Document:

WELLS FARGO & COMPANY 8-K

 

Exhibit 4.1

 

[Face of Note]

 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 

	
CUSIP NO. 95001HFN6

	
FACE AMOUNT: $_________

	
REGISTERED NO. ___

	
 

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

 

Fully and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal at Risk Securities Linked to the MSCI ACWI Index®

 

WELLS FARGO FINANCE LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor corporation under and as defined in the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Cash Settlement Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, on the Stated Maturity Date.  The “Stated Maturity Date” shall be March 7, 2023.  If the Determination Date (as defined below) is postponed, the Stated Maturity Date will be postponed to the second Business Day (as defined below) after the Determination Date as postponed.  This Security shall not bear any interest. 

 

Any payments on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. 

 

“Face Amount“ shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its “Face Amount.”

 

Determination of Cash Settlement Amount and Certain Definitions

 

The “Cash Settlement Amount” of this Security will equal:

 

	
 

	
●

	
if the Final Underlier Level is greater than or equal to the Cap Level, the Maximum Settlement Amount;

    

     

    

 

	
 

	
●

	
if the Final Underlier Level is greater than the Initial Underlier Level but less than the Cap Level, the sum of (i) the Face Amount plus (ii) the product of (a) the Face Amount times (b) the Upside Participation Rate times (c) the Underlier Return;

 

	
 

	
●

	
if the Final Underlier Level is equal to or less than the Initial Underlier Level but greater than or equal to the Buffer Level, the Face Amount; or

 

	
 

	
●

	
if the Final Underlier Level is less than the Buffer Level, the sum of (i) the Face Amount plus (ii) the product of (a) the Buffer Rate times (b) the sum of the Underlier Return plus the Buffer Amount times (c) the Face Amount.

 

All calculations with respect to the Cash Settlement Amount will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the Cash Settlement Amount will be rounded to the nearest cent, with one-half cent rounded upward.

 

The “Underlier” shall mean the MSCI ACWI Index®.

 

The “Trade Date” shall mean March 3, 2020.

 

The “Initial Underlier Level” is 522.21, the Closing Level of the Underlier on the Trade Date.

 

The “Closing Level“ of the Underlier on any Trading Day means the official closing level of the Underlier reported by the Underlier Sponsor on such Trading Day, as obtained by the Calculation Agent on such Trading Day from the licensed third-party market data vendor contracted by the Calculation Agent at such time; in particular, taking into account the decimal precision and/or rounding convention employed by such licensed third-party market data vendor on such date, subject to the provisions set forth below under “Adjustments to the Underlier,” “Discontinuance of the Underlier” and “Market Disruption Events.”

 

The “Final Underlier Level” will be the Closing Level of the Underlier on the Determination Date.

 

The “Underlier Return” will be the quotient of (i) the Final Underlier Level minus the Initial Underlier Level divided by (ii) the Initial Underlier Level, expressed as a percentage.

 

The “Cap Level” is 621.691005, which is 119.05% of the Initial Underlier Level.

 

The “Buffer Level” is 469.989, which is equal to 90% of the Initial Underlier Level.

 

The “Maximum Settlement Amount” is 128.575% of the Face Amount of this Security.

 

The “Buffer Amount” is 10%.

 

    2

     

    
The “Buffer Rate” is equal to the Initial Underlier Level divided by the Buffer Level.

 

The “Upside Participation Rate” is 1.5.

 

“Underlier Sponsor” shall mean MSCI Inc.

 

“Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York.

 

A “Trading Day” means a day, as determined by the Calculation Agent, on which (i) the Underlier Sponsor is scheduled to publish the level of the Underlier and (ii) each Related Futures or Options Exchange is scheduled to be open for trading for its regular trading session.

 

The “Relevant Stock Exchange” for any security underlying the Underlier means the primary exchange or quotation system on which such security is traded, as determined by the Calculation Agent.

 

The “Related Futures or Options Exchange” for the Underlier means an exchange or quotation system where trading has a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to the Underlier.

 

The “Determination Date” shall be March 3, 2023. If the originally scheduled Determination Date is not a Trading Day, the Determination Date will be postponed to the next succeeding Trading Day.  The Determination Date is also subject to postponement due to the occurrence of a Market Disruption Event (as defined below).  See “–Market Disruption Events.”

 

“Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of May 18, 2018 between the Company and the Calculation Agent, as amended from time to time.

 

“Calculation Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among other things, the determination of the Final Underlier Level and the Cash Settlement Amount, which term shall, unless the context otherwise requires, include its successors under such Calculation Agent Agreement.  The initial Calculation Agent shall be Wells Fargo Securities, LLC.  Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time to time after the initial issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this Security.

 

Adjustments to the Underlier

 

If at any time the method of calculating the Underlier or a Successor Underlier, or the closing level thereof, is changed in a material respect, or if the Underlier or a Successor Underlier is in any other way modified so that such underlier does not, in the opinion of the Calculation Agent, fairly represent the level of such underlier had those changes or modifications not been made, then the Calculation Agent will, at the close of business in New York, New York, on each date that the closing level of such underlier is to be calculated, make such calculations and

 

    3

     

    
adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a level of an underlier comparable to the Underlier or Successor Underlier as if those changes or modifications had not been made, and the Calculation Agent will calculate the closing level of the Underlier or Successor Underlier with reference to such underlier, as so adjusted.  Accordingly, if the method of calculating the Underlier or Successor Underlier is modified so that the level of such underlier is a fraction or a multiple of what it would have been if it had not been modified (e.g., due to a split or reverse split in such equity underlier), then the Calculation Agent will adjust the Underlier or Successor Underlier in order to arrive at a level of such underlier as if it had not been modified (e.g., as if the split or reverse split had not occurred).

 

Discontinuance of the Underlier

 

If the Underlier Sponsor discontinues publication of the Underlier, and the Underlier Sponsor or another entity publishes a successor or substitute equity index that the Calculation Agent determines, in its sole discretion, to be comparable to the Underlier (a “Successor Underlier”), then, upon the Calculation Agent’s notification of that determination to the Trustee and the Company, the Calculation Agent will substitute the Successor Underlier as calculated by the relevant Underlier Sponsor or any other entity and calculate the Final Underlier Level as described above. Upon any selection by the Calculation Agent of a Successor Underlier, the Company will cause notice to be given to the Holder of this Security.

 

In the event that the Underlier Sponsor discontinues publication of the Underlier prior to, and the discontinuance is continuing on, the Determination Date and the Calculation Agent determines that no Successor Underlier is available at such time, the Calculation Agent will calculate a substitute Closing Level for the Underlier in accordance with the formula for and method of calculating the Underlier last in effect prior to the discontinuance, but using only those securities that comprised the Underlier immediately prior to that discontinuance.  If a Successor Underlier is selected or the Calculation Agent calculates a level as a substitute for the Underlier, the Successor Underlier or level will be used as a substitute for the Underlier for all purposes, including the purpose of determining whether a Market Disruption Event exists.

 

If on the Determination Date the Underlier Sponsor fails to calculate and announce the level of the Underlier, the Calculation Agent will calculate a substitute Closing Level of the Underlier in accordance with the formula for and method of calculating the Underlier last in effect prior to the failure, but using only those securities that comprised the Underlier immediately prior to that failure; provided that, if a Market Disruption Event occurs or is continuing on such day, then the provisions set forth below under “Market Disruption Events” shall apply in lieu of the foregoing.

 

Market Disruption Events 

 

A “Market Disruption Event” means any of (A), (B), (C) or (D) below, as determined by the Calculation Agent in its sole discretion:

 

	
 

	
(A)

	
Any of the following events occurs or exists with respect to any security included in the Underlier or any Successor Underlier, and the aggregate of all securities included in the

 

    4

     

    

  

	
 

	

	
 Underlier or Successor Underlier with respect to which any such event occurs comprise 20% or more of the level of the Underlier or Successor Underlier:

 

	
 

	
●

	
a material suspension of or limitation imposed on trading by the Relevant Stock Exchange for such security or otherwise at any time during the one-hour period that ends at the Scheduled Closing Time for the Relevant Stock Exchange for such security on that day, whether by reason of movements in price exceeding limits permitted by the Relevant Stock Exchange or otherwise;

	
 

	
●

	
any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market values for, such security on its Relevant Stock Exchange at any time during the one-hour period that ends at the Scheduled Closing Time for the Relevant Stock Exchange for such security on that day; or

	
 

	
●

	
the closure on any Exchange Business Day of the Relevant Stock Exchange for such security prior to its Scheduled Closing Time unless the earlier closing is announced by such Relevant Stock Exchange at least one hour prior to the earlier of (i) the actual closing time for the regular trading session on such Relevant Stock Exchange and (ii) the submission deadline for orders to be entered into the Relevant Stock Exchange system for execution at the Scheduled Closing Time for such Relevant Stock Exchange on that day.

 

	
 

	
(B)

	
Any of the following events occurs or exists with respect to futures or options contracts relating to the Underlier or any Successor Underlier:

 

	
 

	
●

	
a material suspension of or limitation imposed on trading by any Related Futures or Options Exchange or otherwise at any time during the one-hour period that ends at the close of trading on such Related Futures or Options Exchange on that day, whether by reason of movements in price exceeding limits permitted by the Related Futures or Options Exchange or otherwise;

	
 

	
●

	
any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market values for, futures or options contracts relating to the Underlier or Successor Underlier on any Related Futures or Options Exchange at any time during the one-hour period that ends at the close of trading on such Related Futures or Options Exchange on that day; or

	
 

	
●

	
the closure on any Exchange Business Day of any Related Futures or Options Exchange prior to its Scheduled Closing Time unless the earlier closing time is announced by such Related Futures or Options Exchange at least one hour prior to the earlier of (i) the actual closing time for the regular trading session on such Related Futures or Options Exchange and (ii) the submission deadline for orders to be entered into the Related Futures or Options Exchange system for execution at the close of trading for such Related Futures or Options Exchange on that day.

 

	
 

	
(C)

	
The underlier sponsor fails to publish the level of the Underlier or any Successor Underlier (other than as a result of the underlier sponsor having discontinued publication of the Underlier or Successor Underlier and no Successor Underlier being available).

 

    5

     

    
	
 

	
(D)

	
Any Related Futures or Options Exchange fails to open for trading during its regular trading session.

 

For purposes of determining whether a Market Disruption Event has occurred:  

 

(1)   the relevant percentage contribution of a security included in the Underlier or any Successor Underlier to the level of such underlier will be based on a comparison of (x) the portion of the level of such underlier attributable to that security to (y) the overall level of such underlier, in each case using the official opening weightings as published by the underlier sponsor as part of the market opening data; 

 

(2)   the “Scheduled Closing Time” of any Relevant Stock Exchange or Related Futures or Options Exchange on any Trading Day means the scheduled weekday closing time of such Relevant Stock Exchange or Related Futures or Options Exchange on such Trading Day, without regard to after hours or any other trading outside the regular trading session hours; and 

 

(3)   an “Exchange Business Day” means any Trading Day on which (i) the underlier sponsor publishes the level of the Underlier or any Successor Underlier and (ii) each Related Futures or Options Exchange is open for trading during its regular trading session, notwithstanding any Related Futures or Options Exchange closing prior to its Scheduled Closing Time.

 

If a Market Disruption Event occurs or is continuing on the Determination Date, then the Determination Date will be postponed to the first succeeding Trading Day on which a Market Disruption Event has not occurred and is not continuing; however, if such first succeeding Trading Day has not occurred as of the eighth Trading Day after the originally scheduled Determination Date, that eighth Trading Day shall be deemed to be the Determination Date. If the Determination Date has been postponed eight Trading Days after the originally scheduled Determination Date and a Market Disruption Event occurs or is continuing on such eighth Trading Day, the Calculation Agent will determine the Closing Level of the Underlier on such eighth Trading Day in accordance with the formula for and method of calculating the Closing Level of the Underlier last in effect prior to commencement of the Market Disruption Event, using the closing price (or, with respect to any relevant security, if a Market Disruption Event has occurred with respect to such security, its good faith estimate of the value of such security at the time at which the official Closing Level of the Underlier is calculated and published by the Underlier Sponsor) on such date of each security included in the Underlier.  As used herein, “closing price” means, with respect to any security on any date, the Relevant Stock Exchange traded or quoted price of such security as of the time at which the official Closing Level of the Underlier is calculated and published by the Underlier Sponsor.

 

Calculation Agent

 

The Calculation Agent will determine the Cash Settlement Amount and the Final Underlier Level.  In addition, the Calculation Agent will (i) determine if adjustments are required to the Closing Level of the Underlier under the circumstances described in this Security, (ii) if publication of the Underlier is discontinued, select a Successor Underlier or, if no Successor Underlier is available,

 

    6

     

    
determine the Closing Level of the Underlier under the circumstances described in this Security, and (iii) determine whether a Market Disruption Event or non-Trading Day has occurred. 

 

The Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which shall be a broker-dealer, bank or other financial institution) with respect to this Security.

 

All determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the Calculation Agent and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security.

 

Tax Considerations

 

The Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be deemed to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States federal income tax purposes to characterize and treat this Security as a prepaid derivative contract that is an “open transaction.”

 

Redemption and Repayment

 

This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to March 7, 2023.  This Security is not entitled to any sinking fund.

 

Acceleration

 

If an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Cash Settlement Amount (calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with the effect provided in the Indenture.  The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Cash Settlement Amount hereof calculated as provided herein as though the date of acceleration was the Determination Date.  

 

_________________

 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

[The remainder of this page has been left intentionally blank]

 

    7

     

    
IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

DATED: 

 

	
 

	
WELLS FARGO FINANCE LLC

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Its:

	
 

	
 

	
 

	
 

	
 

 

	
 

	
 

	
 

	
 

	
 

	
Attest:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Its:

	
 

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION
This is one of the Securities of the 
series designated therein described
in the within-mentioned Indenture.

 

	
CITIBANK, N.A.,

	
 

	
 

	
as Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Authorized Signature

	
 

	
 

	
 

	
 

	
 

	
OR

	
 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, N.A.,

	
 

	
 

	
as Authenticating Agent for the Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Authorized Signature

	
 

	
 

	
 

	
 

	
 

 

    8

     

    

 

[Reverse of Note]

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

 

Fully and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal at Risk Securities Linked to the MSCI ACWI Index®

 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture dated as of April 25, 2018, as amended or supplemented from time to time (herein called the “Indenture”), among the Company, as issuer, Wells Fargo & Company, as guarantor (the “Guarantor”) and Citibank, N.A., as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered.  This Security is one of the series of the Securities designated as Medium-Term Notes, Series A, of the Company.  The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate.  The Securities of this series may mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies.

 

The Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities issued to and registered in the names of, the beneficial owners or their nominees.

 

The Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of this Security.

 

Guarantee

 

The Securities of this series are fully and unconditionally guaranteed by the Guarantor as and to the extent set forth in the Indenture.

 

Modification and Waivers 

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the

 

    9

     

    

 

Company, the Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected, acting together as a class.  The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company or the Guarantor with those provisions of the Indenture.  Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series.  Solely for the purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof.  Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

Defeasance

 

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants, upon compliance by the Company or the Guarantor with certain conditions set forth therein, shall not apply to this Security.  The remaining provisions of Section 401 of the Indenture shall apply to this Security.

 

Authorized Denominations

 

This Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which is an integral multiple of $1,000.

 

Registration of Transfer

 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith.

 

This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities

 

    10

     

    
 

represented hereby has occurred and is continuing.  If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

 

This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor.  Except as provided above, owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture.

 

Prior to due presentment of this Security for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary.

 

Obligation of the Company Absolute

 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the Cash Settlement Amount at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security.

 

No Personal Recourse

 

No recourse shall be had for the payment of the Cash Settlement Amount, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation or of the Guarantor or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 

Defined Terms

 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined in this Security.

 

Governing Law

 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles of conflicts of laws.

    11

     

    

 

ABBREVIATIONS

 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	
 

	
 

	
 

	
 

	
TEN COM

	
--

	
as tenants in common

	
 

	
 

	
 

	
 

	
 

	
TEN ENT

	
--

	
as tenants by the entireties

	
 

	
 

	
 

	
 

	
 

	
JT TEN

	
--

	
as joint tenants with right

	
 

	
 

	
 

	
of survivorship and not

	
 

	
 

	
 

	
as tenants in common

	
 

 

	
UNIF GIFT MIN ACT

	
--

	
 

	
Custodian

	
 

	
 

	
 

	
(Cust)

	
 

	
(Minor)

 

	
Under Uniform Gifts to Minors Act

	
 

	
 

	
 

	
 

	
 

	
(State)

	
 

 

Additional abbreviations may also be used though not in the above list.

 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

 

	
Please Insert Social Security or

	
 

	
Other Identifying Number of Assignee

	
 

	
 

	
 

	
 

	
 

 

	
 

	
 

	
 

	
(Please print or type name and address including postal zip code of Assignee)

 

    12

     

    
 

the within Security of WELLS FARGO FINANCE LLC and does hereby irrevocably constitute and appoint __________________ attorney to transfer the said Security on the books of the Company, with full power of substitution in the premises.

 

	
Dated: _________________________

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

NOTICE:  The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatever.

    13EX-4.1

  Exhibit 4.1 

Number: 

BUSINESS CORPORATIONS ACT 

ARTICLES 
 of 

BROOKFIELD INFRASTRUCTURE CORPORATION 

TABLE OF CONTENTS 
  

					
	 PART 1 INTERPRETATION
	  	 	1	 
	 PART 2 SHARES AND SHARE CERTIFICATES
	  	 	16	 
	 PART 3 ISSUE OF SHARES
	  	 	17	 
	 PART 4 SHARE REGISTERS
	  	 	18	 
	 PART 5 SHARE TRANSFERS
	  	 	19	 
	 PART 6 TRANSMISSION OF SHARES
	  	 	20	 
	 PART 7 PURCHASE, REDEEM OR OTHERWISE ACQUIRE SHARES
	  	 	21	 
	 PART 8 BORROWING POWERS
	  	 	21	 
	 PART 9 ALTERATIONS
	  	 	22	 
	 PART 10 MEETINGS OF SHAREHOLDERS
	  	 	23	 
	 PART 11 PROCEEDINGS AT MEETINGS OF SHAREHOLDERS
	  	 	25	 
	 PART 12 VOTES OF SHAREHOLDERS
	  	 	30	 
	 PART 13 DIRECTORS
	  	 	34	 
	 PART 14 ELECTION AND REMOVAL OF DIRECTORS
	  	 	36	 
	 PART 15 POWERS AND DUTIES OF DIRECTORS
	  	 	42	 
	 PART 16 INTERESTS OF DIRECTORS AND OFFICERS
	  	 	43	 
	 PART 17 PROCEEDINGS OF DIRECTORS
	  	 	44	 
	 PART 18 EXECUTIVE AND OTHER COMMITTEES
	  	 	47	 
	 PART 19 OFFICERS
	  	 	49	 
	 PART 20 INDEMNIFICATION
	  	 	49	 
	 PART 21 DIVIDENDS
	  	 	51	 
	 PART 22 ACCOUNTING RECORDS AND AUDITOR
	  	 	53	 
	 PART 23 NOTICES
	  	 	54	 
	 PART 24 PROHIBITIONS
	  	 	56	 
	 PART 25 SPECIAL RIGHTS AND RESTRICTIONS CLASS A EXCHANGEABLE SUBORDINATE VOTING
SHARES
	  	 	57	 
	 PART 26 SPECIAL RIGHTS AND RESTRICTIONS CLASS B MULTIPLE VOTING SHARES
	  	 	66	 
	 PART 27 SPECIAL RIGHTS AND RESTRICTIONS CLASS C
NON-VOTING SHARES
	  	 	69	 
	 PART 28 SPECIAL RIGHTS AND RESTRICTIONS CLASS A SENIOR PREFERRED SHARES
	  	 	72	 
	 PART 29 SPECIAL RIGHTS AND RESTRICTIONS CLASS B JUNIOR PREFERRED SHARES
	  	 	73	 

 Number: 

BUSINESS CORPORATIONS ACT 

ARTICLES 
 of 

BROOKFIELD INFRASTRUCTURE CORPORATION 

(the “Company”) 

PART 1 
 INTERPRETATION

 Definitions 
 1.1 In these Articles, unless the
context otherwise requires: 
 (a) “Act” means the Business Corporations Act (British Columbia) from time to time in
force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act; 
 (b)
“affiliate” means with respect to a Person, any other Person that, directly or indirectly, through one or more intermediaries, Controls or is Controlled by such Person, or is under common Control of a third Person; 

(c) “BAM” means Brookfield Asset Management Inc., a corporation existing under the Laws of the Province of Ontario, and is
deemed to refer to all successors, including, without limitation, by operation of Law; 
 (d) “BIP” means Brookfield
Infrastructure Partners L.P., a Bermuda exempted limited partnership, and is deemed to refer to all successors, including, without limitation, by operation of Law; 

(e) “BIP-Affiliated Class A Shareholder” means BIP or a Person
Controlled by BIP to the extent BIP or such other Person holds Class A Shares; 
 (f) “BIP Distribution Declaration
Date” means the date on which the BIP GP declares any distribution on the BIP Units; 
 (g) “BIP Distributed Right”
has the meaning as provided in clause (ii) of the definition of “Conversion Factor” below; 
 (h) “BIP GP”
means the general partner of BIP from time to time; 
  

 (i) “BIP Liquidation Event” has the meaning as provided in §25.25;

 (j) “BIP Unit” means a limited partnership interest in BIP representing a fractional part of all the limited partnership
interests in BIP, other than a preferred limited partnership interest, and which limited partnership interest is designated by BIP as an “Equity Unit” (as defined in the Amended and Restated Limited Partnership Agreement of BIP dated as of
February 16, 2018), and includes any limited partnership interest or other equity interest of BIP into which such BIP Unit is converted or for which such BIP Unit is exchanged; 

(k) “BIP Unit Value” means, with respect to a BIP Unit on a particular date, the market price of a BIP Unit on such date or,
if such date is not a Trading Day, the most recent Trading Day. The market price for each such Trading Day shall be: (i) if the BIP Units are listed on a U.S. National Securities Exchange, the closing price per BIP Unit (or, if no closing price
is reported, the average of the last quoted bid and ask prices or, if more than one in either case, the average of the average bid and average ask prices) on such day for such U.S. National Securities Exchange; (ii) if the BIP Units are
not listed on a U.S. National Securities Exchange but are listed on the TSX, the U.S. dollar equivalent (calculated using the rate published by the Bank of Canada as of 4:30 p.m., Eastern Time, on such date) of the closing price per
BIP Unit (or, if no closing price is reported, the average of the last quoted bid and ask prices or, if more than one in either case, the average of the average bid and average ask prices) on such day for the TSX; (iii) if the BIP Units are not
listed or admitted to trading on any U.S. National Securities Exchange or the TSX, the last quoted bid price on such day in the over-the-counter market on such day
as reported by OTC Markets Group Inc. or a similar organization; (iv) if the BIP Units are not listed or admitted to trading on any U.S. National Securities Exchange or the TSX and the BIP Units are not quoted in the over-the-counter market, the average of the mid-point of the last quoted bid and ask prices on such day from each of at least three
nationally recognized independent investment banking firms selected by the Company for such purpose or (v) if none of the conditions set forth in clauses (i), (ii), (iii) or (iv) is met, then the amount that a holder of one BIP Unit
would receive if each of the assets of BIP were sold for its fair market value on such date, BIP were to pay all of its outstanding liabilities and the remaining proceeds were to be distributed to its partners in accordance with the terms of its
partnership agreement; 
 (l) “BIP Units Amount” means, with respect to each Tendered Share, such number of BIP Units equal
to the Conversion Factor in effect on the Valuation Date with respect to such Tendered Shares; 
 (m) “board of directors”,
“directors” and “board” mean the directors or sole director of the Company for the time being; 
 (n)
“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York, United States of America or Toronto, Ontario, Canada are authorized or required by Law to close; 

