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<SEC-DOCUMENT>0001104659-08-041141.txt : 20080620
<SEC-HEADER>0001104659-08-041141.hdr.sgml : 20080620
<ACCEPTANCE-DATETIME>20080620131350
ACCESSION NUMBER:		0001104659-08-041141
CONFORMED SUBMISSION TYPE:	F-8/A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20080620
DATE AS OF CHANGE:		20080620
EFFECTIVENESS DATE:		20080620

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELDORADO GOLD CORP                                      /FI
		CENTRAL INDEX KEY:			0000918608
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		F-8/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-150812
		FILM NUMBER:		08909670

	BUSINESS ADDRESS:	
		STREET 1:		920 - 1055
		STREET 2:		WEST HASTINGS STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 2E9

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELDORADO CORP LTD                                       /FI
		DATE OF NAME CHANGE:	19960701
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-8/A
<SEQUENCE>1
<FILENAME>a08-17069_2f8a.htm
<DESCRIPTION>F-8/A
<TEXT>

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<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">As filed
with the Securities and Exchange Commission on June&nbsp;20, 2008</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registration
Statement No.&nbsp;333-150812</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="border:none;border-top:double windowtext 6.0pt;padding:0in 0in 0in 0in;">

<p align="right" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington,
D.C. 20549</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;F-8/A</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Amendment No.&nbsp;2)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF
1933</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="228" height="81" src="g170692ba01i001.jpg" alt="GRAPHIC"></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">ELDORADO
GOLD CORPORATION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of
Registrant as specified in its charter)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Canada</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1040</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Not
  Applicable</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Province or
  other jurisdiction of<br>
  incorporation or organization)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Primary
  Standard Industrial <br>
  Classification Code Number)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer
  Identification No.)</font></p>
  </td>
 </tr>
</table>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Suite&nbsp;1188
&#150; 550 Burrard Street</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Vancouver,
British Columbia</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Canada
V6C 2B5</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(604)
601-6655</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address and
telephone number of Registrant&#146;s principal executive offices)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dorsey&nbsp;&amp; Whitney LLP</font></b></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">370 17</font></b><b><font size="1" style="font-size:7.0pt;font-weight:bold;position:relative;top:-3.0pt;">th</font></b><b>&#160;Street, Suite&nbsp;4700</b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Denver, Colorado 80202</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(303) 352-1133</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name, address
(including zip code) and telephone number&#160;
(including area code) of agent for service in the United States)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Copies to:</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="229" valign="top" style="padding:0in 0in 0in 0in;width:172.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dawn L. Moss</font></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eldorado Gold Corporation</font></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">550 Burrard Street</font></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite&nbsp;1188, Bentall 5</font></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vancouver, British Columbia</font></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Canada V6C 2B5</font></p>
  </td>
  <td width="251" valign="top" style="padding:0in 0in 0in 0in;width:187.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kenneth G. Sam<br>
  Dorsey&nbsp;&amp; Whitney LLP<br>
  Republic Plaza Building, Suite&nbsp;4700<br>
  370 Seventeenth Street<br>
  Denver, CO 80202-5647</font></p>
  </td>
  <td width="240" valign="top" style="padding:0in 0in 0in 0in;width:180.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fred R. Pletcher</font></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borden Ladner Gervais LLP</font></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1200 Waterfront Centre</font></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;200 Burrard Street</font></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.O.&nbsp;Box 48600</font></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vancouver, British Columbia</font></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Canada V7X 1T2</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Approximate
date of proposed sale to the public</font></b><font size="2" style="font-size:10.0pt;">:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">As soon
as practicable after this Registration Statement becomes effective</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
registration statement and any amendment thereto shall become effective upon
filing with the Commission in accordance with Rule&nbsp;467(a).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
any of the securities being registered on this form are to be offered on a
delayed or continuous basis pursuant to the home jurisdiction&#146;s shelf
prospectus offering procedures, check the following box. </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>

