Document:

exv4w8

 

Exhibit 4.8

REGISTRATION RIGHTS AGREEMENT

Dated as of October 10, 2003

between

PLACER DOME INC.

and

CITIGROUP GLOBAL MARKETS INC.,

J.P.MORGAN SECURITIES INC.

and

MORGAN STANLEY & CO. INCORPORATED

 

 

REGISTRATION RIGHTS AGREEMENT

     Registration Rights Agreement (the “Agreement”) dated as of October 10,
2003, between Placer Dome Inc., a corporation organized under the Canada
Business Corporations Act (the “Company”), and Citigroup Global Markets Inc.,
J.P. Morgan Securities Inc. and Morgan Stanley & Co. Incorporated (the
“Representatives”), as representatives of the several initial purchasers named
in the Purchase Agreement (the “Initial Purchasers”).

     This Agreement is made pursuant to the Purchase Agreement dated October 7,
2003 between the Company and the Representatives (the “Purchase Agreement”),
which provides for the sale by the Company to the Initial Purchasers of an
aggregate of U.S.$300,000,000 principal amount of the Company’s 6.45%
Debentures due 2035 (the “Securities”). In order to induce the Initial
Purchasers to enter into the Purchase Agreement, the Company has agreed to
provide to the Initial Purchasers and their direct and indirect transferees the
registration rights set forth in this Agreement. The execution of this
Agreement is a condition to the closing under the Purchase Agreement.

     In consideration of the foregoing, the parties hereto agree as follows:

     1. Definitions.

     As used in this Agreement, the following capitalized defined terms shall
have the following meanings:

     “1933 Act” or “Securities Act” shall mean the U.S. Securities Act of 1933,
as amended from time to time.

     “1934 Act” shall mean the U.S. Securities Exchange Act of 1934, as amended
from time to time.

     “Additional Interest” shall have the meaning assigned to it in Section
2(e).

     “Business Day” shall mean any day other than a Saturday or Sunday or a day
on which banking institutions in The City of New York are authorized or
required by law, regulation or executive order to remain closed.

     “Canadian Legend” shall have the meaning set forth in the Second
Supplemental Indenture.

     “Closing Date” shall mean the Closing Date as defined in the Purchase
Agreement.

     “Company” shall have the meaning set forth in the preamble to this
Agreement and shall also include the Company’s successors.

     “Depositary” shall have the meaning set forth in Section 6(c) hereof.

     “Effectiveness Deadline” shall have the meaning set forth in Section 2(a)
hereof.

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     “Exchange Date” shall have the meaning set forth in Section 2(a) hereof.

     “Exchange Offer” shall mean the exchange offer by the Company of Exchange
Securities for Registrable Securities pursuant to Section 2(a) hereof.

     “Exchange Offer Registration” shall mean a registration under the 1933 Act
effected pursuant to Section 2(a) hereof.

     “Exchange Offer Registration Statement” shall mean an exchange offer
registration statement on Form F-9 (or, if applicable, on another appropriate
form) and all amendments and supplements to such registration statement, in
each case including the Prospectus contained therein, all exhibits thereto and
all material incorporated or deemed to be incorporated by reference therein.

     “Exchange Securities” shall mean securities issued by the Company under
the Indenture, evidencing the same continuing indebtedness of the Company as
the Securities and containing terms identical to the Securities (except that
the Exchange Securities will not contain restrictions on transfer or bear a
restrictive legend (except that the Exchange Securities will bear the Canadian
Legend until such time as such legend has been removed pursuant to, or is no
longer required by, the Indenture), will not be entitled to receive Additional
Interest, will not be entitled to registration rights under this Agreement
(except as provided in Section 4 hereof) and will not include a reference to
this Agreement) and to be offered to Holders of Securities in exchange for
Securities pursuant to the Exchange Offer.

     “Expiration Date” means the date on which the Exchange Offer (as the same
may be extended from time to time) terminates.

     “Holder” shall mean the Initial Purchasers for so long as they own any
Registrable Securities, and each of their respective successors, assigns and
direct and indirect transferees who become registered owners of Registrable
Securities under the Indenture; provided that for purposes of Sections 4 and 5
of this Agreement, the term “Holder” shall include Participating
Broker-Dealers.

     “Indenture” shall mean the Indenture dated as of March 6, 2003, as
supplemented by the Second Supplemental Indenture dated as of the Closing Date
(the “Second Supplemental Indenture”), each between the Company and Deutsche
Bank Trust Company Americas, as trustee, and as the same may be further amended
or supplemented from time to time in accordance with the terms thereof.

     “Initial Purchasers” shall have the meaning set forth in the preamble to
this Agreement.

     “Majority Holders” shall mean the Holders of a majority of the aggregate
principal amount of outstanding Registrable Securities; provided that whenever
the consent or approval of Holders of a specified percentage of Registrable
Securities is required hereunder, Registrable Securities held by the Company or
any of its “affiliates” (as such term is defined in Rule 144 under the 1933
Act) (other than (i) the Initial Purchasers, it being understood and agreed
that none of the Initial Purchasers nor any of their respective subsidiaries,
parents or affiliates shall be deemed affiliates of the Company for purposes of
this definition, and (ii) any subsequent Holder

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of Registrable Securities if such subsequent Holder is deemed to be such
an affiliate solely by reason of its holding of Registrable Securities) shall
not be counted in determining whether such consent or approval was given by the
Holders of such required percentage or amount. In cases where this Agreement
shall permit or require any action or determination to be made by, for example,
a majority in aggregate principal amount of Registrable Securities being sold
or included in a Shelf Registration or offering or affected by an amendment,
the terms and procedures specified in the proviso to the foregoing sentence
shall be applied.

     “Participating Broker-Dealer” shall have the meaning specified in Section
4(a) of this Agreement.

     “Person” shall mean an individual, partnership, limited liability company,
corporation, trust or unincorporated organization or other entity, or a
government or agency or political subdivision thereof.

     “Prospectus” shall mean the prospectus included in a Registration
Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including a prospectus
supplement with respect to the terms of the offering of any portion of the
Registrable Securities covered by a Shelf Registration Statement, and by all
other amendments and supplements to such prospectus, and in each case including
all material incorporated or deemed to be incorporated by reference therein.

     “Purchase Agreement” shall have the meaning set forth in the preamble to
this Agreement.

     “Registrable Securities” shall mean the Securities; provided, however,
that a Security shall cease to be a Registrable Security (i) when a
Registration Statement with respect to such Security shall have been declared
effective under the 1933 Act and such Security shall have been disposed of
pursuant to such Registration Statement, (ii) when such Security has been sold
to the public pursuant to Rule 144(k) (or any similar provision then in force,
but not Rule 144A) under the 1933 Act, (iii) when such Security shall have
ceased to be outstanding or (iv) when an Exchange Offer Registration Statement
with respect to such Security shall have been declared effective under the
Securities Act and such Security shall have been exchanged pursuant to the
Exchange Offer for Exchange Securities.

     “Registration Expenses” shall mean any and all expenses incident to
performance of or compliance by the Company with this Agreement, including
without limitation: (i) all SEC, stock exchange or National Association of
Securities Dealers, Inc. registration and filing fees, (ii) all fees and
expenses incurred in connection with compliance with state securities or blue
sky laws (including fees and disbursements of counsel for any underwriters or
Holders in connection with blue sky qualification of any of the Exchange
Securities or Registrable Securities), (iii) all expenses of any Persons in
preparing or assisting in preparing, word processing, printing and distributing
any Registration Statement, any Prospectus, any amendments or supplements
thereto, any underwriting agreements, securities sales agreements and other
documents relating to the performance of and compliance with this Agreement,
(iv) all rating agency fees, (v) all fees and disbursements relating to the
qualification of the Indenture under applicable securities laws, (vi) the fees
and disbursements of the Trustee and its counsel, (vii) the fees and

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disbursements of counsel for the Company and, in the case of a Shelf
Registration Statement or if there are Participating Broker Dealers, the fees
and disbursements of one counsel for the Holders (which counsel shall be
selected by the Representatives or, if the Representatives elect not to select
such counsel, by the Majority Holders and which counsel may in any event also
be counsel for the Initial Purchasers) and (viii) the fees and disbursements of
the independent public accountants of the Company and of any other Person or
business whose financial statements are included or incorporated or deemed to
be incorporated by reference in a Registration Statement, including the
expenses of any special audits or “cold comfort” or similar letters required by
or incident to such performance and compliance, but excluding fees and expenses
of counsel to the underwriters or the Holders (other than fees and expenses set
forth in clauses (ii) and (vii) above) and underwriting discounts and
commissions and transfer taxes, if any, relating to the sale or disposition of
Registrable Securities by a Holder pursuant to the Shelf Registration
Statement.

     “Registration Statement” shall mean any registration statement of the
Company that covers any of the Exchange Securities or Registrable Securities
pursuant to the provisions of this Agreement and all amendments and supplements
to any such Registration Statement, including post-effective amendments, in
each case including the Prospectus contained therein, all exhibits thereto and
all material incorporated or deemed to be incorporated by reference therein.

     “Representatives” shall have the meaning set forth in the preamble to this
Agreement.

     “SEC” shall mean the U.S. Securities and Exchange Commission.

     “Second Supplemental Indenture” has the meaning set forth in the
definition of the term “Indenture” above.

     “Securities” shall have the meaning set forth in the preamble to this
Agreement.

     “Shelf Registration” shall mean a registration effected pursuant to
Section 2(b) hereof.

     “Shelf Registration Statement” shall mean a “shelf” registration statement
of the Company pursuant to the provisions of Section 2(b) of this Agreement
which covers the Registrable Securities (but no other securities unless
approved by all of the Holders whose Registrable Securities are covered by such
Shelf Registration Statement) on an appropriate form under Rule 415 under the
1933 Act, or any similar rule that may be adopted by the SEC, and all
amendments and supplements to such registration statement, including
post-effective amendments, in each case including the Prospectus contained
therein, all exhibits thereto and all material incorporated or deemed to be
incorporated by reference therein.

     “TIA” shall have the meaning specified in Section 3(1) of this Agreement.

     “Trustee” shall mean the trustee with respect to the Securities under the
Indenture.

     “Underwriters” shall have the meaning set forth in the last paragraph of
Section 3 of this Agreement.

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     “Underwritten Registration” or “Underwritten Offering” shall mean a
registration in which Registrable Securities are sold to an Underwriter or
Underwriters for reoffering to the public.

     “Voluntary Suspension Notice” shall have the meaning set forth in Section
2(b) hereof.

     2. Registration Under the 1933 Act.

     (a) To the extent not prohibited by any applicable law or applicable
interpretation of the staff of the SEC, the Company shall (A) use its
reasonable best efforts to prepare and, not later than 180 days after the
Closing Date, file with the SEC an Exchange Offer Registration Statement on an
appropriate form under the 1933 Act with respect to a proposed Exchange Offer
and the issuance and delivery to the Holders, in exchange for all of the
Registrable Securities, of a like principal amount of Exchange Securities, (B)
use its reasonable best efforts to cause the Exchange Offer Registration
Statement to be declared effective under the 1933 Act not later than 210 days
after the Closing Date (the “Effectiveness Deadline”), (C) use its reasonable
best efforts to keep the Exchange Offer Registration Statement effective until
the closing of the Exchange Offer and (D) use its reasonable best efforts to
cause the Exchange Offer to be consummated as promptly as practicable, but in
any event not later than the date that is 30 Business Days after the
Effectiveness Deadline. The Company shall use its reasonable best efforts to
commence the Exchange Offer promptly after the Exchange Offer Registration
Statement has been declared effective by the SEC, and shall commence the
Exchange Offer by mailing the related exchange offer Prospectus and
accompanying documents to each Holder stating, in addition to such other
disclosures as are required by applicable law:

     (i) that the Exchange Offer is being made pursuant to this
Registration Rights Agreement and that all Registrable Securities
validly tendered and not withdrawn will be accepted for exchange;

     (ii) the Expiration Date of the Exchange Offer (which shall be
at least 20 Business Days from the date such notice is mailed)
(each day from and including the date of such mailing through and
including the Expiration Date being hereinafter called an “Exchange
Date”);

     (iii) that any Registrable Security not tendered will remain
outstanding and continue to accrue interest, but will not
thereafter be entitled to receive any Additional Interest or be
entitled to any registration rights under this Agreement;

     (iv) that Holders electing to have a Registrable Security
exchanged pursuant to the Exchange Offer will be required to
surrender such Registrable Security, together with the enclosed
letter of transmittal, to the institution and at the address
(located in the Borough of Manhattan, The City of New York)
specified in the exchange offer Prospectus or the accompanying
documents prior to the time the Exchange Offer terminates (which
shall not be earlier than 5:00 p.m., New York City time) on the
Expiration Date; and

     (v) that Holders will be entitled to withdraw their election,
not later than the time the Exchange Offer terminates (which shall
not be earlier than 5:00

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p.m., New York City time) on the Expiration Date, by sending
to the institution and at the address (located in the Borough of
Manhattan, The City of New York) specified in the exchange offer
Prospectus or the accompanying documents a facsimile transmission
or letter setting forth the name of such Holder, the principal
amount of Registrable Securities delivered for exchange and a
statement that such Holder is withdrawing his election to have such
Securities exchanged;

provided that, if the only Holder of the Registrable Securities is the
Depositary or its nominee, then the Exchange Offer may be commenced by giving
notice (which may be electronic) and providing such other information to the
Depositary or its nominee as may be customary in accordance with the
Depositary’s procedures.

     As soon as practicable after the Expiration Date, the Company shall:

     (i) accept for exchange all Registrable Securities or portions
thereof validly tendered and not withdrawn pursuant to the Exchange
Offer; and

     (ii) deliver, or cause to be delivered, to the Trustee for
cancellation all Registrable Securities or portions thereof so
accepted for exchange by the Company and issue, and cause the
Trustee to promptly authenticate and mail or otherwise deliver to
each Holder, an Exchange Security equal in principal amount to the
principal amount of each Registrable Security surrendered by such
Holder.