  
 - 2 - 

 (o) “Cash Amount” means (a) with respect to each Tendered Class A
Share, an amount in cash equal to the product of (i) the applicable BIP Units Amount for such Tendered Class A Share multiplied by (ii) the BIP Unit Value as of the applicable Valuation Date, and (b) with respect to each Tendered
Class B Share and Tendered Class C Share, an amount in cash equal to the BIP Unit Value for such Tendered Class B Share or Tendered Class C Share, as applicable; 

(p) “Class A Distributed Right” has the meaning as provided in clause (vi) of the definition of
“Conversion Factor” below; 
 (q) “Class A Dividend” has the meaning as provided in §25.2;

 (r) “Class A Senior Preferred Share” means a class A senior preferred share of the Company; 

(s) “Class A Share” means a class A exchangeable subordinate voting share of the Company; 

(t) “Class A Share Value” means, with respect to a Class A Share on a particular date, the market
price of a Class A Share on such date or, if such date is not a Trading Day, the most recent Trading Day. The market price for each such Trading Day shall be: (i) if the Class A Shares are listed on a U.S. National Securities
Exchange, the closing price per Class A Share (or, if no closing price is reported, the average of the last quoted bid and ask prices or, if more than one in either case, the average of the average bid and average ask prices) on such day for
such U.S. National Securities Exchange; (ii) if the Class A Shares are not listed on a U.S. National Securities Exchange but are listed on the TSX, the U.S. dollar equivalent (calculated using the rate published by the Bank of Canada as of
4:30 p.m., Eastern Time, on such date) of the closing price per Class A Share (or, if no closing price is reported, the average of the last quoted bid and ask prices or, if more than one in either case, the average of the average bid and
average ask prices) on such day for the TSX; (iii) if the Class A Shares are not listed or admitted to trading on any U.S. National Securities Exchange or the TSX, the last quoted bid price on such day in the
over-the-counter market on such day as reported by OTC Markets Group Inc. or a similar organization; (iv) if the Class A Shares are not listed or admitted to
trading on any U.S. National Securities Exchange or the TSX and the Class A Shares are not quoted in the over-the-counter market, the average of the mid-point of the last quoted bid and ask prices on such day from each of at least three nationally recognized independent investment banking firms selected by the Company for such purpose or (v) if none of the
conditions set forth in clauses (i), (ii), (iii) or (iv) is met then the amount that a holder of one Class A Share would receive if each of the assets of the Company were sold for its fair market value on such date, the Company were to pay
all of its outstanding liabilities and the remaining proceeds were to be distributed to its shareholders in accordance with the terms of these Articles; 

(u) “Class A Shareholder” means a holder of Class A Shares; 

(v) “Class B Junior Preferred Share” means a class B junior preferred share of the Company; 

(w) “Class B Retraction Amount” has the meaning as provided in §26.11; 

  
 - 3 - 

 (x) “Class B Retraction Right” has the meaning as
provided in §26.11; 
 (y) “Class B Share” means a class B multiple voting share of the Company;

 (z) “Class B Shareholder” means a holder of Class B Shares; 

(aa) “Class C Retraction Amount” has the meaning as provided in §27.8; 

(bb) “Class C Retraction Right” has the meaning as provided in §27.8; 

(cc) “Class C Share” means a class C non-voting share of the
Company; 
 (dd) “Class C Shareholder” means a holder of Class C Shares; 

(ee) “Close of Business” means 5:00 p.m., Eastern Time; 

(ff) “Company” means Brookfield Infrastructure Corporation; 

(gg) “Control” means the control by one Person of another Person in accordance with the following: a Person
(“A”) controls another Person (“B”) where A has the power to determine the management and policies of B by contract or status (for example, the status of A being the general partner of B) or by virtue of the
beneficial ownership of or control over a majority of the voting interests in B; and, for certainty and without limitation, if A owns or has control over shares or other securities to which are attached more than 50% of the votes permitted to be
cast in the election of directors of to the Governing Body of B or A is the general partner of B, a limited partnership, then in each case A controls B for this purpose; 

(hh) “Conversion Factor” means 1.0; provided that in the event that: 

(i) BIP (a) declares or pays a distribution on its outstanding BIP Units wholly or partly in BIP Units; (b) splits or subdivides its
outstanding BIP Units or (c) effects a reverse unit split or otherwise combines or reclassifies its outstanding BIP Units into a smaller number of BIP Units, the Conversion Factor shall be adjusted to equal the amount determined by multiplying
the Conversion Factor in effect immediately prior to the Open of Business on the Record Date for such event by a fraction, (x) the numerator of which shall be the number of BIP Units issued and outstanding as of the Close of Business on the
Record Date for such distribution or the Effective Date for such split, subdivision, reverse split, combination or reclassification, as applicable (assuming for such purpose that such distribution, split, subdivision, reverse split, combination or
reclassification has occurred as of such time), and (y) the denominator of which shall be the actual number of BIP Units (determined without the above assumption) issued and outstanding as of the Close of Business on the Record Date for such
distribution or the Effective Date for such split, subdivision, reverse split, combination or reclassification, as applicable. 

  
 - 4 - 

 Any adjustment under this clause (i) shall become effective immediately after the Open
of Business on the Record Date for such distribution, or immediately after the Open of Business on the Effective Date for such split, subdivision, reverse split, combination or reclassification, as applicable. If such distribution of the type
described in this clause (i) is declared but not so paid or made and will not be so paid or made, the Conversion Factor shall be immediately readjusted, effective as of the date the BIP GP determines not to pay such distribution, to the
Conversion Factor that would be in effect if such distribution had not been declared. 
 (ii) BIP distributes any rights, options or
warrants to all or substantially all holders of BIP Units to convert into, exchange for or subscribe for or to purchase or to otherwise acquire BIP Units (or other securities convertible into, exchangeable for or exercisable for BIP Units) (each a
“BIP Distributed Right”), then, as of the Record Date for the distribution of such BIP Distributed Rights or, if later, the time such BIP Distributed Rights become exercisable, the Conversion Factor shall be adjusted to equal the
amount determined by multiplying the Conversion Factor in effect immediately prior to the Open of Business on the Record Date by a fraction (A) the numerator of which shall be the number of BIP Units issued and outstanding as of the Close of
Business on the Record Date (or, if later, the date such BIP Distributed Rights become exercisable) plus the maximum number of BIP Units deliverable or purchasable under such BIP Distributed Rights and (B) the denominator of which shall be
(x) the number of BIP Units issued and outstanding as of the Close of Business on the Record Date plus (y) such number of BIP Units determined by dividing the minimum aggregate cash purchase price under such BIP Distributed Rights of the
maximum number of BIP Units purchasable under such BIP Distributed Rights by the average of the BIP Unit Value for the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of
announcement of such issuance (or, if later, the date such BIP Distributed Rights become exercisable); provided, however, that, if any such BIP Distributed Rights expire or become no longer exercisable, then the Conversion Factor shall be adjusted,
effective retroactive to the Record Date of the BIP Distributed Rights, to reflect a reduced maximum number of BIP Units or any change in the minimum aggregate purchase price for the purposes of the above fraction. 

Any adjustment under this clause (ii) will be made successively whenever such rights, options or warrants are issued and shall become
effective immediately after the Open of Business on the Record Date for such issuance (or, if later, the date such rights, options or warrants become exercisable). To the extent that the BIP Units are not delivered and will not be delivered after
the exercise of such rights, options or warrants, the Conversion Factor shall be decreased to the Conversion Factor that would then be in effect had the increase with respect to the issuance of such rights, options or warrants been made on the basis
of delivery of only the number of BIP Units actually delivered. If such 

  
 - 5 - 

 
rights, options or warrants are not so issued, the Conversion Factor shall be decreased, effective as of the date the BIP GP determines not to issue such rights, options or warrants, to the
Conversion Factor that would then be in effect if such Record Date for such issuance had not occurred. 
 In determining the minimum
aggregate purchase price under such BIP Distributed Rights, there shall be taken into account any consideration received by BIP for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such
consideration, if other than cash, to be determined by the BIP GP. 
 (iii) (A) BIP distributes to all or substantially all holders of BIP
Units evidences of its indebtedness or assets (including securities, but excluding distributions paid exclusively in cash, distributions referred to in clauses (i) or (ii) above or any Spin-off referred
to in clause (iii)(B) below) or rights, options or warrants to convert into, exchange for or subscribe for or to purchase or to otherwise acquire such securities, the Conversion Factor shall be adjusted to equal the amount determined by multiplying
the Conversion Factor in effect immediately prior to the Open of Business on the Record Date for such distribution by a fraction (a) the numerator of which shall be the average of the BIP Unit Value over the ten (10) consecutive Trading
Day period ending on, and including, the Trading Day immediately prior to the Record Date for such distribution and (b) the denominator of which shall be the average of the BIP Unit Value over the ten (10) consecutive Trading Day period
ending on, and including, the Trading Day immediately prior to the Record Date for such distribution less the fair market value on the Record Date for such distribution (as determined by the BIP GP) of the portion of the evidences of indebtedness or
assets, rights, options or warrants so distributed applicable to one BIP Unit. 
 Any adjustment under this clause (iii)(A) will become
effective immediately after the Open of Business on the Record Date for such distribution. If such distribution is not paid or made, the Conversion Factor shall be decreased, effective as of the date the BIP GP determines not to pay or make such
distribution, to be the Conversion Factor that would then be in effect if such distribution had not been declared. 
 Notwithstanding the
foregoing, if the fair market value (as determined by the BIP GP) of the portion of the evidences of indebtedness or assets, rights, options or warrants distributable to one BIP Unit is equal to or greater than the average BIP Unit Value referenced
above in this clause (iii)(A), in lieu of the foregoing adjustment, each Class A Shareholder shall receive from the Company, in respect of each Class A Share, a distribution of cash payable out of the funds legally available therefor (at
the same time as holders of the BIP Units), that in the determination of the Company, is comparable as a whole in all material respects with the amount of BIP indebtedness or assets or rights, options or warrants to convert into, exchange for or
subscribe for or to purchase or to otherwise acquire such securities that such holder would have received if such holder owned a number of BIP Units equal to the Conversion Factor in effect immediately prior to the Record Date. 

  
 - 6 - 

 (B) Where there has been a Spin-off, the Conversion
Factor shall be adjusted to equal the amount determined by multiplying the Conversion Factor in effect immediately prior to the Open of Business on the Record Date for such Spin-off by a fraction (a) the
numerator of which shall be the average of the Last Reported Sale Prices of the share capital or similar equity interest distributed to BIP Unit holders over the Valuation Period plus the average of the BIP Unit Value over the Valuation Period and
(b) the denominator of which shall be the average of the BIP Unit Value over the Valuation Period; provided that, the Company may elect to pay cash in lieu of making an adjustment to the Conversion Factor provided by this clause (iii)(B), in
which case the Company shall be required to pay to the Class A Shareholders and the Class A Shareholders shall be entitled to receive, cash on the third (3rd) Business Day immediately following the last Trading Day of the Valuation Period
in an amount in respect of each Class A Share held, calculated by multiplying the BIP Unit Value on the Record Date of such Spin-off by the amount the Conversion Factor would have increased as a result of
such Spin-off if no such cash payment was made. 
 Any adjustment under this clause (iii)(B) will be
made immediately after the Close of Business on the last Trading Day of the Valuation Period, but will be given effect as of the Open of Business on the Record Date for such Spin-off. 

Notwithstanding the foregoing, in respect of any exchange by a Class A Shareholder during the Valuation Period, references above to
“ten (10) consecutive Trading Days” shall be deemed for such holder to be replaced with such lesser number of Trading Days as have elapsed between the Record Date of such Spin-off and the
Trading Day immediately preceding the Exchange Date in determining the Conversion Factor. If any such Spin-off does not occur, the Conversion Factor shall be decreased, effective as of the date the BIP GP
determines not to proceed with the Spin-off, to be the Conversion Factor that would then be in effect if such Spin-off had not been pursued. 

(iv) BIP or one of its subsidiaries makes a payment in respect of a tender or exchange offer for the BIP Units (but excluding for all purposes
any tender or exchange offer involving an offer to exchange BIP Units for Class A Shares or any other security that is economically equivalent to BIP Units), to the extent that the cash and value of any other consideration included in the
payment per BIP Unit exceeds the average of the BIP Unit Value over the ten (10) consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to
such tender or exchange offer (the “Expiration Date”), then the Conversion Factor shall be adjusted to equal the amount determined by multiplying the Conversion Factor in effect immediately prior to the Open of Business on the
Trading Day next succeeding the Expiration Date by a 

  
 - 7 - 

 
fraction (a) the numerator of which shall be (x) the sum of the aggregate value of all cash and any other consideration (as determined by the BIP GP) paid or payable in respect of BIP
Units in such tender or exchange offer plus (y) the average of the BIP Unit Value over the ten (10) consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the Expiration Date multiplied by the number
of BIP Units issued and outstanding immediately after the Expiration Date (after giving effect to the purchase of all BIP Units accepted for purchase or exchange in such tender or exchange offer, without duplication), and (b) the denominator of
which shall be the number of BIP Units issued and outstanding immediately prior to the Expiration Date (before giving effect to the purchase of all BIP Units accepted for purchase or exchange in such tender or exchange offer) multiplied by the
average of the BIP Unit Value over the ten (10) consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the Expiration Date. 

Any adjustment under this clause (iv) will be made immediately after the Close of Business on the tenth (10th) Trading Day immediately
following, and including, the Trading Day next succeeding the Expiration Date and shall be given effect as of the Open of Business on the day next succeeding the Expiration Date. 

Notwithstanding the foregoing, in respect of any exchange by a Class A Shareholder during the Valuation Period, references above to
“ten (10) consecutive Trading Days” shall be deemed for such holder to be replaced with such lesser number of Trading Days as have elapsed between the Expiration Date and the Trading Day immediately preceding the Exchange Date in
determining the Conversion Factor. 
 (v) the Company (a) declares or pays a dividend on its outstanding Class A Shares wholly or
partly in Class A Shares; (b) splits or subdivides its outstanding Class A Shares or (c) effects a reverse share split or otherwise combines or reclassifies its outstanding Class A Shares into a smaller number of
Class A Shares, the Conversion Factor shall be adjusted to equal the amount determined by multiplying the Conversion Factor in effect immediately prior to the Open of Business on the Record Date for such event by a fraction, (x) the
numerator of which shall be the number of Class A Shares issued and outstanding as of the Close of Business on the Record Date for such dividend or the Effective Date for such split, subdivision, reverse split, combination or reclassification,
as applicable (determined without the assumption for such purpose that such dividend, split, subdivision, reverse split, combination or reclassification has occurred as of such time), and (y) the denominator of which shall be the actual number
of Class A Shares (assuming the above assumption has occurred) issued and outstanding as of the Close of Business on the Record Date for such dividend or the Effective Date for such split, subdivision, reverse split, combination or
reclassification, as applicable. 

  
 - 8 - 

 Any adjustment under this clause (v) shall become effective immediately after the Open
of Business on the Record Date for such dividend, or immediately after the Open of Business on the Effective Date for such split, subdivision, reverse split, combination or reclassification, as applicable. If such dividend of the type described in
this clause (v) is declared but not so paid or made and will not be so paid or made, the Conversion Factor shall be immediately readjusted, effective as of the date the board of directors determines not to pay such dividend, to the Conversion
Factor that would be in effect if such dividend had not been declared. 
 (vi) the Company distributes any rights, options or warrants to
all or substantially all holders of Class A Shares to convert into, exchange for or subscribe for or to purchase or to otherwise acquire Class A Shares (or other securities convertible into, exchangeable for or exercisable for Class A
Shares) at a price per share that is less than the average of the Class A Share Value for the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance
(each a “Class A Distributed Right”), then, as of the Record Date for the distribution of such Class A Distributed Rights or, if later, the time such Class A Distributed Rights become exercisable, the
Conversion Factor shall be adjusted to equal the amount determined by multiplying the Conversion Factor in effect immediately prior to the Open of Business on the Record Date by a fraction (A) the numerator of which shall be (x) the number
of Class A Shares issued and outstanding as of the Close of Business on the Record Date (or, if later, the date such Class A Distributed Rights become exercisable) plus (y) such number of BIP Units determined by dividing the minimum
aggregate cash purchase price under such Class A Distributed Rights of the maximum number of Class A Shares purchasable under such Class A Distributed Rights by the average of the Class A Share Value for the ten
(10) consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance (or, if later, the date such Class A Distributed Rights become exercisable) and (B) the
denominator of which shall be the number of Class A Shares issued and outstanding as of the Close of Business on the Record Date (or, if later, the date such Class A Distributed Rights become exercisable) plus the maximum number of
Class A Shares purchasable under such Class A Distributed Rights; provided, however, that, if any such Class A Distributed Rights expire or become no longer exercisable, then the Conversion Factor shall be adjusted, effective
retroactive to the Record Date of the Class A Distributed Rights, to reflect a reduced maximum number of Class A Shares or any change in the minimum aggregate purchase price for the purposes of the above fraction. 

Any adjustment under this clause (vi) will be made successively whenever such rights, options or warrants are issued and shall become
effective immediately after the Open of Business on the Record Date (or, if later, the date such BIP Distributed Rights become exercisable) for such issuance. To the extent that the Class A Shares are not delivered and will not be delivered

  
 - 9 - 

 
after the exercise of such rights, options or warrants, the Conversion Factor shall be increased to the Conversion Factor that would then be in effect had the increase with respect to the
issuance of such rights, options or warrants been made on the basis of delivery of only the number of Class A Shares actually delivered. If such rights, options or warrants are not so issued, the Conversion Factor shall be increased, effective
as of the date the board of directors determines not to issue such rights, options or warrants, to the Conversion Factor that would then be in effect if such Record Date for such issuance had not occurred. 

In determining the minimum aggregate purchase price under such Class A Distributed Rights, there shall be taken into account any
consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the board of directors. 

Any adjustment to the Conversion Factor shall be calculated up to four (4) decimal places. Within ten (10) Business Days of the
effectiveness of any adjustment or readjustment of the Conversion Factor, the Company shall make a public announcement of such adjustment or readjustment. 

Notwithstanding the foregoing, the Conversion Factor shall not be adjusted in connection with (a) an event described in clauses
(i) through (iv) above (other than clause (iii)(B) above) if, in connection with such event, the Company makes a distribution of cash, Class A Shares, BIP Units and/or rights, options or warrants to acquire Class A Shares and/or
BIP Units with respect to all applicable Class A Shares or effects a reverse split of, or otherwise combines or makes an offer for, the Class A Shares, as applicable, that, in the determination of the Company, is comparable as a whole in
all material respects with such event, (b) a Spin-off as described in clause (iii)(B) above if the Company makes a distribution of the share capital or similar equity interests distributed to BIP Unit
holders in the Spin-off in an amount and on terms that are comparable in all material respects to such Spin-off, or (c) an event described in clauses
(v) through (vi) above if, in connection with such event, BIP makes a distribution of cash, Class A Shares, BIP Units and/or rights, options or warrants to acquire Class A Shares and/or BIP Units with respect to all BIP Units or
effects a reverse split of, or otherwise combines or makes an offer for, the BIP Units, as applicable, that, in the determination of the Company, is comparable as a whole in all material respects with such event; 

(ii) “Conversion Notice” has the meaning as provided in §25.31; 

(jj) “Effective Date” means, with respect to an event described in clauses (i) and (v) of the definition of
“Conversion Factor” above, the first date on which the BIP Units or Class A Shares, as applicable, trade on the applicable exchange or in the applicable market, in a regular way, reflecting the relevant unit or share split,
subdivision, reserve split, combination or reclassification, as applicable; 

  
 - 10 - 

 (kk) “Exchange Act” means the U.S. Securities Exchange Act of 1934, as
amended; 
 (ll) “Exchange Consideration” has the meaning as provided in §25.13; 

(mm) “Exchange Date” means the date upon which a Tendering Class A Shareholder’s Exchange Right has been satisfied
by the delivery of the Exchange Consideration to such Tendering Class A Shareholder with respect to its Tendered Class A Shares; 

(nn) “Exchange-Redemption Call Right” has the meaning as provided in §25.23; 

(oo) “Exchange Right” has the meaning as provided in §25.11; 

(pp) “Expiration Date” has the meaning as provided in clause (iv) of the definition of “Conversion Factor”
above; 
 (qq) “Governing Body” means (i) with respect to a corporation or limited company, the board of directors of
such corporation or limited company, (ii) with respect to a limited liability company, the manager(s), director(s) or managing partner(s) of such limited liability company, (iii) with respect to a partnership, the board, committee or other
body of each general partner or managing partner of such partnership, respectively, that serves a similar function (or if any such general partner is itself a partnership, the board, committee or other body of such general or managing partner’s
general or managing partner that serves a similar function), and (iv) with respect to any other Person, the body of such Person that serves a similar function, and in the case of each of (i) through (iv) includes any committee or other
subdivision of such body and any Person to whom such body has delegated any power or authority, including any officer or managing director; 

(rr) “Interpretation Act” means the Interpretation Act (British Columbia) from time to time in force and all amendments
thereto and includes all regulations and amendments thereto made pursuant to that Act; 
 (ss) “Last Reported Sale Price”
means with respect to a security on a particular date, the market price of such security on such date or, if such date is not a Trading Day, the most recent Trading Day. The market price for each such Trading Day shall be: (i) if such security
is listed on a U.S. National Securities Exchange, the closing price per security (or, if no closing price is reported, the average of the last quoted bid and ask prices or, if more than one in either case, the average of the average bid and average
ask prices) on such day for such U.S. National Securities Exchange; (ii) if such security is not listed on a U.S. National Securities Exchange but is listed on the TSX, the U.S. dollar equivalent (calculated using the rate published by the Bank
of Canada as of 4:30 p.m., Eastern Time, on such date) of the closing price per security (or, if no closing price is reported, the average of the last quoted bid and ask prices or, if more than one in either case, the average of the average bid and
average ask prices) on such day for the TSX; (iii) if such security is not listed or admitted to trading on any U.S. National Securities Exchange or the TSX, the last quoted bid price on such day in the over-the-counter market on such day as reported by OTC Markets Group Inc. or a similar organization; or (iv) if such security is not listed or admitted to trading on any U.S. National Securities Exchange
or the TSX and such security is not quoted in the over-the-counter market, the average of the mid-point of the last quoted bid
and ask prices on such day from each of at least three nationally recognized independent investment banking firms selected by the Company for such purpose; 

