<SEC-DOCUMENT>0001062993-14-003146.txt : 20140516
<SEC-HEADER>0001062993-14-003146.hdr.sgml : 20140516
<ACCEPTANCE-DATETIME>20140516172733
ACCESSION NUMBER:		0001062993-14-003146
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20140516
FILED AS OF DATE:		20140516
DATE AS OF CHANGE:		20140516

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			B2GOLD CORP
		CENTRAL INDEX KEY:			0001429937
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35936
		FILM NUMBER:		14852595

	BUSINESS ADDRESS:	
		STREET 1:		595 BURRARD STREET, SUITE 3100
		CITY:			VANCOUVER, BRITISH COLUMBIA
		STATE:			A1
		ZIP:			V7X 1J1
		BUSINESS PHONE:		(604) 601-2962

	MAIL ADDRESS:	
		STREET 1:		595 BURRARD STREET, SUITE 3100
		CITY:			VANCOUVER, BRITISH COLUMBIA
		STATE:			A1
		ZIP:			V7X 1J1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
   <TITLE>B2Gold Corp.: Form 6-K - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B><FONT size=5>UNITED STATES</FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B><BR><B>Washington, D.C.
20549</B></P>
<P align=center><B><FONT size=5>FORM 6-K</FONT></B></P>
<P align=center>REPORT OF FOREIGN PRIVATE ISSUER<BR>PURSUANT TO RULE 13a-16 OR
15d-16<BR>UNDER THE SECURITIES EXCHANGE ACT OF 1934</P>
<P align=center>For the month of <STRONG>May, 2014</STRONG></P>
<P align=center>Commission File Number: <B><U>001-35936</U></B></P>
<P align=center><U><B><FONT size=5>B2Gold Corp.</FONT></B><BR></U>(Translation
of registrant&#146;s name into English)</P>
<P align=center><U><B>British Columbia, Canada</B><BR></U>(Jurisdiction of
incorporation or organization)</P>
<P align=center><B>Suite 3100, Three Bentall Centre</B><BR><B>595 Burrard
Street</B><BR><B>Vancouver, British Columbia V7X
1J1</B><BR><U><B>Canada</B><BR></U>(Address of principal executive office)</P>
<P align=center>Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F: </P>
<P align=center>[&nbsp;&nbsp;&nbsp;] Form
20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[X] Form 40-F</P>
<P align=center>Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
[&nbsp;&nbsp;&nbsp;]</P>
<P align=center>Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
[&nbsp;&nbsp;&nbsp;]</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center><B>DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K</B></P>
<P align=justify>See the Exhibit Index hereto.</P>
<P align=center><B>SIGNATURES</B></P>
<P align=justify>Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%"><B>B2Gold Corp.</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD align=left width="45%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%"></TD></TR>
  <TR vAlign=top>
    <TD align=left >Date: May 16, 2014</TD>
    <TD align=left width="5%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="45%"><EM>/s/ Roger Richer</EM></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="5%" >Name: </TD>
    <TD align=left width="45%">Roger Richer </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="5%" >Title: </TD>
    <TD align=left width="45%">Executive Vice President, General Counsel &amp;
      Secretary </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=center><B>EXHIBIT INDEX</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Exhibit</B> </TD>
    <TD align=left width="90%"><B>Description</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>No.</B> </TD>
    <TD align=left width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><a href="exhibit99-1.htm">99.1 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="exhibit99-1.htm">Notice of Annual General and Special Meeting of
    Shareholders </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ><a href="exhibit99-2.htm">99.2</a></TD>
    <TD align=left><a href="exhibit99-2.htm">Advance Notice Policy</a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><a href="exhibit99-3.htm">99.3</a></TD>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-3.htm">Proposed Amended Restricted Share Unit Plan</a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ><a href="exhibit99-4.htm">99.4</a></TD>
    <TD align=left><a href="exhibit99-4.htm">Proposed Amended and Restated Stock Option Plan</a></TD>
  </TR>
</TABLE>
<BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>B2Gold Corp.: Exhibit 99.1 - Filed by newsfilecorp</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><img src="logo.jpg" border=0></P>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center>Three Bentall Centre </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>Suite 3100, PO Box 49143 </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>595 Burrard Street </TD></TR>
  <TR vAlign=top>
    <TD align=center>Vancouver, British Columbia V7X 1J1 </TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center><B>2014</B> </TD>
    <TD align=left width="60%">Notice of Annual General and Special Meeting of
      Shareholders </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>&nbsp;</TD>
    <TD align=left width="60%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center><B>ANNUAL
      GENERAL</B> </TD>
    <TD align=left width="60%">Management Information Circular </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>&nbsp;</TD>
    <TD align=left width="60%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center><B>AND
      SPECIAL</B> </TD>
    <TD align=left width="60%">Form of Proxy </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>&nbsp;</TD>
    <TD align=left width="60%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center><B>MEETING</B>
</TD>
    <TD align=left width="60%">Audited Financial Statements and Notes Thereto
    </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>&nbsp;</TD>
    <TD align=left width="60%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Annual Financial Statement Request Form </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp;</TD>
    <TD align=left width="60%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp;</TD>
    <TD align=left width="60%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD width="60%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center><B>Place:</B> </TD>
    <TD align=left width="60%">Vancouver Convention Centre West </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Rooms 118-120 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">1055 Canada Place </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp;</TD>
    <TD align=left width="60%">Vancouver, British Columbia&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp;</TD>
    <TD align=left width="60%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center><B>Time:</B> </TD>
    <TD align=left width="60%">2:00 p.m. (Vancouver time) </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>&nbsp;</TD>
    <TD align=left width="60%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD width="60%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center><B>Date:</B> </TD>
    <TD align=left width="60%">June 13, 2014 </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>&nbsp;</TD>
    <TD align=left width="60%">&nbsp;</TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=center><B>B2GOLD CORP. </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left><B>CORPORATE
      DATA</B> </TD>
    <TD align=left width="60%"><B><U>Head Office</U></B> </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD width="60%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Suite 3100, Three Bentall Centre </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">595 Burrard Street, PO Box 49143 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Vancouver, British Columbia V7X 1J1 </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD width="60%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%"><B><U>Directors and Officers</U></B> </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD width="60%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Robert Cross &#150; Chairman and Director </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Robert Gayton &#150; Director </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Barry Rayment &#150; Director </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Jerry Korpan &#150; Director </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">John Ivany &#150; Director </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Bongani Mtshisi &#150; Director </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Michael Carrick &#150; Director </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Kevin Bullock &#150; Director </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD width="60%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Clive Johnson &#150; Chief Executive Officer,
      President and Director </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Roger Richer &#150; Executive Vice President,
      General Counsel and Secretary </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Mike Cinnamond &#150; Senior Vice President Finance
      and Chief Financial Officer </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Tom Garagan &#150; Senior Vice President Exploration
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Dennis Stansbury &#150; Senior Vice President
      Engineering and Project Evaluations </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">George Johnson &#150; Senior Vice President
      Operations </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Ian MacLean &#150; Vice President Investor Relations
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">William Lytle &#150; Vice President Country Manager,
      Namibia </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Dale Craig &#150; Vice President Operations </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Eduard Bartz &#150;Vice President Taxation and
      External Reporting </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Kerry Suffolk &#150; Treasurer </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD width="60%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%"><B><U>Registrar and Transfer Agent</U></B>
  </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD width="60%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Computershare Investor Services Inc. </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">2nd Floor, 510 Burrard Street </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Vancouver, British Columbia V6C 3B9 </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD width="60%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Computershare Investor Services Inc. </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">8th Floor, 100 University Avenue </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Toronto, Ontario M5J 2Y1 </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD width="60%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%"><B><U>Legal Counsel</U></B> </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD width="60%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Lawson Lundell LLP </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">1600 &#150; 925 West Georgia Street </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Vancouver, British Columbia V6C 3L2 </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD width="60%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%"><B><U>Auditor</U></B> </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD width="60%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">PricewaterhouseCoopers LLP, Chartered
      Accountants </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Suite 200, 250 Howe Street </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Vancouver, British Columbia V7Y 1L3 </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD width="60%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%"><B><U>Listing</U></B> </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid">&nbsp; </TD>
    <TD width="60%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">Toronto Stock Exchange: Symbol &#147;BTO&#148; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="60%">NYSE MKT: Symbol &#147;BTG&#148; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="60%"
    >Namibian Stock Exchange: Symbol
&#147;B2G&#148;&nbsp;</TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>NOTICE OF ANNUAL GENERAL AND SPECIAL MEETING</B>
</TD></TR>
  <TR vAlign=bottom>
    <TD align=center>to be held on June 13, 2014 </TD></TR></TABLE>
<P align=justify><B>NOTICE IS HEREBY GIVEN </B>that the Annual General and
Special Meeting (the &#147;Meeting&#148;) of the Shareholders of <B>B2GOLD CORP.</B> (the
&#147;Company&#148;) will be held in Rooms 118-120, Vancouver Convention Centre West, 1055
Canada Place, Vancouver, British Columbia on Friday, June 13, 2014 at 2:00 p.m.
(Vancouver time) for the following purposes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>To receive and consider the consolidated financial
      statements for the fiscal year ended December 31, 2013, together with the
      auditor&#146;s report thereon.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>To set the number of Directors of the Company at
    nine.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>To elect Directors of the Company for the ensuing
      year.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>To appoint the Auditor of the Company for the ensuing
      year and to authorize the Directors to fix the remuneration to be paid to
      the Auditor.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>To approve the amended and restated stock option plan of
      the Company.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>To approve an amendment to the restricted share unit plan
      of the Company.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>To approve an ordinary resolution ratifying, confirming
      and approving the Company&#146;s advance notice policy.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>To transact such other business as may properly come
      before the Meeting, or any adjournment or adjournments
  thereof.</P></TD></TR></TABLE>
<P align=justify>The Board of Directors has fixed the close of business on May
8, 2014 as the record date for determining shareholders who are entitled to
receive notice and to vote at the Meeting. No person who becomes a shareholder
of the Company after the record date will be entitled to vote or act at the
Meeting or any adjournment thereof. </P>
<P align=justify>Accompanying this Notice of Meeting are: (i) the consolidated
financial statements of the Company for the fiscal year ended December 31, 2013,
together with the auditor&#146;s report thereon, and the related management&#146;s
discussion and analysis; (ii) the management information circular; (iii) a form
of proxy; and (iv) an annual financial statement request form.</P>
<P align=justify>The accompanying management information circular provides
information relating to the matters to be addressed at the Meeting and is deemed
to form part of this Notice. Copies of any documents to be considered, approved,
ratified and adopted or authorized at the Meeting will be available for
inspection at the registered and records office of the Company at 1600 &#150; 925
West Georgia Street, Vancouver, British Columbia V6C 3L2, during normal business
hours up to June 13, 2014, being the date of the Meeting, as well as at the
Meeting. </P>
<P align=justify>If you are a registered shareholder and are unable to attend
the Meeting in person, in order for your proxy to be valid and your votes to be
counted, you must date, execute and return the accompanying form of proxy to the
Company, c/o Computershare Investor Services Inc., 100 University Avenue, 8th
Floor, Toronto, Ontario M5J 2Y1 (Attn: Proxy Department), by not later than 2:00
p.m. (Vancouver time) on Wednesday, June 11, 2014, or if the Meeting is
adjourned, not later than 48 hours (excluding Saturdays and holidays) before the
time for holding the adjourned meeting. </P>
<P align=justify>If you are a non-registered shareholder and receive these
materials through your broker or another intermediary, please complete and
return the materials in accordance with the instructions provided to you by your
broker or other intermediary. If you are a non-registered shareholder and do not
complete and return the materials in accordance with such instructions, you may
lose the right to vote at the Meeting. </P>
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<P align=center>- 2 - </P>
<P align=justify>If you have any questions or require assistance in voting your
proxy, please contact our proxy solicitation agent, Laurel Hill Advisory Group,
at 1-877-452-7184 toll free in North America, or call collect outside North
America at 416-304-0211 or by e-mail at <U>assistance@laurelhill.com</U>. </P>
<P align=justify>DATED at Vancouver, British Columbia, this 14<SUP>th</SUP> day
of May, 2014. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center>BY ORDER OF THE BOARD </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><U>&#147;</U><I><U>Clive Johnson</U></I><U>&#148;</U> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>Clive Johnson </TD></TR>
  <TR vAlign=top>
    <TD align=center>President, Chief Executive Officer </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>and Director </TD></TR></TABLE><BR>
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<P align=center>- 3 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>INFORMATION CIRCULAR</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>Dated as of May 14, 2014 </TD></TR></TABLE>
<P align=justify><B>SOLICITATION OF PROXIES </B></P>
<P align=justify>This management information circular (the &#147;Information
Circular&#148;) is furnished in connection with the solicitation of proxies by the
management of B2Gold Corp. (the &#147;Company&#148;) for use at the <B>Annual General and
Special Meeting of shareholders of the Company to be held on June 13, 2014
</B>(the &#147;Meeting&#148;) at 2:00 p.m. (Vancouver time) in Rooms 118-120, Vancouver
Convention Centre West, 1055 Canada Place, Vancouver, British Columbia or at any
adjournment thereof for the purposes set forth in the accompanying Notice of
Meeting. While it is expected that the solicitation of proxies will be primarily
by mail, proxies may also be solicited personally or by telephone by the
directors, officers and regular employees of the Company at a nominal cost to
the Company.</P>
<P align=justify>Laurel Hill is acting as the Company&#146;s proxy solicitation
agent. If you have any questions or require assistance in voting your proxy,
please contact Laurel Hill Advisory Group at 1-877-452-7184 toll free in North
America, or call collect outside North America at 416-304-0211 or by e-mail at
<U>assistance@laurehill.com</U>. The Company will be paying Laurel Hill a fee of
approximately C$30,000 plus expenses. </P>
<P align=justify>The cost of solicitation will be borne by the Company. Except
as required by statute, regulation or policy thereunder, the Company does not
reimburse shareholders, nominees or agents (including brokers holding shares on
behalf of clients) for the cost incurred in obtaining from their principals
authorization to execute each form of proxy. </P>
<P align=justify>The contents and the sending of this Information Circular have
been approved by the Directors of the Company. The Company reports in United
States dollars. All references to &#147;<B>C$</B>&#148;, &#147;<B>$</B>&#148; or &#147;<B>dollars</B>&#148; in
this Information Circular refer to Canadian dollars unless otherwise indicated.
References to &#147;<B>US$</B>&#148; or &#147;<B>U.S. dollars</B>&#148; are used to indicate United
States dollar values. </P>
<P align=justify><B>VOTING BY PROXIES </B></P>
<P align=justify>The form of proxy accompanying this Information Circular
confers discretionary authority upon the proxy nominee with respect to any
amendments or variations to matters identified in the Notice of Meeting and any
other matters that may properly come before the Meeting. As at the date of this
Information Circular, management is not aware of any such amendments or
variations, or of other matters to be presented for action at the Meeting. </P>
<P align=justify>If the instructions in a proxy given to the proxy nominee are
certain, the common shares represented by proxy will be voted or withheld from
voting in accordance with the instructions of the shareholder on any poll as
specified in the proxy with respect to the matter to be acted on. <B>If a choice
is not so specified with respect to any such matter, the common shares
represented by a proxy given to the proxy nominee will be voted in favour of the
resolutions referred to in the form of proxy accompanying this Information
Circular and for the election of the nominees of management for Directors and
for the appointment of the Auditor. A shareholder has the right to appoint a
person (who need not be a shareholder) to attend and act for him or her and on
his or her behalf at the Meeting other than the persons designated in the form
of proxy and may exercise such right by inserting the name in full of the
desired person in the blank space provided in the form of proxy and striking out
the names now designated.</B> </P>
<P align=justify>A proxy will not be valid unless it is signed by the registered
shareholder, or by the registered shareholder&#146;s attorney with proof that they
are authorized to sign. If you represent a registered shareholder that is a
corporation or an association, your proxy should have the seal of the
corporation or association, and must be executed by an officer or an attorney
who has written authorization. If you execute a proxy as an attorney for an
individual registered shareholder, or as an officer or attorney of a registered
shareholder that is a corporation or association, you must include the original
or notarized copy of the written authorization for the officer or attorney with
your proxy form. </P>
<P align=justify>If you are voting by proxy, send your completed proxy by fax or
mail to the Company&#146;s transfer agent, Computershare Investor Services Inc.
(&#147;Computershare&#148;) at 8th Floor, 100 University Avenue, Toronto, Ontario, Canada
M5J 2Y1, or by fax at 1-866-249-7775 in Canada and the United States and
001-416-263-9524 outside of Canada and the United States. You may also vote on the internet
or by phone by following the instructions set out in the form of proxy.
Computershare must receive your proxy by 2:00 p.m. (Vancouver time) on June 11,
2014, or two business days before the Meeting is reconvened if the Meeting is
adjourned. <B>Late proxies may be accepted by the Chairman of the Meeting in his
discretion, and the Chairman is under no obligation to accept or reject any
particular late proxy.</B></P>
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<P align=center>- 4 - </P>
<P align=justify>If you have any questions or require assistance in voting,
please contact our proxy solicitation agent, Laurel Hill Advisory Group, at
1-877-452-7184 toll free in North America, or call collect outside North America
at 416-304-0211 or by e-mail at <U>assistance@laurelhill.com</U>. </P>
<P align=justify><B>REVOCABILITY OF PROXIES </B></P>
<P align=justify>In addition to revocation in any other manner permitted by law,
a registered shareholder who has given a proxy may revoke it by an instrument in
writing executed by the shareholder or by his or her attorney authorized in
writing or, where the shareholder is a corporation, by a duly authorized officer
or attorney of the corporation. To be valid, an instrument of revocation must be
received by the registered office of the Company by fax at (604) 669-1620, by
mail or by hand at Lawson Lundell LLP, 1600 &#150; 925 West Georgia Street,
Vancouver, British Columbia V6C 3L2, at any time up to and including the last
business day preceding the day of the Meeting or any adjournment thereof, or
provided to the Chairman of the Meeting on the day fixed for the Meeting or any
adjournment thereof by not later than the time fixed for commencement of such
Meeting. A revocation of a proxy does not affect any matter on which a vote has
been taken prior to the revocation. </P>
<P align=justify>Only registered shareholders have the right to revoke a proxy.
Non-registered shareholders can change their vote by contacting your
intermediary right away so they have enough time prior to the Meeting to arrange
to change the vote and, if necessary, revoke the proxy. </P>
<P align=justify><B>INFORMATION</B> <B>FOR</B> <B>NON</B>-<B>REGISTERED
SHAREHOLDERS</B> </P>
<P align=justify><B>The information set forth in this section is of significant
importance to many shareholders of the Company as a substantial number of
shareholders do not hold their common shares in their own names.</B></P>
<P align=justify>This Information Circular and the accompanying materials are
being sent to registered shareholders and non-registered shareholders, that is
shareholders of the Company who hold common shares through a broker, agent,
nominee or other intermediary (collectively, the &#147;Beneficial Shareholders&#148;).
Beneficial Shareholders should note that only proxies deposited by shareholders
whose names appear on the share register of the Company will be recognized and
acted upon at the Meeting. If common shares are listed in an account statement
provided to a shareholder by a broker, then, in almost all cases, those common
shares will not be registered in the shareholder&#146;s name on the records of the
Company. Such common shares will more likely be registered under the name of an
intermediary, typically the shareholder&#146;s broker or an agent of that broker. In
Canada, the vast majority of such shares are registered under the name of CDS
&amp; Co. (the registration name for CDS Clearing and Depository Services Inc.),
which company acts as a nominee for many Canadian brokerage firms. Common shares
held by brokers (or their agents or nominees) on behalf of a broker&#146;s client may
only be voted (for or against resolutions) in accordance with instructions
received from the Beneficial Shareholder. Without specific instructions, brokers
and their agents and nominees are prohibited from voting shares for Beneficial
Shareholders.</P>
<P align=justify><B>Additional Information for Beneficial Holders </B></P>
<P align=justify>Beneficial Shareholders fall into two categories &#150; those who
object to their identity being known to the issuers of securities which they own
(&#147;Objecting Beneficial Owners&#148;, or &#147;OBOs&#148;) and those who do not object to their
identity being made known to the issuers of the securities they own
(&#147;Non-Objecting Beneficial Owners&#148;, or &#147;NOBOs&#148;). Subject to the provisions of
National Instrument 54-101, Communication with Beneficial Owners of Securities
of a Reporting Issuer (&#147;NI 54-101&#148;), issuers may request and obtain a list of
their NOBOs from intermediaries via their transfer agent.</P>
<P align=justify>Securities regulatory policies require brokers and other
intermediaries to seek voting instructions from Beneficial Shareholders in
advance of shareholders&#146; meetings. Each broker or intermediary has its own
mailing procedures and provide their own return instructions to clients, which
should be carefully followed by Beneficial Shareholders in order to ensure that their common shares are voted at the
Meeting. Often the form of proxy supplied to a Beneficial Shareholder by its
broker is identical to the form of proxy provided by the Company to the
registered shareholders. However, its purpose is limited to instructing the
registered shareholder (i.e. the broker or agent of the broker) how to vote on
behalf of the Beneficial Shareholder.</P>
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<P align=center>- 5 - </P>
<P align=justify>Pursuant to NI 54-101, issuers may obtain and use the NOBO list
for distribution of proxy-related materials directly to such NOBOs. If you are a
Beneficial Shareholder, and the Company or its agent has sent these materials
directly to you, your name, address and information about your holdings of
common shares have been obtained in accordance with applicable securities
regulatory requirements from the intermediary holding the common shares on your
behalf. </P>
<P align=justify>The majority of brokers now delegate responsibility for
obtaining instructions from clients to Broadridge Financial Solutions Inc.
(&#147;Broadridge&#148;). Broadridge typically prepares a machine-readable voting
instruction form, mails those forms to the Beneficial Shareholders and asks
Beneficial Shareholders to return the forms to Broadridge, or otherwise
communicate voting instructions to Broadridge (by way of the internet or
telephone, for example). Broadridge then tabulates the results of all
instructions received and provides appropriate instructions respecting the
voting of common shares to be represented at the Meeting. <B>A Beneficial
Shareholder who receives a Broadridge voting instruction form cannot use that
form to vote common shares directly at the Meeting. The voting instruction form
must be returned to Broadridge (or instructions respecting the voting of common
shares must be communicated to Broadridge) well in advance of the Meeting in
order to have the common shares voted at the Meeting on your behalf.</B> </P>
<P align=justify><B>Accordingly, each Beneficial Shareholder should: </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>carefully review the voting information form and
      voting procedures that the shareholder&#146;s broker, agent, nominee or other
      intermediary has furnished with this Information Circular;
  and</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>provide instructions as to the voting of the
      shareholder&#146;s common shares in accordance with those voting
      procedures.</B></P></TD></TR></TABLE>
<P align=justify>Although Beneficial Shareholders may not be recognized directly
at the Meeting for the purposes of voting common shares registered in the name
of his or her broker, a Beneficial Shareholder may attend the Meeting as
proxyholder for the registered shareholder and vote the common shares in that
capacity. <B>Beneficial shareholders who wish to attend the Meeting and
indirectly vote their common shares as proxyholder for the registered
shareholder should enter their own names in the blank space on the voting
instruction form provided to them and return the same to their broker (or the
broker&#146;s agent) in accordance with the instructions provided by such broker.</B>
Beneficial Shareholders who have questions or concerns regarding any of these
procedures may also contact their broker, agent, nominee or other intermediary.
It is recommended that inquiries of this kind be made well in advance of the
Meeting. </P>
<P align=justify>All references to shareholders in this Information Circular and
the accompanying form of proxy and Notice of Meeting are to shareholders of
record unless specifically stated otherwise. </P>
<P align=justify><B>VOTING SHARES AND PRINCIPAL HOLDERS THEREOF </B></P>
<P align=justify>The board of directors of the Company (the &#147;Board&#148; or the
&#147;Board of Directors&#148;) has fixed May 8, 2014 as the record date for the
determination of shareholders entitled to notice of and to vote at the Meeting
and at any adjournment thereof. As at May 8, 2014, 675,927,145 common shares in
the capital of the Company were issued and outstanding. Each common share
outstanding on the record date carries the right to one vote. The Company will
arrange for the preparation of a list of the holders of its common shares on
such record date. Each shareholder named in the list will be entitled to one
vote at the Meeting for each common share shown opposite such shareholder&#146;s
name.</P>
<P align=justify>Under the Company&#146;s Articles, the quorum for the transaction of
business at the Meeting is two persons present in person, each being a
shareholder entitled to vote at the Meeting or a duly appointed proxyholder or
representative for shareholder so entitled, representing at least 5% of the
issued and outstanding common shares of the Company entitled to be voted at the
Meeting. </P>
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<P align=center>- 6 - </P>
<P align=justify>To the knowledge of the Directors and senior officers of the
Company, and based upon the Company&#146;s review of the records maintained by
Computershare, electronic filings with the System for Electronic Document
Analysis and Retrieval (&#147;SEDAR&#148;) and insider reports filed with the System for
Electronic Disclosure by Insiders, as at May 8, 2014, only the following
shareholder beneficially owns, controls or directs, directly or indirectly,
common shares carrying more than 10% of the voting rights attached to all
outstanding shares of the Company. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="60%" border=1>

  <TR vAlign=top>
    <TD
      align=left vAlign=center noWrap bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid"><B>Name of Shareholder</B> </TD>
    <TD width="29%"
    align=center vAlign=center noWrap bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid"><B>Number of Shares</B> </TD>
    <TD width="29%"
    align=center vAlign=center noWrap bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid"><B>Percentage</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
      align=left>Fidelity<SUP>(1)</SUP> </TD>
    <TD vAlign=center align=center width="29%">75,238,824 </TD>
    <TD vAlign=center align=center width="29%">11.1%
</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 20%" align=justify>Note: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The common shares reflected in the table above are held
      by Fidelity through Fidelity Management &amp; Research Company, Pyramis
      Global Advisors, LLC, Pyramis Global Advisors Trust Company, Strategic
      Advisors Incorporated and FIL Limited.</P></TD></TR></TABLE>
<P align=justify><B>ELECTION OF DIRECTORS </B></P>
<P align=justify>The Articles of the Company provide that the number of
directors to be elected will be the number determined by ordinary resolution.
The Board of Directors presently consists of nine directors, all of whom are
being proposed for re-election at the Meeting. Accordingly, the Board of
Directors is recommending that the number of directors of the Company be set at
nine. Each of the nine persons whose name appears below is proposed by the Board
of Directors to be nominated for election as a director of the Company to serve
until the next annual general meeting of the Company or until he sooner ceases
to hold office. </P>
<P align=justify><I>Majority Voting for Directors </I></P>
<P align=justify>The Board has adopted a policy (&#147;Majority Voting Policy&#148;) that
requires any nominee for election as a director who receives a greater number of
votes &#147;withheld&#148; than votes &#147;for&#148; to tender his or her resignation to the Chair
of the Board of Directors promptly following the Meeting. The Corporate
Governance and Nominating Committee will consider the resignation and make a
recommendation to the Board. The Board of Directors will make its final decision
and announce the decision in a news release within 90 days following the
Meeting. The applicable director will not participate in any deliberations
regarding the resignation offer. This policy does not apply if there is a
contested director election. </P>
<P align=justify><I>Nominees </I></P>
<P align=justify><B>The persons named below will be presented for election at
the Meeting as management&#146;s nominees and the persons named in the accompanying
form of proxy intend to vote for the election of these nominees. </B>Each
Director elected will hold office until the next annual general meeting of the
Company or until his successor is elected or appointed, unless his office is
earlier vacated in accordance with the Articles of the Company, or with the
provisions of the <I>Business Corporations Act</I> (British Columbia) (&#147;BCBCA&#148;).
Management does not contemplate that any of the proposed nominees will be unable
to serve as a director; however, if for any reason any of the proposed nominees
do not stand for election or are unable to serve as such, <B>the common shares
represented by properly executed proxies given in favour of management&#146;s
nominee(s) may be voted by the person designated by management of the Company in
the enclosed form of proxy, in their discretion, in favour of another
nominee.</B> </P>
<P align=justify>The following table, including the notes thereto, sets forth
information with respect to each person proposed to be nominated for election as
a director, including their municipality, province or state and country of
residence, position with the Company, their present and past principal
occupation or employment for the past five years, the date of first appointment
as a director and the number of common shares of the Company beneficially owned,
or controlled or directed, directly or indirectly, by such person as at the date
of this Information Circular.<B> </B></P>
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<P align=center>- 7 - </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center bgcolor="#CCCCCC"><BR>
      <B>Name, Position,</B> <BR><B>Province/State and</B>
      <BR><B>Country of Residence</B><B><SUP>(1)</SUP></B> <BR></TD>
    <TD width="30%" align=center bgcolor="#CCCCCC"><BR>
      <B>Principal Occupation and</B>
      <BR><B>Occupation</B> <BR><B>During the Past 5
      Years</B><B><SUP>(1)</SUP></B> <BR></TD>
    <TD width="20%" align=center bgcolor="#CCCCCC" ><BR>
      <BR><BR><B>Director
      Since</B> <BR></TD>
    <TD width="20%" align=center bgcolor="#CCCCCC" ><B>Number of Shares</B>
      <BR>
      <B>Beneficially Owned,</B> <BR><B>Controlled or</B>
    <BR><B>Directed</B><B><SUP>(2)</SUP></B> <BR></TD></TR>
  <TR>
    <TD>Clive Johnson, Director, President &amp; Chief Executive
      Officer<SUP>(7)</SUP> British Columbia, Canada </TD>
    <TD width="30%">President &amp; Chief Executive Officer of the Company;
      formerly the Chairman, President &amp; Chief Executive Officer of Bema
      Gold Corporation </TD>
    <TD align=center width="20%" >December 17, 2006 </TD>
    <TD align=center width="20%" >7,733,307<SUP>(3)</SUP> </TD></TR>
  <TR>
    <TD><BR>Robert Cross, Director, <BR>Chairman<SUP>(5)(6)</SUP> <BR>British
      Columbia, Canada </TD>
    <TD width="30%">Serves as independent director and, in some cases,
      non-executive Chairman of public companies, principally in the
      resource sector </TD>
    <TD align=center width="20%" ><BR><BR>October 22, 2007
<BR></TD>
    <TD align=center width="20%" ><BR><BR>2,399,593 <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=4>Robert Gayton, Director<SUP>(4)(5)</SUP>
      <BR>British Columbia, Canada <BR><BR></TD>
    <TD align=left width="30%" rowSpan=4>Consultant to various public
      companies since 1987; formerly Vice President of Finance with
      Western Silver <BR>
      Corporation from 1995 to 2004 </TD>
    <TD align=center width="20%" rowSpan=4 ><BR>October 22, 2007
      <BR><BR></TD>
    <TD align=center width="20%" rowSpan=4 ><BR>453,000
    <BR><BR></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left>Barry Rayment, Director <BR>
      California, USA<sup>(4)(5)(7) </sup></TD>
    <TD align=left width="30%">Mining industry consultant; formerly
      President of Mining Assets Corporation from 1993 to 2010 </TD>
    <TD align=center width="20%" >October 22, 2007 </TD>
    <TD align=center width="20%" >600,000<sup>(8) </sup></TD>
  </TR>
  <TR>
    <TD rowSpan=5><BR>John Ivany, Director<SUP>(4)(6)</SUP> <BR>British
      Columbia, Canada <BR></TD>
    <TD width="30%" rowSpan=5>Retired; formerly Executive Vice President
      of Kinross Gold Corporation from 1995 to 2006 </TD>
    <TD align=center width="20%" rowSpan=5 ><BR>November 20, 2007
      <BR></TD>
    <TD align=center width="20%" rowSpan=5 ><BR>800,000
<BR></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=4>Jerry Korpan, Director<SUP>(7)</SUP> <BR>London,
      England <BR><BR></TD>
    <TD align=left width="30%" rowSpan=4>Director of public mining companies;
      formerly Managing Director of Yorkton Securities in London,
      England <BR></TD>
    <TD align=center width="20%" rowSpan=4 ><BR>November 20, 2007
      <BR><BR></TD>
    <TD align=center width="20%" rowSpan=4 ><BR>1,600,000
    <BR><BR></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3>Bongani Mtshisi <BR>Johannesburg, South Africa
      <BR></TD>
    <TD align=left width="30%" rowSpan=3>CEO of BSC Resources Ltd. from
      October 2005 to present <BR></TD>
    <TD align=center width="20%" rowSpan=3 >December 22, 2011
      <BR><BR></TD>
    <TD align=center width="20%" rowSpan=3 >22,800 <BR><BR></TD></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3>Michael Carrick <BR>Perth, Australia <BR></TD>
    <TD align=left width="30%" rowSpan=3>Chairman of RTG Mining Inc.; former
      President and CEO of CGA Mining Limited </TD>
    <TD align=center width="20%" rowSpan=3 >January 31, 2013
      <BR><BR></TD>
    <TD align=center width="20%" rowSpan=3 >Nil <BR><BR></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR>
    <TD rowSpan=4>Kevin Bullock<SUP>(6)</SUP> <BR>Ontario, Canada <BR></TD>
    <TD width="30%" rowSpan=4>Mining Industry Consultant, formerly
      President and CEO of Volta Resources Inc. </TD>
    <TD align=center width="20%" rowSpan=4 ><BR>December 22, 2013
      <BR></TD>
    <TD align=center width="20%" rowSpan=4 ><BR>156,839
<BR></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
<TR vAlign=top></TR></TABLE></DIV>
<P align=justify>Notes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The information as to the residency and principal
      occupation, not being within the knowledge of the Company, has been
      furnished by the respective Directors individually.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The information as to common shares beneficially owned,
      or controlled or directed, directly or indirectly, not being within the
      knowledge of the Company, has been furnished by the respective Directors
      individually.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>In addition to the common shares of the Company held by
      Clive Johnson as noted in the table above, Mr. Johnson is also a trustee
      of the B2Gold Incentive Plan that holds 2,705,000 common shares of the
      Company. The common shares are held pursuant to a declaration of trust
      dated June 29, 2007 between the Company and the trustees, which was
      established, prior to the Company becoming a reporting issuer, to hold
      common shares of the Company purchased by the trustees to be allocated to
      directors, officers, employees and service providers of the Company as
      determined by the trustees. See Footnote 2 to the table of Shareholdings
      of Directors and Executive Officers below.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Member of the Audit Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Member of the Compensation Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Member of the Corporate Governance and Nominating
      Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Member of the Health, Safety, Environmental &amp; Social
      Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>600,000 Common Shares are held through the Barry D.
      Rayment and Celia M. Rayment Trust, of which Mr. Rayment is a
    trustee.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=center>- 8 - </P>
<P align=justify><B>Shareholdings of Directors and Executive Officers </B></P>
<P align=justify>As at the date of this Information Circular, the Directors of
the Company, as a group, beneficially owned, or controlled or directed, directly
or indirectly, 13,765,539 common shares, representing approximately 2.0% of the
issued and outstanding common shares of the Company. The executive officers of
the Company as set out below, as a group, beneficially owned, or controlled or
directed, directly or indirectly, 22,889,439 common shares, representing
approximately 3.4% of the issued and outstanding common shares of the Company.
