterminé par le conseil d’administration. 
	 	The
                                         financial year of the Corporation shall be determined by the Board of Directors. 

	 	 	 
	ARTICLE
                                         8.2       COMPTES
	 	ARTICLE
    8.2       ACCOUNTS
	 	 	 
	Les
                                         administrateurs doivent faire tenir des livres de comptes appropriés concernant
                                         toutes les sommes d’argent reçues et dépensées par la Société,
                                         ainsi que les objets pour lesquels les recettes sont encaissées et les dépenses
                                         sont effectuées, toutes les ventes et tous les achats de valeurs par la Société,
                                         l’actif et le passif de la Société et toutes autres opérations
                                         qui intéressent la situation financière de la Société. 
	 	The
                                         directors shall cause to be kept proper books of account with respect to all sums of
                                         money received and expended by the Corporation, and the matters in respect of which such
                                         receipts and expenditures take place, all sales and purchases of goods by the Corporation,
                                         the assets and liabilities of the Corporation and all other transactions affecting the
                                         financial position of the Corporation. 

	 	 	 
	Les
                                         livres de comptes doivent être tenus au siège social de la Société
                                         ou à tout autre endroit que les administrateurs jugent approprié et les
                                         administrateurs peuvent en tout temps raisonnable les examiner. 
	 	The
    books of account shall be kept at the registered office of the Corporation or at such other place as the Board of Directors
    deem fit, and shall, at all times, be open to inspection by any director.

    III-33

     

    

	Si
                                         les livres de comptes de la Société sont conservés en dehors du
                                         Canada, des livres permettant aux administrateurs de vérifier tous les trimestres,
                                         avec une précision raisonnablement suffisante, la situation financière
                                         de la Société, doivent être conservés au siège social
                                         ou dans tout autre lieu au Canada désigné par les administrateurs. 
	 	If
                                         the accounting records of the Corporation are kept at a place outside Canada, there shall
                                         be kept at the registered office or any other place in Canada designated by the directors
                                         accounting records adequate to enable the directors to ascertain the financial position
                                         of the Corporation with reasonable accuracy on a quarterly basis. 

	 	 	 
	Malgré
                                         ce qui précède, mais sous réserve de la Loi de l’impôt
                                         sur le revenu et de toute autre loi relevant du ministre du Revenu national, la Société
                                         peut conserver à l’étranger la totalité ou une partie de ses
                                         livres dont la tenue est exigée si (a) les livres sont accessibles pour consultation,
                                         au moyen d’un terminal d’ordinateur ou d’un autre moyen technologique,
                                         durant les heures normales d’ouverture au siège social de la Société
                                         ou en tout autre lieu au Canada désigné par les administrateurs; et (b)
                                         si la Société fournit l’aide technique nécessaire à
                                         une telle consultation. 
	 	Despite
                                         the foregoing, but subject to the Income Tax Act and any other act administered by the
                                         Minister of National Revenue, the Corporation may keep all or any of its corporate records
                                         and accounting records at a place outside Canada if (a) the records are available for
                                         inspection, by means of a computer terminal or other technology, during regular office
                                         hours at the registered office or at any other place in Canada designated by the directors;
                                         and (b) the Corporation provides the technical assistance to facilitate the aforementioned
                                         inspection. 

	 	 	 
	ARTICLE
                                         8.3       AUDIT
	 	ARTICLE
    8.3       AUDIT
	 	 	 
	La
                                         nomination, les droits et les fonctions du ou de l’auditeur de la Société
                                         sont régis par la Loi. 
	 	The
                                         appointment, rights and duties of the auditor or auditors of the Corporation are regulated
                                         by the Act. 

	 	 	 
	Le
                                         ou les auditeurs sont nommés chaque année par les actionnaires lors de
                                         leur assemblée annuelle. 
	 	The
                                         auditor or auditors shall be appointed each year by the shareholders of the Corporation
                                         at their annual meeting. 