     The Company shall use its reasonable best efforts to complete the Exchange
Offer as provided above and shall comply with the applicable requirements of
the 1933 Act, the 1934 Act, and other applicable laws and regulations in
connection with the Exchange Offer. The Exchange Offer shall not be subject to
any conditions, other than that (i) the Exchange Offer does not violate
applicable law or any applicable interpretation of the staff of the SEC or any
order of any court of competent jurisdiction in the United States or Canada and
(ii) all applicable governmental approvals of any Canadian or United States
governmental authorities that the Company reasonably determines are necessary
in order to make or consummate the Exchange Offer shall have been obtained.
The Company shall, at the request of the Representatives from time to time,
inform the Representatives of the names and addresses of the Holders to whom
the Exchange Offer is made, and the Representatives shall have the right,
subject to applicable law, to contact such Holders and otherwise facilitate the
tender of Registrable Securities in the Exchange Offer.

     Each Holder participating in the Exchange Offer shall be required to
represent to the Company that at the time of the consummation of the Exchange
Offer (i) any Exchange Securities received by such Holder will be acquired in
the ordinary course of business, (ii) such Holder has no arrangement or
understanding with any person to participate in the distribution of the
Securities or the Exchange Securities within the meaning of the 1933 Act, (iii)
such Holder is not an “affiliate,” as defined in Rule 405 of the 1933 Act, of
the Company, (iv) such Holder is not engaged in, and does not intend to engage
in, the distribution of the Exchange Securities within the meaning of the 1933
Act, (v) if such Holder is a broker-dealer, that it will receive Exchange
Securities in exchange for Securities that were acquired for its own account as
a result of market-making activities or other trading activities and that it
will be required to acknowledge

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that it will deliver a prospectus meeting the requirements of the 1933 Act
in connection with any resale of such Exchange Securities, and (vi) if such
Holder is a broker-dealer, it did not purchase the Securities being tendered in
the Exchange Offer directly from the Company for resale pursuant to Rule 144A
under the 1933 Act or any other available exemption from registration under the
1933 Act.

     (b) In the event that (i) the Company determines that the Exchange Offer
Registration provided for in Section 2(a) above is not available or the
Exchange Offer may not be consummated as soon as practicable after the
Expiration Date because it would violate applicable law or applicable
interpretations of the Staff of the SEC or any order of any court of competent
jurisdiction in the United States or Canada or because all approvals of any
Canadian or United States governmental authorities that the Company reasonably
determines are necessary in order to make or consummate the Exchange Offer have
not been obtained, (ii) the Exchange Offer is for any other reason not
consummated within 30 Business Days following the Effectiveness Deadline, or
(iii) the Exchange Offer has been completed and the Representatives have
determined that a Registration Statement must be filed or a Prospectus must be
delivered by any of the Initial Purchasers in connection with any offering or
sale of Registrable Securities, the Company shall use its reasonable best
efforts to cause to be filed with the SEC as soon as practicable after such
determination date (in the case of clause (i) above, provided that the Company
shall not be required to make such filing prior to the
180th day after the
Closing Date), the 30th Business Day following the Effectiveness Deadline (in
the case of clause (ii) above) or date that notice of such determination by the
Representatives is given to the Company (in the case of clause (iii) above), as
the case may be, a Shelf Registration Statement providing for the sale by the
Holders of all of the Registrable Securities and to use its reasonable best
efforts to have such Shelf Registration Statement declared effective by the SEC
as soon as practicable; provided, however, the Company shall not be obligated
to cause such Shelf Registration Statement to be declared effective under the
1933 Act prior to the Effectiveness Deadline. In the event the Company is
required to file a Shelf Registration Statement solely as a result of the
matters referred to in clause (iii) of the preceding sentence, the Company
shall use its reasonable best efforts to file and have declared effective by
the SEC both an Exchange Offer Registration Statement pursuant to Section 2(a)
with respect to all Registrable Securities and a Shelf Registration Statement
(which may be a combined Registration Statement with the Exchange Offer
Registration Statement) with respect to offers and sales of Registrable
Securities held by the Initial Purchasers. The Company agrees to use its
reasonable best efforts to keep the Shelf Registration Statement continuously
effective and to keep the related Prospectus current until the expiration of
the period referred to in Rule 144(k) with respect to the Registrable
Securities covered by the Shelf Registration Statement or such shorter period
that will terminate when all of the Registrable Securities covered by the Shelf
Registration Statement have been sold pursuant to the Shelf Registration
Statement or shall have been sold to the public pursuant to Rule 144(k) (or
similar provision then in force, but not Rule 144A) under the 1933 Act or shall
have ceased to be outstanding; provided, however, that if there is a possible
acquisition or business combination or other transaction, business development
or event involving the Company that would require disclosure in such Shelf
Registration Statement or the documents incorporated or deemed to be
incorporated by reference therein or the related Prospectus and either (x) the
Company determines, in the exercise of its reasonable judgment and in good
faith, that premature disclosure thereof is not in the best interests of the
Company and its stockholders or (y) despite the exercise of reasonable
diligence the Company cannot obtain any financial statements relating

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to an acquisition or business combination required to be included in such
Shelf Registration Statement or the documents incorporated or deemed to be
incorporated by reference therein or the related Prospectus, the Company shall
give the Holders of the Registrable Securities covered by such Shelf
Registration Statement notice (a “Voluntary Suspension Notice”) to suspend use
of the Prospectus relating to such Shelf Registration Statement, and such
Holders hereby agree to suspend use of such Prospectus until the Company has
amended or supplemented such Prospectus or has notified such Holders that use
of the then current Prospectus may be resumed as provided in the penultimate
paragraph of Section 3. In the case of any Voluntary Suspension Notice, the
Company shall not be required to disclose in such notice the possible
acquisition or business combination or other transaction, business development
or event as a result of which such notice shall have been given if the Company
reasonably and in good faith determines that such acquisition or business
combination or other transaction, business development or event should remain
confidential and, while such Voluntary Suspension Notice is in effect, the
Company shall not be required to amend or supplement such Shelf Registration
Statement, the documents incorporated or deemed to be incorporated by reference
therein or the related Prospectus to reflect such possible acquisition or
business combination or other transaction, business development or event, but
shall continue to use its reasonable best efforts to maintain the effectiveness
of such Shelf Registration Statement. Upon the abandonment, consummation,
termination or public announcement or other public disclosure of the possible
acquisition or business combination or other transaction, or if the applicable
business development or event shall cease to exist or shall be publicly
disclosed, then the Company shall as promptly as practicable comply with this
Section 2(b) and Sections 3(b), 3(e)(v) (if applicable), 3(i) (if applicable)
and the penultimate paragraph in Section 3 hereof and notify the Holders of the
Registrable Securities covered by such Shelf Registration Statement that
disposition of such Registrable Securities may resume; provided that, if
Section 3(i) shall require an amendment or supplement to such Shelf
Registration Statement or the related Prospectus, then such resumption shall
not occur until the Company shall have delivered copies of the supplemented or
amended Prospectus contemplated by Section 3(i) to the applicable Holders.
Anything herein to the contrary notwithstanding, the right of the Company to
suspend use of a Prospectus pursuant to this paragraph shall be subject to the
limitation set forth in the last sentence of the penultimate paragraph of
Section 3. The Company further agrees to supplement or amend the Shelf
Registration Statement and/or the related Prospectus if required by the rules,
regulations or instructions applicable to the registration form used by the
Company for such Shelf Registration Statement or by the 1933 Act or by any
other rules and regulations thereunder for shelf registration or if reasonably
requested by a Holder whose Registrable Securities are registered pursuant to
such Shelf Registration Statement with respect to information relating to such
Holder, and to use its reasonable best efforts to cause any such amendment to
become effective and such Shelf Registration Statement and/or the related
Prospectus to become usable as soon as thereafter practicable, subject to the
right of the Company, on the terms and subject to the conditions described
elsewhere in this Section 2(b), to suspend its obligation to amend or
supplement such Shelf Registration Statement and/or the related Prospectus by
giving a Voluntary Suspension Notice. The Company agrees to furnish to the
Holders of Registrable Securities covered by any Shelf Registration Statement
copies of any such supplement or amendment promptly after its being used or
filed with the SEC.

     (c) The Company shall pay all Registration Expenses in connection with the
registration pursuant to Section 2(a) and Section 2(b).

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     (d) An Exchange Offer Registration Statement pursuant to Section 2(a)
hereof or a Shelf Registration Statement pursuant to Section 2(b) hereof will
not be deemed to have become effective unless it has been declared effective by
the SEC; provided, however, that, if, after it has been declared effective, the
offering of Registrable Securities pursuant to a Shelf Registration Statement
is interfered with by any stop order, injunction or other order or requirement
of the SEC or any U.S. federal or state, Canadian federal, provincial or
territorial, or any other governmental agency or court, such Registration
Statement will be deemed not to have become or to be effective during the
period of such interference until the offering of Registrable Securities
covered by such Registration Statement may legally resume.

     (e) Additional cash interest (the “Additional Interest”) shall be payable
by the Company in respect of the Securities as follows:

     (i) If an Exchange Offer Registration Statement or Shelf
Registration Statement is not filed within 180 days after the
Closing Date, then commencing on and including the 181st day after
the Closing Date, in addition to the interest otherwise payable on
the Securities, Additional Interest will accrue and be payable on
the Securities at the rate of 0.25% per annum; and

     (ii) If an Exchange Offer Registration Statement or Shelf
Registration Statement is not declared effective by the SEC within
210 days after the Closing Date, then commencing on and including
the 211th day after the Closing Date, in addition to the interest
otherwise payable on the Securities, Additional Interest will
accrue and be payable on the Securities at the rate of 0.25% per
annum; and

     (iii) If either (A) the Company has not exchanged Exchange
Securities for all Securities validly tendered and not withdrawn in
accordance with the terms of the Exchange Offer on or prior to the
date that is 30 Business Days after the Effectiveness Deadline, or
(B) if applicable, the Shelf Registration Statement has been
declared effective but the Shelf Registration Statement ceases to
be effective at any time prior to the expiration of the holding
period referred to in Rule 144(k) under the Securities Act or, if
earlier, such time as all of the Registrable Securities covered by
the Shelf Registration Statement have been disposed of pursuant to
the Shelf Registration Statement or sold to the public pursuant to
Rule 144(k) (or any similar provision then in force, but not Rule
144A) under the 1933 Act or shall have ceased to be outstanding,
then, in addition to the interest otherwise payable on the
Securities, Additional Interest will accrue and be payable on the
Securities (in the case of clause (A) above) or on the Securities
registered pursuant to the Shelf Registration Statement (in the
case of clause (B) above), as the case may be, at the rate of 0.25%
per annum from and including (x) the day (whether or not a Business
Day) immediately succeeding the 30th Business Day after the
Effectiveness Deadline, in the case of (A) above, or (y) the day
such Shelf Registration Statement ceases to be effective, in the
case of (B) above;

provided, however, that the Additional Interest rate on the Securities shall in
no event exceed 0.25% per annum; and provided, further, that Additional
Interest payable on the Securities as a result of any of the events or
circumstances specified in clause (i), (ii) or (iii) above, as the case

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may be, shall cease to accrue (1) upon the filing of the Exchange Offer
Registration Statement or Shelf Registration Statement (in the case of (i)
above), (2) upon the effectiveness of the Exchange Offer Registration Statement
or the Shelf Registration Statement (in the case of (ii) above), or (3) upon
the exchange of Exchange Securities for all Registrable Securities validly
tendered and not withdrawn in the Exchange Offer or upon the effectiveness of
the Shelf Registration Statement that had ceased to remain effective prior to
the expiration of the holding period referred to in Rule 144(k) under the
Securities Act or, if earlier, such time as all of the Registrable Securities
covered by the Shelf Registration Statement have been disposed of pursuant to
the Shelf Registration Statement or sold to the public pursuant to Rule 144(k)
(or any similar provision then in force, but not Rule 144A) under the 1933 Act
or shall have ceased to be outstanding (in the case of (iii) above).

     Any amount of Additional Interest due pursuant to clause (i), (ii) or
(iii) of the preceding paragraph will be payable in cash and will be payable on
the same dates on which interest is otherwise payable on the Securities and to
the same Persons who are entitled to receive those payments of interest on the
Securities. The amount of Additional Interest payable for any period will be
determined by multiplying the Additional Interest rate, which will be 0.25% per
annum, by the principal amount of the Securities and then multiplying the
product by a fraction, the numerator of which is the number of days that the
Additional Interest rate was applicable during such period (determined on the
basis of a 360-day year comprised of twelve 30-day months) and the denominator
of which is 360. For the purposes of disclosure under the Interest Act
(Canada), the yearly rate of interest which is equivalent to the rate payable
under this Agreement is the rate payable multiplied by the actual number of
days in the year and divided by 360.

     (f) Without limiting the remedies available to the Initial Purchasers and
the Holders, the Company acknowledges that any failure by the Company to comply
with its obligations under Section 2(a) and Section 2(b) hereof may result in
material irreparable injury to the Initial Purchasers or the Holders for which
there is no adequate remedy at law, that it will not be possible to measure
damages for such injuries precisely and that, in the event of any such failure,
any Initial Purchaser or any Holder may obtain such relief as may be required
to specifically enforce the Company’s obligations under Section 2(a) and
Section 2(b) hereof.

     (g) Anything in this Agreement to the contrary notwithstanding, the
Company will not be required to make the Exchange Offer to Canadian Persons (as
defined in the Second Supplemental Indenture), the Company will not be required
to accept Securities surrendered by Canadian Persons in the Exchange Offer, the
Company will not be required to issue Exchange Securities to Canadian Persons
in the Exchange Offer and, if the Company is required to file a Shelf
Registration Statement pursuant to this Agreement, Canadian Persons will not be
entitled to register their Securities for resale or to sell Securities pursuant
to such Shelf Registration Statement; and any failure by the Company to (i)
make the Exchange Offer to Canadian Persons, (ii) accept Securities surrendered
by Canadian Persons in the Exchange Offer, (iii) issue Exchange Securities to
Canadian Persons in the Exchange Offer or (iv) if the Company is required to
file a Shelf Registration Statement pursuant to this Agreement, register
Securities held by Canadian Persons for resale pursuant to the Shelf
Registration Statement shall not constitute a default by the Company in the
performance or breach of any covenant or warranty of the Company in this
Agreement. For the avoidance of doubt, no Additional Interest shall be

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payable due solely to the failure by the Company to perform with respect
to Canadian Persons any of the acts specified in clauses (i) through (iv) of
the preceding sentence.