</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD rowSpan=2 align=center bgcolor="#CCCCCC"><BR>
      <B>Name</B> </TD>
    <TD width="45%" rowSpan=2 align=center bgcolor="#CCCCCC" ><BR>
      <B>Position with
      the Company</B> </TD>
    <TD width="30%" rowSpan=2 align=center bgcolor="#CCCCCC" ><B>Number of Shares
      Beneficially</B> <BR>
      <B>Owned, Controlled or
    Directed</B><B><SUP>(1)</SUP></B> </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left>Clive Johnson </TD>
    <TD align=left width="45%" >President, Chief Executive
      Officer and Director </TD>
    <TD align=center width="30%" >7,733,307<SUP>(2)</SUP> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mike Cinnamond </TD>
    <TD align=left width="45%" >Senior Vice President of Finance
      and Chief Financial Officer </TD>
    <TD align=center width="30%" >70,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Roger Richer </TD>
    <TD align=left width="45%" >Executive Vice President, General
      Counsel and Secretary </TD>
    <TD align=center width="30%" >4,569,833<SUP>(2)</SUP> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Tom Garagan </TD>
    <TD align=left width="45%" >Senior Vice President of
      Exploration </TD>
    <TD align=center width="30%" >4,932,503<SUP>(2)</SUP> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dennis Stansbury </TD>
    <TD align=left width="45%" >Senior Vice President Engineering
      and Project Evaluations </TD>
    <TD align=center width="30%" >3,973,609 </TD></TR>
  <TR vAlign=top>
    <TD align=left>George Johnson </TD>
    <TD align=left width="45%" >Senior Vice President of
      Operations </TD>
    <TD align=center width="30%" >1,250,000
</TD></TR></TABLE></DIV>
<P align=justify>Notes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The information as to common shares beneficially owned,
      or controlled or directed, directly or indirectly, not being within the
      knowledge of the Company, has been furnished by the respective executive
      officers individually.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Messrs. Johnson, Richer and Garagan were the founders of
      the Company and are trustees of the B2Gold Incentive Plan (the &#147;Trustees&#148;)
      that holds 2,705,000 common shares of the Company. The number of common
      shares beneficially owned, or controlled or directed, directly or
      indirectly by each of Messrs. Johnson, Richer and Garagan as set forth in
      the table above does not include 676,250 common shares (an aggregate of
      2,705,000 common shares) that are held pursuant to a declaration of trust
      dated June 29, 2007 between the Company and the Trustees, which was
      established, prior to the Company becoming a reporting issuer, to hold
      common shares of the Company purchased by the Trustees to be allocated to
      directors, officers, employees and service providers of the Company as
      determined by the Trustees.</P></TD></TR></TABLE>
<P align=justify><B>Cease Trade Orders or Bankruptcies </B></P>
<P align=justify>Except as outlined below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>no proposed director is, as at the date of this
      Information Circular, or has been within 10 years before the date of this
      Information Circular, a director, chief executive officer or chief
      financial officer of any company (including the Company),
  that:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>was subject to a cease trade order, an order similar to a
      cease trade order or an order that denied the relevant company access to
      any exemption under securities legislation, and in each case that was in
      effect for a period of more than 30 consecutive days (collectively, an
      &#147;Order&#148;), that was issued while the proposed director was acting in the
      capacity as director, chief executive officer or chief financial officer;
      or</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>was subject to an Order that was issued after the
      proposed director ceased to be a director, chief executive officer or
      chief financial officer and which resulted from an event that occurred
      while that person was acting in the capacity as director, chief executive
      officer or chief financial officer.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>no proposed director:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>is, as at the date of this Information Circular, or has
      been within 10 years before the date of this Information Circular, a
      director, chief executive officer or chief financial officer of any
      company (including the Company) that, while that person was acting in that
      capacity, became bankrupt, made a proposal under any legislation relating
      to bankruptcy or insolvency or was subject to or instituted any
      proceedings, arrangement or compromise with creditors or had a receiver,
      receiver manager or trustee appointed to hold its assets;
  or</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<P align=center>- 9 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>has, within the 10 years before the date of this
      Information Circular, become bankrupt, made a proposal under any
      legislation relating to bankruptcy or insolvency or was subject to or
      instituted any proceedings, arrangement or compromise with creditors or
      had a receiver, receiver manager or trustee appointed to hold the assets
      of the director, executive officer or shareholder.</P></TD></TR></TABLE>
<P align=justify>John Ivany, a Director of the Company, was an officer of
Kinross Gold Corporation at the date of a cease trade order issued by the
Ontario Securities Commission on April 14, 2005, which superseded a temporary
cease trade order dated April 1, 2005 for failure to file its financial
statements. The order was revoked on February 22, 2006. </P>
<P align=justify>The foregoing information, not being within the knowledge of
the Company, has been furnished by the respective directors, officers and
shareholders holding a sufficient number of securities of the Company to affect
materially control of the Company. </P>
<P align=justify><B>Penalties or Sanctions </B></P>
<P align=justify>Except as outlined above under &#147;Cease Trade Orders or
Bankruptcies&#148; and as set forth below, no proposed director has been subject to:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any penalties or sanctions imposed by a court relating to
      securities legislation or by a securities regulatory authority or has
      entered into a settlement agreement with a securities regulatory
      authority; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any other penalties or sanctions imposed by a court or
      regulatory body that would be likely to be considered important to a
      reasonable securityholder in deciding whether to vote for a proposed
      director.</P></TD></TR></TABLE>
<P align=justify>John Ivany, a Director of the Company, was the subject of
enforcement proceedings on September 30, 2003 by the Alberta Securities
Commission (&#147;ASC&#148;) in Re: Cartaway Resources Corp. In its order dated February
22, 2001, the ASC found that Mr. Ivany, as Chief Executive Officer of Cartaway
Resources Corp., had allowed the issuance of a press release that contained a
material factual error in violation of the securities laws of the Province of
Alberta. As a result, Mr. Ivany was prohibited from acting as a director or
officer of any &#147;junior issuer&#148; for a period of five years and ordered to pay
costs in the amount of $20,000. </P>
<P align=justify>Mr. Ivany was also subject to a ruling by the British Columbia
Securities Commission (&#147;BCSC&#148;) dated December 19, 1990 in connection with his
position as a director and officer of Prime Resources Corporation (&#147;Prime&#148;) and
Calpine Resources Inc. (&#147;Calpine&#148;). The BCSC found that Prime and Calpine, as
applicable, contravened the <I>Securities Act</I> (British Columbia) by: (a)
failing to provide material disclosure of drilling results prior to granting or
repricing options; (b) failing to disclose, on a timely basis, information
regarding a private placement by Calpine where Prime was the purchaser of two
million units and the effect of the private placement on the control of Calpine.
Calpine was also found to have misled the Vancouver Stock Exchange by
representing that the private placement was to be brokered by Prime Equities and
that there were no material changes in the affairs of Calpine not previously
disclosed; and (c) failing to disclose, on a timely basis, a default by Canarim
Investment Corporation under a guaranteed agency agreement in respect of one
million units under a public offering of Prime. The BCSC ruling suspended Mr.
Ivany from trading in shares for a period of one year through the removal of
trading exemptions under the <I>Securities Act</I> (British Columbia). </P>
<P align=justify>The foregoing information, not being within the knowledge of
the Company, has been furnished by the respective directors. </P>
<P align=justify><B>APPOINTMENT OF AUDITOR </B></P>
<P align=justify>Management of the Company will propose the appointment of
PricewaterhouseCoopers LLP, Chartered Accountants, as Auditor of the Company to
hold office until the next annual meeting of the Company and will also propose
that the Directors of the Company be authorized to fix the remuneration to be
paid to the Auditor. </P>
<P align=justify>PricewaterhouseCoopers LLP were first appointed Auditor of the
Company on September 18, 2007. <B>Unless otherwise instructed, the persons named
in the accompanying proxy intend to vote FOR the appointment of
PricewaterhouseCoopers LLP, Chartered Accountants, as Auditor of the Company,
and to authorize the Directors of the Company to fix their remuneration.</B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A>
<P align=center>- 10 - </P>
<P align=justify><B>APPROVAL OF THE AMENDED AND RESTATED STOCK OPTION PLAN
</B></P>
<P align=justify>In 2007, the Company adopted a stock option plan (the &#147;Plan&#148;)
for the benefit of officers, directors, employees and consultants of the Company
and any associated, affiliated, controlled or subsidiary company. The purpose of
the Plan is to provide eligible persons with an opportunity to purchase common
shares and to benefit from the appreciation in the value of such common shares.
The Plan increases the Company&#146;s ability to attract individuals of exceptional
skill by providing them with the opportunity, through the exercise of stock
options, to benefit from the growth of the Company. </P>
<P align=justify>On October 23, 2008, the common shares of the Company commenced
trading on the Toronto Stock Exchange (the &#147;TSX&#148;) and were voluntarily delisted
from the TSX Venture Exchange. In connection with the graduation of the Company
to the TSX and the general development of the Company, in 2010 the Company
amended and restated the Plan (the &#147;2010 Plan&#148;), which 2010 Plan was approved by
the shareholders on June 25, 2010. The Board of Directors approved an amendment
and restatement of the 2010 Plan on May 6, 2011 (the &#147;2011 Plan&#148;), which 2011
Plan was approved by the shareholders on June 10, 2011.</P>
<P align=justify>The Board of Directors approved an amendment and restatement of
the 2011 Plan on May 14, 2014 (the &#147;Amended Plan&#148;), subject to the receipt of
shareholder and regulatory approvals. The Company is required to seek
shareholder approval for the amendments to the 2011 Plan that are being effected
pursuant to the Amended Plan as described below under &#147;<I>Approval Required for
Proposed Amendment and Restatement of the 2011 Plan</I>&#148;. </P>
<P align=justify>The Amended Plan is a rolling stock option plan. The maximum
number of common shares issuable pursuant to the Amended Plan is a number equal
to 7.5% of the number of issued and outstanding common shares on a non-diluted
basis at any time. As of May 14, 2014, there were 38,365,530 stock options
issued and outstanding under the Amended Plan, representing approximately 5.7%
of the Company&#146;s issued and outstanding share capital. Accordingly, after taking
into account the 3,471,336 common shares remaining issuable under the Company&#146;s
RSU Plan and the 4,417,813<SUP>1 </SUP>options to purchase common shares that
were issued in connection with the acquisition of Auryx Gold Corp. and Volta
Resources Inc., 4,562,257 common shares remain available for future stock option
awards under the Amended Plan, representing approximately 0.67% of the Company&#146;s
issued and outstanding share capital. If the amendment to the restricted share
unit plan is effected, as described below under &#147;<I>Approval of the Amended
Restricted Share Unit Plan</I>&#148;, 2,562,257 common shares will remain issuable
for future stock options awarded under the Amended Plan, representing
approximately 0.38% of the Company&#146;s issued and outstanding share capital. </P>
<P align=justify>Pursuant to the rules of the TSX, all unallocated options,
rights or other entitlements under a security based compensation arrangement
that does not have a fixed maximum number of securities issuable, such as the
Amended Plan, must be re-approved by a majority of the directors and the
shareholders of the Company every three years. Accordingly, the Amended Plan,
which does not have a fixed maximum number of securities issuable thereunder,
will be submitted to the shareholders for approval at the Meeting. </P>
<P align=justify>The full text of the Amended Plan is attached to this
Information Circular as Schedule A. The summary of the Amended Plan set forth
below is subject to and qualified in its entirety by the provisions of such
plan. Reference should be made to the provisions of the Amended Plan with
respect to any particular provision described below. </P>
<P
align=justify><SUP><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U><BR>
1 </SUP>In connection with the acquisition of all of the securities of
Auryx Gold Corp. by the Company by way of plan of arrangement, the Company
granted 3,176,501 options to purchase common shares of the Company with a
weighted average exercise price of $2.49 to former holders of Auryx Gold stock
options. As of the date of this Information Circular, a total of 2,474,563
options granted to such persons remain outstanding with a weighted average
exercise price of $2.50. In connection with the acquisition of all of the
securities of Volta Resources Inc. by the Company by way of plan of arrangement,
the Company granted 2,079,000 options to purchase common shares of the Company
with a weighted average exercise price of $6.88 to former holders of Volta
Resources stock options. As of the date of this Information Circular, a total of
1,943,250 options granted to such persons remain outstanding at a weighted average exercise price of
$7.30. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A>
<P align=center>- 11 - </P>
<P align=justify>If the Amended Plan is approved by the Company&#146;s shareholders,
such plan would amend the 2011 Plan as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>The maximum number of common shares issuable to a
      non-employee director, pursuant to the Amended Plan, together with the
      common shares issuable pursuant to all of the Company&#146;s other previously
      established and outstanding or proposed security based compensation
      arrangements, in aggregate, will not exceed 1% of the total number of
      issued and outstanding common shares on a non-diluted basis at the time of
      grant and will not exceed a value of $100,000 (based on the fair value of
      the options at the time of grant) per non-employee director per calendar
      year. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>The Board of Directors of the Company, absent prior
      approval of the shareholders of the Company and the TSX or any regulatory
      body having authority over the Company, will not be entitled to amend an
      option grant to effectively reduce the exercise price or extend the expiry
      date of such options. </P></TD></TR></TABLE>
<P align=justify>The purposes of the proposed amendments are to bring
restrictions on non-employee director option grants and option amendment
provisions in further alignment with Institutional Shareholder Services Inc.
guidelines. </P>
<P align=justify>The following provisions of the 2011 Plan will remain unamended
in the Amended Plan: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the eligible participants are any director, officer,
      employee, or consultant of the Company or any of its associated
      affiliated, controlled or subsidiary companies;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the maximum number of common shares issuable pursuant to
      the Amended Plan, together with the common shares issuable pursuant to all
      of the Company&#146;s other previously established and outstanding or proposed
      security based compensation arrangements, in aggregate, will be a number
      equal to 7.5% of the total number issued and outstanding common shares on
      a non-diluted basis at any time;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the maximum number of common shares issuable to insiders
      pursuant to the Amended Plan, together with the common shares issuable
      pursuant to all of the Company&#146;s other previously established and
      outstanding or proposed security based compensation arrangements, in
      aggregate, shall not exceed 7.5% of the total number of issued and
      outstanding common shares on a non- diluted basis at the time of the
      grant;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the maximum number of common shares issuable to insiders
      within any one-year period pursuant to the Amended Plan, together with the
      common shares issuable pursuant to all of the Company&#146;s other previously
      established and outstanding or proposed security based compensation
      arrangements, in aggregate, shall not exceed 7.5% of the total number of
      issued and outstanding common shares on a non-diluted basis;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the maximum number of common shares issuable to any one
      individual within any one-year period pursuant to the Amended Plan,
      together with the common shares issuable pursuant to all of the Company&#146;s
      other previously established and outstanding or proposed security based
      compensation arrangements, in aggregate, shall not exceed 5% of the total
      number of issued and outstanding common shares on a non-diluted
    basis;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>the maximum number of common shares issuable to
      non-employee directors, as a group, pursuant to the Amended Plan, together
      with the common shares issuable pursuant to all of the Company&#146;s other
      previously established and outstanding or proposed security based
      compensation arrangements, in aggregate, shall not exceed 1% of the total
      number of issued and outstanding common shares on a non-diluted basis at
      the time of the grant;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>the vesting period of all options shall be determined by
      the Board of Directors;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>options may be exercisable for a period of up to a
      maximum term of ten years from the grant date, such period to be
      determined by the Board of Directors and the options are non-transferable
      and non-assignable;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></A>
<P align=center>- 12 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the Board of Directors shall fix the exercise price of
      each option at the time the option is granted, provided that such exercise
      price is not less than the closing market price on the grant date of such
      options or such other minimum price as may be required by the
  TSX;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>options held by optionees who are terminated without
      cause are subject to an accelerated expiry term for those options which
      requires that options held by those individuals expire on the earlier of:
      (i) the original expiry term of such options; (ii) 90 days after the
      optionee ceases active employment with the Company; (iii) 90 days after
      the date of delivery of written notice of retirement, resignation or
      termination; or (iv) the expiration date fixed by the Board of
      Directors;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>options held by an individual who ceases to be employed
      by the Company for cause or is removed from office or becomes disqualified
      from being a director will terminate immediately;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>in the event that the expiry date of an option falls
      within a &#147;black-out period&#148; (a period during which certain persons cannot
      trade common shares pursuant to a policy of the Company respecting
      restrictions on trading), or immediately following a black-out period, the
      expiration date is automatically extended to the date which is the tenth
      business day after the end of the black-out period;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>in the event of death of an optionee, any option held as
      at the date of death is immediately exercisable for a period of 12 months
      after the date of death or prior to the expiry of the option term,
      whichever is sooner;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>upon the announcement of a transaction which, if
      completed, would constitute a change of control of the Company and under
      which common shares of the Company are to be exchanged, acquired or
      otherwise disposed of, including a takeover bid, all options that have not
      vested will be deemed to be fully vested and exercisable, solely for the
      purposes of permitting the optionees to exercise such options in order to
      participate in the change of control transaction;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>options that expire unexercised or are otherwise
      cancelled will be returned to the Amended Plan and may be made available
      for future option grant pursuant to the provisions of the Amended
    Plan;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(p) </TD>
    <TD>
      <P align=justify>the Board of Directors of the Company may, from time to
      time, subject to applicable law and prior approval, if required, of the
      TSX or any other applicable regulatory body, suspend, terminate
      discontinue or make certain amendments to the Amended Plan or stock option
      outstanding under the Amended Plan without shareholder approval that (i)
      are amendments of a &#147;housekeeping&#148; nature; (ii) change the vesting
      provisions of the Amended Plan or any option; (iii) change the termination
      provisions of any option that does not entail an extension beyond the
      original expiration date (as such date may be extended as a result of a
      blackout period); and (iv) subject to the provisions of the Amended Plan,
      change the eligible participants of the Amended Plan; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(q) </TD>
    <TD>
      <P align=justify>the Board of Directors of the Company, absent prior
      approval of the shareholders of the Company and the TSX or any regulatory
      body having authority of the Company, will not be entitled to: (i)
      increase the maximum percentage of common shares issuable by the Company
      pursuant to the Amended Plan; (ii) make a change to the class of eligible
      participants which would have the potential of broadening or increasing
      participation by insiders; (iii) add any form of financial assistance; or
      (iv) amend the Amended Plan to permit options to be transferable or
      assignable other than as provided by the Amended
Plan.</P></TD></TR></TABLE>
<P align=justify><I>Approval Required for Proposed Amendment and Restatement of
the 2011 Plan </I></P>
<P align=justify>The resolution respecting the approval of the Amended Plan and
the approval of all unallocated options (the &#147;Option Plan Resolution&#148;) must be
approved by a majority of the votes cast by the holders of common shares of the
Company present or represented by proxy at the Meeting. The text of the Option
Plan Resolution is set out below. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_15></A>
<P align=center>- 13 - </P>
<P align=justify><I>Resolution Approving Amendment and Restatement of the 2011
Plan </I></P>
<P align=justify>The Option Plan Resolution, which will be presented at the
Meeting and, if deemed appropriate, adopted with or without variation, is as
follows: </P>
<P align=justify>&#147;IT IS RESOLVED THAT: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>the proposed amendment and restatement of the 2011 Plan,
      as described in, and attached to, the management information circular
      dated May 14, 2014, is hereby ratified, confirmed and approved as the
      Company&#146;s stock option plan effective June 10, 2014;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>all unallocated entitlements issuable pursuant to the
      Amended Plan are hereby approved and authorized for issuance until June
      13, 2017;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>any one director or officer of the Company is authorized
      and directed on behalf of the Company to execute all documents and to do
      all such other acts and things as such director or officer may determine
      to be necessary or advisable to give effect to the foregoing provisions of
      this resolution.&#148;</P></TD></TR></TABLE>
<P align=justify>If the Option Plan Resolution described above is approved at
the Meeting, the amendment and restatement of the 2011 Plan will take effect at
the close of business on the date of the Meeting. If the Option Plan Resolution
is not approved at the Meeting, the amendment will not become effective and the
2011 Plan will remain in effect provided, however, that no additional options
may be granted under the 2011 Plan. In addition, if the Option Plan Resolution
is not approved by the shareholders at the Meeting, previously issued options
that are cancelled or exercised will not become available for re-allocation.
</P>
<P align=justify><B>The Board of Directors of the Company recommends that
shareholders vote FOR the Option Plan Resolution. Unless otherwise instructed,
common shares represented by proxies in favour of management will be voted FOR
the Option Plan Resolution. </B></P>
<P align=justify><B>APPROVAL OF THE AMENDED RESTRICTED SHARE UNIT PLAN </B></P>
<P align=justify>In 2011, the Company adopted a restricted share unit plan (the
&#147;RSU Plan&#148;), which RSU Plan was approved by the shareholders on June 10, 2011.
The Board of Directors approved an amendment of the RSU Plan on May 14, 2014
(the &#147;Amended RSU Plan&#148;), subject to the receipt of shareholder and regulatory
approvals. </P>
<P align=justify>If the Amended RSU Plan is approved by the Company&#146;s
shareholders, such plan would amend the RSU Plan as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">The number of common shares issuable under the
      RSU Plan would increase from 8,000,000 to 10,000,000; and </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>The maximum number of common shares issuable to a
      non-employee director, pursuant to the Amended RSU Plan, together with the
      common shares issuable pursuant to all of the Company&#146;s other previously
      established and outstanding or proposed security based compensation
      arrangements, in aggregate, will not exceed 1% of the total number of
      issued and outstanding common shares on a non-diluted basis at any time
      and will not exceed a value of $100,000 (based on the fair value of the
      options at the time of grant) per non- employee director per calendar
      year. </P></TD></TR></TABLE>
<P align=justify>The Company is required to seek shareholder approval for the
amendment to the RSU Plan that is being effected pursuant to the RSU Plan as
described below under &#147;<I>Approval Required for Proposed Amendment and
Restatement of the RSU Plan</I>&#148;. The full text of the proposed Amended RSU Plan
is attached to this Information Circular as Schedule B. The remaining provisions
of the RSU Plan, which are set out below, will remain unamended in the Amended
RSU Plan. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_16></A>
<P align=center>- 14 - </P>
<P align=justify><I>Description of the RSU Plan </I></P>
<P align=justify>The RSU Plan was adopted as part of the Company&#146;s continuing
effort to build upon and enhance long term shareholder value. The RSU Plan
reflects the Company&#146;s commitment to a long term incentive compensation
structure that aligns the interests of its employees with the interests of its
shareholders. </P>
<P align=justify>Restricted share units (the &#147;RSUs&#148;) may be granted by the
Company&#146;s Compensation Committee (for the purposes of this section, the
&#147;Committee&#148;), which was appointed to administer the RSU Plan to directors,
executive officers and employees of the Company (for the purposes of this
section, &#147;Designated Participants&#148;). The Committee is entitled to exercise its
discretion to restrict participation under the RSU Plan. 8,000,000 common shares
are reserved for issuance under the RSU Plan. As at May 14, 2014, 7,970,631 RSUs
have been issued under the RSU Plan, of which 4,528,664 have been redeemed for
common shares, leaving 3,471,336 common shares available for issuance under the
RSU Plan, which represents 0.51% of the Company&#146;s issued and outstanding share
capital.</P>
<P align=justify>The summary of the RSU Plan set forth below is subject to and
qualified in its entirety by the provisions of such plan. Reference should be
made to the provisions of the RSU Plan with respect to any particular provision
described below. </P>
<P align=justify><I>Awarding RSUs </I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>The number of RSUs granted will be credited to the
      Designated Participant&#146;s account effective on the grant date. </P></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="95%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>The Committee will credit a Designated Participant with
      additional RSUs equal to the aggregate amount of any dividends that would
      have been paid to the Designated Participant if the RSUs had been common
      shares, divided by the market value of the common shares on the date
      immediately preceding the date on which the common shares began to trade
      on an ex-dividend basis; provided that no fractional RSUs will be created
      thereby. </P></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="95%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>The maximum number of common shares issuable to insiders,
      at any time, pursuant to the RSU Plan, together with all of the Company&#146;s
      other security based compensation arrangements, is 7.5% of the Company&#146;s
      issued and outstanding common shares at any time. </P></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="95%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>The maximum number of common shares issuable to insiders
      within any one year period pursuant to the RSU Plan, together with all of
      the Company&#146;s other security based compensation arrangements, is 7.5% of
      the Company&#146;s issued and outstanding common shares at any time. </P></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="95%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>Any rights with respect to RSUs will not be transferable
      or assignable other than for normal estate settlement purposes.
  </P></TD></TR></TABLE>
<P align=justify><I>Vesting</I> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>Unless otherwise determined by the Compensation
      Committee, one third (1/3) of the RSUs will vest on each of the first,
      second and third anniversaries of the date that the RSUs are granted.
    </P></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="95%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>In the event that a Designated Participant dies, retires,
      becomes disabled or is terminated without cause prior to the vesting of
      the RSUs, the Compensation Committee, in its sole discretion, will
      determine whether or not any or all of the RSUs or any dividend equivalent
      RSUs shall be considered to have vested. </P></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="95%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>If a Designated Participant is terminated for cause or
      resigns without good reason, his or her RSUs will immediately expire as of
      the date of termination. </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_17></A>
<P align=center>- 15 - </P>
<P align=justify><I>Redemption</I> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>Once fully vested, each RSU entitles the holder, subject
      to the terms of the RSU Plan, to receive a payment of one fully-paid
      common share. </P></TD></TR></TABLE>
<P align=justify><I>Change of Control </I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left  ><B>&#149;</B></TD>
    <TD align=left width="95%">If there is a corporate transaction that
      results in any person or group of persons acquiring more than 20% of the
      Company&#146;s outstanding common shares or substantially all of the Company&#146;s
      assets, or the incumbent members of the Board of Directors no longer
      constitute a majority of the board, a change of control will have occurred
      for the purposes of the RSU Plan. </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left  ><B>&#149;</B></TD>
    <TD align=left width="95%">In the event of a change of control, for
      Designated Participants whose employment thereafter ceases for any reason
      other than resignation without good reason or termination for cause, the
      RSUs will immediately be deemed to vest and the Company shall, at its
      option, issue common shares or pay a cash amount equal to the market value
      of such vested RSUs to the Designated Participant. </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left  ><B>&#149;</B></TD>
    <TD align=left width="95%">In the event of a change of control, should the
      person or group acquiring the common shares of the Company not agree to
      assume all of the obligations of the Company under the RSU Plan, all
      unvested RSUs held by Designated Participants will immediately be deemed
      to vest and the Company shall, at its option, issue common shares or pay a
      cash amount equal to the market value of such vested RSUs to the
      Designated Participant. </TD></TR></TABLE>
<P align=justify><I>Amendment</I> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left  ><B>&#149;</B></TD>
    <TD align=left width="95%">The Board may amend, suspend or terminate the
      RSU Plan at any time without shareholder approval, unless shareholder
      approval is required by law or by the rules, regulations and policies of
      the TSX, provided that, without the consent of a Designated Participant,
      such amendment, suspension or termination may not in any manner adversely
      affect the Designated Participant&#146;s rights. </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left  ><B>&#149;</B></TD>
    <TD align=left width="95%">Subject to the terms of the RSU Plan, the Board
      may approve amendments relating to the RSU Plan, without obtaining
      shareholder approval, to the extent that such amendment:
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left >o </TD>
    <TD align=left width="90%">
      <P align=justify>is of a typographical, grammatical, clerical or
      administrative nature or is required to comply with applicable regulatory
      requirements; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >o </TD>
    <TD align=left width="90%">
      <P align=justify>is an amendment relating to administration of the RSU
      Plan and eligibility for participation under the RSU Plan; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >o </TD>
    <TD align=left width="90%">
      <P align=justify>changes the terms and conditions on which RSUs may be or
      have been granted pursuant to the RSU Plan, including change to the
      vesting provisions of the RSUs; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >o </TD>
    <TD align=left width="90%">
      <P align=justify>changes the termination provisions of an RSU or the RSU
      Plan; or </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >o </TD>
    <TD align=left width="90%">
      <P align=justify>is an amendment of a &#147;housekeeping nature&#148;.
  </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>&#149;</B></TD>
    <TD align=left width="95%">Shareholder approval will be required for the
      following: </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >o </TD>
    <TD align=left width="90%">
      <P align=justify>increasing the number of securities issuable under the
      RSU Plan; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >o </TD>
    <TD align=left width="90%">
      <P align=justify>making a change to the class of Designated Participants
      that would have the potential of broadening or increasing participation by
      insiders; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >o </TD>
    <TD align=left width="90%">
      <P align=justify>amending the restriction on transferability of RSUs;
    </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></A>
<P align=center>- 16 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>o </TD>
    <TD align=left width="90%">permitting awards other than RSUs to be made
      under the RSU Plan; and </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>o </TD>
    <TD align=left width="90%">deleting or reducing the amendments that
      require shareholders&#146; approval under the RSU Plan. </TD></TR></TABLE>
<P align=justify><I>Approval Required for Proposed Amendment of the RSU Plan
</I></P>
<P align=justify>The resolution respecting the proposed amendment to the RSU
Plan (the &#147;RSU Plan Resolution&#148;) must be approved by a majority of the votes
cast by the holders of common shares of the Company present or represented by
proxy at the Meeting. The text of the RSU Plan Resolution is set out below. </P>
<P align=justify><I>Resolution Approving Amendment of the RSU Plan </I></P>
<P align=justify>The RSU Plan Resolution, which will be presented at the Meeting
and, if deemed appropriate, adopted with or without variation, is as follows:
</P>
<P align=justify>&#147;IT IS RESOLVED THAT: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>the proposed amendment of the RSU Plan, as described in,
      and attached to, the management information circular dated May 14, 2014,
      is hereby ratified, confirmed and approved; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>any one director or officer of the Company is authorized
      and directed on behalf of the Company to execute all documents and to do
      all such other acts and things as such director or officer may determine
      to be necessary or advisable to give effect to the foregoing provisions of
      this resolution.&#148;</P></TD></TR></TABLE>
<P align=justify>If the RSU Plan Resolution described above is approved at the
Meeting, the amendment of the RSU Plan will take effect at the close of business
on the date of the Meeting. If the RSU Plan Resolution is not approved at the
Meeting, the amendment will not become effective and the RSU Plan will remain in
effect. </P>
<P align=justify><B>The Board of Directors of the Company recommends that
shareholders vote FOR the RSU Plan Resolution. Unless otherwise instructed,
common shares represented by proxies in favour of management will be voted FOR
the RSU Plan Resolution. </B></P>
<P align=justify><B>CONFIRMATION AND APPROVAL OF ADVANCE NOTICE POLICY </B></P>
<P align=justify>On April 22, 2014, the Board of Directors of the Company
adopted an advance notice policy (the &#147;Advance Notice Policy&#148;) with immediate
effect, a copy of which is attached to this Information Circular as Schedule C.
In order for the Advance Notice Policy to remain in effect following termination
of the Meeting, the Advance Notice Policy must be ratified, confirmed and
approved at the Meeting, as set forth more fully below. </P>
<P align=justify><I>Purpose of the Advance Notice Policy </I></P>
<P align=justify>The directors of the Company are committed to: (i) facilitating
an orderly and efficient annual general or, where the need arises, special
meeting, process; (ii) ensuring that all shareholders receive adequate notice of
the director nominations and sufficient information with respect to all
nominees; and (iii) allowing shareholders to register an informed vote having
been afforded reasonable time for appropriate deliberation. </P>
<P align=justify>The purpose of the Advance Notice Policy is to provide
shareholders, directors and management of the Company with a clear framework for
nominating directors. The Advance Notice Policy fixes a deadline by which
holders of record of common shares of the Company must submit director
nominations to the Company prior to any annual or special meeting of
shareholders and sets forth the information that a shareholder must include in
the notice to the Company for the notice to be in proper written form in order
for any director nominee to be eligible for election at any annual or special
meeting of shareholders. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_19></A>
<P align=center>- 17 - </P>
<P align=justify><I>Terms of the Advance Notice Policy </I></P>
<P align=justify>The following information is intended as a brief description of
the Advance Notice Policy and is qualified in its entirety by the full text of
the Advance Notice Policy. The terms of the Advance Notice Policy are summarized
below. </P>
<P align=justify>The Advance Notice Policy provides that advance notice to the
Company must be made in circumstances where nominations of persons for election
to the board of directors are made by shareholders of the Company other than
pursuant to: (i) a &#147;proposal&#148; made in accordance with Division 7 of the BCBCA;
or (ii) a requisition of the shareholders made in accordance with section 167 of
the BCBCA. </P>
<P align=justify>Among other things, the Advance Notice Policy fixes a deadline
by which holders of record of common shares of the Company must submit director
nominations to the secretary of the Company prior to any annual or special
meeting of shareholders and sets forth the specific information that a
shareholder must include in the written notice to the secretary of the Company
for an effective nomination to occur. No person will be eligible for election as
a director of the Company unless nominated in accordance with the provisions of
the Advance Notice Policy. </P>
<P align=justify>In the case of an annual meeting of shareholders, notice to the
Company must be made not less than 30 nor more than 65 days prior to the date of
the annual meeting; provided, however, that in the event that the annual meeting
is to be held on a date that is less than 50 days after the date on which the
first public announcement of the date of the annual meeting was made, notice may
be made not later than the close of business on the 10th day following such
public announcement. </P>
<P align=justify>In the case of a special meeting of shareholders (which is not
also an annual meeting), notice to the Company must be made not later than the
close of business on the 15th day following the day on which the first public
announcement of the date of the special meeting was made. </P>
<P align=justify>The board of directors of the Company may, in its sole
discretion, waive any requirement of the Advance Notice Policy. </P>
<P align=justify><I>Confirmation and Approval Required for Advance Notice Policy
</I></P>
<P align=justify>At the Meeting, the shareholders will be asked to approve the
following by ordinary resolution (the &#147;Advance Notice Policy Resolution&#148;): </P>
<P align=justify>&#147;IT IS RESOLVED THAT: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>the Company&#146;s Advance Notice Policy as described in, and
      attached to, the management information circular dated May 14, 2014 is
      hereby ratified, confirmed and approved;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>the Board of Directors of the Company is authorized in
      its absolute discretion to administer the Advance Notice Policy and amend
      or modify the Advance Notice Policy in accordance with its terms and
      conditions to the extent needed to reflect changes required by securities
      regulatory agencies or stock exchanges, or as otherwise determined to be
      in the best interests of the Company and its shareholders; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>any one director or officer of the Company is authorized
      and directed on behalf of the Company to execute all documents and to do
      all such other acts and things as such director or officer may determine
      to be necessary or advisable to give effect to the foregoing provisions of
      this resolution.&#148;</P></TD></TR></TABLE>
<P align=justify>If the Advance Notice Policy is approved at the Meeting, the
Advance Notice Policy will continue to be effective and in full force and effect
in accordance with its terms and conditions beyond the termination of the
Meeting. Thereafter, the Advance Notice Policy will be subject to an annual<B>
</B>review by the board of directors of the Company, and will be updated to the
extent needed to reflect changes required by securities regulatory agencies or
stock exchanges. If the Advance Notice Policy is not approved at the Meeting,
the Advance Notice Policy will terminate and be of no further force or effect
from and after the termination of the Meeting. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_20></A>
<P align=center>- 18 - </P>
<P align=justify><B>The Board of Directors of the Company recommends that
shareholders vote FOR the Advance Notice Policy Resolution. Unless otherwise
instructed, common shares represented by proxies in favour of management will be
voted FOR the Advance Notice Policy Resolution. </B></P>
<P align=justify><B>EXECUTIVE COMPENSATION </B></P>
<P align=justify><B>Named Executive Officers </B></P>
<P align=justify>Set out below are particulars of compensation paid to the
following persons (the &#147;Named Executive Officers&#148;): </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Company&#146;s chief executive officer (&#147;CEO&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Company&#146;s chief financial officer (&#147;CFO&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>each of the three most highly compensated executive
      officers, or the three most highly compensated individuals acting in a
      similar capacity, other than the CEO and CFO, at the end of the most
      recently completed financial year whose total compensation was,
      individually, more than $150,000 for that financial year; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>each individual who would be a Named Executive Officer
      under paragraph (c) but for the fact that the individual was neither an
      executive officer of the Company nor acting in a similar capacity at the
      end of that financial year.</P></TD></TR></TABLE>
<P align=justify>As at December 31, 2013, the Company had six Named Executive
Officers: Clive Johnson, President and CEO; Mark Corra, Senior Vice President
Finance and CFO; Roger Richer, Executive Vice President, General Counsel and
Secretary; Tom Garagan, Senior Vice President of Exploration; George Johnson,
Senior Vice President of Operations; and Dennis Stansbury, Senior Vice President
of Engineering and Project Evaluations. </P>
<P align=justify>The Company reports in United States dollars. However, all
compensation awarded to, earned by, paid to, or payable to a Named Executive
Officer is done so in Canadian dollars, unless otherwise stated. </P>
<P align=justify><B>Compensation Discussion &amp; Analysis </B></P>
<P align=justify><I>Oversight of Compensation Program </I></P>
<P align=justify>The Compensation Committee of the Company&#146;s Board of Directors
(the &#147;Compensation Committee&#148;) is responsible for ensuring that the Company has
in place an appropriate plan for executive compensation and for making
recommendations to the Board of Directors with respect to the compensation of
the Company&#146;s executive officers. The Compensation Committee ensures that total
compensation paid to all Named Executive Officers is fair, reasonable and
competitive with the industry and is consistent with the Company&#146;s compensation
philosophy.</P>
<P align=justify>The Compensation Committee is responsible for the review and
assessment of compensation arrangements for the Company&#146;s executive officers and
is authorized to approve terms of employment, salaries, bonuses, option grants
and other incentive arrangements for the Company&#146;s executive officers, and,
where appropriate, any severance arrangements. </P>
<P align=justify>The Compensation Committee periodically reviews the management
development and succession program established by our management and the
organizational structure for management of the Company&#146;s operations. The
Compensation Committee reports to the Board of Directors on the committee&#146;s
functions and on the results of its reviews and any recommendations. </P>
<P align=justify>The members of the Compensation Committee are Robert Cross,
Robert Gayton and Barry Rayment, all of whom are considered independent for the
purposes of National Instrument 58-101, Disclosure of Corporate Governance
Practices (&#147;NI 58-101&#148;). All of the Compensation Committee members have
significant experience with public companies and ongoing resource sector
involvement. The skills and experience of each committee member that enable the
Compensation Committee to make decisions on the suitability of the Company&#146;s
compensation policies and practices are as follows: </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_21></A>
<P align=center>- 19 - </P>
<P align=justify><U>Robert Cross</U> </P>
<P align=justify>Mr. Cross currently serves as an independent director and is a
member of the corporate governance committee and compensation committee of
several public companies that operate in the resource sector. He has over 25
years of experience in this capacity and in the investment banking industry.</P>
<P align=justify><U>Robert Gayton</U> </P>
<P align=justify>Mr. Gayton currently serves as a director of several public and
private companies. He was previously the Vice President of Finance with Western
Silver Corporation from 1995 to 2004. He is also a member of the audit committee
and compensation committee of several resource-based public companies and has
served in this capacity for over 15 years. </P>
<P align=justify><U>Barry Rayment</U> </P>
<P align=justify>Dr. Rayment is currently a mining industry consultant and a
director of a public exploration and mining company and has over 40 years of
experience as such. He is also a member of the aforementioned company&#146;s audit
committee and compensation committee. </P>
<P align=justify><I>Compensation Philosophy and Objectives </I></P>
<P align=justify>Compensation plays an important role in achieving short and
long-term business objectives that ultimately drive business success in
alignment with long-term shareholder goals.</P>
<P align=justify>The Company&#146;s compensation philosophy is based on the following
fundamental principles: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Compensation programs align with shareholder interests &#150;
      the Company aligns the goals of executives with maximizing long term
      shareholder value;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Performance sensitive &#150; compensation for executive
      officers should be linked to operating and market performance of the
      Company and fluctuate with the performance; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Market competitive compensation &#150; the compensation
      program should provide market competitive pay in terms of value and
      structure in order to retain existing employees who are performing
      according to their objectives and to attract new individuals of the
      highest calibre.</P></TD></TR></TABLE>
<P align=justify>The objectives of the compensation program in compensating all
Named Executive Officers were developed based on the above-mentioned
compensation philosophy and are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left ><B>&#149;</B></TD>
    <TD align=left width="90%">
      <P align=justify>to attract, retain, motivate and reward highly qualified
      executive officers with a history of proven success; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B></TD>
    <TD align=left width="90%">
      <P align=justify>to align the interests of executive officers with
      shareholders&#146; interests and with the execution of the Company&#146;s business
      strategy; and </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><B>&#149;</B></TD>
    <TD align=left width="90%">
      <P align=justify>to evaluate executive performance on the basis of key
      measurements that correlate to long-term shareholder value.