	 	 	 
	RÈGLEMENT
                                         NEUVIÈME
	 	BY-LAW
                                         NINE

	 	 	 
	CONTRATS,
                                         CHÈQUES, TRAITES ET COMPTES
	 	CONTRACTS,
CHEQUES, DRAFTS,  BANK ACCOUNTS

	 	 	 
	ARTICLE
                                         9.1       CONTRATS
	 	ARTICLE
    9.1       CONTRACTS
	 	 	 
	Tous
                                         actes, documents, transferts, contrats, engagements, obligations, débentures et
                                         autres instruments que la Société doit exécuter doivent être
                                         signés par le président du conseil ou le président ou le chef de
                                         la direction financière ou un des vice-présidents ou l’administrateur-gérant
                                         ou le secrétaire, chacun d’eux agissant seul; ou par tout administrateur
                                         et contresignés par le trésorier, le contrôleur ou un secrétaire
                                         adjoint, trésorier adjoint ou contrôleur adjoint, ou un autre administrateur
                                         de la Société. Le conseil d’administration peut, à l’occasion,
                                         par voie de résolution, autoriser d’autres personnes à signer au
                                         nom de la Société. Cette autorisation peut être générale
                                         ou se limiter à un cas particulier. Sauf tel qu’énoncé précédemment
                                         ou tel qu’autrement prévu dans les règlements de la Société,
                                         aucun administrateur, dirigeant, représentant ou employé de la Société
                                         n’a le pouvoir ni l’autorisation de lier la Société par contrat
                                         ou autrement, ni d’engager son crédit. 
	 	All
                                         deeds, documents, transfers, contracts, engagements, bonds, debentures and other instruments
                                         requiring execution by the Corporation shall be signed by the Chairman of the Board or
                                         the President or the Chief Financial Officer or any Vice President or the Managing Director
                                         or the Secretary, each of them acting alone; or by any director and countersigned by
                                         the Treasurer, the Controller or any Assistant-Secretary, Assistant-Treasurer or Assistant-Controller,
                                         or any other director of the Corporation. The Board of Directors may authorize, from
                                         time to time, by resolution any other person to sign on behalf of the Corporation. Any
                                         such authorization may be general or confined to specific instances. Save as aforesaid
                                         or as otherwise provided in the by-laws of the Corporation, no director, officer, agent
                                         or employee shall have any power or authority either to bind the Corporation by any contract
                                         or engagement or to pledge its credit. 

    III-34

     

    

	Sous
                                         réserve de la Loi, la Société peut passer un contrat ou transiger
                                         des affaires avec un ou plusieurs de ses administrateurs ou dirigeants, ou avec toute
                                         entreprise dont un ou plusieurs de ses administrateurs ou dirigeants sont membres ou
                                         employés, ou avec toute autre compagnie ou société dont un ou plusieurs
                                         de ses administrateurs ou dirigeants sont actionnaires, administrateurs, dirigeants ou
                                         employés. 
	 	Subject
                                         to the Act, the Corporation may enter into contracts or transact business with one or
                                         more of its directors or officers or with any firm of which one or more of its directors
                                         or officers are members or employees or with any other corporation or partnership of
                                         which one or more of its directors are shareholders, directors, officers or employees. 

	 	 	 
	L’administrateur
                                         ou le dirigeant de la Société qui est partie à un contrat ou à
                                         une opération, en cours ou projeté, d’importance avec la Société
                                         ou qui est administrateur ou dirigeant (ou un particulier qui agit en cette qualité)
                                         d’une personne partie à un tel contrat ou opération ou qui possède
                                         un intérêt important dans une partie au contrat ou à l’opération
                                         doit divulguer par écrit à la Société ou demander que soient
                                         consignées aux procès-verbaux des réunions des administrateurs,
                                         la nature et l’étendue de son intérêt, et ce, au moment et
                                         de la façon prévus dans la Loi; et un tel administrateur ou dirigeant ne
                                         doit voter sur aucune résolution relative à l’approbation du contrat
                                         ou de l’opération en question, sauf tel que prévu par la Loi. 
	 	The
    director or officer of the Corporation who is a party to a material contract or material transaction, whether made or proposed,
    with the Corporation or is a director or an officer (or an individual acting in a similar capacity) of or has a material interest
    in any person who is a party to a material contract or transaction with the Corporation shall disclose in writing to the Corporation
    or request to have entered in the minutes of meetings of directors the nature and extent of his interest at the time and in
    the manner provided by the Act; and such director or officer shall not vote on any resolution to approve the relevant contract
    or transaction, except as provided by the Act.