  
 - 11 - 

 (tt) “Laws” means all federal, provincial, state, municipal, regional and
local laws (including common law), by-laws, statutes, rules, regulations, principles of law and equity, orders, rulings, certificates, ordinances, judgments, injunctions, determinations, awards, decrees,
legally binding codes, policies or other requirements, whether domestic or foreign, and the terms and conditions of any grant of approval, permission, authority or license of any governmental entity, and the term “applicable” with respect
to such Laws and in a context that refers to one or more Persons, means such Laws as are binding upon or applicable to such Person or its assets; 

(uu) “legal personal representative” means the personal or other legal representative of the shareholder; 

(vv) “Liquidation Amount” has the meaning as provided in §25.25; 

(ww) “Liquidation Call Consideration” has the meaning as provided in §25.28; 

(xx) “Liquidation Call Right” has the meaning as provided in §25.28; 

(yy) “Liquidation Date” has the meaning as provided in §25.25; 

(zz) “Liquidation Event” has the meaning as provided in §25.25; 

(aaa) “Liquidation Reference Date” has the meaning as provided in §25.25; 

(bbb) “Non-Affiliated Holders” means the holders of Class A Shares other than BIP-Affiliated Class A Shareholders; 
 (ccc) “Notice of Class A
Redemption” means a Notice of Redemption substantially in the form set forth on Exhibit B hereto; 
 (ddd) “Notice of
Class B Retraction” means a Notice of Retraction substantially in the form set forth on Exhibit C hereto; 

(eee) “Notice of Class C Retraction” means a Notice of Retraction substantially in the form set forth on
Exhibit D hereto; 
 (fff) “Notice of Exchange” means a Notice of Exchange substantially in the form set forth on Exhibit A
hereto (or notice of the exercise of Exchange Rights in such other form as may be acceptable to the Company); 
 (ggg) “Open of
Business” means 9:00 a.m., Eastern Time; 
 (hhh) “Person” means any natural person, partnership, limited
partnership, limited liability partnership, joint venture, syndicate, sole proprietorship, company or corporation (with or without share capital), limited liability corporation, unlimited liability company, joint stock company, unincorporated
association, trust, trustee, executor, administrator or other legal personal representative, governmental entity or other entity however designated or constituted and pronouns have a similarly extended meaning; 

  
 - 12 - 

 (iii) “Preferred Shares” means the Class A Senior Preferred Shares and
the Class B Junior Preferred Shares; 
 (jjj) “Record Date” means with respect to any dividend, distribution or other
transaction or event in which the holders of BIP Units and/or Class A Shares have the right to receive any cash, securities, assets or other property or in which BIP Units and/or Class A Shares are exchanged for or converted into any
combination of securities, cash, assets or other property, the date fixed for determination of holders of BIP Units and/or Class A Shares entitled to receive such cash, securities, assets or other property (whether such date is fixed by the
board of directors or the BIP GP, as applicable, or a duly authorized committee thereof, or as determined pursuant to any statute, constating document, contract or otherwise); 

(kkk) “Redemption Consideration” has the meaning as provided in §25.21; 

(lll) “registered address” of a shareholder means the shareholder’s address as recorded in the central securities
register; 
 (mmm) “Rights Agent” means Wilmington Trust, National Association or any successor thereto as rights agent for
the Secondary Exchange Amount; 
 (nnn) “Rights Agreement” means that certain Rights Agreement dated on or about
[March 31, 2020] by and between BAM and the Rights Agent as it may be amended or modified from time to time in accordance with the terms thereof; 

(ooo) “Secondary Exchange Amount” means, with respect to a Tendered Share, the BIP Units Amount for such Tendered Share or, at
the election of BAM, the Cash Amount for such Tendered Share, in each case, on the terms and subject to the conditions of the Rights Agreement; 

(ppp) “Secondary Exchange Date” means, with respect to any Class A Share, the date that is two (2) Business Days
following the Specified Exchange Date or Specified Class A Redemption Date, as applicable, with respect to such Class A Share; 

(qqq) “Secondary Exchange Right” has the meaning set forth in §25.16; 

(rrr) “share” means a share in the share structure of the Company; 

(sss) “special majority” means the number of votes described in §11.2 which is required to pass a special resolution;

 (ttt) “Specified Class A Redemption Date” means, with respect to the Notice of Class A
Redemption, the sixtieth (60th) day following delivery of such Notice of Class A Redemption to the Class A Shareholder or such later day specified in such Notice of Class A Redemption; 

  
 - 13 - 

 (uuu) “Specified Class B Retraction Date” means, with
respect to each Notice of Class B Retraction, the thirtieth (30th) day following receipt of such Notice of Class B Retraction by the Company; 

(vvv) “Specified Class C Retraction Date” means, with respect to each Notice of Class C Retraction,
the thirtieth (30th) day following receipt of such Notice of Class C Retraction by the Company; 
 (www) “Specified Exchange
Date” means, with respect to each Notice of Exchange for which an Exchange Date has not occurred prior thereto, the tenth (10th) Business Day following the receipt of such Notice of Exchange by the Transfer Agent; 

(xxx) “Spin-off” means a payment by BIP of a distribution of shares of any
class or series, or similar equity interest, of or relating to a subsidiary or business unit of BIP, that are, or, when issued, will be, listed or admitted for trading on a U.S. National Securities Exchange or the TSX; 

(yyy) “Tendered Class A Shares” has the meaning as provided in §25.11; 

(zzz) “Tendered Class B Shares” has the meaning as provided in §26.11; 

(aaaa) “Tendered Class C Shares” has the meaning as provided in §27.8; 

(bbbb) “Tendered Shares” means the Tendered Class A Shares, Tendered Class B Shares or Tendered Class C Shares,
as applicable; 
 (cccc) “Tendering Class A Shareholder” has the meaning as provided in §25.11; 

(dddd) “Tendering Class B Shareholder” has the meaning as provided in §26.11; 

(eeee) “Tendering Class C Shareholder” has the meaning as provided in §27.8; 

(ffff) “Trading Day” means a day on which (a) trading in the BIP Units or Class A Shares, as applicable, generally
occurs on a U.S. National Securities Exchange or, if the BIP Units or Class A Shares, as applicable, are not then listed on a U.S. National Securities Exchange, on the TSX or such other market on which the BIP Units or Class A Shares, as
applicable, are then traded and (b) a Last Reported Sale Price for the BIP Units or Class A Shares, as applicable, is available on such securities exchange or market. If the BIP Units or Class A Shares, as applicable, are not so
listed or traded, “Trading Day” means a “Business Day”; 
 (gggg) “Transfer” means any sale, assignment,
surrender, gift or transfer of ownership of, the granting or foreclosure of a pledge, mortgage, charge, security interest, hypothecation or other encumbrance, whether voluntary, involuntary, by operation of law or otherwise, or the entry into of any
contract, option or other arrangement or understanding with respect to the foregoing; 

  
 - 14 - 

 (hhhh) “Transfer Agent” means Computershare Investor Services Inc., and
includes any person who becomes a successor or replacement transfer agent is deemed to refer to all successors, including, without limitation, by operation of law of such transfer agent; 

(iiii) “TSX” means Toronto Stock Exchange; 

(jjjj) “Unpaid Dividends” has the meaning as provided in §25.3; 

(kkkk) “U.S. National Securities Exchange” means the New York Stock Exchange, or if the Class A Shares are not listed on
the New York Stock Exchange, an exchange registered with the U.S. Securities and Exchange Commission under Section 6(a) of the Exchange Act, or any other U.S. exchange, whether or not so registered, on which the Class A Shares are listed;

 (llll) “Valuation Date” means (i) the date of receipt by the Transfer Agent of a Notice of Exchange, or by the
Company of a Notice of Class B Retraction or Notice of Class C Retraction, as applicable, or, if such date is not a Trading Day, the first (1st) Trading Day thereafter; or (ii) the day immediately preceding the date the Company issues
a Notice of Class A Redemption, or, if such day is not a Business Day, the Trading Day immediately preceding such day; and 
 (mmmm)
“Valuation Period” means, with respect to any Spin-off, the ten (10) consecutive Trading Day period commencing on, and including, the Record Date of the
Spin-off. 
 Act and Interpretation Act Definitions Applicable 

1.2 The definitions in the Act and the definitions and rules of construction in the Interpretation Act, with the necessary changes, so far as applicable, and
except as the context requires otherwise, apply to these Articles as if they were an enactment. If there is a conflict between a definition in the Act and a definition or rule in the Interpretation Act relating to a term used in these Articles, the
definition in the Act will prevail. If there is a conflict or inconsistency between these Articles and the Act, the Act will prevail. 
 Actions on Non-Business Days 
 1.3 Whenever any payment to be made or action to be taken hereunder is required to be made or
taken on a day other than a Business Day, such payment shall be made or action taken on the next following Business Day. 
 Currency 

1.4 Except where otherwise expressly provided herein, all amounts are stated in U.S. currency. 

  
 - 15 - 

 PART 2 

SHARES AND SHARE CERTIFICATES 

Authorized Share Structure 
 2.1 The authorized share
structure of the Company consists of shares of the class or classes and series, if any, described in the Notice of Articles of the Company. 
 Form of
Share Certificate 
 2.2 Each share certificate issued by the Company must comply with, and be signed as required by, the Act. 

Shareholder Entitled to Certificate, Acknowledgment or Written Notice 

2.3 Unless the shares of which the shareholder is the registered owner are uncertificated shares, each shareholder is entitled, without charge, to (a) one
share certificate representing the shares of each class or series of shares registered in the shareholder’s name or (b) a non-transferable written acknowledgment of the shareholder’s right to
obtain such a share certificate, provided that in respect of a share held jointly by several persons, the Company is not bound to issue more than one share certificate and delivery of a share certificate for a share to one of several joint
shareholders or to one of the shareholders’ duly authorized agents will be sufficient delivery to all. If a shareholder is the registered owner of uncertificated shares, the Company must send to a holder of an uncertificated share a
written notice containing the information required by the Act within a reasonable time after the issue or transfer of such share. 
 Delivery by Mail

 2.4 Any share certificate or non-transferable written acknowledgment of a shareholder’s right to obtain a
share certificate may be sent to the shareholder by mail at the shareholder’s registered address and neither the Company nor any director, officer or agent of the Company is liable for any loss to the shareholder because the share certificate
or acknowledgement is lost in the mail or stolen. 
 Replacement of Worn Out or Defaced Certificate or Acknowledgement 

2.5 If a share certificate or a non-transferable written acknowledgment of the shareholder’s right to obtain a
share certificate is worn out or defaced, the Company must, on production of the share certificate or acknowledgment, as the case may be, and on such other terms, if any, as are deemed fit: 

(a) cancel the share certificate or acknowledgment; and 

(b) issue a replacement share certificate or acknowledgment. 

  
 - 16 - 

 Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgment 

2.6 If a share certificate or a non-transferable written acknowledgment of a shareholder’s right to obtain a share
certificate is lost, stolen or destroyed, the Company must issue a replacement share certificate or acknowledgment, as the case may be, to the person entitled to that share certificate or acknowledgment, if it receives: 

(a) proof satisfactory to it of the loss, theft or destruction; and 

(b) any indemnity the directors consider adequate. 

Splitting Share Certificates 
 2.7 If a shareholder
surrenders a share certificate to the Company with a written request that the Company issue in the shareholder’s name two or more share certificates, each representing a specified number of shares and in the aggregate representing the same
number of shares as the share certificate so surrendered, the Company must cancel the surrendered share certificate and issue replacement share certificates in accordance with that request. 

Certificate Fee 
 2.8 There must be paid to the Company,
in relation to the issue of any share certificate under §2.5, §2.6 or §2.7, the amount, if any, not exceeding the amount prescribed under the Act, determined by the directors. 

Recognition of Trusts 
 2.9 Except as required by law or
statute or these Articles, no person will be recognized by the Company as holding any share upon any trust, and the Company is not bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or
partial interest in any share or fraction of a share or (except as required by law or statute or these Articles or as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety
thereof in the shareholder. 
 PART 3 

ISSUE OF SHARES 
 Directors Authorized

 3.1 Subject to the Act and the rights, if any, of the holders of issued shares of the Company, the Company may allot, issue, sell or otherwise dispose
of the unissued shares, and issued shares held by the Company, at the times, to the persons, including directors, in the manner, on the terms and conditions and for the consideration (including any premium at which shares with par value may be
issued) that the directors may determine. The issue price for a share with par value must be equal to or greater than the par value of the share. 

  
 - 17 - 

 Commissions and Discounts 

3.2 The Company may at any time pay a reasonable commission or allow a reasonable discount to any person in consideration of that person’s purchase or
agreement to purchase shares of the Company from the Company or any other person’s procurement or agreement to procure purchasers for shares of the Company. 

Brokerage 
 3.3 The Company may pay such brokerage fee or
other consideration as may be lawful for or in connection with the sale or placement of its securities. 
 Conditions of Issue 

3.4 Except as provided for by the Act, no share may be issued until it is fully paid. A share is fully paid when: 

(a) consideration is provided to the Company for the issue of the share by one or more of the following: 

(i) past services performed for the Company; 

(ii) property; 
 (iii) money; and

 (b) the value of the consideration received by the Company equals or exceeds the issue price set for the share under §3.1. 

Share Purchase Warrants and Rights 
 3.5 Subject to the
Act, the Company may issue share purchase warrants, options and rights upon such terms and conditions as the directors determine, which share purchase warrants, options and rights may be issued alone or in conjunction with debentures, debenture
stock, bonds, shares or any other securities issued or created by the Company from time to time. 
 PART 4 

SHARE REGISTERS 
 Central Securities
Register 
 4.1 As required by and subject to the Act, the Company must maintain a central securities register and may appoint an agent to maintain such
register. The directors may appoint one or more agents, including the agent appointed to keep the central securities register, as transfer agent for shares or any class or series of shares and the same or another agent as registrar for shares or
such class or series of shares, as the case may be. The directors may terminate such appointment of any agent at any time and may appoint another agent in its place. If the directors designate a location outside British Columbia as the location at
which the company maintains its central securities register, the central securities register must be available for inspection and copying in accordance with the Act at a location inside British Columbia by means of a computer terminal or other
electronic technology. 

  
 - 18 - 

 PART 5 

SHARE TRANSFERS 
 Registering Transfers

 5.1 A transfer of a share must not be registered unless the Company or the transfer agent or registrar for the class or series of shares to be
transferred has received: 
 (a) except as exempted by the Act, a duly signed proper instrument of transfer in respect of the share; 

(b) if a share certificate has been issued by the Company in respect of the share to be transferred, that share certificate; 

(c) if a non-transferable written acknowledgment of the shareholder’s right to obtain a share
certificate has been issued by the Company in respect of the share to be transferred, that acknowledgment; and 
 (d) such other evidence, if
any, as the Company or the transfer agent or registrar for the class or series of share to be transferred may require to prove the title of the transferor or the transferor’s right to transfer the share, the due signing of the instrument of
transfer and the right of the transferee to have the transfer registered. 
 Form of Instrument of Transfer 

5.2 The instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back of the Company’s share certificates
of that class or series or in some other form that may be approved by the directors. 
 Transferor Remains Shareholder 

5.3 Except to the extent that the Act otherwise provides, the transferor of a share is deemed to remain the holder of it until the name of the transferee is
entered in a securities register of the Company in respect of the transfer. 

  
 - 19 - 

 Signing of Instrument of Transfer 

5.4 If a shareholder, or the shareholder’s duly authorized attorney, signs an instrument of transfer in respect of shares registered in the name of the
shareholder, the signed instrument of transfer constitutes a complete and sufficient authority to the Company and its directors, officers and agents to register the number of shares specified in the instrument of transfer or specified in any other
manner, or, if no number is specified, all the shares represented by the share certificates or set out in the written acknowledgments deposited with the instrument of transfer: 

(a) in the name of the person named as transferee in that instrument of transfer; or 

(b) if no person is named as transferee in that instrument of transfer, in the name of the person on whose behalf the instrument is deposited
for the purpose of having the transfer registered. 
 Enquiry as to Title Not Required 

5.5 Neither the Company nor any director, officer or agent of the Company is bound to inquire into the title of the person named in the instrument of transfer
as transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered or is liable for any claim related to registering the
transfer by the shareholder or by any intermediate owner or holder of the shares transferred, of any interest in such shares, of any share certificate representing such shares or of any written acknowledgment of a right to obtain a share certificate
for such shares. 
 Transfer Fee 
 5.6 There must be
paid to the Company, in relation to the registration of a transfer, the amount, if any, determined by the directors. 
 PART 6 

TRANSMISSION OF SHARES 
 Legal Personal
Representative Recognized on Death 
 6.1 In case of the death of a shareholder, the legal personal representative of the shareholder, or in the case of
shares registered in the shareholder’s name and the name of another person in joint tenancy, the surviving joint holder, will be the only person recognized by the Company as having any title to the shareholder’s interest in the shares.
Before recognizing a person as a legal personal representative of a shareholder, the Company shall receive the documentation required by the Act. 

Rights of Legal Personal Representative 
 6.2 The legal
personal representative of a shareholder has the same rights, privileges and obligations that attach to the shares held by the shareholder, including the right to transfer the shares in accordance with these Articles, provided the documents required
by the Act and the directors have been deposited with the Company. This §6.2 does not apply in the case of the death of a shareholder with respect to shares registered in the name of the shareholder and the name of another person in joint
tenancy. 

  
 - 20 - 

 PART 7 

PURCHASE, REDEEM OR OTHERWISE ACQUIRE SHARES 

Company Authorized to Purchase, Redeem or Otherwise Acquire Shares 

7.1 Subject to the special rights or restrictions attached to the shares of any class or series and the Act, the Company may, if authorized by the directors,
purchase or otherwise acquire any of its shares at the price and upon the terms determined by the directors. 
 Sale and Voting of Purchased, Redeemed or
Otherwise Acquired Shares 
 7.2 If the Company retains a share redeemed, purchased or otherwise acquired by it, the Company may sell, gift, cancel or
otherwise dispose of the share, but, while such share is held by the Company, it: 
 (a) is not entitled to vote the share at a meeting of
its shareholders; 
 (b) must not pay a dividend in respect of the share; and 

(c) must not make any other distribution in respect of the share. 

Company Entitled to Purchase, Redeem or Otherwise Acquire Share Fractions 

7.3 The Company may, without prior notice to the holders, purchase, redeem or otherwise acquire for fair value any and all outstanding share fractions of any
class or kind of shares in its authorized share structure as may exist at any time and from time to time. Upon the Company delivering the purchase funds and confirmation of purchase or redemption of the share fractions to the holders’
registered or last known address, or if the Company has a transfer agent then to such agent for the benefit of and forwarding to such holders, the Company shall thereupon amend its central securities register to reflect the purchase or redemption of
such share fractions and if the Company has a transfer agent, shall direct the transfer agent to amend the central securities register accordingly. 

PART 8 
 BORROWING
POWERS 
 8.1 The Company, if authorized by the directors, may: 

(a) borrow money in the manner and amount, on the security, from the sources and on the terms and conditions that they consider appropriate;

 (b) issue bonds, debentures and other debt obligations either outright or as security for any liability or obligation of the Company or
any other person and at such discounts or premiums and on such other terms as the directors consider appropriate; 

  
 - 21 - 

 (c) guarantee the repayment of money by any other person or the performance of any
obligation of any other person; and 
 (d) mortgage, charge, whether by way of specific or floating charge, grant a security interest in, or
give other security on, the whole or any part of the present and future assets and undertaking of the Company. 
 PART 9 

ALTERATIONS 
 Alteration of Authorized
Share Structure 
 9.1 Subject to §9.2 and the Act, the Company may by ordinary resolution (or a resolution of the directors in the case of
§9.1(c) or §9.1(f)): 
 (a) create one or more classes of shares or, if none of the shares of a class of shares are allotted or
issued, eliminate that class of shares; 
 (b) increase, reduce or eliminate the maximum number of shares that the Company is authorized to
issue out of any class of shares or establish a maximum number of shares that the Company is authorized to issue out of any class of shares for which no maximum is established; 

(c) subdivide or consolidate all or any of its unissued, or fully paid issued, shares; 

(d) if the Company is authorized to issue shares of a class of shares with par value: 

(i) decrease the par value of those shares; or 

(ii) if none of the shares of that class of shares are allotted or issued, increase the par value of those shares; 

(e) change all or any of its unissued, or fully paid issued, shares with par value into shares without par value or any of its unissued shares
without par value into shares with par value; 
 (f) alter the identifying name of any of its shares; or 

(g) otherwise alter its shares or authorized share structure when required or permitted to do so by the Act where it does not specify by a
special resolution; 
 and, if applicable, alter its Notice of Articles and Articles accordingly. 

  
 - 22 - 

 Special Rights or Restrictions 

9.2 Subject to the Act and in particular those provisions of the Act relating to the rights of holders of outstanding shares to vote if their rights are
prejudiced or interfered with, the Company may by ordinary resolution: 
 (a) create special rights or restrictions for, and attach
those special rights or restrictions to, the shares of any class of shares, whether or not any or all of those shares have been issued; or 

(b) vary or delete any special rights or restrictions attached to the shares of any class of shares, whether or not any or all of those shares
have been issued, 
 and alter its Notice of Articles and Articles accordingly. 

Change of Name 
 9.3 The Company may by directors
resolution authorize an alteration of its Notice of Articles in order to change its name or adopt or change any translation of that name. 
 Other
Alterations 
 9.4 If the Act does not specify the type of resolution and these Articles do not specify another type of resolution, the Company may by
ordinary resolution alter these Articles. 
 PART 10 

MEETINGS OF SHAREHOLDERS 
 Annual
General Meetings 
 10.1 Unless an annual general meeting is deferred or waived in accordance with the Act, the Company must hold its first annual
general meeting within 18 months after the date on which it was incorporated or otherwise recognized, and after that must hold an annual general meeting at least once in each calendar year and not more than 15 months after the last annual reference
date at such time and place as may be determined by the directors. 
 Resolution Instead of Annual General Meeting 

10.2 If all the shareholders who are entitled to vote at an annual general meeting consent in writing by a unanimous resolution to all of the business that is
required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held on the date of the unanimous resolution. The shareholders must, in any unanimous resolution passed under this §10.2, select as the
Company’s annual reference date a date that would be appropriate for the holding of the applicable annual general meeting. A unanimous resolution passed in writing under this §10.2 may be by signed document, fax, email or any other method
of transmitting legibly recorded messages. Any electronic signature on a unanimous resolution, whether digital or encrypted, shall be deemed to have the same force and effect as a manual signature. A unanimous resolution in writing may be in two or
more counterparts which together are deemed to constitute one unanimous resolution in writing. 

  
 - 23 - 

 Calling of Meetings of Shareholders 

10.3 The directors may, at any time, call a meeting of shareholders. 

Notice for Meetings of Shareholders 
 10.4 The Company
must send notice of the date, time and location of any meeting of shareholders (including, without limitation, any notice specifying the intention to propose a resolution as a special resolution and any notice to consider approving a continuation
into a foreign jurisdiction, an arrangement or the adoption of an amalgamation agreement, and any notice of a general meeting, class meeting or series meeting), in the manner provided in these Articles, or in such other manner, if any, as may be
prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles otherwise provide, at
least the following number of days before the meeting: 
 (a) if the Company is a public company, 21 days; 

(b) otherwise, 10 days. 
 Record Date for
Notice 
 10.5 The directors may set a date as the record date for the purpose of determining shareholders entitled to notice of any meeting of
shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Act, by more than four months. The record date must not
precede the date on which the meeting is held by fewer than: 
 (a) if the Company is a public company, 21 days; 

(b) otherwise, 10 days. 
 If no record date is
set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting. 