  </P></TD></TR></TABLE>
<P align=justify><I>Maintaining Competitive Compensation </I></P>
<P align=justify>The Compensation Committee reviews compensation practices of
similarly situated companies in determining compensation policy. Although the
Compensation Committee reviews each element of compensation for market
competitiveness, and it may weigh a particular element more heavily based on the
Named Executive Officer&#146;s role within the Company, it is primarily focused on
remaining competitive in the market with respect to total compensation. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_22></A>
<P align=center>- 20 - </P>
<P align=justify>The base salaries of the Named Executive Officers were
established by the Compensation Committee following a review of data related to
compensation levels and general compensation programs of companies within the
mining exploration and development industry. The Company adjusted the 2012
salaries of all executives in order to bring their compensation in line with
market peers and maintain the Company&#146;s competitiveness in the market. The
Company considers the following companies as comparative companies: Alacer Gold
Corp., Alamos Gold Inc., Argonaut Gold Inc., AuRico Gold Inc., Centerra Gold
Inc., Eldorado Gold Corp., Golden Star Resources Ltd., IAMGOLD Corporation,
Nevsun Resources Ltd., New Gold Inc., Osisko Mining Corporation, Teranga Gold
Corporation, Endeavour Mining Corporation, Primero Mining Corp. and Semafo Inc.
The Compensation Committee also relies on the past experience of its members as
officers and/or directors at other companies in similar lines of business as the
Company in assessing compensation levels. Based on the information available to
the Company, the total compensation for the Named Executive Officers for 2013
falls within the mid-range of the Company&#146;s primary peer group. </P>
<P align=justify>Under the Company&#146;s existing compensation program, base salary
for each year and any incentive awards are determined in the first half of the
year. In the event that a decision is made by the Compensation Committee to
consider an increase in the compensation of the Named Executive Officers, the
Compensation Committee will conduct a review of data related to compensation
levels and general compensation programs of peer group companies, which
companies will have similar business characteristics or compete with the Company
for employees and investors, in order to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left><B>&#149;</B></TD>
    <TD align=left width="90%">
      <P align=justify>understand the competitiveness of current pay levels for
      each executive position relative to companies with similar revenues and
      business characteristics; and </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="90%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><B>&#149;</B></TD>
    <TD align=left width="90%">
      <P align=justify>identify and understand any gaps that may exist between
      actual compensation levels and market compensation levels.
  </P></TD></TR></TABLE>
<P align=justify><I>Compensation Consultants and Related Fees </I></P>
<P align=justify>In March 2014, the Compensation Committee retained Mercer LLC
to provide an independent compensation review of the executive officers and
directors overall compensation package(s), including severance provisions. The
review was based on data from similarly situated mining companies, in terms of
revenue, market capitalization, stage of development, scope of operations and
employee headcount, to assist both management and the board to develop base
salaries, performance based variable compensation, such as our annual short-term
incentive program, and long term equity based incentives designed to support
business objectives and enhance shareholder value as well as to assess the
competitiveness of existing severance provisions.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD rowSpan=2 align=left bgcolor="#BFBFBF"><BR>
      <B>Consultant</B> </TD>
    <TD width="25%" rowSpan=2 align=center bgcolor="#BFBFBF"><B>Financial Year Ending</B>
      <BR>
      <B>December 31</B> </TD>
    <TD width="25%" rowSpan=2 align=center bgcolor="#BFBFBF"><B>Executive Compensation</B>
      <BR>
      <B>Related Fees</B> </TD>
    <TD width="25%" rowSpan=2 align=center bgcolor="#BFBFBF"><BR>
    <B>All Other Fees</B> </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left>Mercer LLC </TD>
    <TD align=center width="25%">2014 </TD>
    <TD align=center width="25%">$32,600 </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mercer LLC </TD>
    <TD align=center width="25%">2013 </TD>
    <TD align=center width="25%">$36,960 </TD>
<TD align=center width="25%">Nil </TD></TR></TABLE></DIV>
<P align=justify>The Company also participated in the 2014 Canadian Mercer
Benchmark Database.</P>
<P align=justify><I>Aligning the Interests of the Named Executive Officers with
the Interests of the Company&#146;s Shareholders </I></P>
<P align=justify>The Company believes that transparent, objective and easily
verified corporate goals, combined with individual performance goals, play an
important role in creating and maintaining an effective compensation strategy
for the Named Executive Officers. The Company&#146;s objective is to facilitate an
increase in shareholder value through the achievement of these corporate goals
under the leadership of the Named Executive Officers.</P>
<P align=justify>As the Named Executive Officers, as a group, beneficially own,
or control or direct, directly or indirectly, approximately 4.0% of the issued
and outstanding common shares of the Company (see &#147;<I>Shareholdings of Directors
and Executive Officers</I>&#148;), the interests of the Named Executive Officers and
the shareholders are clearly aligned, and participation by the Named Executive Officers in the stock
option plan is not necessary to align the interests and any additional incentive
that would result is not required. Accordingly, the Named Executive Officers
have adopted a policy of not accepting stock options as a part of their
compensation program.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>- 21 - </P>
<P align=justify>As the primary activities of the Company have transitioned from
mineral exploration to mine development and operation, the objectives of the
Company have also been under consideration. At the current time, the
Compensation Committee considers it appropriate to gauge the performance of the
Named Executive Officers primarily on the stock market performance of the
Company&#146;s common shares, cost containment for mine development, profitability of
mine operations and success at increasing the mineral reserve and resource
inventory of the Company. As the Company has recently completed this transition
stage, specific goals have not been set as the basis for increases in base
salary or bonus determination. The Compensation Committee will reconsider the
development of such goals for 2014.</P>
<P align=justify>A combination of fixed and variable compensation is used to
motivate executives to achieve overall corporate goals. For the 2013 financial
year, the executive officer compensation program consisted of a fixed salary and
benefits, an annual short-term incentive program and longer-term incentives in
the form of stock options and restricted share units. As outlined above, the
Named Executive Officers have adopted a policy of not accepting stock options as
part of their compensation.</P>
<P align=justify>Fixed salary and benefits comprise a considerable portion of
the total cash-based compensation; however, annual incentives, including
restricted share units, represent compensation that is &#147;at risk&#148;. The &#147;at risk&#148;
component of the compensation program is intended to establish a direct link
between executive compensation and the achievement of his or her applicable
performance targets and the market performance of the Company&#146;s common shares.
To mitigate the risk that executives may focus on the short-term performance of
the Company&#146;s common shares at the expense of the Company&#146;s long-term
sustainability and performance, incentive bonuses for the 2013 financial year
were awarded in the form of RSUs that will vest in equal portions on the date of
grant and the first and second anniversaries of the date of grant. The Company
considers the risk of Named Executive Officers focusing on the short-term
performance of the Company&#146;s common shares at the expense of sustainable, mid to
long-term growth of the Company to be minimal. </P>
<P align=justify>To date, no specific formulae have been developed to assign a
specific weighting to each of these components. Instead, the Board of Directors
considers each performance target and the Company&#146;s performance and assigns
compensation based on this assessment and the recommendations of the
Compensation Committee. </P>
<P align=justify>Each element of the total targeted compensation is reviewed on
an annual basis by the Compensation Committee for each Named Executive Officer,
to ensure that the incentives are designed and implemented to align compensation
with short term and long-term key corporate objectives and performance by the
relevant Named Executive Officer. </P>
<P align=justify><I>Risk Management and Assessment </I></P>
<P align=justify>The Board and the Compensation Committee consider the
implications of the risks associated with its compensation policies when
determining the appropriate form of executive compensation. In order to assist
the Board in fulfilling its oversight responsibilities with respect to risk
management in terms of the Company&#146;s compensation structure, the Compensation
Committee reviews, on at least an annual basis, the Company&#146;s compensation
policies and practices. As part of such review process, the Compensation
Committee endeavours to identify any practices that may encourage a Director,
officer or employee to expose the Company to unacceptable or excessive risk.
</P>
<P align=justify>As discussed above, executive compensation is comprised of both
short-term compensation, in the form of a base salary, benefits and short term
incentive bonuses designed to link compensation with short-term corporate
performance goals, and long-term compensation in the form of stock options and
restricted share units. Short-term incentive bonuses in respect of 2013 were
awarded in May 2014 in the form of RSUs whereby one third vested immediately,
with the remainder vesting in equal portions on the first and second
anniversaries of the date of grant. The Compensation Committee believes that
this structure ensures a significant portion of executive compensation is both
long-term and &#147;at risk&#148; and, accordingly, is directly linked to the achievement
of business results and the creation of long-term shareholder value. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>- 22 - </P>
<P align=justify>Due to the size of the Company and its current management
group, the Board is also able to closely monitor and consider any risks that may
be associated with the Company&#146;s compensation policies and practices. The
Compensation Committee believes that risks, if any, may also be identified and
mitigated through regular Board meetings during which financial and other
information of the Company is regularly reviewed. </P>
<P align=justify>The Compensation Committee currently believes that the
Company's compensation policies do not encourage Named Executive Officers or
individuals at principal business units or divisions of the Company to take
inappropriate or excessive risks. The Company&#146;s compensation policies are
structured such that most variable components of compensation remain &#147;at risk&#148;
over a period of time, thereby aligning shareholder interests with that of
executive officers over the long-term. </P>
<P align=justify>The following components of the Company&#146;s compensation
framework are specifically designed to mitigate against compensation-related
risks: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>There is an appropriate compensation mix, including fixed
      and performance based compensation, and multiple forms of compensation
      that include compensation that remains &#147;at risk&#148; over a period of time;
      </P></TD></TR>
  <TR>
    <TD align=center >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>Incentive awards are reasonable in relation to salary and
      are capped to ensure there is no unlimited upside; </P></TD></TR>
  <TR>
    <TD align=center >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>Short-term incentive bonus payments are derived from
      performance against pre-approved annual objectives for both the Company
      and the individuals; </P></TD></TR>
  <TR>
    <TD align=center >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>Short-term incentive bonuses may be paid in the form of
      restricted share units with longer-term vesting periods, thereby
      mitigating the risk that executives may sacrifice the long-term health of
      the Company in favour of short-term gain; and </P></TD></TR>
  <TR>
    <TD align=center >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>Vesting periods for stock options granted under the
      Option Plan are generally two to three years from the date of grant.
    </P></TD></TR></TABLE>
<P align=justify>As of the date of this Circular, no risks have been identified
by the Compensation Committee arising from the Company&#146;s compensation policies
and practices that are reasonably likely to have a material adverse effect on
the Company. </P>
<P align=justify><I>Financial Instruments </I></P>
<P align=justify>The Company has not adopted a policy prohibiting Named
Executive Officers or directors from purchasing financial instruments that are
designed to hedge or offset a decrease in market value of equity securities of
the Company granted as compensation or held, directly or indirectly, by Named
Executive Officers or directors. The Company is not aware of any Named Executive
Officers or directors having entered into this type of transaction. </P>
<P align=justify><I>Fixed Salary and Benefits </I></P>
<P align=justify>The Compensation Committee and the Board of Directors approve
the salary ranges for the Named Executive Officers. The base salary review for
each Named Executive Officer is based on an assessment of a number of factors,
including current competitive market conditions, compensation levels within the
peer group and particular skills, such as leadership ability and management
effectiveness, experience, responsibility and proven or expected performance of
the particular individual. The Compensation Committee obtains information
regarding competitive market conditions with the assistance of management of the
Company. Comparative data for the Company&#146;s peer group is also accumulated from
a number of external sources. The Company believes that a competitive base
salary is a necessary element for attracting and retaining qualified and
experienced executive officers. </P>
<P align=justify>The Compensation Committee, using this information together
with budgetary guidelines and other internally generated planning and
forecasting tools, performs an annual assessment of the compensation of all
executive and employee compensation levels. The Company&#146;s policy for determining
salary for executive officers is consistent with the policy for determination of
salaries for all other employees of the Company. The Company will continue to
monitor relevant market data and its comparative companies to ensure
competitiveness of base salaries of its executive officers. In early 2014, the
Compensation Committee recommended, and the Board of Directors approved,
effective January 1, 2014, an increase in the base salary of the Named Executive
Officers, as follows: </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>- 23 - </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="60%" border=1>

  <TR vAlign=top>
    <TD rowSpan=2 align=left bgcolor="#BFBFBF" ><BR></TD>
    <TD width="32%" rowSpan=2 align=center bgcolor="#BFBFBF"><B>Previous Salary</B>
      <BR>
      <B>(C$)</B> </TD>
    <TD width="32%" rowSpan=2 align=center bgcolor="#BFBFBF"><B>New Salary</B> <BR>
      <B>(C$)</B>
    </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left >Clive Johnson </TD>
    <TD align=center width="32%">700,000 </TD>
    <TD align=center width="32%">1,000,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Roger Richer </TD>
    <TD align=center width="32%">400,000 </TD>
    <TD align=center width="32%">500,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Mark Corra </TD>
    <TD align=center width="32%">400,000 </TD>
    <TD align=center width="32%">N/A<SUP>(1)</SUP> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Tom Garagan </TD>
    <TD align=center width="32%">400,000 </TD>
    <TD align=center width="32%">500,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Dennis Stansbury </TD>
    <TD align=center width="32%">400,000 </TD>
    <TD align=center width="32%">450,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left >George Johnson </TD>
    <TD align=center width="32%">400,000 </TD>
<TD align=center width="32%">500,000 </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 20%" align=justify>Note: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Mark Corra retired from the Company effective April 30,
      2014. On April 1, 2014, Mr. Cinnamond was appointed Senior Vice President
      of Finance and Chief Financial Officer of the Company. As of April 1,
      2014, Mr. Cinnamond&#146;s base salary was $400,000 per
annum.</P></TD></TR></TABLE>
<P align=justify>Named Executive Officers also receive compensation in the form
of executive perquisites. Generally, this compensation includes payment by the
Company on behalf of the Named Executive Officer of parking costs and fitness
memberships.</P>
<P align=justify>The Company also provides various employee benefit programs to
all its employees, including, but not limited to, medical health insurance,
dental insurance and life insurance. </P>
<P align=justify><I>Short-Term Incentives </I></P>
<P align=justify>During the 2011 financial year, the Compensation Committee
established an assessment process and a discretionary annual incentive plan to
link compensation with short-term corporate performance goals, the creation of
shareholder value and the achievement of specific individual performance
objectives based on job responsibilities, projects or tasks. The plan provides
incentives to enhance the growth and development of employees and encourages and
motivates continued high standards of performance. Awards under the Company&#146;s
annual incentive plan are made in the form of cash bonuses or restricted share
units, are approved by the Compensation Committee and the Board of Directors and
are structured to reward the results of the most recently completed financial
year.</P>
<P align=justify>Pursuant to the Company&#146;s annual incentive plan, Named
Executive Officers may be paid a bonus depending upon the Company&#146;s performance
relative to a benchmark group of mining companies similar to the Company. At the
end of each financial year the Compensation Committee evaluates the corporate
performance relative to a group of mining companies of a similar status and
makes recommendations to the Board of Directors regarding bonuses. The
evaluation is based on the achievement of objectives, which can include various
specific objectives such as production targets, profitability, health and safety
performance, environmental performance, meeting capital expenditure budgets,
completion of specific projects and value added studies, increase in mineral
reserves and resources, financial performance, share price performance,
improvement in investor awareness and liquidity, the identification and
evaluation of corporate opportunities and property acquisitions or other
transactions that will add exploration or development potential, increase the
Company&#146;s mineral resource and reserve base and increase its production profile
on terms accretive to the Company&#146;s shareholders. Performance metrics used in
evaluation of the operations include effective risk management and regulatory
compliance. </P>
<P align=justify>The 2013 bonus for the President and CEO and the Chairman were
determined in the second quarter of 2014 by the independent non-executive
directors following recommendations made by the Compensation Committee. In
formulating its recommendations, the Compensation Committee reviewed the 2013
corporate performance based on achievements of the Company and the President and
CEO&#146;s and the Chairman&#146;s respective contributions to the Company&#146;s
achievements.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>- 24 - </P>
<P align=justify>As well, the Compensation Committee, in consultation with the
President and CEO, assessed the performance of the other Named Executive
Officers and provided recommendations to the independent non-executive directors
of the Company. In assessing an individual executive&#146;s performance, it is
recognized that certain factors cannot be controlled and factors over which the
executive officers can exercise control, such as controlling costs, safety
performance, taking advantage of business opportunities and enhancing the
business prospects of the Company, are given more weight in the evaluation. </P>
<P align=justify>The following accomplishments and achievements from the Named
Executive Officers were recognized and were factors considered in awarding
bonuses under the annual incentive plan: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>Record gold revenue of $544.3 million, an increase of
      $285.2 million over 2012 </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>Record gold sales of 380,895 ounces </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>Record attributable gold production of 366,313 ounces, an
      increase of 132% over 2012 </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>Gold production of 373,400 ounces including
      non-attributable pre-acquisition production of 7,087 ounces from the
      Masbate Mine, within the Company&#146;s 2013 guidance </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>Record cash flow from operating activities before changes
      in non-cash working capital of $144.3 million ($0.23 per share), an
      increase of $30 million over 2012 </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>Consolidated cash operating costs of $681 per ounce of
      gold, at the lower end of guidance </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>Net income of $67.3 million ($0.11 per share) </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>Adjusted net income of $63.8 million ($0.10 per share)
      </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>Exceptional safety record in 2013 at all three mining
      operations </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>Construction at the Otjikoto Mine in Namibia remains on
      schedule and on budget </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>Completed acquisitions of CGA Mining Limited and Volta
      Resources Inc. in 2013 </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>Announced initial resource at Wolfshag zone (Namibia) of
      703,000 ounces of gold at an average grade of 3.2 grams per tonne which
      may lead to the future expansion of production and/or an increase in the
      mine life of Otjikoto </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>Issued convertible senior subordinated notes with an
      aggregate principal amount of $258.75 million on August 23, 2013
  </P></TD></TR></TABLE>
<P align=justify>Recipients were each considered to have achieved or
satisfactorily accomplished the individual aspects of their objectives, together
with their significant individual contributions to the overall corporate
performance. The fact that, unlike many of their peers in the mining industry,
the Named Executive Officers do not accept or hold stock options as part of
their compensation was also considered. Ultimately, the Board of Directors
determined that, incentives by way of cash and restricted share units totaling
the dollar values listed below would be granted:</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="60%" border=1>

  <TR vAlign=top>
    <TD rowSpan=2 align=left bgcolor="#BFBFBF"><BR></TD>
    <TD width="25%" rowSpan=2 align=center bgcolor="#BFBFBF"><B>Cash</B> <BR>
      <B>(C$)</B> </TD>
    <TD width="25%" rowSpan=2 align=center bgcolor="#BFBFBF"><B>RSU</B> <BR>
      <B>(C$)</B> </TD>
    <TD width="25%" rowSpan=2 align=center bgcolor="#BFBFBF"><B>Total Bonus</B> <BR>
      <B>(C$)</B>
    </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left>Clive Johnson </TD>
    <TD align=center width="25%">1,000,000 </TD>
    <TD align=center width="25%">2,100,000 </TD>
    <TD align=center width="25%">3,100,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Roger Richer </TD>
    <TD align=center width="25%">&nbsp;400,000 </TD>
    <TD align=center width="25%">&nbsp;700,000 </TD>
    <TD align=center width="25%">1,100,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mark Corra </TD>
    <TD align=center width="25%">&nbsp;400,000 </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">400,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Tom Garagan </TD>
    <TD align=center width="25%">&nbsp;400,000 </TD>
    <TD align=center width="25%">&nbsp;700,000 </TD>
    <TD align=center width="25%">1,100,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dennis Stansbury </TD>
    <TD align=center width="25%">&nbsp;400,000 </TD>
    <TD align=center width="25%">&nbsp;600,000 </TD>
    <TD align=center width="25%">1,000,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>George Johnson </TD>
    <TD align=center width="25%">&nbsp;400,000 </TD>
    <TD align=center width="25%">&nbsp;700,000 </TD>
<TD align=center width="25%">1,100,000 </TD></TR></TABLE></DIV>
<P align=justify><I>Long Term Compensation </I></P>
<P align=justify><U>Stock Option Plan</U> </P>
<P align=justify>The Company has a broadly-based employee stock option plan that
was most recently amended and restated in 2011. The Amended Plan was designed to
encourage share ownership and entrepreneurship on the part of the senior
management and other employees. The Compensation Committee believes that the
Option Plan aligns the interests of the officers of the Company with shareholders by linking a
component of executive compensation to the longer term performance of the
Company&#146;s common shares.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 25 - </P>
<P align=justify><B>The Named Executive Officers have adopted a policy of not
accepting stock options as a part of their compensation programs. </B>When
considering the grant of options to other executive officers, the Compensation
Committee takes into account the level of options granted by comparable
companies for similar levels of responsibility and considers each executive
officer or employee based on reports received from management, its own
observations on individual performance (where possible) and its assessment of
individual contribution to shareholder value and the objectives set for the
executive officer. The number of options is generally commensurate to the
appropriate level of base compensation for each level of responsibility. In
order to determine the number of options to grant to an executive officer, the
Compensation Committee and the Board of Directors will consider a number of
facts including, position and length of service with the Company,
recommendations by senior executives and previous grants of options to the
executive officer. </P>
<P align=justify>In addition to determining the number of options to be granted
pursuant to the methodology outlined above, the Compensation Committee also
makes the following determinations: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">the executive officers and others who are
      entitled to participate in the stock option plan; </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">the exercise price for each stock option
      granted, subject to the provision that the exercise price cannot be lower
      than the market price on the date of grant; </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">the date on which each option is granted;
</TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">the vesting period for each stock option; and
    </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">the other material terms and conditions of each
      stock option grant. </TD></TR></TABLE></DIV>
<P align=justify>The Compensation Committee makes these determinations subject
to and in accordance with the provisions of the Option Plan. Once each year, the
Board of Directors conducts meetings in which it reviews the recommendations of
the Compensation Committee and approves grants of options.</P>
<P align=justify><U>Restricted Share Unit Plan</U> </P>
<P align=justify>The Company also has in place that was adopted in 2011. The
adoption of the RSU Plan was part of a continuing effort on the part of the
Company to enhance long-term shareholder value by further encouraging share
ownership by senior management and aligning the interests of its employees with
the interests of its shareholders. </P>
<P align=justify>Each RSU entitles the holder, subject to the terms of the RSU
Plan, to receive a payment in fully-paid common shares. Pursuant to the RSU
Plan, unless otherwise determined by the Compensation Committee, one third (1/3)
of the RSUs will vest on each of the first, second and third anniversaries of
the date that the RSUs are granted, although the Compensation Committee has the
authority to determine the vesting periods for RSUs granted. The grant of RSUs
provide an additional form of compensation that allows the Company to reward its
senior management for achieving prescribed short-term corporate goals while also
keeping such bonuses &#147;at risk&#148; over the long-term. </P>
<P align=justify>RSUs may be granted by the Company&#146;s Compensation Committee,
which has been appointed to administer the RSU Plan to directors, executive
officers and employees of the Company. Where the grant of RSUs involves a member
of the Compensation Committee, the non-executive members of the Board of
Directors will ultimately be responsible for approving the grant. When
considering the grant of RSUs to the Company&#146;s employees, the Compensation
Committee takes into account each individual&#146;s success in achieving certain
prescribed corporate goals, its own observations on individual performance
(where possible) and its assessment of individual contribution to shareholder
value and the objectives set for the employee. </P>
<P align=justify>The Compensation Committee is entitled to exercise its
discretion to restrict participation under the RSU Plan. It may also exercise
its discretion when determining the vesting terms and conditions for RSUs
granted under the RSU Plan. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_28></A>
<P align=center>- 26 - </P>
<P align=justify><B>Performance Graph </B></P>
<P align=justify>The following graph compares the cumulative total shareholder
return for $100 invested in common shares of the Company on January 1, 2010,
with the cumulative total return of the S&amp;P/TSX Composite Index and the
S&amp;P/TSX Global Gold Index for the five most recently completed fiscal
years.</P>
<P align=justify><B>B2Gold Corp. Comparison of Common Shareholders' Return</B>
</P>
<P align=center><IMG src="exhibit99-1x28x1.jpg" border=0> </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD rowSpan=2 align=left bgcolor="#CCCCCC" ><BR></TD>
    <TD width="14%" rowSpan=2 align=center bgcolor="#CCCCCC"><B>Dec. 31,</B> <BR>
      <B>2009</B> </TD>
    <TD width="14%" rowSpan=2 align=center bgcolor="#CCCCCC"><B>Dec. 31,</B> <BR>
      <B>2010</B> </TD>
    <TD width="14%" rowSpan=2 align=center bgcolor="#CCCCCC"><B>Dec. 31,</B> <BR>
      <B>2011</B> </TD>
    <TD width="14%" rowSpan=2 align=center bgcolor="#CCCCCC"><B>Dec. 31,</B> <BR>
      <B>2012</B> </TD>
    <TD width="14%" rowSpan=2 align=center bgcolor="#CCCCCC"><B>Dec 31,</B> <BR>
      <B>2013</B>
  </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left >B2Gold Corp. </TD>
    <TD align=center width="14%">$100.00 </TD>
    <TD align=center width="14%">$222.31 </TD>
    <TD align=center width="14%">$256.20 </TD>
    <TD align=center width="14%">$294.21 </TD>
    <TD align=center width="14%">$180.17 </TD></TR>
  <TR vAlign=top>
    <TD align=left >S&amp;P/TSX Composite Index </TD>
    <TD align=center width="14%">$100.00 </TD>
    <TD align=center width="14%">$114.45 </TD>
    <TD align=center width="14%">$101.78 </TD>
    <TD align=center width="14%">$105.85 </TD>
    <TD align=center width="14%">$115.97 </TD></TR>
  <TR vAlign=top>
    <TD align=left >S&amp;P/TSX Global Gold Index </TD>
    <TD align=center width="14%">$100.00 </TD>
    <TD align=center width="14%">$125.94 </TD>
    <TD align=center width="14%">$107.91 </TD>
    <TD align=center width="14%">$90.84 </TD>
<TD align=center width="14%">$46.84 </TD></TR></TABLE></DIV>
<P align=justify>During the period from December 31, 2009 to December 31, 2013,
the total return to the shareholders of the Company return outperformed when
compared to returns for both the S&amp;P/TSX Composite Index and the S&amp;P/TSX
Global Gold Index. Over the period from December 31, 2009 to December 31, 2013,
the total shareholder return was a gain of 80% compared to a positive return of
16% for the S&amp;P/TSX Composite Index and a negative return of 53% for the
S&amp;P/TSX Global Gold Index. </P>
<P align=justify>During the period from December 31, 2009 to December 31, 2013,
the aggregate total compensation for the Named Executive Officers increased from
$1,052,900 to $10,626,808. This increase can be attributed in large part to
several factors, including: the granting of annual short term and long term
incentives to the Named Executive Officers in respect of the fiscal year ended
December 31, 2013; the significant change in the Company&#146;s structure and its
development from a junior development company at the beginning of the period to
an intermediate gold producer marketing its gold into the international markets;
an overall increase in staffing levels of the Company resulting in increased
supervisory responsibilities for the Named Executive Officers; an increase in
the number of Named Executive Officers from five to six; and the fact that a
worldwide boom in the mining industry has created a large demand for experienced
executives and technical professionals, necessitating a competitive salary and
benefit structure and payment of annual incentives to attract and maintain
experienced and top level personnel. In addition, during this period, the market
capitalization of the Company increased from approximately $342 million at the
end of fiscal 2009 to $1.47 billion at the end of fiscal 2013. The Company&#146;s
revenue for fiscal 2013 were approximately $544.3 million, as compared to
approximately$20.6 million for fiscal 2009.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_29></A>
<P align=center>- 27 - </P>
<P align=justify>The aggregate total compensation for the Named Executive
Officers in the 2013 financial year was approximately $10,626,808, an increase
from $9,526,348 in aggregate total compensation earned by the Named Executive
Officers in the 2012 financial year. The Company attributes the increase in the
total compensation earned in the 2013 financial year to reflect the growth and
development of the Company, the performance of the common shares of the Company,
the operational performance of the Company and bringing the compensation of the
Named Executive Officers in line with the compensation paid to their peers in
the mining industry.<B> </B></P>
<P align=justify><B>Summary Compensation Table </B></P>
<P align=justify>The following table is a summary of compensation earned by the
Named Executive Officers for the Company&#146;s most recently completed financial
year. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD rowSpan=2 align=center bgcolor="#CCCCCC" ><BR>
      <BR><BR><BR><BR><BR><B>Name
      and</B> <BR><B>principal position</B> <BR></TD>
    <TD width="11%"
      rowSpan=2 align=center bgcolor="#CCCCCC"><BR>
      <BR><BR><BR><BR><BR><BR><B>Year</B> <BR></TD>
    <TD width="11%"
      rowSpan=2 align=center bgcolor="#CCCCCC"><BR>
      <BR><BR><BR><BR><BR><BR><B>Salary</B> <BR><B>($)</B> </TD>
    <TD width="11%"
      rowSpan=2 align=center bgcolor="#CCCCCC"><BR>
      <BR><BR><BR><BR><BR><B>Share-based</B> <BR><B>awards</B>
      <BR><B>($)</B><B><SUP>(6)</SUP></B> </TD>
    <TD width="11%" rowSpan=2 align=center bgcolor="#CCCCCC"><BR>
      <BR><BR><BR><BR><B>Option-</B>
      <BR><B>based</B> <BR><B>awards</B> <BR><B>($)</B><B><SUP>(4)</SUP></B> </TD>
    <TD width="16%" colSpan=2 align=center bgcolor="#CCCCCC" ><B>Non-equity
      incentive</B> <BR>
      <B>plan compensation</B> <BR><B>($)</B> </TD>
    <TD width="11%" rowSpan=2 align=center bgcolor="#CCCCCC"><BR>
      <BR><BR><BR><BR><BR><B>All
      other</B> <BR><B>compensation</B><B><SUP>(1) </SUP></B><BR><B>($)</B> </TD>
    <TD width="11%"
      rowSpan=2 align=center bgcolor="#CCCCCC"><BR>
      <BR><BR><BR><BR><BR><B>Total</B>
    <BR><STRONG>compensation</STRONG> <BR><B>($)</B> </TD></TR>
  <TR>
    <TD width="8%" align=center bgcolor="#CCCCCC" ><BR>
      <BR><B>Annual</B>
      <BR><B>incentive</B> <BR><B>plans</B> <BR></TD>
    <TD width="8%" align=center bgcolor="#CCCCCC" ><BR>
      <B>Long-</B> <BR><B>term</B>
    <BR><B>incentive</B> <BR><B>plans</B> <BR></TD></TR>
  <TR>
    <TD ><BR>Clive Johnson <BR>President and CEO <BR><BR></TD>
    <TD align=center width="11%"><BR>2013 <BR>2012 <BR>2011 <BR></TD>
    <TD align=center width="11%"><BR>700,000 <BR>600,000 <BR>450,000 <BR></TD>
    <TD align=center width="11%"><BR>2,100,000 <BR>2,000,000 <BR>1,500,000
    <BR></TD>
    <TD align=center width="11%"><BR>Nil <BR>Nil <BR>Nil <BR></TD>
    <TD align=center width="8%" ><BR>1,000,000 <BR>600,000
      <BR>Nil <BR></TD>
    <TD align=center width="8%" ><BR>Nil <BR>Nil <BR>Nil <BR></TD>
    <TD align=center width="11%"><BR>5,100<SUP>(3)</SUP>
      <BR>5,100<SUP>(3)</SUP> <BR>5,100<SUP>(3)</SUP> <BR></TD>
    <TD align=center width="11%"><BR>3,805,100 <BR>3,205,100 <BR>1,955,100
    <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left >Mark Corra <BR>Senior Vice President <BR>of
      Finance and CFO <BR></TD>
    <TD align=center width="11%">2013 <BR>2012 <BR>2011 <BR></TD>
    <TD align=center width="11%">400,000 <BR>300,000 <BR>250,000 <BR></TD>
    <TD align=center width="11%">Nil <BR>700,000 <BR>750,000 <BR></TD>
    <TD align=center width="11%">Nil <BR>Nil <BR>Nil <BR></TD>
    <TD align=center width="8%" >400,000 <BR>300,000 <BR>Nil
    <BR></TD>
    <TD align=center width="8%" >Nil <BR>Nil <BR>Nil <BR></TD>
    <TD align=center width="11%">5,100<SUP>(3)</SUP> <BR>5,100<SUP>(3)</SUP>
      <BR>5,100<SUP>(3)</SUP> <BR></TD>
    <TD align=center width="11%">805,100 <BR>1,305,100 <BR>1,005,100
<BR></TD></TR>
  <TR>
    <TD >Roger Richer <BR>Executive Vice <BR>President, General
      <BR>Counsel and Secretary </TD>
    <TD align=center width="11%"><BR>2013 <BR>2012 <BR>2011 </TD>
    <TD align=center width="11%"><BR>400,000 <BR>300,000 <BR>250,000 </TD>
    <TD align=center width="11%"><BR>700,000 <BR>700,000 <BR>750,000 </TD>
    <TD align=center width="11%"><BR>Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="8%" ><BR>400,000 <BR>300,000 <BR>Nil
    </TD>
    <TD align=center width="8%" ><BR>Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="11%"><BR>5,100(3) <BR>5,100<SUP>(3)</SUP>
      <BR>5,100(3) </TD>
    <TD align=center width="11%"><BR>1,505,100 <BR>1,305,100 <BR>1,005,100
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >Tom Garagan <BR>Senior Vice President <BR>of
      Exploration <BR></TD>
    <TD align=center width="11%">2013 <BR>2012 <BR>2011 <BR></TD>
    <TD align=center width="11%">400,000 <BR>300,000 <BR>250,000 <BR></TD>
    <TD align=center width="11%">700,000 <BR>700,000 <BR>750,000 <BR></TD>
    <TD align=center width="11%">Nil <BR>Nil <BR>Nil <BR></TD>
    <TD align=center width="8%" >400,000 <BR>300,000 <BR>Nil
    <BR></TD>
    <TD align=center width="8%" >Nil <BR>Nil <BR>Nil <BR></TD>
    <TD align=center width="11%">5,100<SUP>(3)</SUP> <BR>5,100<SUP>(3)</SUP>
      <BR>5,817<SUP>(2)</SUP> <BR></TD>
    <TD align=center width="11%">1,505,100 <BR>1,305,100 <BR>1,005,817
  <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left >George Johnson<SUP>(5)</SUP> <BR>Senior Vice
      President <BR>of Operations <BR></TD>
    <TD align=center width="11%">2013 <BR>2012 <BR>2011 <BR></TD>
    <TD align=center width="11%">400,000 <BR>300,000 <BR>250,000 <BR></TD>
    <TD align=center width="11%">700,000 <BR>2,375,000 <BR>3,980,000 <BR></TD>
    <TD align=center width="11%">Nil <BR>Nil <BR>Nil <BR></TD>
    <TD align=center width="8%" >400,000 <BR>300,000 <BR>Nil
    <BR></TD>
    <TD align=center width="8%" >Nil <BR>Nil <BR>Nil <BR></TD>
    <TD align=center width="11%">6,408<SUP>(2)</SUP> <BR>5,948<SUP>(2)</SUP>
      <BR>5,705<SUP>(3)</SUP> <BR></TD>
    <TD align=center width="11%">1,506,408 <BR>2,980,948 <BR>4,235,705
  <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3 >Dennis Stansbury <BR>Senior Vice
      President <BR>of Development and Production </TD>
    <TD align=center width="11%" rowSpan=3>2013 <BR>2012 <BR>2011 </TD>
    <TD align=center width="11%" rowSpan=3>400,000 <BR>300,000 <BR>250,000 </TD>
    <TD align=center width="11%" rowSpan=3>600,000 <BR>500,000 <BR>750,000 </TD>
    <TD align=center width="11%" rowSpan=3>Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="8%" rowSpan=3 >400,000 <BR>300,000
      <BR>Nil </TD>
    <TD align=center width="8%" rowSpan=3 >Nil <BR>Nil <BR>Nil
</TD>
    <TD align=center width="11%" rowSpan=3>Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="11%" rowSpan=3>1,400,000 <BR>1,100,000
      <BR>1,000,000 </TD></TR>
  <TR vAlign=top></TR>
<TR vAlign=top></TR></TABLE></DIV>
<P align=justify>Notes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>All other compensation is comprised of parking costs
      and/or fitness program membership allowance.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Includes parking and fitness membership
  allowance.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Includes parking only.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>The Named Executive Officers have adopted a policy to not
      be issued stock options as part of their total compensation
  program.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>The amount reflected in &#147;Share-based awards&#148; for 2011
      includes $3,230,000 in respect of 1,000,000 common shares acquired by Mr.