    III-35

     

    

	ARTICLE
    9.2       CHÈQUES ET TRAITES	 	ARTICLE
                                         9.2       CHEQUES AND DRAFTS

	 	 	 
	Tous
                                         les chèques, lettres de change et autres mandats de paiement d’argent, billets
                                         ou titres de créance émis, acceptés ou endossés au nom de
                                         la Société doivent être signés par l’administrateur,
                                         le dirigeant ou le représentant ou les administrateurs, dirigeants ou représentants
                                         de la Société et de la manière que le conseil d’administration
                                         détermine, à l’occasion, par voie de résolution; l’un
                                         ou l’autre de ces administrateurs, dirigeants ou représentants peut endosser
                                         seul les billets et les traites pour perception pour le compte de la Société,
                                         par l’entremise de ses banquiers ou autres dépositaires, et endosser les
                                         billets et les chèques pour dépôt auprès des banquiers ou
                                         autres dépositaires de la Société, au crédit de la Société;
                                         ces effets de commerce peuvent aussi être endossés «pour perception»
                                         ou «pour dépôt» auprès des banquiers ou autres dépositaires
                                         de la Société en utilisant l’estampe de la Société
                                         à cet effet. N’importe lequel de ces administrateurs, dirigeants ou représentants
                                         nommés à cette fin peut arranger, régler, vérifier et certifier
                                         tous les livres et comptes entre la Société et ses banquiers ou autres
                                         dépositaires, et peut recevoir tous les chèques payés et les pièces
                                         justificatives et signer toutes les formules de règlement de vérification
                                         et de règlement de quittance et les bordereaux de vérification de la banque. 
	 	All
                                         cheques, bills of exchange or other orders for the payment of money, notes or other evidences
                                         of indebtedness issued, accepted or endorsed in the name of the Corporation shall be
                                         signed by such director or directors, officer or officers, agent or agents of the Corporation
                                         and in such manner as shall be determined, from time to time, by resolution of the Board
                                         of Directors; any one of such directors, officers or agents may alone endorse notes and
                                         drafts for collection on account of the Corporation, through its bankers or other depositaries,
                                         and endorse notes and cheques for deposit with the Corporation’s bankers or other
                                         depositaries for the credit of the Corporation or the same may be endorsed “for
                                         collection” or “for deposit” with the bankers or other depositaries
                                         of the Corporation by using the Corporation’s rubber stamp for the purpose. Any
                                         one of such directors, officers or agents so appointed may arrange, settle, balance and
                                         certify all books and accounts between the Corporation and the Corporation’s bankers
                                         or other depositaries and may receive all paid cheques and vouchers and sign all the
                                         bank’s forms of settlement of balance and release on verification slips.

         

	 	 	 
	ARTICLE
                                         9.3       DÉPÔTS
	 	ARTICLE
    9.3       DEPOSITS
	 	 	 
	Les
                                         fonds de la Société peuvent être déposés, à
                                         l’occasion, au crédit de la Société auprès d’une
                                         ou plusieurs banques, caisses d’épargne et de crédit ou autres dépositaires
                                         que le conseil d’administration, par voie de résolution, choisit pour agir
                                         comme banquiers de la Société. 
	 	The
                                         funds of the Corporation may be deposited, from time to time, to the credit of the Corporation
                                         with one or more banks, savings and credit unions or other depositaries as the Board
                                         of Directors may, by resolution, appoint as bankers of the Corporation.

         

    III-36

     

    

	ARTICLE
                                         9.4       DÉPÔT DES TITRES EN SÛRETÉ
	 	ARTICLE
    9.4       DEPOSIT OF SECURITIES FOR SAFEKEEPING
	 	 	 
	Les
                                         titres de la Société sont déposés en garde chez une ou plusieurs
                                         banques, caisses d’épargne et de crédit, compagnies de fiducie ou
                                         autres dépositaires au Canada ou ailleurs qui sont choisis par le conseil d’administration.
                                         Tous les titres ainsi déposés peuvent être retirés, à
                                         l’occasion, mais seulement sur l’ordre écrit de la Société,
                                         signé par l’administrateur, le dirigeant ou le représentant, ou les
                                         administrateurs, les dirigeants ou représentants et de la manière que le
                                         conseil d’administration détermine, à l’occasion, par voie
                                         de résolution. Cette autorisation peut être générale ou se
                                         limiter à un cas particulier. Toute institution financière qui a été
                                         ainsi choisie comme gardienne par le conseil d’administration est entièrement
                                         protégée en agissant conformément aux directives du conseil d’administration
                                         et n’est en aucune circonstance responsable de la façon dont on dispose
                                         des titres ainsi retirés de dépôt ou de leur produit. 
	 	The
    securities of the Corporation shall be deposited for safekeeping with one or more banks, savings and credit unions, trust
    companies, or other depositaries in Canada or elsewhere, to be selected by the Board of Directors. Any and all securities
    so deposited may be withdrawn, from time to time, only upon the written order of the Corporation, signed by such director
    or directors, officer or officers, agent or agents of the Corporation and in such manner as shall be determined, from time
    to time, by resolution of the Board of Directors. Such authority may be general or confined to specific instances. Any institution
    which may be so selected as custodian by the Board of Directors shall be fully protected in acting in accordance with the
    directions of the Board of Directors and shall in no event be liable for the due application of the securities so withdrawn
    from deposit or the proceeds thereof.
	 	 	 