Record Date for Voting 
 10.6 The directors may set a date
as the record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting
requisitioned by shareholders under the Act, by more than four months. If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the
meeting. 

  
 - 24 - 

 Failure to Give Notice and Waiver of Notice 

10.7 The accidental omission to send notice of any meeting of shareholders to, or the non-receipt of any notice by, any
of the persons entitled to notice does not invalidate any proceedings at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing or otherwise, waive that entitlement or may agree to reduce the period of that notice.
Attendance of a person at a meeting of shareholders is a waiver of entitlement to notice of the meeting unless that person attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is
not lawfully called. 
 Notice of Special Business at Meetings of Shareholders 

10.8 If a meeting of shareholders is to consider special business within the meaning of §11.1, the notice of meeting must: 

(a) state the general nature of the special business; and 

(b) if the special business includes considering, approving, ratifying, adopting or authorizing any document or the signing of or giving of
effect to any document, have attached to it a copy of the document or state that a copy of the document will be available for inspection by shareholders: 

(i) at the Company’s records office, or at such other reasonably accessible location in British Columbia as is specified in the notice;
and 
 (ii) during statutory business hours on any one or more specified days before the day set for the holding of the meeting. 

Place of Meetings 
 10.9 In addition to any location in
British Columbia, any general meeting may be held in any location outside British Columbia approved by a resolution of the directors, or if so approved by a resolution of the directors, any general meeting may be held entirely by means of an
electronic or other communication facility that permits all persons participating in the meeting to communicate adequately with each other to the extent permitted by the Act. 

PART 11 
 PROCEEDINGS AT
MEETINGS OF SHAREHOLDERS 
 Special Business 
 11.1
At a meeting of shareholders, the following business is special business: 
 (a) at a meeting of shareholders that is not an annual general
meeting, all business is special business except business relating to the conduct of or voting at the meeting; 

  
 - 25 - 

 (b) at an annual general meeting, all business is special business except for the following:

 (i) business relating to the conduct of or voting at the meeting; 

(ii) consideration of any financial statements of the Company presented to the meeting; 

(iii) consideration of any reports of the directors or auditor; 

(iv) the setting or changing of the number of directors; 

(v) the election or appointment of directors; 

(vi) the appointment of an auditor; 

(vii) the setting of the remuneration of an auditor; 

(viii) business arising out of a report of the directors not requiring the passing of a special resolution; 

(ix) any other business which, under these Articles or the Act, may be transacted at a meeting of shareholders without prior notice of the
business being given to the shareholders. 
 Special Resolutions 

11.2 The number of votes required for the Company to pass a special resolution at a general meeting of shareholders is
two-thirds of the votes cast on the resolution. 
 Ordinary Resolutions 

11.3 The number of votes required for the Company to pass an ordinary resolution at a general meeting of shareholders is a majority of the votes cast on the
resolution. 
 Quorum 
 11.4 Subject to the special
rights or restrictions attached to the shares of any class or series of shares, and to §11.6, the quorum for the transaction of business at a meeting of shareholders is at least two shareholders who, whether present in person or represented by
proxy, in the aggregate, hold at least 25% of the votes attached to the shares entitled to be voted at the meeting. 
 11.5 Where a separate vote by a class
or series or classes or series is required, the quorum for that matter is at least two shareholders who, whether present in person or represented by proxy, in the aggregate, hold at least 25% of the votes attached to the shares of such class or
series or classes or series entitled to vote on that matter. 

  
 - 26 - 

 One Shareholder May Constitute Quorum 

11.6 If there is only one shareholder entitled to vote at a meeting of shareholders: 

(a) the quorum is one person who is, or who represents by proxy, that shareholder, and 

(b) that shareholder, present in person or by proxy, may constitute the meeting. 

Persons Entitled to Attend Meeting 
 11.7 In addition to
those persons who are entitled to vote at a meeting of shareholders, the only other persons entitled to be present at the meeting are the directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the
Company, the auditor of the Company, any persons invited to be present at the meeting by the directors or by the chair of the meeting and any persons entitled or required under the Act or these Articles to be present at the meeting; but if any of
those persons does attend the meeting, that person is not to be counted in the quorum and is not entitled to vote at the meeting unless that person is a shareholder or proxy holder entitled to vote at the meeting. 

Requirement of Quorum 
 11.8 No business, other than the
election of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a quorum of shareholders entitled to vote is present at the commencement of the meeting, but such quorum need not be
present throughout the meeting. 
 Lack of Quorum 
 11.9
If, within one-half hour from the time set for the holding of a meeting of shareholders, a quorum is not present: 

(a) in the case of a general meeting requisitioned by shareholders, the meeting is dissolved, and 

(b) in the case of any other meeting of shareholders, the meeting stands adjourned to the same day in the next week at the same time and place
specified in the notice calling the meeting unless otherwise determined by an ordinary resolutions of those shareholders present and for which notification is provided to all shareholders entitled to attend such meeting. 

Lack of Quorum at Succeeding Meeting 
 11.10 If, at the
meeting to which the meeting referred to in §11.9(b) was adjourned, a quorum is not present within one-half hour from the time set for the holding of the meeting, the person or persons present and being,
or representing by proxy one or more shareholders, entitled to attend and vote at the meeting shall be deemed to constitute a quorum. 

  
 - 27 - 

 Chair 

11.11 The following individual is entitled to preside as chair at a meeting of shareholders: 

(a) the chair of the board, if any; or 

(b) if the chair of the board is absent or unwilling to act as chair of the meeting, the president, if any. 

Selection of Alternate Chair 
 11.12 If, at any meeting of
shareholders, there is no chair of the board or president present within 15 minutes after the time set for holding the meeting, or if the chair of the board and the president are unwilling to act as chair of the meeting, or if the chair of the board
and the president have advised the secretary, if any, or any director present at the meeting, that they will not be present at the meeting, the directors present may choose either one of their number or the lawyer of the Company to be chair of the
meeting. If all of the directors present decline to take the chair or fail to so choose or if no director is present or the lawyer of the Company declines to take the chair, the shareholders entitled to vote at the meeting who are present in person
or by proxy may choose any person present at the meeting to chair the meeting. 
 Adjournments 

11.13 The chair of a meeting of shareholders may, and if so directed by the meeting must, adjourn the meeting from time to time and from place to place, but no
business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. 

Notice of Adjourned Meeting 
 11.14 It is not necessary to
give any notice of an adjourned meeting of shareholders or of the business to be transacted at an adjourned meeting of shareholders except that, when a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the
case of the original meeting. 
 Decisions by Show of Hands or Poll 

11.15 Subject to the Act, every motion put to a vote at a meeting of shareholders will be decided on a show of hands unless a poll, before or on the
declaration of the result of the vote by show of hands, is directed by the chair or demanded by any shareholder entitled to vote who is present in person or by proxy. 

Declaration of Result 
 11.16 The chair of a meeting of
shareholders must declare to the meeting the decision on every question in accordance with the result of the show of hands or the poll, as the case may be, and that decision must be entered in the minutes of the meeting. A declaration of the chair
that a resolution is carried by the necessary majority or is defeated is, unless a poll is directed by the chair or demanded under §11.15, conclusive evidence without proof of the number or proportion of the votes recorded in favour of or
against the resolution. 

  
 - 28 - 

 Motion Need Not be Seconded 

11.17 No motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of
shareholders is entitled to propose or second a motion. 
 Casting Vote 

11.18 In case of an equality of votes, the chair of a meeting of shareholders does not, either on a show of hands or on a poll, have a second or casting vote
in addition to the vote or votes to which the chair may be entitled as a shareholder. 
 Manner of Taking Poll 

11.19 Subject to §11.20, if a poll is duly demanded at a meeting of shareholders: 

(a) the poll must be taken: 
 (i)
at the meeting, or within seven days after the date of the meeting, as the chair of the meeting directs; and 
 (ii) in the manner, at the
time and at the place that the chair of the meeting directs; 
 (b) the result of the poll is deemed to be the decision of the meeting at
which the poll is demanded; and 
 (c) the demand for the poll may be withdrawn by the person who demanded it. 

Demand for Poll on Adjournment 
 11.20 A poll demanded at
a meeting of shareholders on a question of adjournment must be taken immediately at the meeting. 
 Chair Must Resolve Dispute 

11.21 In the case of any dispute as to the admission or rejection of a vote given on a poll, the chair of the meeting must determine the dispute, and the
determination of the chair made in good faith is final and conclusive. 
 Casting of Votes 

11.22 On a poll, a shareholder entitled to more than one vote need not cast all the votes in the same way. 

  
 - 29 - 

 No Demand for Poll on Election of Chair 

11.23 No poll may be demanded in respect of the vote by which a chair of a meeting of shareholders is elected. 

Demand for Poll Not to Prevent Continuance of Meeting 

11.24 The demand for a poll at a meeting of shareholders does not, unless the chair of the meeting so rules, prevent the continuation of a meeting for the
transaction of any business other than the question on which a poll has been demanded. 
 Retention of Ballots and Proxies 

11.25 The Company must, for at least three months after a meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the meeting, and,
during that period, make them available for inspection during normal business hours by any shareholder or proxy holder entitled to vote at the meeting. At the end of such three month period, the Company may destroy such ballots and proxies. 

PART 12 
 VOTES OF
SHAREHOLDERS 
 Number of Votes by Shareholder or by Shares 

12.1 Subject to any special rights or restrictions attached to any shares and to the restrictions imposed on joint shareholders under §12.3: 

(a) on a vote by show of hands, every person present who is a shareholder or proxy holder and entitled to vote on the matter has one vote; and

 (b) on a poll, every shareholder entitled to vote on the matter has one vote in respect of each share entitled to be voted on the matter
and held by that shareholder and may exercise that vote either in person or by proxy. 
 Votes of Persons in Representative Capacity 

12.2 A person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a poll, and may appoint a proxy holder to act at
the meeting, if, before doing so, the person satisfies the chair of the meeting, or the directors, that the person is a legal personal representative or a trustee in bankruptcy for a shareholder who is entitled to vote at the meeting. 

  
 - 30 - 

 Votes by Joint Holders 

12.3 If there are joint shareholders registered in respect of any share: 

(a) any one of the joint shareholders may vote at any meeting of shareholders, personally or by proxy, in respect of the share as if that joint
shareholder were solely entitled to it; or 
 (b) if more than one of the joint shareholders is present at any meeting of shareholders,
personally or by proxy, and more than one of them votes in respect of that share, then only the vote of the joint shareholder present whose name stands first on the central securities register in respect of the share will be counted. 

Legal Personal Representatives as Joint Shareholders 

12.4 Two or more legal personal representatives of a shareholder in whose sole name any share is registered are, for the purposes of §12.3, deemed to be
joint shareholders registered in respect of that share. 
 Representative of a Corporate Shareholder 

12.5 If a corporation, that is not a subsidiary of the Company, is a shareholder, that corporation may appoint a person to act as its representative at any
meeting of shareholders of the Company, and: 
  

	 	(a)	 for that purpose, the instrument appointing a representative must be received: 

(i) at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at
least the number of business days specified in the notice for the receipt of proxies, or if no number of days is specified, two business days before the day set for the holding of the meeting or any adjourned meeting; or 

(ii) at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting or by a person designated by the chair of the
meeting or adjourned meeting; 
  

	 	(b)	 if a representative is appointed under this §12.5: 

(i) the representative is entitled to exercise in respect of and at that meeting the same rights on behalf of the corporation that the
representative represents as that corporation could exercise if it were a shareholder who is an individual, including, without limitation, the right to appoint a proxy holder; and 

(ii) the representative, if present at the meeting, is to be counted for the purpose of forming a quorum and is deemed to be a shareholder
present in person at the meeting. 
 Evidence of the appointment of any such representative may be sent to the Company by written instrument, fax or any
other method of transmitting legibly recorded messages. 

  
 - 31 - 

 Proxy Provisions Do Not Apply to All Companies 

12.6 If and for so long as the Company is a public company or a pre-existing reporting company which has the Statutory
Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply, then §12.7 to §12.15 are not mandatory, however the directors of the Company are authorized to apply all or part of such
sections or to adopt alternative procedures for proxy form, deposit and revocation procedures to the extent that the directors deem necessary in order to comply with securities laws applicable to the Company. 

Appointment of Proxy Holders 
 12.7 Every shareholder of
the Company, including a corporation that is a shareholder but not a subsidiary of the Company, entitled to vote at a meeting of shareholders may, by proxy, appoint one or more (but not more than five) proxy holders to attend and act at the meeting
in the manner, to the extent and with the powers conferred by the proxy. 
 Alternate Proxy Holders 

12.8 A shareholder may appoint one or more alternate proxy holders to act in the place of an absent proxy holder. 

Proxy Holder Need Not Be Shareholder 
 12.9 A proxy holder
need not be a shareholder of the Company. 
 Deposit of Proxy 

12.10 A proxy for a meeting of shareholders must: 

(a) be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of
proxies, at least the number of business days specified in the notice, or if no number of days is specified, two business days before the day set for the holding of the meeting or any adjourned meeting; or 

(b) unless the notice provides otherwise, be received, at the meeting or any adjourned meeting, by the chair of the meeting or adjourned
meeting or by a person designated by the chair of the meeting or adjourned meeting. 
 A proxy may be sent to the Company by written instrument, fax or any
other method of transmitting legibly recorded messages, including through Internet or telephone voting or by email, if permitted by the notice calling the meeting or the information circular for the meeting. 

Validity of Proxy Vote 
 12.11 A vote given in accordance
with the terms of a proxy is valid notwithstanding the death or incapacity of the shareholder giving the proxy and despite the revocation of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of
that death, incapacity or revocation is received: 
 (a) at the registered office of the Company, at any time up to and including the last
business day before the day set for the holding of the meeting or any adjourned meeting at which the proxy is to be used; or 

  
 - 32 - 

 (b) at the meeting or any adjourned meeting by the chair of the meeting or adjourned
meeting, before any vote in respect of which the proxy has been given has been taken. 
 Form of Proxy 

12.12 A proxy, whether for a specified meeting or otherwise, must be either in the following form or in any other form approved by the directors or the chair
of the meeting: 
 [name of company] 

(the “Company”) 
 The
undersigned, being a shareholder of the Company, hereby appoints [name] or, failing that person, [name], as proxy holder for the undersigned to attend, act and vote for and on behalf of the undersigned at the meeting of shareholders of the Company
to be held on [month, day, year] and at any adjournment of that meeting. 
 Number of shares in respect of which this proxy is given (if no
number is specified, then this proxy is given in respect of all shares registered in the name of the undersigned): _____________________ 
  

	
	 Signed [month, day, year]

	
	
                   
                                         
        

	 [Signature of shareholder]

	
	
                   
                                         
        

	 [Name of shareholder—printed]

 Revocation of Proxy 

12.13 Subject to §12.14, every proxy may be revoked by an instrument in writing that is received: 

(a) at the registered office of the Company at any time up to and including the last business day before the day set for the holding of the
meeting or any adjourned meeting at which the proxy is to be used; or 
 (b) at the meeting or any adjourned meeting, by the chair of the
meeting or adjourned meeting, before any vote in respect of which the proxy has been given has been taken. 

  
 - 33 - 

 Revocation of Proxy Must Be Signed 

12.14 An instrument referred to in §12.13 must be signed as follows: 

(a) if the shareholder for whom the proxy holder is appointed is an individual, the instrument must be signed by the shareholder or the
shareholder’s legal personal representative or trustee in bankruptcy; 
 (b) if the shareholder for whom the proxy holder is appointed
is a corporation, the instrument must be signed by the corporation or by a representative appointed for the corporation under §12.5. 
 Production
of Evidence of Authority to Vote 
 12.15 The chair of any meeting of shareholders may, but need not, inquire into the authority of any person to vote at
the meeting and may, but need not, demand from that person production of evidence as to the existence of the authority to vote. 
 PART 13

 DIRECTORS 
 First Directors;
Number of Directors 
 13.1 The first directors are the persons designated as directors of the Company in the Notice of Articles that applies to the
Company when it is recognized under the Act. The number of directors, excluding additional directors appointed under §14.8, is set at: 

(a) subject to §(b) and §(c), the number of directors that is equal to the number of the Company’s first directors; 

(b) if the Company is a public company, the greater of three and the most recently set of: 

(i) the number of directors set by a resolution of the directors (whether or not previous notice of the resolution was given); and 

(ii) the number of directors in office pursuant to §14.4; 

(c) if the Company is not a public company, the most recently set of: 

(i) the number of directors set by a resolution of the directors (whether or not previous notice of the resolution was given); and 

(ii) the number of directors in office pursuant to §14.4. 

Change in Number of Directors 
 13.2 If the number of
directors is set under §13.1(b)(i) or §13.1(c)(i), subject to any restrictions in the Act and to §14.8, the board of directors may appoint the directors needed to fill any vacancies in the board of directors up to that number. 

  
 - 34 - 

 Directors’ Acts Valid Despite Vacancy 

13.3 An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these Articles is
in office. 
 Qualifications of Directors 
 13.4 A
director is not required to hold a share in the share structure of the Company as qualification for his or her office but must be qualified as required by the Act to become, act or continue to act as a director. 

Remuneration of Directors 
 13.5 The directors are
entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. If the directors so decide, the remuneration of the directors, if any, will be determined by the shareholders. 

Reimbursement of Expenses of Directors 
 13.6 The Company
must reimburse each director for the reasonable expenses that he or she may incur in and about the business of the Company. 
 Special Remuneration for
Directors 
 13.7 If any director performs any professional or other services for the Company that in the opinion of the directors are outside the
ordinary duties of a director, he or she may be paid remuneration fixed by the directors, or at the option of the directors, fixed by ordinary resolution, and such remuneration will be in addition to any other remuneration that he or she may be
entitled to receive. 
 Gratuity, Pension or Allowance on Retirement of Director 

13.8 Unless otherwise determined by ordinary resolution, the directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any
director who has held any salaried office or place of profit with the Company or to his or her spouse or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

  
 - 35 - 

 PART 14 

ELECTION AND REMOVAL OF DIRECTORS 

Election at Annual General Meeting 
 14.1 At every annual
general meeting and in every unanimous resolution contemplated by §10.2: 
 (a) the shareholders entitled to vote at the annual general
meeting for the election of directors must elect, or in the unanimous resolution appoint, a board of directors consisting of the number of directors for the time being set under these Articles; and 

(b) all the directors cease to hold office immediately before the election or appointment of directors under §(a), but are eligible for re-election or re-appointment. 
 Consent to be a Director 

14.2 No election, appointment or designation of an individual as a director is valid unless: 

(a) that individual consents to be a director in the manner provided for in the Act; 

(b) that individual is elected or appointed at a meeting at which the individual is present and the individual does not refuse, at the meeting,
to be a director; or 
 (c) with respect to first directors, the designation is otherwise valid under the Act. 

Failure to Elect or Appoint Directors 
 14.3 If: 

(a) the Company fails to hold an annual general meeting, and all the shareholders who are entitled to vote at an annual general meeting fail to
pass the unanimous resolution contemplated by §10.2, on or before the date by which the annual general meeting is required to be held under the Act; or 

(b) the shareholders fail, at the annual general meeting or in the unanimous resolution contemplated by §10.2, to elect or appoint any
directors; 
 then each director then in office continues to hold office until the earlier of: 

(c) when his or her successor is elected or appointed; and 

(d) when he or she otherwise ceases to hold office under the Act or these Articles. 

Places of Retiring Directors Not Filled 
 14.4 If, at any
meeting of shareholders at which there should be an election of directors, the places of any of the retiring directors are not filled by that election, those retiring directors who are not re-elected and who
are asked by the newly elected directors to continue in office will, if willing to do so, continue in office to complete the number of directors for the time being set pursuant to these Articles but their term of office shall expire no later than
the date on which new directors are elected at a meeting of shareholders convened for that purpose. If any such election or continuance of directors does not result in the election or continuance of the number of directors for the time being set
pursuant to these Articles, the number of directors of the Company is deemed to be set at the number of directors actually elected or continued in office. 

  
 - 36 - 

 Directors May Fill Casual Vacancies 

14.5 Any casual vacancy occurring in the board of directors may be filled by the directors. 

Remaining Directors Power to Act 
 14.6 The directors may
act notwithstanding any vacancy in the board of directors, but if the Company has fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the directors may only act for the purpose of appointing directors
up to that number or of calling a meeting of shareholders for the purpose of filling any vacancies on the board of directors or, subject to the Act, for any other purpose. 

Shareholders May Fill Vacancies 
 14.7 If the Company has
no directors or fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the shareholders may elect or appoint directors to fill any vacancies on the board of directors. 

Additional Directors 
 14.8 Notwithstanding §13.1,
§13.2, and §14.1, between annual general meetings or by unanimous resolutions contemplated by §10.2, the directors may appoint one or more additional directors but the number of additional directors appointed under this §14.8
must not at any time exceed one-third of the number of the current directors who were elected or appointed as directors other than under this §14.8. Any director so appointed ceases to hold office
immediately before the next election or appointment of directors under §14.1(a), but is eligible for re-election or re-appointment. 

Ceasing to be a Director 
 14.9 A director ceases to be a
director when: 
 (a) the term of office of the director expires; 

(b) the director dies; 
 (c) the
director resigns as a director by notice in writing provided to the Company or a lawyer for the Company; or 
 (d) the director is removed
from office pursuant to §14.10 or §14.11. 
 Removal of Director by Shareholders 

14.10 The Company may remove any director before the expiration of his or her term of office by special resolution. In that event, the shareholders may elect,
or appoint by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a director to fill the resulting vacancy contemporaneously with the removal, then the directors may appoint or the shareholders
may elect, or appoint by ordinary resolution, a director to fill that vacancy. 

  
 - 37 - 

 Removal of Director by Directors 

14.11 The directors may remove any director before the expiration of his or her term of office if the director is convicted of an indictable offence, or if the
director ceases to be qualified to act as a director of a company and does not promptly resign, and the directors may appoint a director to fill the resulting vacancy. 

Nomination of Directors 
 14.12 

(a) Subject only to the Act, only persons who are nominated in accordance with the following procedures shall be eligible for election as
directors of the Company. Nominations of persons for election to the board may be made at any annual meeting of shareholders, or at any special meeting of shareholders (but only if the election of directors is a matter specified in the notice of
meeting given by or at the direction of the person calling such special meeting): 
  

	 	(i)	 by or at the direction of the board or an authorized officer of the Company, including pursuant to a notice of
meeting; 

  

	 	(ii)	 by or at the direction or request of one or more shareholders pursuant to a proposal made in accordance with
the provisions of the Act or a requisition of the shareholders made in accordance with the provisions of the Act; or 

  

	 	(iii)	 by any person (a “Nominating Shareholder”) (A) who, at the close of business on the date of
the giving of the notice provided for below in this §14.12 and on the record date for notice of such meeting, is entered in the securities register as a holder of one or more shares carrying the right to vote at such meeting or who beneficially
owns shares that are entitled to be voted at such meeting and (B) who complies with the notice procedures set forth below in this §14.12. 