      Johnson on July 5, 2011, and for 2012 includes $1,675,000 in respect of
      500,000 common shares acquired on May 28, 2012, from the B2Gold Corp.
      Incentive Plan. See &#147;<I>Equity Compensation Plan &#150; B2Gold Corp. Incentive
      Plan</I>&#148;. These awards were made to provide Mr. Johnson with the benefit
      of an equity ownership position consistent with the other Named Executive
      Officers who were founding shareholders of the Company from shares issued
      for this purpose in 2007.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Aside from the common shares issued to Mr. George Johnson
      out of the B2Gold Corp. Incentive Plan as detailed in note 5 above, all
      other share-based incentive awards earned by the Named Executive Officers
      are to be paid by way of RSUs, which will vest as follows: One third (1/3)
      of RSUs will vest upon the date of grant, 1/3 will vest on the first
      anniversary of the date of grant and 1/3 will vest on the second
      anniversary of the date of grant. Fair value of the RSUs was calculated
      using the volume weighted average trading price of the common shares of
      the Company on the TSX calculated over the five trading days immediately
      preceding the date of grant.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_30></A>
<P align=center>- 28 - </P>
<P align=justify><I>Summary of Named Executive Officer Employment
Agreements</I></P>
<P align=justify>The Company entered into an employment agreement with each
Named Executive Officer on October 22, 2007, other than George Johnson, who
entered into an employment agreement with the Company on August 11, 2009. Clive
Johnson entered into an employment agreement with the Company pursuant to which
Mr. C. Johnson is employed as the President and CEO of the Company and will
receive an annual salary of C$700,000. Mark Corra entered into an employment
agreement with the Company pursuant to which Mr. Corra is employed as the Senior
Vice President of Finance and CFO of the Company and will receive an annual
salary of C$400,000. Roger Richer entered into an employment agreement with the
Company pursuant to which Mr. Richer is employed as Executive Vice President,
General Counsel and Corporate Secretary of the Company and will receive an
annual salary of C$400,000. Tom Garagan entered into an employment agreement
with the Company pursuant to which Mr. Garagan is employed as the Senior Vice
President of Exploration of the Company and will receive an annual salary of
C$400,000. George Johnson entered into an employment agreement with the Company
pursuant to which Mr. G. Johnson is employed as the Senior Vice President of
Operations and will receive an annual salary of C$400,000. Dennis Stansbury
entered into an employment agreement with the Company pursuant to which Mr.
Stansbury is employed as the Senior Vice President of Engineering and Project
Evaluation of the Company and will receive an annual salary of C$400,000.</P>
<P align=justify>For a description of the termination and change of control
provisions of the employment agreement and the related benefits payable by the
Company to each Named Executive Officer, see below under the heading
&#147;<I>Termination and Change of Control Benefits</I>.&#148; </P>
<P align=justify><B>Incentive Plan Awards </B></P>
<P align=justify>The management of the Company makes recommendations to the
Compensation Committee concerning the granting of stock options and any other
share-based awards to the Company&#146;s executive officers. The Compensation
Committee reviews those recommendations and then makes its own recommendations
to the Board of Directors. </P>
<P align=justify><B>The Named Executive Officers and the Chairman of the Company
have adopted a policy to not be issued stock options as part of their
compensation. Accordingly, the Company has not granted stock options to any of
its Named Executive Officers to date.</B></P>
<P align=justify>The Named Executive Officers are eligible for grants of RSUs
under the RSU Plan adopted by the Company in May 2011 and approved by the
shareholders of the Company in June 2011. For details of the Company&#146;s RSU Plan,
see &#147;<I>Equity Compensation Plan Information</I>&#148; below. </P>
<P align=justify>The following RSUs were granted to the Named Executive Officers
in respect of incentive bonuses awarded for 2013 as part of the Company&#146;s
long-term incentive program: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="60%" border=1>

  <TR vAlign=top>
    <TD rowSpan=2 align=left bgcolor="#CCCCCC"><B>Name</B> <BR></TD>
    <TD width="50%" rowSpan=2 align=center bgcolor="#CCCCCC"><B>Restricted Share
    Units</B><B><SUP>(1)</SUP></B> <BR>
    <B>(#)</B> </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left>Clive Johnson </TD>
    <TD align=center width="50%">666,667 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Roger Richer </TD>
    <TD align=center width="50%">222,222 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mark Corra </TD>
    <TD align=center width="50%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Tom Garagan </TD>
    <TD align=center width="50%">222,222 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dennis Stansbury </TD>
    <TD align=center width="50%">190,476 </TD></TR>
  <TR vAlign=top>
    <TD align=left>George Johnson </TD>
<TD align=center width="50%">222,222 </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 20%" align=justify>Note: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>RSUs will vest as follows: One third (1/3) of RSUs will
      vest in 2014, 1/3 will vest in 2015 and 1/3 will vest in 2016. Fair value
      of the RSUs was calculated using the volume weighted average trading price
      of the common shares of the Company on the TSX calculated over the five
      trading days immediately preceding the date of
grant.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_31></A>
<P align=center>- 29 - </P>
<P align=justify><U>Outstanding Option-based and Share-based Awards</U> </P>
<P align=justify>The following table sets out, for each Named Executive Officer,
the RSUs (share-based awards) outstanding as at December 31, 2013. The RSUs vest
one third (1/3) on the date of grant and 1/3 on each of the first and second
anniversaries of the date of grant. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD rowSpan=2 align=center bgcolor="#CCCCCC"><BR>
      <BR><BR><BR><BR><BR><BR><BR><B>Name</B>
      <BR><BR></TD>
    <TD width="44%" colSpan=4 align=center bgcolor="#CCCCCC"><B>Option-based Awards</B> </TD>
    <TD width="33%" colSpan=3 align=center bgcolor="#CCCCCC"><B>Share-based Awards</B> </TD>
  </TR>
  <TR>
    <TD width="11%" align=center bgcolor="#CCCCCC"><BR>
      <BR><BR><B>Number of</B>
      <BR><B>securities</B> <BR><B>underlying</B> <BR><B>unexercised
      </B><BR><B>options</B> <BR><B>(#)</B> <BR></TD>
    <TD width="11%" align=center bgcolor="#CCCCCC"><BR>
      <BR><BR><BR><BR><B>Option</B>
      <BR><STRONG>exercise </STRONG><BR><B>price</B> <BR><B>($)</B> <BR></TD>
    <TD width="11%" align=center bgcolor="#CCCCCC"><BR>
      <BR><BR><BR><BR><B>Option</B>
      <BR><STRONG>expiration</STRONG> <BR><B>date</B> <BR><BR></TD>
    <TD width="11%" align=center bgcolor="#CCCCCC"><BR>
      <BR><BR><B>Value of</B>
      <BR><B>unexercised</B> <BR><B>in-the-</B> <BR><B>money</B>
      <BR><B>options</B> <BR><B>($)</B> <BR></TD>
    <TD width="11%" align=center bgcolor="#CCCCCC"><BR>
      <BR><BR><BR><B>Number</B> <BR><B>of
      RSU&#146;s</B> <BR><B>that have</B> <BR><B>not vested</B> <BR><B>(#)</B>
<BR></TD>
    <TD width="11%" align=center bgcolor="#CCCCCC"><BR>
      <BR><B>Market or</B> <BR><B>payout</B>
      <BR><B>value of</B> <BR><B>RSU&#146;s that</B> <BR><B>have not</B>
      <BR><B>vested</B><B><SUP>(1)</SUP></B> <BR><B>($)</B> <BR></TD>
    <TD width="11%" align=center bgcolor="#CCCCCC"><BR>
      <B>Market or</B> <BR><B>payout</B>
      <BR><B>value of</B> <BR><B>vested</B> <BR><B>RSU&#146;s not</B> <BR><B>paid out
    or</B> <BR><B>distributed</B> <BR><B>($)</B> <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Clive Johnson </TD>
    <TD align=center width="11%">Nil </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">576,823 </TD>
    <TD align=center width="11%">1,257,474 </TD>
    <TD align=center width="11%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Roger Richer </TD>
    <TD align=center width="11%">Nil </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">&nbsp;N/A </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">222,838 </TD>
    <TD align=center width="11%">485,787 </TD>
    <TD align=center width="11%">Nil </TD></TR>
  <TR>
    <TD>Mark Corra </TD>
    <TD align=center width="11%">Nil </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">222,838 </TD>
    <TD align=center width="11%">485,787 </TD>
    <TD align=center width="11%">Nil </TD></TR>
  <TR>
    <TD>Tom Garagan </TD>
    <TD align=center width="11%">Nil </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">222,838 </TD>
    <TD align=center width="11%">485,787 </TD>
    <TD align=center width="11%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dennis Stansbury </TD>
    <TD align=center width="11%">Nil </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">179,122 </TD>
    <TD align=center width="11%">390,486 </TD>
    <TD align=center width="11%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>George Johnson </TD>
    <TD align=center width="11%">Nil </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">&nbsp;N/A </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">222,838 </TD>
    <TD align=center width="11%">485,787 </TD>
<TD align=center width="11%">Nil </TD></TR></TABLE></DIV>
<P align=justify>Note: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Market value of the RSUs was calculated by multiplying
      the number of unvested RSUs by the market value of the underlying shares
      on December 31, 2013, which was $2.18.</P></TD></TR></TABLE>
<P align=justify><U>Incentive Plan Awards &#150; Value Vested or Earned During the
Year</U> </P>
<P align=justify>The following table sets forth, for each Named Executive
Officer of the Company, the value of all incentive plan awards vested during the
year ended December 31, 2013.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD rowSpan=4 align=left bgcolor="#CCCCCC" ><BR>
      <BR><B>Name</B> <BR></TD>
    <TD width="27%" rowSpan=4 align=center bgcolor="#CCCCCC"><B>Option-based awards &#150;</B>
      <BR>
      <B>Value vested during the</B> <BR><B>year</B> <BR><B>($)</B> </TD>
    <TD width="27%" rowSpan=4 align=center bgcolor="#CCCCCC"><BR>
      <B>Share-based awards &#150;
      Value</B> <BR><B>vested during the year</B><B><SUP>(1)</SUP></B>
      <BR><B>($)</B> </TD>
    <TD width="27%" rowSpan=4 align=center bgcolor="#CCCCCC"><B>Non-equity incentive plan</B>
      <BR>
      <B>compensation &#150; Value earned</B> <BR><B>during the year</B>
    <BR><B>($)</B> </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left >Clive Johnson </TD>
    <TD align=center width="27%">N/A </TD>
    <TD align=center width="27%">358,244 </TD>
    <TD align=center width="27%">981,401 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Roger Richer </TD>
    <TD align=center width="27%">N/A </TD>
    <TD align=center width="27%">146,335 </TD>
    <TD align=center width="27%">393,979 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Mark Corra </TD>
    <TD align=center width="27%">N/A </TD>
    <TD align=center width="27%">146,335 </TD>
    <TD align=center width="27%">393,979 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Tom Garagan </TD>
    <TD align=center width="27%">N/A </TD>
    <TD align=center width="27%">146,335 </TD>
    <TD align=center width="27%">393,979 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Dennis Stansbury </TD>
    <TD align=center width="27%">N/A </TD>
    <TD align=center width="27%">124,477 </TD>
    <TD align=center width="27%">329,979 </TD></TR>
  <TR vAlign=top>
    <TD align=left >George Johnson </TD>
    <TD align=center width="27%">N/A </TD>
    <TD align=center width="27%">146,335 </TD>
<TD align=center width="27%">393,979 </TD></TR></TABLE></DIV>
<P align=justify>Note: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>These figures represent the value vested in the RSUs held
      by the Named Executive Officers during the year ended December 31, 2013.
      Fair value of the RSUs was calculated by multiplying the number of vested
      RSUs by the market value of the underlying shares on the vesting
    date.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_32></A>
<P align=center>- 30 - </P>
<P align=justify><B>Pension Plan Benefits </B></P>
<P align=justify>The Company does not have a pension plan and has not provided
any pension plan benefits to its Named Executive Officers. </P>
<P align=justify><B>Termination and Change of Control Benefits </B></P>
<P align=justify>Pursuant to the employment agreements entered into between the
Company and each Named Executive Officer, the Named Executive Officers are
entitled to compensation from the Company in the event of termination without
cause or resignation for &#147;good cause&#148;. In the event that a Named Executive
Officer&#146;s employment agreement is terminated by the Company without cause, or a
Named Executive Officer resigns on two weeks notice for &#147;good cause&#148;, the
Company must pay a severance payment to such Named Executive Officer, within 14
days of the date of termination, equal to 12 months&#146; base salary plus benefits
at the time of termination. </P>
<P align=justify>For purposes of the employment agreements, the definition of
&#147;good cause&#148; means the occurrence of any of the following: (i) a material
reduction in the employee&#146;s responsibilities; (ii) a reduction in the employee&#146;s
annual salary; (iii) a failure by the Company to continue the employee&#146;s
participation in the Company&#146;s benefits and incentive plans (if any); (iv) a
reduction in entitlement to paid vacation days; (v) a change of more than 50
kilometres of the principal executive office of the Company or the current
location where the employee is based; or (vi) any other event or circumstance
that would constitute constructive dismissal at common law. </P>
<P align=justify>Each employment agreement also provides that in the event of a
change of control of the Company, a Named Executive Officer will be entitled to
resign at any time within 18 months after that change of control and receive a
lump sum payment equal to 24 months of the Named Executive Officer&#146;s annual
salary, as well as continuation of benefits for the same period. In addition,
upon the announcement of a transaction that, if completed, would result in a
change of control, all options to purchase common shares of the Company that
have been granted but not yet vested shall be deemed to be fully vested and
exercisable by the Named Executive Officer. </P>
<P align=justify>For the purposes of the employment agreements, a &#147;change of
control&#148; means: (i) the acquisition of common shares by a person or group of
persons acting jointly or in concert that, when added to all of the common
shares owned by such person or persons, constitutes for the first time in the
aggregate 20% or more of the common shares; (ii) the removal of more than 51% of
the incumbent Board of Directors of the Company, or the election of a majority
of the directors to the Board of Directors of the Company that were not nominees
of the Board of Directors at the time immediately preceding such election; (iii)
a sale of all or substantially all of the assets of the Company; or (iv) a
reorganization, plan of arrangement, merger or other transaction that has
substantially the same effect as (i) to (iii) above. Any such compensation
payable to a Named Executive Officer is required to be paid within 14 days of
the last day of their employment with the Company. </P>
<P align=justify>The following tables set out the estimated incremental payments
and benefits due to each of the Named Executive Officers upon either termination
without cause, including resignation for &#147;good cause&#148;, or within 18 months of a
change of control, assuming termination on December 31, 2013. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_33></A>
<P align=center>- 31 - </P>
<P align=justify><B>Termination of Employment Without Cause </B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD rowSpan=3 align=center bgcolor="#CCCCCC"><BR>
      <B>Name</B> <BR></TD>
    <TD width="25%" rowSpan=3 align=center bgcolor="#CCCCCC"><BR>
      <B>Base
      salary</B><B><SUP>(1)</SUP></B> <BR><B>($)</B> </TD>
    <TD width="25%" rowSpan=3 align=center bgcolor="#CCCCCC"><B>All other</B>
      <BR>
      <B>compensation</B><B><SUP>(2)</SUP></B> <BR><B>($)</B> </TD>
    <TD width="25%" rowSpan=3 align=center bgcolor="#CCCCCC"><BR>
      <B>Total</B> <BR><B>($)</B>
  </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left>Clive Johnson </TD>
    <TD align=center width="25%">700,000 </TD>
    <TD align=center width="25%">19,626 </TD>
    <TD align=center width="25%">719,626 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mark Corra </TD>
    <TD align=center width="25%">400,000 </TD>
    <TD align=center width="25%">20,337 </TD>
    <TD align=center width="25%">420,337 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Roger Richer </TD>
    <TD align=center width="25%">400,000 </TD>
    <TD align=center width="25%">22,800 </TD>
    <TD align=center width="25%">422,800 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Tom Garagan </TD>
    <TD align=center width="25%">400,000 </TD>
    <TD align=center width="25%">21,626 </TD>
    <TD align=center width="25%">421,626 </TD></TR>
  <TR vAlign=top>
    <TD align=left>George Johnson </TD>
    <TD align=center width="25%">400,000 </TD>
    <TD align=center width="25%">35,799 </TD>
    <TD align=center width="25%">435,799 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dennis Stansbury </TD>
    <TD align=center width="25%">400,000 </TD>
    <TD align=center width="25%">29,391 </TD>
<TD align=center width="25%">429,391 </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 10%" align=justify>Notes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Equal to 12 months&#146; base salary for all Named Executive
      Officers. Based on salary for the fiscal year ended December 31,
    2013.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Equal to the 12 months&#146; specified benefits, including
      provincial medical, extended health insurance, dental insurance, life
      insurance, accidental death insurance and long term disability
      insurance.</P></TD></TR></TABLE>
<P align=justify><B>Termination of Employment Following Change of Control
</B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD rowSpan=3 align=center bgcolor="#CCCCCC"><BR>
      <B>Name</B> <BR></TD>
    <TD width="25%" rowSpan=3 align=center bgcolor="#CCCCCC"><BR>
      <B>Base
      salary</B><B><SUP>(1)</SUP></B> <BR><B>($)</B> </TD>
    <TD width="25%" rowSpan=3 align=center bgcolor="#CCCCCC"><B>All other</B>
      <BR>
      <B>compensation</B><B><SUP>(2)</SUP></B> <BR><B>($)</B> </TD>
    <TD width="25%" rowSpan=3 align=center bgcolor="#CCCCCC"><BR>
      <B>Total</B> <BR><B>($)</B>
  </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left>Clive Johnson </TD>
    <TD align=center width="25%">1,400,000 </TD>
    <TD align=center width="25%">39,252 </TD>
    <TD align=center width="25%">1,439,252 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mark Corra </TD>
    <TD align=center width="25%">800,000 </TD>
    <TD align=center width="25%">40,674 </TD>
    <TD align=center width="25%">840,674 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Roger Richer </TD>
    <TD align=center width="25%">800,000 </TD>
    <TD align=center width="25%">45,600 </TD>
    <TD align=center width="25%">845,600 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Tom Garagan </TD>
    <TD align=center width="25%">800,000 </TD>
    <TD align=center width="25%">43,252 </TD>
    <TD align=center width="25%">843,252 </TD></TR>
  <TR vAlign=top>
    <TD align=left>George Johnson </TD>
    <TD align=center width="25%">800,000 </TD>
    <TD align=center width="25%">71,598 </TD>
    <TD align=center width="25%">871,598 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dennis Stansbury </TD>
    <TD align=center width="25%">800,000 </TD>
    <TD align=center width="25%">58,782 </TD>
<TD align=center width="25%">858,782 </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 10%" align=justify>Notes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Equal to 24 months&#146; base salary for all Named Executive
      Officers. Based on salary for the fiscal year ended December 31,
    2013.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Equal to 24 months&#146; specified benefits, including
      provincial medical, extended health insurance, dental insurance, life
      insurance, accidental death insurance and long term disability
      insurance.</P></TD></TR></TABLE>
<P align=justify><B>Director Compensation </B></P>
<P align=justify>During the year ended December 31, 2013, each non-executive
Director received an annual director retainer of $40,000, with the exception of
Robert Cross, who received an annual retainer of $125,000, and an additional fee
of $1,250 per meeting. In addition, the chair of each committee received an
annual retainer of $10,000, other than the audit committee chair who received an
annual retainer of $15,000. Other than the chair, no additional fees are paid to
any of the Directors for committee involvement. Directors are also reimbursed
for transportation and other out-of-pocket expenses reasonably incurred for
attendance at Board or committee meetings and in connection with the performance
of their duties as directors. The Company&#146;s Directors are entitled to
participate in the Stock Option Plan.</P>
<P align=justify>During the year ended December 31, 2013, the Company paid a
total of $381,250 in annual retainers to its non-executive Directors and granted
1,144,500 options to purchase common shares of the Company to non-executive
Directors. As at December 31, 2013, non-executive Directors held options to
purchase an aggregate of 3,120,000 common shares of the Company, which equates to 0.46% of the
Company&#146;s issued and outstanding common shares, at exercise prices ranging from
$0.80 to $12.67 per common share.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_34></A>
<P align=center>- 32 - </P>
<P align=justify>The Compensation Committee periodically reviews the adequacy
and form of compensation of the directors to ensure the compensation
appropriately reflects the responsibilities and risks involved in being an
effective director and, based on such review, reports and makes recommendations
to the Board of Directors.</P>
<P align=justify>The Board has approved an increase in the annual retainer for
2014 to $70,000 for Mssrs. Mtshisi, Carrick and Bullock, $75,000 for Mssrs.
Gayton, Rayment, Korpan and Ivany, and $135,000 for Mr. Cross. In addition,
there will be no meeting fees paid to the Directors in 2014. </P>
<P align=justify><I>Director Compensation Table </I></P>
<P align=justify>The following table sets out all amounts of compensation for
non-management directors for the year ended December 31, 2013. Directors who are
also officers of the Company are not entitled to any compensation for their
services as a director.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="90%" border=1>

  <TR vAlign=top>
    <TD rowSpan=3 align=center bgcolor="#CCCCCC"><BR>
      <B>Name</B><B><SUP>(1)</SUP></B> <BR></TD>
    <TD width="20%" rowSpan=3 align=center bgcolor="#CCCCCC"><BR>
      <B>Fees earned</B>
      <BR><B>($)</B> </TD>
    <TD width="20%" rowSpan=3 align=center bgcolor="#CCCCCC"><B>Option-based</B>
      <BR>
      <B>awards</B><B><SUP>(2)(3)</SUP></B> <BR><B>($)</B> </TD>
    <TD width="20%" rowSpan=3 align=center bgcolor="#CCCCCC"><B>All other</B>
      <BR>
      <B>compensation</B> <BR><B>($)</B> </TD>
    <TD width="20%"
      rowSpan=3 align=center bgcolor="#CCCCCC"><BR>
    <B>Total</B><B><SUP>(4)</SUP></B> <BR><B>($)</B> </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left>Robert Cross<SUP>(5)</SUP> </TD>
    <TD align=center width="20%">150,000 </TD>
    <TD align=center width="20%">N/A </TD>
    <TD align=center width="20%">250,000 </TD>
    <TD align=center width="20%">400,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Robert Gayton </TD>
    <TD align=center width="20%">73,750 </TD>
    <TD align=center width="20%">113,000 </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=center width="20%">186,750 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Barry Rayment </TD>
    <TD align=center width="20%">71,250 </TD>
    <TD align=center width="20%">113,000 </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=center width="20%">184,250 </TD></TR>
  <TR vAlign=top>
    <TD align=left>John Ivany </TD>
    <TD align=center width="20%">65,000 </TD>
    <TD align=center width="20%">113,000 </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=center width="20%">178,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Jerry Korpan </TD>
    <TD align=center width="20%">48,750 </TD>
    <TD align=center width="20%">113,000 </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=center width="20%">161,750 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bongani Mtshisi </TD>
    <TD align=center width="20%">48,750 </TD>
    <TD align=center width="20%">113,000 </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=center width="20%">161,750 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Michael Carrick </TD>
    <TD align=center width="20%">41,667 </TD>
    <TD align=center width="20%">452,000 </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=center width="20%">493,667 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Kevin Bullock<SUP>(6)</SUP> </TD>
    <TD align=center width="20%">12,500 </TD>
    <TD align=center width="20%">N/A </TD>
    <TD align=center width="20%">Nil </TD>
<TD align=center width="20%">12,500 </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>Notes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Clive Johnson was a member of management in fiscal 2013
      and did not receive compensation as a director of the Company.
      Accordingly, the compensation details for Mr. Johnson have been excluded
      from this table. All such information is included under the Named
      Executive Officer table set forth under the heading &#147;<I>Summary
      Compensation Table</I>&#148;.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The &#147;grant date fair value&#148; has been determined by using
      the Black-Scholes model. This value is the same as the fair value
      established in accordance with generally accepted accounting principles
      and was determined using the following assumptions: share price volatility
      of 54%, an expected life of 3.5 years and a risk-free interest rate of
      approximately 1.06%. The Black-Scholes model is the industry standard and
      accordingly is useful for comparative purposes.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>All options shown were granted with an exercise price
      equal to the market price of the Company&#146;s common shares on the date of
      grant. Accordingly, the values shown for these options are not
      in-the-money value at the time of grant, but the theoretical value of the
      options at that time based on the Black-Scholes option pricing formula.
      Please see the table below under &#147;<I>Outstanding Option-based and
      Share-based Awards</I>&#148; for the in-the money value of these options on
      December 31, 2013.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>The table outlines the compensation paid to Directors as
      per the discussion above. Committee positions for each Director are
      outlined on page 6 of this Information Circular.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Mr. Robert Cross received a bonus of $250,000 for the
      year ended December 31, 2013, which were issued by way of RSUs and will
      vest as follows: One third (1/3) of RSUs vested on May 5, 2014, 1/3 will
      vest on May 5, 2015 and 1/3 will vest on May 5, 2016. Fair value of the
      RSUs was calculated by multiplying the number of vested RSUs by the market
      value of the underlying shares on the vesting date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Option-based awards for Mr. Bullock refer to the
      Company&#146;s acquisition of Volta Resources Inc. in 2013, whereby Mr.
      Bullock&#146;s existing Volta Resources options were converted to 244,500
      options of the Company.</P></TD></TR></TABLE>
<P align=justify><B>Outstanding Option-based and Share-based Awards </B></P>
<P align=justify>The following table sets out, for each non-executive Director
of the Company, the incentive stock options (option-based awards) and RSUs
outstanding as at December 31, 2013. These incentive stock options vest over a
three year period after the date of the grant and have a term of five
years. The RSUs vest one-third on the date of grant and the remainder in equal
amounts on each of the first and second anniversaries of the date of grant. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_35></A>
<P align=center>- 33 - </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD rowSpan=8 align=center bgcolor="#CCCCCC"><BR>
      <BR><BR><BR><BR><BR><B>Name</B> <BR></TD>
    <TD width="48%" colSpan=4 align=center bgcolor="#CCCCCC"><B>Option-based Awards</B> </TD>
    <TD width="36%" colSpan=3 align=center bgcolor="#CCCCCC"><B>Share-based Awards</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="12%" rowSpan=7 align=center bgcolor="#CCCCCC"><BR>
      <B>Number of</B>
      <BR><B>securities</B> <BR><B>underlying</B> <BR><B>unexercised</B>
      <BR><B>options</B> <BR><B>(#)</B> </TD>
    <TD width="12%" rowSpan=7 align=center bgcolor="#CCCCCC"><BR>
      <BR><BR><B>Option</B>
      <BR><B>exercise</B> <BR><B>price</B> <BR><B>($)</B> </TD>
    <TD width="12%" rowSpan=7 align=center bgcolor="#CCCCCC"><BR>
      <BR><BR><B>Option</B>
      <BR><B>expiration</B> <BR><B>date</B> <BR></TD>
    <TD width="12%" rowSpan=7 align=center bgcolor="#CCCCCC"><BR>
      <B>Value of</B>
      <BR><B>unexercised</B> <BR><B>in-the-</B> <BR><B>money</B>
      <BR><B>options</B> <BR><B>($)</B> </TD>
    <TD width="12%" rowSpan=7 align=center bgcolor="#CCCCCC"><BR>
      <BR><B>Number of</B>
      <BR><B>RSU&#146;s that</B> <BR><B>have not</B> <BR><B>vested</B> <BR><B>(#)</B>
    </TD>
    <TD width="12%" rowSpan=7 align=center bgcolor="#CCCCCC"><B>Market or</B> <BR>
      <B>payout</B>
      <BR><B>value of</B> <BR><B>RSU&#146;s that</B> <BR><B>have not</B>
      <BR><B>vested</B> <BR><B>($)</B> </TD>
    <TD width="12%" rowSpan=7 align=center bgcolor="#CCCCCC"><B>Market or</B> <BR>
      <B>payout
      value</B> <BR><B>of vested</B> <BR><B>RSU&#146;s not</B> <BR><B>paid out or</B>
    <BR><B>distributed</B> <BR><B>($)</B> </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left>Robert Cross </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">N/A </TD>
    <TD align=center width="12%">N/A </TD>
    <TD align=center width="12%">N/A </TD>
    <TD align=center width="12%">82,578 </TD>
    <TD align=center width="12%">180,020 </TD>
    <TD align=center width="12%">N/A </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=4>Robert Gayton <BR><BR><BR></TD>
    <TD align=center width="12%" rowSpan=4>100,000 <BR>100,000 <BR>100,000
      <BR>100,000 </TD>
    <TD align=center width="12%" rowSpan=4>0.80 <BR>3.11 <BR>3.93 <BR>3.00 </TD>
    <TD align=center width="12%" rowSpan=4>August 3, 2014 <BR>May 30, 2016
      <BR>March 4, 2017 <BR>April 10, 2018 </TD>
    <TD align=center width="12%" rowSpan=4>$138,000 <BR>$nil <BR>$nil <BR>$nil
    </TD>
    <TD align=center width="12%" rowSpan=4>N/A <BR><BR><BR></TD>
    <TD align=center width="12%" rowSpan=4>N/A <BR><BR><BR></TD>
    <TD align=center width="12%" rowSpan=4>N/A <BR><BR><BR></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=4>Barry Rayment <BR><BR><BR></TD>
    <TD align=center width="12%" rowSpan=4>300,000 <BR>100,000 <BR>100,000
      <BR>100,000 </TD>
    <TD align=center width="12%" rowSpan=4>0.80 <BR>3.11 <BR>3.93 <BR>3.00 </TD>
    <TD align=center width="12%" rowSpan=4>August 3, 2014 <BR>May 30, 2016
      <BR>March 4, 2017 <BR>April 10, 2018 </TD>
    <TD align=center width="12%" rowSpan=4>$414,000 <BR>$nil <BR>$nil <BR>$nil
    </TD>
    <TD align=center width="12%" rowSpan=4>N/A <BR><BR><BR></TD>
    <TD align=center width="12%" rowSpan=4>N/A <BR><BR><BR></TD>
    <TD align=center width="12%" rowSpan=4>N/A <BR><BR><BR></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3>John Ivany <BR><BR></TD>
    <TD align=center width="12%" rowSpan=3>100,000 <BR>100,000 <BR>100,000 </TD>
    <TD align=center width="12%" rowSpan=3>3.11 <BR>3.93 <BR>3.00 </TD>
    <TD align=center width="12%" rowSpan=3>May 30, 2016 <BR>March 4, 2017
      <BR>April 10, 2018 </TD>
    <TD align=center width="12%" rowSpan=3>$nil <BR>$nil <BR>$nil </TD>
    <TD align=center width="12%" rowSpan=3>N/A <BR><BR></TD>
    <TD align=center width="12%" rowSpan=3>N/A <BR><BR></TD>
    <TD align=center width="12%" rowSpan=3>N/A <BR><BR></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=4>Jerry Korpan <BR><BR><BR></TD>
    <TD align=center width="12%" rowSpan=4>300,000 <BR>100,000 <BR>100,000
      <BR>100,000 </TD>
    <TD align=center width="12%" rowSpan=4>0.80 <BR>3.11 <BR>3.93 <BR>3.00 </TD>
    <TD align=center width="12%" rowSpan=4>August 3, 2014 <BR>May 30, 2016
      <BR>March 4, 2017 <BR>April 10, 2018 </TD>
    <TD align=center width="12%" rowSpan=4>$414,000 <BR>$nil <BR>$nil <BR>$nil
    </TD>
    <TD align=center width="12%" rowSpan=4>N/A <BR><BR><BR></TD>
    <TD align=center width="12%" rowSpan=4>N/A <BR><BR><BR></TD>
    <TD align=center width="12%" rowSpan=4>N/A <BR><BR><BR></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=4>Bongani Mtshisi <BR><BR><BR></TD>
    <TD align=center width="12%" rowSpan=4>5,000<SUP>(2)</SUP>
      <BR>12,000<SUP>(2)</SUP> <BR>300,000<SUP>(2)</SUP> <BR>100,000 </TD>
    <TD align=center width="12%" rowSpan=4>2.40 <BR>2.40 <BR>3.10 <BR>3.00 </TD>
    <TD align=center width="12%" rowSpan=4>July 13, 2015 <BR>July 1, 2016
      <BR>January 18, 2017 <BR>April 10, 2018 </TD>
    <TD align=center width="12%" rowSpan=4>$nil <BR>$nil <BR>$nil <BR>$nil </TD>
    <TD align=center width="12%" rowSpan=4>N/A <BR><BR><BR></TD>
    <TD align=center width="12%" rowSpan=4>N/A <BR><BR><BR></TD>
    <TD align=center width="12%" rowSpan=4>N/A <BR><BR><BR></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left>Michael Carrick </TD>
    <TD align=center width="12%">400,000 </TD>
    <TD align=center width="12%">3.00 </TD>
    <TD align=center width="12%">April 10, 2018 </TD>
    <TD align=center width="12%">$nil </TD>
    <TD align=center width="12%">N/A </TD>
    <TD align=center width="12%">N/A </TD>
    <TD align=center width="12%">N/A </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=5>Kevin Bullock<SUP>(3)</SUP> <BR><BR><BR><BR></TD>
    <TD align=center width="12%" rowSpan=5>35,250 <BR>41,250 <BR>52,500
      <BR>52,500 <BR>63,000 </TD>
    <TD align=center width="12%" rowSpan=5>10.20 <BR>10.27 <BR>12.67 <BR>4.87
      <BR>0.84 </TD>
    <TD align=center width="12%" rowSpan=5>April 4, 2015 <BR>August 16, 2015
      <BR>August 23, 2016 <BR>August 13, 2017 <BR>August 13, 2018 </TD>
    <TD align=center width="12%" rowSpan=5>$nil <BR>$nil <BR>$nil <BR>$nil
      <BR>$84,420 </TD>
    <TD align=center width="12%" rowSpan=5>N/A <BR><BR><BR><BR></TD>
    <TD align=center width="12%" rowSpan=5>N/A <BR><BR><BR><BR></TD>
    <TD align=center width="12%" rowSpan=5>N/A <BR><BR><BR><BR></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
<TR vAlign=top></TR></TABLE></DIV>
<P align=justify>Notes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The value of unexercised in-the-money options is
      calculated by multiplying the difference between the closing price of the
      common shares of the Company on December 31, 2013, which was $2.18, and
      the option exercise price, by the number of outstanding options (both
      vested and unvested). Where the difference is negative, the options are
      not in-the-money and no value is reported.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>These option-based awards for Mr. Mtshisi refer to the
      Company&#146;s acquisition of Auryx Gold Corp. in 2011, whereby Mr. Mtshisi&#146;s
      existing Auryx Gold options were converted to 317,000 options of the
      Company.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Option-based awards for Mr. Bullock refer to the
      Company&#146;s acquisition of Volta Resources Inc. in 2013, whereby Mr.