	RÈGLEMENT
                                         DIXIÈME
	 	BY-LAW
                                         TEN

	 	 	 
	REPRÉSENTANTS
                                         ET PROCUREURS AUTORISÉS
	 	AUTHORIZED
                                         REPRESENTATIVES AND PROXIES

	 	 	 
	ARTICLE
                                         10.1     DÉCLARATIONS
	 	ARTICLE
                                         10.1      DECLARATIONS

	 	 	 
	Le
                                         président du conseil, le président, le chef de la direction financière,
                                         tout vice-président, le trésorier, le contrôleur, le secrétaire,
                                         tout trésorier adjoint, tout contrôleur adjoint, tout secrétaire
                                         adjoint, ou tout autre dirigeant ou personne nommé à cette fin par le président,
                                         le chef de la direction financière ou tout vice-président ont, collectivement
                                         ou individuellement, l’autorisation et le droit de comparaître et de répondre,
                                         pour la Société et en son nom, sur tout bref, ordonnance et interrogatoire
                                         sur faits et articles émis par toute cour de justice et de faire, pour et au nom
                                         de la Société, toute déclaration sur bref de saisie-arrêt
                                         dans lequel la Société est tierce-saisie et de faire tous les affidavits
                                         et déclarations sous serment s’y rapportant ou se rapportant à toute
                                         procédure judiciaire dans laquelle la Société est une des parties,
                                         et de demander la cession de biens ou la liquidation de tout débiteur de la Société
                                         et d’obtenir une ordonnance de faillite contre tout débiteur de la Société
                                         et d’assister et de voter à toute assemblée des créanciers
                                         des débiteurs de la Société et de donner des procurations à
                                         cet effet. 
	 	The
                                         Chairman of the Board, the President, the Chief Financial Officer, any Vice President,
                                         the Treasurer, the Controller, the Secretary, any Assistant-Treasurer, any Assistant-Controller,
                                         any Assistant-Secretary, or any other officer or person nominated for the purpose by
                                         the President, the Chief Financial Officer or any Vice President are, and each of them
                                         is, authorized and empowered to appear and make answer for, on behalf and in the name
                                         of the Corporation, to all writs, orders and interrogatories upon articulated facts issued
                                         out of any court and to declare for, on behalf and in the name of the Corporation, and
                                         answer to writs of attachment by way of garnishment in which the Corporation is garnishee
                                         and to make all affidavits and sworn declarations in connection therewith or in connection
                                         with any and all judicial proceedings to which the Corporation is a party and to make
                                         demands of abandonment or petition for winding-up or bankruptcy orders upon any debtor
                                         of the Corporation and to attend and vote at all meetings of creditors of the Corporation’s
                                         debtors and grant proxies in connection therewith. 

    III-37

     

    

	ARTICLE
                                         10.2     ACTIONS D’AUTRES COMPAGNIES OU SOCIÉTÉS
	 	ARTICLE
    10.2      SHARES IN OTHER COMPANIES OR CORPORATIONS
	 	 	 
	Le
                                         président ou, en son absence, le chef de la direction financière ou, en
                                         son absence tout vice-président ou, en son absence, le secrétaire ou, en
                                         son absence, toute autre personne autorisée à cet effet par résolution
                                         du conseil d’administration de la Société ont le pouvoir et l’autorité
                                         nécessaires pour représenter la Société et agir en son nom
                                         à toute assemblée d’actionnaires de compagnies ou sociétés
                                         dont la Société détient des actions, d’y assister et d’y
                                         voter, de renoncer à tout avis de convocation et de signer tout document constituant
                                         une proposition ou résolution des actionnaires et d’y exercer tous les droits
                                         et privilèges se rattachant à la détention de telles actions. 
	 	The
                                         President or, in his absence, the Chief Financial Officer or, in his absence, any Vice
                                         President or, in his absence, the Secretary or, in his absence, any other person so authorized
                                         by resolution of the Board of Directors of the Corporation, shall have full power and
                                         authority to represent the Corporation and act on its behalf at any meeting of shareholders
                                         of any company or corporation of which the Corporation is a shareholder, to attend and
                                         to vote thereat, to waive notice of any meeting and execute any document setting out
                                         a motion or resolution and to exercise any and all rights and privileges attached to
                                         such shareholdings. 