(b) In addition to any other applicable requirements, for a nomination to be made by a Nominating Shareholder, such person must be given 

 

	 	(i)	 timely notice thereof in proper written form to an officer of the Company of the Company at the principal
executive offices of the Company in accordance with this §14.12 and 

  

	 	(ii)	 the representation and agreement with respect to each candidate for nomination as required by, and within the
time period specified in §14.12(c). 

  
 - 38 - 

 (c) To be timely under §14.12(b)(i), a Nominating Shareholder’s notice to an
officer of the Company, being either the Chief Executive Officer, the Chief Financial Officer, or the Corporate Secretary (singularly, “an officer of the Company”), must be made: 

 

	 	(i)	 in the case of an annual meeting of shareholders, not less than 40 days prior to the date of the annual meeting
of shareholders; provided, however, that in the event that the annual meeting of shareholders is called for a date that is less than 50 days after the date (the “Notice Date”) on which the first public announcement of the date of
the annual meeting was made, notice by the Nominating Shareholder may be made not later than the tenth (10th) day following the Notice Date; and 

  

	 	(ii)	 in the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose
of electing directors (whether or not called for other purposes), not later than the fifteenth (15th) day following the day on which the first public announcement of the date of the special meeting of shareholders was made. 

 

	 	(iii)	 Notwithstanding the foregoing, the board may, in its sole discretion, waive any requirement in this
§14.12(c). 

 (d) To be in proper written form, a Nominating Shareholder’s notice to an officer of the Company,
under §14.12(b) must set forth: 
  

	 	(i)	 as to each person whom the Nominating Shareholder proposes to nominate for election as a director (A) the
name, age, business address and residence address of the person, (B) the principal occupation or employment of the person, (C) the class or series and number of shares in the capital of the Company which are controlled or which are owned
beneficially or of record by the person as of the record date for the Meeting of Shareholders (if such date shall then have been made publicly available and shall have occurred) and as of the date of such notice, (D) a statement as to whether
such person would be “independent” of the Company (within the meaning of sections 1.4 and 1.5 of National Instrument 52-110 – Audit Committees of the Canadian Securities Administrators,
as such provisions may be amended from time to time) if elected as a director at such meeting and the reasons and basis for such determination and (E) any other information relating to the person that would be required to be disclosed in a
dissident’s proxy circular in connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws; and 

  

	 	(ii)	 as to the Nominating Shareholder giving the notice, (A) any information relating to such Nominating
Shareholder that would be required to be made in a dissident’s proxy circular in connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws, and (B) the class or series and number
of shares in the capital of the Company which are controlled or which are owned beneficially or of record by the Nominating Shareholder as of the record date for the Meeting of Shareholders (if such date shall then have been made publicly available
and shall have occurred) and as of the date of such notice. 

  
 - 39 - 

 (e) No person shall be eligible for election as a director of the Company unless nominated
in accordance with the provisions of this §14.12; provided, however, that nothing in this §14.12 shall be deemed to preclude discussion by a shareholder (as distinct from nominating directors) at a meeting of shareholders of any matter in
respect of which it would have been entitled to submit a proposal pursuant to the provisions of the Act. The chair of the meeting shall have the power and duty to determine whether a nomination was made in accordance with the procedures set forth in
the foregoing provisions and, if any proposed nomination is not in compliance with such foregoing provisions, to declare that such defective nomination shall be disregarded. 

(f) For purposes of this §14.12: 
  

	 	(i)	 “Affiliate”, when used to indicate a relationship with a person, shall mean a person that
directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such specified person; 

  

	 	(ii)	 “Applicable Securities Laws” means the Securities Act (British Columbia) and the
equivalent legislation in the other provinces and in the territories of Canada, as amended from time to time, the rules, regulations and forms made or promulgated under any such statute and the published national instruments, multilateral
instruments, policies, bulletins and notices of the securities commissions and similar regulatory authorities of each of the applicable provinces and territories of Canada; 

 

	 	(iii)	 “Associate”, when used to indicate a relationship with a specified person, shall mean
(A) any corporation or trust of which such person owns beneficially, directly or indirectly, voting securities carrying more than 10% of the voting rights attached to all voting securities of such corporation or trust for the time being
outstanding, (B) any partner of that person, (C) any trust or estate in which such person has a substantial beneficial interest or as to which such person serves as trustee or in a similar capacity, (D) a spouse of such specified
person, (E) any person of either sex with whom such specified person is living in conjugal relationship outside marriage or (F) any relative of such specified person or of a person mentioned in clauses (D) or (E) of this definition if
that relative has the same residence as the specified person; 

  

	 	(iv)	 “Derivatives Contract” shall mean a contract between two parties (the “Receiving
Party” and the “Counterparty”) that is designed to expose the Receiving Party to economic benefits and risks that correspond substantially to the ownership by the Receiving Party of a number of shares in the capital of the Company or
securities convertible into such shares 

  
 - 40 - 

	 	
specified or referenced in such contract (the number corresponding to such economic benefits and risks, the “Notional Securities”), regardless of whether obligations under such contract
are required or permitted to be settled through the delivery of cash, shares in the capital of the Company or securities convertible into such shares or other property, without regard to any short position under the same or any other Derivatives
Contract. For the avoidance of doubt, interests in broad-based index options, broad-based index futures and broad-based publicly traded market baskets of stocks approved for trading by the appropriate governmental authority shall not be deemed to be
Derivatives Contracts; 

  

	 	(v)	 “Meeting of Shareholders” shall mean such annual shareholders meeting or special shareholders
meeting, whether general or not, at which one or more persons are nominated for election to the board by a Nominating Shareholder; 

  

	 	(vi)	 “owned beneficially” or “owns beneficially” means, in connection with the
ownership of shares in the capital of the Company by a person, (A) any such shares as to which such person or any of such person’s Affiliates or Associates owns at law or in equity, or has the right to acquire or become the owner at law or
in equity, where such right is exercisable immediately or after the passage of time and whether or not on condition or the happening of any contingency or the making of any payment, upon the exercise of any conversion right, exchange right or
purchase right attaching to any securities, or pursuant to any agreement, arrangement, pledge or understanding whether or not in writing; (B) any such shares as to which such person or any of such person’s Affiliates or Associates has the
right to vote, or the right to direct the voting, where such right is exercisable immediately or after the passage of time and whether or not on condition or the happening of any contingency or the making of any payment, pursuant to any agreement,
arrangement, pledge or understanding whether or not in writing; (C) any such shares which are beneficially owned, directly or indirectly, by a Counterparty (or any of such Counterparty’s Affiliates or Associates) under any Derivatives
Contract (without regard to any short or similar position under the same or any other Derivatives Contract) to which such person or any of such person’s Affiliates or Associates is a Receiving Party; provided, however that the number of shares
that a person owns beneficially pursuant to this clause (C) in connection with a particular Derivatives Contract shall not exceed the number of Notional Securities with respect to such Derivatives Contract; provided, further, that the number of
securities owned beneficially by each Counterparty (including their respective Affiliates and Associates) under a Derivatives Contract shall for purposes of this clause be deemed to include all securities that are owned beneficially, directly or
indirectly, by any other Counterparty (or any of such other Counterparty’s Affiliates or Associates) under any Derivatives Contract to which such first Counterparty (or any of such first Counterparty’s Affiliates or Associates) is a
Receiving Party and this proviso shall be applied to successive Counterparties as appropriate; and (D) any such shares which are owned beneficially within the meaning of this definition by any other person with whom such person is acting
jointly or in concert with respect to the Company or any of its securities; and 

  
 - 41 - 

	 	(vii)	 “public announcement” shall mean disclosure in a press release reported by a national news
service in Canada, or in a document publicly filed by the Company or its agents under its profile on the System of Electronic Document Analysis and Retrieval at www.sedar.com. 

(g) Notwithstanding any other provision to this §14.12, notice or any delivery given to an officer of the Company pursuant to this
§14.12 may only be given by personal delivery, facsimile transmission, email or other electronic transmission method made available by the Company, and shall be deemed to have been given and made only at the time it is served by personal
delivery, email, electronic transmission or sent by facsimile transmission (provided that receipt of confirmation of such transmission has been received) to an officer of the Company at the address of the principal executive offices of the Company;
provided that if such delivery or electronic communication is made on a day which is a not a business day or later than 5:00 p.m. (Vancouver time) on a day which is a business day, then such delivery or electronic communication shall be deemed to
have been made on the subsequent day that is a business day. 
 14.13 In no event shall any adjournment or postponement of a Meeting of Shareholders or the
announcement thereof commence a new time period for the giving of a Nominating Shareholder’s notice as described in §14.12(c). 

PART 15 
 POWERS AND
DUTIES OF DIRECTORS 
 Powers of Management 
 15.1
The directors must, subject to the Act and these Articles, manage or supervise the management of the business and affairs of the Company and have the authority to exercise all such powers of the Company as are not, by the Act or by these Articles,
required to be exercised by the shareholders of the Company. 
 Appointment of Attorney of Company 

15.2 The directors may from time to time, by power of attorney or other instrument, appoint any person to be the attorney of the Company for such purposes, and
with such powers, authorities and discretions (not exceeding those vested in or exercisable by the directors under these Articles and excepting the power to fill vacancies in the board of directors, to remove a director, to change the membership of,
or fill vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and to declare dividends) and for such period, and with such remuneration and subject to such conditions as the directors may think fit.
Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the directors think fit. Any such attorney may be authorized by the directors to
sub-delegate all or any of the powers, authorities and discretions for the time being vested in him or her. 

  
 - 42 - 

 PART 16 

INTERESTS OF DIRECTORS AND OFFICERS 

Obligation to Account for Profits 
 16.1 A director or
senior officer who holds a disclosable interest (as that term is used in the Act) in a contract or transaction into which the Company has entered or proposes to enter is liable to account to the Company for any profit that accrues to the director or
senior officer under or as a result of the contract or transaction only if and to the extent provided in the Act. 
 Restrictions on Voting by Reason of
Interest 
 16.2 A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter is not
entitled to vote on any directors’ resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction, in which case any or all of those directors may vote on such
resolution. 
 Interested Director Counted in Quorum 

16.3 A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter and who is present at the
meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the director votes on any or all of the resolutions considered at the meeting. 

Disclosure of Conflict of Interest or Property 
 16.4 A
director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual’s duty or interest as a
director or senior officer, must disclose the nature and extent of the conflict as required by the Act. 
 Director Holding Other Office in the Company

 16.5 A director may hold any office or place of profit with the Company, other than the office of auditor of the Company, in addition to his or her
office of director for the period and on the terms (as to remuneration or otherwise) that the directors may determine. 
 No Disqualification 

16.6 No director or intended director is disqualified by his or her office from contracting with the Company either with regard to the holding of any office or
place of profit the director holds with the Company or as vendor, purchaser or otherwise, and no contract or transaction entered into by or on behalf of the Company in which a director is in any way interested is liable to be voided for that reason.

  
 - 43 - 

 Professional Services by Director or Officer 

16.7 Subject to the Act, a director or officer, or any person in which a director or officer has an interest, may act in a professional capacity for the
Company, except as auditor of the Company, and the director or officer or such person is entitled to remuneration for professional services as if that director or officer were not a director or officer. 

Director or Officer in Other Corporations 
 16.8 A
director or officer may be or become a director, officer or employee of, or otherwise interested in, any person in which the Company may be interested as a shareholder or otherwise, and, subject to the Act, the director or officer is not accountable
to the Company for any remuneration or other benefits received by him or her as director, officer or employee of, or from his or her interest in, such other person. 

PART 17 
 PROCEEDINGS OF
DIRECTORS 
 Meetings of Directors 
 17.1 The
directors may meet together for the conduct of business, adjourn and otherwise regulate their meetings as they think fit, and meetings of the directors held at regular intervals may be held at the place, at the time and on the notice, if any, as the
directors may from time to time determine. 
 Voting at Meetings 

17.2 Questions arising at any meeting of directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the meeting
does not have a second or casting vote. 
 Chair of Meetings 

17.3 The following individual is entitled to preside as chair at a meeting of directors: 

(a) the chair of the board, if any; 

(b) in the absence of the chair of the board, the president, if any, if the president is a director; or 

(c) any other director chosen by the directors if: 

(i) neither the chair of the board nor the president, if a director, is present at the meeting within 15 minutes after the time set for holding
the meeting; 

  
 - 44 - 

 (ii) neither the chair of the board nor the president, if a director, is willing to chair
the meeting; or 
 (iii) the chair of the board and the president, if a director, have advised the secretary, if any, or any other director,
that they will not be present at the meeting. 
 Place of Meetings 

17.4 Meetings of directors may be held at any place within or outside of Canada, or if so approved by all of the directors, such meeting may be held entirely
by means of an electronic or other communication facility that permits all persons participating in the meeting to communicate adequately with each other to the extent permitted by the Act. 

Meetings by Telephone or Other Communications Medium 

17.5 A director may participate in a meeting of the directors or of any committee of the directors: 

(a) in person; or 
 (b) by
telephone or by other communications medium if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other. 

A director who participates in a meeting in a manner contemplated by this §17.5 is deemed for all purposes of the Act and these Articles to be present at
the meeting and to have agreed to participate in that manner. 
 Calling of Meetings 

17.6 A director may, and the secretary or an assistant secretary of the Company, if any, on the request of a director must, call a meeting of the directors at
any time. 
 Notice of Meetings 
 17.7 Other than for
meetings held at regular intervals as determined by the directors pursuant to §17.1, reasonable notice of each meeting of the directors, specifying the place, day and time of that meeting must be given to each of the directors by any method set
out in §23.1 or orally or by telephone. 
 When Notice Not Required 

17.8 It is not necessary to give notice of a meeting of the directors to a director if: 

(a) the meeting is to be held immediately following a meeting of shareholders at which that director was elected or appointed, or is the
meeting of the directors at which that director is appointed; or 
 (b) the director has waived notice of the meeting. 

  
 - 45 - 

 Meeting Valid Despite Failure to Give Notice 

17.9 The accidental omission to give notice of any meeting of directors to, or the non-receipt of any notice by, any
director, does not invalidate any proceedings at that meeting. 
 Waiver of Notice of Meetings 

17.10 Any director may send to the Company a document signed by him or her waiving notice of any past, present or future meeting or meetings of the directors
and may at any time withdraw that waiver with respect to meetings held after that withdrawal. After sending a waiver with respect to all future meetings and until that waiver is withdrawn, no notice of any meeting of the directors need be given to
that director and all meetings of the directors so held are deemed not to be improperly called or constituted by reason of notice not having been given to such director. Attendance of a director at a meeting of the directors is a waiver of notice of
the meeting unless that director attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called. 

Quorum 
 17.11 The quorum necessary for the transaction of
the business of the directors may be set by the directors and, if not so set, is deemed to be a majority of the directors or, if the number of directors is set at one, is deemed to be set at one director, and that director may constitute a meeting.

 Validity of Acts Where Appointment Defective 
 17.12
Subject to the Act, an act of a director or officer is not invalid merely because of an irregularity in the election or appointment or a defect in the qualification of that director or officer. 

Consent Resolutions in Writing 
 17.13 A resolution of the
directors or of any committee of the directors may be passed without a meeting: 
 (a) in all cases, if each of the directors entitled to
vote on the resolution consents to it in writing; or 
 (b) in the case of a resolution to approve a contract or transaction in respect of
which a director has disclosed that he or she has or may have a disclosable interest, if each of the other directors who have not made such a disclosure consents in writing to the resolution. 

A consent in writing under this §17.13 may be by signed document, fax, email or any other method of transmitting legibly recorded messages. Any
electronic signature on a consent, whether digital or encrypted, shall be deemed to have the same force and effect as a manual signature. A consent in writing may be in two or more counterparts which together are deemed to constitute one consent in
writing. A resolution of the directors or of any committee of the directors passed in accordance with this §17.13 is effective on the date stated in the consent in writing or on the latest date stated on any counterpart and is deemed to be a
proceeding at a meeting of directors or of the committee of the directors and to be as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors that satisfies all the requirements of the Act and
all the requirements of these Articles relating to meetings of the directors or of a committee of the directors. 

  
 - 46 - 

 PART 18 

EXECUTIVE AND OTHER COMMITTEES 

Appointment and Powers of Executive Committee 
 18.1 The
directors may, by resolution, appoint an executive committee consisting of the director or directors that they consider appropriate, and this committee has, during the intervals between meetings of the board of directors, all of the directors’
powers, except: 
 (a) the power to fill vacancies in the board of directors; 

(b) the power to remove a director; 

(c) the power to change the membership of, or fill vacancies in, any committee of the directors; and 

(d) such other powers, if any, as may be set out in the resolution or any subsequent directors’ resolution. 

Appointment and Powers of Other Committees 
 18.2 The
directors may, by resolution: 
 (a) appoint one or more committees (other than the executive committee) consisting of the director or
directors that they consider appropriate; 
 (b) delegate to a committee appointed under §(a) any of the directors’ powers,
except: 
 (i) the power to fill vacancies in the board of directors; 

(ii) the power to remove a director; 

(iii) the power to change the membership of, or fill vacancies in, any committee of the directors; and 

(iv) the power to appoint or remove officers appointed by the directors; and 

(c) make any delegation referred to in §(b) subject to the conditions set out in the resolution or any subsequent directors’
resolution. 

  
 - 47 - 

 Obligations of Committees 

18.3 Any committee appointed under §18.1 or §18.2, in the exercise of the powers delegated to it, must: 

(a) conform to any rules that may from time to time be imposed on it by the directors; and 

(b) report every act or thing done in exercise of those powers at such times as the directors may require. 

Powers of Board 
 18.4 The directors may, at any time,
with respect to a committee appointed under §18.1 or §18.2 
 (a) revoke or alter the authority given to the committee, or override
a decision made by the committee, except as to acts done before such revocation, alteration or overriding; 
 (b) terminate the appointment
of, or change the membership of, the committee; and 
 (c) fill vacancies in the committee. 

Committee Meetings 
 18.5 Subject to §18.3(a) and
unless the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution, with respect to a committee appointed under §18.1 or §18.2: 

(a) the committee may meet and adjourn as it thinks proper; 

(b) the committee may elect a chair of its meetings but, if no chair of a meeting is elected, or if at a meeting the chair of the meeting is
not present within 15 minutes after the time set for holding the meeting, the directors present who are members of the committee may choose one of their number to chair the meeting; 

(c) a majority of the members of the committee constitutes a quorum of the committee; and 

(d) questions arising at any meeting of the committee are determined by a majority of votes of the members present, and in case of an equality
of votes, the chair of the meeting does not have a second or casting vote. 

  
 - 48 - 

 PART 19 

OFFICERS 
 Directors May Appoint
Officers 
 19.1 The directors may, from time to time, appoint such officers, if any, as the directors determine and the directors may, at any time,
terminate any such appointment. 
 Functions, Duties and Powers of Officers 

19.2 The directors may, for each officer: 
 (a)
determine the functions and duties of the officer; 
 (b) entrust to and confer on the officer any of the powers exercisable by the directors
on such terms and conditions and with such restrictions as the directors think fit; and 
 (c) revoke, withdraw, alter or vary all or any of
the functions, duties and powers of the officer. 
 Qualifications 

19.3 No person may be appointed as an officer unless that person is qualified in accordance with the Act. One person may hold more than one position as an
officer of the Company. Any person appointed as the chair of the board, chair of a committee of the board or lead independent director, if any, must be a director. Any other officer need not be a director. 

Remuneration and Terms of Appointment 
 19.4 All
appointments of officers are to be made on the terms and conditions and at the remuneration (whether by way of salary, fee, commission, participation in profits or otherwise) that the directors thinks fit and are subject to termination at the
pleasure of the directors, and an officer may in addition to such remuneration be entitled to receive, after he or she ceases to hold such office or leaves the employment of the Company, a pension or gratuity. 

PART 20 

INDEMNIFICATION 
 Definitions 

20.1 In this Part 20: 
 (a) “eligible
party”, in relation to a company, means an individual who: 
 (i) is or was a director or officer of the Company; 

  
 - 49 - 

 (ii) is or was a director or officer of another corporation 

(A) at a time when the corporation is or was an affiliate of the Company, or 

(B) at the request of the Company; or 

(iii) at the request of the Company, is or was, or holds or held a position equivalent to that of, a director or officer of a partnership,
trust, joint venture or other unincorporated entity, 
 and includes, except in the definition of “eligible proceeding” and
Sections 163(1)(c) and (d) and 165 of the Act, the heirs and personal or other legal representatives of that individual; 
 (b)
“eligible penalty” means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding; 

(c) “eligible proceeding” means a proceeding in which an eligible party or any of the heirs and personal or other legal
representatives of the eligible party, by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, the Company or an associated corporation 

(i) is or may be joined as a party; or 

(ii) is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding; 

(d) “expenses” has the meaning set out in the Act and includes costs, charges and expenses, including legal and other fees,
but does not include judgments, penalties, fines or amounts paid in settlement of a proceeding; and 
 (e) “proceeding”
includes any legal proceeding or investigative action, whether current, threatened, pending or completed. 
 Mandatory Indemnification of Eligible
Parties 
 20.2 Subject to the Act, the Company must indemnify each eligible party and his or her heirs and legal personal representatives against all
eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each eligible
party is deemed to have contracted with the Company on the terms of the indemnity contained in this §20.2. 

  
 - 50 - 

 Indemnification of Other Persons 

20.3 Subject to any restrictions in the Act, the Company may agree to indemnify and may indemnify any person (including an eligible party) against eligible
penalties and pay expenses incurred in connection with the performance of services by that person for the Company. 
 Authority to Advance Expenses

 20.4 The Company may advance expenses to an eligible party to the extent permitted by and in accordance with the Act. 

Non-Compliance with Act 

20.5 Subject to the Act, the failure of an eligible party of the Company to comply with the Act or these Articles or, if applicable, any former Companies
Act or former Articles does not, of itself, invalidate any indemnity to which he or she is entitled under this Part 20. 
 Company May Purchase
Insurance 
 20.6 The Company may purchase and maintain insurance for the benefit of any eligible party (or the heirs or legal personal representatives
of any eligible party) against any liability incurred by any eligible party. 
 PART 21 

DIVIDENDS 
 Payment of Dividends
Subject to Special Rights 
 21.1 The provisions of this Part 21 are subject to the rights, if any, of shareholders holding shares with special rights as
to dividends. 
 Declaration of Dividends 
 21.2 Subject
to the Act, the directors may from time to time declare and authorize payment of such dividends as they may deem advisable. 
 No Notice Required

 21.3 The directors need not give notice to any shareholder of any declaration under §21.2. 

Record Date 
 21.4 The directors must set a date as the
record date for the purpose of determining shareholders entitled to receive payment of a dividend. The record date must not precede the date on which the dividend is to be paid by more than two months. 