      Bullock&#146;s existing Volta Resources options were converted to 244,500
      options of the Company.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_36></A>
<P align=center>- 34 - </P>
<P align=justify><B>Incentive Plan Awards - Value Vested or Earned During the
Year </B></P>
<P align=justify>Options granted to the Directors of the Company vest over a
three year period. Because the exercise price of options at the time of grant is
set at or above the market price of the Company&#146;s common shares on the grant
date, the value of these incentive stock option grants at the time of initial
vesting is nil. </P>
<P align=justify>The following table sets forth, for each Director, the value of
all incentive plan awards vested during the year ended December 31, 2013. The
value vested during the year represents the cumulative excess of the fair market
price over the stock option grant price on the vesting date for all stock
options that vested during 2013 whether or not they were exercised by the
Director.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD rowSpan=4 align=center bgcolor="#CCCCCC"><BR>
      <BR><B>Name</B> <BR></TD>
    <TD width="25%" rowSpan=4 align=center bgcolor="#CCCCCC"><BR>
      <B>Option-based awards &#150;
      Value</B> <BR><B>vested during the year</B><B><SUP>(1)</SUP></B>
      <BR><B>($)</B> </TD>
    <TD width="25%" rowSpan=4 align=center bgcolor="#CCCCCC"><BR>
      <B>Share-based awards &#150;
      Value</B> <BR><B>vested during the year</B> <BR><B>($)</B> </TD>
    <TD width="25%" rowSpan=4 align=center bgcolor="#CCCCCC"><B>Non-equity incentive plan</B>
      <BR>
      <B>compensation &#150; Value earned</B> <BR><B>during the year</B>
    <BR><B>($)</B> </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left>Robert Cross </TD>
    <TD align=center width="25%">N/A </TD>
    <TD align=center width="25%">183,332<SUP>(2)</SUP> </TD>
    <TD align=center width="25%">N/A </TD></TR>
  <TR vAlign=top>
    <TD align=left>Robert Gayton </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">N/A </TD>
    <TD align=center width="25%">N/A </TD></TR>
  <TR vAlign=top>
    <TD align=left>Barry Rayment </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">N/A </TD>
    <TD align=center width="25%">N/A </TD></TR>
  <TR vAlign=top>
    <TD align=left>John Ivany </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">N/A </TD>
    <TD align=center width="25%">N/A </TD></TR>
  <TR vAlign=top>
    <TD align=left>Jerry Korpan </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">N/A </TD>
    <TD align=center width="25%">N/A </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bongani Mtshisi </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">N/A </TD>
    <TD align=center width="25%">N/A </TD></TR>
  <TR vAlign=top>
    <TD align=left>Michael Carrick </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">N/A </TD>
    <TD align=center width="25%">N/A </TD></TR>
  <TR vAlign=top>
    <TD align=left>Kevin Bullock </TD>
    <TD align=center width="25%">84,420 </TD>
    <TD align=center width="25%">N/A </TD>
<TD align=center width="25%">N/A </TD></TR></TABLE></DIV>
<P align=justify>Notes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The value vested during the year is calculated by
      multiplying the difference between the closing price of the common shares
      of the Company on December 31, 2013, which was $2.18, and the option
      exercise price, by the number of options that vested during the
    year.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>This figure represents the value vested in the RSUs held
      by Mr. Robert Cross during the year ended December 31, 2013. Mr. Cross
      received a bonus of $300,000 for the year ended December 31, 2011, which
      were issued by way of RSUs and will vest as follows: One third (1/3) of
      RSUs vested on April 26, 2012, 1/3 vested on April 26, 2013 and 1/3 will
      vest on April 26, 2014. Fair value of the RSUs was calculated by
      multiplying the number of vested RSUs by the market value of the
      underlying shares on the vesting date. Mr. Cross also received a bonus of
      $250,000 for the year ended December 31, 2012, which will be issued by way
      of RSUs and will vest as follows: One third (1/3) of RSUs vested on April
      4, 2013, 1/3 will vest on April 4, 2014 and 1/3 will vest on April 4,
      2015. Mr. Cross also received a bonus of $250,000 for the year ended
      December 31, 2013, which will be issued by way of RSUs and will vest as
      follows: One third (1/3) of RSUs vested on May 5, 2014, 1/3 will vest on
      May 5, 2015 and 1/3 will vest on May 5, 2016.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_37></A>
<P align=center>- 35 - </P>
<P align=justify><B>EQUITY COMPENSATION PLAN </B></P>
<P align=justify><B>Equity Compensation Plan Information </B></P>
<P align=justify>The following table provides information regarding compensation
plans under which securities of the Company are authorized for issuance in
effect as of December 31, 2013: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD rowSpan=8 align=center bgcolor="#CCCCCC"><BR>
      <BR><BR><B>Plan Category</B>
      <BR><BR><BR><BR></TD>
    <TD width="25%" rowSpan=8 align=center bgcolor="#CCCCCC"><BR>
      <B>Number of securities to
      be</B> <BR><B>issued upon exercise of</B> <BR><B>outstanding options,</B>
      <BR><B>warrants and rights</B><B><SUP>(3)</SUP></B> <BR><BR><B>(a)</B>
    <BR></TD>
    <TD width="25%" rowSpan=8 align=center bgcolor="#CCCCCC"><BR>
      <B>Weighted-average</B>
      <BR><B>exercise price of</B> <BR><B>outstanding options,</B>
      <BR><B>warrants and rights</B> <BR><BR><B>(b)</B> <BR></TD>
    <TD width="25%"
    rowSpan=8 align=center bgcolor="#CCCCCC" style="BORDER-BOTTOM: #000000 1px solid"><B>Number of securities remaining</B> <BR>
      <B>available for
      future issuance</B> <BR><B>under equity compensation plans</B>
      <BR><B>(excluding securities reflected in</B> <BR><B>column
    (a))</B><B><SUP>(4)</SUP></B> <BR><BR><B>(c)</B> <BR></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3>Equity Compensation Plans <BR>Approved By
      Shareholders <BR></TD>
    <TD align=center width="25%" rowSpan=3>38,424,206 <BR><BR></TD>
    <TD align=center width="25%" rowSpan=3>2.83 <BR><BR></TD>
    <TD align=center width="25%" rowSpan=3>9,387,686 <BR><BR></TD></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2>Equity Compensation Plans Not <BR>Approved By
      Shareholders<SUP>(1)(2)</SUP> </TD>
    <TD align=center width="25%" rowSpan=2><BR>N/A </TD>
    <TD align=center width="25%" rowSpan=2><BR>N/A </TD>
    <TD align=center width="25%" rowSpan=2><BR>N/A </TD></TR>
  <TR vAlign=top></TR>
  <TR>
    <TD rowSpan=2><BR>Total </TD>
    <TD align=center width="25%" rowSpan=2><BR>38,424,206 </TD>
    <TD align=center width="25%" rowSpan=2><BR>2.83 </TD>
    <TD align=center width="25%" rowSpan=2><BR>9,387,686 </TD></TR>
<TR vAlign=top></TR></TABLE></DIV>
<P align=justify>Notes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>In connection with the acquisition of all of the
      securities of Auryx Gold Corp. by the Company by way of plan of
      arrangement, the Company granted 3,176,501 options to purchase common
      shares of the Company with a weighted average exercise price of $2.49 to
      former holders of Auryx Gold stock options. These options have not been
      included in the amounts set out in the table above. As of the date of this
      Information Circular, a total of 2,474,563 options granted to such persons
      remain outstanding with a weighted average exercise price of
  $2.50.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>In connection with the acquisition of all of the
      securities of Volta Resources Inc. by the Company by way of plan of
      arrangement, the Company granted 2,079,000 options to purchase common
      shares of the Company with a weighted average exercise price of $6.88 to
      former holders of Volta Resources stock options. These options have not
      been included in the amounts set out in the table above. As of the date of
  this Information Circular, a total of 1,943,250 options granted to such persons remain outstanding at a weighted average exercise price of $7.30.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Represents common shares of the Company issuable under
      the Option Plan and the RSU Plan. Additional information can be found
      under &#147;<I>Compensation Discussion &amp; Analysis &#150; Long Term
      Compensation</I>&#148;.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Represents common shares remaining available for future
      issuance under the Option Plan and the RSU Plan. Pursuant to the Option
      Plan, the Company is authorized to issue up to 7.5% of the number of
      issued and outstanding common shares of the Company on a non-diluted basis
      at any time. The number of common shares available for future issuance
      under the Option Plan as at December 31, 2013 was 7,136,096 and includes
      common shares that have not previously been reserved for an option grant
      and common shares underlying unexercised options that have expired or were
      terminated. The Company is also authorized to issue up to 8,000,000 RSUs
      under the RSU Plan, with each RSU entitling the holder thereof to receive
      a payment in one fully-paid common share. The number of RSUs available for
      future issuance under the RSU Plan as at December 31, 2013 was 2,251,590.
      Additional information can be found under &#147;<I>Compensation Discussion
      &amp; Analysis &#150; Long Term Compensation</I>&#148;.</P></TD></TR></TABLE>
<P align=justify><B>Stock Option Plan </B></P>
<P align=justify>The purpose of the Amended Plan is to provide eligible persons
with an opportunity to purchase common shares of the Company and to benefit from
the appreciation in the value of such common shares. The Amended Plan increases
the Company&#146;s ability to attract individuals of exceptional skill by providing
them with the opportunity, through the exercise of stock options, to benefit
from the growth of the Company. The Board of Directors has the authority to
determine the directors, officers, employees and consultants to whom options
will be granted, the number of options to be granted to each person and the
price at which common shares may be purchased, subject to the terms and
conditions set forth in the Amended Plan. </P>
<P align=justify>For a summary of the key provisions of the Amended Plan, see
&#147;<I>Approval of the Amended and Restated Stock Option Plan</I>&#148;. </P>
<P align=justify><B>Restricted Share Unit Plan </B></P>
<P align=justify>On May 6, 2011, the Company&#146;s Board of Directors approved the
RSU Plan, subject to the receipt of shareholder and regulatory approvals, which
approvals were obtained by June 10, 2011. Adoption of the RSU Plan was part of
the Company&#146;s continuing effort to build upon and enhance long term shareholder
value. The RSU Plan reflects the Company&#146;s commitment to a long term incentive
compensation structure that aligns the interests of its employees with the
interests of its shareholders. </P>
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<P align=center>- 36 - </P>
<P align=justify>For a summary of the key features of the RSU Plan, see
&#147;<I>Approval of the Amended Restricted Share Unit Plan</I>&#148;. </P>
<P align=justify><B>B2Gold Corp. Incentive Plan </B></P>
<P align=justify>On June 29, 2007, the Company established the B2Gold Corp.
Incentive Plan (the &#147;Incentive Plan&#148;) for the benefit of directors, officers,
employees and service providers of the Company and issued to the trustees of the
Incentive Plan, Messrs. Johnson, Corra, Richer and Garagan, options to acquire
4,955,000 common shares. On October 12, 2007, following the exercise of these
options, an aggregate of 4,955,000 common shares was issued to the trustees of
the Incentive Plan at a price of $0.02 for gross proceeds of $99,100. On July 5,
2011, 1,000,000 common shares were issued out of the Incentive Plan, on May 28,
2012, a further 500,000 common shares were issued out of the Incentive Plan and
on May 1, 2014 a further 750,000 common shares were issued out of the Incentive
Plan. </P>
<P align=justify><B>CORPORATE GOVERNANCE </B></P>
<P align=justify>The Board of Directors is committed to sound corporate
governance practices that are both in the interest of its shareholders and
contribute to effective and efficient decision making. National Policy 58-201,
<I>Corporate Governance Guidelines</I> (&#147;NP 58-201&#148;) establishes corporate
governance guidelines which apply to all public companies. The Company has
reviewed its own corporate governance practices in light of these guidelines and
the Board considers that the Company&#146;s corporate governance practices
substantially comply with NP 58-201. The Board will continue to review with
management the corporate governance practices of the Company to ensure that they
are sound practices for effective and efficient decision making. </P>
<P align=justify>In accordance with NI 58-101, the Company is required to
disclose, on an annual basis, its approach to corporate governance. The
following is a description of the Company&#146;s approach to corporate governance.
</P>
<P align=justify><B>Board of Directors </B></P>
<P align=justify>The Board considers its composition and size on an ongoing
basis. Directors are recruited from time to time with a view to achieving and
maintaining a majority of independent directors while at the same time
maintaining complementary skill, knowledge and experience in the mining
industry. The Board of Directors is currently comprised of nine Directors. The
Board of Directors considers that eight of the nine current Directors are
independent in accordance with the definition of &#147;independence&#148; set out in
National Instrument 52-110, <I>Audit Committees</I> (&#147;NI 52-110&#148;), as it applies
to the Board of Directors, and in accordance with the applicable rules of the
NYSE MKT LLC (&#147;NYSE MKT&#148;). </P>
<P align=justify>The eight current Directors that are considered to be
independent are Robert Cross, Robert Gayton, Barry Rayment, Jerry Korpan, John
Ivany, Bongani Mtshisi, Michael Carrick and Kevin Bullock. See &#147;<I>Election of
Directors</I>&#148;. Clive Johnson is not considered to be independent as he has a
material relationship with the Company, namely his role as the President and
Chief Executive Officer of the Company. Accordingly, the Board considers that a
majority of the Directors are independent.</P>
<P align=justify>To facilitate the exercise of independent judgement by the
Board in carrying out its responsibilities, each of the members of the Audit
Committee and the Compensation Committee is considered to be independent for the
purposes of NI 52-110, the rules of the NYSE MKT and, where applicable, Rule
10A-3 of the U.S. Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). </P>
<P align=justify>Meetings of independent Directors are not regularly scheduled
but communication among the independent Directors occurs on an ongoing basis as
the need arises from regularly scheduled meetings of the Board. The Board
believes that adequate procedures are in place to facilitate the functioning of
the Board with a level of independence from the Company&#146;s management.</P>
<P align=justify>Mr. Robert Cross, an independent Director, is Chairman of the
Board and presides as such at each Board meeting. </P>
<P align=justify>The following Directors are currently directors of other
issuers that are reporting issuers (or the equivalent) in a jurisdiction in
Canada or a foreign jurisdiction: </P>
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<P align=center>- 37 - </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD align=left bgcolor="#CCCCCC" ><B>Name of Director</B> </TD>
    <TD width="59%" colSpan=2 align=left bgcolor="#CCCCCC"><B>Reporting Issuer</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Clive Johnson </TD>
    <TD align=left width="5%" ><B>&#149;</B> </TD>
    <TD align=left width="54%">Uracan Resources Ltd. </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=6 >Robert Cross </TD>
    <TD align=left width="5%" rowSpan=6 ><B>&#149;</B> <BR><B>&#149;</B> <BR><B>&#149;</B> <BR><B>&#149;</B>
      <BR><B>&#149;</B><BR><B>&#149;</B></TD>
    <TD align=left width="54%" rowSpan=6>Tilting Capital Corp. <BR>BNK
      Petroleum Inc. <BR>Bankers Petroleum Ltd. <BR>Focused Capital II Corp.
      <BR>Zodiac Exploration Inc. <BR>Petrodorado Energy Ltd. </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=4 >Robert Gayton <BR><BR><BR></TD>
    <TD align=left width="5%" rowSpan=4 ><B>&#149;</B><BR><B>&#149;</B><BR><B>&#149;</B><BR><B>&#149;</B></TD>
    <TD align=left width="54%" rowSpan=4>Amerigo Resources Limited <BR>Eastern
      Platinum Ltd. <BR>Nevsun Resources Ltd. <BR>Western Copper and Gold
      Corporation </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left >Barry Rayment </TD>
    <TD align=left width="5%" ><B>&#149;</B> </TD>
    <TD align=left width="54%">Till Capital Ltd. </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >John Ivany <BR></TD>
    <TD align=left width="5%" rowSpan=2 ><B>&#149;</B> <BR><B>&#149;</B> </TD>
    <TD align=left width="54%" rowSpan=2>Allied Nevada Gold Corp. <BR>Eurogas
      International Inc. </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Jerry Korpan <BR></TD>
    <TD align=left width="5%" rowSpan=2 ><B>&#149;</B> <BR><B>&#149;</B> </TD>
    <TD align=left width="54%" rowSpan=2>Mitra Energy Limited <BR>Midas Gold
      Corporation </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left >Michael Carrick </TD>
    <TD align=left width="5%" ><B>&#149;</B> </TD>
    <TD align=left width="54%">RTG Mining Inc. </TD></TR>
  <TR vAlign=top>
    <TD align=left >Kevin Bullock </TD>
    <TD align=left width="5%" ><B>&#149;</B></TD>
    <TD align=left width="54%">Metallum Resources Inc.
</TD></TR></TABLE></DIV>
<P align=justify>The attendance record for each Director for all board meetings
and for committee meetings of which they are a member held since January 1, 2013
is set out below: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD colSpan=2 rowSpan=2 align=center bgcolor="#CCCCCC"><B>Number of Board and</B>
      <BR>
      <B>Committee Meetings Held</B> </TD>
    <TD width="44%" colSpan=4 rowSpan=2 align=center bgcolor="#CCCCCC"><B>Attendance of
    Directors</B> <BR></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left colSpan=6 rowSpan=5>Board meetings: 7 <BR>Audit Committee
      (&#147;AC&#148;): 4 <BR>Compensation Committee (&#147;CC&#148;): 2 <BR>Corporate Governance
      &amp; Nominating Committee (&#147;CGNC&#148;): 2 <BR>Health, Safety, Environment,
      and Social Committee (&#147;HSESC&#148;): 2 </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#CCCCCC"><B>Director</B> </TD>
    <TD width="11%" align=center bgcolor="#CCCCCC"><B>Board Mtgs.</B> </TD>
    <TD width="11%" align=center bgcolor="#CCCCCC"><B>AC Mtgs.</B> </TD>
    <TD width="11%" align=center bgcolor="#CCCCCC"><B>CC Mtgs.</B> </TD>
    <TD width="11%" align=center bgcolor="#CCCCCC"><B>CGNC Mtgs.</B> </TD>
    <TD width="11%" align=center bgcolor="#CCCCCC"><B>HSESC Mtgs.</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Clive Johnson (HSESC) </TD>
    <TD align=center width="11%">7 </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Robert Cross (CC, CGNC) </TD>
    <TD align=center width="11%">7 </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">2 </TD>
    <TD align=center width="11%">2 </TD>
    <TD align=center width="11%">N/A </TD></TR>
  <TR vAlign=top>
    <TD align=left>Robert Gayton (AC, CC) </TD>
    <TD align=center width="11%">7 </TD>
    <TD align=center width="11%">4 </TD>
    <TD align=center width="11%">2 </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD></TR>
  <TR vAlign=top>
    <TD align=left>Barry Rayment (AC, CC, HSESC) </TD>
    <TD align=center width="11%">7 </TD>
    <TD align=center width="11%">4 </TD>
    <TD align=center width="11%">2 </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Jerry Korpan (HSESC) </TD>
    <TD align=center width="11%">6 </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>John Ivany (AC, CGNC) </TD>
    <TD align=center width="11%">7 </TD>
    <TD align=center width="11%">4 </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">2 </TD>
    <TD align=center width="11%">N/A </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bongani Mtshisi </TD>
    <TD align=center width="11%">7 </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD></TR>
  <TR vAlign=top>
    <TD align=left>Michael Carrick<SUP>(1)</SUP> </TD>
    <TD align=center width="11%">5 </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD></TR>
  <TR vAlign=top>
    <TD align=left>Kevin Bullock<SUP>(2)</SUP> </TD>
    <TD align=center width="11%">0 </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD>
    <TD align=center width="11%">N/A </TD>
<TD align=center width="11%">N/A </TD></TR></TABLE></DIV><BR>
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<P align=center>- 38 - </P>
<P align=justify>Notes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Michael Carrick was appointed to the Board of Directors
      on January 31, 2013, following the completion of the acquisition of CGA
      Mining Ltd.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Kevin Bullock was appointed to the Board of Directors on
      December 22, 2013, following the completion of the acquisition of Volta
      Resources Inc.</P></TD></TR></TABLE>
<P align=justify><B>Board Mandate and Position Descriptions </B></P>
<P align=justify>A copy of the Mandate of the Board of Directors is attached as
Schedule D. </P>
<P align=justify>The Board has developed written position descriptions for the
Chairman of the Board and the chair of each committee of the Board. The
responsibilities of the Chairman of the Board include providing leadership to
the Board in its duties to the Company and facilitating effective review,
analysis and discussion at Board meetings. </P>
<P align=justify>A written position description has also been developed for the
President and Chief Executive Officer. The responsibilities of the President and
Chief Executive Officer include managing the efficient and effective operation
of the Company, assisting the Board in establishing and implementing the
strategic direction of the Company and ensuring all material matters affecting
the Company are brought to the attention of the Board. </P>
<P align=justify><B>Orientation and Continuing Education </B></P>
<P align=justify>At present, each new Director is given an outline of the nature
of the Company&#146;s business, its corporate strategy, current issues with the
Company, short, medium and long term corporate objectives, business risks and
mitigation strategies, corporate governance guidelines and existing company
policies. New Directors are also required to meet with management of the Company
to discuss and better understand the Company&#146;s business and will be advised by
counsel to the Company of their legal obligations as Directors of the Company.
</P>
<P align=justify>The skill and knowledge of the Board of Directors as a whole is
such that the Corporate Governance and Nominating Committee is of the view that
a formal continuing education process is not currently required. The Board of
Directors is comprised of individuals with varying backgrounds, who have, both
collectively and individually, extensive experience in running and managing
public companies in the natural resource sector. Board members are encouraged to
communicate with management, auditors and technical consultants to keep
themselves current with industry trends and developments and changes in
legislation, with management&#146;s assistance. Board members have full access to the
Company&#146;s records. Reference is made to the table under the heading &#147;<I>Election
of Directors</I>&#148; for a description of the current principal occupations of the
members of the Board of Directors. </P>
<P align=justify>The orientation and continuing education process will be
reviewed on an annual basis and will be revised accordingly. There are technical
presentations at Board meetings, focusing on either a particular property or a
summary of various properties. The question and answer portions of these
presentations are a valuable learning resource for the non-technical directors.
</P>
<P align=justify><B>Ethical Business Conduct </B></P>
<P align=justify>The Board has adopted a written Code of Business Conduct and
Ethics (the &#147;Code&#148;) for the Company&#146;s Directors, officers and employees. A copy
of the Code has been filed on and is available under the Company&#146;s profile on
SEDAR at <U>www.sedar.com</U> or may be obtained upon request from the head
office of the Company, Suite 3100 &#150; 595 Burrard Street, Vancouver, British
Columbia V7X 1J1. All Company personnel are encouraged to report violations of
the Code in accordance with the procedures set forth in the Code.</P>
<P align=justify>In addition to responding to any complaints or violations
reported directly to board members, the Board makes periodic inquiries of
Company management as to issues related to compliance with Code requirements. In
addition, in the course of regular business and operations updates provided by
Company management to the board, there are opportunities to discuss any
compliance issues. The Company is also developing a program pursuant to which
employees of the Company will sign a document certifying to comply with the
Code. Directors of the Company would sign the document on an annual basis and
also certify compliance for the previous year. </P>
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<P align=center>- 39 - </P>
<P align=justify><I>Conflict of Interest Policy </I></P>
<P align=justify>As required under the BCBCA and the Company&#146;s Articles: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>A director or executive 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&#146;s duty or interest as a director or
      executive officer of the Company, must promptly disclose the nature and
      extent of that conflict. </P></TD></TR>
  <TR>
    <TD align=center >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>A director who holds a disclosable interest (as that term
      is used in the BCBCA) in a contract or transaction into which the Company
      has entered or proposes to enter may not vote on any directors&#146; resolution
      to approve the contract or transaction. </P></TD></TR></TABLE>
<P align=justify>Directors or executive officers who have disclosed a material
interest in any transaction or agreement that the Board is considering must
abstain from voting on such matters. Generally, as a matter of practice,
directors or executive officers who have disclosed a material interest in any
transaction or agreement that the Board is considering do not take part in any
Board discussion with respect to that contract or transaction. </P>
<P align=justify><I>Insider Trading Policy </I></P>
<P align=justify>The Company has adopted an Insider Trading Policy to assist
directors, officers, employees and contractors in meeting their obligations
under applicable securities laws, rules and regulations and the rules and
regulations of the stock exchanges on which the Company&#146;s securities are listed.
The policy prohibits trading on material, non-public information and describes
certain blackout periods and insider reporting obligations under applicable
laws. </P>
<P align=justify><I>Disclosure Policy </I></P>
<P align=justify>The Company has adopted a Corporate Communications Policy that
supports the Company&#146;s commitment to timely disclosure of material information.
Among other matters, the policy sets out the Company&#146;s disclosure principles,
details procedures for dissemination of material information, including news
releases and public filings, and specifies parameters for contact with the
investment community, the media and analysts.</P>
<P align=justify><I>Whistleblower Policy </I></P>
<P align=justify>The Company has adopted a whistleblower policy that governs the
process through which its officers, employees and others, either directly or
anonymously, can notify either Whistleblower Security Inc., a third party
service provider, the Chairman of the Audit Committee or the Chairman of the
Board of Directors, of concerns relating to the Company&#146;s accounting, internal
controls or auditing matters.</P>
<P align=justify><I>Anti-Corruption Policy </I></P>
<P align=justify>The Company has adopted an anti-corruption policy that
prescribes standards of professional and ethical conduct for the Company&#146;s
representatives, including its directors, officers, employees, consultants and
those indirectly representing the Company or any of its subsidiaries and
affiliates. The policy prohibits any of the Company&#146;s representatives from
achieving results through violations of laws or regulations, or thought
unscrupulous dealings. </P>
<P align=justify><B>Nomination of Directors </B></P>
<P align=justify>The Corporate Governance and Nominating Committee is
responsible for identifying and recommending to the Board of Directors potential
candidates to fill Board vacancies as and when they arise. The Corporate
Governance and Nominating Committee is currently comprised of Robert Cross and
John Ivany, each of whom is an independent director within the meaning of all
applicable Canadian and U.S. securities laws and regulations and the rules of
the TSX and NYSE MKT. Prior to making a nomination, the Corporate Governance and
Nominating Committee considers the balance of skills, knowledge and experience
on the Board and, in light of this prepares a description of the role and
capabilities required for a particular appointment. Taking this into account,
the Corporate Governance and Nominating Committee identifies suitable candidates
by considering candidates from a wide range of backgrounds based on merit and against objective criteria and
taking care that appointees have enough time to devote to the position.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<!--$$/page=--><A name=page_42></A>
<P align=center>- 40 - </P>
<P align=justify>The Corporate Governance and Nominating Committee also reviews
the structure, size and composition required of the Board compared to its
current position and makes recommendations to the Board with regard to any
changes. The Corporate Governance and Nominating Committee also annually
assesses directors and makes recommendations to the Board concerning the
re-election of any director at the conclusion of their specified term of office
and the continuation in office of any director, having due regard to their
performance and ability to continue to contribute to the Board. The Corporate
Governance and Nominating Committee also recommend individual directors to the
Board to serve as members or chairs of the Audit Committee and the Compensation
Committee and any other committees established by the Board from time to time.
The Corporate Governance and Nominating Committee ensures that new directors are
formally advised as to what is expected of them and makes recommendations
respecting orientation of new Board members and ongoing education of all Board
members. </P>
<P align=justify>In addition to its nomination function, the Corporate
Governance and Nominating Committee is responsible for establishing and
reviewing the Company&#146;s corporate governance practices as well as reviewing and
assessing the Company&#146;s ongoing compliance with the various securities and
regulatory authorities that govern it, as well as ensuring that the Company
continues to conduct itself in a manner appropriate for that of a public company
in accordance with its corporate governance practices. The Corporate Governance
and Nominating Committee is also responsible for the development of the
Company&#146;s code of conduct, and for monitoring compliance with the code. </P>
<P align=justify><B>Compensation </B></P>
<P align=justify>The Board of Directors has appointed a Compensation Committee
with responsibility for determining the compensation of officers within the
terms of the framework or broad policy determined and agreed with the Board for
that purpose. The Compensation Committee reports formally to the Board making
recommendations on individual officer compensation to the Board for its
approval.</P>
<P align=justify>The Compensation Committee charter provides that the
Compensation Committee must consist of at least three members, all of whom must
be independent within the meaning of applicable legal and regulatory
requirements. The Compensation Committee is currently comprised of Robert Cross,
Robert Gayton and Barry Rayment, each of whom is an independent director within
the meaning of all applicable Canadian and U.S. securities laws and regulations
and the rules of the TSX and NYSE MKT. </P>
<P align=justify>On an ongoing basis, the Board, in consultation with the
Compensation Committee, considers the adequacy and form of director compensation
taking into account the responsibilities and risks involved in being a director.
In determining the appropriate level of compensation, the Board considers the
types and amounts of compensation paid to directors of comparable public
companies. </P>
<P align=justify>The Company has adopted a written charter for the Compensation
Committee that sets out the committee&#146;s responsibilities, structure and
operations. Pursuant to its charter, the Compensation Committee, among other
things: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>recommends to the Board human resources and compensation
      policies and guidelines for application to the Company; </P></TD></TR>
  <TR>
    <TD align=center >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>reviews and recommends any changes deemed necessary to
      the Company&#146;s domestic and international compensation and human resources
      policies and procedures; </P></TD></TR>
  <TR>
    <TD align=center >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>ensures that the Company has in place programs to attract
      and develop management of the highest calibre and a process to provide for
      the orderly succession of management and, in particular, that (i) properly
      reflect the duties and responsibilities of members of management, (ii) are
      effective and competitive in attracting, retaining and motivating people
      of the highest quality, and (iii) are based on established corporate and
      individual performance objectives; </P></TD></TR>
  <TR>
    <TD align=center >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>reviews and approves the corporate goals and objectives
      relevant to the compensation of the Chief Executive Officer on an annual
      basis, evaluates the Chief Executive Officer&#146;s performance in light of
      these goals and objectives and recommends the compensation of the Chief
      Executive Officer based on this evaluation; </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_43></A>
<P align=center>- 41 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>reviews, on an annual basis, the salary, bonus and other
      benefits, direct and indirect, of the President and Chief Executive
      Officer and makes recommendations in respect thereof for approval by the
      Board, provided that such Board approval will include the approval of a
      majority of directors that are &#147;independent&#148; of the Company; </P></TD></TR>
  <TR>
    <TD align=center >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>reviews, on an annual basis, the performance of and
      proposed compensation for all other executive officers of the Company
      after considering the recommendations of the President and Chief Executive
      Officer, all within the human resources and compensation policies and
      guidelines approved by the Board, and makes recommendations in respect
      thereof for approval by the Board, provided that such Board approval will
      include the approval of a majority of directors that are &#147;independent&#148; of
      the Company; </P></TD></TR>
  <TR>
    <TD align=center >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>oversees the implementation and administration of human
      resources and compensation policies approved by the Board concerning (i)
      executive compensation, contracts, stock plans or other incentive plans,
      and (ii) proposed personnel changes involving officers reporting to the
      President and Chief Executive Officer; </P></TD></TR>
  <TR>
    <TD align=center >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>reviews any proposed amendments to the Company&#146;s
      incentive stock option plan and reports to the Board; </P></TD></TR>
  <TR>
    <TD align=center >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>reviews and makes recommendations to the Board concerning
      the recommendations of the President and Chief Executive Officer for stock
      option grants to directors, executive officers, employees and consultants
      of the Company and its affiliates under the Company&#146;s incentive stock
      option plan; </P></TD></TR>
  <TR>
    <TD align=center >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>annually receives from the President and Chief Executive
      Officer recommendations concerning annual compensation policies and
      budgets for all employees; and </P></TD></TR>
  <TR>
    <TD align=center >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>periodically reviews the adequacy and form of the
      compensation of directors to ensure that the compensation appropriately
      reflects the responsibilities and risks involved in being an effective
      director, and to report and make recommendations to the Board accordingly.
      </P></TD></TR></TABLE>
<P align=justify>The Compensation Committee meets at least twice a year and at
such other times as required. The Compensation Committee is authorized to seek
any information it requires from any employee of the Company and to obtain, at
the Company&#146;s expense, outside professional advice in order to properly and
fully perform its duties and responsibilities. </P>
<P align=justify><B>Audit Committee </B></P>
<P align=justify>The Audit Committee of the Company is composed of Messrs.
Robert Gayton (Chairman), Barry Rayment and John Ivany. All members of the Audit
Committee are: (i) independent within the meaning of NI 52-110, which provides
that a member shall not have a direct or indirect material relationship with the
Company which could, in the view of the Board of Directors, reasonably interfere
with the exercise of a member&#146;s independent judgment; (ii) independent within
the meaning of Rule 10A-3 under the Exchange Act and the applicable rules of the
NYSE MKT; and (iii) considered to be financially literate under NI 52-110 and
the applicable rules of the NYSE MKT. The Board has determined that Mr. Gayton
qualifies and an &#147;audit committee financial expert&#148; within the meaning of the
applicable U.S. securities laws. </P>
<P align=justify>It is the Board of Directors&#146; responsibility to ensure that an
effective internal control framework exists within the Company. The Audit
Committee has been formed to assist the Board of Directors to meet its oversight
responsibilities in relation to the Company&#146;s financial reporting and external
audit function, internal control structure and risk management procedures. In
doing so, it is the responsibility of the Audit Committee to maintain free and
open communication between the Audit Committee, the external auditors and the
management of the Company. </P>
<P align=justify>The Audit Committee reviews the effectiveness of the Company&#146;s
financial reporting and internal control policies and its procedures for the
identification, assessment, reporting and management of risks. The Audit
Committee oversees and appraises the quality of the external audit and the
internal control procedures, including financial reporting and practices,
business ethics, policies and practices, accounting policies, and management and
internal controls.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_44></A>
<P align=center>- 42 - </P>
<P align=justify>For further information regarding the Company&#146;s Audit
Committee, please refer to the section entitled &#147;Audit Committee&#148; in the
Company&#146;s Annual Information Form dated March 31, 2014, which is available under
the Company&#146;s profile on SEDAR at <U>www.sedar.com</U> or may be obtained upon
request from the Secretary of the Company, Suite 3100, Three Bentall Centre, 595
Burrard Street, Vancouver, British Columbia V7X 1J1.</P>
<P align=justify><B>Health, Safety, Environment, and Social Committee </B></P>
<P align=justify>The Board of Directors has appointed a Health, Safety,
Environment and Social (&#147;HSES&#148;) Committee with responsibility for ensuring that
the Company implements the standards necessary for (i) effective occupational
health and safety measures for all workers, contractors and visitors; (ii)
on-going compliance with all relevant host country and corporate environmental
policies and requirements; and (iii) effective implementation of corporate
social responsibility programs that are transparent and directed towards
sustainable initiatives developed by the company. The HSES Committee is
currently comprised of Messrs. Barry Rayment (Chairman), Jerry Korpan and Clive
Johnson. </P>
<P align=justify>It is a requirement that the Board of Directors review HSES
procedures and key performance indices to ensure HSES targets are in line with
the corporate policies of the Company. Corporate HSES policies are reviewed no
less than annually and approved by the HSES Committee for implementation by all
Company personnel. Additionally, the Board requires an internal audit of all
facilities at all phases of the mining life cycle be conducted every two years.