<div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Explanatory Note:&#160; The Registrant hereby amends its Registration
Statement on Form&nbsp;F-8, as originally filed with the Securities and
Exchange Commission on May&nbsp;9, 2008, as amended June&nbsp;5, 2008, to
include the Notice of Variation and Extension, dated June&nbsp;20, 2008, which
the Registrant filed in its home jurisdiction as a supplement to the Offer and
Circular, dated as of May&nbsp;9, 2008, including the Letter of Transmittal and
Notice of Guaranteed Delivery, which were previously filed with the original
Registration Statement on Form&nbsp;F-8 and the Notice of Change of
Information, dated June&nbsp;5, 2008, which was previously filed with the first
amended Registration Statement on Form&nbsp;F-8/A.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The Registrant previously paid a
registration fee of $6,117 in relation to its registration of 20,637,136 of its
shares of common stock with its filing of the original Registration Statement
on Form&nbsp;F-8, as filed with the Securities and Exchange Commission on May&nbsp;9,
2008.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART&nbsp;I</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INFORMATION
REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1. Home Jurisdiction Document.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Offer
and Circular dated as of&#160; May&nbsp;9,
2008, including the Letter of Transmittal and Notice of Guaranteed Delivery.(1)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice of Change in Information dated June&nbsp;5,
2008.</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice of Variation and Extension dated June&nbsp;20,
2008.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2. Informational Legends.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See
pages&nbsp;(i)&nbsp;and (ii)&nbsp;of the Offer and Circular dated as of May&nbsp;9,
2008.(1)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See page&nbsp;(ii)&nbsp;of the Notice of Change in
Information dated June&nbsp;5, 2008.</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See
page&nbsp;(iii)&nbsp;of the Notice of Variation and Extension dated June&nbsp;20,
2008.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3. Incorporation of Certain Information by Reference.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As
required by this Item, the Offer and Circular provides that copies of the
documents incorporated by reference may be obtained on request without charge
from the Corporate Secretary of the Registrant at Eldorado Gold Corporation, Suite&nbsp;1188
&#150; 550 Burrard Street, Vancouver, British Columbia, Canada V6C 2B5, telephone:
604-601-6655 or may be obtained electronically through the SEDAR website at
www.sedar.com. (1)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 4. List of Documents Filed with the Commission.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See
&#147;Registration Statement Filed with the
SEC&#148; in the Offer and Circular dated as of May&nbsp;9, 2008. (1)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;
Previously filed with and incorporated by reference to the Registrant&#146;s
Registration Statement on Form&nbsp;F-8 (No.&nbsp;333-150812) as filed with the
Securities and Exchange Commission on May&nbsp;9, 2008.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;
Previously filed with and incorporated by reference to the Registrant&#146;s
Registration Statement on Form&nbsp;F-8/A (No.&nbsp;333-150812) as filed with
the Securities and Exchange Commission on June&nbsp;5, 2008.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">This document is important
and requires your immediate attention.&#160;
If you are in doubt as to how to deal with it, you should consult your
investment dealer, stockbroker, bank manager, lawyer or other professional
advisor.&#160; No securities regulatory
authority in Canada or in the United States has expressed an opinion about, or
passed upon the merits of the Offer or the adequacy of the information
contained in this document and it is an offence to claim otherwise.</font></i></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">June&nbsp;20,
2008</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="283" height="100" src="g170692ba01i002.jpg"></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.6pt;">NOTICE OF VARIATION AND EXTENSION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">by</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">ELDORADO GOLD CORPORATION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">of
its</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">OFFER TO PURCHASE<br>
all of the outstanding Common Shares of</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">FRONTIER PACIFIC MINING CORPORATION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">on
the revised basis of 0.1220 Eldorado Common Shares,<br>
Cdn.$0.0001 in cash and one Exchange Receipt<br>
for each Common Share of Frontier</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eldorado Gold Corporation (&#147;<b>Eldorado</b>&#148;) hereby gives notice that it is
amending and supplementing its offer dated May&nbsp;9, 2008 (the &#147;<b>Original</b>  <b>Offer</b>&#148;),
as supplemented by the Notice of Change in Information dated June&nbsp;5, 2008
(the &#147;<b>Notice of Change in Information</b>&#148;),
to purchase all of the issued and outstanding common shares of Frontier Pacific
Mining Corporation (&#147;<b>Frontier</b>&#148;),
including common shares that may become issued and outstanding prior to the
Expiry Time on the exercise of outstanding options or other rights to acquire
common shares, but excluding common shares owned by Eldorado or its affiliates
(collectively, the &#147;<b>Common Shares</b>&#148;)
on the basis of 0.1220 Eldorado Common Shares and Cdn.$0.0001 in cash for each
Common Share, in order to, among other things: (i)&nbsp;revise the
consideration offered for the Common Shares by the addition of one exchange
receipt of Eldorado (an &#147;<b>Exchange Receipt</b>&#148;)
for each Common Share, (ii)&nbsp;extend the Original Offer to 5:00&nbsp;p.m.
(Toronto time) on July&nbsp;2, 2008; (iii)&nbsp;revise the conditions of the
Original Offer; and (iv)&nbsp;provide an update with respect to certain
matters, including the status of the transaction.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THE OFFER HAS BEEN AMENDED AND
EXTENDED AND IS NOW OPEN FOR ACCEPTANCE UNTIL 5:00 PM (TORONTO TIME) ON JULY 2,
2008, UNLESS FURTHER EXTENDED OR WITHDRAWN.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THE BOARD OF DIRECTORS OF FRONTIER
HAS UNANIMOUSLY RECOMMENDED THAT SHAREHOLDERS OF FRONTIER ACCEPT THE OFFER AND
TENDER THEIR SHARES.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Notice of Variation and Extension should
be read in conjunction with the Offer and accompanying circular dated May&nbsp;9,
2008 (the &#147;<b>Original Offer and Circular</b>&#148;),
as supplemented by the Notice of Change in Information.&#160; Except as otherwise set forth herein, the
terms and conditions previously set forth in the Original Offer and Circular,
as supplemented by the Notice of Change in Information, and the related Letter
of Transmittal and Notice of Guaranteed Delivery remain unchanged.&#160; All references to the &#147;Offer&#148; and the &#147;Original
Offer and Circular&#148; in the Original Offer and Circular,</font><font size="2" style="font-size:10.0pt;"> the Letter of Transmittal, the Notice of
Guaranteed Delivery, the Notice of Change in Information and this Notice of
Variation and Extension mean the Original Offer as amended hereby and the
Original Offer and Circular, as supplemented by the Notice of Change in
Information and amended and supplemented hereby, respectively.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">The
Dealer Managers for the Offer are:</font></i></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="312" valign="top" style="padding:0in 0in 0in 0in;width:233.9pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">In
  Canada</font></i></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Macquirie
  Capital Markets Canada Ltd.</font></b></p>
  </td>
  <td width="312" valign="top" style="padding:0in 0in 0in 0in;width:234.1pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">In
  the United States</font></i></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Macquarie
  Capital Markets North America Ltd.</font></b></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Shareholders who have validly
deposited and not withdrawn their Common Shares need take no further action to
accept the Offer.</font></b><font size="2" style="font-size:10.0pt;">&#160; Shareholders who wish to accept the Offer
must properly complete and execute the Letter of Transmittal (printed on blue
paper) that accompanied the Original Offer and Circular or a manually signed
facsimile thereof and deposit it, at or prior to the Expiry Time, together with
certificate(s)&nbsp;representing their Common Shares in accordance with the
instructions in the Letter of Transmittal.&#160;
Alternatively, Shareholders may follow the procedure for guaranteed
delivery set forth under Section&nbsp;3 of the Offer in the Original Offer and
Circular, &#147;Manner of Acceptance &#151; Procedure for Guaranteed Delivery&#148;, using the
Notice of Guaranteed Delivery (printed on yellow paper) that accompanied the
Original Offer and Circular or a manually executed facsimile thereof.&#160; <b>Shareholders
will not be required to pay any fee or commission if they accept the Offer by
depositing their Common Shares directly with the Kingsdale Shareholder Services
Inc. (the &#147;Information Agent&#148; or the &#147;Depository&#148;)</b>.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Questions and requests for assistance may be directed
to the Information Agent and additional copies of this document, the Original
Offer and Circular, the Notice of Change in Information, the Letter of
Transmittal and the Notice of Guaranteed Delivery may also be obtained without
charge on request from those persons at their respective offices shown on the
last page&nbsp;of this document.&#160; Persons
whose Common Shares are registered in the name of an investment dealer,
stockbroker, bank, trust company or other nominee should contact such nominee
if they wish to accept the Offer.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOTICE
TO SHAREHOLDERS IN THE UNITED STATES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Offer is made for the securities of a Canadian
issuer and the Offer is subject to Canadian disclosure requirements.&#160; The Offer is made by a Canadian issuer that
is permitted, under a multijurisdictional disclosure system adopted by the
United States, to prepare this Notice of Variation and Extension in accordance
with the disclosure requirements in Canada.&#160;
Shareholders should be aware that such disclosure requirements are
different from those of the United States.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholders should be aware that the disposition of
Common Shares pursuant to the Offer may have tax consequences both in the
United States and Canada.&#160; See &#147;Changes
to Canadian Federal Income Tax Considerations&#148; in Section&nbsp;7 of this Notice
of Variation and Extension, &#147;Certain United States Federal Income Tax
Considerations&#148; in Section&nbsp;19 of the Circular in the Original Offer and
Circular and &#147;Changes to U.S Tax Disclosure&#148; in Section&nbsp;8 of this Notice
of Variation and Extension.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The enforcement of civil liabilities under the United
States federal securities laws may be affected adversely by the fact that
Eldorado is amalgamated under the laws of Canada, that some or all of its
officers and directors may be residents of Canada, that the Dealer Manager
named in the Offer or Circular may be a resident of Canada, and that all or a
substantial portion of the assets of Eldorado and of said persons may be
located outside the United States.&#160; The
enforcement by shareholders of civil liabilities under the United States
federal securities laws may also be affected adversely by the fact that
Frontier is incorporated under the laws of the Province of British Columbia and
that some or all of its officers and directors may be residents of Canada.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholders should be aware that, during the period
of the Offer, Eldorado or its affiliates, directly or indirectly, may bid for
or make purchases of the securities to be distributed or to be exchanged, or
certain related securities, as permitted by applicable laws or regulations of
Canada or its provinces or territories.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DISCLOSURE
REGARDING FORWARD-LOOKING STATEMENTS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain information included herein contains
forward-looking statements within the meaning of the <i>Private Securities Litigation Reform Act of 1995</i> and
forward-looking information within the meaning of applicable Canadian
provincial securities laws relating to Frontier, Eldorado and their respective
operations.&#160; All statements, other than
statements of historical fact, are forward-looking statements or information.
When used herein, the words &#147;anticipate&#148;, &#147;believe&#148;, &#147;estimate&#148;, &#147;expect&#148;, &#147;target&#148;,
&#147;plan&#148;, &#147;forecast&#148;, &#147;budget&#148;, &#147;may&#148;, &#147;schedule&#148; and other similar expressions,
identify forward-looking statements or information.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These statements reflect Eldorado&#146;s current views with
respect to future events and are necessarily based upon a number of assumptions
and estimates that are inherently subject to significant uncertainties and </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">contingencies.&#160;
Many factors, both known and unknown, could cause actual results,
performance or achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied by such
forward-looking statements or information contained herein, including, without
limitation, risks related to technological and operational nature of Frontier
and Eldorado&#146;s respective businesses, changes in local government legislation,
taxation or the political or economic environment, the actual results of
exploration activities, conclusions of economic evaluations, changes in project
parameters to deal with unanticipated economic factors, future prices of
silver, gold and base metals, increased competition in the mining industry for
properties, equipment, qualified personnel, and their rising costs,
unpredictable risks and hazards relating to the operation, development and
permitting of Frontier&#146;s and Eldorado&#146;s respective mines or properties, the
speculative nature of exploration and development, as well as those factors
identified under the captions &#147;Outlook for 2008&#148;, &#147;Competition&#148; and &#147;Risk
Factors&#148; in Eldorado&#146;s Annual Information Form&nbsp;for the year ended December&nbsp;31,
2007, a copy of which can be obtained on SEDAR at www.sedar.com.&#160; Although
Eldorado has attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause results not
to be anticipated, estimated or intended.&#160;
Eldorado does not intend, and does not assume any obligation, to update
these forward-looking statements or information to reflect changes in
assumptions or changes in circumstances or any other events affecting such
statements, other than as required by applicable law.&#160; Investors are cautioned against attributing
undue certainty to forward-looking statements or information.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REPORTING
CURRENCIES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless stated otherwise or the context otherwise
requires, all references to dollar amounts in this Notice of Variation and
Extension are references to United States dollars.&#160; References to &#147;$&#148; are to U.S. dollars and
references to &#147;Cdn.$&#148; are to Canadian dollars.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXCHANGE
RATE INFORMATION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;18, 2008, the last trading day before
the announcement of Eldorado&#146;s intention to make the Offer, the noon buying rate
of exchange as reported by the Bank of Canada was Cdn.$1 = $0.9917.&#160; On June&nbsp;19, 2008, the noon buying rate
of exchange as reported by the Bank of Canada was Cdn.$1= $0.9870.&#160; The following table sets forth, for each
period indicated, the closing, high, low and average exchange rates for
Canadian dollars expressed in U.S. dollars, as reported by the Bank of Canada:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Three&nbsp;months&nbsp;<br>
  ended&nbsp;March&nbsp;31,&nbsp;<br>
  2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Year&nbsp;ended&nbsp;<br>
  December&nbsp;31,&nbsp;<br>
  2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Year&nbsp;ended&nbsp;<br>
  December&nbsp;31,&nbsp;<br>
  2006</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Year&nbsp;ended&nbsp;<br>
  December&nbsp;31,&nbsp;<br>
  2005</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Closing</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.9729</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.0880</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.8581</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.8598</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">High</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.0289</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.0905</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.9049</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.8690</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Low</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.9686</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.8437</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.8528</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.7072</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average(1)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.9958</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.9304</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.8818</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.8254</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="277" style="border:none;"></td>
  <td width="19" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="89" style="border:none;"></td>
  <td width="19" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="89" style="border:none;"></td>
  <td width="19" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="89" style="border:none;"></td>
  <td width="19" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="89" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Calculated
as an average of the daily noon rates for each period.</p>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INFORMATION
CONCERNING FRONTIER</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise indicated, the information
concerning Frontier contained in this Notice of Variation and Extension has
been taken from, or is based upon, publicly available information and records
on file with Canadian securities regulatory authorities and other public
sources.&#160; Frontier has not confirmed the
accuracy and completeness of the information in respect of Frontier contained herein.&#160; Although Eldorado has no knowledge that would
indicate that any statements contained herein concerning Frontier taken from or
based on such documents and records are untrue or incomplete, neither Eldorado
nor any of its directors or officers assumes any responsibility for the
accuracy or completeness of such information, including any of Frontier&#146;s
financial statements, or for any failure of Frontier to disclose events or
facts which may have occurred or which may affect the significance or accuracy
of any such information but which are unknown to Eldorado.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iv</font></p>

<div style="margin:0in 0in .0001pt;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOTICE
OF VARIATION AND EXTENSION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:10.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">June&nbsp;20,
2008</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 35.0pt;text-indent:-35.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TO:</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">THE HOLDERS OF COMMON
SHARES OF FRONTIER PACIFIC MINING CORPORATION</font></b></p>