  
 - 51 - 

 Manner of Paying Dividend 

21.5 A resolution declaring a dividend may direct payment of the dividend wholly or partly in money or by the distribution of specific assets or of fully paid
shares or of bonds, debentures or other securities of the Company or any other entity, or in any one or more of those ways. 
 Settlement of Difficulties

 21.6 If any difficulty arises in regard to a distribution under §21.5, the directors may settle the difficulty as they deem advisable, and, in
particular, may: 
 (a) set the value for distribution of specific assets; 

(b) determine that money in substitution for all or any part of the specific assets to which any shareholders are entitled may be paid to any
shareholders on the basis of the value so fixed in order to adjust the rights of all parties; and 
 (c) vest any such specific assets in
trustees for the persons entitled to the dividend. 
 When Dividend Payable 

21.7 Any dividend may be made payable on such date as is fixed by the directors. 

Dividends to be Paid in Accordance with Number of Shares 

21.8 All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held. 

Receipt by Joint Shareholders 
 21.9 If several persons
are joint shareholders of any share, any one of them may give an effective receipt for any dividend, bonus or other money payable in respect of the share. 

Dividend Bears No Interest 
 21.10 No dividend bears
interest against the Company. 
 Fractional Dividends 

21.11 If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that fraction may be
disregarded in making payment of the dividend and that payment represents full payment of the dividend. 

  
 - 52 - 

 Payment of Dividends 

21.12 Any dividend or other distribution payable in money in respect of shares may be paid (i) by cheque, made payable to the order of the person to whom
it is sent, and mailed to the registered address of the shareholder, or in the case of joint shareholders, to the registered address of the joint shareholder who is first named on the central securities register, or to the person and to the address
the shareholder or joint shareholders may direct in writing or (ii) with the consent of the Company and the shareholder, by wire transfer or other electronic means. In the case of payment of a dividend by cheque, mailing of such cheque will, to
the extent of the sum represented by the cheque (plus the amount of the tax required by law to be deducted), discharge all liability for the dividend unless such cheque is not paid on presentation or the amount of tax so deducted is not paid to the
appropriate taxing authority. In the case of payment of a dividend by wire transfer or other electronic means, the initiation of such payment by the Company will, to the extent of the sum represented by the transfer (plus the amount of the tax
required by law to be deducted), discharge all liability for the dividend unless the amount of tax so deducted is not paid to the appropriate taxing authority. 

Capitalization of Retained Earnings or Surplus 
 21.13
Notwithstanding anything contained in these Articles, the directors may from time to time capitalize any retained earnings or surplus of the Company and may from time to time issue, as fully paid, shares or any bonds, debentures or other securities
of the Company as a dividend representing the retained earnings or surplus so capitalized or any part thereof. 
 PART 22 

ACCOUNTING RECORDS AND AUDITOR 

Recording of Financial Affairs 
 22.1 The directors must
cause adequate accounting records to be kept to record properly the financial affairs and condition of the Company and to comply with the Act. 

Inspection of Accounting Records 
 22.2 Unless the
directors determine otherwise, or unless otherwise determined by ordinary resolution, no shareholder of the Company is entitled to inspect or obtain a copy of any accounting records of the Company. 

Remuneration of Auditor 
 22.3 The directors may set the
remuneration of the auditor of the Company. 

  
 - 53 - 

 PART 23 

NOTICES 
 Method of Giving Notice

 23.1 Unless the Act or these Articles provide otherwise, a notice, statement, report or other record required or permitted by the Act or these
Articles (a “Notice”) to be sent by or to a person may be sent by: 
 (a) mail addressed to the person at the applicable
address for that person as follows: 
 (i) for a Notice mailed to a shareholder, the shareholder’s registered address; 

(ii) for a Notice mailed to a director or officer, the prescribed address for mailing shown for the director or officer in the records kept by
the Company or the mailing address provided by the recipient for the sending of Notices of that class; 
 (iii) in any other case, the
mailing address of the intended recipient; 
 (b) delivery at the applicable address for that person as follows, addressed to the person:

 (i) for a Notice delivered to a shareholder, the shareholder’s registered address; 

(ii) for a Notice delivered to a director or officer, the prescribed address for delivery shown for the director or officer in the records kept
by the Company or the delivery address provided by the recipient for the sending of Notices of that class; 
 (iii) in any other case, the
delivery address of the intended recipient; 
 (c) sending the Notice by fax to the fax number provided by the intended recipient for the
sending of Notices that class; 
 (d) sending the Notice by email to the email address provided by the intended recipient for the sending of
Notices of that class; 
 (e) sending the Notice by other means of electronic transmission accessible by the intended recipient for the
sending of Notices of that class in accordance with applicable law; and 
 (f) physical delivery to the intended recipient. 

Press Release 
 23.2 Unless the Act or these Articles
provide otherwise, a Notice to be sent to a shareholder shall be deemed conclusively to have been given or made, and the obligation to give any Notice shall, unless otherwise required by applicable laws and regulations, be deemed conclusively to
have been fully satisfied upon issuing a press release complying with applicable laws and regulations if deemed by the board of directors to be a reasonable or appropriate means of providing such Notice. 

Deemed Receipt of Mailing 
 23.3 A notice, statement,
report or other record that is: 
 (a) mailed to a person by ordinary mail to the applicable address for that person referred to in
§23.1 is deemed to be received by the person to whom it was mailed on the day (Saturdays, Sundays and holidays excepted) following the date of mailing; 

  
 - 54 - 

 (b) faxed to a person to the fax number provided by that person under §23.1 is deemed
to be received by the person to whom it was faxed on the day it was faxed; 
 (c) emailed to a person to the
e-mail address provided by that person under §23.1 is deemed to be received by the person to whom it was e-mailed on the day that it was emailed; and 

(d) sent to a person by other means of electronic transmission under §23.1 is deemed to be received by the person to whom it was
transmitted on the day that such transmission occurred. 
 Certificate of Sending 

23.4 A certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting in that capacity on behalf of the
Company stating that a notice, statement, report or other record was sent in accordance with §23.1 is conclusive evidence of that fact. 
 Notice to
Joint Shareholders 
 23.5 A notice, statement, report or other record may be provided by the Company to the joint shareholders of a share by providing
such record to the joint shareholder first named in the central securities register in respect of the share. 
 Notice to Legal Personal Representatives
and Trustees 
 23.6 A notice, statement, report or other record may be provided by the Company to the persons entitled to a share in consequence of the
death, bankruptcy or incapacity of a shareholder by: 
 (a) mailing the record, addressed to them: 

(i) by name, by the title of the legal personal representative of the deceased or incapacitated shareholder, by the title of trustee of the
bankrupt shareholder or by any similar description; and 
 (ii) at the address, if any, supplied to the Company for that purpose by the
persons claiming to be so entitled; or 
 (b) if an address referred to in §(a)(ii) has not been supplied to the Company, by giving the
notice in a manner in which it might have been given if the death, bankruptcy or incapacity had not occurred. 
 Undelivered Notices 

23.7 If on two consecutive occasions, a notice, statement, report or other record is sent to a shareholder pursuant to §23.1 and on each of those
occasions any such record is returned because the shareholder cannot be located, the Company shall not be required to send any further records to the shareholder until the shareholder informs the Company in writing of his or her new address. 

  
 - 55 - 

 PART 24 

PROHIBITIONS 
 Definitions 

24.1 In this Part 24: 
 (a) “designated
security” means: 
 (i) a voting security of the Company; 

(ii) a security of the Company that is not a debt security and that carries a residual right to participate in the earnings of the Company or,
on the liquidation or winding up of the Company, in its assets; or 
 (iii) a security of the Company convertible, directly or indirectly,
into a security described in §(a) or §(b); 
 (b) “security” has the meaning assigned in the Securities
Act (British Columbia); and 
 (c) “voting security” means a security of the Company that: 

(i) is not a debt security; and 

(ii) carries a voting right either under all circumstances or under some circumstances that have occurred and are continuing. 

Application 
 24.2 §24.3 does not apply to the
Company if and for so long as it is a public company, a private company which is no longer eligible to use the private issuer exemption under the Securities Act (British Columbia) or a pre-existing
reporting company which has the Statutory Reporting Company Provisions as part of its Articles or a company to which the Statutory Reporting Company Provisions apply. 

Consent Required for Transfer of Shares or Designated Securities 

24.3 No share or designated security may be sold, transferred or otherwise disposed of without the consent of the directors and the directors are not required
to give any reason for refusing to consent to any such sale, transfer or other disposition. 

  
 - 56 - 

 PART 25 

SPECIAL RIGHTS AND RESTRICTIONS 

CLASS A EXCHANGEABLE SUBORDINATE VOTING SHARES 

Special Rights and Restrictions 
 25.1 The Class A
Shares as a class shall have attached thereto the special rights and restrictions specified in this Part 25. 
 DIVIDENDS 

Dividend Rights 
 25.2 Each Class A Shareholder shall
be entitled to receive, and the Company shall pay thereon, as and when declared by the board of directors, a dividend on each Class A Share in an amount in cash for each Class A Share equal to the cash distribution declared on each BIP
Unit on each BIP Distribution Declaration Date multiplied by the Conversion Factor in effect on the Record Date of such dividend (the “Class A Dividend”), it being understood that Class A Shareholders will
not be entitled to any dividends other than the Class A Dividend. 
 Unpaid Dividends 

25.3 If the full amount of a Class A Dividend is not declared on a BIP Distribution Declaration Date, or is declared but is not paid on the payment date,
then such Class A Dividend shall accrue and accumulate, whether or not the Company has earnings, whether or not there are funds legally available for the payment thereof and whether or not such distributions are earned, declared or authorized
(such amounts, the “Unpaid Dividends”). Any dividend payment made on the Class A Shares shall first be credited against the earliest Unpaid Dividends due with respect to such Class A Shares which remains payable. 

Payment of Dividends 
 25.4 Cheques of the Company may be
issued in respect of all Class A Dividends contemplated by §25.2 and the sending of such cheque to each Class A Shareholder will satisfy the cash dividend represented thereby unless the cheque is not paid on presentation. Subject to
the requirements of applicable Law with respect to unclaimed property, no Class A Shareholder will be entitled to recover by action or other legal process against the Company any dividend that is represented by a cheque that has not been duly
presented to the Company’s bankers for payment or that otherwise remains unclaimed for a period of two years from the date on which such dividend was first payable. 

Record and Payment Dates 
 25.5 The Record Date with
respect to any Class A Dividend declared by the board of directors and the payment date of such Class A Dividend will be the same dates as the Record Date and the payment date, respectively, for the corresponding distribution declared on
the BIP Units, each as approved by the board of directors. 

  
 - 57 - 

 RANKING 

Ranking of the Class A Shares 
 25.6 The Class A
Shares shall, as to the payment of dividends and return of capital in a Liquidation Event, rank junior to the Preferred Shares and senior to the Class B Shares, the Class C Shares and any other shares ranking junior to the Class A
Shares with respect to priority in payment of dividends and return of capital in the event of the liquidation, dissolution or winding-up of the Company. 

VOTING 
 Voting Rights 

25.7 Except as expressly provided herein, each Class A Shareholder will be entitled to receive notice of, and to attend and vote at, all meetings of
shareholders of the Company, except for meetings at which only holders of another specified class or series of shares are entitled to vote separately as a class or series. Each Class A Shareholder shall be entitled to cast one vote for each
Class A Share held at the record date for the determination of shareholders entitled to vote on any matter. 
 25.8 Except as otherwise expressly
provided herein or as required by Law, the Class A Shareholders and Class B Shareholders will vote together and not as separate classes. 
 25.9
Subject to any rights of the holders of any series of Preferred Shares to elect directors under specified circumstances, the holders of the outstanding Class A Shares and Class B Shares, voting together, shall be entitled to vote in
respect of the election of all directors of the Company. 
 Amendment with Approval of Class A Shareholders 

25.10 In addition to any other approvals required by Law, any approval given by the Class A Shareholders to add to, change or remove any right, privilege,
restriction or condition attaching to the Class A Shares or any other matter requiring the approval or consent of the Class A Shareholders as a separate class will be deemed to have been sufficiently given if it will have been given in
accordance with applicable Law, subject to a minimum requirement that such amendment be approved by not less than 66 2/3% of the votes cast on such amendment at a meeting of Class A Shareholders duly called and held at which the Class A
Shareholders holding at least 10% of the outstanding Class A Shares at that time are present or represented by proxy; provided that such approval must be given also by the affirmative vote of holders of not less than 66 2/3% of the Non-Affiliated Holders represented in person or by proxy at the meeting. If at any such meeting the Class A Shareholders holding at least 10% of the outstanding Class A Shares at as of the Record Date of
such meeting are not present or represented by proxy within one-half hour after the time appointed for such meeting, then the meeting will be adjourned to such date not less than five days thereafter and to
such time and place as may be designated by the chairman of such meeting. At such reconvened meeting, the Class A Shareholders present or represented by proxy thereat may transact the business for which the meeting was originally called and a
resolution passed thereat by the affirmative vote of not less than 66 2/3% of the votes cast on such amendment at such reconvened meeting excluding the BIP-Affiliated Class A Shareholders shall be
effective. 

  
 - 58 - 

 EXCHANGE RIGHTS 

Exchange at the Option of the Class A Shareholder 

25.11 Subject to applicable Law and the due exercise by BIP of the Exchange-Redemption Call Right, at any time from and after the date of the issuance of the
Class A Shares, each Class A Shareholder shall have the right (the “Exchange Right”) to require the Company to redeem all or such portion of the Class A Shares registered in the name of such Class A Shareholder
specified in a Notice of Exchange delivered to the Transfer Agent by or on behalf of such Class A Shareholder (such Class A Shares being hereafter referred to as “Tendered Class A Shares” and such
Class A Shareholder, the “Tendering Class A Shareholder”) for the BIP Units Amount per Tendered Class A Share or, if the Company elects in its sole and absolute discretion, the Cash Amount (in lieu of
the BIP Units Amount per Tendered Class A Share), plus, in either case, a cash amount equal to any Unpaid Dividends per Tendered Class A Share. 

Notice of Exchange 
 25.12 A Class A Shareholder must
deliver a Notice of Exchange either electronically (by electronic mail or by any other electronic procedure that may be established by the Transfer Agent and communicated to the Class A Shareholders by the Company or the Transfer Agent) or
physically (by mail, courier, hand delivery or otherwise) to any office of the Transfer Agent prior to the issuance by the Company of a Notice of Class A Redemption or the announcement of a Liquidation Event in order to exercise his, her or its
Exchange Right. The Transfer Agent shall promptly notify the Company, BIP and, until such time as the Rights Agreement has been terminated, BAM, of the receipt of a Notice of Exchange. 

Satisfaction of Exchange Rights 
 25.13 Upon receipt by
the Transfer Agent of a Notice of Exchange and such additional documents and instruments as the Company or the Transfer Agent may reasonably require, and provided that BIP has not exercised the Exchange-Redemption Call Right, the Company will redeem
the applicable Tendered Class A Shares on or prior to the Specified Exchange Date. The Company will deliver or cause to be delivered to the Tendering Class A Shareholder, at the address of the holder recorded in the register of the Company
for the Class A Shares or at the address specified in the holder’s Notice of Exchange, either (i) the BIP Units Amount, or (ii) the Cash Amount, as the Company may determine in its sole and absolute discretion, together
with a cash amount for each Tendered Class A Share equal to any Unpaid Dividends per Tendered Class A Share ((i) or (ii), plus such Unpaid Dividends collectively being the “Exchange Consideration”) and such delivery of
such Exchange Consideration by or on behalf of the Company by the Transfer Agent will be deemed to be payment of and will satisfy and discharge all liability for the Exchange Rights so exercised. Should the Company elect to satisfy Exchange Rights
by delivering the Cash Amount, then the payment of such amount shall be made in the manner set forth in §25.4. 

  
 - 59 - 

 25.14 Any Tendering Class A Shareholder shall have no further right, with respect to any Tendered
Class A Shares redeemed, repurchased or exchanged, to receive any dividends on Class A Shares with a Record Date on or after the date on which the Transfer Agent receives such Notice of Exchange. Each Tendering Class A Shareholder
shall continue to own each Class A Share subject to any Notice of Exchange, and be treated as a Class A Shareholder with respect to each such Class A Share for all other purposes of these Articles, until such Class A Share has
been redeemed in accordance with §25.13 or repurchased or exchanged in accordance with the Rights Agreement, as applicable, for the Secondary Exchange Amount in accordance with §25.16. A Tendering Class A Shareholder shall have no
rights as a unitholder of BIP with respect to any BIP Units to be received by such Tendering Class A Shareholder in exchange for Tendered Class A Shares pursuant to §25.11 until the Transfer Agent has issued such BIP Units to such
Tendering Class A Shareholder. 
 25.15 Notwithstanding anything to the contrary set forth herein, the Company will not be obligated to redeem Tendered
Class A Shares to the extent that such redemption would be contrary to solvency requirements or other provisions of applicable Law. If the Company believes that it would not be permitted by any such requirements or other provisions to redeem
the Tendered Class A Shares, and BIP has not exercised its Exchange-Redemption Call Right with respect to the Tendered Class A Shares, the Company will only be obligated to redeem the maximum number of Tendered Class A Shares (rounded
down to a whole number of Class A Shares) that would not be contrary to such requirements or other provisions. The Company will notify any such Tendering Class A Shareholder at least one Business Day prior to the Specified Exchange Date as
to the number of Tendered Class A Shares that will be redeemed by the Company. Where there is more than one Tendering Class A Shareholder, the Company will redeem the maximum number of Tendered Class A Shares that would not be
contrary to such requirements or other provisions among such Tendering Class A Shareholders on a pro rata basis. 
 Secondary Exchange Rights

 25.16 For so long as the Rights Agreement has not been terminated, if a Tendering Class A Shareholder has not received the Exchange Consideration
with respect to any Tendered Class A Shares by the Close of Business on the applicable Specified Exchange Date, then, on the terms and subject to the conditions set forth in the Rights Agreement, which the Class A Shareholders shall have a
right to enforce, such Tendering Class A Shareholder shall be entitled to receive from BAM the Secondary Exchange Amount with respect to each such Tendered Class A Share no later than the applicable Secondary Exchange Date (the
“Secondary Exchange Right”). The Company shall send to BAM and to the Rights Agent on the applicable Specified Exchange Date a notice to the effect that the Tendering Class A Shareholder has not received the Exchange
Consideration and such notice will set forth the identity of the Tendering Class A Shareholder, the number of Tendered Class A Shares, the amounts of such Exchange Consideration then not paid and will be otherwise consistent with the
definition of “Company Notice” in the Rights Agreement. 
 No Fractional BIP Units 

25.17 Notwithstanding anything to the contrary set forth herein, no fractional BIP Units shall be issued in connection with the satisfaction of Exchange
Rights, in connection with a redemption of a Class A Share or in connection with a Liquidation Event. In lieu of any fractional BIP Units to which the Tendering Class A Shareholder would otherwise be entitled, the Company shall pay a cash
amount equal to the BIP Unit Value on the Trading Day immediately preceding 

  
 - 60 - 

 
the Exchange Date multiplied by such fraction of a BIP Unit. In lieu of any fractional BIP Units to which the Tendering Class A Shareholder would otherwise be entitled pursuant to the Rights
Agreement, the Rights Agent shall pay a cash amount equal to the BIP Unit Value on the Trading Day immediately preceding the Secondary Exchange Date multiplied by such fraction of a BIP Unit in accordance with the terms and conditions of the Rights
Agreement. 
 Withholding Taxes 
 25.18 Each Tendering
Class A Shareholder shall be required to pay to the Company the amount of any tax withholding due upon the redemption of Tendered Class A Shares pursuant to §25.11 to §25.13 and will be deemed to have authorized the
Company to retain such portion of the Exchange Consideration as the Company reasonably determines is necessary to satisfy its tax withholding obligations. Before making any withholding pursuant to this §25.18, the Company shall give each
Tendering Class A Shareholder within three (3) Business Days after the Company’s receipt of a Notice of Exchange from such Tendering Class A Shareholder, notice of the Company’s good faith estimate of the amount of any
anticipated tax withholding (together with the legal basis therefor) due upon the redemption of the Tendered Class A Shares subject to such Notice of Exchange, provide the Tendering Class A Shareholder with sufficient opportunity to
provide any forms or other documentation or take such other steps in order to avoid or reduce such tax withholding, and reasonably cooperate with the Tendering Class A Shareholder in good faith to attempt to reduce any amounts that would
otherwise be withheld pursuant to this §25.18; provided that any determination with respect to the tax withholding shall be made by the Company, BIP or an affiliate of BIP, as applicable, in its sole discretion exercised in good faith. 