Results of the audits are reviewed by the HSES Committee. </P>
<P align=justify><B>Assessments </B></P>
<P align=justify>As part of its mandate, the Corporate Governance and Nominating
Committee annually reviews the size and effectiveness of the Board of Directors,
the committees of the Board, and the individual directors, and report on such
assessments to the Chairman of the Board and the Board. The Corporate Governance
and Nominating Committee circulates a written survey questionnaire to directors
assessing the effectiveness of the Board and its committees in respect of: Board
organization and structure; Board culture; Board information and resources;
strategy and plans; policies and procedures; shareholder and corporate
communications; and ways to enhance Board performance. The Board evaluation
process is designed to provide directors with an opportunity each year to
examine how the Board is operating and to make suggestions for improvement. The
Corporate Governance and Nominating Committee reviews the results and makes any
necessary recommendation to the Board for adoption.</P>
<P align=justify><B>INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS
</B></P>
<P align=justify>None of the informed persons of the Company, nor any proposed
nominee for election as a Director of the Company, nor any associate or
affiliate of the foregoing persons, has any material interest, direct or
indirect, in any transactions since the commencement of the Company&#146;s last
completed financial year, or in any proposed transaction which in either case,
has or will materially affect the Company, except as disclosed herein. </P>
<P align=justify>Applicable securities legislation defines, &#147;informed person&#148; to
mean any of the following: (a) a director or executive officer of a reporting
issuer; (b) a director or officer of a person or company that is itself an
informed person or subsidiary of a reporting issuer; (c) any person or company
who beneficially owns, directly or indirectly, voting securities of a reporting
issuer or who exercises control or direction over voting securities of a
reporting issuer or a combination of both carrying more than 10 percent of the
voting rights attached to all outstanding voting securities of the reporting
issuer other than voting securities held by the person or company as underwriter
in the course of a distribution; and (d) a reporting issuer that has purchased,
redeemed or otherwise acquired any of its securities, for so long as it holds
any of its securities. </P>
<P align=justify><B>INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON
</B></P>
<P align=justify>Other than as set forth in this Information Circular, no person
who has been a director or executive officer of the Company at any time since
the beginning of the Company&#146;s most recently completed financial year, no
proposed nominee for election as a director of the Company and no associate or
affiliate of any of the foregoing has any material interest, direct or indirect,
by way of beneficial ownership of securities or otherwise, in any matter to be
acted at the Meeting, except for any interest arising from the ownership of
shares of the Company where the shareholder will receive no extra or special benefit or
advantage not shared on a pro-rata basis by all holders of shares of the
Company.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_45></A>
<P align=center>- 43 - </P>
<P align=justify><B>ANY OTHER MATTERS </B></P>
<P align=justify>Management of the Company knows of no matters to come before
the Meeting other than those referred to in the Notice of Meeting accompanying
this Information Circular. However, if any other matters properly come before
the Meeting, it is the intention of the persons named in the form of proxy
accompanying this Information Circular to vote the same in accordance with their
best judgment of such matters. </P>
<P align=justify><B>ADDITIONAL INFORMATION </B></P>
<P align=justify>Additional information regarding the Company and its business
activities is available under the Company&#146;s profile on the SEDAR website located
at <U>www.sedar.com</U>. The Company&#146;s financial information is provided in the
Company&#146;s audited consolidated financial statements and related management
discussion and analysis for its most recently completed financial year and may
be viewed on the SEDAR website at the location noted above. Shareholders of the
Company may request copies of the Company&#146;s audited financial statements and
related management discussion and analysis by contacting Shaun Johnson,
Associate, Investor Relations, Suite 3100, 595 Burrard Street, Vancouver,
British Columbia V7X 1J1 (Tel: 604-681-8371). </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_46></A>
<P align=center><B>SCHEDULE A <BR></B><B>PROPOSED AMENDED AND RESTATED STOCK
OPTION PLAN </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_47></A>
<P align=center><B>SCHEDULE B <BR></B><B>PROPOSED AMENDED RESTRICTED SHARE UNIT
PLAN </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_48></A>
<P align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SCHEDULE C ADVANCE NOTICE
POLICY </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_49></A>
<P align=center><B>SCHEDULE D <BR>BOARD MANDATE
</B><br>
<b>Effective May 13, 2013</b></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>1.</B> </TD>
    <TD>
      <P align=justify><B><U>General</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Board of Directors (the &#147;Board&#148;) of
B2Gold Corp. (the &#147;Company&#148;) is responsible for the overall corporate governance
of the Company and oversees and directs the management of the Company&#146;s business
and affairs. In doing so, it must act honestly, in good faith and in the best
interests of the Company, consistent with applicable laws. The Board guides the
Company&#146;s strategic direction, evaluates the performance of its senior
executives and reviews its financial results. In fulfilling its
responsibilities, the Board is expected to take into consideration the interests
of shareholders in the preservation and enhancement of the Company&#146;s value and
long term financial strength and to be able to function in a manner which allows
it to make determinations independent of the views of management. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>2.</B> </TD>
    <TD>
      <P align=justify><B><U>Duties and
  Responsibilities</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>These guidelines govern how the Board
will operate to carry out its duties of stewardship and accountability. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>2.1</B> </TD>
    <TD>
      <P align=justify><B>Corporate Strategy</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Management is responsible for the
development of an overall corporate strategy to be presented to the Board. </P>
<P style="MARGIN-LEFT: 10%" align=justify>The Board is responsible for: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Adopting a strategic planning process pursuant to which
      management develops and proposes and the Board reviews and approves
      significant corporate strategies and objectives, taking into account the
      opportunities and risks of the business.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Reviewing and approving all major acquisitions,
      dispositions and investments and all significant financings and other
      significant matters outside the ordinary course of the Company&#146;s
      business.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Reviewing management&#146;s implementation of appropriate
      community and environmental stewardship and health and safety management
      systems, taking into consideration applicable laws, Company policies and
      accepted practices in the mining industry.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Determining the extent of authority to be delegated to
      management and the limitations to be placed on the exercise of that
      authority. The Board determines the nature and size of transactions that
      will require the prior approval of the Board and which other limitations
      should be placed on management&#146;s responsibility or
  authority.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>2.2</B> </TD>
    <TD>
      <P align=justify><B>Committees</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Board delegates authority and responsibility to deal
      with certain specified matters to the following four (4) standing
      committees:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="15%"  >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="80%">Audit Committee; </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="80%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B></TD>
    <TD align=left width="80%">Corporate Governance and Nominating Committee;
    </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="80%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B></TD>
    <TD align=left width="80%">Compensation Committee; and </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="80%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left ><B>&#149;</B> </TD>
    <TD align=left width="80%">Health, Safety, Environmental and Social
      Committee. </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_50></A>
<P align=center>- 2 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Committees analyze policies and strategies developed by
      management that are consistent with their terms of reference. They examine
      proposals and, where appropriate, make recommendations to the full Board.
      Committees do not take action or make decisions on behalf of the Board
      unless specifically mandated to do so.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The committee structure may be subject to change as the
      Board considers from time to time which of its responsibilities can best
      be fulfilled through more detailed review of matters in
  committee.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>The Corporate Governance and Nominating Committee, in
      conjunction with the Chairman of the Board, is responsible to the Board
      for annually proposing the leadership and membership of each committee. In
      preparing its recommendations they will take into account the skills,
      experience and preferences of the individual directors.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>Each committee operates according to a Board approved
      written mandate outlining its duties and responsibilities.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>All Board committees operate under the following
      guidelines except as otherwise provided in the applicable committee&#146;s
      charter:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Each committee will meet at least once each year, or more
      frequently as deemed necessary by the committee. The chair or any two
      members of a committee may call a meeting of the committee with notice in
      writing of not less than forty-eight (48) hours, exclusive of Saturdays,
      Sundays and holidays, unless notice is waived by all members of the
      committee.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Committee Chairs, in consultation with committee members
      and management, will set the frequency and length of Committee
      meetings.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Each committee Chair, in consultation with the
      appropriate members of management, develops the agenda for committee
      meetings. Any member of a committee may request an agenda item.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>If a committee Chair is not present at any meeting of a
      committee, one of the other members of the committee present at the
      meeting shall be chosen by the committee to chair the meeting.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>A committee member may participate in a committee meeting
      by means of such telephone, electronic or other communication facilities.
      A member participating in such a meeting by such means is deemed to be
      present at the meeting.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>A committee may invite such director or, in consultation
      with the CEO, such employees of the Company as may be considered desirable
      to attend meetings and to assist in the discussion and consideration of
      the business of the committee.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>A committee may, from time to time, require the expertise
      of outside resources. Each committee has the authority to engage, set the
      terms of and compensate any outside advisor that it determines to be
      necessary to permit it to carry out its duties.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>Quorum for the transaction of business at any committee
      meeting shall be a majority of the number of members of the committee or
      such greater number as the committee shall by resolution
  determine.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(9) </TD>
    <TD>
      <P align=justify>At the next Board meeting following each meeting of a
      committee, the committee chairs report to the Board on the committees&#146;
      activities. Minutes of committee meetings are made available to all directors
and copies should be filed with the Corporate Secretary.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_51></A>
<P align=center>- 3 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(10) </TD>
    <TD>
      <P align=justify>Each committee shall annually assess the adequacy of its
      Mandate and recommend any changes to the Board for
  approval.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The Board may also from time to time
form and empower other committees to carry out duties specified by resolution of
the Board. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>2.3</B> </TD>
    <TD>
      <P align=justify><B>Reliance on Management</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The Board is responsible for the
appointment, oversight and direction of senior management (including through the
development and review of position descriptions for the President and Chief
Executive Officer and other members of senior management), who are responsible
for the conduct of the day to day operations of the Company.</P>
<P style="MARGIN-LEFT: 10%" align=justify>In fulfilling its responsibilities,
the Board is entitled to rely on senior management to carry out the Company&#146;s
approved strategic and business plans and directions from the Board, and to
provide regular detailed reports on their areas of responsibility. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>2.4</B> </TD>
    <TD>
      <P align=justify><B>Interaction with
Management</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>All directors have open access to the
Company&#146;s senior management. It is expected that directors will exercise
judgment to ensure that their contacts will not distract from the Company&#146;s
business operations. </P>
<P style="MARGIN-LEFT: 10%" align=justify>The Board encourages individual
directors to make themselves available for consultation with management outside
Board meetings in order to provide specific advice and counsel on subjects where
such directors have special knowledge and experience. </P>
<P style="MARGIN-LEFT: 10%" align=justify>The Board is also responsible for
establishing expectations of senior management and for monitoring corporate
performance against these expectations and the Company&#146;s strategic and business
plans. </P>
<P style="MARGIN-LEFT: 10%" align=justify>The Board is responsible for
determining the extent of authority to be delegated to management and the
limitations to be placed on the exercise of that authority. The Board determines
the nature and size of transactions that will require the prior approval of the
Board and which other limitations should be placed on management&#146;s
responsibility or authority. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>2.5</B> </TD>
    <TD>
      <P align=justify><B>Risk Management</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The Board should have a continuing
understanding of the principal risks associated with the business and it is the
responsibility of management to ensure the Board and its committees are kept
well informed of changing risks. The Board is also responsible for reviewing the
integrity of the Company&#146;s internal controls and management information systems.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>2.6</B> </TD>
    <TD>
      <P align=justify><B>Management Performance and Succession
  Plans</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The Compensation Committee is
responsible for assessing the capabilities and performance of senior management,
including, the President and Chief Executive Officer. The Board is also
responsible for ensuring that adequate plans are in place for senior management
succession and training. The CEO&#146;s views as to a successor in the event of
unexpected incapacity should be discussed annually with the Corporate Governance
and Nominating Committee. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_52></A>
<P align=center>- 4 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>2.7</B> </TD>
    <TD>
      <P align=justify><B>CEO and Senior Management
  Compensation</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Compensation Committee is
responsible for reviewing and recommending to the Board the form and amount of
compensation for the CEO and executive officers. The CEO will not be permitted
to attend the Board&#146;s deliberations and voting relating to his or her
compensation. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>2.8</B> </TD>
    <TD>
      <P align=justify><B>Communications</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Board is responsible for approving the content of the
      Company&#146;s major communications to shareholders and the investing public,
      including the interim and annual reports, the Management Proxy Circular,
      the Annual Information Form, any prospectuses that may be issued and
      significant press releases.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The Board believes that it is the function of management,
      led by the CEO, to speak for the Company in its communications with the
      investment community, the media, customers, suppliers, employees,
      governments and the general public. It is understood that the Chairman of
      the Board or other individual directors may, from time to time, be
      requested by management to assist with such communications.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>It is expected that when communications from shareholders
      are made to individual directors, management will be informed and
      consulted to determine any appropriate response to be made by the Board or
      management, as the case may be.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>2.9</B> </TD>
    <TD>
      <P align=justify><B>Board Performance
Evaluation</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The Board is responsible for
conducting an annual self-evaluation of its size, composition and effectiveness
and the contributions of individual directors and for determining the form and
amount of compensation for directors. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>2.10</B> </TD>
    <TD>
      <P align=justify><B>Board Independence</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The Board must have the capacity,
independently of management, to fulfill the Board&#146;s responsibilities and must be
able to make an objective assessment of management and assess the merits of
management initiatives. Therefore, the Company is committed to the following
practices: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The recruitment of strong, independent directors, who
      shall compose a majority of the Board;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The Board shall affirmatively determine whether each
      director, or person nominated to be a director, qualifies as independent
      under the applicable Canadian and U.S. securities laws and regulations and
      applicable stock exchange rules. Where required by such laws, regulations
      or exchange rules, the Board shall also determine the independence of each
      member of a Board committee under the standards of independence applicable
      to such committee.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Any director who is deemed independent and whose
      circumstances change such that he or she might be considered to no longer
      be an independent director or independent member of a particular
      committee, shall promptly advise the Board of the change in
      circumstances;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>The Corporate Governance and Nominating Committee leads
      the director selection/evaluation process;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The Compensation Committee leads the CEO evaluation
      process;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_53></A>
<P align=center>- 5 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>The Audit Committee, Compensation Committee and Corporate
      Governance and Nominating Committee are fully independent;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>Regular meetings of independent
  directors:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The independent directors meet as a group, without the
      presence of management or non-independent directors, annually and such
      other times as they consider appropriate.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The purpose of the meeting will be to provide an
      opportunity for the independent directors to raise issues that they did
      not wish to discuss with management present.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>2.11</B> </TD>
    <TD>
      <P align=justify><B>Board Size and
Composition</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Nominees for directors are initially considered and
      recommended by the Corporate Governance and Nominating Committee approved
      by the entire Board and elected annually by the shareholders.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>A majority of directors comprising the Board must qualify
      as independent directors within the meaning of all applicable legal and
      regulatory requirements including, without limitation, all applicable
      Canadian and U.S. securities laws and regulations and the rules of each
      stock exchange on which the Company&#146;s securities are listed.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The Board is committed to reviewing its size periodically
      and currently considers nine directors to be an appropriate number for the
      size of the Company and sufficient to provide an appropriate mix of
      backgrounds and skills for the stewardship of the Company.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>At its meeting to approve the Information Circular for
      the Annual General Meeting of the shareholders of the Company, the Board
      shall consider and determine whether each director or director nominee is
      independent.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The Chairman of the Board will be selected by the Board.
      The Board may select the Chief Executive Officer as Chairman if that seems
      best for the Company at a given point in time.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>2.12</B> </TD>
    <TD>
      <P align=justify><B>Director Terms</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Directors are elected or re-elected
annually by shareholders. There is an informal expectation by the Board that
each director will commit to serving their term at least until the next annual
shareholders meeting. Between annual meetings of shareholders, the Board may
appoint directors to serve until the next meeting, as appropriate. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>2.13</B> </TD>
    <TD>
      <P align=justify><B>Appointment and Remuneration of
  Auditors</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The Audit Committee shall, subject to
shareholder approval, if required, be responsible for the engagement,
remuneration and review of the performance of the Company&#146;s auditors.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>2.14</B> </TD>
    <TD>
      <P align=justify><B>Code of Business Conduct and Ethical
    Behavior</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>All directors, officers and employees are bound by the
      Company&#146;s Code of Business Conduct and Ethics. All who are affected by the
      Code review it and directors and officers acknowledge their support and
      understanding of the Code.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_54></A>
<P align=center>- 6 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Directors must never be in an undisclosed conflict of
      interest with the Company. A director who has a real, perceived or
      potential conflict of interest regarding any particular matter under
      consideration should advise the Board, refrain from debate on the matter
      and abstain from any vote regarding that matter.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The Corporate Governance and Nominating Committee has
      responsibility for monitoring compliance with the Code of Business Conduct
      and Ethics, authorizing any waiver granted in conjunction with the Code of
      Business Conduct and Ethics (provided, however, that any waiver granted
      with respect to a director or executive officer must be granted by the
      Board, and the Corporate Governance and Nominating Committee may delegate
      the approval of waivers with respect to non-officer employees), and
      overseeing the appropriate disclosure of such
waivers.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>2.15</B> </TD>
    <TD>
      <P align=justify><B>Board Meetings</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Board meets a minimum of four times per year, usually
      every quarter.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The Chairman of the Board, in consultation with the CEO
      and the Corporate Secretary, develops the agenda for each Board
      meeting.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The members of the Board are required to have reviewed
      board materials in advance of the meeting and be prepared to discuss such
      materials at the meeting.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The Board may adopt the use of consent resolutions for
      its convenience from time to time.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Fifty percent (50%) of the number of the directors
      holding office constitutes a quorum for the transaction of business at a
      meeting and a quorum of directors may exercise all the powers of directors
      at a meeting. No business shall be transacted by the directors at a
      meeting unless a quorum is present.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>A director may participate in a Board meeting by means of
      such telephone, electronic or other communication facilities as permit all
      persons participating in the meeting to communicate adequately with each
      other. A member participating in such a meeting by any such means is
      deemed to be present at the meeting.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>Directors will maintain the absolute confidentiality of
      Board deliberations and decisions and information received at meetings,
      except as may be specified by the Chair, if the information is publicly
      disclosed by the Company, or as required by applicable law. The views or
      opinions of individual directors or managers shall be treated with an
      appropriate level of respect and confidence.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>Directors are expected to attend all meetings of the
      Board and the Committees upon which they serve, to come to such meetings
      fully prepared (including full review of all documentation sent prior to
      the meeting) and to remain in attendance for the duration of the meeting.
      Where a director&#146;s absence from a meeting is unavoidable, the director
      should, as soon as practicable after the meeting, contact the Chair, the
      CEO or the Corporate Secretary for a briefing on the substantive elements
      of the meeting.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>2.16</B> </TD>
    <TD>
      <P align=justify><B>Special Meetings of the
Board</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Special meetings of the Board may be held at any time at
      the call of the Chairman of the Board and the CEO, or any two
      directors.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Notice of a special meeting of the Board shall be given
      to all directors. Such notice shall be sent at least twenty-four (24)
      hours, exclusive of Saturdays, Sundays and holidays, before the time fixed
      for the meeting. If all directors are present at such meeting,
    notice thereof may be waived by them. If notice of the meeting is
waived, all directors must sign a waiver.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 7 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>2.17</B> </TD>
    <TD>
      <P align=justify><B>Board Minutes</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The Chairman of the Board, the CEO and the directors shall be
provided with the draft minutes of each meeting of the Board at the next Board
meeting. The approved minutes serve as the official record of the Board meeting.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>2.18</B> </TD>
    <TD>
      <P align=justify><B>Information for Board
Meetings</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>All materials submitted for consideration by the Board or
      by a committee become part of the record of the Board and shall be
      deposited with the Corporate Secretary for maintenance, safekeeping and
      access.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Materials assembled in support of Board meetings will be
      coordinated by the CEO and the Corporate Secretary will distribute them
      with the Board meeting agenda, not less than 2 business days prior to the
      meeting.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Materials distributed to the directors in advance of
      Board meetings shall be concise, yet complete and prepared in a way that
      focuses attention on critical issues to be considered.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Reports may be presented during Board meetings by
      directors, management or staff or by invited outside advisors.
      Presentations on specific subjects at Board meetings shall briefly
      summarize the materials sent to directors so as to maximize the time
      available for discussion on questions regarding the material.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>It is recognized that under some circumstances, due to
      the confidential nature of matters to be discussed at a meeting, it would
      not be prudent or appropriate to distribute written material in
      advance.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>Matters that are brought to the Board for a decision,
      particularly those of a strategic or financial matter, will be in a format
      and at a level and type of information that enables the Board to make a
      decision. The Board and management will agree on the format and the
      checklist of information items required for the Board to make a
      decision.</P></TD></TR></TABLE><BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>B2Gold Corp.: Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>SCHEDULE C</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>ADVANCE NOTICE POLICY</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>ADVANCE NOTICE POLICY</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center>(Adopted by the Board of Directors with immediate effect
      on April 22, 2014) </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>(the &#147;<B>Company</B>&#148;) </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD></TR></TABLE>
<P align=justify><B><U>INTRODUCTION</U></B><B> </B></P>
<P align=justify>The Company is committed to: (i) facilitating an orderly and
efficient annual general or, where the need arises, special meeting, process;
(ii) ensuring that all shareholders receive adequate notice of the director
nominations and sufficient information with respect to all nominees; and (iii)
allowing shareholders to register an informed vote having been afforded
reasonable time for appropriate deliberation. </P>
<P align=justify>The purpose of this Advance Notice Policy (the
&#147;<B>Policy</B>&#148;)<B> </B>is to provide shareholders, directors and management of
the Company with a clear framework for nominating directors. This Policy fixes a
deadline by which holders of record of common shares of the Company must submit
director nominations to the Company prior to any annual or special meeting of
shareholders and sets forth the information that a shareholder must include in
the notice to the Company for the notice to be in proper written form in order
for any director nominee to be eligible for election at any annual or special
meeting of shareholders.</P>
<P align=justify>It is the position of the board of directors of the Company
(the &#147;<B>Board</B>&#148;) that this Policy is in the best interests of the Company,
its shareholders and other stakeholders. This policy will be subject to an
annual review by the Board, and will reflect changes as required by securities
regulatory agencies or stock exchanges, or so as to meet industry standards.
</P>
<P align=justify><B><U>NOMINATIONS OF DIRECTORS</U></B><B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>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 if one of the purposes for which the special meeting was
      called was the election of directors:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>by or at the direction of the Board, including pursuant
      to a notice of meeting;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>by or at the direction or request of one or more
      shareholders pursuant to a &#147;proposal&#148; made in accordance with Division 7
      of Part 5 of the British Columbia <I>Business Corporations Act </I>(the
      &#147;<B>Act</B>&#148;), or a requisition of the shareholders made in accordance
      with section 167 of the Act; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>by any person (a &#147;<B>Nominating Shareholder</B>&#148;): (A)
      who, at the close of business on the date of the giving by the Nominating
      Shareholder of the notice provided for below in this Policy and at the
      close of business on the record date for notice of such meeting, is
      entered in the securities register of the Company 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
  Policy.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>In addition to any other requirements under applicable
      laws, for a nomination to be made by a Nominating Shareholder, the
      Nominating Shareholder must have given notice thereof that is both timely
      (in accordance with paragraph 3 below) and in proper written form (in
      accordance with paragraph 4 below) to the Secretary of the Company at the
      principal executive offices of the Company.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>2 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>To be timely, a Nominating Shareholder&#146;s notice to the
      Secretary of the Company must be given:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>in the case of an annual meeting of shareholders, not
      less than 30 nor more than 65 days prior to the date of the annual meeting
      of shareholders; provided, however, that in the event that the annual
      meeting of shareholders is to be held on a date that is less than 50 days
      after the date (the &#147;<B>Notice Date</B>&#148;) on which the first public
      announcement of the date of the annual meeting is made, notice by the
      Nominating Shareholder may be given not later than the close of business
      on the 10<SUP>th </SUP>day following the Notice Date; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>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
      close of business on the 15<SUP>th </SUP>day following the day on which
      the first public announcement of the date of the special meeting of
      shareholders is given.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The time periods for the giving of a
Nominating Shareholder&#146;s notice set forth above shall in all cases be determined
based on the original date of the applicable annual meeting or special meeting
of shareholders, and 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 such notice. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>To be in proper written form, a Nominating Shareholder&#146;s
      notice to the Secretary of the Company must set
forth:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>as to each person whom the Nominating Shareholder
      proposes to nominate for election as a director: (A) the name, age,
      business address and residential address of the person; (B) the present
      principal occupation or employment of the person and the principal
      occupation or employment within the five years preceding the notice; (C)
      the citizenship of such person; (D) 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; and (E) any other information relating to the person that would be
      required to be disclosed in a dissident&#146;s proxy circular in connection
      with solicitations of proxies for election of directors pursuant to the
      Act and Applicable Securities Laws (as defined below); and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>as to the Nominating Shareholder giving the notice, full
      particulars regarding any proxy, contract, agreement, arrangement or
      understanding pursuant to which such Nominating Shareholder has a right to
      vote or direct the voting of any shares of the Company and any other
      information relating to such Nominating Shareholder that would be required
      to be made in a dissident&#146;s proxy circular in connection with
      solicitations of proxies for election of directors pursuant to the Act and
      Applicable Securities Laws (as defined below).</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company may require any proposed
nominee to furnish such other information as may reasonably be required by the
Company to determine the eligibility of such proposed nominee to serve as an
independent director of the Company or that could be material to a reasonable
shareholder&#146;s understanding of the independence, or lack thereof, of such
proposed nominee. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>No person shall be eligible for election as a director of
      the Company unless nominated in accordance with the provisions of this
      Policy; provided, however, that nothing in this Policy shall be deemed to
      preclude discussion by a shareholder (as distinct from the nomination of
      directors) at a meeting of shareholders of any matter that is properly
      before such meeting pursuant to the provisions of the Act or the
      discretion of the Chairman. The Chairman 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 so
      determined that any proposed nomination is not in compliance with such
      foregoing provisions, to make a final and conclusive declaration that such
      defective nomination shall be disregarded.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>3 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>For purposes of this Policy:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>&#147;<B>public announcement</B>&#148; shall mean disclosure in a
      press release reported by a national news service in Canada, or in a
      document publicly filed by the Company under its profile on the System of
      Electronic Document Analysis and Retrieval at www.sedar.com; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>&#147;<B>Applicable Securities Laws</B>&#148; means the applicable
      securities legislation of each relevant province and territory of Canada,
      as amended from time to time, the rules, regulations and forms made or
      promulgated under any such statute and the applicable published national
      instruments, multilateral instruments, policies, bulletins and notices of
      the securities commission and similar regulatory authority of each
      province and territory of Canada.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>Notwithstanding any other provision of this Policy,
      notice given to the Secretary of the Company pursuant to this Policy may
      only be given by personal delivery, facsimile transmission or by email (at
      such email address as may be stipulated from time to time by the Secretary
      of the Company for purposes of this notice), and shall be deemed to have
      been given and made only at the time it is served by personal delivery to
      the Secretary at the address of the principal executive offices of the
      Company, emailed (at the address as aforesaid) or sent by facsimile
      transmission (provided that receipt of confirmation of such transmission
      has been received); 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 next following day that is a business day.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>Notwithstanding the foregoing, the Board may, in its sole
      discretion, waive any requirement in this Policy.</P></TD></TR></TABLE>
<P align=justify><B><U>EFFECTIVE DATE</U></B><B> </B></P>
<P align=justify>This Policy was approved and adopted by the Board on April 22,
2014 (the &#147;<B>Effective Date</B>&#148;) and is and shall be effective and in full
force and effect in accordance with its terms and conditions from and after such
date. Notwithstanding the foregoing, if this Policy is not approved by ordinary
resolution of shareholders of the Company present in person or voting by proxy
at the next meeting of those shareholders validly held following the Effective
Date, then this Policy shall terminate and be void and of no further force and
effect following the termination of such meeting of shareholders. </P>
<P align=justify><B><U>GOVERNING LAW</U></B><B> </B></P>
<P align=justify>This Policy shall be interpreted and enforced in accordance
with the laws of the Province of British Columbia and the federal laws of Canada
applicable in that province. </P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
   <TITLE>B2Gold  Corp.: Exhibit 99.3 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>SCHEDULE B</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>PROPOSED AMENDED RESTRICTED SHARE UNIT PLAN</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>B2GOLD CORP.</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>RESTRICTED SHARE UNIT PLAN</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>(AMENDED)</B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B>GENERAL</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">1.1. </TD>
    <TD>
      <P align=justify><B>Purpose</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The B2Gold Corp. Restricted Share Unit Plan has been
      established to provide a greater alignment of interests between Designated
      Participants and shareholders of the Company, and to provide a
      compensation mechanism for Designated Participants that appropriately
      reflects the responsibility, commitment and risk accompanying their
      management roles. The Plan is also intended to assist the Company to
      attract and retain Designated Participants with experience and ability,
      and to allow Designated Participants to participate in the success of the
      Company. This Plan, effective May 14, 2014, amends the Restricted Share
      Unit Plan adopted on May 6, 2011.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B>INTERPRETATION</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2.1. </TD>
    <TD>
      <P align=justify><B>Definitions</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In this Plan, the following terms shall have the
      following meanings:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>&#147;<B>Acquirer</B>&#148; has the meaning ascribed thereto in
      Section 6.3(a);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>&#147;<B>Affiliate</B>&#148; has the meaning ascribed thereto in
      the TSX Company Manual;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>&#147;<B>Applicable Law</B>&#148; means any applicable provision of
      law, domestic or foreign, including, without limitation, applicable
      securities legislation, together with all regulations, rules, policy
      statements, rulings, notices, orders or other instruments promulgated
      thereunder, and the TSX Rules;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>&#147;<B>Associate</B>&#148; means an associate as defined in the
      <I>Securities Act </I>(Ontario);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>&#147;<B>Beneficiary</B>&#148; means any person designated by a
      Designated Participant by written instrument filed with the Committee to
      receive any amount payable in respect of Restricted Share Units in the
      event of the Designated Participant&#146;s death or, failing any such effective
      designation, the Designated Participant&#146;s estate;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>&#147;<B>Blackout Period</B>&#148; means, in respect of a
      Designated Participant, an interval of time during which the Company has
      determined pursuant to applicable securities laws or any policy of the
      Company that no Designated Participant may trade any securities of the
      Company;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>&#147;<B>Board</B>&#148; means the Board of Directors of the
      Company;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>&#147;<B>Cause</B>&#148; means any act, omission or course of
      conduct recognized as cause for dismissal under Applicable Law, including,
      without limitation, embezzlement, theft, fraud, wilful failure to follow
      any lawful directive of the Company and wilful misconduct detrimental to
      the interests of the Company;</P></TD></TR></TABLE><BR>
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<P align=center>2 </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Change of Control</B>&#148; means: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the acquisition, directly or indirectly, by any person or
      group of persons acting jointly or in concert, as such terms are defined
      in the <I>Securities Act </I>(British Columbia), of common shares of the
      Company which, when added to all other common shares of the Company at the
      time held directly or indirectly by such person or persons acting jointly
      or in concert, constitutes for the first time in the aggregate 20% or more
      of the outstanding common shares of the Company; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the removal, by extraordinary resolution of the
      shareholders of the Company, of more than 50% of the then incumbent
      members of the Board, or the election of a majority of the directors
      comprising the Board who were not nominated by the Company&#146;s incumbent
      Board at the time immediately preceding such election; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>consummation of a sale of all or substantially all of the
      assets of the Company; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the consummation of a reorganization, plan of
      arrangement, merger or other transaction which has substantially the same
      effect as (a) to (c) above.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Change of Control Date</B>&#148;<B>
</B>means the date on which any Change of Control becomes effective; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Committee</B>&#148; means Compensation
Committee of the Board, or such other committee or persons (including the Board)
as may be designated from time to time to administer the Plan; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Common Share</B>&#148; means a common
share of the Company eligible to be voted at a meeting of shareholders of the
Company;<B> </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Company</B>&#148; means B2Gold Corp. and
its successors;<B> </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Control</B>&#148;, when applied to the
relationship between a Person and a company, means: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the beneficial ownership by that Person and its Related
      Entities at the relevant time of securities of that company to which are
      attached more than 50 per cent of the votes that may be cast to elect
      directors, otherwise than by way of security only; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the votes carried by such securities being entitled, if
      exercised, to elect a majority of the board of directors of the
      company;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Designated Participant</B>&#148; means a
director, executive officer or employee of the Company or of a Related Entity of
the Company or a person designated by the Company who provides services to the
Company or a Related Entity of the Company to whom Restricted Share Units are
granted pursuant to Section 4.1 and the Permitted Assigns of each such director,
executive officer, employee or person designated by the Company; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Disability&#148; </B>means any
disability with respect to a Designated Participant, which the Board, in its
sole and unfettered discretion, considers likely to prevent permanently the
Designated Participant from: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>being employed or engaged by the Company, its
      Subsidiaries or another employer, in a position the same as or similar to
      that in which he was last employed or engaged by the Company or its
      Subsidiaries;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>acting as a director or officer of the Company or its
      Subsidiaries; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>engaging in any substantial gainful activity by reason of
      any medically determinable mental or physical
impairment;</P></TD></TR></TABLE><BR>
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<P align=center>3 </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Good Reason</B>&#148; means &#147;Good
Reason&#148; or &#147;Good Cause&#148; as defined in the employment agreement, if any, between
the relevant Designated Participant and the Company or a Subsidiary of the
Company and, if there is no such definition or agreement, &#147;Good Reason&#148; will
arise within 12 months following a Change of Control where the Designated
Participant was induced by the actions of the employer to resign or terminate
his employment, other than on a purely voluntary basis, as a result of the
occurrence of one or more of the following events without the Designated
Participant&#146;s written consent, provided that such resignation shall only be
designated as for &#147;Good Reason&#148; if the Designated Participant has provided 10
days&#146; written notice of such occurrence to the employer immediately upon
occurrence of such an event and the employer has not corrected such occurrence
within such 10-day period: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>a materially adverse change in the Designated
      Participant&#146;s position, duties, or responsibilities other than as a result
      of the Designated Participant&#146;s physical or mental incapacity which
      impairs the Designated Participant&#146;s ability to materially perform the
      Designated Participant&#146;s duties or responsibilities as confirmed by a
      physician;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>a materially adverse change in the Designated
      Participant&#146;s reporting relationship that is inconsistent with the
      Designated Participant&#146;s title or position;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>a reduction by the employer of the base salary of the
      Designated Participant;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>a reduction by the employer in the aggregate level of
      benefits made available to the Designated Participant; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the relocation by the employer of the Designated
      Participant&#146;s principal office to a location that is more than 50
      kilometres from the Designated Participant&#146;s existing principal
    office;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Grant Date</B>&#148; means with respect
to particular Restricted Share Units, the date a Participant received a grant of
such Restricted Share Units; <B></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Grant Notice</B>&#148; means with
respect to particular Restricted Share Units, a notice substantially in the form
of Schedule A and containing such other terms and conditions relating to the
grant of such Restricted Share Units as the Committee may prescribe; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Insider</B>&#148; means: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>an insider as defined in the Securities Act (Ontario)
      other than a person who is an insider solely by virtue of being a director
      or senior officer of a Subsidiary; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>an Associate of any person who is an insider under
      subsection (i);</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Market Value</B>&#148; of a Vested
Restricted Share Unit or a Common Share on any date means the volume weighted
average trading price of the Common Shares on the TSX (or any other stock
exchange on which the majority of the volume of trading of the Common Shares has
occurred over the relevant period) over the five Trading Days immediately
preceding such date; provided, however, if the Common Shares are not listed and
posted for trading on any stock exchange at the time such calculation is to be
made, the Market Value per Common Share shall be the market value of a Common
Share as determined by the Committee acting in good faith, or in the absence of
the Committee, by the Board acting in good faith; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>NI 45-106</B>&#148; means National
Instrument 45-106 Prospectus and Registration Exemptions of the Canadian
Securities Administrators; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Permitted Assign</B>&#148; has the
meaning ascribed thereto in Section 2.22 of NI 45-106; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Person</B>&#148; includes an individual,
a corporation, a partnership, a trust, an unincorporated organization, the
government of a country or any political subdivision thereof, or any agency or
department of any such government; </P>
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<P align=center>4 </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Plan</B>&#148; means this Restricted
Share Unit Plan, including any schedules or appendices hereto, all as amended,
restated, supplemented or otherwise modified from time to time; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Redemption Date</B>&#148; for a Vested
Restricted Share Unit means the date that is 5 business days following the
Vesting Date; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Related Entity</B>&#148; means, for the
Company, a Person that controls or is controlled by the Company including, for
greater certainty, its Subsidiaries, or that is controlled by the same Person
that controls the Company; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Restricted Share Unit</B>&#148; means a
right granted to a Designated Participant to receive payment in the form of
Common Shares in accordance with the provisions of the Plan; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Restricted Share Unit Account</B>&#148;
has the meaning ascribed thereto in Section 4.7; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Retirement</B>&#148; means the
retirement of the Designated Participant from employment with the Company or a
Related Entity of the Company, and &#147;retires&#148; shall have a corresponding meaning.