     3. Registration Procedures.

     In connection with the obligations of the Company with respect to the
Registration Statements pursuant to Section 2(a) and Section 2(b) hereof, the
Company shall as expeditiously as possible (except in the case of the Company’s
obligations to file a Registration Statement and to cause such Registration
Statement to become effective, the Company shall within the time periods set
out in Section 2(a) and Section 2(b)):

     (a) prepare and file with the SEC a Registration Statement on the
appropriate form under the 1933 Act, which form (x) shall be selected by the
Company and (y) shall, in the case of a Shelf Registration, be available for
the sale of the Registrable Securities by the selling Holders thereof and (z)
shall comply as to form in all material respects with the requirements of the
applicable form and include or incorporate by reference therein all financial
statements required by the SEC to be included or incorporated by reference
therein, and use its reasonable best efforts to cause such Registration
Statement to become effective and remain effective in accordance with Section 2
hereof;

     (b) prepare and file with the SEC such amendments and post-effective
amendments to each Registration Statement as may be necessary to keep such
Registration Statement effective for the applicable period and, subject to the
Company’s rights to suspend the use of the Prospectus relating to any Shelf
Registration Statement pursuant to Section 2(b) of this Agreement on the terms
and subject to the conditions set forth in such Section 2(b), cause each
Prospectus to be supplemented by any prospectus supplement required by
applicable law or regulation and, as so supplemented, to be filed pursuant to
Rule 424 under the 1933 Act and to keep each Prospectus current during the
period described under Section 4(3) and Rule 174 under the 1933 Act that is
applicable to transactions by brokers or dealers with respect to the
Registrable Securities or Exchange Securities;

     (c) in the case of a Shelf Registration, furnish to each Holder of
Registrable Securities, to counsel for the Initial Purchasers, to counsel for
the Holders and to each Underwriter of an Underwritten Offering of Registrable
Securities, if any, without charge, as many copies of each related Prospectus,
including each related preliminary prospectus, and any amendment or supplement
thereto and such other documents as such Holder, counsel or Underwriter may
reasonably request, in order to facilitate the public sale or other disposition
of the Registrable Securities; and the Company consents to the use of such
Prospectus and any amendment or supplement thereto in accordance with
applicable law by each of the selling Holders of Registrable Securities and any
such Underwriter in connection with the offering and sale of the Registrable
Securities covered by and in the manner described in such Prospectus or any
amendment or supplement thereto in accordance with applicable law;

     (d) use its reasonable best efforts to register or qualify the Registrable
Securities covered by any Registration Statement under all applicable state
securities or “blue sky” laws of such jurisdictions as any Holder of
Registrable Securities shall reasonably request in writing by the time such
Registration Statement is declared effective by the SEC, to cooperate with such

12

 

Holders in connection with any filings required to be made with the
National Association of Securities Dealers, Inc. and do any and all other acts
and things which may be reasonably necessary or advisable to enable such Holder
to consummate the disposition in each such jurisdiction of such Registrable
Securities owned by such Holder; provided, however, that the Company shall not
be required to (i) qualify as a foreign corporation or as a dealer in
securities in any jurisdiction where it would not otherwise be required to
qualify but for this Section 3(d), (ii) file any general consent to service of
process or (iii) subject itself to taxation in any such jurisdiction if it is
not so subject;

     (e) in the case of a Shelf Registration, notify each Holder of Registrable
Securities covered by such Shelf Registration Statement, counsel for the
Holders and counsel for the Initial Purchasers promptly and, if reasonably
requested by any such Holder or counsel, confirm such advice in writing (i)
when such Registration Statement has become effective and when any
post-effective amendment thereto has been filed and becomes effective, (ii) of
any request by the SEC or any state securities authority or by any securities
authority of or in Canada or any territory or province thereof for amendments
and supplements to such Registration Statement or the related Prospectus or for
additional information, (iii) of the issuance by the SEC or any state
securities authority or by any securities regulatory authority of or in Canada
or any territory or province thereof of any stop order or similar order
suspending the effectiveness of such Registration Statement or the initiation
of any proceedings for that purpose and of the receipt by the Company of any
notification with respect to the suspension of the qualification of the
Registrable Securities for sale in any jurisdiction or by any securities
regulatory authority or the initiation or threatening of any proceeding for
such purposes, (iv) if, between the effective date of a Registration Statement
and the closing of any sale of Registrable Securities covered thereby, the
representations and warranties of the Company contained in any underwriting
agreement, securities sales agreement or other similar agreement, if any,
relating to the offering cease to be true and correct in all material respects
or if the Company receives any notification with respect to the suspension of
the qualification of the Registrable Securities for sale in any jurisdiction or
the initiation of any proceeding for such purpose, (v) of the happening of any
event during the period such Shelf Registration Statement is effective which
makes any statement made in such Registration Statement or the related
Prospectus untrue in any material respect or as a result of which such Shelf
Registration Statement or the related Prospectus contains an untrue statement
of a material fact or omits to state a material fact required to be stated
therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading or which requires the
making of any changes in such Registration Statement or Prospectus in order to
make the statements therein not misleading (but subject to the right of the
Company, on the terms and subject to the conditions set forth in Section 2(b)
of this Agreement, not to disclose the nature of certain such events) and (vi)
of any determination by the Company that a post-effective amendment to such
Registration Statement would be appropriate;

     (f) use its reasonable best efforts to obtain the withdrawal of any order
suspending the effectiveness or qualification of any Registration Statement at
the earliest possible moment and provide immediate notice to each Holder of the
withdrawal of any such order;

     (g) in the case of a Shelf Registration, furnish to each Holder of
Registrable Securities covered by such Registration Statement, without charge,
one conformed copy of such

13

 

Registration Statement and any post-effective amendment thereto (without
documents incorporated therein by reference or exhibits thereto, unless
requested);

     (h) in the case of a Shelf Registration, cooperate with the selling
Holders of Registrable Securities which are covered by such Shelf Registration
Statement to facilitate the timely preparation and delivery of certificates
representing such Registrable Securities to be sold and not bearing any
restrictive legends and enable such Registrable Securities to be in such
denominations (consistent with the provisions of the Indenture) and registered
in such names as such selling Holders may reasonably request at least one
Business Day prior to the closing of any sale of Registrable Securities;

     (i) in the case of a Shelf Registration, upon the occurrence of any event
contemplated by Section 3(e)(v) hereof but subject to the Company’s right to
suspend the use of the related Prospectus pursuant to Section 2(b) on the terms
and subject to the conditions set forth in such Section 2(b), to prepare and
file with the SEC as promptly as practicable a supplement or post-effective
amendment to a Registration Statement or the related Prospectus or any document
incorporated therein by reference or file any other required document so that,
as thereafter delivered to the purchasers of the Registrable Securities, such
Prospectus will not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading. The Company agrees to
notify the Holders to suspend use of the Prospectus as promptly as practicable
after the occurrence of such an event, and the Holders hereby agree to suspend
use of the Prospectus until the Company has amended or supplemented the
Prospectus to correct such misstatement or omission;

     (j) a reasonable amount of time prior to the filing of any Registration
Statement, any Prospectus, any amendment to a Registration Statement or
amendment or supplement to a Prospectus or any document which is incorporated
or deemed to be incorporated by reference in any Registration Statements or
Prospectus, provide copies of such document to the Representatives and counsel
to the Initial Purchasers (and, in the case of a Shelf Registration Statement,
the Holders of the Securities covered by such Registration Statement and their
counsel), and make such officers, employees and other representatives of the
Company as shall be reasonably requested by any Initial Purchaser or their
counsel (or, in the case of a Shelf Registration Statement, the applicable
Holders or their counsel) available for discussion of such document, and the
Company shall not at any time file or make any amendment to any Registration
Statement, any Prospectus, any amendment of or supplement to any Registration
Statement or any Prospectus or any document which is incorporated or deemed to
be incorporated by reference in any Registration Statement or Prospectus of
which the Representatives and counsel to the Initial Purchasers (or, in the
case of a Shelf Registration Statement, the Holders of the Securities covered
by such Registration Statement and their counsel) shall not have previously
been advised and furnished a copy or to which the Representatives or counsel to
the Initial Purchasers (and, in the case of a Shelf Registration Statement, the
Holders of the Securities covered by such Registration Statement or their
counsel) shall reasonably object.

14

 

     (k) obtain a CUSIP number for all Exchange Securities or Registrable
Securities, as the case may be, not later than the effective date of the
Registration Statement covering such Securities;

     (l) cause the Indenture to be qualified under the U.S. Trust Indenture Act
of 1939, as amended (the “TIA”), in connection with the registration of the
Exchange Securities or Registrable Securities, as the case may be, cooperate
with the Trustee and the Holders to effect such changes to the Indenture as may
be required for the Indenture to be so qualified in accordance with the terms
of the TIA and execute, and use its reasonable best efforts to cause the
Trustee to execute, all documents as may be required to effect such changes and
all other forms and documents required to be filed with the SEC to enable the
Indenture to be so qualified in a timely manner;

     (m) in the case of a Shelf Registration, make available, upon request, for
inspection by a representative of the Holders of the Registrable Securities
covered by such Registration Statement, any Initial Purchaser, any Underwriter
participating in any disposition pursuant to such Shelf Registration Statement,
and attorneys and accountants designated by such Holders or by any such Initial
Purchaser or Underwriter, at reasonable times and in a reasonable manner, all
relevant financial and other relevant records and documents of the Company,
cause the appropriate officers, directors and employees of the Company to make
themselves available for “due diligence” conferences, and cause the officers,
directors and employees of the Company to supply all information reasonably
requested by any such representative of such Holders, Initial Purchaser,
Underwriter, attorney or accountant in connection with such Shelf Registration
Statement;

     (n) use its reasonable best efforts to cause the Exchange Securities or
Registrable Securities, as the case may be, to be rated by two nationally
recognized statistical rating organizations (as such term is defined in Rule
436(g)(2) under the 1933 Act);

     (o) if requested by any Holder of Registrable Securities covered by any
Registration Statement, (i) promptly incorporate in the related Prospectus
supplement or post-effective amendment such information with respect to such
Holder as such Holder reasonably requests to be included therein and (ii) make
all required filings of such Prospectus supplement or such post-effective
amendment as soon as practicable after the Company has received notification of
the matters to be incorporated in such filing; and

     (p) in the case of any Shelf Registration, enter into such customary
agreements and take all such other actions in connection therewith (including
those requested by the Holders of a majority in aggregate principal amount of
the Registrable Securities covered by such Shelf Registration Statement) in
order to expedite or facilitate the disposition of such Registrable Securities
including, but not limited to, an Underwritten Offering and in such connection,
(i) to the extent possible, make such representations and warranties to such
Holders and any Underwriters of such Registrable Securities with respect to the
business of the Company and its subsidiaries, such Registration Statement, the
related Prospectus and documents incorporated by reference or deemed
incorporated by reference and related matters, in each case, in form, substance
and scope as are customarily made by issuers to underwriters in underwritten
offerings and confirm the same if and when requested, (ii) obtain opinions of
counsel to the Company

15

 

(which counsel and opinions, in form, scope and substance, shall be
reasonably satisfactory to the Holders and such Underwriters and their
respective counsel) addressed to each selling Holder and Underwriter of such
Registrable Securities, covering the matters customarily covered in opinions
requested in underwritten offerings, (iii) obtain “cold comfort” letters from
the independent certified public accountants of the Company (and, if necessary,
any other certified public accountant of any subsidiary of the Company, or of
any Person or business acquired by the Company for which financial statements
and financial data are or are required to be included or incorporated by
reference in such Registration Statement or the related Prospectus or in the
documents incorporated or deemed to be incorporated therein) addressed to each
selling Holder and Underwriter of such Registrable Securities, such letters to
be in customary form and covering matters of the type customarily covered in
“cold comfort” letters in connection with underwritten offerings, and (iv)
deliver such documents and certificates as may be reasonably requested by the
Holders of a majority in principal amount of the Registrable Securities covered
by such Shelf Registration Statement or the Underwriters, and which are
customarily delivered in underwritten offerings to evidence the continued
validity of the representations and warranties of the Company made pursuant to
clause (i) above and to evidence compliance with any customary conditions
contained in the related underwriting agreement.

     In the case of a Shelf Registration Statement, the Company may require
each Holder of Registrable Securities that wishes to include Registrable
Securities in such Shelf Registration Statement, by written request from the
Company to such Holder, to furnish to the Company, on a form to be provided by
the Company, such information regarding such Holder and the proposed
distribution by such Holder of such Registrable Securities as the Company may
be required to include in the Shelf Registration Statement or the related
Prospectus pursuant to applicable Canadian federal, provincial or territorial
law or regulation or the Securities Act or the applicable rules and regulations
of the SEC thereunder, and the Company may exclude from such Shelf Registration
Statement the Securities of any Holders that refuse to comply with such
request.

     In the case of a Shelf Registration Statement, each Holder of Registrable
Securities covered by such Registration Statement agrees that, upon receipt of
any notice from the Company of the happening of any event of the kind described
in Section 3(e)(v) hereof or upon receipt from the Company of any Voluntary
Suspension Notice pursuant to Section 2(b) hereof, such Holder will forthwith
discontinue disposition of such Registrable Securities pursuant to such Shelf
Registration Statement until either (x) such Holder’s receipt of the copies of
the supplemented or amended Prospectus contemplated by Section 3(i) hereof or
(y) solely in the case of a Voluntary Suspension Notice, the Company shall have
notified such Holder that disposition of such Registrable Securities may be
resumed using the then current Prospectus, and, if so directed by the Company
in the case of clause (x), such Holder will deliver to the Company (at the
Company’s expense) all copies in such Holder’s possession, other than permanent
file copies then in such Holder’s possession, of the Prospectus covering such
Registrable Securities current at the time of receipt of such notice. If the
Company shall give any such notice to suspend the disposition of Registrable
Securities pursuant to any Registration Statement or otherwise to suspend the
use of the related Prospectus as provided in this Agreement, the Company shall
extend the period during which such Registration Statement shall be maintained
effective pursuant to this Agreement by the number of days during the period
from and including the date of the giving of such notice to and including the
date when the Holders of the Registrable Securities covered by such
Registration Statement shall have received

16

 

copies of the supplemented or amended Prospectus necessary to resume such
dispositions or such Holders shall have received notice that disposition of
such Registrable Securities may be resumed using the then current Prospectus,
as the case may be. Anything herein to the contrary notwithstanding, the
Company will not be entitled to require Holders to discontinue the sale or
other disposition of Registrable Securities pursuant to the Shelf Registration
Statement or to suspend the use of the related Prospectus (whether because of
the happening of any event of the kind described in Section 3(e)(v) hereof or
by the giving of a Voluntary Suspension Notice) for more than two periods
(neither of which may exceed 60 consecutive days) during any period of 365
consecutive days.