	 	 	 
	Tout
                                         dirigeant ou toute personne autorisée en vertu du paragraphe précédent
                                         a, de plus, le pouvoir de dater et signer, sous le sceau de la Société,
                                         le cas échéant, tout acte nommant l’une des personnes précitées
                                         fondé de pouvoir ou mandataire de la Société pour la représenter
                                         à une telle assemblée. 
	 	Any
    officer or person authorized under the preceding paragraph shall, in addition, be empowered to date and execute, under the
    seal of the Corporation, if applicable, any instrument appointing any of the aforesaid persons proxy or attorney to represent
    the Corporation at any such meeting.

    III-38

     

    

	ARTICLE
                                         10.3     AVIS, RAPPORTS ANNUELS, AUTRES DÉCLARATIONS
	 	ARTICLE
                                         10.3     NOTICES, ANNUAL RETURNS, OTHER DECLARATIONS

	 	 	 
	Tout
                                         administrateur ou dirigeant de la Société ou, sur autorisation des administrateurs,
                                         tout particulier ayant une connaissance suffisante de la Société, peut
                                         signer l’avis de désignation ou de changement du lieu et d’adresse
                                         du siège social, la liste des administrateurs ou l’avis de changement dans
                                         la composition du conseil d’administration ou le rapport annuel requis aux termes
                                         de la Loi ainsi que toutes les déclarations prescrites aux termes de la Loi sur
                                         la publicité légale des entreprises (Québec). 
	 	Any
director or officer of the Corporation, or any individual who has the relevant knowledge of the Corporation and who is authorized
to do so by the directors, may sign the notice of registered office or the notice of change of address of registered office, the
notice of directors or notice of change of directors or the annual return required under the Act as well as all declarations prescribed
under An Act respecting the legal publicity of enterprises (Québec).

	 	 	 
	RÈGLEMENT
                                         ONZIÈME
	 	BY-LAW
                                         ELEVEN

	 	 	 
	INDEMNISATION
                                         DES ADMINISTRATEURS ET DIRIGEANTS
	 	INDEMNIFICATION
                                         OF DIRECTORS AND OFFICERS

	 	 	 
	ARTICLE
                                         11.1     INDEMNISATION
	 	ARTICLE
                                         11.1     INDEMNIFICATION

	 	 	 
	La
                                         Société peut indemniser ses administrateurs, ses dirigeants ou leurs prédécesseurs
                                         ainsi que d’autres individus qui, à sa demande, agissent ou ont agi en cette
                                         qualité pour une autre entité, de tous leurs frais et dépenses,
                                         y compris les sommes versées pour transiger sur un procès ou exécuter
                                         un jugement, raisonnablement encourus par ces individus en lien avec la tenue d’une
                                         enquête ou de poursuites civiles, pénales, administratives ou autres dans
                                         lesquelles ils étaient impliqués de par leur association avec la Société
                                         ou cette autre entité. 
	 	The
    Corporation may indemnify a director or officer of the Corporation, a former director or officer of the Corporation or any
    other individuals who act or acted at the Corporation’s request in such capacity for another entity, against all costs,
    charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual
    in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because
    of that association with the Corporation or other entity.

    III-39

     

    

	ARTICLE
                                         11.2     FRAIS ANTICIPÉS 
	 	ARTICLE
                                         11.2     ADVANCE OF COSTS 

	 	 	 
	La
                                         Société peut avancer des fonds pour permettre à tout administrateur,
                                         dirigeant ou particulier d’assumer les frais de sa participation à une procédure
                                         visée au paragraphe 11.1 et les dépenses y afférentes. L’individu
                                         doit rembourser les fonds s’il ne satisfait pas aux conditions énoncées
                                         au paragraphe 11.3. 
	 	The
                                         Corporation may advance moneys to a director, officer or other individual for the costs,
                                         charges and expenses of a proceeding referred to in subsection 11.1. The individual shall
                                         repay the moneys if the individual does not fulfill the conditions of subsection 11.3.