<p style="margin:0in 0in .0001pt 35.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Notice of Variation and Extension amends the
Original Offer and Circular, as supplemented by the Notice of Change in
Information, pursuant to which Eldorado is offering to purchase, on the terms
and subject to the conditions contained therein, all of the issued and
outstanding Common Shares, including Common Shares that may become issued and
outstanding prior to the Expiry Time on the exercise of outstanding options or
other rights to acquire Common Shares but excluding Common Shares owned by
Eldorado or its affiliates.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless the subject matter or the context is
inconsistent therewith, terms used in this Notice of Variation and Extension
and not defined herein that are defined in the Original Offer and Circular have
the respective meanings ascribed thereto in the Original Offer and Circular, as
supplemented by the Notice of Change in Information.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise set forth in this Notice of
Variation and Extension, the terms and conditions previously set forth in the
Original Offer and Circular, the Letter of Transmittal and the Notice of
Guaranteed Delivery continue to be applicable in all respects and in each case
as supplemented by the Notice of Change in Information.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All references to the &#147;Offer&#148; and the &#147;Offer and
Circular&#148; in the Original Offer and Circular, the Letter of Transmittal, the
Notice of Guaranteed Delivery, the Notice of Change in Information and this
Notice of Variation and Extension mean the Original Offer as amended hereby and
the Original Offer and Circular, as supplemented by the Notice of Change in
Information and amended and supplemented hereby, respectively.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Variation of the Offer</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eldorado has varied the Offer by increasing the
consideration for the acquisition of each Common Share by the addition of one
Exchange Receipt for each Common Share.&#160;
Please see &#147;Exchange Receipts&#148; below for a summary of the material
attributes and characteristics of the Exchange Receipts.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a consequence of the foregoing, the definition of &#147;Offer
Consideration&#148; in the &#147;Glossary&#148; section of the Original Offer and Circular
(found at page&nbsp;16 of the Original Offer and Circular) is deleted and
replaced by the following:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Offer Consideration</font></b><font size="2" style="font-size:10.0pt;">&#148; means 0.1220 Eldorado Common Shares,
Cdn. $0.0001 in cash, and one Exchange Receipt.</font></p>

<p style="margin:0in 36.45pt .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following definitions are added to the &#147;Glossary&#148; section of the
Original Offer and Circular (in each case, in alphabetical order in relation to
the other defined terms set out therein).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 36.7pt .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Exchange Receipt</b>&#148;
means one exchange receipt of Eldorado, which, subject to the terms and
conditions of the Exchange Receipt Indenture, entitles the holder thereof to
receive, for no additional consideration, an additional 0.008 Eldorado Common
Shares if, prior to July&nbsp;1, 2009, a JMR is issued in Greece by the joint
ministerial council, comprised of the Ministries of Environment, Agriculture,
Culture, Development and Health, accepting the ETR drafted by the Ministry of
the Environment in respect of Frontier&#146;s Perama Hill project.&#160; For greater certainty, if the JMR is not
issued prior to July&nbsp;1, 2009, each Exchange Receipt will be void and of no
further force or effect;</font></p>

<p style="margin:0in 36.45pt .0001pt .5in;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 36.7pt .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Exchange Receipt
Indenture</b>&#148; means the Exchange Receipt Indenture governing, among
other things, the terms and conditions of the Exchange Receipts to be entered
into between Eldorado and Computershare Trust Company of Canada on or prior to
the date on which Eldorado first takes up and pays for the Common Shares;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>

<div style="margin:0in 0in .0001pt;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, all references to &#147;0.1220 Eldorado common
shares and Cdn.$0.0001 in cash&#148; in the Original Offer and Circular are amended
to refer to &#147;0.1220 Eldorado common shares, Cdn.$0.0001 in cash and one
Exchange Receipt&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Exchange Receipts</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a summary of the material attributes
and characteristics of the Exchange Receipts.&#160;
This summary is qualified in its entirety by reference to the terms of
the Exchange Receipt Indenture to be entered into between Eldorado and
Computershare Trust Company of Canada (the &#147;<b>Exchange
Receipt Agent</b>&#148;) on or prior to the date on which Eldorado first
takes up and pays for the Common Shares under the Offer.&#160; A copy of the Exchange Receipt Indenture will
be available on the internet at www.sedar.com
and a copy may also be obtained on request to Eldorado&#146;s corporate secretary.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Exchange Receipts will be governed by the Exchange
Receipt Indenture.&#160; Each Exchange Receipt
will entitle the holder thereof to receive, for no additional consideration, an
additional 0.008 Eldorado Common Shares if, prior to July&nbsp;1, 2009, a JMR
is issued in Greece by the joint ministerial council, comprised of the
Ministries of Environment, Agriculture, Culture, Development and Health,
accepting the ETR drafted by the Ministry of the Environment in respect of
Frontier&#146;s Perama Hill gold project.&#160; If
the joint ministerial resolution is not issued prior to July&nbsp;1, 2009, the
Exchange Receipts will be void and of no further force or effect.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders of Exchange Receipts will not have any voting
or pre-emptive rights or other rights as shareholders of Eldorado and will not
be entitled to receive any dividends of Eldorado in respect of such Exchange
Receipts prior to the issuance of Eldorado common shares in exchange for such
Exchange Receipts, if at all. The Exchange Receipt Indenture will provide for
an adjustment in the number of Eldorado Common Shares issuable in respect of
the exercise of the Exchange Receipts in a number of events, including: (i)&nbsp;a
subdivision, redivision or change of the Eldorado common shares into a greater
number of shares; or (ii)&nbsp;the consolidation, reduction or combination of
the Eldorado common shares into a lesser number of shares.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From time to time while the Exchange Receipts are
outstanding, Eldorado and the Escrow Agent may, without the consent of the
holders of the Exchange Receipts, amend or supplement the Exchange Receipt
Indenture for certain purposes, including making any change that, in the
opinion of the Escrow Agent, does not prejudice the rights of the holders of
the Exchange Receipts. The Exchange Receipt Indenture will provide for other
modifications and alterations thereto and to the Exchange Receipts issued
thereunder by way of a resolution approved by more than 66</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">2</font><font size="2" style="font-size:10.0pt;">/</font><font size="1" style="font-size:7.0pt;position:relative;top:3.0pt;">3</font><font size="2" style="font-size:10.0pt;">% of the
votes cast in person or by proxy by Exchange Receipt holders.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eldorado may from time to time purchase, by private
contract or otherwise, any of the Exchange Receipts.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No fractional Eldorado common shares will be issued in respect of an
Exchange Receipt.&#160; Where the holder of an
Exchange Receipt is to receive Eldorado common shares in respect thereof and
the number of Eldorado common shares to be issued to such Shareholder would
result in a fraction of an Eldorado common share being issuable, the number of
Eldorado common shares to be received by such Shareholder will either be
rounded up (if the fractional interest is 0.5 or more) or down (if the fractional
interest is less than 0.5) to the nearest whole number.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Extension of the Offer</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By notice to the Depository given on June&nbsp;17, 2008, Eldorado
extended the expiry of the Offer to <b>5:00&nbsp;pm
(Toronto time) on July&nbsp;2, 2008</b>, unless the Offer is further extended
or withdrawn.&#160; Accordingly, the
definition of &#147;Expiry Date&#148; in the &#147;Glossary&#148; section of the Original Offer and
Circular (found on page&nbsp;14 of the Original Offer and Circular) is deleted
and replaced by the following:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 36.45pt .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Expiry Date</b>&#148;
means July&nbsp;2, 2008 or such later date or dates as may be fixed by the
Offeror from time to time pursuant to Section&nbsp;5 of the Offer, &#147;Extension,
Variation or Change in the Offer&#148;, unless the Offer is withdrawn by the
Offeror;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, all references to &#147;June&nbsp;17, 2008&#148; or
to &#147;5:00&nbsp;pm (Toronto time) on June&nbsp;17, 2008&#148; in the Original Offer
and Circular, the Letter of Transmittal, the Notice of Guaranteed Delivery and
the Notice of Change in Information are amended to refer to &#147;July&nbsp;2, 2008&#148;
or to &#147;5:00&nbsp;pm (Toronto time) on July&nbsp;2, 2008&#148;, respectively.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Amendments to Conditions
of the Offer</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4 of the Offer in the Original Offer and
Circular, &#147;Conditions of the Offer&#148;, is amended by adding the following
condition:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The TSX shall have conditionally approved
the issuance of the Exchange Receipts.</font></p>

<p style="margin:0in 36.45pt .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accordingly, Section&nbsp;4 of the Offer in the
Original Offer and Circular, &#147;Conditions of the Offer&#148; is amended by deleting
the word &#147;and&#148; in the last sentence of paragraph (j); by replacing the period
at the end of the last sentence of paragraph (k)&nbsp;with a semicolon; and by
adding the word &#147;and&#148; after such semicolon.</font></p>

<p style="margin:0in .45pt .0001pt 0in;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4 of the Offer in the Original Offer and
Circular, &#147;Conditions of the Offer&#148;, is further amended by deleting paragraph (b)&nbsp;in
its entirety and replacing it with the following:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Dundee and each member of the Frontier
Group shall have validly tendered and not withdrawn at the Expiry Time not less
than an aggregate of 71,782,616 Common Shares and the Lock-Up Agreement and the
Frontier Group Lock-Up Agreements shall not have been terminated.</font></p>

<p style="margin:0in 36.45pt .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a consequence, the following definitions are added
to the &#147;Glossary&#148; section of the Original Offer and Circular (in each case in
alphabetical order in relation to the other defined terms set out therein):</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 36.45pt .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Frontier Group</b>&#148;
means: (i)&nbsp;the directors and officers of Frontier; and (ii)&nbsp;Nor-West
Rotors Ltd.;</font></p>

<p style="margin:0in 36.45pt .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Frontier Group
Lock-Up Agreements</b>&#148; means, collectively, the lock-up agreements
between Eldorado and each member of the Frontier Group dated June&nbsp;17,
2008, as amended from time to time;</font></p>