     The Holders of Registrable Securities covered by a Shelf Registration
Statement who desire to do so may sell such Registrable Securities in an
Underwritten Offering. In any such Underwritten Offering, the investment banker
or investment bankers and manager or managers (the “Underwriters”) that will
administer the offering will be selected by the Holders of a majority in
aggregate principal amount of the Registrable Securities covered by such Shelf
Registration Statement included in such offering.

     4. Participation of Broker-Dealers in Exchange Offer.

     (a) The staff of the SEC has taken the position that any broker-dealer
that receives Exchange Securities in the Exchange Offer in exchange for
Securities that were acquired by such broker-dealer for its own account as a
result of market-making or other trading activities (a “Participating
Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of the
1933 Act and must deliver a prospectus meeting the requirements of the 1933 Act
in connection with any resale of such Exchange Securities.

     The Company understands that it is the position of the staff of the SEC
that if the Prospectus contained in the Exchange Offer Registration Statement
includes a plan of distribution containing a statement to the above effect and
the means by which Participating Broker-Dealers may resell the Exchange
Securities, without naming the Participating Broker-Dealers or specifying the
amount of Exchange Securities owned by them, such Prospectus may be delivered
by Participating Broker-Dealers to satisfy their prospectus delivery obligation
under the 1933 Act in connection with resales of Exchange Securities for their
own accounts, so long as the Prospectus otherwise meets the requirements of the
1933 Act.

     (b) In light of the above, notwithstanding the other provisions of this
Agreement, the Company agrees that the provisions of this Agreement as they
relate to a Shelf Registration shall also apply to an Exchange Offer
Registration to the extent, and with such modifications thereto as may be
reasonably requested by the Representatives or by one or more Participating
Broker-Dealers, in each case as provided in clause (ii) below, in order to
expedite or facilitate the disposition of any Exchange Securities by
Participating Broker-Dealers consistent with the positions of the staff of the
SEC recited in Section 4(a) above; provided that:

     (i) the Company shall not be required to amend or supplement
the Prospectus contained in the Exchange Offer Registration
Statement, as would otherwise be contemplated by Section 3(i), for
a period exceeding 180 days after the Expiration Date (as such
period may be extended pursuant to the penultimate

17

 

paragraph of Section 3 of this Agreement) and for a period of
180 days following the Expiration Date (as such period may be
extended pursuant to the penultimate paragraph of Section 3 of this
Agreement), Participating Broker-Dealers shall be entitled to use
and delivery such Prospectus in connection with resales of Exchange
Securities as contemplated by this Section 4; provided that
Participating Broker-Dealers shall not be authorized by the Company
to deliver and shall not deliver such Prospectus after such period
in connection with the resales of Exchange Securities contemplated
by this Section 4; and

     (ii) the application of the Shelf Registration procedures set
forth in Section 3 of this Agreement to an Exchange Offer
Registration, to the extent not required by the positions of the
staff of the SEC or the 1933 Act and the rules and regulations
thereunder, will be in conformity with the reasonable request to
the Company by the Representatives or with the reasonable request
in writing to the Company by one or more broker-dealers who certify
to the Representatives and the Company in writing that they
anticipate that they will be Participating Broker-Dealers; and
provided further that, in connection with such application of the
Shelf Registration procedures set forth in Section 3 to an Exchange
Offer Registration, the Company shall be obligated (x) to deal only
with three entities representing the Participating Broker-Dealers,
which shall be Citigroup Global Markets Inc., J.P.Morgan Securities
Inc. and Morgan Stanley & Co. Incorporated unless any such entity
elects not to act as such representative, (y) to pay, in addition
to the Registration Expenses otherwise payable by the Company, the
fees and disbursements of one counsel representing the
Participating Broker-Dealers, which shall be counsel to the Initial
Purchasers unless such counsel elects not to so act and (z) to
cause to be delivered only one, if any, “cold comfort” or similar
letter relating to the Company (plus only one, if any, “cold
comfort” or similar letter with respect to any other Person or
businesses whose financial statements are included or incorporated
or deemed to be incorporated by reference in the Exchange Offer
Registration Statement) with respect to the Prospectus in the form
existing on the Expiration Date and with respect to each subsequent
amendment or supplement, if any, effected during the period
specified in clause (i) above.

     (c) The Representatives shall have no liability to the Company or any
Holder with respect to any request that they may make pursuant to Section 4(b)
above.

     5. Indemnification and Contribution.

     (a) The Company agrees to indemnify and hold harmless the Initial
Purchasers, each Holder and each Person, if any, who controls any Initial
Purchaser or any Holder within the meaning of either Section 15 of the 1933 Act
or Section 20 of the 1934 Act, or is under common control with, or is
controlled by, any Initial Purchaser or any Holder, from and against all
losses, claims, damages and liabilities (including, without limitation, any
legal or other expenses reasonably incurred by any Initial Purchaser, any
Holder or any such controlling or affiliated Person in connection with
defending or investigating any such action or claim) caused by any untrue
statement or alleged untrue statement of a material fact contained in any
Registration Statement (or any amendment thereto) pursuant to which any
Exchange Securities or any

18

 

Registrable Securities were registered under the 1933 Act, including all
documents incorporated or deemed to be incorporated therein by reference, or in
any document filed with any securities regulatory authority of or in Canada or
any province or territory thereof in connection with any such Registration
Statement (or any amendment thereto) or any document incorporated or deemed to
be incorporated by reference therein, or caused by any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, or caused by any
untrue statement or alleged untrue statement of a material fact contained in
any Prospectus (as amended or supplemented if the Company shall have furnished
any amendments or supplements thereto), or caused by any omission or alleged
omission to state therein a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading, except insofar as such losses, claims, damages or liabilities are
caused by any such untrue statement or omission or alleged untrue statement or
omission based upon information relating to the Initial Purchasers or any
Holder furnished to the Company in writing through Citigroup Global Markets
Inc., J.P.Morgan Securities Inc. and Morgan Stanley & Co. Incorporated or by
any selling Holder, respectively, expressly for use therein; provided, however,
that the foregoing indemnity agreement with respect to any preliminary
Prospectus relating to a Shelf Registration Statement shall not inure to the
benefit of any Holder or Participating Broker-Dealer from whom the Person
asserting any such losses, claims, damages or liabilities purchased Securities
covered by such Shelf Registration Statement, or any person controlling such
Holder or Participating Broker-Dealer, if a copy of the final Prospectus
relating to such Shelf Registration Statement (as then amended or supplemented
if the Company shall have furnished any amendments or supplements thereto) was
not sent or given by or on behalf of such Holder or Participating
Broker-Dealer, as the case may be, to such Person, if required by law so to
have been delivered, at or prior to the written confirmation of the sale of
such Securities to such Person, and if such final Prospectus (as so amended or
supplemented) would have cured the defect giving rise to such losses, claims,
damages or liabilities, unless such failure is the result of noncompliance by
the Company with Section 2(b), 3(b), 3(e) or 3(i) or the penultimate paragraph
of Section 3 hereof, or unless such defect shall have been cured by a document
incorporated or deemed to be incorporated by reference in such Prospectus. In
connection with any Underwritten Offering permitted by Section 3, the Company
will also indemnify the Underwriters, if any, selling brokers, dealers and
similar securities industry professionals participating in the distribution,
their officers and directors and each Person who controls any such Persons
(within the meaning of the 1933 Act or the 1934 Act) to the same extent as
provided above with respect to the indemnification of the Holders, if requested
in connection with any Registration Statement.

     (b) Each Holder agrees, severally and not jointly, to indemnify and hold
harmless the Company, the Initial Purchasers and the other selling Holders, and
each of their respective directors, each of the officers of the Company who
sign the Registration Statement and each Person, if any, who controls the
Company, any Initial Purchaser and any other selling Holder within the meaning
of either Section 15 of the 1933 Act or Section 20 of the 1934 Act to the same
extent as the foregoing indemnity from the Company to the Initial Purchasers
and the Holders, but only with reference to information relating to such Holder
furnished to the Company in writing by such Holder expressly for use in any
Registration Statement (or any amendment thereto) or any Prospectus (or any
amendment or supplement thereto).

19

 

     (c) In case any proceeding (including any governmental investigation)
shall be instituted involving any Person in respect of which indemnity may be
sought pursuant to either paragraph (a) or paragraph (b) above, such Person
(the “Indemnified Party”) shall promptly notify the Person against whom such
indemnity may be sought (the “Indemnifying Party”) in writing and the
Indemnifying Party, upon request of the Indemnified Party, shall retain counsel
reasonably satisfactory to the Indemnified Party to represent the Indemnified
Party and any others the Indemnifying Party may designate in such proceeding
and shall pay the fees and disbursements of such counsel related to such
proceeding. In any such proceeding, any Indemnified Party shall have the right
to retain its own counsel, but the fees and expenses of such counsel shall be
at the expense of such Indemnified Party unless (i) the Indemnifying Party and
the Indemnified Party shall have mutually agreed to the retention of such
counsel or (ii) the named parties to any such proceeding (including any
impleaded parties) include both the Indemnifying Party and the Indemnified
Party and representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. It
is understood that the Indemnifying Party shall not, in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for (a)
the fees and expenses of more than one separate firm (in addition to any local
counsel) for the Initial Purchasers and all Persons, if any, who control any
Initial Purchasers within the meaning of either Section 15 of the 1933 Act or
Section 20 of the 1934 Act, (b) the fees and expenses of more than one separate
firm (in addition to any local counsel) for the Company, its directors, its
officers who sign the Registration Statement and each Person, if any, who
controls the Company within the meaning of either such Section and (c) the fees
and expenses of more than one separate firm (in addition to any local counsel)
for all Holders and all Persons, if any, who control any Holders within the
meaning of either such Section, and that all such fees and expenses shall be
reimbursed as they are incurred. In such case involving the Initial Purchasers
and Persons who control the Initial Purchasers, such firm shall be designated
in writing by Citigroup Global Markets Inc., J.P.Morgan Securities Inc. and
Morgan Stanley & Co. Incorporated. In such case involving the Holders and such
Persons who control Holders, such firm shall be designated in writing by the
Majority Holders. In all other cases, such firm shall be designated by the
Company. The Indemnifying Party shall not be liable for any settlement of any
proceeding effected without its written consent but, if settled with such
consent or if there be a final judgment for the plaintiff, the Indemnifying
Party agrees to indemnify the Indemnified Party from and against any loss or
liability by reason of such settlement or judgment. Notwithstanding the
foregoing sentence, if at any time an Indemnified Party shall have requested an
Indemnifying Party to reimburse the Indemnified Party for fees and expenses of
counsel as contemplated by the second and third sentences of this paragraph,
the Indemnifying Party agrees that it shall be liable for any settlement of any
proceeding effected without its written consent if (i) such settlement is
entered into more than 30 days after receipt by such Indemnifying Party of the
aforesaid request and (ii) such Indemnifying Party shall not have reimbursed
the Indemnified Party for such fees and expenses of counsel in accordance with
such request prior to the date of such settlement. No Indemnifying Party
shall, without the prior written consent of the Indemnified Party, effect any
settlement of any pending or threatened proceeding in respect of which such
Indemnified Party is or could have been a party and indemnity could have been
sought hereunder by such Indemnified Party, unless such settlement includes an
unconditional release of such Indemnified Party from all liability on claims
that are the subject matter of such proceeding.

20

 

     (d) If the indemnification provided for in paragraph (a) or paragraph (b)
of this Section 5 is unavailable to an Indemnified Party or insufficient in
respect of any losses, claims, damages or liabilities, then each Indemnifying
Party under such paragraph, in lieu of indemnifying such Indemnified Party
thereunder, shall contribute to the amount paid or payable by such Indemnified
Party as a result of such losses, claims, damages or liabilities in such
proportion as is appropriate to reflect the relative fault of the Indemnifying
Party or Parties on the one hand and of the Indemnified Party or Parties on the
other hand in connection with the statements or omissions that resulted in such
losses, claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative fault of the Company and the Holders shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the Company or by the
Holders and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The Holders’
respective obligations to contribute pursuant to this Section 5(d) are several
in proportion to the respective principal amount of Registrable Securities of
such Holders that were registered pursuant to a Registration Statement.

     (e) The Company and each Holder agree that it would not be just or
equitable if contribution pursuant to this Section 5 were determined by pro
rata allocation or by any other method of allocation that does not take account
of the equitable considerations referred to in paragraph (d) above. The amount
paid or payable by an Indemnified Party as a result of the losses, claims,
damages and liabilities referred to in paragraph (d) above shall be deemed to
include, subject to the limitations set forth above, any legal or other
expenses reasonably incurred by such Indemnified Party in connection with
investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 5, no Holder shall be required to indemnify or
contribute any amount in excess of the amount by which the total price at which
Registrable Securities were sold by such Holder exceeds the amount of any
damages that such Holder has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No Person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the 1933 Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation. The remedies provided for in this
Section 5 are not exclusive and shall not limit any rights or remedies which
may otherwise be available to any Indemnified Party at law or in equity.

     (f) The indemnity and contribution provisions contained in this Section 5
shall remain operative and in full force and effect regardless of (i) any
termination of this Agreement, (ii) any investigation made by or on behalf of
the Initial Purchasers, any Holder or any Person controlling any of the Initial
Purchasers or any Holder, or by or on behalf of the Company, its officers or
directors or any Person controlling the Company, (iii) acceptance of any of the
Exchange Securities and (iv) any sale of Registrable Securities pursuant to a
Shelf Registration Statement.

     6. Miscellaneous.

     (a) No Inconsistent Agreements. The Company has not entered into, and on
or after the date of this Agreement will not enter into, any agreement which is
inconsistent with the rights granted to the Holders of Registrable Securities
in this Agreement or otherwise conflicts

21

 

with the provisions hereof. The rights granted to the Holders hereunder do
not in any way conflict with and are not inconsistent with the rights granted
to the holders of the Company’s other issued and outstanding securities under
any such agreements.