COMPANY REDEMPTION RIGHTS 

Company Redemption 
 25.19 If the Company delivers or
causes to be delivered a Notice of Class A Redemption to the Class A Shareholders, it shall redeem all of the issued and outstanding Class A Shares on the Specified Class A Redemption Date. The Company may deliver a Notice of
Class A Redemption at any time, in its sole discretion and subject to applicable Law, including in any of the following circumstances: 

(a) the total number of Class A Shares outstanding decreases by 50% or more over any 12-month
period; 
 (b) a Person acquires 90% of the BIP Units in a take-over bid (as defined by applicable securities Laws); 

(c) the holders of BIP Units approve an acquisition of BIP by way of arrangement or amalgamation; 

(d) the holders of BIP Units approve a restructuring or other reorganization of BIP; 

(e) there is a sale of all or substantially all the assets of BIP; 

  
 - 61 - 

 (f) there is a change of Law (whether by legislative, governmental or judicial action),
administrative practice or interpretation, or a change in circumstances of the Company and the shareholders of the Company, that may result in adverse tax consequences for the Company or the shareholders of the Company; or 

(g) the board, it its sole discretion, concludes that the holders of BIP Units or the Class A Shareholders are adversely impacted by a
fact, change, or other circumstance relating to the Company. 
 Right of Class B Shareholders to Cause Redemption of Class A Shares 

25.20 The Class B Shareholders may, at any time and in their sole discretion, deliver a notice to the Company specifying a date upon which the Company
shall redeem all of the issued and outstanding Class A Shares (provided that such specified date is no less than 60 days from the date on which the Class B Shareholders deliver such notice), and as soon as reasonably practicable after the
receipt of such notice, the Company shall, subject to applicable Law, deliver a Notice of Class A Redemption to the Class A Shareholders and, without the consent of the Class A Shareholders, shall redeem all of the Class A Shares
on the Specified Class A Redemption Date. 
 Redemption Procedure 

25.21 In the event of a redemption of the Class A Shares, each Class A Shareholder shall be considered a Tendering Class A Shareholder and each
Class A Share shall be considered a Tendered Class A Share for the purposes of §25.19 to §25.22, and the Company shall, at or prior to Close of Business on the Specified Class A Redemption Date, pay to each
Tendering Class A Shareholder either (i) the BIP Units Amount, or (ii) the Cash Amount, as the Company may determine in its sole and absolute discretion, together with a cash amount for each Tendered Class A Share equal to
any Unpaid Dividends per Tendered Class A Share ((i) or (ii), plus such Unpaid Dividends collectively being the “Redemption Consideration”) and such delivery of such Redemption Consideration by or on behalf of the Company by
the Transfer Agent will be deemed to be payment of and will satisfy and discharge all liability for the redemption of the Class A Shares. Should the Company elect to satisfy its obligation to redeem the Class A Shares by delivering the
Cash Amount, then the payment of such amount shall be made in the manner set forth in §25.4. 
 25.22 §25.14 to §25.18 shall apply in
their entirety, mutatis mutandis, to a redemption of the Class A Shares. 
 Exchange-Redemption Call Right 

25.23 Notwithstanding the provisions in §25.11 to §25.22 above, 

(a) in the event the Company receives a Notice of Exchange from a Tendering Class A Shareholder, BIP shall have an overriding right to
acquire, or cause its affiliate to acquire all, but not less than all, of the Tendered Class A Shares from the Tendering Class A Shareholder by delivering the Exchange Consideration (the form of Exchange Consideration to be determined by
BIP in its sole and absolute discretion) in accordance with §25.11 to §25.18, mutatis mutandis, in satisfaction of the obligations of the Company, and 

  
 - 62 - 

 (b) in the event the Company provides a Notice of Class A Redemption to each
Class A Shareholder, BIP shall have an overriding right to acquire, or cause its affiliate to acquire all, but not less than all, of the Class A Shares from each Class A Shareholder by delivering the Redemption Consideration (the form
of Redemption Consideration to be determined by BIP in its sole and absolute discretion) in accordance with §25.19 to §25.22, mutatis mutandis, in satisfaction of the obligations of the Company as set out therein (the
right in either (a) or (b) being the “Exchange-Redemption Call Right”), 
 and in the event of the exercise by BIP of
the Exchange-Redemption Call Right, each Tendering Class A Shareholder will be obligated to sell all Tendered Class A Shares held by such Tendering Class A Shareholder to BIP (or its affiliate, as applicable) on delivery by BIP (or
its affiliate, as applicable) to such Tendering Class A Shareholder of the Exchange Consideration or the Redemption Consideration, as applicable, and the Company will have no obligation to pay any Exchange Consideration or Redemption
Consideration to the holders of such Class A Shares so purchased by BIP (or its affiliate, as applicable). 
 25.24 In order to exercise its
Exchange-Redemption Call Right, BIP must notify the Transfer Agent in writing, as agent for the holders of Class A Shares, and the Company, of its intention to exercise such right at least 3 days before the Specified Exchange Date or at least
10 days before the Specified Class A Redemption Date, as applicable. Delivery by BIP to the Transfer Agent of a standing direction as to any exercise of the Exchange-Redemption Call Right in respect of the exercise of Exchange Rights shall
satisfy the notification requirements set forth in this §25.24. 
 LIQUIDATION 

Liquidation Rights 
 25.25 Upon any liquidation,
dissolution, winding up of the Company or any other distribution of its assets among its shareholders, whether voluntary or involuntary (a “Liquidation Event”), including where substantially concurrent with the liquidation,
dissolution, or winding up of BIP, whether voluntary or involuntary (a “BIP Liquidation Event”), each Class A Shareholder shall, subject to the exercise of the Liquidation Call Right, be entitled to be paid out of the assets of
the Company legally available for distribution on the effective date of the Liquidation Event (the “Liquidation Date”) an amount in cash per Class A Share then held by them equal to the BIP Unit Value on the Trading Day
immediately preceding the public announcement of the Liquidation Event (the “Liquidation Reference Date”) multiplied by the Conversion Factor (and together with a cash amount for each Class A Share equal to any Unpaid Dividends
per Class A Share, the “Liquidation Amount”). Notwithstanding the foregoing, in connection with a Liquidation Event, including where substantially concurrent with a BIP Liquidation Event, if the Company, in its sole and
absolute discretion elects, it may, subject to applicable Law, redeem all of the outstanding Class A Shares in exchange for such number of BIP Units per Class A Share equal to the Conversion Factor in effect on the Liquidation Reference
Date, together with a cash amount per Class A Share equal to any Unpaid Dividends per Class A Share in accordance with §25.21 and §25.22, in lieu of paying the Liquidation Amount. 

  
 - 63 - 

 25.26 The rights of the Class A Shareholders to receive the amount set forth in §25.25 is subject
to: 
 (a) the prior rights of holders of all classes and series of Preferred Shares and any other class of shares ranking in priority or
rateably with the Class A Shares; 
 (b) prior payment in full to each Tendering Class A Shareholder and Tendering Class C
Shareholder that submitted a Notice of Exchange or a Notice of Class C Retraction, as applicable, at least 10 days prior to the date of the Liquidation Event of the Exchange Consideration (in the case of the Tendering Class A Shareholders)
and the Class C Retraction Amount (in the case of the Tendering Class C Shareholders); and 
 (c) prior payment in full to each
Tendering Class B Shareholder that submitted a Notice of Class B Retraction at least 30 days prior to the date of the Liquidation Event of the Cash Amount. 

25.27 If, upon any such Liquidation Event, the assets of the Company are insufficient to make payment in full to all Class A Shareholders of the foregoing
amounts set forth in §25.25 with respect to the Liquidation Event, then such assets (or consideration) shall be distributed among the Class A Shareholders at the time outstanding, rateably in proportion to the full amounts to which they
would otherwise be respectively entitled to receive under §25.25. 
 BIP Liquidation Call Right 

25.28 Notwithstanding §25.25, BIP will have the overriding right (the “Liquidation Call Right”), in the event of and notwithstanding the
occurrence of any Liquidation Event, to purchase from, or cause its affiliate to purchase from, all but not less than all of the Class A Shareholders on the Liquidation Date all but not less than all of the Class A Shares held by each such
holder in exchange for the issuance by BIP of such number of BIP Units per Class A Share equal to the Conversion Factor in effect on the Liquidation Reference Date (and together with a cash amount for each Class A Share equal to any Unpaid
Dividends per Class A Share, the “Liquidation Call Consideration”). In the event of the exercise of a Liquidation Call Right, each such Class A Shareholder will be obligated on the Liquidation Date to sell all the
Class A Shares held by such holder to BIP on the Liquidation Date upon issuance by BIP to the holder of the Liquidation Call Consideration for each such Class A Share and the Company will have no obligation to pay any Liquidation Amount to
the holders of such Class A Shares so purchased by BIP. 
 25.29 In order to exercise the Liquidation Call Right, BIP must notify the Transfer Agent in
writing, as agent for the Class A Shareholders and the Company, of its intention to exercise such right at least 30 days before the Liquidation Date in the case of a voluntary liquidation, dissolution or winding up of the Company and at least
five Business Days before the Liquidation Date in the case of an involuntary liquidation, dissolution or winding up of the Company. If BIP exercises the Liquidation Call Right in accordance with this §25.29, all obligations of the Company under
§25.25 to §25.27 will terminate and on the Liquidation Date BIP will purchase and Class A Shareholders will sell all of their Class A Shares then outstanding for a price per unit equal to the Liquidation Call Consideration. 

  
 - 64 - 

 Automatic Redemption Rights 

25.30 Subject to the exercise of the Liquidation Call Right, in connection with a BIP Liquidation Event, including where substantially concurrent with a
Liquidation Event, the Company shall, subject to applicable Law, redeem all outstanding Class A Shares on the day prior to the effective date of the BIP Liquidation Event for, in its sole and absolute discretion, (i) an amount in cash per
share equal to the BIP Unit Value on the Trading Day immediately preceding the public announcement of the BIP Liquidation Event multiplied by the Conversion Factor (together with a cash amount for each Class A Share equal to any Unpaid
Dividends per Class A Share), or (ii) such number of BIP Units equal to the Conversion Factor in effect on the Trading Day immediately preceding the public announcement of the BIP Liquidation Event (together with a cash amount for each
Class A Share equal to any Unpaid Dividends per Class A Share). 
 OTHER RIGHTS AND RESTRICTIONS 

Conversion of Class A Shares 
 25.31 Any BIP-Affiliated Class A Shareholder shall be entitled at any time to have any or all of such BIP-Affiliated Class A Shareholder’s Class A Shares converted
into Class C Shares at a conversion rate equal to one Class C Share for each Class A Share in respect of which the conversion right is exercised. The right of conversion herein provided for may be exercised by notice in writing given
to the Transfer Agent (a “Conversion Notice”), which notice shall specify the number of Class A Shares that the BIP-Affiliated Class A Shareholder desires to have converted. Upon
receipt of a Conversion Notice, the Company shall, subject to applicable Law, promptly issue to the converting BIP-Affiliated Class A Shareholder the requisite number of Class C Shares and the
Transfer Agent shall cancel the converted Class A Shares subject to the Conversion Notice effective concurrently therewith. 
 Call Rights 

25.32 Each Class A Shareholder, whether a registered holder or a beneficial holder, by virtue of becoming and being such a holder will be deemed to
acknowledge each of the Exchange-Redemption Call Right and the Liquidation Call Right, in each case, in favour of BIP, and the overriding nature thereof in connection with the exercise of Exchange Rights, the liquidation, dissolution or winding-up of the Company or any other distribution of the assets of the Company among its shareholders for the purpose of winding up its affairs, or the retraction or redemption of Class A Shares, as the case
may be, and to be bound thereby in favour of BIP as herein provided. 

  
 - 65 - 

 PART 26 

SPECIAL RIGHTS AND RESTRICTIONS 

CLASS B MULTIPLE VOTING SHARES 
 Special
Rights and Restrictions 
 26.1 The Class B Shares as a class shall have attached thereto the special rights and restrictions specified in this Part
26. 
 Dividend Rights 
 26.2 Except as set out in
§26.3, the Class B Shareholders shall not be entitled to receive any dividends on the Class B Shares. 
 Stock Dividends 

26.3 In the event a dividend is declared and paid on the Class A Shares consisting of Class A Shares, the board shall, subject to applicable Law,
contemporaneously declare and pay an equivalent dividend on the Class B Shares consisting of Class B Shares. 
 Ranking of the Class B
Shares 
 26.4 The Class B Shares shall, as to the return of capital in the event of the liquidation, dissolution or
winding-up of the Company, rank junior to the Preferred Shares and to the Class A Shares and senior to the Class C Shares and any other shares ranking junior to the Class B Shares with respect
to priority in the return of capital in a Liquidation Event. 
 Voting Rights 

26.5 Except as expressly provided herein, each Class B Shareholder will be entitled to receive notice of, and attend and vote at, all meetings of
shareholders of the Company, except for meetings at which only holders of another specified class or series of shares are entitled to vote separately as a class or series. Each Class B Shareholder will be entitled to cast a number of votes per
Class B Share equal to: (i) the number that is three times the number of Class A Shares then issued and outstanding, divided by (ii) the number of Class B Shares then issued and outstanding. 

26.6 Except as otherwise expressly provided herein or as required by Law, the Class A Shareholders and the Class B Shareholders will vote together
and not as separate classes. 
 26.7 At any time that no Class A Shares are outstanding or for any vote held only in respect of the Class B Shares,
each Class B Shareholder will be entitled to cast one vote per Class B Share. 
 26.8 Subject to any rights of the holders of any series of
Preferred Shares to elect directors under specified circumstances, the holders of the outstanding Class A Shares and Class B Shares, voting together, shall be entitled to vote for the election of all directors of the Company. 

  
 - 66 - 

 Amendment with Approval of Class B Shareholders 

26.9 In addition to any other approvals required by Law, the rights, privileges, restrictions and conditions attached to the Class B Shares as a class may
be added to, changed or removed but only with the approval of the Class B Shareholders given as hereinafter specified. 
 26.10 The approval of the
Class B Shareholders to add to, change or remove any right, privilege, restriction or condition attaching to the Class B Shares as a class or in respect of any other matter requiring the consent of the holders of the Class B
Shareholders may be given in such manner as may then be required by Law, subject to a minimum requirement that such approval be given by resolution signed by all the Class B Shareholders or passed by the affirmative vote of at least two thirds
of the votes cast at a meeting of the Class B Shareholders duly called for that purpose. On every poll taken at every meeting of the Class B Shareholders as a class, each Class B Shareholder entitled to vote thereat shall have one
vote in respect of each Class B Share held. 
 Retraction at the Option of the Class B Shareholder 

26.11 Subject to applicable Law, at any time from and after the date of the issuance of the Class B Shares, each Class B Shareholder shall have the
right (the “Class B Retraction Right”) to require the Company to redeem all or such portion of the Class B Shares registered in the name of such Class B Shareholder specified in a Notice of
Class B Retraction delivered to the Company by or on behalf of such Class B Shareholder (such Class B Shares being hereafter referred to as “Tendered Class B Shares” and such Class B
Shareholder, the “Tendering Class B Shareholder”) for the Cash Amount (the “Class B Retraction Amount”). 

Notice of Class B Retraction 
 26.12 A Class B
Shareholder must deliver a Notice of Class B Retraction to the registered office of the Company in order to exercise his, her or its Class B Retraction Right. 

Satisfaction of Retraction Right 
 26.13 Upon receipt by
Company of a Notice of Class B Retraction and such additional documents and instruments as the Company may reasonably require, the Company shall redeem the Tendered Class B Shares on or prior to the Specified Class B Retraction Date.
The Company will deliver or cause to be delivered to the Tendering Class B Shareholder, at the address of the holder recorded in the register of the Company for the Class B Shares or at the address specified in the holder’s Notice of
Class B Retraction, the Class B Retraction Amount, and such delivery of such Class B Retraction Amount by or on behalf of the Company, will be deemed to be payment of and will satisfy and discharge all liability for the Class B
Retraction Right so exercised. 
 26.14 Each Tendering Class B Shareholder shall continue to own each Class B Share subject to any Notice of
Class B Retraction, and be treated as a Class B Shareholder with respect to each such Class B Share for all other purposes of these Articles, until such Class B Share has been redeemed by the Company in accordance with
§26.11 to §26.16. 

  
 - 67 - 

 26.15 Notwithstanding anything to the contrary set forth herein, the Company will not be obligated to redeem
Tendered Class B Shares to the extent that such redemption would be contrary to solvency requirements or other provisions of applicable Law. 

Withholding Taxes 
 26.16 Each Tendering Class B
Shareholder shall be required to pay to the Company the amount of any tax withholding due upon the redemption of Tendered Class B Shares pursuant to §26.11 to §26.13 and will be deemed to have authorized the Company to retain
such portion of the Class B Retraction Amount as the Company reasonably determines is necessary to satisfy its tax withholding obligations. Before making any withholding pursuant to this §26.16, the Company shall give each Tendering
Class B Shareholder within three (3) Business Days after the Company’s receipt of a Notice of Class B Retraction from such Tendering Class B Shareholder, notice of the Company’s good faith estimate of the amount of any
anticipated tax withholding (together with the legal basis therefor) due upon the redemption of the Tendered Class B Shares subject to such Notice of Class B Retraction, provide the Tendering Class B Shareholder with sufficient
opportunity to provide any forms or other documentation or take such other steps in order to avoid or reduce such tax withholding, and reasonably cooperate with the Tendering Class B Shareholder in good faith to attempt to reduce any amounts
that would otherwise be withheld pursuant to this §26.16; provided that any determination with respect to the tax withholding shall be made by the Company in its sole discretion exercised in good faith. 

Liquidation Rights 
 26.17 Upon any Liquidation Event,
including where substantially concurrent with a BIP Liquidation Event, subject to the following sentence, the Class B Shareholders shall be entitled to be paid out of the assets of the Company legally available for distribution on the
Liquidation Date an amount in cash per Class B Share then held by them equal to the BIP Unit Value for each such Class B Share. At any time no Class C Shares are outstanding, the Class B Shareholders shall be entitled to receive
on the Liquidation Date the assets and property of the Company remaining, if any, after the prior payments of the amounts set forth in §26.18. 
 26.18
The rights of the Class B Shareholders to receive the amount set forth in §26.17 is subject to the prior payment of the amounts set forth in §25.26(b) and §25.26(c) and to the prior rights of holders of all classes and series of
Preferred Shares, Class A Shares and any other class of shares ranking in priority or rateably with the Class B Shares. 
 26.19 If, upon any such
Liquidation Event, the assets of the Company, after payment of any amounts owed to holders of all classes of shares ranking in priority to the Class B Shares, shall be insufficient to make payment in full to all Class B Shareholders of the
foregoing amounts set forth in §26.17 with respect to the Liquidation Event, then such assets (or consideration) shall be distributed among the Class B Shareholders at the time outstanding, rateably in proportion to the full amounts to
which they would otherwise be respectively entitled to receive under §26.17. 

  
 - 68 - 

 Transfer Restrictions 

26.20 The Class B Shares may not be Transferred to any Person other than to BIP or a Person Controlled by BIP. If any Class B Shares are Transferred
in contravention of the preceding sentence, (i) such Transfer shall be null and void, and the Company shall not register or otherwise recognize the Transfer of the Class B Shares to the transferee, (ii) any rights to vote attaching to
the Class B Shares so Transferred may not be exercised by any Person, (iii) any payment by the Company on the Class B Shares so Transferred shall be prohibited and any such payment shall be forfeited, and (iv) any rights that an
ineligible transferee may have as a result of being a holder of Class B Shares shall be null and void, in each case, until such time as such Transfer is cancelled. 

PART 27 
 SPECIAL RIGHTS
AND RESTRICTIONS 
 CLASS C NON-VOTING SHARES 

Special Rights and Restrictions 
 27.1 The Class C
Shares as a class shall have attached thereto the special rights and restrictions specified in this Part 27. 
 Dividend Rights 

27.2 Class C Shareholders shall be entitled to receive, as and when declared by the board of directors, out of any assets of the Company legally available
therefor, such dividends as may be declared from time to time by the board of directors. The Class C Shareholders shall not be entitled to receive dividends (i) unless and until the Company has paid any Unpaid Dividends, and
(ii) unless and until the Company has paid all of the Exchange Consideration owing to any Tendering Class A Shareholders who have submitted Notices of Exchange before the date the board of directors declares a dividend on the Class C
Shares. The record and payment dates for dividends on Class C Shares shall be such date that the board of directors shall designate for the payment of such dividends. 

Stock Dividends 
 27.3 In the event a dividend is declared
and paid on the Class A Shares consisting of Class A Shares, the board shall, subject to applicable Law, contemporaneously declare and pay on the Class C Shares an equivalent dividend on a per share basis consisting of Class C
Shares. 
 Ranking of the Class C Shares 
 27.4 The
Class C Shares shall, as to the payment of dividends and return of capital in a Liquidation Event, rank junior to the Preferred Shares, the Class A Shares and the Class B Shares and senior over any other shares ranking junior to the
Class C Shares with respect to priority in payment of dividends and return of capital in the event of the liquidation, dissolution or winding-up of the Company. 

  
 - 69 - 

 Voting Rights 

27.5 Except as otherwise expressly provided herein or as required by Law, each Class C Shareholder shall be entitled to notice of, and to attend, any
meetings of shareholders of the Company, but shall not otherwise be entitled to vote at any such meeting. 
 Amendment with Approval of Class C
Shareholders 
 27.6 In addition to any other approval required by Law, the rights, privileges, restrictions and conditions attached to the Class C
Shares as a class may be added to, changed or removed but only with the approval of the holders of the Class C Shares given as hereinafter specified. 

27.7 The approval of the Class C Shareholders to add to, change or remove any right, privilege, restriction or condition attaching to the Class C
Shares as a class or in respect of any other matter requiring the consent of the Class C Shareholders may be given in such manner as may then be required by Law, subject to a minimum requirement that such approval be given by resolution signed
by all the Class C Shareholders or passed by the affirmative vote of at least two thirds of the votes cast at a meeting of the Class C Shareholders duly called for that purpose. On every poll taken at every meeting of the Class C
Shareholders as a class, each Class C Shareholder entitled to vote thereat shall have one vote in respect of each Class C Share held. 

Retraction at the Option of the Class C Shareholder 

27.8 Subject to applicable Law, at any time from and after the date of the issuance of the Class C Shares, each Class C Shareholder shall have the
right (the “Class C Retraction Right”) to require the Company to redeem all or such portion of the Class C Shares registered in the name of such Class C Shareholder specified in an Notice of
Class C Retraction delivered to the Company by or on behalf of such Class C Shareholder (such Class C Shares being hereafter referred to as “Tendered Class C Shares” and such Class C
Shareholder, the “Tendering Class C Shareholder”) for the Cash Amount (the “Class C Retraction Amount”). 

Notice of Class C Retraction 
 27.9 A Class C
Shareholder must deliver a Notice of Class C Retraction to the registered office of the Company in order to exercise his, her or its Class C Retraction Right. 

Satisfaction of Retraction Right 
 27.10 Upon receipt by
Company of a Notice of Class C Retraction and such additional documents and instruments as the Company may reasonably require, the Company shall redeem the Tendered Class C Shares on or prior to the Specified Class C Retraction Date.
The Company will deliver or cause to be delivered to the Tendering Class C Shareholder, at the address of the holder recorded in the register of the Company for the Class C Shares or at the address specified in the holder’s Notice of
Class C Retraction, the Class C Retraction Amount, and such delivery of such Class C Retraction Amount by or on behalf of the Company, will be deemed to be payment of and will satisfy and discharge all liability for the Class C
Retraction Right so exercised. 

  
 - 70 - 

 27.11 Each Tendering Class C Shareholder shall continue to own each Class C Share subject to any
Notice of Class C Retraction, and be treated as a Class C Shareholder with respect to each such Class C Share for all other purposes of these Articles, until such Class C Share has been redeemed by the Company in accordance with
§27.8 to §27.13. 
 27.12 Notwithstanding anything to the contrary set forth herein, the Company will not be obligated to redeem Tendered
Class C Shares to the extent that such redemption would be contrary to solvency requirements or other provisions of applicable Law. 
 Withholding
Taxes 
 27.13 Each Tendering Class C Shareholder shall be required to pay to the Company the amount of any tax withholding due upon the redemption
of Tendered Class C Shares pursuant to §27.8 to §27.10 and will be deemed to have authorized the Company to retain such portion of the Class C Retraction Amount as the Company reasonably determines is necessary to satisfy
its tax withholding obligations. Before making any tax withholding pursuant to this §27.13, the Company shall give each Tendering Class C Shareholder within three (3) Business Days after the Company’s receipt of a Notice of
Class C Retraction from such Tendering Class C Shareholder, notice of the Company’s good faith estimate of the amount of any anticipated tax withholding (together with the legal basis therefor) due upon the redemption of the Tendered
Class C Shares subject to such Notice of Class C Retraction, provide the Tendering Class C Shareholder with sufficient opportunity to provide any forms or other documentation or take such other steps in order to avoid or reduce such
tax withholding, and reasonably cooperate with the Tendering Class C Shareholder in good faith to attempt to reduce any amounts that would otherwise be withheld pursuant to this §27.13; provided that any determination with respect to the
tax withholding shall be made by the Company in its sole discretion exercised in good faith. 
 Liquidation Rights 

27.14 Upon any Liquidation Event, including where substantially concurrent with a BIP Liquidation Event, the Class C Shareholders shall be entitled to
receive on the Liquidation Date the assets and property of the Company remaining, if any, after the prior payments of the amounts set forth in §27.15. 

27.15 The rights of the Class C Shareholders to receive the amounts set forth in §27.14 is subject to the prior payment of the amounts set forth in
§25.26(b) and §25.26(c) and the prior rights of holders of all classes and series of Preferred Shares, Class A Shares, Class B Shares and any other class of shares ranking in priority or rateably with the Class C
Shares. 
 Transfer Restrictions 
 27.16 The
Class C Shares may not be Transferred to any Person other than to BIP or a Person Controlled by BIP. If any Class C Shares are Transferred in contravention of the preceding sentence, (i) such Transfer shall be null and void, and the
Company shall not register or otherwise recognize the Transfer of the Class C Shares to the transferee, (ii) any payment by the Company on the Class C Shares so Transferred shall be prohibited and any such payment shall be forfeited,
and (iii) any rights that an ineligible transferee may have as a result of being a holder of Class C Shares shall be null and void, in each case, until such time as such Transfer is cancelled. 