<p style="margin:0in 36.45pt .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Recent Developments</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;10, 2008, Eldorado mailed to Frontier
shareholders a circular and form of proxy, soliciting proxies against the
shareholder rights plan (the &#147;<b>Rights Plan</b>&#148;)
that was adopted by Frontier on May&nbsp;16, 2008.&#160; Frontier was seeking to have the Rights Plan
adopted and confirmed at a general meeting of shareholders on June&nbsp;19,
2008.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the evening of June&nbsp;16, 2008, the day prior to
the Expiry Time of the Original Offer, Dr.&nbsp;Stewart Blusson, a director of
Frontier, contacted Dr.&nbsp;Hugh Morris, the Non-Executive Chairman of
Eldorado to explore whether a consensual transaction between the two companies
could be reached, including an increase in the consideration offered.&#160; Dr.&nbsp;Blusson subsequently entered into
discussions with Mr.&nbsp;Paul Wright, the President and Chief Executive
Officer of Eldorado, regarding potential terms pursuant to which Eldorado and
Frontier would consider negotiating a support agreement in relation to a
revised offer by Eldorado.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the morning of June&nbsp;17, 2008, Frontier issued
a press release waiving the application of the Rights Plan.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Later on June&nbsp;17, 2008, Eldorado and Frontier
reached agreement as to the terms upon which Eldorado would enter into lock-up
agreements with each of the directors and officers holding securities of
Frontier (collectively, the &#147;<b>Frontier Group</b>&#148;)
of Frontier (the &#147;<b>Frontier Lock-Up Agreements</b>&#148;)
and a support agreement with Frontier (the &#147;<b>Support
Agreement</b>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Support Agreement and Frontier Lock-Up Agreements
were finalized by Eldorado&#146;s and Frontier&#146;s respective legal counsel throughout
the course of the day and executed late in the evening on June&nbsp;17,
2008.&#160; Eldorado and Frontier each issued
press releases to this effect prior to the opening of North American stock
exchanges on June&nbsp;18, 2008.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Section&nbsp;5
of the Offer in the Original Offer and Circular, &#147;Extension, Variation or
Change in the Offer&#148;, Eldorado contacted Kingsdale Shareholder Services Inc.
prior to the original Expiry Time of the Offer (5:00 pm (Toronto time) on June&nbsp;17,
2008) and notified it that the Offer would be extended to July&nbsp;2, 2008. Eldorado
subsequently confirmed this communication in writing via delivery of a letter
to Kingsdale Shareholder Services Inc.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">5</font>.</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Support Agreement Entered into with Frontier</b></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;17, 2008,
Eldorado and Frontier entered into the Support Agreement, pursuant to which,
among other things, Eldorado agreed to revise the consideration for the Common
Shares and to extend the expiry of the Offer and Frontier agreed to recommend
that Frontier shareholders accept the Offer.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accordingly, Section&nbsp;20
of the Circular in the Original Offer and Circular, &#147;Agreements, Arrangements
of Understandings&#148; is deleted in its entirety and replaced with the following:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">20.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Agreements, Arrangements or Understandings</b></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other than the Support Agreement and the Frontier
Lock-Up Agreements and the matters provided for therein, there are no
arrangements or agreements made or proposed to be made among Eldorado and any of the directors or
senior officers of Frontier and
no payments or other benefits are proposed to be made or given by Eldorado by way of compensation for
loss of office or as to such directors or senior officers remaining in or
retiring from office following the completion of the Offer. Other than the Lock-Up
Agreement and the Frontier Lock-Up Agreement, there are no agreements,
arrangements or understandings, formal or informal, among Eldorado and any securityholder of Frontier with respect to the Offer.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a
summary of certain provisions of the Support Agreement. It does not purport to
be complete and is subject to, and is qualified in its entirety by reference
to, the full text of the Support Agreement filed by Eldorado with the Canadian
securities regulatory authorities and available through the SEDAR website at <u>www.sedar.com</u>. All capitalized terms used
in this summary and not otherwise defined in this Notice of Variation and
Extension have the meanings ascribed to them in the Support Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">General</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eldorado agreed to revise
the Original Offer by, among other things, revising the consideration payable
thereunder to include one Exchange Receipt per Common Share, and extending the
expiry time to 5:00&nbsp;p.m. (Toronto time) on July&nbsp;2, 2008, unless
further extended by Eldorado.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eldorado agreed to make
the Offer on the terms and subject to the conditions set forth in the Support
Agreement. Eldorado may, in its sole discretion, modify or waive any term or
condition of the Offer; provided, however, that Eldorado may not, without the
prior consent of Frontier, reduce the consideration per Common Share, change
the form of consideration payable under the Offer (other than to add additional
consideration), increase the Minimum Tender Condition, impose additional
conditions to the Offer, or otherwise vary the Offer or any terms or conditions
thereof in a manner which is adverse to Frontier shareholders.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Support for the
Offer</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the Support
Agreement, Frontier represented to Eldorado that (i)&nbsp;its board of
directors, upon consultation with its advisors, had determined unanimously that
the Offer is fair to Frontier shareholders, (ii)&nbsp;that the board of
directors would recommend that Frontier shareholders accept the Offer, and (iii)&nbsp;that
the Support Agreement is in the best interests of Frontier and its shareholders.
Frontier also represented that its board of directors has received an opinion
from its financial advisor that the Offer was fair from a financial point of
view to Frontier&#146;s shareholders, taking into account the factors identified
therein. Frontier also represented that its directors had advised it that as at
June&nbsp;17, 2008 they intend to tender their Common Shares to the Offer.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Representations and
Warranties</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Support Agreement
contains a number of customary representations and warranties of Frontier and
Eldorado relating to, among other things: corporate status; capitalization; and
the corporate authorization and enforceability of, and board approval of, the
Support Agreement and the Offer. The representations and warranties also
address various matters relating to the business, operations and properties of
each of the parties and their respective subsidiaries, including: (a)&nbsp;public
filings; (b)&nbsp;financial statements; (c)&nbsp;absence of certain changes or
events; (d)&nbsp;litigation; and (e)&nbsp;mineral reserves and resources.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Conduct of the
Business of Frontier</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the Support Agreement,
Frontier agreed that, prior to the earlier of the appointment or election to
the board of persons designated by Eldorado who represent a majority of the
directors of Frontier and the termination of the Support Agreement, Frontier
will, and will cause each of Frontier&#146;s subsidiaries to, conduct its business
in the ordinary course consistent with past practice and to preserve intact its
present business organization and goodwill and not to undertake certain types
of restricted activities except: (a)&nbsp;with Eldorado&#146;s prior written
consent; (b)&nbsp;as otherwise expressly contemplated or permitted by the
Support Agreement; or (c)&nbsp;as disclosed in writing to Eldorado prior to the
execution and delivery of the Support Agreement. Frontier also agreed to use
best efforts to advance and obtain all permits required in accordance with the
legislated permitting procedure of Greece to allow the commencement of project
construction at Perama Hill, including approval of an environmental impact
study, in respect of Perama Hill, by the JMC.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Frontier also agreed to
promptly notify Eldorado orally and in writing of any material adverse change
(within the meaning of the <i>Securities Act </i>(British
Columbia)) of Frontier or any of its subsidiaries and of any material
governmental or third party complaints, investigations or hearings or
communications indicating that the same may be contemplated.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Board
Representation</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the purchase by
Eldorado pursuant to the Offer of 66 2/3% of the outstanding Common Shares and
upon payment by Eldorado of any amount due under a Frontier employment or
severance agreement, all of the directors of Frontier and Frontier shall use
their reasonable efforts to secure the resignations of the current directors to
enable Eldorado&#146;s designees to be appointed to the board of directors of
Frontier and they shall use their reasonable efforts to cause Eldorado&#146;s
designees to be so elected or appointed.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Other Covenants</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eldorado and Frontier
have agreed in the Support Agreement to a number of mutual covenants, including
to cooperate in good faith and use reasonable best efforts to take, or cause to
be taken, all action and to do, or cause to be done, all things necessary,
proper or advisable, under applicable laws, to consummate the transactions
contemplated by the Offer and the Support Agreement including the execution and
delivery of such documents as the other party may reasonably require, and using
commercially reasonable efforts to effect all necessary registrations, filings
and submissions requested by governmental authorities.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eldorado has also
covenanted in the Support Agreement to use best efforts to obtain the listing
of the Exchange Receipts on the TSX prior to the Expiry Time and use
commercially reasonable efforts to cause Frontier or its subsidiaries to obtain
the JMR before July&nbsp;1, 2009.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Covenants Regarding
Non-Solicitation</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Support Agreement
contains certain &#147;non-solicitation&#148; provisions pursuant to which Frontier
agreed that, except as otherwise provided in the Support Agreement, it will
not, directly or indirectly, through any officer, director, employee,
representative or agent of Frontier or any of its subsidiaries:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>solicit,
initiate, encourage (including by way of furnishing information or entering
into any form of agreement, arrangement or understanding) any inquiries or
proposals regarding any merger, amalgamation, reorganization, consolidation,
arrangement, business combination, recapitalization, </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">take over bid, sale of
assets (or any lease, long term supply agreement or other transaction having
the same economic effect as a sale of assets), liquidation, issue or sale of
shares or rights or interests therein or thereto, joint venture or similar
transactions involving Frontier or any of its subsidiaries (any of the
foregoing inquiries or proposals being referred to herein as an &#147;<b>Acquisition Proposal</b>&#148;), or</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>provide
any confidential information to, participate in any discussions or negotiations
relating to any such transactions with, or otherwise co-operate with or assist
or participate in any effort to take such action by, any corporation, person or
other entity or group,</p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">provided that, for
greater certainty, Frontier may advise anyone making an unsolicited Acquisition
Proposal that such Acquisition Proposal does not constitute a Superior Proposal
when the board has so determined.</font></p>