     (b) Amendments and Waivers. The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given unless the Company has obtained the written consent of Holders of at
least a majority in aggregate principal amount of the outstanding Registrable
Securities affected by such amendment, modification, supplement, waiver or
consent; provided, however, that no amendment, modification, supplement, waiver
or consent to any departure from the provisions of Section 5 hereof shall be
effective as against any Holder of Registrable Securities or Initial Purchaser
unless consented to in writing by such Holder or Initial Purchaser, as the case
may be.

     (c) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, telecopier, or any courier guaranteeing overnight delivery
(i) if to a Holder, at the most current address given by such Holder to the
Company by means of a notice given in accordance with the provisions of this
Section 6(c), which address initially is, with respect to the Initial
Purchasers, c/o Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, New
York 10036, Attention: Michael Fusco, with a copy to Citigroup Global Markets
Inc., 390 Greenwich Street, New York, New York 10013, Attention: Martha Bailey
and J.P. Morgan Securities Inc., 270 Park Avenue, New York, New York 10017,
Attention: Maria Sramek; and (ii) if to the Company, initially at Placer Dome
Inc., P.O. Box 49330 Bentall Station, 1055 Dunsmuir Street, Suite 1600,
Vancouver, BC, Canada V7X 1P1, Attention: The Secretary and thereafter at such
other address, notice of which is given in accordance with the provisions of
this Section 6(c). Notwithstanding the foregoing provisions of this paragraph,
any notices given to The Depository Trust Company (the “Depositary,” which term
includes any successor in such capacity) or its nominee, as Holder of any
Securities, may be given in accordance with the Depositary’s customary
procedures as in effect from time to time.

     All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; seven Business
Days after being deposited in the mail, postage prepaid, if mailed; when
receipt is acknowledged, if telecopied; on the next Business Day if timely
delivered to a courier providing for overnight delivery; and, in the case of
any notices or communications that are delivered to the Depositary or its
nominee electronically, upon receipt.

     Copies of all such notices, demands, or other communications shall be
concurrently delivered by the Person giving the same to the Trustee, at the
address specified in the Indenture.

     (d) Successors and Assigns. This Agreement shall inure to the benefit of
and be binding upon the successors, assigns and transferees of each of the
parties, including, without limitation and without the need for an express
assignment, subsequent Holders; provided that nothing herein shall be deemed to
permit any assignment, transfer or other disposition of Registrable Securities
in violation of the terms of the Purchase Agreement or the Indenture; and
provided, further, that, without limitation to the foregoing, if any Person
shall assume or

22

 

otherwise succeed to the Company’s obligations under the Indenture, the
Company will, prior to or contemporaneous with such transaction, cause such
successor Person to deliver a written agreement to the Representatives and the
Trustee whereby such successor Person shall expressly assume all of the
Company’s obligations and agree to perform all of the Company’s agreement under
this Agreement. If any transferee of any Holder shall acquire Registrable
Securities, in any manner, whether by operation of law or otherwise, such
Registrable Securities shall be held subject to all of the terms of this
Agreement, and by taking and holding such Registrable Securities such Person
shall be conclusively deemed to have agreed to be bound by and to perform all
of the terms and provisions of this Agreement and such Person shall be entitled
to receive the benefits hereof. The Representatives and the Initial Purchasers
(in their respective capacities as Representatives and Initial Purchasers)
shall have no liability or obligation to the Company with respect to any
failure by a Holder to comply with, or any breach by any Holder of, any of the
obligations of such Holder under this Agreement.

     (e) Purchases and Sales of Securities. The Company shall not, and shall
use its reasonable best efforts to cause its affiliates (as defined in Rule 405
under the 1933 Act) not to, purchase and then resell or otherwise transfer any
Securities.

     (f) Third Party Beneficiary. The Holders and the Initial Purchasers shall
be third party beneficiaries to the agreements made hereunder between the
Company, on the one hand, and the Representatives, on the other hand, and each
of them shall have the right to enforce such agreements directly to the extent
it deems such enforcement necessary or advisable to protect its rights or the
rights of Holders or Initial Purchasers, respectively hereunder.

     (g) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

     (h) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

     (i) Governing Law. This Agreement shall be governed by the laws of the
State of New York.

     (j) Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, then, to the maximum extent permitted by
law, the validity, legality and enforceability of any such provision in every
other respect and of the remaining provisions contained herein shall not be
affected or impaired thereby.

     (k) The Company irrevocably (i) agrees, to the fullest extent of may
effectively do so under applicable law, that any action, suit or proceeding
against the Company brought by any Initial Purchaser or Holder or by any person
who controls any Initial Purchaser arising out of, based upon or relating to
this Agreement or any of the transactions contemplated hereby may be instituted
in any federal or state court in the State of New York, (ii) waives, to the
fullest extent it may effectively do so under applicable law, any objection
which it may now or hereafter have to

23

 

the laying of venue of any such proceeding or to the convenience of the
forum and (iii) submits, to the fullest extent it may effectively do so under
applicable law, to the non-exclusive jurisdiction of any federal or state court
in the State of New York in any such action, suit or proceeding. The Company
has appointed CT Corporation System as its authorized agent (the “Authorized
Agent”, which term, as used herein, includes any successor in such capacity)
upon whom process may be served in any such action, suit or proceeding arising
out of, based on or relating to this Agreement or any of the transactions
contemplated hereby which may be instituted in any federal or state court in
the State of New York by any Initial Purchaser or Holder or by any person who
controls any Initial Purchaser, expressly consents, to the fullest extent it
may effectively do so under applicable law, to the jurisdiction of any such
court in respect of any such action, suit or proceeding and waives, to the
fullest extent it may effectively do so under applicable law, any other
requirements of or objections to personal jurisdiction with respect thereto.
Such appointment shall, to the fullest extent it may effectively do so under
applicable law, be irrevocable. The Company represents and warrants that the
Authorized Agent has agreed to act as such agent for service of process and the
Company agrees, to the fullest extent it may effectively do so under applicable
law, to take any and all action, including the filing of any and all documents
and instruments and the payment of all fees, that may be necessary to continue
such appointment in full force and effect as aforesaid for so long as any of
the Securities or Exchange Securities shall be outstanding and until the
principal of, premium, if any, and interest on, and any and all other amounts
payable under or with respect to, this Agreement, the Securities or the
Exchange Securities shall have been paid in full. The Company agrees, to the
fullest extent it may effectively do so under applicable law, that service of
process upon the Authorized Agent and written notice of such service to the
Company (mailed or delivered to its Secretary at its principal office in
Vancouver, British Columbia, Canada) shall be deemed, in every respect,
effective service of process upon the Company in any such action, suit or
proceeding.

     (l) In respect of any judgment or order given or made against the Company
for any amount due hereunder that is expressed and paid in a currency (the
“judgment currency”) other than United States dollars, the Company will
indemnify each Person entitled to all or any portion of such payment from and
against any and all loss incurred by such Person as a result of any variation
as between (i) the rate of exchange at which the United States dollar amount is
converted into the judgment currency for the purpose of such judgment or order
and (ii) the rate of exchange at which such Person is able to purchase United
States dollars with the amount of judgment currency actually received by such
Person; provided, however, that the foregoing provisions of this sentence shall
not be applicable with respect to any judgment or order given or made against
the Company for any amount of Additional Interest which may be due hereunder,
it being understood and agreed by the Company that the provisions of Section
116 of the Indenture shall apply with respect to Additional Interest instead of
the foregoing provisions of this sentence. The Company agrees, to the fullest
extent it may effectively do so under applicable law, that the foregoing
indemnity shall constitute a separate and independent obligation of the Company
and shall continue in full force and effect notwithstanding any such judgment
or order as aforesaid. The term “rate of exchange” shall include any premiums
and costs of exchange payable in connection with the purchase of or conversion
into United States dollars.

     (m) To the extent that the Company or any of its properties, assets or
revenues may have or may hereafter become entitled to, or have attributed to
it, any right of immunity, on the

24

 

grounds of sovereignty or otherwise, from (i) any legal action, suit or
proceeding, (ii) setoff or counterclaim, (iii) the jurisdiction of any court,
(iv) service of process, (v) attachment upon or prior to judgment, (vi)
attachment in aid of execution of judgment, (vii) execution of judgment, or
(viii) other legal process or proceeding for the giving of any relief or for
the enforcement of any judgment, in any jurisdiction in which any action, suit
or proceeding may at any time be commenced, with respect to its obligations,
liabilities or any other matter under or arising out of or in connection with
this Agreement, the Company, to the fullest extent it may effectively do so
under applicable law, hereby irrevocably and unconditionally waives, and agrees
not to plead or claim, any such immunity and consents to such relief and
enforcement.

[SIGNATURE PAGE FOLLOWS]

25

 

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

	 	 	 	 	 
	 	PLACER DOME INC.

 	 
	 	By:  	/s/ Tony S. Giardini
 	 
	 	 	Name:  	Tony S. Giardini 	 
	 	 	Title:  	Treasurer
	 
	 	 	 	 	 
	 	Confirmed and accepted as of

the date first above written:

CITIGROUP GLOBAL MARKETS INC.

J.P. MORGAN SECURITIES INC.

MORGAN STANLEY & CO. INCORPORATED
	 
	 	 	
Acting severally on behalf of themselves
and the several Initial Purchasers named
in the Purchase Agreement. 	 
	 

	 	 	 	 	 
	 	CITIGROUP GLOBAL MARKETS INC.

 	 
	 	By:  	/s/ W. Brennan Smith
 	 
	 	 	Name:  	W. Brennan Smith 	 
	 	 	Title:  	Director 	 
	 

	 	 	 	 	 
	 	J.P. MORGAN SECURITIES INC.

 	 
	 	By:  	/s/ Carl
J. Mehldau Jr.
 	 
	 	 	Name:  	Carl J. Mehldau Jr. 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	MORGAN STANLEY & CO. INCORPORATED

 	 
	 	By:  	/s/
Michael Fusco
 	 
	 	 	Name:  	Michael Fusco 	 
	 	 	Title:  	Executive Director 	 
	 

26exv4w9

 

Exhibit 4.9

LETTER OF TRANSMITTAL

PLACER DOME INC.

Offer to exchange

an aggregate principal amount of up to US$300,000,000 of 6.45% debentures

due 2035 of Placer Dome Inc., which were originally issued on October 10, 2003,

for

an aggregate principal amount of up to US$300,000,000 of 6.45% exchange debentures

due 2035 of Placer Dome Inc., which have been registered under the

United States Securities Act of 1933, as amended, pursuant to a prospectus dated March •, 2004.

THE EXCHANGE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME,

ON •, 2004, UNLESS EXTENDED BY PLACER DOME INC.,

IN ITS SOLE DISCRETION (THE “EXPIRATION TIME”).

TENDERS OF ORIGINAL DEBENTURES MAY BE WITHDRAWN AT ANY

TIME PRIOR TO THE EXPIRATION TIME.

To:      Deutsche Bank Trust Company Americas, the Exchange Agent

By Hand:

Deutsche Bank Trust Company Americas

c/o The Depository Trust Clearing Corporation

55 Water Street, 1st Floor

Jeanette Park Entrance

New York, NY 10041

By Mail:

DB Services Tennessee, Inc.

Reorganization Unit

P.O. Box 292737

Nashville, TN 37229-2737

By Overnight Mail or Courier:

DB Services Tennessee, Inc.

Corporate Trust & Agency Services

Reorganization Unit

648 Grassmere Park Road

Nashville, TN 37211

By Facsimile - for Eligible Institutions (as defined below) only:

Facsimile no.: (615) 835-3701

Confirm by Telephone (615) 835-3572

Information (800) 735-7777

DELIVERY OF THIS LETTER OF TRANSMITTAL TO AN ADDRESS OTHER THAN AS SET OUT
ABOVE, OR TRANSMISSION BY FACSIMILE TO A NUMBER OTHER THAN AS SET OUT ABOVE,
DOES NOT CONSTITUTE A VALID DELIVERY OF THIS LETTER OF TRANSMITTAL.

 

 

THE METHOD OF DELIVERY OF ORIGINAL DEBENTURES, THIS LETTER OF TRANSMITTAL AND
OTHER REQUIRED DOCUMENTS IS AT THE ELECTION AND RISK OF THE HOLDER. IF SUCH
DELIVERY IS TO BE MADE BY MAIL, THEN THE ISSUER RECOMMENDS THAT THE HOLDER USE
REGISTERED MAIL, PROPERLY INSURED AND WITH RETURN RECEIPT REQUESTED. IN ALL
CASES, THE HOLDER SHOULD ALLOW SUFFICIENT TIME TO PERMIT TIMELY DELIVERY. DO
NOT SEND ORIGINAL DEBENTURES, COPIES OF THIS LETTER OF TRANSMITTAL OR ANY OTHER
REQUIRED DOCUMENTS TO THE ISSUER.

Please read the instructions accompanying this Letter of Transmittal carefully
before completing this Letter of Transmittal.

The undersigned hereby acknowledges receiving and reviewing the prospectus of
Placer Dome Inc. (the “Issuer”) dated March •, 2004 (the “Prospectus”) and this
Letter of Transmittal and the accompanying instructions (collectively, the
“Letter of Transmittal”), which together constitute the Issuer’s offer (the
“exchange offer”) to exchange an aggregate principal amount of up to
US$300,000,000 of 6.45% debentures due 2035 of the Issuer (the “exchange
debentures”), which have been registered under the United States Securities Act
of 1933, as amended (the “Securities Act”), pursuant to a registration
statement of which the Prospectus is a part, for an aggregate principal amount
of up to US$300,000,000 of 6.45% debentures due 2035 of the Issuer (the
“original debentures”), which were originally issued on October 10, 2003.

Upon the terms and subject to the conditions set out in this Letter of
Transmittal and in the Prospectus, the Issuer will accept for exchange original
debentures validly tendered (and not subsequently validly withdrawn) on or
before 5:00 p.m., New York City time, on •, 2004, or such later date as the
Issuer, in its sole discretion, extends the time for which the exchange offer
will remain open (the “Expiration Time”). The Issuer will keep the exchange
offer open for at least 20 business days from the date on which notice of the
exchange offer is mailed to the holders of the original debentures. A business
day is defined as any day other than a Saturday or Sunday or a day on which
banking institutions in New York City are authorized or required by law,
regulation or executive order to remain closed.