The determination of whether a Designated Participant has retired shall be at
the sole discretion of the Committee; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>security based compensation
arrangement</B>&#148; shall have the meaning ascribed to that term in the TSX Rules;
</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Subsidiary</B>&#148; means any
corporation or company of which outstanding securities to which are attached
more than 50 per cent of the votes that may be cast to elect directors thereof
are held (provided that such votes are sufficient to elect a majority of such
directors), other than by way of security only, by or for the benefit of the
Company and/or by or for the benefit of any other corporation or company in like
relation to the Company, and includes any corporation or company in like
relation to a Subsidiary; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Trading Day</B>&#148; means any day on
which the TSX (or any other stock exchange on which the majority of the volume
of trading of Common Shares occurs on the relevant day) is open for the trading
of the Common Shares; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>TSX</B>&#148; means the Toronto Stock
Exchange; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>TSX Rules</B>&#148; means the applicable
rules and regulations of the TSX;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Vested Restricted Share Units</B>&#148;
has the meaning ascribed thereto in Sections 5.1 and 5.2; and </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Vesting Date</B>&#148; means each date
on which Restricted Share Units granted to a Designated Participant, and any
dividend equivalent Restricted Share Units in respect of such Restricted Share
Units, shall vest as determined by the Committee, in its sole discretion, in
connection with such grant, or as set out in the Grant Notice relating to such
grant.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">2.2. </TD>
    <TD>
      <P align=justify><B>Number and Gender</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>This Plan shall be read with all changes in number and
      gender required by the context.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2.3. </TD>
    <TD>
      <P align=justify><B>Severability</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>If any provision of the Plan is determined to be void or
      unenforceable in whole or in part, such determination shall not affect the
      validity or enforcement of any other provision or part of any provision
      thereof.</P></TD></TR></TABLE><BR>
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<P align=center>5 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2.4. </TD>
    <TD>
      <P align=justify><B>Headings, Sections, Schedules</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Headings used in the Plan are for reference purposes only
      and do not limit or extend the meaning of the provisions of the Plan. A
      reference to a Section or Schedule shall, except where expressly stated
      otherwise, mean a Section or Schedule of the Plan, as
applicable.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2.5. </TD>
    <TD>
      <P align=justify><B>References to Statutes, etc.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Any reference to a statute, regulation, rule, instrument
      or policy statement shall refer to such statute, regulation, rule,
      instrument or policy statement as it may be amended, replaced or
      re-enacted from time to time.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2.6. </TD>
    <TD>
      <P align=justify><B>Currency</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Unless the context otherwise requires or the Committee
      determines otherwise, all references in the Plan to currency shall be to
      lawful money of Canada.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B>ADMINISTRATION</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3.1. </TD>
    <TD>
      <P align=justify><B>Administration of the Plan</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Except for matters that are under the jurisdiction of the
      Board as specified under the Plan, and subject to Applicable Law, this
      Plan will be administered by the Committee and the Committee has sole and
      complete authority, in its discretion, to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>establish, amend and rescind such rules and regulations,
      and make such interpretations and determinations and take such other
      actions, as it deems necessary or desirable for the administration of the
      Plan;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>exercise rights reserved to the Company under the
      Plan;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>determine vesting terms and conditions for Restricted
      Share Units granted under the Plan; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>make all other determinations and take all other actions
      as it considers necessary or advisable for the implementation and
      administration of the Plan.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Any interpretation and determination
made, and other action taken, by the Committee shall be conclusive and binding
on all parties concerned, including, without limitation, the Company and
Designated Participants and, if applicable, their Beneficiaries and legal
representatives. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3.2. </TD>
    <TD>
      <P align=justify><B>Eligibility</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Any individual who at the relevant time is a Designated
      Participant is eligible to participate in the Plan. The Company reserves
      the right to restrict the eligibility or otherwise limit the number of
      persons eligible for participation in the Plan at any time. Eligibility to
      participate does not confer upon any individual a right to receive an
      award of Restricted Share Units pursuant to the Plan.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3.3. </TD>
    <TD>
      <P align=justify><B>Taxes and Other Source Deductions</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As a condition of and prior to participation in the Plan,
      each Designated Participant authorizes the Company to withhold from any
      amount otherwise payable to him or her any amounts required by any taxing
      authority to be withheld for taxes of any kind as a consequence of his or
      her participation in the Plan. The Company shall also have the right in
      its sole discretion to satisfy any such liability for withholding or other
      required deduction amounts by requiring the Designated Participant to
      complete a sale in respect of such number of Common Shares, which have
      been issued and would otherwise be delivered to the Designated Participant
      under the Plan, and any amount payable from such sale will first be paid
      to the Company to satisfy any liability for
withholding. The Company may require a Designated Participant, as a condition of
participation in the Plan, to pay or reimburse the Company for any cost incurred
by the Company as a result of the participation by the Designated Participant in
the Plan.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=center>6 </P>
<P style="MARGIN-LEFT: 5%" align=justify>Each Designated Participant or any
Beneficiary, as the case may be, is solely responsible and liable for the
satisfaction of all taxes and penalties that may be imposed on or for the
account of such Designated Participant in connection with the Plan (including
any taxes and penalties under any Applicable Law), and neither the Company nor
any Affiliate shall have any obligation to indemnify or otherwise hold such
Designated Participant or Beneficiary harmless from any or all of such taxes or
penalties.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3.4. </TD>
    <TD>
      <P align=justify><B>Exemption from Plan Participation</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Notwithstanding any other provision of the Plan, if a
      Designated Participant is a resident in a jurisdiction in which an award
      of Restricted Share Units under the Plan may be considered to be income
      that is subject to taxation at the time of such award, the Designated
      Participant may elect not to participate in the Plan by providing written
      notice to the Secretary of the Company by the end of the calendar year
      prior to the year in which the affected compensation will be
  earned.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3.5. </TD>
    <TD>
      <P align=justify><B>Appointment of Beneficiaries</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Subject to the requirements of Applicable Law, a
      Designated Participant may designate in writing a Beneficiary to receive
      any benefits that are payable under the Plan upon the death of such
      Designated Participant and, from time to time, change such designation in
      writing. Such designation or change shall be in such form, and executed
      and delivered in such manner, as the Committee may from time to time
      determine.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3.6. </TD>
    <TD>
      <P align=justify><B>Total Common Shares Subject to Restricted Share
      Units</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The aggregate number of Common Shares that may be issued
      pursuant to the Plan shall be, subject to Sections 4.6 and 8, 10,000,000
      and no Restricted Share Unit may be granted if such grant would have the
      effect of causing the total number of Common Shares potentially issuable
      in respect of Restricted Share Units to exceed the above number of Common
      Shares reserved for issuance under the Plan.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>To the extent Restricted Share Units are cancelled, the
      Common Shares subject to such Restricted Share Units shall be added back
      to the number of Common Shares reserved for issuance under the Plan and
      such Common Shares will again become available for Restricted Share Unit
      grants under the Plan.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD colSpan=2>
      <P align=justify><B>RESTRICTED SHARE UNIT GRANTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.1. </TD>
    <TD colSpan=2>
      <P align=justify><B>Grants of Restricted Share Units</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Subject to the provisions of the Plan and such other
      terms and conditions as the Committee or the Board may prescribe, the
      Committee may, from time to time, grant Restricted Share Units to such
      Designated Participant as may be determined by the Committee in its sole
      discretion with effect from such dates as the Committee may
  specify.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.2. </TD>
    <TD colSpan=2>
      <P align=justify><B>Vesting Provisions</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Committee shall, in its sole discretion, determine
      the Vesting Dates and the proportion of Restricted Share Units to vest on
      each such Vesting Date applicable to each grant of Restricted Share Units
      at the time of such grant and shall specify such Vesting Dates in the
      Grant Notice relating to such grant.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=center>7 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>Notwithstanding Section 4.2(a) above, unless otherwise
      specified herein or determined by the Committee:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Restricted Share Units granted to a Designated
      Participant under Section 4.1 shall vest, as to one-third (1/3) of the
      number of such Restricted Share Units, on each of the first, second and
      third anniversaries of the Grant Date; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Dividend equivalent Restricted Share Units received by a
      Designated Participant under Section 4.5 shall vest with the Restricted
      Share Units in respect of which they were credited to the Designated
      Participant&#146;s Restricted Share Unit Account.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4.3. </TD>
    <TD>
      <P align=justify><B>Grant Notice</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Each grant of Restricted Share Units will be evidenced by
      a Grant Notice. The Grant Notice will be subject to the applicable
      provisions of this Plan and will contain such provisions as are required
      by this Plan and any other provisions that the Committee may direct. Any
      one officer of the Company is authorized and empowered to execute and
      deliver, for and on behalf of the Company, a Grant Notice to each
      Designated Participant.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.4. </TD>
    <TD>
      <P align=justify><B>No Certificates</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>No certificates shall be issued with respect to
      Restricted Share Units.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.5. </TD>
    <TD>
      <P align=justify><B>Dividend Equivalent Restricted Share
  Units</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Whenever a dividend is paid on the Common Shares,
      additional Restricted Share Units will be credited to a Designated
      Participant&#146;s Restricted Share Unit Account in accordance with this
      Section 4.5. The number of such additional Restricted Share Units to be so
      credited will be calculated by dividing the dividend that would have been
      paid to such Designated Participant if the Restricted Share Units recorded
      in the Designated Participant&#146;s Restricted Share Unit Account as at the
      record date for the dividend had been Common Shares, whether or not
      vested, by the Market Value on the Trading Day immediately preceding the
      date on which the Common Shares began to trade on an ex-dividend basis,
      rounded down to the next whole number of Restricted Share Units. No
      fractional Restricted Share Units will thereby be created. The foregoing
      does not obligate the Company to pay dividends on Common Shares and
      nothing in this Plan shall be interpreted as creating such an
      obligation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.6. </TD>
    <TD>
      <P align=justify><B>Maximum Securities</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Notwithstanding Section 3.6:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the number of securities issuable to Insiders, at any
      time, under all security based compensation arrangements of the Company
      including, without limitation, this Plan, shall not exceed 7.5% of the
      issued and outstanding Common Shares calculated on a non-diluted
    basis;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the number of securities issued to Insiders, within any
      one year period, under all security based compensation arrangements of the
      Company including, without limitation, this Plan, shall not exceed 7.5% of
      the issued and outstanding Common Shares calculated on a non-diluted
      basis; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>without the prior approval of the shareholders of the
      Company, the number of securities issuable to non-employee directors, at
      any time, under all security based compensation arrangements of the
      Company including, without limitation, this Plan, shall not exceed 1% of
      the issued and outstanding Common Shares calculated on a non-diluted basis
      and the aggregate value of Restricted Share Units (based on the fair value
      of the Restricted Share Units at the time of grant) granted to any
      non-employee director in any calendar year may not exceed
  $100,000.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=center>8 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4.7. </TD>
    <TD>
      <P align=justify><B>Restricted Share Unit Account</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>An account, to be known as a &#147;<B>Restricted Share Unit
      Account</B>&#148;, shall be maintained by the Company for each Designated
      Participant and shall be credited from time to time with such Restricted
      Share Units as are granted to the Designated Participant and any dividend
      equivalent Restricted Share Units credited in respect of such Restricted
      Share Units.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.8. </TD>
    <TD>
      <P align=justify><B>Statement of Account</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company shall mail to each Designated Participant to
      whom Restricted Share Units have been granted, on an annual basis, a
      statement reflecting the status of the Restricted Share Unit Account
      maintained for such Designated Participant.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.9. </TD>
    <TD>
      <P align=justify><B>Cancellation of Restricted Share Units that Fail to
      Vest or Are Redeemed</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Restricted Share Units that fail to vest in accordance
      with Section 5 of the Plan, or that are redeemed in accordance with
      Section 6 of the Plan, shall be cancelled and shall cease to be recorded
      in the Restricted Share Unit Account of the relevant Designated
      Participant as of the date on which such Restricted Share Units fail to
      vest or are redeemed, as the case may be, and the Designated Participant
      will have no further right, title or interest in or to such Restricted
      Share Units.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B>VESTING OF RESTRICTED SHARE UNITS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.1. </TD>
    <TD>
      <P align=justify><B>Vesting</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Subject to Sections 6.2 and 6.3, Restricted Share Units
      and any dividend equivalent Restricted Share Units in respect of such
      Restricted Share Units, shall vest on the earliest
of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Vesting Date;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Change of Control Date; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>such date as the Committee may determine in accordance
      with the provisions of this Section 5, and such Restricted Share Units
      shall be considered &#147;<B>Vested Restricted Share Units</B>&#148;.
  </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5.2. </TD>
    <TD>
      <P align=justify><B>Vesting on Death, Retirement, Disability or
      Termination without Cause</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>If a Designated Participant dies, retires, suffers a
      Disability or is terminated without Cause prior to a Vesting Date, the
      Committee may determine, in its sole discretion, whether or not any or all
      of the Restricted Share Units and any dividend equivalent Restricted Share
      Units in respect of such Restricted Share Units, shall otherwise be
      considered to have vested and the date on which the Committee determines
      that some or all of the Designated Participant&#146;s Restricted Share Units
      have vested shall be considered to be the Vesting Date for such Restricted
      Share Units that have so vested and such Restricted Share Units shall be
      considered &#147;<B>Vested Restricted Share Units</B>&#148;.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.3. </TD>
    <TD>
      <P align=justify><B>Acknowledgement of Grant</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>A Designated Participant shall deliver to the Company the
      completed Grant Notice acknowledging the grant of Restricted Share Units
      within 90 days after the date on which the Designated Participant receives
      the Grant Notice from the Company. If the Grant Notice is not delivered by
      the Designated Participant within such period, the Committee reserves the
      right to revoke the grant of such Restricted Share Units to the Designated
      Participant and the crediting of such Restricted Share Units to the
      Designated Participant&#146;s Restricted Share Unit
Account.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P align=center>9 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B>REDEMPTION OF RESTRICTED SHARE UNITS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6.1. </TD>
    <TD>
      <P align=justify><B>Redemption of Vested Restricted Share
  Units</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Subject to the remaining provisions of this Section 6, on
      the Redemption Date for each Vested Restricted Share Unit, the Company
      shall redeem all such Vested Restricted Share Units by issuing a share
      certificate in the name of the Designated Participant evidencing the
      Common Shares issued to the Designated Participant in respect of the
      Vested Restricted Share Units, each Vested Restricted Share Unit being
      redeemed for one Common Share.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6.2. </TD>
    <TD>
      <P align=justify><B>Cessation of Employment</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>If the employment of a Designated Participant ceases
      prior to the Vesting Date, Restricted Share Units and the dividend
      equivalent Restricted Share Units in respect of such Restricted Share
      Units shall be dealt with as follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>if a Designated Participant&#146;s Restricted Share Units have
      not vested pursuant to Section 5.2, and the Designated Participant&#146;s
      employment ceases because of the death, retirement or Disability of the
      Designated Participant, a <I>pro-rata </I>portion of the Designated
      Participant&#146;s Restricted Share Units (and any dividend equivalent
      Restricted Share Units credited in respect thereof) that are scheduled to
      vest on the next scheduled Vesting Date set forth in the Grant Notice for
      such Restricted Share Units shall vest, based on the number of days since
      the Grant Date to the date of death, retirement or Disability in relation
      to the total number of days from the Grant Date to such Vesting Date, and
      such Restricted Share Units shall be redeemed and certificates shall be
      issued to the Designated Participant or the Designated Participant&#146;s
      Beneficiary or estate in accordance with Section 6.1 on the next scheduled
      Vesting Date set forth in the Grant Notice;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>if the Designated Participant&#146;s employment ceases because
      of termination for Cause or because of the resignation of the Designated
      Participant other than for Good Reason, all Restricted Share Units (and
      any dividend equivalent Restricted Share Units credited in respect
      thereof), whether or not vested, shall immediately expire and the
      Designated Participant shall have no further rights respecting such
      Restricted Share Units (and dividend equivalent Restricted Share
      Units);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>if a Designated Participant&#146;s Restricted Share Units have
      not vested pursuant to Section 5.2, and the Designated Participant&#146;s
      employment ceases because of termination without Cause or resignation for
      Good Reason, a <I>pro-rata </I>portion of the Designated Participant&#146;s
      Restricted Share Units (and any dividend equivalent Restricted Share
      Units) that are scheduled to vest on the next scheduled Vesting Date set
      forth in the Grant Notice shall vest, based on the number of days since
      the Grant Date to the date of such termination or resignation in relation
      to the total number of days from the Grant Date to such Vesting Date, and
      such Restricted Share Units shall be redeemed and certificates shall be
      issued to the Designated Participant in accordance with Section 6.1 on the
      next scheduled Vesting Date set forth in the Grant Notice; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the date of cessation of a Designated Participant&#146;s
      employment shall be the Designated Participant&#146;s last day of active
      employment and shall not include any period of statutory, contractual or
      reasonable notice or any period of deemed
employment.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6.3. </TD>
    <TD colSpan=2>
      <P align=justify><B>Change of Control</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>In the event of a Change of Control where the Person that
      acquires Control (the &#147;<B>Acquirer</B>&#148;), an Affiliate thereof, or the
      successor of the Company, agrees to assume all of the obligations of the
      Company under the Plan and the Committee determines that such assumption
      is consistent with the objectives of the Plan, the Plan and all
      outstanding awards will continue on the same terms and conditions, except
      that, if applicable, Restricted Share Units may be adjusted to a right to
      acquire shares of the Acquirer or its
Affiliate.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=center>10 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>In the event of a Change of Control where the Plan is
      continued pursuant to Section 6.3(a), the Restricted Share Units of
      Designated Participants whose employment thereafter ceases for any reason
      other than resignation without Good Reason or termination for Cause shall
      immediately be deemed to be Vested Restricted Share Units and the Company
      shall, at its option, redeem all such Vested Restricted Share Units
    by:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>issuing a share certificate in the name of the Designated
      Participant evidencing the Common Shares issued to the Designated
      Participant in respect of the Vested Restricted Share Units, each Vested
      Restricted Share Unit being redeemed for one Common Share and the Vesting
      Date of such Restricted Share Units shall be the date of the termination
      of employment; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>paying to such Designated Participant a cash amount equal
      to the Market Value of such Vested Restricted Share Units as of the date
      of termination.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>In the event of a Change of Control where the Acquiror or
      an Affiliate thereof or the successor to the Company does not agree to
      assume all of the obligations of the Company under the Plan, or the
      Committee determines that such assumption is not consistent with the
      objectives of the Plan, all unvested Restricted Share Units held by each
      Designated Participant shall immediately be deemed to be Vested Restricted
      Share Units and the Company shall, at its option, redeem all such Vested
      Restricted Share Units:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>by issuing a share certificate in the name of the
      Designated Participant evidencing the Common Shares issued to the
      Designated Participant in respect of the Vested Restricted Share Units,
      each Vested Restricted Share Unit being redeemed for one Common Share and
      the Vesting Date of such Restricted Share Units shall be the Change of
      Control Date; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>paying to each Designated Participant a cash amount equal
      to the Market Value of such Vested Restricted Share Units as of the Change
      of Control Date.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Notwithstanding the foregoing, the
Committee may terminate all or part of the Plan if it determines that it is
appropriate to do so upon a Change of Control and in the event of such
termination, the Plan shall terminate on the Change of Control Date on such
terms and conditions as the Committee may determine. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6.4. </TD>
    <TD>
      <P align=justify><B>No Interest</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>For greater certainty, no interest shall be payable to
      Designated Participants in respect of any amount payable under the
      Plan.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><B>AMENDMENT OF THE PLAN</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7.1. </TD>
    <TD>
      <P align=justify><B>Amendment</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Subject to Applicable Law and Sections 7.1(b) and 7.1(c)
      below, the Board may, without notice or shareholder approval, at any time
      or from time to time, amend, suspend or terminate the Plan for any purpose
      which, in the good faith opinion of the Board, may be expedient or
      desirable.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Notwithstanding Section 7.1(a), but subject to Section
      7.1(e), the Board shall not materially adversely alter or impair any
      rights of a Designated Participant or materially increase any obligations
      of a Designated Participant with respect to Restricted Share Units
      previously awarded under the Plan without the consent of the Designated
      Participant.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Notwithstanding Section 7.1(a), none of the following
      amendments shall be made to this Plan without approval by shareholders by
      ordinary resolution:</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<P align=center>11 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>increasing the number of securities issuable under the
      Plan, other than in accordance with the terms of this Plan;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>making a change to the class of Designated Participants
      that would have the potential of broadening or increasing participation by
      Insiders;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>amending Section 8.6 of the Plan;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>permitting awards other than Restricted Share Units to be
      made under this Plan; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>deleting or reducing the amendments that require
      shareholders&#146; approval under this Section
7.1(a).</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Without limiting the generality of the foregoing, the
      Board shall have the power and authority to approve amendments relating to
      the Plan, without obtaining shareholder approval, to the extent that such
      amendment:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>is of a typographical, grammatical, clerical or
      administrative nature or is required to comply with applicable regulatory
      requirements, including the TSX Rules, in place from time to
  time;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>is an amendment to the Plan respecting administration of
      the Plan and eligibility for participation under the Plan;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>changes the terms and conditions on which Restricted
      Share Units may be or have been granted pursuant to the Plan, including
      change to the vesting provisions of the Restricted Share Units;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>changes the termination provisions of a Restricted Share
      Unit or the Plan; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>is an amendment to the Plan of a &#147;housekeeping
      nature&#148;.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>If the Board terminates or suspends the plan, no new
      Restricted Share Units (other than dividend equivalent Restricted Share
      Units) will be credited to the Restricted Share Unit Account of a
      Designated Participant. On termination of the Plan, the vesting of any and
      all Restricted Share Units not then vested will be accelerated and, on a
      date or dates selected by the Board in its discretion, payment in the form
      of Common Shares will be made to the Designated Participant in respect of
      Restricted Share Units.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>The Board shall not require the consent of any affected
      Designated Participant in connection with the termination of the Plan in
      which the vesting of all Restricted Share Units held by the Designated
      Participant are accelerated and payment is made to the Designated
      Participant in respect of all such Restricted Share Units.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>The Plan will terminate on the date upon which no further
      Restricted Share Units remain outstanding.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=center>12 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><B>GENERAL</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.1. </TD>
    <TD>
      <P align=justify><B>Adjustments</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In the event of any stock dividend, stock split,
      combination or exchange of shares, merger, amalgamation, arrangement or
      other scheme of reorganization, spin-off or other distribution of the
      Company&#146;s assets to shareholders (other than the payment of cash dividends
      in the ordinary course), or any other change in the capital of the Company
      affecting Common Shares, such adjustments, if any, as the Committee in its
      discretion may deem appropriate to preserve proportionately the interests
      of Designated Participants under the Plan as a result of such change shall
      be made with respect to the number of Restricted Share Units outstanding
      under the Plan.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.2. </TD>
    <TD>
      <P align=justify><B>Compliance with Laws and Company
  Policies</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The terms of the Plan are subject to any Applicable Laws
      and governmental and regulatory requirements (including the TSX Rules),
      approvals and consents, and the provisions of any applicable policies of
      the Company that may be or become applicable. Without limiting the
      generality of the foregoing, the Company may, in its sole discretion,
      delay the crediting of Restricted Share Units to the accounts of
      Designated Participants and/or the redemption of Restricted Share Units if
      and to the extent it considers necessary or appropriate as a result of any
      Blackout Period.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>If the Committee determines that the listing,
      registration or qualification of the Common Shares subject to this Plan
      upon any securities exchange or under any provincial, state, federal or
      other Applicable Law, or the consent or approval of any governmental body
      or securities exchange or of the shareholders of the Company is necessary
      or desirable, as a condition of, or in connection with, the crediting of
      Restricted Share Units or the issue of Common Shares hereunder, the
      Company shall be under no obligation to credit Restricted Share Units or
      issue Common Shares hereunder unless and until such listing, registration,
      qualification, consent or approval shall have been affected or obtained
      free of any conditions not acceptable to the
Committee.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">8.3. </TD>
    <TD>
      <P align=justify><B>Designated Participant&#146;s Entitlement</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Except as otherwise provided in this Plan, Restricted
      Share Units previously granted under this Plan, whether or not then
      vested, are not affected by any change in the relationship between, or
      ownership of, the Company and a Related Entity. For greater certainty, all
      Restricted Share Units remain valid in accordance with the terms and
      conditions of this Plan and are not affected by reason only that at any
      time, a Related Entity ceases to be a Related Entity.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.4. </TD>
    <TD>
      <P align=justify><B>Reorganization of the Corporation</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The existence of any Restricted Share Units shall not
      affect in any way the right or power of the Company or its shareholders to
      make or authorize any adjustment, recapitalization, reorganization or
      other change in the Company&#146;s capital structure or its business, or to
      create or issue any bonds, debentures, shares or other securities of the
      Company or to amend or modify the rights and conditions attaching thereto
      or to effect the dissolution or liquidation of the Company, or any
      amalgamation, combination, merger or consolidation involving the Company
      or any sale or transfer of all or any part of its assets or business, or
      any other corporate act or proceeding, whether of a similar nature or
      otherwise.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A>
<P align=center>13 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">8.5. </TD>
    <TD>
      <P align=justify><B>Blackout Periods</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>If a Vested Restricted Share Unit would otherwise be
      redeemed during a Blackout Period or within 5 business days after the date
      on which the Blackout Period ends, then, notwithstanding any other
      provision of the Plan, the Vested Restricted Share Unit shall instead be
      redeemed on the date which is 10 business days after the date on which the
      Blackout Period ends.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.6. </TD>
    <TD>
      <P align=justify><B>Transferability of Restricted Share
Units</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Rights with respect to Restricted Share Units shall not
      be transferable or assignable other than by will or the laws of descent
      and distribution.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.7. </TD>
    <TD>
      <P align=justify><B>Successors and Assigns</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Plan shall be binding on the Company and on
      Designated Participants and, if applicable, their Beneficiaries and legal
      representatives.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.8. </TD>
    <TD>
      <P align=justify><B>Unfunded and Unsecured Plan</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Plan is an unfunded obligation of the Company and the
      Company will not secure its obligations under the Plan. Neither the
      establishment of the Plan nor the grant of Restricted Share Units (or any
      action taken in connection therewith) shall be deemed to create a trust.
      To the extent any individual holds any rights by virtue of a grant of
      Restricted Share Units under the Plan, such rights shall be no greater
      than the rights of an unsecured creditor of the Company.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.9. </TD>
    <TD>
      <P align=justify><B>Market Fluctuations</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>No amount will be paid to, or in respect of, a Designated
      Participant under the Plan to compensate for a downward fluctuation on the
      price of Common Shares, nor will any other form of benefit be conferred
      upon, or in respect of, a Designated Participant for such purpose. The
      Company makes no representations or warranties to the Designated
      Participants with the respect to the Plan or the Common Shares whatsoever.
      In seeking the benefits of participation in the Plan, a Designated
      Participant agrees to accept all risks associate with a decline in the
      market price of Common Shares.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.10. </TD>
    <TD>
      <P align=justify><B>Participation is Voluntary; No Additional
      Rights</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Participation of any Designated Participant in the
      Plan is entirely voluntary and not obligatory and shall not be interpreted
      as conferring upon such Designated Participant any rights or privileges
      other than those rights and privileges expressly provided in the Plan.
      Nothing in this Plan shall be construed to provide the Designated
      Participants with any rights whatsoever to participation or continue
      participation in this Plan or to compensation or damages in lieu of
      participation, whether upon termination of service as a Designated
      Participant or otherwise. Nothing contained in this Plan shall be deemed
      to give any person the right to the continuation of employment by the
      Company or a Related Entity of the Company or interfere in any way with
      the right of the Company or a Related Entity of the Company to terminate
      such employment at any time or to increase or decrease the compensation of
      such person. For greater certainty, a period of notice, if any, or payment
      in lieu thereof, upon termination of employment, wrongful or otherwise,
      shall not be considered as extending the period of employment for the
      purposes of the Plan. The Company does not assume responsibility for the
      personal income or other tax consequences for the Designated Participants
      and they are advised to consult with their own tax advisors.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.11. </TD>
    <TD>
      <P align=justify><B>No Shareholder Rights</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>No Designated Participant has or is entitled to obtain,
      as a result of any entitlement to Restricted Share Units hereunder, any
      entitlement to Common Shares or any voting rights, rights to receive any
      distribution or any other rights as a shareholder of the
  Company.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>14 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">8.12. </TD>
    <TD>
      <P align=justify><B>Subject to Law</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s granting of any Restricted Share Units and
      its obligation to make any payments in respect thereof are subject to
      compliance with Applicable Law.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.13. </TD>
    <TD>
      <P align=justify><B>No Salary Deferral Arrangement</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Notwithstanding any other provision of the Plan, it is
      intended that the Plan and Restricted Share Units granted under the Plan
      not be considered &#147;salary deferral arrangements&#148; under the <I>Income Tax
      Act </I>(Canada) and the Plan shall be administered in accordance with
      such intention. Without limiting the generality of the foregoing, the
      Committee may make such amendments to the terms of outstanding Restricted
      Share Units (including, without limitation, changing the Vesting Dates and
      Redemption Dates thereof) as may be necessary or desirable, in the sole
      discretion of the Committee, so that the Plan and Restricted Share Units
      outstanding thereunder are not considered &#147;salary deferral
      arrangements&#148;.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.14. </TD>
    <TD>
      <P align=justify><B>Administration Costs</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company will be responsible for all costs relating to
      the administration of the Plan.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.15. </TD>
    <TD>
      <P align=justify><B>Governing Law</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Plan shall be governed by and construed in accordance
      with the laws of the Province of British Columbia and the federal laws of
      Canada applicable therein.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.16. </TD>
    <TD>
      <P align=justify><B>Effective Date</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Plan is adopted with effect from May 14,
  2014.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>Schedule A</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Form of Grant Notice and Acknowledgement</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>B2Gold Corp. Restricted Share Unit Plan</B>
  </TD></TR></TABLE>
<P align=justify>B2Gold Corp. (the &#147;<B>Company</B>&#148;) hereby grants the following
award to the Designated Participant named below in accordance with and subject
to the terms, conditions and restrictions of this Grant Notice and
Acknowledgement (the &#147;<B>Notice</B>&#148;), together with the provisions of the
B2Gold Corp. Restricted Share Unit Plan (the &#147;<B>Plan</B>&#148;) dated l , 20l: </P>
<P style="MARGIN-LEFT: 5%" align=justify>Name and Address of Designated
Participant: ______________________________</P>
<P style="MARGIN-LEFT: 5%" align=justify>Date of Grant:
__________________________________________________________</P>
<P style="MARGIN-LEFT: 5%" align=justify>Total Number of Restricted Share
Units_____________________________________<BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>The terms and conditions of the Plan are hereby
      incorporated by reference as terms and conditions of this Notice and all
      capitalized terms used herein, unless expressly defined in a different
      manner, have the meanings ascribed thereto in the Plan.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Subject to any acceleration in vesting as provided in the
      Plan, each Restricted Share Unit vests as follows:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>[<B>To be inserted</B>]</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>The payment is respect of Restricted Share Units held by
      the Designated Participant shall be satisfied by the issuance of Common
      Shares to the Designated Participant on the Redemption Date.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Nothing in the Plan or in this Notice will affect the
      right of the Company or any Related Entity to terminate the employment or
      term of service any employee at any time for any reason
  whatsoever.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Each notice relating to any award of Restricted Share
      Units must be in writing and signed by the Designated Participant or its
      Beneficiary or legal representative. All notices to the Company must be
      delivered personally or by prepaid registered mail and must be addressed
      to the Secretary of the Company. All notices to the Designated Participant
      will be addressed to the principal address of the Designated Participant
      on file with the Company. Either the Company or the Designated Participant
      may designate a different address by written notice to the other. Any
      notice given by either the Designated Participant of the Company is not
      binding on the recipient thereof until received.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>The undersigned acknowledges:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>having received a copy of the Plan and acknowledges and
      agrees that the terms of the Plan govern the grant of Restricted Share
      Units to and the rights of the undersigned hereunder and that such terms
      include rights of the Company to amend or terminate the Plan or any of its
      terms and to determine vesting and other matters at its
  discretion;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>that the Company or Subsidiary of the Company that
      employs the undersigned may be required to withhold from the undersigned&#146;s
      compensation and remit to the Canada Revenue Agency or the tax agency of
      the country in which the Designated Participant resides income taxes and
      other required source deductions in respect of the redemption of Vested
      Restricted Share Units of the Designated Participant provided for in
      Section 3.3 of the Plan; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>and agrees that the undersigned will, at all times, act
      in strict compliance with Applicable Law and all policies of the Company
      applicable to the undersigned in connection with the Plan. Such Applicable
      Law and policies shall include, without limitation, those governing
      &#147;insiders&#148; of &#147;reporting issuers&#148; as those terms are construed for the
      purposes of applicable securities laws.</P></TD></TR></TABLE><BR>
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<P align=center>2 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left colSpan=3>DATED this day of ____________________,
      20_______. </TD>
    <TD align=left width="45%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="3%" >&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="45%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="50%" colSpan=2><B>B2GOLD CORP.</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="3%" >&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="45%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="3%" >&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="45%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="5%">Per: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="5%">Name: </TD>
    <TD align=left width="45%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="3%" >&nbsp; </TD>
    <TD align=left width="5%">Title: </TD>
    <TD align=left width="45%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="3%" >&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="45%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="3%" >&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="45%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="3%" >) </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="45%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="3%" >) </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="45%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="3%" >) </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="45%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=center width="3%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Witness </TD>
    <TD align=center width="3%" >) </TD>
    <TD align=left width="50%" colSpan=2>[Name of Designated Participant]
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="3%" >) </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="45%" >&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
   <TITLE>B2Gold Corp.: Exhibit 99.4 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>SCHEDULE A</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>PROPOSED AMENDED AND RESTATED STOCK OPTION PLAN</B>
  </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>B2GOLD CORP.</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>INCENTIVE STOCK OPTION PLAN</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>(AMENDED AND RESTATED)</B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><I>Name and Purpose of the Plan</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">1.1 </TD>
    <TD>
      <P align=justify>The stock option plan constituted hereby for directors,
      officers and Service Providers (as defined below) of B2Gold Corp. (the
      &#147;Company&#148;) and its subsidiaries shall be known as the Stock Option Plan
      (Amended and Restated) (the &#147;Plan&#148;). This Plan, effective May 14, 2014,
      amends, restates and replaces the Stock Option Plan adopted on May 6,
      2011.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">1.2 </TD>
    <TD>
      <P align=justify>The purpose of the Plan is to provide Eligible Persons
      with an opportunity to purchase Common Shares and to benefit from the
      appreciation in the value thereof. This will provide an increased
      incentive for the Eligible Persons to contribute to the future success and
      prosperity of the Company, thus enhancing the value of the Common Shares
      for the benefit of all the shareholders and increasing the ability of the
      Company and its associated, affiliated, controlled and subsidiary
      companies to attract and retain individuals of exceptional
skill.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><I>Interpretation</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2.1 </TD>
    <TD>
      <P align=justify>Where used herein, the following terms shall have the
      following meanings, respectively:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>&#147;Associate&#148; means an associate as defined in the
      <I>Securities Act;</I></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>&#147;Blackout Period&#148; has the meaning ascribed to such term
      in Section 19;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>&#147;Board&#148; or &#147;Board of Directors&#148; means the board of
      directors of the Company, as such may be constituted from time to
    time;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>&#147;Code&#148; means the U.S. Internal Revenue Code of 1986, as
      amended;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>&#147;Common Shares&#148; means the common shares of the Company
      or, in the event of an adjustment contemplated by Section 10 hereof, such
      other shares to which a Participant may be entitled upon the exercise of
      an Option as a result of such adjustment;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>&#147;Company&#148; means B2Gold Corp., and includes any successor
      company thereof;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>&#147;Disability&#148; means, with respect to any U.S. Participant,
      that such U.S. Participant is unable to engage in any substantial gainful
      activity by reason of any medically determinable physical or mental
      impairment that can be expected to result in death or that has lasted, or
      can be expected to last, for a continuous period of not less than twelve
      (12) months. The preceding definition of the term &#147;Disability&#148; is intended
      to comply with, and will be interpreted consistently with, sections
      22(e)(3) and 422(c)(6) of the Code;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>&#147;Eligible Person&#148; means, subject to all applicable laws,
      any director, officer, employee or Service Provider of the Company or any
      of its associated, affiliated, controlled and subsidiary
  companies;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>&#147;Employee&#148; means a person who is an employee of the
      Company (or any Parent or Subsidiary) for purposes of section 422 of the
      Code;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=center>2</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>&#147;Exchange&#148; means the Toronto Stock Exchange or, if the
      Common Shares are not then listed and posted for trading on the Toronto
      Stock Exchange, on such stock exchange in Canada on which such shares are
      listed and posted for trading as may be selected for such purpose by the
      Board;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>&#147;Fair Market Value&#148; as of any date, means, with respect
      to any property (including, without limitation, any Common Share), the
      fair market value, as of such date, of such property, determined by such
      methods or procedures as are established from time to time by the Board.