<p style="margin:0in 0in .0001pt .75in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Frontier also agreed to
immediately cease and cause to be terminated any existing discussions or
negotiations with any parties (other than Eldorado) that had, prior to the date
of the Support Agreement, made an Acquisition Proposal or who is known by
Frontier, acting reasonably, to be considering making an Acquisition Proposal. Except
in connection with a</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Superior Proposal (as
defined below) Frontier agreed not to allow or permit access to any data or
information rooms regarding Frontier except to Eldorado and its representatives
and advisors. Frontier also agreed not to release any third party from any
confidentiality or standstill agreement to which Frontier and such third party
are a party, and to immediately request the return or destruction of all
information provided to any third parties who have entered into a
confidentiality agreement with Frontier relating to a potential Acquisition
Proposal and to use its best efforts to ensure that such requests are honoured.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">However, Frontier&#146;s board
of directors may consider and accept a Superior Proposal by a third party made
in compliance with the provisions of the Support Agreement. A &#147;<b>Superior Proposal</b>&#148; is defined as an unsolicited Acquisition
Proposal made to Frontier in writing which did not result from a breach of the
non-solicitation provisions of the Support Agreement and which the board of
directors of Frontier in good faith and in its reasonable judgment, after
consultation with its legal advisors and upon the advice of its financial
advisors, determines will, if consummated (and taking into account the risk of
non-completion), be more favorable to the holders of the Common Shares than the
Offer, and where the Acquisition Proposal (a)&nbsp;has a value that is greater
than the value of the Offer, (b)&nbsp;is not subject to any due diligence or
access condition, (c)&nbsp;if it reflects that financing is required to
complete such Acquisition Proposal, such financing has been demonstrated to the
satisfaction of the board of directors of Frontier, acting in good faith (after
receipt of advice from its financial advisors and outside counsel), to be
reasonably likely to be obtained, and (d)&nbsp;is capable of completion without
undue delay (taking into account all legal, financial, regulatory and other
aspects of the proposal).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Frontier is not permitted
to accept, approve or recommend, nor enter into any agreement (other than a
confidentiality agreement) relating to, an Acquisition Proposal unless:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>the
Acquisition Proposal constitutes a Superior Proposal;</p>

<p style="margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>Frontier
has complied with the non-solicitation restrictions in the Support Agreement;</p>

<p style="margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>Frontier
has provided Eldorado with notice in writing of the Superior Proposal together
with all documentation related to and detailing the Superior Proposal
(including a copy of the confidentiality agreement between Frontier and the
person making the Superior Proposal if not previously delivered);</p>

<p style="margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>Frontier
concurrently terminates the Support Agreement in accordance with its terms.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nothing in the Support
Agreement prevents Frontier&#146;s board of directors from responding through a
directors&#146; circular or otherwise as required by applicable securities laws to
an Acquisition Proposal that it determines is not a Superior Proposal.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Right to Match</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eldorado and Frontier have agreed that if Frontier
receives a written Acquisition Proposal that the board of directors of Frontier
determines is a Superior Proposal, Frontier shall, in accordance with the terms
of the Support Agreement, immediately notify Eldorado in writing of the
proposal and provide to Eldorado a copy of such proposal. Until the expiration
of the four business day period referred to below, Frontier shall not take any
action to withdraw, modify or change its recommendation with respect to the
Offer or to approve or implement or enter into any agreement to approve or
implement such Superior Proposal. Within four business days after the later of
the date of such notification and the date Eldorado receives a copy of the
document evidencing such Superior Proposal, Eldorado may, by notice in writing
to Frontier, agree to amend the Support Agreement to increase the consideration
to be paid to Shareholders pursuant to the Offer to an amount having a value at
least equal to the value of the consideration offered under such Superior
Proposal (provided that for the purposes of the Support Agreement, the value of
any non-cash consideration proposed to be paid, delivered or issued under any
Superior Proposal or by Eldorado (unless the consideration proposed to be paid,
delivered or issued under such Superior Proposal or by Eldorado includes an
all-cash option, in which case the value of such consideration shall be equal
to such cash consideration) shall be determined by the board of directors of
Frontier (having consulted any financial advisor of Frontier or obtained other
independent financial advice), acting reasonably, and Frontier shall forthwith
provide to Eldorado all data, opinions and other information relied upon by the
board of directors of Frontier in order to arrive at its determination of the
value of any non-cash consideration to be paid), in which case Frontier and
Eldorado shall agree to any amendments required to so increase the
consideration and Frontier shall not take any action to withdraw its recommendation
with respect to the Offer, as amended, or to approve or implement such Superior
Proposal or release the person making such Superior Proposal from any
standstill or confidentiality obligation.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Termination Payment</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If at any time after the
execution of the Support Agreement:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The board of directors
of Frontier withdraws or modifies in a manner adverse to Eldorado any of its
recommendations or determinations referred to above or resolves to do so prior
to the Expiry Time (other than as a direct result of and in direct response to
a material breach by Eldorado of its obligations hereunder or other than as a
direct result of a change occurring after the date of the Support Agreement in
respect of Eldorado that is materially adverse) or the board of directors of
Frontier recommends acceptance by Frontier shareholders of, or that Frontier
shareholders vote in favour of, a Superior Proposal; or</p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Frontier terminates the
Support Agreement in the event of a Superior Proposal; or</p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Minimum Tender Condition
or any other condition of the Offer has not been satisfied or waived at the
Expiry Time and Eldorado has not elected to waive such condition or extend the
Offer and a bona fide written Acquisition Proposal has been made and publicly
announced by any person (the &#147;<b>Acquisition Proposal
Offeror</b>&#148;), other than Eldorado, prior to the Expiry Time and not
withdrawn at least five days prior to the Expiry Time and</p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Frontier consummates
an Acquisition Proposal with the Acquisition Proposal Offeror, or a person
acting jointly or in concert with the Acquisition Proposal Offeror (within the
meaning of that expression as used in the Applicable Laws) prior to the
expiration of 365 days following termination of the Support Agreement;</p>

<p style="margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Acquisition
Proposal Offeror, together with persons acting jointly or in concert with the
Acquisition Proposal Offeror, acquires sufficient securities of Frontier that,
together with their currently held Common Shares, represent de facto control of
Frontier, prior to the expiration of 365 days following termination of the
Support Agreement; or</p>

<p style="margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Frontier enters into a
definitive agreement with respect to an Acquisition Proposal with the
Acquisition Proposal Offeror, or a person acting jointly or in concert with the
Acquisition Proposal Offeror, prior to the expiration of 120 days following the
</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">termination of the
Support Agreement, and thereafter consummates such Acquisition Proposal;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(each of the above being
a &#147;<b>Fee Event</b>&#148;) then Frontier shall
forthwith pay to Eldorado, or as Eldorado may direct, as liquidated damages an
amount (the &#147;<b>Break Fee</b>&#148;) equal to $7,200,000. For
greater certainty, Frontier shall not be obliged to make more than one Break
Fee payment if one or more of the events specified herein occurs.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Termination</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Support Agreement may
be terminated at any time prior to the Effective Time:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; </font>by mutual written consent
of Frontier and Eldorado;</p>

<p style="margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; </font>by Eldorado at any time by
written notice if Frontier is in default of any material covenant or obligation
under the Support Agreement or Frontier or Dundee or any member of the Frontier
Group (as defined below) is in default of any material covenant or obligation
under its respective Frontier Lock-Up Agreement or any representation or
warranty of Frontier under the Support Agreement or of any member of the
Frontier Group under the Frontier Lock-Up Agreements is untrue or incorrect
(except for breaches which would not individually or in the aggregate, or would
not be reasonably expected to, be materially adverse to Frontier);</p>

<p style="margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; </font>by Frontier at any time by
written notice if Eldorado is in default of any material covenant or obligation
under the Support Agreement or any representation or warranty of Eldorado under
the Support Agreement is untrue or incorrect (except for breaches which would
not individually or in the aggregate, or would not be reasonably expected to,
be materially adverse to Eldorado);</p>

<p style="margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; </font>by either party by written
notice after August&nbsp;15, 2008 if Eldorado has not purchased any Common
Shares pursuant to the Offer, otherwise than as a result of the breach by the
party wishing to terminate the Support Agreement of any material covenant or
obligation under the Support Agreement or as a result of any representation or
warranty of such party in the Support Agreement by being untrue or incorrect in
any material respect;</p>

<p style="margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; </font>by Eldorado by written
notice if the Minimum Tender Condition or any other closing condition has not
been satisfied or waived at the Expiry Time and Eldorado has not elected to
waive such condition or extend the Offer;</p>

<p style="margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; </font>by Eldorado by written
notice upon the occurrence of a an event which would result in the payment of
the Break Fee; or</p>