         

	 	 	 
	ARTICLE
                                         11.3     LIMITES 
	 	ARTICLE
                                         11.3     LIMITATION 

	 	 	 
	La
                                         Société ne peut indemniser un particulier en vertu du paragraphe 11.1 que
                                         si celui-ci : 
	 	The
                                         Corporation may not indemnify an individual under subsection 11.1 unless the individual: 

	 	 	 
	a)       d’une
                                         part, a agi avec intégrité et de bonne foi au mieux des intérêts
                                         de la Société ou, selon le cas, de l’entité dans laquelle
                                         il occupait les fonctions d’administrateur ou de dirigeant ou agissait en cette
                                         qualité à la demande de la Société;  
	 	(a)       acted
                                         honestly and in good faith with a       view to the
                                         best interests of the Corporation, or, as the case may be, the other entity for which
                                         the individual acted as director or officer or in such capacity at the Corporation’s
                                         request;  

	 	 	 
	b)       d’autre
                                         part, dans le cas de poursuites pénales ou administratives aboutissant au paiement
                                         d’une amende, avait de bonnes raisons de croire que sa conduite était conforme
                                         à la loi.  
	 	(b)       in
                                         the case of a criminal or administrative action or proceeding that is enforced by a monetary
                                         penalty, the individual had reasonable grounds for believing that his conduct was lawful.
                                          

	 	 	 
	ARTICLE
                                         11.4     INDEMNISATION LORS D’ACTIONS INDIRECTES 
	 	ARTICLE
    11.4     INDEMNIFICATION IN DERIVATIVE ACTIONS
	 	 	 
	Avec
                                         l’approbation du tribunal, la Société peut, à l’égard
                                         des actions intentées par elle ou par l’entité, ou pour son compte,
                                         en vue d’obtenir un jugement favorable, avancer à tout particulier visé
                                         au paragraphe 11.1, les fonds visés au paragraphe 11.2 ou l’indemniser des
                                         frais et dépenses entraînés par son implication dans ces actions,
                                         s’il remplit les conditions énoncées au paragraphe 11.3. 
	 	The
    Corporation may, with the approval of a court, indemnify an individual referred to in subsection 11.1, or advance moneys under
    subsection 11.2, in respect of an action by or on behalf of the Corporation or other entity to procure a judgment in its favor,
    for such individual’s involvement with any such action, if the individual fulfils the conditions set out in subsection
    11.3.

    III-40

     

    

	ARTICLE
                                         11.5     DROIT À INDEMNISATION
	 	ARTICLE
                                         11.5     RIGHT TO INDEMNITY

	 	 	 
	Malgré
                                         le paragraphe 11.1, les particuliers visés à ce paragraphe ont droit d’être
                                         indemnisés par la Société de leurs frais et dépenses raisonnablement
                                         entraînés par la tenue d’une enquête ou par des poursuites civiles,
                                         pénales, administratives ou autres dans lesquelles ils sont ou étaient
                                         impliqués en raison de leurs fonctions, dans la mesure où : 
	 	Despite
                                         subsection 11.1, individuals referred to in that subsection are entitled to indemnity
                                         from the Corporation for their costs and expenses reasonably ensuing from the defense
                                         of any civil, criminal, administrative, investigative or other proceeding to which they
                                         are or were involved because of their functions, provided that such individuals : 

	 	 	 
	a)       d’une
                                         part, le tribunal ou toute autre autorité compétente n’a pas conclu
                                         à la commission de manquements ou à l’omission de devoirs de leur
                                         part;  
	 	(a)       were
                                         not judged by the court or other competent authority to have committed any fault or omitted
                                         to do anything that they ought to have done;  

	 	 	 
	b)       d’autre
                                         part, ils remplissent les conditions énoncées au paragraphe 11.3.  
	 	(b)       fulfil
                                         the conditions set out in subsection 11.3.  

	 	 	 
	ARTICLE
                                         11.6     ASSURANCE
	 	ARTICLE
                                         11.6     INSURANCE

	 	 	 
	La
                                         Société peut souscrire au profit des particuliers visés au paragraphe
                                         11.1 une assurance couvrant la responsabilité qu’ils encourent : 
	 	The
                                         Corporation may subscribe to an insurance for the benefit of individuals referred to
                                         in subsection 11.1 against any liability incurred by them: 

	 	 	 
	a)
                                            soit pour avoir agi en qualité d’administrateur ou de
                                         dirigeant de la Société; 
	 	(a)
                                            in their capacities as directors or officers of the Corporation; or 

	 	 	 
	b)
                                            soit pour avoir, sur demande de la Société, agi en qualité
                                         d’administrateur ou de dirigeant d’une autre entité.
	 	(b)
                                            in their capacities as directors or officers of another entity, at
                                         the Corporation’s request.