The Issuer may close the exchange offer so long as it has accepted all original
debentures validly tendered (and not subsequently validly withdrawn) in
accordance with the terms of the exchange offer. The Issuer expressly reserves
the right to extend or amend the exchange offer at any time, or from time to
time, prior to the Expiration Time, or to terminate the exchange offer and not
accept for exchange any original debentures for any reason, including if any of
the events set out in the Prospectus under the heading “The Exchange Offer —
Acceptance of Original Debentures and Delivery of Exchange Debentures” has
occurred and has not been waived by the Issuer. The Issuer will notify Deutsche
Bank Trust Company Americas (the “Exchange Agent”) and holders of the original
debentures as promptly as practicable of any such extension, amendment,
non-acceptance or termination. The Issuer will give notice to such holders of
any extension of the exchange offer by means of a press release or other public
announcement issued no later than 9:00 a.m., New York City time, on the next
business day after the date of the previously scheduled Expiration Time, in
which case the term “Expiration Time” will mean 5:00 p.m., New York City time,
on the latest date to which the exchange offer has been extended. All original
debentures previously tendered pursuant to the exchange offer will remain
subject to the exchange offer during any such extension of the exchange offer.

- 2 -

 

The holder of each original debenture validly tendered and accepted for
exchange (and not subsequently validly withdrawn) will receive an exchange
debenture of the same principal amount as that of the tendered original
debenture.

The exchange offer is not being made to, and tenders will not be accepted from
or on behalf of, holders of original debentures in any jurisdiction in which
the making or acceptance of the exchange offer would not be in compliance with
the laws of such jurisdiction.

This Letter of Transmittal is to be used by holders (as defined below) if: (a)
certificates evidencing original debentures are to be physically delivered to
the Exchange Agent herewith by holders; or (b) if delivery of original
debentures is to be made by Book-Entry Transfer (as defined in instruction 1 to
this Letter of Transmittal) to the account maintained by the Exchange Agent at
The Depository Trust Company (“DTC”) pursuant to the procedures set out in the
Prospectus in the section titled “The Exchange Offer — Book-Entry Transfer”,
and an Agent’s Message (as defined in instruction 1 to this Letter of
Transmittal) is not delivered as described in the Prospectus in the section
titled “The Exchange Offer—Procedure for Tender of Original Debentures.”
Tenders by Book-Entry Transfer may also be made by delivering an Agent’s
Message in lieu of this Letter of Transmittal. Holders of original debentures
whose certificates evidencing their original debentures are not immediately
available, or who are unable to deliver certificates evidencing their original
notes, this Letter of Transmittal and all other documents required hereby to
the Exchange Agent on or prior to the Expiration Time, or who are unable to
complete the procedure for Book-Entry Transfer on or prior to the Expiration
Time, must tender their original debentures according to the guaranteed
delivery procedures set out in the Prospectus in the section titled “The
Exchange Offer — Guaranteed Delivery Procedures” on or prior to the Expiration
Time. See instruction 1 to this Letter of Transmittal.

Delivery of documents to DTC does not constitute delivery to the Exchange
Agent.

Unless the context requires otherwise, the term “holder” for purposes of this
Letter of Transmittal means: (a) any person in whose name original debentures
are registered on the books of the Issuer or any other person who has obtained
a properly completed bond power from the registered holder; or (b) any
participant in DTC, whose original debentures are held of record by DTC, who
desires to deliver such original debentures by book-entry transfer at DTC.

The undersigned must complete, execute and deliver this Letter of Transmittal
to indicate the action the undersigned wishes to take with respect to the
exchange offer.

The instructions included with this Letter of Transmittal must be followed.
Questions and requests for assistance or for additional copies of the
Prospectus, this Letter of Transmittal and the Notice of Guaranteed Delivery
may be directed to the Exchange Agent.

Holders who wish to accept the exchange offer and tender their original
debentures must complete this Letter of Transmittal in its entirety (unless
such original debentures are to be tendered by Book-Entry Transfer and an
Agent’s Message is delivered in lieu hereof).

- 3 -

 

PLEASE READ THIS ENTIRE LETTER OF TRANSMITTAL

CAREFULLY BEFORE COMPLETING THE BOXES BELOW

List below the original debentures which are being tendered for exchange
pursuant to the exchange offer. If the space provided below is inadequate,
please attach to this Letter of Transmittal a signed list setting out the
information required below.

DESCRIPTION OF ORIGINAL DEBENTURES

(See instructions 2, 3 and 8 to this Letter of Transmittal)

	 	 	 	 	 	 	 	 	 
	 	 	1
	 	 	2
	 	 	3

	 	 	 	 	 	 	 	 	Principal Amount of Original
	 	 	 	 	 	 	 	 	Debentures Tendered
	 	 	 	 	 	Aggregate Principal	 	 	(2)
	 	 	 	 	 	Amount of	 	 	(must be in denominations of
	Name(s) and Address(es)	 	Certificate Number(s)	 	 	Original Debentures	 	 	principal amount of US$1,000
	of Registered Holder(s)
	 	(1)
	 	 	(2)
	 	 	or integral multiples thereof)

	(1)	 	Certificate numbers are not required if original debentures are being
tendered by Book-Entry Transfer (as defined in instruction 1 to this
Letter of Transmittal).
	 
	(2)	 	Unless otherwise indicated, a holder will be deemed to have tendered for
exchange ALL of the original debentures listed in column 2.

- 4 -

 

	 	 	 
	o

	 	CHECK HERE IF TENDERED ORIGINAL DEBENTURES ARE BEING DELIVERED BY BOOK-ENTRY TRANSFER MADE TO AN ACCOUNT MAINTAINED BY THE EXCHANGE AGENT WITH THE BOOK-ENTRY TRANSFER FACILITY AND COMPLETE THE FOLLOWING:

	 	 	 
	Name of Tendering Institution:

	 	

	 	 	 
	Book-Entry Transfer Facility Account Number:

	 	

	 	 	 
	Transaction Code Number:

	 	

	 	 	 
	o

	 	CHECK HERE IF TENDERED ORIGINAL DEBENTURES ARE BEING DELIVERED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY PREVIOUSLY SENT TO THE EXCHANGE AGENT AND COMPLETE THE FOLLOWING:

	 	 	 
	Name(s) of Registered Holder(s):

	 	

	 	 	 
	Window Ticket Number (if any):

	 	

	 	 	 
	Date of Execution of Notice of Guaranteed Delivery:

	 	

	 	 	 
	Name of Institution which guaranteed delivery:

	 	

	 	 	 
	If delivered by book-entry transfer, complete the following:

	 	

	 	 	 
	Book-Entry Transfer Facility Account Number:

	 	

	 	 	 
	Transaction Code Number:

	 	

	 	 	 
	o

	 	CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.

	 	 	 
	Name:

	 	

	 	 	 
	Address:

	 	

You are entitled to as many copies as you may reasonably request. If you need
more than 10 copies, please indicate the number of copies required below.

- 5 -

 

PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY

Upon the terms, and subject to the conditions, of the exchange offer, the
undersigned hereby tenders to the Issuer the aggregate principal amount of
original debentures listed above in the box entitled “Description of Original
Debentures”.

The undersigned agrees that acceptance by the Issuer of original debentures
tendered pursuant to the procedures described in the Prospectus and in this
Letter of Transmittal will constitute a binding agreement between the
undersigned and the Issuer upon the terms and subject to the conditions of the
exchange offer.

The undersigned agrees that, for the purposes of the exchange offer, the Issuer
will be deemed to have accepted for exchange validly tendered original
debentures when, as and if the Issuer has given oral or written notice thereof
to the Exchange Agent.

Subject to, and effective upon, the acceptance by the Issuer for exchange of
the original debentures tendered hereby, the undersigned, without disposing of
the debt evidenced by the original debentures, hereby exchanges, assigns and
transfers to, or to the order of, the Issuer, all right, title and interest of
the undersigned in and to the original debentures tendered hereby. The
undersigned hereby irrevocably constitutes and appoints Deutsche Bank Trust
Company Americas as its agent and attorney-in-fact, with full knowledge that
the Exchange Agent also acts as the agent of the Issuer, with respect to the
tendered original debentures, with full power of substitution, to (a) deliver
certificates evidencing such original debentures and all accompanying evidences
of transfer and authenticity to, or to the order of, the Issuer; (b) present
such original debentures for transfer on the books of the Issuer; and (c)
receive for the account of the Issuer all benefits, and otherwise exercise all
rights of the beneficial ownership of such original debentures, all in
accordance with the terms of the exchange offer. The power of attorney granted
in this paragraph will be deemed to be irrevocable from, and after, the
Expiration Time.

The undersigned represents and warrants that the undersigned has full power and
authority to tender, exchange, assign and transfer the original debentures
tendered hereby and to acquire the exchange debentures to be issued pursuant to
the exchange offer, and that the Issuer will receive good title to such
original debentures, free and clear of all encumbrances, liens, restrictions
and charges, and that the tendered original debentures will not be subject to
any adverse claim by any third party.

The undersigned covenants that it will, upon the request of the Issuer, execute
and deliver any additional documents the Issuer determines are necessary to
effect the exchange, assignment and transfer to the Issuer of the original
debentures tendered hereby.

The undersigned agrees that acceptance of any tendered original debentures by
the Issuer, and the issuance of an equal principal amount of exchange
debentures in exchange therefor, will constitute performance in full by the
Issuer of certain obligations under the Registration Rights Agreement, and that
the Issuer will have no further obligation or liabilities thereunder (except in
certain limited circumstances). All authority conferred or agreed to be
conferred in this Letter of Transmittal will survive the death or incapacity of
the undersigned and every obligation of the undersigned will be binding upon
the heirs, legal representatives, successors, assigns, executors and
administrators of the undersigned.

- 6 -

 

The undersigned acknowledges that tender may be withdrawn only in accordance
with the procedures set forth in the instructions contained in this Letter of
Transmittal and in the Prospectus under the section entitled “The Exchange
Offer — Withdrawal”.

The undersigned acknowledges that this exchange offer is being made in reliance
upon the position of the staff of the United States Securities and Exchange
Commission (the “Commission”) as set forth in certain no-action letters to
other parties in other transactions. The Issuer has not sought its own
no-action letter, and there can be no assurance that the staff of the
Commission would make a similar determination with respect to the exchange
offer as it has made in such other circumstances. Based upon these
interpretations by the staff of the Commission, the Issuer believes that the
exchange debentures issued pursuant to the exchange offer in exchange for
original debentures may, in general, be offered for resale, resold and
otherwise transferred by a holder thereof without further registration under
the Securities Act (other than by any holder which is (a) a broker-dealer which
purchased such original debentures directly from the Issuer for resale pursuant
to Rule 144A or other available exemptions under the Securities Act; (b) a
broker-dealer which acquired such original debentures for its own account as a
result of market-making or other trading activities; or (c) a person that is an
“affiliate” (as that term is defined in Rule 405 of the Securities Act (an
“Affiliate”), of the Issuer), without compliance with the registration and
prospectus delivery provisions of the Securities Act; provided that such
exchange debentures are acquired in the ordinary course of such holder’s
business and that such holder is not participating, and has no arrangement or
understanding with any person to participate, in a distribution (within the
meaning of the Securities Act) of such exchange debentures.

The undersigned represents and warrants to the Issuer that any exchange
debentures received by it will be acquired in the ordinary course of business.

The undersigned represents and warrants to the Issuer that it has no
arrangement or understanding with any person to participate in the distribution
of the original debentures or the exchange debentures within the meaning of the
Securities Act.

The undersigned represents and warrants to the Issuer that it is not an
Affiliate of the Issuer.

The undersigned represents and warrants to the Issuer that it is not engaged
in, and does not intend to engage in, the distribution of the exchange
debentures within the meaning of the Securities Act.

If the undersigned is a broker-dealer, then it represents and warrants to the
Issuer that it will receive exchange debentures in exchange for original
debentures that it acquired for its own account as a result of market-making
activities or other trading activities and it will deliver a prospectus meeting
the requirements of the Securities Act in connection with any resale of such
exchange debentures.

If the undersigned is a broker-dealer, then it represents and warrants to the
Issuer that it did not purchase the original debentures tendered hereby
directly from the Issuer for resale pursuant to Rule 144A or any other
available exemption from registration under the Securities Act.

By acknowledging that you, as a broker-dealer, will deliver a prospectus
meeting the requirements of the Securities Act in connection with any resale of
the exchange debentures, you will not be deemed to admit that you are an
“underwriter” within the meaning of the Securities Act.

- 7 -

 

PLEASE READ THIS ENTIRE LETTER OF TRANSMITTAL

CAREFULLY BEFORE COMPLETING ANY BOX BELOW

SPECIAL ISSUANCE INSTRUCTIONS

(See instruction 5)

If you are delivering certificates evidencing original debentures and you wish
to have certificates evidencing exchange debentures (or evidencing original
debentures which are not accepted or not tendered for exchange) issued in the
name of someone other than the registered holder of the original debentures,
then provide the following information for the person in whose name you wish to
have such certificates issued:

Name

Employer identification or social security number

If you are delivering original debentures by Book-Entry Transfer and you wish
to have exchange debentures (or original debentures which are not accepted for
exchange) credited to an account other than the account set out on page 5, then
provide the account number to be credited:

Book-Entry Transfer Facility account number

SPECIAL DELIVERY INSTRUCTIONS

(See instruction 5)

If you are delivering certificates evidencing original debentures and you wish
to have certificates evidencing exchange debentures (or original debentures
which are not accepted or not tendered for exchange) sent to an address other
than the address on page 4, then provide the following information:

Name

Address

- 8 -

 

PLEASE SIGN BELOW

(TO BE COMPLETED BY ALL TENDERING HOLDERS REGARDLESS OF WHETHER ORIGINAL

DEBENTURES ARE BEING PHYSICALLY DELIVERED HEREWITH)

(Complete Accompanying Substitute Form W-9)

I hereby tender the original debentures listed in the box entitled “Description
of Original Debentures” pursuant to the terms of the exchange offer.

	 	 	 	 	 	 	 	 	 
	X

	 	

	 	 
	 	

	 	, 2004
	 
	 	 	 	 	 	 	 	 
	X

	 	

	 	 
	 	

	 	, 2004
	

	 	Signature(s) of Owner(s)
	 	 	 	Date	 	 

If the holder is tendering any original debentures, then this Letter of
Transmittal must be signed by the registered holder(s) as the name(s) appear(s)
on the certificate(s) evidencing the original debentures, or on a security
position listing, or by any person(s) authorized to become registered holder(s)
by endorsements and documents transmitted herewith. If signature is by a
trustee, executor, administrator, guardian, officer or other person acting in a
fiduciary or representative capacity, then please set forth the full title of
that person. See instruction 4 below.