      Unless otherwise determined by the Board, the fair market value of a
      Common Share as of a given date will be the closing sale price of the
      Common Shares on the Exchange (or, if such Common Shares are not then
      listed and posted for trading on the Exchange, on such stock exchange on
      which such Common Shares are listed and posted for trading as may be
      selected for such purpose by the Board) on the trading day immediately
      preceding such date;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>&#147;Grant Date&#148; means, with respect to any Option, the date
      on which the Board makes the determination to grant such Option or any
      later date specified by the Board;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>&#147;Incentive Stock Option&#148; means an Option granted to a
      U.S. Participant that is intended to qualify as an &#147;incentive stock
      option&#148; pursuant to Section 422 of the Code;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>&#147;Insider&#148; means:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>an insider as defined in the <I>Securities Act</I>, other
      than a person who is an insider solely by virtue of being a director or
      senior officer of a subsidiary company; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>an Associate of any person who is an insider under
      paragraph (i) of this definition;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>&#147;Market Price&#148; of Common Shares at any Grant Date means
      the closing price per Common Share on the Exchange for the last day Common
      Shares were traded prior to the Grant Date;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(p) </TD>
    <TD>
      <P align=justify>&#147;Non-Employee Director&#148; means any director of the Company
      or any of its associated, affiliated, controlled or subsidiary companies
      who does not have an employment or consulting agreement with the Company
      or one of its associated, affiliated, controlled or subsidiary
      companies;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(q) </TD>
    <TD>
      <P align=justify>&#147;Nonqualified Stock Option&#148; means an Option that is not
      an Incentive Stock Option;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(r) </TD>
    <TD>
      <P align=justify>&#147;Option&#148; means an option to purchase Common Shares
      granted by the Board to a Participant, subject to the provisions contained
      herein;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(s) </TD>
    <TD>
      <P align=justify>&#147;Option Price&#148; means the price per share at which Common
      Shares may be purchased under the Option, as the same may be adjusted in
      accordance with Sections 4 and 10 hereof;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(t) </TD>
    <TD>
      <P align=justify>&#147;Parent&#148; means any corporation (other than the Company)
      in an unbroken chain of corporations ending with the Company, if each
      corporation in such chain (other than the Company) owns stock possessing
      fifty percent (50%) or more of the total combined voting power of all
      classes of stock in one of the other corporations in such chain. The
      preceding definition of the term &#147;Parent&#148; is intended to comply with, and
      will be interpreted consistently with, section 424(e) of the
  Code;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(u) </TD>
    <TD>
      <P align=justify>&#147;Participant&#148; means an Eligible Person to whom Options
      are granted by the Board pursuant to the Plan and which Options or a
      portion thereof remain unexercised;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>&#147;Plan&#148; means this Stock Option Plan of the Company, as
      the same may be amended or varied from time to time;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(w) </TD>
    <TD>
      <P align=justify>&#147;<I>Securities Act</I>&#148; means the <I>Securities Act
      </I>(Ontario), as amended or replaced from time to
time;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=center>3</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(x) </TD>
    <TD>
      <P align=justify>&#147;Service Provider&#148; means:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>an employee (including full-time and part-time employees)
      of the Company or any of its subsidiary company&#146;s;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>any other individual, corporation, partnership or other
      entity engaged on a <I>bona fide </I>basis to provide ongoing management
      or consulting services to the Company, to a subsidiary company controlled
      company for an initial, renewable or extended period of twelve months or
      more; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>any individual who is providing ongoing management or
      consulting services to the Company, to a subsidiary company or controlled
      company indirectly through a corporation, partnership or other entity that
      is a Service Provider under section (ii) of this
  definition;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(y) </TD>
    <TD>
      <P align=justify>&#147;Subsidiary&#148; means any corporation (other than the
      Company) in an unbroken chain of corporations beginning with the Company,
      if each corporation (other than the last corporation) in such chain owns
      stock possessing fifty percent (50%) or more of the total combined voting
      power of all classes of stock in one of the other corporations in such
      chain. The preceding definition of the term &#147;Subsidiary&#148; is intended to
      comply with, and will be interpreted consistently with, Section 424(f) of
      the Code;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(z) </TD>
    <TD>
      <P align=justify>&#147;U.S. Participant&#148; means a Participant who is a citizen
      of the United States or a resident of the United States, as defined in
      Section 7701(a)(30)(A) and Section 7701(b)(1)of the Code; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(aa) </TD>
    <TD>
      <P align=justify>&#147;10% Shareholder&#148; means any U.S. Participant who owns,
      taking into account the constructive ownership rules set forth in Section
      424(d) of the Code, more than ten percent (10%) of the total combined
      voting power of all classes of stock of the Company (or of any Parent or
      Subsidiary).</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2.2 </TD>
    <TD>
      <P align=justify>For the purposes of the Plan, associated companies,
      affiliated companies, controlled companies and subsidiary companies have
      the meanings set forth under Section 1 of the <I>Securities
  Act</I>.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><I>Shares Subject to Plan and Granting of
    Options</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3.1 </TD>
    <TD>
      <P align=justify>The Board of Directors may, from time to time, in its
      discretion grant Options to Eligible Persons subject to the conditions
      contained herein and such additional conditions as may be determined by
      the Board from time to time.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3.2 </TD>
    <TD>
      <P align=justify>The maximum number of Common Shares that may be issuable
      pursuant to Options granted under the Plan, which Options are outstanding
      but unexercised and whether or not they are vested, and all of the
      Company&#146;s other previously established and outstanding or proposed share
      compensation arrangements, shall be a number equal to 7.5% of the number
      issued and outstanding Common Shares on a non-diluted basis at any
      time<B>.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3.3 </TD>
    <TD>
      <P align=justify>The Common Shares in respect of which Options are
      terminated, cancelled or expired unexercised shall be available for
      subsequent Options pursuant to Section 21. No fractional Common Shares may
      be purchased or issued hereunder.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3.4 </TD>
    <TD>
      <P align=justify>Any grant of Options under the Plan shall be subject to
      the following restrictions, unless approved by a majority of the
      disinterested shareholders of the Company:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the aggregate number of Common Shares issuable pursuant
      to Options granted to Insiders, at any time, pursuant to the Plan and all
      of the Company&#146;s other previously established and outstanding or proposed
      share compensation arrangements may not exceed 7.5% of the issued and
      outstanding Common Shares (on a non-diluted basis) at the time of
      grant;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=center>4</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the aggregate number of Common Shares issued to Insiders
      pursuant to the Plan and all of the Company&#146;s other previously established
      and outstanding or proposed share compensation arrangements within any
      one-year period may not exceed 7.5% of the issued and outstanding Common
      Shares (on a non-diluted basis) at the time of grant;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the aggregate number of Common Shares issuable to any one
      individual Participant pursuant to the Plan and all of the Company&#146;s other
      previously established and outstanding or proposed share compensation
      arrangements within any one-year period may not exceed 5% of the
      outstanding Common Shares (on a non-diluted basis) at the time of the
      grant; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the aggregate number of Common Shares issuable pursuant
      to Options granted to Non Employee Directors, as a group, at any time,
      pursuant to the Plan and all of the Company&#146;s other previously established
      and outstanding or proposed share compensation arrangements may not exceed
      1% of the outstanding Common Shares (on a non-diluted basis) at the time
      of grant and the aggregate value of Options (based on the fair value of
      the Options at the time of grant) granted to any Non Employee Director in
      any calendar year may not exceed $100,000.</P></TD></TR></TABLE>
<P align=justify>The aforementioned limits of Common Shares reserved for
issuance may be formulated on a diluted basis with the consent of the Exchange.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><I>Purchase Price</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.1 </TD>
    <TD>
      <P align=justify>The Option Price of any Option granted shall be fixed by
      the Board of Directors but shall not be less than the Market Price on the
      Grant Date or such other minimum price as the Exchange may require.
      Notwithstanding any other term in this Plan to the contrary, the Option
      Price of any Option granted to a U.S. Participant shall not be less than
      100% of the Fair Market Value of a Common Share on the applicable Grant
      Date.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><I>Option Term</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD>
      <P align=justify>Common Shares subject to each Option shall become
      purchasable in whole or in part at such time or times as may be determined
      by the Board of Directors. Subject to Sections 16 and 19, each Option
      shall not be exercisable after the expiration of ten (10) years from the
      date of the granting of the Option and may expire on such earlier date or
      dates as may be fixed by the Board of Directors. Any Common Shares not
      purchased prior to the expiration of an Option granted hereunder may
      thereafter be reallocated in accordance with the provisions of the
      Plan.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><I>Non-Transferable</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6.1 </TD>
    <TD>
      <P align=justify>Options granted to Participants under the Plan shall be
      non-transferable and non-assignable by the Participant to whom it was
      granted, other than by will or the laws of descent and distribution and,
      shall be exercisable during the Participant&#146;s lifetime only by the
      Participant, provided that, subject to the prior approval of the Board and
      the Exchange, an Option may be assigned to a corporation controlled by the
      Participant and 100% beneficially owned by the Participant, which control
      and ownership shall continue for so long as any part of the Option remains
      unexercised. <I>However, see Section 16 for applicable restrictions on
      transferability for Incentive Stock Options granted to U.S.
      Participants.</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><I>Employees and Service Providers</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7.1 </TD>
    <TD>
      <P align=justify>The Company represents and warrants that, with respect to
      the grant of Options under the Plan to Employees or Service Providers,
      each such the Eligible Person is a bona fide Employee or Service Provider
      of the Company, as applicable.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=center>5</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">7.2 </TD>
    <TD>
      <P align=justify>The Plan does not confer upon a Participant any right
      with respect to continuation of employment by the Company or any of its
      associated, affiliated, controlled or subsidiary companies.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><I>Effect of Termination of Employment or
  Death</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.1 </TD>
    <TD>
      <P align=justify>In the event of death of a Participant, any Option held
      by such Participant at the date of death shall become exercisable in whole
      or in part, only if and to the extent that the Participant was entitled to
      exercise the Option at the date of the Participant&#146;s death, by the
      person(s) to whom the Participant&#146;s rights under the Option shall pass by
      the Participant&#146;s will or the laws of descent and distribution and Options
      shall be exercisable for a period of one (1) year after the date of death
      or prior to the expiration of the Option period in respect thereof,
      whichever is sooner.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.2 </TD>
    <TD>
      <P align=justify>If a Participant ceases to be employed or retained by the
      Company or its associated, affiliated, controlled or subsidiary companies,
      as the case may be, for cause or if a Participant is removed from office
      as a director or becomes disqualified from being a director by law, any
      Option or the unexercised portion thereof granted to such Participant
      shall terminate forthwith. If a Participant ceases to be employed or
      retained by the Company or its associated, affiliated, controlled or
      subsidiary companies, as the case may be, other than by reason of death or
      termination for cause, or if a Participant ceases to be a director other
      than by reason of death, removal or disqualification, any Option or
      unexercised portion thereof held by such Participant at the effective date
      thereof may be exercised in whole or in part for a period that is the
      earlier of: (i) ninety (90) days after the Participant ceases active
      employment with the Company; (ii) ninety (90) days after the date of
      delivery of written notice of retirement, resignation or termination;
      (iii) the expiration date fixed by the Board; or (iv) the date the Option
      expires in accordance with its terms.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify><I>No Rights As Shareholder</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9.1 </TD>
    <TD>
      <P align=justify>No Participant shall have any of the rights as a
      shareholder of the Company in respect of the Common Shares subject to an
      Option until such Common Shares have been paid for in full and
    issued.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify><I>Adjustment to Shares</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.1 </TD>
    <TD>
      <P align=justify>Following the date an Option is granted, the exercise
      price for and the number of Common Shares which are subject to an Option
      will be adjusted, with respect to the then unexercised portion thereof, by
      the Board from time to time (on the basis of such advice as the Board
      considers appropriate, including, if considered appropriate by the Board,
      a certificate of the auditor of the Company) in the events and in
      accordance with the provisions set out in this Section 10, with the intent
      that the rights of Participants under their Options are, to the extent
      possible, preserved notwithstanding the occurrence of such events. Any
      dispute that arises at any time with respect to any adjustment pursuant to
      such provisions will be conclusively determined by the Board, and any such
      determination will be binding on the Company, the Participant and all
      other affected parties.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.2 </TD>
    <TD>
      <P align=justify>The number of Common Shares to be issued on the exercise
      of an Option shall be adjusted from time to time to account for each
      dividend of Common Shares (other than a dividend in lieu of cash dividends
      paid in the ordinary course), so that upon exercise of the Option for a
      Common Share the Participant shall receive, in addition to such Common
      Share, an additional number of Common Shares (&#147;Additional Shares&#148;), at no
      further cost, to adjust for each such dividend of Common Shares. The
      adjustment shall take into account every dividend of Common Shares which
      occurs between the date of the grant of the Option and the date of
      exercise of the Option for such Common Share. If there has been more than
      one such dividend, the adjustment shall also take into account that the
      dividends which are later in time would have been distributed not only on
      the Common Share had it been outstanding, but also on all Additional
      Shares which would have been outstanding as a result of previous
      dividends.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.3 </TD>
    <TD>
      <P align=justify>If the outstanding Common Shares are changed into or
      exchanged for a different number of shares or into or for other securities
      of the Company or securities of another company or entity, whether through
      an arrangement, amalgamation or other similar procedure or
otherwise, or a share recapitalization, subdivision or consolidation, then on
each exercise of the Option which occurs following such events, for each Common
Share for which the Option is exercised, the Participant shall instead receive
the number and kind of shares or other securities of the Company or other
company into which such Common Share would have been changed or for which such
Common Share would have been exchanged if it had been outstanding on the date of
such event.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=center>6</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">10.4 </TD>
    <TD>
      <P align=justify>If the outstanding Common Shares are changed into or
      exchanged for a different number of shares or into or for other securities
      of the Company or securities of another company or entity, in a manner
      other than as specified in Sections 10.2 or 10.3, then the Board, in its
      sole discretion, may make such adjustment to the securities to be issued
      pursuant to any exercise of the Option and the exercise price to be paid
      for each such security following such event as the Board in its sole and
      absolute discretion determines to be equitable to give effect to the
      adjustment described in Section 10.1, and such adjustments shall be
      effective and binding upon the Company and the Participant for all
      purposes.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.5 </TD>
    <TD>
      <P align=justify>If the Company distributes, by way of a dividend or
      otherwise, to all or substantially all holders of Common Shares, property,
      evidences of indebtedness or shares or other securities of the Company
      (other than Common Shares) or rights, options or warrants to acquire
      Common Shares or securities convertible into or exchangeable for Common
      Shares or other securities or property of the Company, other than as a
      dividend in the ordinary course, then, if the Board, in its sole
      discretion, determines that such action equitably requires an adjustment
      in the exercise price under any outstanding Option or in the number(s) of
      Common Shares subject to any such Option, or both, such adjustment may be
      made by the Board and shall be effective and binding on the Company and
      the Participant for all purposes.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.6 </TD>
    <TD>
      <P align=justify>No adjustment or substitution provided for in this
      Section 10 shall require the Company to issue a fractional share in
      respect of any Option. Fractional shares shall be eliminated.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.7 </TD>
    <TD>
      <P align=justify>The grant or existence of an Option shall not in any way
      limit or restrict the right or power of the Company to effect adjustments,
      reclassifications, reorganizations, arrangements or changes of its capital
      or business structure, or to amalgamate, merge, consolidate, dissolve or
      liquidate, or to sell or transfer all or any part of its business or
      assets.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.8 </TD>
    <TD>
      <P align=justify>Any adjustment with respect to the exercise price for and
      number of Common Shares subject to an Option granted to a U.S. Participant
      pursuant to this Section 10 will be made so as to comply with, and not
      create any adverse consequences under, Sections 424 and 409A of the
      Code.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify><I>Effect of Take-Over Bid</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11.1 </TD>
    <TD>
      <P align=justify>If a bona fide offer (the &#147;Offer&#148;) for Common Shares is
      made to a Participant or to shareholders generally or to a class of
      shareholders which includes Participants, which Offer, if accepted in
      whole or in part, would result in the offeror acquiring control of more
      than 20% of the voting rights attached to all the outstanding voting
      securities of the Company, then the Company shall, immediately upon
      receipt of notice of the Offer, notify each Participant currently holding
      an Option of the Offer, with full particulars thereof; whereupon such
      Option may be exercised in whole or in part by the Participant so as to
      permit the Participant to tender the Common Shares received upon such
      exercise (the &#147;Optioned Shares&#148;) pursuant to the Offer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11.2 </TD>
    <TD>
      <P align=justify>Any such notice of exercise may be made conditional upon
      the effectiveness or completion of such Offer so that
if:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Offer is not completed within the time specified
      therein; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Participant does not tender the Optioned Shares
      pursuant to the Offer; or</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=center>7</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>all of the Optioned Shares tendered by the Participant
      pursuant to the Offer are not taken up and paid for by the offeror in
      respect thereof;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>then the Optioned Shares to have been
received or, in the case of clause (c) above, the Optioned Shares that are not
taken up and paid for, shall be returned to the Company and reinstated as
authorized but unissued Common Shares and the terms of the Option set forth in
the Plan shall again apply to the Option. If any Optioned Shares are returned to
the Company under this Section 11.2, the Company shall refund the exercise price
to the Participant for such Optioned Shares. In no event shall the Participant
be entitled to sell the Optioned Shares otherwise than pursuant to the Offer.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify><I>Written Agreement</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">12.1 </TD>
    <TD>
      <P align=justify>A written agreement shall be entered into between the
      Company and each Participant, which agreement shall set out the Option
      Price and the terms and conditions on which the Option may be exercised,
      all in accordance with the provisions of the Plan. The agreement shall be
      in such form as the Board may from time to time approve and may contain
      such terms as may be considered necessary in order that the Option will
      comply with any provisions respecting stock options in the income tax or
      other laws in force in any country or jurisdiction or which the person to
      whom the Option is granted may from time to time be a resident or
      citizen.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify><I>Amendment of the Plan</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">13.1 </TD>
    <TD>
      <P align=justify>The Board may from time to time, subject to applicable
      law and to the prior approval, if required, of the Exchange or any other
      regulatory body having authority over the Company, the Plan or the
      shareholders of the Company, suspend, terminate, or discontinue the Plan
      at any time except with respect to any Option then outstanding under the
      Plan.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">13.2 </TD>
    <TD>
      <P align=justify>The Board may amend or revise the terms of the Plan or of
      any Option granted under the Plan and/or the option agreement relating
      thereto at any time without the consent of the Participants provided that
      such amendment shall:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>not adversely alter or impair any Option previously
      granted except as permitted by the adjustment provisions of Section
    10;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>be subject to any regulatory approvals including, where
      required, the approval of the Exchange; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>be subject to shareholder approval, where required, by
      law or the requirements of the Exchange, provided that shareholder
      approval shall not be required for the following amendments and the Board
      may make any changes, which may include but are not limited
  to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>amendments of a typographical, grammatical, clerical or
      administrative nature or which are required to comply with regulatory
      requirements;</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>a change to the vesting provision of the Plan or any
      Options;</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>a change to the termination provision of any Option that
      does not entail an extension beyond the original expiration date (as such
      date may be extended by virtue of Section 19 for a Blackout Period);
      and</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>a change to the Eligible Persons of the
  Plan.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">13.3 </TD>
    <TD>
      <P align=justify>Notwithstanding this Section 13, the Board shall not be
      permitted to amend the Option Price except as set out in Section 10 of the
      Plan. If the Plan is terminated, the provisions of the Plan and any
      administrative guidelines and other rules and regulations adopted by the Board
and in force on the date of termination will continue in effect as long as any
Option or any rights pursuant thereto remain outstanding and, notwithstanding
the termination of the Plan, the Board shall remain able to make such amendments
to the Plan or the Options as they would have been entitled to make if the Plan
were still in effect.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=center>8</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">13.4 </TD>
    <TD>
      <P align=justify>The Board, absent prior approval of the shareholders of
      the Company and of the Exchange or any other regulatory body having
      authority over the Company, will not be entitled
to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>increase the maximum percentage of Shares issuable by the
      Company pursuant to the Plan;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>amend an Option grant to effectively reduce the Exercise
      Price or extend the Expiry Date;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>make a change to the class of Eligible Persons which
      would have the potential of broadening or increasing participation by
      Insiders;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>add any form of financial assistance;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>amend the Plan in order to permit Options to be
      transferable or assignable other than as provided for in Section 6.1;
      or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>amend this Section 13.4.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">13.5 </TD>
    <TD>
      <P align=justify>Notwithstanding any provision in the Plan to the
      contrary, any revision to the terms of an Option granted to a U.S.
      Participant shall be made only if it complies with, and does not create
      adverse tax consequences under, Sections 424 and/or 409A of the Code, as
      applicable.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify><I>Administration of the Plan</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">14.1 </TD>
    <TD>
      <P align=justify>Within the foregoing limitations and subject to Section
      14.3, the Plan shall be administered by the Board of Directors. The
      Company shall effect the grant of Options under the Plan, in accordance
      with determinations made by the Board of Directors, pursuant to the
      provisions of the Plan, as to those individuals eligible to be
      Participants and the number of Common Shares which shall be the subject of
      each Option, by the execution and delivery of a stock option agreement in
      such form which is consistent with the provisions of the Plan as may be
      approved by the Board.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">14.2 </TD>
    <TD>
      <P align=justify>All decisions and interpretations of the Board of
      Directors respecting the Plan or Options granted thereunder shall be
      conclusive and binding on the Company and the Participants and their
      respective legal personal representatives and beneficiaries and on all
      directors, officers, employees and Service Providers of the Company who
      are eligible under the provisions of the Plan to participate therein. No
      member of the Board shall be liable for any action taken or for any
      determination made in good faith in the administration, interpretation,
      construction or application of the Plan.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">14.3 </TD>
    <TD>
      <P align=justify>All of the powers exercisable hereunder by the Board of
      Directors may, to the extent permitted by applicable law and authorized by
      resolution of the Board of Directors, be exercised by a duly appointed
      committee of the Board of Directors (in which case, all references to the
      Board of Directors will be deemed to be references to such
    committee).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">15. </TD>
    <TD>
      <P align=justify><I>Effective Date and Necessary Approvals</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">15.1 </TD>
    <TD>
      <P align=justify>No Options granted pursuant to the Plan or any amendment
      may be exercised by the Participants until the shareholders of the Company
      have approved the Plan or any amendment by the affirmative vote of a
      majority of the voting Common Shares of the Company at a general meeting
      of shareholders.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P align=center>9</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">15.2 </TD>
    <TD>
      <P align=justify>The obligations of the Company to sell and deliver the
      Common Shares on the exercise of the Options is subject to the approval of
      any securities regulatory authority or Exchange, which may be required in
      connection with the authorization, issuance or sale of such Common Shares
      by the Company.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">16. </TD>
    <TD>
      <P align=justify><I>U.S. Provisions</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">16.1 </TD>
    <TD>
      <P align=justify>Common Shares shall not be issued with respect to an
      Option unless the exercise of such Option and the issuance and delivery of
      such Common Shares shall comply with all relevant provisions of law,
      including, without limitation, any applicable state securities laws, the
      United States <I>Securities Act of 1933</I>, as amended (the &#147;1933 Act&#148;),
      the rules and regulations thereunder and the requirements of any stock
      exchange or automated inter-dealer quotation system of a registered
      national securities association upon which such Common Shares may then be
      listed, and such issuance shall be further subject to the approval of
      counsel for the Company with respect to such compliance, including the
      availability of an exemption from registration for the issuance and sale
      of such Common Shares. The inability of the Company to obtain from any
      regulatory body the authority deemed by the Company to be necessary for
      the lawful issuance and sale of any Common Shares under the Plan, or the
      unavailability of an exemption from registration for the issuance and sale
      of any Common Shares under the Plan, shall relieve the Company of any
      liability with respect to the non-issuance or sale of such Common
      Shares.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">16.2 </TD>
    <TD>
      <P align=justify>If the Common Shares issuable upon exercise of the
      Options have not been registered under the 1933 Act, as a condition to the
      exercise of an Option, the Company may require the Participant to
      represent and warrant in writing at the time of such exercise that the
      Common Shares are being purchased only for investment and without any then
      present intention to sell or distribute such Common Shares. At the option
      of the Company, a stop-transfer order against such Common Shares may be
      placed on the shareholder register and records of the Company, and a
      legend indicating that the Common Share(s) may not be pledged, sold or
      otherwise transferred unless an opinion of counsel is provided stating
      that such transfer is not in violation of any applicable law or
      regulation, may be stamped on the certificates representing such Common
      Shares in order to assure an exemption from registration. The Company also
      may require such other documentation as may from time to time be necessary
      to comply with federal and state securities laws. The Company has no
      obligation to undertake registration of Options or the Common Shares of
      stock issuable upon the exercise of Options.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">16.3 </TD>
    <TD>
      <P align=justify>Incentive Stock Options</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify><U>Maximum Number of Shares for Incentive Stock Options.
      </U>Notwithstanding any other provision of this Plan to the contrary, the
      aggregate number of Common Shares available for Incentive Stock Options is
      13,000,000, subject to adjustment pursuant to Section 10 of this Plan and
      subject to the provisions of Sections 422 and 424 of the Code.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify><U>Designation of Options. </U>Each option agreement with
      respect to an Option granted to a U.S. Participant shall specify whether
      the related Option is an Incentive Stock Option or a Nonqualified Stock
      Option. If no such specification is made in the option agreement, the
      related Option will be a Nonqualified Stock Option.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify><U>Special Requirements for Incentive Stock Options.
      </U>In addition to the other terms and conditions of this Plan (and
      notwithstanding any other term or condition of this Plan to the contrary,
      except Section 17, which shall take precedence over this Section 16.3(c)
      in the event of any conflict between such Sections), the following
      limitations and requirements will apply to an Incentive Stock
    Option:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>An Incentive Stock Option may be granted only to an
      Employee.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>The aggregate Fair Market Value of the Common Shares
      (determined as of the applicable Grant Date) with respect to which
      Incentive Stock Options are exercisable for the first time by any U.S.
      Participant during any calendar year (pursuant to this Plan and all
      other plans of the Company and of any Parent or Subsidiary) will not
exceed one hundred thousand United States dollars (U.S.$100,000) or any other
limitation subsequently set forth in Section 422(d) of the Code.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=center>10</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>The exercise price per Common Share payable upon exercise
      of an Incentive Stock Option will be not less than one hundred percent
      (100%) of the Fair Market Value of a Common Share on the applicable Grant
      Date; <I>provided, however</I>, that the exercise price per Common Share
      payable upon exercise of an Incentive Stock Option granted to a U.S.
      Participant who is a 10% Shareholder on the applicable Grant Date will be
      not less than one hundred ten percent (110%) of the Fair Market Value of a
      Common Share on the applicable Grant Date.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>No Incentive Stock Option may be granted more than ten
      (10) years after the earlier of (i) the date on which this Plan is adopted
      by the Board or (ii) the date on which this Plan is approved by the
      shareholders of the Company.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>An Incentive Stock Option will terminate and no longer be
      exercisable no later than ten (10) years after the applicable Grant Date;
      <I>provided, however</I>, that an Incentive Stock Option granted to a U.S.
      Participant who is a 10% Shareholder on the applicable Grant Date will
      terminate and no longer be exercisable no later than five (5) years after
      the applicable Grant Date.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>If a U.S. Participant who has been granted an Incentive
      Stock Option ceases to be an Employee, the Option Agreement with respect
      to such Incentive Stock Option may provide that it is exercisable as
      follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>If a U.S. Participant who has been granted an Incentive
      Stock Option ceases to be an Employee due to the death of such U.S.
      Participant, such Incentive Stock Option may be exercised (to the extent
      such Incentive Stock Option was exercisable on the date of death) by the
      estate of such U.S. Participant, or by any person to whom such Incentive
      Stock Option was transferred in accordance with Section (c)(viii) below,
      for a period of one (1) year after the date of death (but in no event
      beyond the term of such Incentive Stock Option).</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>If a U.S. Participant who has been granted an Incentive
      Stock Option ceases to be an Employee due to the Disability of such U.S.
      Participant, such Incentive Stock Option may be exercised (to the extent
      such Incentive Stock Option was exercisable on the date of Disability) by
      such U.S. Participant for a period of ninety (90) days after the date of
      Disability (but in no event beyond the term of such Incentive Stock
      Option).</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>If a U.S. Participant who has been granted an Incentive
      Stock Option ceases to be an Employee due to termination for cause, such
      Incentive Stock Option will terminate and become null and void.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>If a U.S. Participant who has been granted an Incentive
      Stock Option ceases to be an Employee for any reason other than the death
      or Disability of such U.S. Participant or termination for cause, such
      Incentive Stock Option may be exercised (to the extent such Incentive
      Stock Option was exercisable on the date of termination) by such U.S.
      Participant for a period ninety (90) days after the date of termination
      (but in no event beyond the term of such Incentive Stock
Option).</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>For purposes of this Section (c)(vi) and any option
      agreement relating to an Incentive Stock Option issued to a U.S.
      Participant, the employment of a U.S. Participant who has been granted and Incentive Stock Option
will not be considered interrupted or terminated upon (a) sick leave, military
leave or any other leave of absence approved by the Board that does not exceed
ninety (90) days in the aggregate; <I>provided, however</I>, that if
reemployment upon the expiration of any such leave is guaranteed by contract or
applicable law, such ninety (90) day limitation will not apply, or (b) a
transfer from one office of the Company (or of any Parent or Subsidiary) to
another office of the Company (or of any Parent or Subsidiary) or a transfer
between the Company and any Parent or Subsidiary.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<P align=center>11</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(vii) </TD>
    <TD>
      <P align=justify>An Incentive Stock Option granted to a U.S. Participant
      may be exercised during such U.S. Participant&#146;s lifetime only by such U.S.
      Participant.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(viii) </TD>
    <TD>
      <P align=justify>An Incentive Stock Option granted to a U.S. Participant
      may not be transferred, assigned, pledged, hypothecated or otherwise
      disposed of by such U.S. Participant, except by will or by the laws of
      descent and distribution.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ix) </TD>
    <TD>
      <P align=justify>In the event that this Plan is not approved by the
      shareholders of the Company within twelve (12) months before or after the
      date on which this Plan is adopted by the Board, any Incentive Stock
      Option granted under this Plan will automatically be deemed to be a
      Nonqualified Stock Option.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">17. </TD>
    <TD>
      <P align=justify><I>Options to California Residents</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">17.1 </TD>
    <TD>
      <P align=justify>Notwithstanding any other provision of this Plan or any
      option agreement, if the Company grants an Option to a Participant that is
      a resident of the State of California and such Option grant is not exempt
      from qualification under the California securities laws other than
      pursuant to Section 25102(o) of the California Corporations Code, or any
      successor thereto, the following provisions shall
apply:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>If such a Participant&#146;s employment is terminated other
      than for cause (as defined by applicable law, the terms of the Plan, the
      terms of the award agreement or the terms of a contract of employment),
      such Option shall continue to be exercisable, to the extent that the
      Participant is entitled to exercise on the date employment terminates,
      until a date not earlier than the earliest to occur of (i) the Option
      expiration date or (ii)(x) at least six (6) months from the date of
      termination if termination was caused by death or Disability, or (y) at
      least thirty (30) days from the date of termination if termination was
      caused by other than death or Disability;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Each Option shall not be exercisable after the expiration
      of ten (10) years from the date of the granting of the Option;
  and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>No Option shall be granted to such a Participant after
      ten years from the earlier of the date of adoption of the Plan by the
      Board or the date of shareholder approval or any earlier date of
      discontinuation or termination established pursuant to Section
  13.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">18. </TD>
    <TD>
      <P align=justify><I>Withholding</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">18.1 </TD>
    <TD>
      <P align=justify>As a condition of and prior to participation in the Plan,
      each Participant authorizes the Company to withhold from any amount
      otherwise payable to him or her any amounts required by any taxing
      authority to be withheld for taxes of any kind as a consequence of his or
      her participation in the Plan. The Company shall also have the right in
      its discretion to satisfy any such liability for withholding or other
      required deduction amounts by retaining or acquiring any Option Shares, or
      retaining any amount payable, which would otherwise be issued or
      delivered, provided or paid to a Participant under the Plan. The Company
      may require a Participant, as a condition to exercise of an Option to pay
      or reimburse the Company for any such withholding or other required
      deduction amounts related to the exercise of
Options.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=center>12</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">19. </TD>
    <TD>
      <P align=justify><I>Extension of Expiry Date of Options Expiring During a
      Trading Ban</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">19.1 </TD>
    <TD>
      <P align=justify>If the term of an Option held by a Participant expires
      during a restricted trading period imposed by the Company pursuant to
      which the Company&#146;s management and directors are prohibited from trading
      in the Company&#146;s securities (the &#147;Blackout Period&#148;), then the term of such
      Option or unexercised portion thereof shall be extended and shall expire
      ten (10) business days after the end of the Blackout Period.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">19.2 </TD>
    <TD>
      <P align=justify>Notwithstanding the foregoing, if at the time the
      Participant ceases to be a director, officer, employee or Service Provider
      due to early retirement, voluntary resignation or termination by the
      Company for reasons other than Cause, there is a Blackout Period, or if at
      any time during the ninety (90) day period set out in Section 8.2, there
      is a Blackout Period, then in calculating the time that the Option then
      held by the Participant shall be exercisable to acquire any Common Shares
      that have vested, the portion of such ninety (90) day period that remains
      upon commencement of a Blackout Period shall be in addition to any such
      blackout period.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">20. </TD>
    <TD>
      <P align=justify><I>Government/Exchange Requirements</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">20.1 </TD>
    <TD>
      <P align=justify>The Company&#146;s obligation to issue and deliver Common
      Shares under any Option is subject to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the satisfaction of all requirements under applicable
      securities laws in respect thereof and obtaining all regulatory approvals
      as the Company shall determine to be necessary or advisable in connection
      with the authorization, issuance or sale thereof;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the admission of such Common Shares to listing on any
      stock exchange on which such Common Shares may then be listed;
  and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the receipt by the Company from the Participant of such
      representations, warranties, agreements and undertakings as to future
      dealings in such Common Shares as the Company determines to be necessary
      or advisable in order to safeguard against the violation of the securities
      laws of any jurisdiction.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company shall take all reasonable
steps to obtain such approvals and registrations as may be necessary for the
issuance of such Common Shares in compliance with applicable securities laws and
for the listing of such Common Shares on any stock exchange on which such Common
Shares are then listed. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">21. </TD>
    <TD>
      <P align=justify><I>Common Shares not Acquired</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">21.1 </TD>
    <TD>
      <P align=justify>Any Common Shares not acquired by a Participant under an
      Option, which have been cancelled or expired in accordance with their
      terms, may be made the subject of a further Option grant pursuant to the
      provisions of the Plan.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">22. </TD>
    <TD>
      <P align=justify><I>Exchange Rules</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">22.1 </TD>
    <TD>
      <P align=justify>All Options granted pursuant to the Plan will be subject
      to the rules and policies of the Exchange and any other regulatory body
      having jurisdiction over the Company.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">23. </TD>
    <TD>
      <P align=justify><I>No Representation or Warranty</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">23.1 </TD>
    <TD>
      <P align=justify>The Company makes no representation or warranty as to the
      future market value of any Common Shares issued in accordance with the
      provisions of the Plan.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A>
<P align=center>13</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">24. </TD>
    <TD>
      <P align=justify><I>General Provisions</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">24.1 </TD>
    <TD>
      <P align=justify>Nothing contained in the Plan shall prevent the Company
      or any of its affiliates from adopting or continuing in effect other
      compensation arrangements (subject to shareholder approval if such
      approval is required by the Exchange) and such arrangements may be either
      generally applicable or applicable only in specific cases.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">24.2 </TD>
    <TD>
      <P align=justify>The validity, construction and effect of the Plan, the
      grants of Options, the issue of Common Shares, any rules and regulations
      relating to the Plan any written agreement, and all determinations made
      and actions taken pursuant to the Plan, shall be governed by and
      determined in accordance with the laws of the Province of British
      Columbia.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">24.3 </TD>
    <TD>
      <P align=justify>If any provision of the Plan or any written agreement is
      or becomes or is deemed to be invalid, illegal or unenforceable in any
      jurisdiction or as to any person or Option, or would disqualify the Plan
      or any Option under any law deemed applicable by the Board, such provision
      shall be construed or deemed amended to conform to the applicable laws, or
      if it cannot be construed or deemed amended without, in the determination
      of the Board, materially altering the intent of the Plan or the Option,
      such provision shall be stricken as to such jurisdiction, person, or
      Option and the remainder of the Plan and any such written agreement shall
      remain in full force and effect.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">24.4 </TD>
    <TD>
      <P align=justify>Neither the Plan nor any Option shall create or be
      construed to create a trust or separate fund of any kind or a fiduciary
      relationship between the Company or any of its affiliates and a
      Participant or any other person.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">24.5 </TD>
    <TD>
      <P align=justify>Headings are given to the sections of the Plan solely as
      a convenience to facilitate reference. Such headings shall not be deemed
      in any way material or relevant to the construction or interpretation of
      the Plan or any provision thereof.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">25. </TD>
    <TD>
      <P align=justify><I>Effective Date</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">25.1 </TD>
    <TD>
      <P align=justify>The Plan shall become effective upon being adopted by the
      Board.</P></TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