        

	 	 	 
	RÈGLEMENT
                                         DOUZIÈME
	 	BY-LAW
                                         TWELVE

	 	 	 
	EMPRUNTS
	 	GENERAL
    BORROWING POWERS
	 	 	 
	Le
                                         conseil d’administration est autorisé, par les présentes, en tout
                                         temps et à l’occasion : 
	 	The
                                         Board of Directors is hereby authorized, at any time and from time to time:

	 	 	 
	a)     à
                                         emprunter de l’argent et à obtenir des avances sur le crédit de la
                                         Société auprès de toute banque, caisse d’épargne et
                                         de crédit, institution prêteuse, corporation, société ou personne,
                                         selon les modalités, conventions et conditions, aux époques, pour les montants,
                                         dans la mesure et de la manière que le conseil d’administration peut, à
                                         sa discrétion, juger convenables; 
	 	(a)
                                           to borrow money and obtain advances, upon the credit of the Corporation,
                                         from any bank, savings and credit union, lending institution, corporation, firm or person,
                                         upon such terms, covenants and conditions, at such time, in such sums, to such extent
                                         and in such manner as the Board of Directors, in its discretion, may deem expedient; 

    III-41

     

    

	b)     à
                                         restreindre ou à augmenter les sommes à être empruntées; 
	 	(b)  
                                         to limit or increase the amount to be borrowed;  

	 	 	 
	c)    à
                                         émettre, réémettre ou faire émettre des bons, obligations,
                                         débentures ou autres valeurs de la Société et à les donner
                                         en garantie ou les vendre pour les montants, suivant les modalités, conventions
                                         et conditions, et aux prix que le conseil d’administration peut juger convenables;
                                          
	 	(c)    to
                                         issue or cause to be issued bonds, debentures, notes or other securities of the Corporation
                                         and to give as security or sell the same for such sums, upon such terms, covenants and
                                         conditions, and at such prices as may be deemed expedient by the Board of Directors;
                                          

	 	 	 
	d)    à
                                         garantir ces bons, obligations, débentures ou autres valeurs de la Société,
                                         ou tout autre emprunt ou engagement présent ou futur de la Société,
                                         au moyen d’un mortgage, d’une hypothèque ou de toute autre charge
                                         visant tout ou partie des biens meubles et immeubles que la Société possède
                                         couramment à titre de propriétaire ou qu’elle a subséquemment
                                         acquis, ainsi que toute ou partie de l’entreprise et des droits de la Société;
                                          
	 	(d)   to
                                         secure any such bonds, debentures, notes or other securities or any other present or
                                         future borrowing or liability of the Corporation by mortgage, hypothec or any other charge
                                         of all or any currently owned or subsequently acquired real and personal, moveable and
                                         immoveable property of the Corporation and the undertaking and rights of the Corporation;
                                          

	 	 	 
	e)    en
                                            garantie de tous escomptes, découverts, emprunts, crédits, avances ou autres
                                            dettes, ou engagements, de la part de la Société envers toute banque, caisse
                                            d’épargne et de crédit, institution prêteuse, corporation, société
                                            ou personne, ainsi que des intérêts sur ceux-ci, à hypothéquer
                                            ou autrement grever d’une charge quelconque en faveur de toute banque, caisse d’épargne
                                            et de crédit, institution prêteuse, corporation, société ou personne
                                            une partie ou la totalité des biens de la Société, réels ou personnels
                                            ou mixtes, mobiliers ou immobiliers, présents ou futurs, et à donner toute
                                            garantie sur ceux-ci qu’une banque peut accepter en vertu des dispositions de la Loi
                                            sur les banques et renouveler, modifier, varier ou remplacer une telle garantie à
                                            discrétion, avec le droit de promettre de donner des garanties d’après
                                            la Loi sur les banques pour toutes dettes contractées ou devant être
                                            contractées par la Société envers toute banque; 
	 	(e)
     as security for any discounts, overdrafts, loans, credits, advances or other indebtedness or liability of the Corporation
    to any bank, savings and credit union, lending institution, corporation, firm or person, as well as for the interest thereon,
    to hypothecate or otherwise affect in favour of any bank, savings and credit union, lending institution, corporation, firm
    or person, any or all of the Corporation’s property, real or personal, moveable or immoveable or mixed, now owned or
    hereafter acquired, or both, and to give such security thereon as may be taken by a bank under the provisions of the Bank
    Act, and to renew, alter, vary or substitute such security from time to time, with authority to enter into promises to give
    such security under the Bank Act for any indebtedness contracted or to be contracted by the Corporation to any bank;

 

    III-42

     