Name

Address

Area code and telephone number

Social security number or tax identification number

SIGNATURE GUARANTEE

(If required by instruction 4)

Signature(s) Guaranteed by an Eligible Institution:

Authorized signature

Name and title 

Name of Eligible Institution

Address

Area code and telephone number

Date

- 9 -

 

PLEASE READ THIS ENTIRE LETTER OF TRANSMITTAL

CAREFULLY BEFORE COMPLETING ANY BOX ABOVE.

INSTRUCTIONS

Forming Part of the Terms and Conditions of the

Exchange Offer

	1.	 	Tender

Means of tender

A holder of original debentures who wishes to tender those original debentures
for exchange pursuant to the exchange offer must, on or before the Expiration
Time:

	(a)	 	deliver to the Exchange Agent a properly completed and executed copy of
this Letter of Transmittal, the certificates evidencing those original
debentures, and all other documents required by this Letter of
Transmittal; or
	 
	(b)	 	deliver to the Exchange Agent a properly completed and executed copy of
this Letter of Transmittal and all other documents required by this Letter
of Transmittal, and take the steps necessary to effect a Book-Entry
Transfer (as defined below) of those original debentures so that the
Exchange Agent receives, on or before the Expiration Time, a Book-Entry
Confirmation (as defined below) issued by the Book-Entry Transfer Facility
(as defined below); or
	 
	(c)	 	take the steps necessary to ensure that the Exchange Agent receives, on
or before the Expiration Time, an Agent’s Message (as defined below) in
lieu of this Letter of Transmittal and a Book-Entry Confirmation; or
	 
	(d)	 	comply with the guaranteed delivery procedures described below.

The method of delivery of this Letter of Transmittal and all other required
documents, including delivery through the Book-Entry Transfer facility and any
acceptance of Agent’s Message, is at the election and risk of the tendering
holder. If delivery is to be made by mail, then the Issuer recommends that the
holder use registered mail, properly insured and with return receipt requested.
In all cases, sufficient time should be allowed to ensure timely delivery.

Definitions

“Agent’s Message” means a message transmitted by the Book-Entry Transfer
Facility to and received by the Exchange Agent and forming a part of a
Book-Entry Transfer which states that the Book-Entry Transfer Facility has
received an express acknowledgment from the participant in the Book-Entry
Transfer Facility tendering original debentures that such participant has
received and agrees to be bound by the terms of this Letter of Transmittal, and
that the Issuer may enforce such agreement against such participant.

- 10 -

 

“Book-Entry Confirmation” means a confirmation of a Book-Entry Transfer of
original debentures issued by the Book-Entry Transfer Facility in accordance
with the procedures of the Book-Entry Transfer Facility.

“Book-Entry Transfer” means a book-entry transfer of original debentures by a
financial institution which is a participant in the Book-Entry Transfer
Facility to the account maintained by the Exchange Agent at the Book-Entry
Transfer Facility for such transfers, in accordance with the procedures of the
Book-Entry Transfer Facility.

“Book-Entry Transfer Facility” means The Depository Trust Company or DTC.

“Eligible Institution” means a firm which is a member of a registered national
securities exchange or a member of the National Association of Securities
Dealers, Inc., or a commercial bank or trust company having an office or
correspondent in the United States or which is otherwise an “eligible
guarantor” institution within the meaning of Rule 17Ad-15 under the United
States Securities Exchange Act of 1934, as amended.

Guaranteed delivery procedures

If: (a) the certificates evidencing the original debentures to be tendered for
exchange are not immediately available; or (b) time does not permit the
certificates evidencing the original debentures to be tendered, this Letter of
Transmittal, or any other documents required by this Letter of Transmittal to
be delivered to the Exchange Agent on or prior to the Expiration Time; or (c)
the procedures for Book-Entry Transfer of those original debentures cannot be
completed on or prior to the Expiration Time; then the holder may tender those
original debentures for exchange in accordance with the following guaranteed
delivery procedures.

Pursuant to the guaranteed delivery procedures: (a) such tender must be made
through an Eligible Institution; and (b) on or prior to the Expiration Time,
the Exchange Agent must have received from the Eligible Institution (by
facsimile, mail or hand delivery), a properly completed and duly executed copy
of this Letter of Transmittal and a Notice of Guaranteed Delivery (in
substantially the form provided with this Letter of Transmittal), which sets
out the name and address of the holder of original debentures and the amount of
original debentures tendered, and which states that the tender is being made
thereby, and guaranteeing that, within two business days after the date of
execution of the Notice of Guaranteed Delivery, the Eligible Institution will
deposit with the Exchange Agent either the certificates for all tendered
original debentures (in proper form for transfer) or a Book-Entry Confirmation,
plus, in either case, all other documents required by this Letter of
Transmittal; and (c) within the guaranteed period after the date of execution
of the Notice of Guaranteed Delivery, the Exchange Agent must have received
from the Eligible Institution either the certificates for all tendered original
debentures (in proper form for transfer) or a Book-Entry Confirmation, plus, in
either case, all other documents required by this Letter of Transmittal.

Validity of tender

All questions as to the validity, form, eligibility (including time of receipt)
and acceptance of tendered original debentures will be determined by the
Issuer, in its sole discretion, and any such determination will be final and
binding. The Issuer reserves the right to reject any and all tenders of any
particular original debentures not properly tendered or not to accept any
particular original debentures tendered where such acceptance might, in the
judgment of the Issuer or its counsel, be unlawful. The Issuer also reserves
the absolute right to waive any defects or irregularities or conditions of the
exchange offer as to any particular original debentures, either before or after
the Expiration Time, including the right to waive

- 11 -

 

the ineligibility of any holder who seeks to tender original debentures. The
Issuer’s interpretation of the terms and conditions of the exchange offer
(including the instructions in this Letter of Transmittal) as to any particular
original debentures will be final and binding on the holder thereof. Unless
waived by the Issuer, any defects or irregularities in connection with tenders
of original debentures must be cured within such reasonable period of time as
the Issuer may specify. Neither the Issuer, nor the Exchange Agent, nor any
other person, will be under any duty to give notification of any defect or
irregularity with respect to any tender of original debentures, nor will any of
them incur any liability for any failure to do so. Tenders of Original
Debentures will not be deemed to have been made until such defects or
irregularities have been cured or waived. Any original debentures received by
the Exchange Agent that are not properly tendered and, as to which, any defects
or irregularities have not been cured or waived by the Issuer will be returned
by the Exchange Agent to the tendering holders, unless otherwise provided in
this Letter of Transmittal, as promptly as practicable after the expiration or
termination of the exchange offer.

	2.	 	Tender may only be made by the registered holder

Only a registered holder of original debentures may tender such original
debentures in the exchange offer. Any beneficial owner whose original
debentures are registered in the name of a broker, dealer, commercial bank,
trust company, or other nominee, and who wishes to tender such original
debentures, should contact the registered holder promptly and instruct such
registered holder to tender on behalf of such beneficial owner. If such
beneficial owner wishes to tender on such owner’s own behalf, such owner must,
prior to completing and executing this Letter of Transmittal and delivering
such owner’s original debentures, either make appropriate arrangements to
register ownership of the original debentures in such owner’s name or obtain a
properly completed bond power from the registered holder. The transfer of
registered ownership may take considerable time.

	3.	 	Partial tenders and withdrawals

Tenders of original debentures will be accepted only in denominations of
US$1,000, or integral multiples thereof. If less than all of a holder’s
original debentures are to be tendered, then the tendering holder should fill
in the aggregate principal amount of original debentures to be tendered in the
box above entitled “Description of Original Debentures — Principal Amount of
Original Debentures Tendered”. A certificate evidencing the balance of
non-tendered original debentures will be sent to such tendering holder, unless
otherwise provided in the appropriate box in this Letter of Transmittal, as
promptly as practicable after the expiration or termination of the exchange
offer. All of the original debentures delivered to the Exchange Agent will be
deemed to have been tendered unless otherwise indicated.

Any holder who has tendered original debentures may withdraw the tender by
delivering written notice of withdrawal to the Exchange Agent prior to the
Expiration Time. For a withdrawal to be effective, a written notice of
withdrawal must be received by the Exchange Agent at the address set out in
this Letter of Transmittal prior to the Expiration Time. Any such notice of
withdrawal must specify the name of the person who tendered the original
debentures which are to be withdrawn, identify the original debentures to be
withdrawn (including the principal amount of such original debentures), and,
where certificates evidencing original debentures have been delivered, specify
the name in which such original debentures are registered, if different from
that of the withdrawing holder. If certificates evidencing original debentures
have been delivered or are otherwise identified to the Exchange Agent, then,
prior to the release of such certificates, the withdrawing holder must submit
the serial numbers of the particular certificates to be withdrawn and a signed
notice of withdrawal with signatures guaranteed by an Eligible Institution,
unless such holder is an Eligible Institution. If original debentures have
been tendered pursuant to the procedure for Book-Entry Transfer, then any
notice of withdrawal must specify the name

- 12 -

 

and number of the account at the Book-Entry Transfer Facility to be credited
with the withdrawn original debentures, and otherwise comply with the
procedures of such facility.

All questions as to the validity, form, eligibility (including time of receipt)
and acceptance of notices of withdrawal will be determined by the Issuer, in
its sole discretion, and any such determination will be final and binding. Any
original debentures so withdrawn will be deemed not to have been validly
tendered for exchange for purposes of the exchange offer. Any original
debentures which have been tendered for exchange, but which are not exchanged
for any reason, will be returned to the holder thereof without cost to such
holder (or, in the case of original debentures tendered by Book-Entry Transfer,
such original debentures will be credited to an account maintained with such
Book-Entry Transfer Facility for the original debentures) as soon as
practicable after withdrawal, rejection of tender or termination of the
exchange offer. Properly withdrawn original debentures may be re-tendered by
following one of the procedures for tender described above.

	4.	 	Signatures and guarantees of signatures

If this Letter of Transmittal is signed by the registered holder of the
original debentures tendered hereby, and certificates evidencing such original
debentures are also tendered herewith, then the signature on this Letter of
Transmittal must correspond exactly with the name of the holder on the face of
the certificates, without any change whatsoever.

If any original debentures tendered hereby are owned of record by two or more
joint owners, then all such owners must sign this Letter of Transmittal.

If any original debentures tendered hereby are registered in different names on
several certificates, the holders thereof must complete, sign and submit as
many separate copies of this Letter of Transmittal as there are different
registrations of certificates.

If this Letter of Transmittal is signed by the registered holder or holders of
the original debentures tendered hereby, then no endorsements of certificates
or separate bond powers are required, unless exchange debentures are to be
issued or re-issued to a person other than the registered holder, in which case
endorsements of any certificates transmitted hereby or separate bond powers are
required.

If this Letter of Transmittal is signed by a person other than the registered
holder or holders of any certificates tendered hereby, then such certificates
must be endorsed or accompanied by appropriate bond powers, in either case
signed exactly as the name or names of the registered holders appears on the
certificates.

If this Letter of Transmittal or any certificates or bond powers are signed by
trustees, executors, administrators, guardians, attorneys-in-fact, officers of
corporations or others acting in a fiduciary or representative capacity, then
such persons must so indicate when signing, and, unless waived by the Issuer,
must also submit proper evidence, satisfactory to the Issuer, of their
authority to so act.

- 13 -

 

Endorsements on certificates evidencing original debentures, or signatures on
bond powers required by this instruction 4, must be guaranteed by an Eligible
Institution.

Signatures on this Letter of Transmittal need not be guaranteed by an Eligible
Institution if the original debentures are tendered: (a) by a registered holder
of such original debentures (which term, for purposes of the exchange offer,
includes any participant in the Book-Entry Transfer Facility system whose name
appears on a security position listing as the holder of such original
debentures) who has not completed the box entitled “Special Issuance
Instructions” on this Letter of Transmittal; or (b) for the account of an
Eligible Institution.

	5.	 	Special issuance and special delivery instructions

Unless the box entitled “Special Issuance Instructions” has been properly
completed:

	(a)	 	If a certificate evidencing original debentures has been delivered under
the exchange offer and:

	 	(i)	 	the original debentures have been accepted for exchange by
the Issuer, then a certificate evidencing the exchange debentures
will be issued in the name of the registered holder of the original
debentures;
	 
	 	(ii)	 	the original debentures have not been accepted for exchange
by the Issuer, then a certificate evidencing the non-accepted
original debentures will be issued in the name of the registered
holder of the original debentures; and
	 
	 	(iii)	 	only a portion of the principal amount of the original
debentures evidenced by the certificate is tendered for exchange,
then a certificate evidencing the portion of the original debentures
not tendered for exchange will be issued in the name of the
registered holder of the original debentures.

	(b)	 	If original debentures have been delivered by Book-Entry Transfer and:

	 	(i)	 	the original debentures have been accepted for exchange by
the Issuer, then the exchange debentures will be credited to the
account set out on page 5; and
	 
	 	(ii)	 	the original debentures have not been accepted for exchange
by the Issuer, then the non-accepted original debentures will be
credited to the account set out on page 5.

Unless the box entitled “Special Delivery Instructions” has been properly
completed, if a certificate evidencing original debentures has been delivered
under the exchange offer and:

	(a)	 	the original debentures have been accepted for exchange by the Issuer,
then a certificate evidencing the exchange debentures will be sent to the
address set out on page 4;
	 
	(b)	 	the original debentures have not been accepted for exchange by the
Issuer, then a certificate evidencing the non-accepted original debentures
will be sent to the address set out on page 4; and
	 
	(c)	 	only a portion of the principal amount of the original debentures
evidenced by the certificate is tendered for exchange, then a certificate
evidencing the portion of the original debentures not tendered for
exchange will be sent to the address set out on page 4.

- 14 -

 

	6.	 	Transfer taxes

Holders who tender original debentures for exchange pursuant to the exchange
offer will not be obligated to pay any transfer taxes in connection therewith,
except that holders who instruct the Issuer to register exchange debentures in
the name of, or request that original debentures not tendered to, or not
accepted in, the exchange offer be returned to a person other than the
tendering registered holder will be responsible for the payment of any
applicable transfer tax.