<p style="margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by Frontier if, prior to
the Expiry Time or termination of the Offer, an Acquisition Proposal is
received by Frontier which is a Superior Proposal and Eldorado does not agree
to match the offer in accordance with the terms of the Support Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">6</font>.</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Lock-Up Agreements Entered into with Frontier Group</b></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;17, 2008,
Eldorado and each member of the Frontier Group entered into the Frontier
Lock-Up Agreements pursuant to which they agreed to tender all of their Common
Shares to the Offer subject to certain conditions. The following is a summary
of the principal terms of the Frontier Lock-Up Agreements. It does not purport
to be complete and is subject to, and is qualified in its entirety by reference
to, the full text of the Frontier Lock-Up Agreements filed by Eldorado with the
Canadian securities regulatory authorities and available through the SEDAR
website at www.sedar.com.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Frontier Lock-Up
Agreements set forth the terms and conditions under which Eldorado agreed to
vary the Original Offer and under which each member of the Frontier Group
agreed, subject to the terms and conditions of</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Frontier Lock-Up
Agreements, to validly tender his Common Shares and any Common Shares (&#147;<b>Option Shares</b>&#148;) subject to his options (&#147;<b>Options</b>&#148;) in valid acceptance of the Offer. The following is
a summary of the principal terms of the Frontier Lock-Up Agreements. The
Frontier Lock-Up Agreements contain certain customary representations and
warranties of the Frontier Group and of Eldorado.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Offer</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Frontier
Lock-Up Agreements, Eldorado agreed to publicly announce its intention to vary
the Original Offer by no later than the close of business on June&nbsp;18, 2008
and to send a notice of variation in respect of the Offer to each registered
holder of Common Shares and each holder of securities that are convertible into
Common Shares no later than the close of business on June&nbsp;20, 2008.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the
satisfaction or waiver of the conditions to the Offer, Eldorado also agreed
within the time periods required by applicable Canadian provincial securities
laws to take up and pay for the Common Shares deposited under the Offer.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Variation of the Offer</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Frontier
Lock-Up Agreements, Eldorado may, in its sole discretion, modify or waive any
term or condition of the Offer; provided that Eldorado shall not, without the
prior written consent of each of the Frontier Group members, increase the
minimum tender condition of 66 2/3%, impose additional conditions to the Offer,
modify any condition of the Offer in a manner adverse to each of the Frontier
Group or Frontier shareholders generally (which for greater certainty does not
include a waiver of a condition), decrease the consideration per Common Share
under the Offer, decrease the number of Common Shares in respect of which the
Offer is made, change the form of Offer consideration payable under the Offer
(other than to increase the total consideration per Common Share and/or add
additional consideration or consideration alternatives) or otherwise vary the
Offer or any terms or conditions thereof (which for greater certainty does not
include a waiver of a condition) in a manner which is adverse to each of the
Frontier Group.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Deposit of Common Shares; Support
of the Offer</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the term of the
Offer and provided that Eldorado has complied with the terms thereof, each
member of the Frontier Group agreed:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>not
to sell, assign, transfer, alienate, gift, pledge, option, hedge or enter into
derivative transactions in respect of, or otherwise dispose of or encumber, (or
agree to do any of the foregoing) any securities of Frontier, including,
without limitation, any Common Shares, Options or Option Shares beneficially
owned by such person or over which such person exercises control or direction,
except pursuant to the Offer and except for transfers to an affiliate of the
member of the Frontier Group where such affiliate executes an agreement on
substantially the same terms as the Frontier Lock-Up Agreement or agrees to be
bound by the provisions of the Frontier Lock-Up Agreement;</p>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>not
to deposit any Common Shares, beneficially owned by member of the Frontier
Group or over which such person exercises control or direction, into a voting
trust or enter into a voting agreement or arrangement with respect to such
Common Shares or grant any proxy with respect thereto;</p>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>if the member of the Frontier Group is a holder
of Options, to exercise all of such Options by no later than the Expiry Time;</p>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>to
accept the Offer and validly deposit or cause to be deposited and cause all
acts and things to be done to deposit under the Offer, on or before the
calendar day prior to the Expiry Date of the Offer, all of the Common Shares
and option shares beneficially owned by such member of the Frontier Group or
over which such person exercises control or direction as at the date of the
Frontier Lock-Up Agreement, together with a duly completed and executed Letter
of Transmittal (or other appropriate instrument); and</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>not
to withdraw or cause to be withdrawn from the Offer such Common Shares as have
been deposited to the Offer, or caused to be deposited to the Offer, by such
member of the Frontier Group, unless a &#147;Superior Bid&#148; (as hereinafter defined)
is made by a third party.</p>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the purposes of the
Frontier Lock-Up Agreements, a &#147;<b>Superior Bid</b>&#148;
is any unsolicited bona fide written offer for the Common Shares, any offer
concerning any sale of Frontier or any of its material subsidiaries or any of
their material properties or assets or any amalgamation, arrangement, merger,
business combination, take-over bid, tender or exchange offer, variation of a
take-over bid, tender or exchange offer or similar transaction involving
Frontier which competes or interferes, by delay or otherwise, with the Offer
(an &#147;<b>Acquisition Proposal</b>&#148;) made to the
board of directors of Frontier , or directly to Frontier&#146;s shareholders or to
the members of the Frontier Group: (i)&nbsp;that is made after the date of the
Frontier Lock-Up Agreement; and (ii)&nbsp;that is in view of each member of the
Frontier Group, acting reasonably, more favourable to him, from a financial
point of view, than the consideration per Common Share payable pursuant to the
Offer.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each member of the
Frontier Group also agrees, from and after the date of the Frontier Lock-Up
Agreement until the earlier of its termination or the Expiry Time, to cease
soliciting, encouraging or initiating any inquiry or the making of any offer
concerning an Acquisition Proposal.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Termination of the Frontier
Lock-Up Agreement</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of the Frontier
Lock-Up Agreements may be terminated at any time by mutual consent of Eldorado
and the Frontier Group member. Each member of the Frontier Group may, without
prejudice to any of his rights under the Frontier Lock-Up Agreement and in its
sole discretion, terminate a Frontier Lock-Up Agreement if: (i)&nbsp;Eldorado
has not complied in any material respect with its covenants under the Frontier
Lock-Up Agreements or if any of Eldorado&#146;s representations and warranties under
the Frontier Lock-Up Agreements are untrue or incorrect in all material
respects; (ii)&nbsp;Eldorado has not effected the Offer by the close of
business on June&nbsp;20, 2008; (iii)&nbsp;the terms of the Offer do not
conform in all material respects with the description of the Offer as contained
in the Frontier Lock-Up Agreement; (iv)&nbsp;Eldorado has not taken up and paid
for all Common Shares deposited under the Offer in accordance with applicable
Canadian provincial securities laws; or (v)&nbsp;the Frontier Group member has
provided Eldorado notice in writing of a Superior Proposal at least three
Business Days prior to the date on which&#160;
proposes to accept or enter into any agreement relating to such Superior
Proposal, and three Business Days have elapsed since Eldorado received the
notice of the Frontier Group member and, if Eldorado has proposed to amend the
terms of the Offer, the Frontier Group member shall have determined that the
Acquisition Proposal is a Superior Proposal compared to the amendment to the
terms of the Offer proposed by Eldorado.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If notice of an
Acquisition Proposal has been delivered by a member of the Frontier Group to
Eldorado, Eldorado has three Business Days from receipt of such notice to
propose to amend the terms of the Offer. Each Frontier Group member is under an
obligation to review any proposed amendments to the Offer in order to
determine, acting reasonably, whether the proposal to amend the Offer would
result in the Acquisition Proposal no longer being considered a Superior
Proposal. Upon termination of the Frontier Lock-Up Agreements, a Frontier Group
Member shall be entitled to withdraw any of the Common Shares it has deposited
under the Offer and Eldorado shall not take up any of such Common Shares.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">7</font>.</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Changes to Canadian Tax Disclosure</b></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The paragraphs under the
two headings &#147;Canadian Federal Income Tax Considerations&#148; set forth below are
substantially the same as the ones set forth in the Original Offer and Circular.
The main difference is the addition of disclosure relating to the Exchange
Receipts.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The &#147;Summary of the Offer&#148;
section of the Original Offer and Circular (beginning at page&nbsp;6) is
amended by deleting the section, &#147;Canadian Federal Income Tax Considerations&#148;
(found on page&nbsp;10) in its entirety and replacing it with the following:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:40.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Canadian Federal Income Tax Considerations</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the conditions of the Offer are satisfied or waived
and we take up and pay for the Common Shares validly deposited pursuant to the
Offer, Shareholders who are Eligible Holders that tender their Common Shares to
Eldorado may require Eldorado to execute an election form prescribed under
section&nbsp;85 of the Tax Act (and, where applicable, a similar form for
provincial purposes), jointly with the Eligible Holder, for the purpose of
enabling the Eligible Holder to achieve, where appropriate, a full or partial
income tax-deferred rollover for Canadian federal (and, where applicable,
provincial) income tax purposes. However, Eldorado will be required to do so
only if such Eligible Holders comply fully with the requirements set forth
under &#147;Canadian Federal Income Tax Considerations - Sale to Eldorado &#151;
Web-Based System or &#147;Check the Box&#148; Method for Eligible Holders to Complete
Election Forms for Income Tax Deferral&#148; in Section&nbsp;18 of the Circular. <b>Eligible Holders who may wish to effect such an income
tax-deferred &#147;rollover&#148; should refer to these requirements and take action to
comply with them as soon as possible. </b>Shareholders other than
Eligible Holders who choose to participate in the Offer will not be permitted
to so elect and, accordingly, their sale of Common Shares to Eldorado will not
be a tax-deferred rollover for Canadian federal income tax purposes. However,
it is expected that any gain arising on the disposition of Common Shares to
Eldorado by a Shareholder who is not an Eligible Holder will not be subject to
Canadian federal income tax. Eldorado Common Shares received by a Canadian
tax-exempt deferred income plan, such as a registered retirement savings plan,
will be qualified investments.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The foregoing is a brief summary of
Canadian federal income tax consequences only and is qualified in full by the
information under &#147;Canadian Federal Income Tax Considerations&#148; in Section&nbsp;18
of the Circular. Shareholders are urged to consult their own tax advisors to
determine the particular tax consequences to them of a sale of Common Shares
pursuant to the Offer or a disposition of Common Shares pursuant to a
Compulsory Acquisition or any Subsequent Acquisition Transaction.</font></b></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;18 of the
Circular in the Original Offer and Circular, &#147;Canadian Federal Income Tax
Considerations&#148;, is deleted in its entirety and replaced by the following:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Canadian
Federal Income Tax Considerations</font></b></h2>