    

	f)     sous
réserve de la Loi, à procurer ou aider à procurer des fonds et à aider au moyen de bonis, prêts,
promesses, endossements, garanties ou autrement, toute compagnie, société ou personne et à garantir l’exécution
ou l’accomplissement de tous contrats, engagements ou obligations de toute compagnie, société ou personne
et, en particulier, à garantir le paiement du principal et de l’intérêt sur les obligations ou autres
valeurs, hypothèques et dettes de toute compagnie, société ou personne; 
	 	(f)    subject
                                         to the Act, to raise and assist in raising money for, and to aid by way of bonus, loan,
                                         promise, endorsement, guarantee or otherwise, any other company, firm or person and to
                                         guarantee the performance or fulfillment of any contracts or obligations of any such
                                         company, firm or person and, in particular, to guarantee the payment of the principal
                                         of and interest on debentures or other securities, hypothecs, mortgages and liabilities
                                         of any such company, firm or person;  

	 	 	 
	g)     à
                                         exercer d’une façon générale tous ou chacun des droits ou
                                         pouvoirs que la Société elle-même peut exercer en vertu de ses statuts
                                         et des lois qui la régissent; et  
	 	(g)   to
                                         exercise generally all or any of the rights or powers which the Corporation itself may
                                         exercise under its articles and the laws governing it; and  

	 	 	 
	h)     à
                                         déléguer, par résolution, à tout dirigeant ou administrateur,
                                         sous réserve des limitations contenues dans la Loi, tous ou chacun des pouvoirs
                                         conférés par les présentes au conseil d’administration.  
	 	(h)   to
                                         delegate, subject to the limitations contained in the Act, to such officer(s) or director(s)
                                         of the Corporation, by resolution or by-law, all or any of the foregoing powers hereby
                                         conferred upon the Board of Directors.  

	 	 	 
	ET
                                         les pouvoirs d’emprunter et de donner des garanties autorisés par les présentes
                                         sont considérés comme étant des pouvoirs permanents et non pas comme
                                         devant se terminer après le premier usage qui en sera fait, et ils peuvent être
                                         exercés à l’occasion par la suite tant que ce règlement n’a
                                         pas été révoqué et qu’avis de sa révocation
                                         n’a pas été donné à qui de droit.
	 	AND
    the powers of borrowing and giving security hereby authorized shall be deemed to be continuing powers and not to be exhausted
    by the first exercise thereof, but may be exercised from time to time hereafter, until the repeal of this by-law and notice
    thereof has been given in writing to whomsoever may be acting on the faith thereof.

    III-43

     

    

	RÈGLEMENT
    TREIZIÈME	 	BY-LAW
    THIRTEEN
	 	 	 
	PROMULGATION, RÉVOCATION ET

    MODIFICATION DES RÈGLEMENTS	 	ENACTMENT, REPEAL AND

    AMENDMENT OF BY-LAWS
	 	 	 
	Les
                                         administrateurs peuvent, à l’occasion, établir, promulguer ou adopter
                                         des règlements, non contraires à la Loi ou aux statuts de la Société,
                                         et ils peuvent révoquer, modifier ou remettre en vigueur tout règlement
                                         de la Société. Ces règlements (sauf les règlements qui, en
                                         vertu des dispositions de la Loi, doivent être approuvés et ratifiés
                                         par les actionnaires avant d’entrer en vigueur) et chaque révocation, modification
                                         ou remise en vigueur de ces règlements, prennent effet à compter de la
                                         date de la résolution des administrateurs et doivent être soumis, dès
                                         l’assemblée suivante, aux actionnaires de la Société qui peuvent,
                                         par résolution ordinaire, les confirmer, les rejeter ou les modifier. Advenant
                                         le rejet par les actionnaires ou advenant qu’un tel règlement, une telle
                                         modification ou une telle révocation ne soient pas ainsi soumis aux actionnaires,
                                         ces règlements, modification ou révocation cessent d’avoir effet. 
	 	The
    Board of Directors may, from time to time, enact or pass by-laws not contrary to the Act or to the articles of the Corporation
    and may repeal, amend or re-enact by-laws of the Corporation. Every such by-law (excepting such by-laws as by the provisions
    of the Act are required to be ratified, sanctioned, approved and confirmed by the shareholders before becoming effective)
    and every repeal, amendment or re-enactment thereof, is effective from the date of the resolution of the directors and shall
    be submitted to the shareholders at the next meeting of shareholders, and the shareholders may, by ordinary resolution, confirm,
    reject or amend the by-law, amendment or repeal. If a by-law, an amendment or a repeal is rejected by the shareholders, or
    if the directors do not submit a by-law, an amendment or a repeal to the shareholders, the by-law, amendment or repeal ceases
    to be effective.

    III-44

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