  
 - 71 - 

 PART 28 

SPECIAL RIGHTS AND RESTRICTIONS 

CLASS A SENIOR PREFERRED SHARES 

Special Rights and Restrictions 
 28.1 The Class A
Senior Preferred Shares as a class shall have attached thereto the special rights and restrictions specified in this Part 28. 
 Directors’ Right to
Issue in One or More Series 
 28.2 The Class A Senior Preferred Shares may be issued at any time or from time to time in one or more series. Before
any Class A Senior Preferred Shares of a series are issued, the board of directors shall, subject to the Business Corporations Act (British Columbia), by resolution: 

(a) determine the maximum number of shares of any of those series of shares that the Company is authorized to issue, determine that there is no
maximum number or, if none of the shares of that series is issued, alter any determination so made, and authorize the alteration of the notice of articles accordingly; 

(b) alter the articles, and authorize the alteration of the notice of articles, to create an identifying name by which the shares of any of
those series of shares may be identified or, if none of the shares of that series is issued, to alter any such identifying name so created; and 

(c) alter the articles, and authorize the alteration of the notice of articles accordingly, to attach special rights or restrictions to the
shares of any of those series of shares, including, but without in any way limiting or restricting the generality of the foregoing, the rate or amount of dividends, whether cumulative, non-cumulative or
partially cumulative, the dates, places and currencies of payment thereof, the consideration for, and the terms and conditions of, any purchase, retraction or redemption thereof, including redemption after a fixed term or at a premium, conversion or
exchange rights, the terms and conditions of any share purchase plan or sinking fund, the restrictions respecting payment of dividends on, or the repayment of capital in respect of, any other shares of the Company and voting rights and restrictions
but no special right or restriction so created, defined or attached shall contravene the provisions of §28.3 and §28.4, or, if none of the shares of that series is issued, to alter any such special rights or restrictions. 

Ranking of the Class A Senior Preferred Shares 
 28.3
The Class A Senior Preferred Shares of each series shall, as to the payment of dividends and return of capital in a Liquidation Event, rank on a parity with the Class A Senior Preferred Shares of every other series and senior to the
Class B Junior Preferred Shares, the Class A Shares, the Class B Shares and the Class C Shares and over any other shares ranking junior to the Preferred Shares with respect to priority in payment of dividends and return of
capital in a Liquidation Event. 

  
 - 72 - 

 Voting 

28.4 Except as hereinafter referred to or as required by Law or unless provision is made in the articles of the Company relating to any series of Class A
Senior Preferred Shares that such series is entitled to vote, the holders of the Class A Senior Preferred Shares as a class shall not be entitled as such to receive notice of, to attend or to vote at any meeting of the shareholders of the
Company. 
 Amendment with Approval of Holder of Class A Senior Preferred Shares 

28.5 In addition to any other approval required by Law, the rights, privileges, restrictions and conditions attached to the Class A Senior Preferred
Shares as a class may be added to, changed or removed but only with the approval of the holders of the Class A Senior Preferred Shares given as hereinafter specified. 

28.6 The approval of the holders of the Class A Senior Preferred Shares to add to, change or remove any right, privilege, restriction or condition
attaching to the Class A Senior Preferred Shares as a class or in respect of any other matter requiring the consent of the holders of the Class A Senior Preferred Shares may be given in such manner as may then be required by Law, subject
to a minimum requirement that such approval be given by resolution signed by all the holders of the Class A Senior Preferred Shares or passed by the affirmative vote of at least two thirds of the votes cast at a meeting of the holders of the
Class A Senior Preferred Shares duly called for that purpose. On every poll taken at every meeting of the holders of the Class A Senior Preferred Shares as a class, or at any joint meeting of the holders of two or more series of
Class A Senior Preferred Shares, each holder of Class A Senior Preferred Shares entitled to vote thereat shall have one vote in respect of each Class A Senior Preferred Share held. 

PART 29 
 SPECIAL RIGHTS
AND RESTRICTIONS 
 CLASS B JUNIOR PREFERRED SHARES 

Special Rights and Restrictions 
 29.1 The Class B
Junior Preferred Shares as a class shall have attached thereto the special rights and restrictions specified in this Part 29. 
 Directors’ Right to
Issue in One or More Series 
 29.2 The Class B Junior Preferred Shares may be issued at any time or from time to time in one or more series. Before
any Class B Junior Preferred Shares of a series are issued, the board of directors shall, subject to the Business Corporations Act (British Columbia), by resolution: 

(a) determine the maximum number of shares of any of those series of shares that the Company is authorized to issue, determine that there is no
maximum number or, if none of the shares of that series is issued, alter any determination so made, and authorize the alteration of the notice of articles accordingly; 

  
 - 73 - 

 (b) alter the articles, and authorize the alteration of the notice of articles, to create an
identifying name by which the shares of any of those series of shares may be identified or, if none of the shares of that series is issued, to alter any such identifying name so created; and 

(c) alter the articles, and authorize the alteration of the notice of articles accordingly, to attach special rights or restrictions to the
shares of any of those series of shares, including, but without in any way limiting or restricting the generality of the foregoing, the rate or amount of dividends, whether cumulative, non-cumulative or
partially cumulative, the dates, places and currencies of payment thereof, the consideration for, and the terms and conditions of, any purchase, retraction or redemption thereof, including redemption after a fixed term or at a premium, conversion or
exchange rights, the terms and conditions of any share purchase plan or sinking fund, the restrictions respecting payment of dividends on, or the repayment of capital in respect of, any other shares of the Company and voting rights and restrictions
but no special right or restriction so created, defined or attached shall contravene the provisions of §29.3 and §29.4, or, if none of the shares of that series is issued, to alter any such special rights or restrictions. 

Ranking of the Class B Junior Preferred Shares 
 29.3
The Class B Junior Preferred Shares of each series shall, as to the payment of dividends and return of capital in a Liquidation Event, rank on a parity with the Class B Junior Preferred Shares of every other series, junior to the
Class A Senior Preferred Shares and senior to the Class A Shares, the Class B Shares and the Class C Shares and over any other shares ranking junior to the Preferred Shares with respect to priority in payment of dividends and in
return of capital in a Liquidation Event. 
 Voting 

29.4 Except as hereinafter referred to or as required by Law or unless provision is made in the articles of the Company relating to any series of Class B
Junior Preferred Shares that such series is entitled to vote, the holders of the Class B Junior Preferred Shares as a class shall not be entitled as such to receive notice of, to attend or to vote at any meeting of the shareholders of the
Company. 
 Amendment with Approval of Holder of Class B Junior Preferred Shares 

29.5 In addition to any other approval required by Law, the rights, privileges, restrictions and conditions attached to the Class B Junior Preferred
Shares as a class may be added to, changed or removed but only with the approval of the holders of the Class B Junior Preferred Shares given as hereinafter specified. 

29.6 The approval of the holders of the Class B Junior Preferred Shares to add to, change or remove any right, privilege, restriction or condition
attaching to the Class B Junior Preferred Shares as a class or in respect of any other matter requiring the consent of the holders of the Class B Junior Preferred Shares may be given in such manner as may then be required by Law, subject
to a minimum requirement that such approval be given by resolution signed by all the holders of the Class B Junior Preferred Shares or passed by the affirmative vote of at least two thirds of the

  
 - 74 - 

 
votes cast at a meeting of the holders of the Class B Junior Preferred Shares duly called for that purpose. On every poll taken at every meeting of the holders of the Class B Junior
Preferred Shares as a class, or at any joint meeting of the holders of two or more series of Class B Junior Preferred Shares, each holder of Class B Junior Preferred Shares entitled to vote thereat shall have one vote in respect of each
Class B Junior Preferred Share held. 

  
 - 75 - 

			
	  Full name and signature of Incorporator	  	 Date of signing

		
	 Per: ____________________________________________

            Authorized Signatory
	  	_____________, 20____

  
 - 76 - 

 EXHIBIT “A” 

Notice of Exchange 

   NOTICE OF EXCHANGE 

 

	To:	 Computershare Trust Company of Canada (the “Transfer Agent”) 

PLEASE DELIVER YOUR EXCHANGE REQUEST BY ONE OF THE OPTIONS BELOW: 

 

							
	

	 	 Via PDF Email (recommended)*:
	 	

	 	Via Mail:
	 	 	 
	
onlinedeposits@computershare.com
  

*You can either scan this document via PDF or take a picture with your phone (send a CLEAR picture of all pages, both front and back within the same email)

 
	 	 	 	 Computershare Trust Company of Canada

P.O. Box 7021
 31 Adelaide St E

Toronto, ON M5C 3H2
 Attn: Corporate Actions

 

 This notice is given pursuant to Section 26.12 of the articles (the “Articles”) of Brookfield
Infrastructure Corporation (the “Company”). All capitalized words and expressions used in this notice that are defined in the Articles have the meanings ascribed to such words and expressions in the Articles. 

The undersigned hereby notifies the Company that the undersigned desires to have the Company redeem in accordance with the Articles: 

 

	☐	 all Class A Share(s) registered in the name of the undersigned; or 

 

	☐	 _____ Class A Share(s) registered in the name of the undersigned. 

The undersigned acknowledges the Exchange-Redemption Call Right of Brookfield Infrastructure Partners L.P. (“BIP”) or an affiliate of BIP to
acquire all, but not less than all, of the Tendered Class A Shares from the undersigned and that this notice is and will be deemed to be an offer by the undersigned to sell the Tendered Class A Shares to BIP in accordance with the
Exchange-Redemption Call Right on or prior to the Specified Exchange Date for the Exchange Consideration and on the other terms and conditions set out in the Articles. 

The undersigned acknowledges that the Company will not be obligated to redeem Tendered Class A Shares to the extent that such redemption would be
contrary to solvency requirements or other provisions of applicable Law. If the Company believes that it would not be permitted by any such requirements or other provisions to redeem the Tendered Class A Shares, provided that BIP has not
exercised its Exchange-Redemption Call Right with respect to the Tendered Class A Shares, the Company will only be obligated to redeem the maximum number of Tendered Class A Shares (rounded down to a whole number of Class A Shares)
that would not be contrary to such provisions. 
 The undersigned hereby represents and warrants to the Company and BIP that the undersigned has good title
to, and owns, the Class A Share(s) to be acquired by the Company, BIP or an affiliate of BIP as the case may be, free and clear of all liens, claims and encumbrances whatsoever. 

	
	  
   (Date)

	
	
	  
   (Signature of Tendering
Class A Shareholder)

	
	
	  
   (Guarantee of
Signature)

  

	
	  

CURRENCY ELECTION
  

(only if exchange or acquisition of the Tendered Class A Shares is satisfied by the Cash Amount)

 
 Shareholders domiciled in Canada will receive the Cash Amount in Canadian
dollars (CAD) and shareholders domiciled in the United States and all other countries will receive the Cash Amount in U.S. dollars (USD), unless otherwise elected below;
  

☐   Issue my cash entitlement payment(s) in U.S. dollars (USD).

 
 ☐   Issue my cash
entitlement payment(s) in Canadian dollars (CAD).
  

☐   Issue my cash entitlement payment(s) in Australian dollars (AUD).

 
 By electing to receive payment in another currency, the undersigned acknowledges that
(a) the exchange rate used will be the rate established by Computershare, in its capacity as foreign exchange service provider to the Company, on the date the funds are converted; (b) the risk of any fluctuation in such rate will be borne
by the undersigned; and (c) Computershare may earn commercially reasonable spread between its exchange rate and the rate used by any counterparty from which it purchases the elected currency.

 

	 
	
Payment Delivery Instruction

 

	
☐   Please check this box if the Cash Amount, if applicable, resulting from the exchange or
acquisition of the Tendered Class A Shares is to be paid by cheque and mailed to the last address of the Tendering Class A Shareholder as it appears on the register of the Company or as instructed below in Exhibit A. ALL CHEQUE
PAYMENTS WILL BE ISSUED TO THE REGISTERED NAME AS IT CURRENTLY APPEARS.

	 
	
☐   Please check this box if the Cash Amount, if applicable, resulting from the exchange or
acquisition of the Tendered Class A Shares is to be paid by cheque and held for pick-up by the Tendering Class A Shareholder at the principal transfer office of the Transfer Agent in Toronto,
Ontario.

	 
	
☐   Please check this box if the Cash Amount, if applicable, resulting from the exchange or
acquisition of the Tendered Class A Shares is to be paid electronically to the Tendering Class A Shareholder using the electronic payment information as it appears on the dividend register of the Company or as instructed below in Exhibit
B.
  
  

   

	NOTE:	 This panel must be completed and such additional documents as the Transfer Agent may require must be deposited
with the Transfer Agent at its principal transfer office in Toronto, Ontario. The BIP Units Amount and any payment resulting from the exchange or acquisition of the Tendered Class A Shares will be issued and registered in, and made payable to
respectively, the name of the Tendering Class A Shareholder as it appears on the register of the Company and the BIP Units Amount and payment resulting from such exchange or acquisition will be delivered to such Tendering Class A
Shareholder as indicated above, unless the form appearing immediately below is duly completed. 

 EXHIBIT A: 

Cheque Delivery Information 
  

					
	Date:	 	  
	 	
			
		 		 	
	  
   Name of
Person in Whose Name Payment is to be Delivered
   (please print)
	 	
			
		 		 	
	  
   Street
Address or P.O. Box
	 	
			
		 		 	
	  
   City,
Province and Postal Code
	 	
			
		 		 	
	  
   Signature of
Tendering Class A Shareholder
	 	

 EXHIBIT B 

 

																	
	 BROOKFIELD INFRASTRUCTURE CORPORATION

EXCHANGE WIRE PAYMENT FORM*
	 	
		
	 **Beneficiary Name(s) that appears on the account at your financial institution – this MUST be the same name and address
that your shares are registered to 
  
	 	
	 	
	 

 
     
	 	        
							
	**Beneficiary Address (Note: PO Boxes will not be accepted)	 	**City	 		 	**Province/State	 	  	 	**Postal Code/Zip Code	 	
		 		 		 		 		 		 		 		 	
	 		 		 	
	 

 
     
	 	  	 	 	 		 	 	 	
								
	**Beneficiary Bank/Financial Institution	 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	
	 	
	 

 
     
	 	        
									
	**Bank Address	 	**City	 	**Province/State	 	**Postal Code/Zip Code	 		 		 		 		 	
		 		 		 		 		 		 		 		 	
	 		 		 	
	 

 
     
	 	  	 	 	 		 	 	 	
		
	PLEASE ONLY COMPLETE THE APPLICABLE BOXES BELOW, AS PROVIDED BY YOUR FINANCIAL INSTITUTION. YOU ARE NOT REQUIRED TO COMPLETE ALL BOXES	 	

  

																	
						
	**Bank Account No.	 		 	Bank No. & Transit No. (Canadian Banks)	 		 	ABA/Routing No. (US Banks)	 	
		 		 		 		 		 		 		 		 	
	 
  

                          
                                         
 
	 	    	 	               
                                 	 	    	 	               
                                         
                	 		 	        
							
		 		 	(3 digits & 5 digits)	 		 	(9 digits)	 		 	
							
	SWIFT or BIC Code	 		 	IBAN Number	 		 	Sort Code (GBP)	 		 	
		 		 		 		 		 		 		 		 	
	 
  

                          
                                  
	 	    	 	               
                                 	 	    	 	 	 		 	        
						
	(11 characters – if you only have eight, put ‘XXX’ for the last three)	 		 		 		 		 	
						
	Additional Notes and special routing instructions:	 		 		 		 		 	
	 		
	 

 
     
	 		 	        
		
	 *PLEASE NOTE THAT THERE IS A $100 BANKING FEE ON WIRE PAYMENTS. ALTERNATIVELY, CHEQUE PAYMENTS ARE
ISSUED AT NO ADDITIONAL COST. IF WIRE DETAILS ARE INCORRECT OR INCOMPLETE, COMPUTERSHARE WILL ATTEMPT TO CONTACT YOU AND CORRECT THE ISSUE. HOWEVER, IF WE CANNOT CORRECT THE ISSUE PROMPTLY, A CHEQUE WILL BE AUTOMATICALLY ISSUED AND MAILED TO THE
ADDRESS ON RECORD. NO FEES WILL BE CHARGED
	 	
								
	 **MANDATORY FIELD
	 		 		 		 		 		 		 	
			
	 Please provide email address and phone number in the event that we need to contact you for corrective
measures:
	 		 	

 EMAIL ADDRESS: _____________________________________________ PHONE NUMBER:
________________ 

 EXHIBIT “B” 

Notice of Class A Redemption 

 NOTICE OF CLASS A REDEMPTION 

 

	To:	 Class A Shareholders of Brookfield Infrastructure Corporation (the “Company”)

 This notice is given pursuant to Section 26.19 of the articles of the Company (the “Articles”). All capitalized
words and expressions used in this notice that are defined in the Articles have the meanings ascribed to such words and expressions in such Articles. 
 The
Company hereby notifies the Class A Shareholders that the Company desires to redeem all of the issued and outstanding Class A Shares in accordance with the Articles. 

The Company acknowledges that this notice is and will be deemed to be an irrevocable offer by the Company to redeem all of the Class A Shares on the
Specified Class A Redemption Date for the Redemption Consideration and on the other terms and conditions set out in the Articles. 
  

	
	
	   

	 Brookfield Infrastructure Corporation

	
	   

	 (Date)

 EXHIBIT “C” 

Notice of Class B Retraction 

 NOTICE OF CLASS B RETRACTION 

 

	To:	 Brookfield Infrastructure Corporation (the “Company”) 

This notice is given pursuant to Section 26.12 of the articles of the Company (the “Articles”). All capitalized words and expressions
used in this notice that are defined in the Articles have the meanings ascribed to such words and expressions in such Articles. 
 The undersigned hereby
notifies the Company that the undersigned desires to have the Company redeem in accordance with the Articles: 
  

	___	 all Class B Share(s) registered in the name of the undersigned; or 

 

	___	 ______ Class B Share(s) registered in the name of the undersigned. 

The undersigned acknowledges that this notice is and will be deemed to be an irrevocable offer by the undersigned to sell the Tendered Class B Shares to
the Company on or prior to the Specified Class B Retraction Date for the Class B Retraction Amount and on the other terms and conditions set out in the Articles. 

The undersigned acknowledges that the Company will not be obligated to redeem Tendered Class B Shares to the extent that such redemption would be
contrary to solvency requirements or other provisions of applicable Law. If the Company believes that it would not be permitted by any such requirements or other provisions to redeem the Tendered Class B Shares, the Company will only be
obligated to redeem the maximum number of Tendered Class B Shares (rounded down to a whole number of Class B Shares) that would not be contrary to such provisions. 

The undersigned hereby represents and warrants to the Company that the undersigned has good title to, and owns, the Class B Share(s) to be acquired by
the Company, free and clear of all liens, claims and encumbrances whatsoever. 
  

	
	
	   

	
	(Date)
	
	   

	(Signature of Tendering Class B Shareholder)
	
	   

	(Guarantee of Signature)

 ☐    Please check this box if the Cash Amount resulting from the acquisition of the Tendered
Class B Shares is to be mailed to the last address of the Tendering Class B Shareholder as it appears on the register of the Company. 

 NOTE: This panel must be completed and this certificate, together with such additional documents as
the Company may require, must be delivered to the registered office of the Company in Vancouver, British Columbia. Any payment resulting from the acquisition of the Tendered Class B Shares will be made payable to the name of the Tendering
Class B Shareholder as it appears on the register of the Company and payment resulting from such acquisition will be delivered to such Tendering Class B Shareholder as indicated above, unless the form appearing immediately below is duly
completed. 
  

			
		
	Date:	 	 

  

	
	
	   

	Name of Person in Whose Name Payment is to be Delivered (please print)
	
	   

	Street Address or P.O. Box
	
	   

	City, Province and Postal Code
	
	   

	Signature of Tendering Class B Shareholder

 NOTE: If this Notice of Class B Retraction is for less than all of the Class B Share(s) represented by this
certificate, a certificate representing the remaining Class B Shares of the Company will be issued and registered in the name of the Tendering Class B Shareholder as it appears on the register of the Company. 

 EXHIBIT “D” 

Notice of Class C Retraction 

 NOTICE OF CLASS C RETRACTION 

 

	To:	 Brookfield Infrastructure Corporation (the “Company”) 

This notice is given pursuant to Section 27.9 of the articles of the Company (the “Articles”). All capitalized words and expressions
used in this notice that are defined in the Articles have the meanings ascribed to such words and expressions in such Articles. 
 The undersigned hereby
notifies the Company that the undersigned desires to have the Company redeem in accordance with the Articles: 
  

	___	 all Class C Share(s) registered in the name of the undersigned; or 

 

	___	 ______ Class C Share(s) registered in the name of the undersigned. 

The undersigned acknowledges that this notice is and will be deemed to be an irrevocable offer by the undersigned to sell the Tendered Class C Shares to
the Company on or prior to the Specified Class C Retraction Date for the Class C Retraction Amount and on the other terms and conditions set out in the Articles. 

The undersigned acknowledges that the Company will not be obligated to redeem Tendered Class C Shares to the extent that such redemption would be
contrary to solvency requirements or other provisions of applicable Law. If the Company believes that it would not be permitted by any such requirements or other provisions to redeem the Tendered Class C Shares, the Company will only be
obligated to redeem the maximum number of Tendered Class C Shares (rounded down to a whole number of Class C Shares) that would not be contrary to such provisions. 

The undersigned hereby represents and warrants to the Company that the undersigned has good title to, and owns, the Class C Share(s) to be acquired by
the Company, free and clear of all liens, claims and encumbrances whatsoever. 
  

	
	
	   

	
	(Date)
	
	   

	(Signature of Tendering Class C Shareholder)
	
	   

	(Guarantee of Signature)

 ☐    Please check this box if the Cash Amount resulting from the acquisition of the Tendered
Class C Shares is to be mailed to the last address of the Tendering Class C Shareholder as it appears on the register of the Company. 

 NOTE: This panel must be completed and this certificate, together with such additional documents as
the Company may require, must be delivered to the registered office of the Company in Vancouver, British Columbia. Any payment resulting from the acquisition of the Tendered Class C Shares will be made payable to the name of the Tendering
Class C Shareholder as it appears on the register of the Company and payment resulting from such acquisition will be delivered to such Tendering Class C Shareholder as indicated above, unless the form appearing immediately below is duly
completed. 
  

			
		
	Date:	 	 

  

	
	
	   

	Name of Person in Whose Name Payment is to be Delivered (please print)
	
	   

	Street Address or P.O. Box
	
	   

	City, Province and Postal Code
	
	   

	Signature of Tendering Class C Shareholder

 NOTE: If this Notice of Class C Retraction is for less than all of the Class C Share(s) represented by this
certificate, a certificate representing the remaining Class C Shares of the Company will be issued and registered in the name of the Tendering Class C Shareholder as it appears on the register of the Company.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]