<h2 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the opinion of Borden Ladner Gervais LLP, counsel
to the Offeror, the following summary describes the principal Canadian federal
income tax considerations generally applicable to the disposition of Common
Shares under the Offer or pursuant to certain transactions described in Section&nbsp;17
of this Circular entitled &#147;Acquisition of Common Shares Not Deposited&#148; by
Shareholders who, for the purposes of the Tax Act, and at all relevant times, (a)&nbsp;hold
their Common Shares as capital property, (b)&nbsp;did not acquire the Common
Shares pursuant to a stock option plan, and (c)&nbsp;deal at arm&#146;s length, and
are not affiliated, with the Offeror. Common Shares will generally be
considered to be capital property to a Shareholder unless the Shareholder holds
such shares in the course of carrying on a business or the Shareholder has
acquired such shares in a transaction or transactions which are an adventure or
concern in the nature of trade. Certain Canadian resident Shareholders whose
Common Shares might not otherwise be considered capital property may be
entitled to make an irrevocable election under subsection&nbsp;39(4)&nbsp;of
the Tax Act to have their Common Shares and all other &#147;Canadian securities&#148; (as
defined in the Tax Act) owned by such Shareholders in the taxation year in
which the election is made, and in all subsequent taxation years, deemed to be
capital property.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This summary is based on the current provisions of the
Tax Act and the regulations thereunder (the &#147;<b>Regulations</b>&#148;)
in force as of the date hereof and counsel&#146;s understanding, based on publicly
available materials published in writing prior to the date hereof, of the
current administrative practices of the CRA. This summary also takes into
account all specific proposals to amend the Tax Act and the Regulations
publicly announced by or on behalf of the Minister of Finance (Canada) prior to
the date hereof (the &#147;<b>Tax Proposals</b>&#148;),
and assumes that all Tax </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposals will be enacted in the form proposed. However,
there can be no assurance that the Tax Proposals will be enacted in their
current form, or at all. This summary is not exhaustive of all possible
Canadian federal income tax considerations and, except for the Tax Proposals,
does not take into account or anticipate any changes in law or administrative
practice of CRA, whether by legislative, regulatory, administrative or judicial
action or decision, nor does it take into account or consider other federal or
any provincial, territorial or foreign tax considerations, which may differ significantly
from the Canadian federal income tax considerations described herein.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This summary is not applicable to a Shareholder that (a)&nbsp;is
a &#147;financial institution&#148; (as defined in the Tax Act for the purposes of the &#147;mark-to-market&#148;
rules), (b)&nbsp;is a &#147;specified financial institution&#148; (as defined in the Tax
Act), (c)&nbsp;is a Shareholder an interest in which is, or for whom a Common
Share would be, a &#147;tax shelter investment&#148; (as defined in the Tax Act), or (d)&nbsp;makes
a functional currency election pursuant to section&nbsp;261 of the Tax Act. All
Shareholders described in this paragraph should consult their own tax advisors.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This summary assumes that any person that held or
holds at any time Options, warrants or other rights to acquire Common Shares
will have exercised them and acquired Common Shares, or they will have expired,
prior to the Expiry Time. Accordingly, this summary does not address persons
who hold such Options, warrants or other rights, who should consult their own
tax advisors for advice regarding the income tax consequences to them of the
expiry or exercise thereof, of the continued holding thereof after the Expiry
Time and of the acquisition, holding and disposing of Common Shares or any
other securities acquired on exercise thereof, which may differ materially from
the discussion about income tax considerations set forth in this summary.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The following summary is of a general
nature only and is not intended to be, nor should it be construed to be, legal
or tax advice to any particular Shareholder, and no representations are being
made with respect to the tax consequences to any particular Shareholder to whom
the Offer is being made. Accordingly, all Shareholders should consult their own
tax advisors for advice regarding the income tax consequences to them of
disposing of their Common Shares under the Offer, a Compulsory Acquisition or a
Subsequent Acquisition Transaction having regard to their particular
circumstances, and any other consequences to them of such transactions under
Canadian federal, provincial, territorial or local tax laws and under foreign
tax laws.</font></b></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:normal;">Residents of Canada</font></i></b></h3>

<h3 style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h3>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following portion of the summary is generally
applicable to a Shareholder who, at all relevant times, for purposes of the Tax
Act and any applicable income tax treaty is or is deemed to be resident in
Canada (a &#147;<b>Resident Shareholder</b>&#148;).</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Sale of Common Shares Under the Offer</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sale to Eldorado &#150; No
Election for Income Tax Deferral</font></i></p>

<p align="left" style="margin:0in 0in .0001pt 40.5pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Resident Shareholder whose Common Shares are
acquired by Eldorado will be considered to have disposed of such Common Shares
for proceeds of disposition equal to the sum of the fair market value received
by such Resident Shareholder, at the time of the disposition, of (a)&nbsp;the
Eldorado Common Shares; (b)&nbsp;the Exchange Receipts; and (c)&nbsp;Cdn.$0.0001
per Common Share so disposed. As a result, the Resident Shareholder will
realize a capital gain (or capital loss) to the extent that such proceeds of
disposition, net of any reasonable costs of disposition, exceed (or are less
than) the adjusted cost base to the Resident Shareholder of such Common Shares.
The adjusted cost base to a Resident Shareholder of both the Eldorado Common
Shares and the Exchange Receipts acquired will be equal to their fair market
value at the time of the acquisition. If the Resident Shareholder separately
owns other Eldorado Common Shares as capital property at that time, the
adjusted</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cost base of all Eldorado Common Shares owned by a
Resident Shareholder as capital property immediately after the exchange will be
determined by averaging the adjusted cost base of the Eldorado Common Shares so
acquired on the exchange with the adjusted cost base of those other Eldorado
Common Shares. The tax treatment of capital gains and capital losses is
discussed below under the heading &#147;Taxation of Capital Gains and Capital Losses&#148;.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sale to Eldorado &#150;
Election for Income Tax Deferral</font></i></p>

<p align="left" style="margin:0in 0in .0001pt 40.5pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Resident Shareholder who is an Eligible Holder may
require Eldorado to jointly execute for filing by the Eligible Holder with the
CRA (and, where applicable, with a provincial tax authority) an income tax
election form pursuant to section&nbsp;85 of the Tax Act (and the corresponding
provisions of any applicable provincial tax legislation), for the purpose of allowing
the Eligible Holder to achieve an income tax-deferred exchange for Canadian
federal (and, where applicable, provincial) income tax purposes (a &#147;<b>Tax Election</b>&#148;). <b>Eligible Holders who may wish to do so must comply with the requirement
described below under &#147;Web-Based System or &#147;Check the Box&#148; Method for Eligible
Holders to Complete Election Forms for Income Tax Deferral&#148;.</b></font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An Eligible Holder is a Shareholder who is (a)&nbsp;a
resident of Canada for the purposes of the Tax Act and any applicable income
tax treaty, holds Common Shares as capital property and who is not exempt from
tax on income under the Tax Act, or (b)&nbsp;a non-resident of Canada for the
purposes of the Tax Act and any applicable income tax treaty, whose Common
Shares constitute &#147;taxable Canadian property&#148; (as defined in the Tax Act) and
who is not exempt from Canadian tax in respect of any gain realized on the
disposition of Common Shares by reason of an exemption contained in an
applicable income tax treaty, or (c)&nbsp;a partnership if one or more members
of the partnership are described in (a)&nbsp;or (b).</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An Eligible Holder who wants to obtain a full or
partial income tax deferral in respect of the sale of that holder&#146;s Common
Shares must do under subsection&nbsp;85(l)&nbsp;of the Tax Act (Form&nbsp;T2057)
or, in the case of such a holder that is a partnership, under
subsection&nbsp;85(2)&nbsp;of the Tax Act (Form&nbsp;T2058) (and the
corresponding provisions of any applicable provincial tax legislation). The
amount specified in the Tax Election as the proceeds of disposition of the Eligible
Holder&#146;s Common Shares must be an amount (the &#147;<b>Elected Amount</b>&#148;) which is not less than the greater of (a)&nbsp;the
lesser of the adjusted cost base to the Eligible Holder of such Common Shares
and the fair market value of such Common Shares at the time of the disposition
and (b)&nbsp;the amount of cash and the fair market value of the Exchange
Receipts received as a result of such disposition.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Elected Amount must not be greater than the fair
market value of such Common Shares at the time of the disposition.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An Eligible Holder who files a valid Tax Election will
be deemed to have disposed of such Common Shares for proceeds of disposition
equal to the Elected Amount selected by the Eligible Holder in the Tax
Election.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the limitations set out in subsection&nbsp;85(1)&nbsp;or
85(2)&nbsp;of the Tax Act regarding the Elected Amount, if the Elected Amount
is equal to the aggregate of the adjusted cost base of such Common Shares
immediately before the disposition and any reasonable costs of disposition, no
capital gain or capital loss will be realized by the Eligible Holder. Subject
again to such limitations, to the extent that the Elected Amount in respect of
such Common Shares exceeds (or is less than) the aggregate of the adjusted cost
base and any reasonable costs of disposition, such holder will realize a
capital gain (or a capital loss). See &#147;Taxation of Capital Gains and Capital
Losses&#148; below. Such Eligible Holders will be deemed to have acquired the
Eldorado Common Shares received in exchange for such Common Shares at an
aggregate adjusted cost base equal the amount, if any by which the Elected
Amount exceeds the aggregate amount of cash received (being Cdn.$0.0001 per
Common Share so exchanged) and the fair market value of the Exchange Receipts
that are received. The cost of the Eldorado Common Shares so acquired will
generally be averaged with the adjusted cost base to the Eligible Holder of any
other Eldorado Common Shares held by the Eligible Holder at that time as
capital property.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