	7.	 	Waiver of conditions

The Issuer reserves the right to waive satisfaction of any and all conditions
relating to the exchange offer.

	8.	 	No conditional tenders

No alternative, conditional, irregular or contingent tenders will be accepted
by the Issuer. All tendering holders of original debentures hereby waive any
right to receive notice of the acceptance of their original debentures for
exchange pursuant to the exchange offer.

	9.	 	Mutilated, lost, stolen or destroyed certificates

A holder whose certificates evidencing original debentures have been mutilated,
lost, stolen or destroyed should contact the Exchange Agent at the addresses
set out herein for further instructions.

	10.	 	Requests for assistance or additional copies

Questions relating to the procedure for tendering, or requests for additional
copies of the Prospectus and this Letter of Transmittal, may be directed to the
Exchange Agent, at the address set out herein.

- 15 -

 

IMPORTANT TAX INFORMATION

Under United States federal income tax laws, a registered holder of debentures
is required to provide the Exchange Agent (as defined in the Prospectus) (as
payor) with either (i)(a) such holder’s correct Taxpayer Identification Number
(“TIN”) on Substitute Form W-9 below, certifying that the TIN provided on
Substitute Form W-9 is correct (or that such holder has applied for a TIN); (b)
certification that (A) the holder has not been notified by the Internal Revenue
Service that he or she is subject to backup withholding tax as a result of a
failure to report all interest or dividends or (B) the Internal Revenue Service
has notified the holder that he or she is no longer subject to backup
withholding tax and (c) that the holder is a United States person; or (ii) an
adequate basis for exemption from backup withholding tax. Failure to provide
such holder’s taxpayer identification number on the Substitute Form W-9, if
applicable, may subject the tendering holder (or other payee) to a $50 penalty
imposed by the Internal Revenue Service. More serious penalties may be imposed
for providing false information which, if wilfully done, may result in fines
and/or imprisonment. The box in Part 3 of the Substitute Form W-9 may be
checked if the tendering holder (or other payee) is required to submit a
Substitute Form W-9 and has not been issued a TIN and has applied for a TIN or
intends to apply for a TIN in the near future. If the box in Part 3 is so
checked and the Exchange Agent is not provided with a TIN by the time of
payment, the Exchange Agent will withhold 28% on all payments made to the
holder, if any, until a TIN is provided to the Exchange Agent.

Certain holders (including, among others, all corporations and certain foreign
persons) are not subject to these backup withholding and reporting
requirements. Exempt holders should indicate their exempt status on Substitute
Form W-9. A foreign person may qualify as an exempt recipient by submitting to
the Exchange Agent a properly completed Internal Revenue Service Form W-8,
signed under penalties of perjury, attesting to that holder’s exempt status. A
Form W-8 can be obtained from the Exchange Agent.

If backup withholding applies, the Exchange Agent is required to withhold 28%
of any payments made to the holder or other payee. Backup withholding is not
an additional federal income tax. Rather, the federal income tax liability of
persons subject to backup withholding will be reduced by the amount of tax
withheld. If withholding results in an overpayment of taxes, a refund may be
obtained from the Internal Revenue Service.

Purpose of Substitute Form W-9

Unless an exemption from backup withholding is otherwise established with the
Exchange Agent, each tendering holder (or other payee) must provide the
Exchange Agent with a correct TIN, generally the holder’s Social Security or
federal employer identification number, and with certain other information, on
Substitute Form W-9, which is provided below, and to certify that the holder
(or other payee) is not subject to backup withholding. The box in Part 3 of
the Substitute Form W-9 may be checked if the tendering holder (or other payee)
has not been issued a TIN and has applied for a TIN or intends to apply for a
TIN in the near future. If the box in Part 3 is checked and the Exchange Agent
is not provided with a TIN by the time of payment, the Exchange Agent will
withhold 28% on all payments, if any, until a TIN is provided to the Exchange
Agent.

- 16 -

 

TO BE COMPLETED BY ALL TENDERING HOLDERS

(See “Important Tax Information” above)

PAYOR’S NAME: DEUTSCHE BANK TRUST COMPANY AMERICAS

NOTE: FAILURE TO COMPLETE THIS FORM MAY RESULT IN BACKUP WITHHOLDING OF 28% OF
ANY PAYMENTS MADE TO YOU UNDER THE DEBENTURES

	 	 	 	 	 
	SUBSTITUTE

FORM W-9

	 	Part 1 - PLEASE PROVIDE YOUR TIN
IN THE BOX AT RIGHT AND CERTIFY
BY SIGNING AND DATING BELOW
	 	Social Security Number

OR                                                             
      
Employer Identification Number

	 	 	 	 	 	 	 	 	 
	Department of the
Treasury Internal
Revenue Service

	 	 	Part 2 - Certification - Under penalties of perjury,
I certify that:
	 	Part 3

Awaiting TIN o
	

	 	 	(1	)	 	The number shown on this form is my correct TIN (or I am waiting for
a number to be issued to me);	 	 
	 
	

	 	 	(2	)	 	I am not subject to backup withholding because (i) I am exempt from
backup withholding, (ii) I have not been notified by the Internal Revenue
Services (“IRS”) that I am subject to backup withholding as a result of
failure to report all interest or dividends, or (iii) the IRS has
notified me that I am no longer subject to backup withholding;	 	 
	 
	

	 	 	(3	)	 	I am a U.S. person (including a U.S. resident alien); and	 	 
	 
	

	 	 	(4	)	 	any other information provided on this form is true and correct.	 	 

	 	 	 
	Payor’s Request for
Taxpayer
Identification
Number (“TIN”)

	 	Certificate Instructions: - You must cross out item (2) in Part II above if you have been notified by
the IRS that you are subject to backup withholding because of underreporting interest or dividends on
your tax return. However, if after being notified by the IRS that you were subject to backup
withholding you received another notification from the IRS stating that you are no longer subject to
backup withholding, do not cross out item (2).

	 	 	 	 	 
	 

	 	SIGNATURE
	 	

	 
	

	 	DATE
	 	

	 
	

	 	NAME
	 	

	

	 	 	 	(Please Print)

YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU CHECKED THE BOX IN PART 3 OF
SUBSTITUTE FORM W-9

CERTIFICATE OF AWAITING TAXPAYER IDENTIFICATION NUMBER

     I certify under penalties of perjury that a taxpayer identification number has not been issued to me, and either (a) I have mailed or delivered an
application to receive a taxpayer identification number to the appropriate Internal Revenue Service Center or Social Security Administration Office or
(b) I intend to mail or deliver an application in the near future. It is understood that if I do not provide a taxpayer identification number within 60
days, 28% of all reportable payments made to me thereafter will be withheld until I provide such a number.

	 	 	 
	

	 	, 2004
	Signature and Date
	 	 

- 17 -

 

GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION

NUMBER ON SUBSTITUTE FORM W-9

Obtaining a Number

If you don’t have a taxpayer identification number or you don’t know your
number, obtain Form SS-5 Application for a Social Security Number Card, or Form
SS-4 Application for Employer Identification Number, at the local office of the
Social Security Administration or the Internal Revenue Service and apply for a
number.

Payees Exempt from Backup Withholding

Payees specifically exempted from backup withholding on ALL payments include
the following:

	 	•	 	A corporation.

	 	•	 	A financial institution.

	 	•	 	An organization exempt from tax under section 501(a), or an individual
retirement plan.

	 	•	 	The United States or any agency or instrumentality thereof.

	 	•	 	A State, The District of Columbia, a possession of the United States,
or any subdivision or instrumentality thereof.

	 	•	 	A foreign government, a political subdivision of a foreign government,
or any agency or instrumentality thereof.

	 	•	 	An international organization or any agency or instrumentality thereof.

	 	•	 	A registered dealer in securities or commodities registered in the U.S.

or a possession of the U.S.

	 	•	 	A real estate investment trust.

	 	•	 	A common trust fund operated by a bank under section 584(a).

	 	•	 	An exempt charitable remainder trust, or a non-exempt trust described
in section 4947(a)(1).

	 	•	 	An entity registered at all times under the Investment Company Act of
1940.

	 	•	 	A foreign central bank of issue.

Payment of dividends and patronage dividends not generally subject to backup
withholding include the following:

	 	•	 	Payments to non-resident aliens subject to withholding under section
1441.

	 	•	 	Payments to partnerships not engaged in a trade or business in the U.S.
and which have at least one non-resident partner.

	 	•	 	Payments of patronage dividends where the amount renewed is not paid in
money.

	 	•	 	Payments made by certain foreign organizations.

	 	•	 	Payments made to a nominee.

Payments of interest not generally subject to backup withholding include
the following:

	 	•	 	Payments of interest on obligations issued by individuals. Note: You
may be subject to backup withholding if this interest is U.S. $600 or
more and is paid in the course of the payer’s trade or business and you
have not provided your correct taxpayer identification number to the
payer.

	 	•	 	Payments of tax-exempt interest (including exempt-interest dividends
under section 852).

	 	•	 	Payments described in section 6049(b)(S) to non-resident aliens.

	 	•	 	Payments on tax-free covenant bonds under section 1451.

	 	•	 	Payments made by certain foreign organizations.

	 	•	 	Payments made to a nominee.

Exempt payees described above should file Form W-9 to avoid possible erroneous
backup withholding.

FILE THIS FORM WITH THE PAYER, FURNISH YOUR TAXPAYER IDENTIFICATION NUMBER,
WRITE “EXEMPT” ON THE FACE OF THE FORM, AND RETURN IT TO THE PAYER. IF THE
PAYMENTS ARE INTEREST, DIVIDENDS, OR PATRONAGE DIVIDENDS, ALSO SIGN AND DATE
THE FORM.

Certain payments other than interest, dividends, and patronage dividends that
are not subject to information reporting are also not subject to backup
withholding. For details, see the regulations under sections 6041, 6041A(a),
6045, and 6050A.

Privacy Act Notice - Section 6109 requires most recipients of dividend,
interest, or other payments to give taxpayer identification numbers to payers
who must report the payments to the IRS. The IRS uses the numbers for
identification purposes. Payers must be given the numbers whether or not
recipients are required to file tax returns. Payers must generally withhold
28% of taxable interest, dividends, and certain other payments to a payee who
does not furnish a taxpayer identification number to a payer. Certain
penalties may also apply.

Penalties

(1)     Penalty for Failure to Furnish Taxpayer Identification Number. If you
fail to furnish your taxpayer identification number to a payer, you are subject
to a penalty of U.S. $50 for each such failure unless your failure is due to
reasonable cause and not to willful neglect.

(2)     Civil Penalty for False Information With Respect to Withholding. If you
make a false statement with no reasonable basis which results in no imposition
of backup withholding, you are subject to a penalty of U.S.$500.

(3)     Criminal Penalty for Falsifying Information. Falsifying certifications or
affirmations may subject you to criminal penalties including fines and/or
imprisonment.

FOR ADDITIONAL INFORMATION CONTACT YOUR TAX CONSULTANT OR THE INTERNAL REVENUE
SERVICE.

- 18 -

 

GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION

NUMBER ON SUBSTITUTE FORM W-9

Guidelines for Determining the Proper Identification Number to Give the Payer -
Social Security numbers have nine digits separated by two hyphens: i.e.,
000-00-0000. Employer identification numbers have nine digits separated by
only one hyphen: i.e., 00-0000000. The table below will help determine the
number to give the payer.

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Give the
	 	 	 	 	 	 	SOCIAL
	 	 	 	 	 	 	SECURITY
	For this type of account
	 	number of -

	1.	 	An individual’s account	 	The individual
	 
	 	 	 	 	 	 
	2.	 	Two or more individuals (joint

account)	 	The actual owner of the account or, if combined funds, the first
individual on the account (1)
	 
	 	 	 	 	 	 
	3.	 	Husband and wife (joint
account)	 	The actual owner of the account or, if joint funds, either person
(1)
	 
	 	 	 	 	 	 
	4.	 	Custodian account of a minor
(Uniform Gift to Minors Act)	 	The minor (2)
	 
	 	 	 	 	 	 
	5.	 	Adult and minor (joint account)	 	The adult or, if the minor is the
only contributor, the minor (2)
	 
	 	 	 	 	 	 
	6.	 	Account in the name of
guardian or committee for a
designated ward, minor, or
incompetent person	 	The ward, minor, or incompetent

person (3)
	 
	 	 	 	 	 	 
	7.

	 	a.
	 	The usual revocable
savings trust account
(grantor is also
trustee)
	 	The grantor-trustee (1)
	 
	 	 	 	 	 	 
	

	 	b.
	 	So-called trust account
that is not a legal or
valid trust under State law
	 	The actual owner (1)
	 
	 	 	 	 	 	 
	8.

	 	Sole proprietorship account
	 	The owner (4)
	 
	 	 	 	 
	9.

	 	A valid trust, estate, or pension trust
	 	Legal entity (Do not
furnish the
identifying number
of the personal
representative or
trustee unless the
legal entity itself
is not designated in
the account title.)
(5)
	 
	 	 	 	 
	10.

	 	Corporate (or LLC electing corporate status on Form 8832) account
	 	The corporation
	 
	 	 	 	 
	11.

	 	Association, club,
religious, charitable, or educational or other tax-exempt organization account
	 	The organization
	 
	 	 	 	 
	12.

	 	Partnership held in the name of the business
	 	The partnership
	 
	 	 	 	 
	13.

	 	A broker or registered nominee
	 	The broker or nominee
	 
	 	 	 	 
	14.

	 	Account with the Department of Agriculture in the name of a public
entity (such public entity as a State or local government, school
district or prison) that receives agricultural program payments
	 	The public entity

	(1)	 	List first and circle the name of the person whose number you furnish. If
only one person on a joint account has a social security number, that
person’s number must be furnished.
	 
	(2)	 	Circle the minor’s name and furnish the minor’s social security number.
	 
	(3)	 	Circle the ward’s, minor’s or incompetent person’s name and furnish such
person’s social security number.
	 
	(4)	 	Show the name of the owner. You may use either your social security
number of employer identification (if you have one).
	 
	(5)	 	List first and circle the name of the legal trust, estate or pension
trust.

NOTE: If no name is circled when there is more than one name, the number will
be considered to be that of the first name listed.

- 19 -

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