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<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sale to Eldorado - Web-Based System
or &#147;Check the Box&#148; Method for Eligible Holders to Complete Election Forms for
Income Tax Deferral</font></i></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eldorado will make available for use by Eligible Holders a web-based
system to allow Eligible Holders to complete the applicable election form
prescribed by the CRA (i.e., T2057 or, for Eligible Holders that are
partnerships, T2058) and any applicable provincial forms. The link to that
system will be made available at www.eldoradogold.com.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If Common Shares are held in joint ownership and two or more of the
co-owners wish to make an election, one of the co-owners designated for such
purpose should file one form&nbsp;T2057 (and, where applicable, similar
provincial forms) for each co-owner so electing, along with a full list of all
such co-owners.&#160; That list should set
forth each electing co-owner&#146;s social insurance or business number, and
address.&#160; If Common Shares are held by a
partnership, a partner duly designated by the partnership must file one
form&nbsp;T2058 on behalf of each partner (and, where applicable, similar
provincial forms), along with a full list of all partners, and social insurance
or business numbers and addresses for each of them.&#160; Each partner must sign the T2058 (and, where applicable,
similar provincial forms) or the form must be accompanied by a document that
authorizes a designated partner to complete, execute and file the form on
behalf of all the partners.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An Eligible Holder interested in making such a Tax Election must
indicate that intention using the web-based system above or using the Letter of
Transmittal by checking the appropriate box labelled &#147;Election Form&nbsp;Required&#148;
in the space provided therein.&#160; Eligible
Holders who check the box accordingly will receive from Eldorado a tax
instruction letter, explaining the election process, at or about the time that
the Eligible Holder is sent the consideration to which the Eligible Holder is
entitled to under the Offer.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">All Eligible Holders must provide the
information in accordance with the procedures set out on the instructions in
the web-based system or the tax instructions letter, as the case may be, on or
before 90 days after the Expiry Time.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Where Eldorado receives a fully and validly completed election form
executed by an Eligible Holder on or before the 90-day deadline indicated above
Eldorado will, within 30&nbsp;days of its date of receipt, execute the election
form and return it to the Eligible Holder using the web-based process or by
mail to the Eligible Holder using the address if any that the holder provided
to Eldorado in the election form.&#160; It is
the holder&#146;s responsibility to file the election form with the CRA.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A Tax Election and election form will
be valid only if it meets all applicable requirements under the Tax Act, and
meeting these requirements will be the sole responsibility of the Eligible
Holder.&#160; Eligible Holders are referred to
Information Circular 76-19R3 and Interpretation Bulletin IT-291R3 issued by the
CRA for further information respecting the election. An Eligible Holder who
does not make a valid Tax Election under section</font></b>&nbsp;<b>85 of the Tax Act may realize a taxable capital gain.
The comments herein with respect to such elections are provided for general
assistance only. The law in this area is complex and contains numerous
technical requirements. Eligible Holders wishing to make the tax election
should consult their own tax advisors.</b></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">With the exception of execution and
return to the Eligible Holder of the election form by Eldorado, compliance with
the requirements for a valid Tax Election will be the sole responsibility of
the Eligible Holder making the Tax Election.&#160;
</font></b>Accordingly, neither Eldorado nor the Depositary will
be responsible or liable for taxes, interest, penalties (including any late
filing penalty), damages or expenses resulting from the failure by anyone to
provide information necessary for the Tax Election, to properly complete any
election form or to properly deliver the election form to Eldorado on a timely
basis and in the form prescribed under the Tax Act (or the corresponding
provisions of any applicable provincial tax legislation).</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

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<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order for the CRA (and, where applicable, the provincial revenue
authorities), to accept a Tax Election without a late filing penalty being paid
by an Eligible Holder, the election form must be received from the Eligible
Holder by such revenue authorities on or before the day that is the earliest of
the days on or before which either Eldorado or the Eligible Holder is required
to file an income tax return for the taxation year in which the disposition
occurs.&#160; Eldorado&#146;s 2008 taxation year is
scheduled to end October&nbsp;31, 2008, although Eldorado&#146;s taxation year could
end earlier as a result of an event such as an amalgamation, and its tax return
is required to be filed within six months from the end of the taxation year.
Eligible Holders are urged to consult their own advisors as soon as possible
respecting the deadlines applicable to their own particular circumstances. <b>However, regardless of such deadlines, Eligible
Holders must ensure they complete their election form and deliver it to
Eldorado so as to ensure that Eldorado receives it for execution and return to
the Eligible Holder within 90&nbsp;days of the Expiry Time.&#160; </b>Because Eldorado has agreed to
execute and return the election form to the Eligible Holder within 30&nbsp;days
of the receipt of a fully and validly completed election form executed by the
Eligible Holder, to avoid late filing penalties certain Eligible Holders may be
required to deliver the election form to Eldorado before 90 days from the
Expiry Date.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Any Eligible Holder who does not
ensure that a fully and validly completed election form has been received by
Eldorado in accordance with the procedures set out herein on or before 90</font></b>&nbsp;<b>days after the Expiry Time will not be able to benefit
from the income tax deferral provisions of the Tax Act (or the corresponding
provisions of any applicable provincial tax legislation) and may realize a
taxable capital gain.&#160; Accordingly, all
Eligible Holders who wish to enter into a tax election with Eldorado should
give their immediate attention to this matter.</b></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .75in;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Taxation of Capital Gains
and Capital Losses</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, a
Resident Shareholder is required to include in computing its income for a taxation
year one-half of any capital gain (&#147;<b>taxable
capital gain</b>&#148;) realized in such taxation year.&#160; One-half of any capital loss (&#147;<b>allowable capital loss</b>&#148;) must be deducted
by the Resident Shareholder from taxable capital gains realized in the
year.&#160; Any allowable capital losses in
excess of taxable capital gains for the year generally may be carried back and
deducted in any of the three preceding years or carried forward and deducted in
any subsequent year against net taxable capital gains realized in such years to
the extent and under the circumstances described in the Tax Act.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capital gains
realized by individuals and certain trusts may give rise to alternative minimum
tax under the Tax Act.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Resident
Shareholder that is throughout the relevant taxation year a &#147;Canadian-controlled
private corporation<sup>&#148;</sup> (as defined in the Tax Act) may be liable to
pay an additional refundable tax of 6<sup>2</sup>/<sub>3</sub>% on its &#147;aggregate
investment income&#148; for the year which will include an amount in respect </font>of taxable capital gains.</p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">If </font>a Resident Shareholder is a corporation, the amount of any
capital loss arising from a disposition of a share may be reduced by the amount
of dividends received or deemed to have been received by it on the share to the
extent and under circumstances prescribed by the Tax Act.&#160; Similar rules&nbsp;may apply where a
corporation is a member </font>of a
partnership or a beneficiary of a
trust that owns Common Shares or where a trust or partnership of which a
corporation is a beneficiary or a member is a member of a partnership or a
beneficiary of a trust that owns Common Shares.&#160;
Shareholders to whom these rules&nbsp;may be relevant should consult
their own tax advisors.</p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .75in;page-break-after:avoid;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Acquisition of Common Shares Not Deposited</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As described in &#147;Acquisition of Common Shares Not Deposited&#148; in Section&nbsp;17
of this Circular, if within four months after the date of the Offer the Offer
has been accepted by holders </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of not less than 90% of the Common Shares and the Offeror acquires such
deposited Common Shares, the Offeror will, subject to compliance with all
applicable Laws, acquire the remainder of the Common Shares pursuant to a
Compulsory Acquisition (other than Common Shares held by, or by nominees of,
the Offeror or its affiliates as at the date of the Offer).&#160; If the Offeror takes up and pays for Common
Shares validly deposited under the Offer but acquires less than the number of
shares required to effect a Compulsory Acquisition or the compulsory acquisition
provisions of the BCBCA are otherwise unavailable, the Offeror intends to
acquire, directly or indirectly, all of the Common Shares pursuant to a
Subsequent Acquisition Transaction. If the Minimum Tender Condition is
satisfied, the Offeror will own sufficient Common Shares to effect a Subsequent
Acquisition Transaction.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The tax consequences to a Resident Shareholder whose Common Shares are
acquired pursuant to a Compulsory Acquisition will generally be the same as
described above, in the case of a Resident Shareholder that is not an Eligible Holder,
under the heading &#147;Sale to Eldorado &#150; No Election for Income Tax Deferral&#148;, and
in the case of a Resident Shareholder that is an Eligible Holder and who makes
a Tax Election, under the heading &#147;Sale to Eldorado &#150; Election for Income Tax
Deferral&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The tax treatment of a Subsequent Acquisition Transaction to a Resident
Shareholder will depend upon the exact manner in which the Subsequent
Acquisition Transaction is carried out and the consideration offered, and may
be substantially the same as or materially different from those described
herein for Resident Shareholders who dispose of their Common Shares pursuant to
the Offer.&#160; Accordingly, it is not
possible to comment as to the tax treatment of a Subsequent Acquisition
Transaction to a Resident Shareholder except in very general terms.&#160; The Offeror may propose an amalgamation,
capital reorganization, share consolidation, statutory arrangement or other
transaction.&#160; Depending on the form of
the Subsequent Acquisition Transaction, a Resident Shareholder may, as a
result, realize a capital gain or capital loss, be deemed to receive a dividend
or incur both results.&#160; With respect to
the income tax treatment of a capital gain or capital loss, see &#147;Sale to
Eldorado &#150; Taxation of Capital Gains and Capital Losses&#148; above.&#160; Any such capital loss may, in certain
circumstances, be reduced by the amount of certain dividends previously
received or deemed to have been received on the Common Shares (or on shares of
an amalgamated corporation for which the Common Shares are exchanged) to the
extent and under the circumstances described in the Tax Act.&#160; Income-tax deferral, as described in &#147;Sale to
Eldorado &#150; Election for Income Tax Deferral&#148;, may not be available in respect
of a Subsequent Acquisition Transaction.&#160;
<b>Resident Shareholders should consult
their own tax advisors for advice with respect to the income tax consequences
to them of having their Shares acquired pursuant to a Subsequent Acquisition
Transaction.</b></font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Resident Shareholder will be required to include in computing its
income for a taxation year any dividends deemed received on the Common Shares
or any shares of a taxable Canadian corporation issued pursuant to a Subsequent
Acquisition Transaction as consideration for the Common Shares.&#160; In the case of a Resident Shareholder who is
an individual (other than certain trusts), such dividends will be subject to
the gross-up and dividend tax credit rules&nbsp;normally applicable to
dividends received from taxable Canadian corporations.&#160; However, Eldorado has advised counsel no
steps will be taken to designate such dividends as &#147;eligible dividends&#148; (as
defined in the Tax Act) for purposes of the enhanced gross-up and dividend tax
credit.&#160; Subject to the application of
subsection&nbsp;55(2)&nbsp;of the Tax Act, any such dividends deemed to be
received by a Resident Shareholder that is a corporation will generally be
deductible in computing the corporation&#146;s income.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subsection 55(2)&nbsp;of the Tax Act provides that where a Resident
Shareholder that is a corporation would otherwise be deemed to receive a
dividend, in certain circumstances the deemed dividend may be deemed not to be
a dividend and instead may be treated as proceeds of disposition of the Common
Shares or of any shares of a taxable Canadian corporation issued as consideration
for the Common Shares for purposes of computing the Resident Shareholder&#146;s </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">capital gain or capital loss.&#160;
Resident Shareholders that are corporations should consult their own tax
advisors in this regard.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Resident Shareholder that is a private corporation or a corporation
that is controlled or deemed to be controlled by or for the benefit of an
individual (other than a trust) or a related group of individuals (other than
trusts) will generally be liable under Part&nbsp;IV of the Tax Act to pay a
refundable tax of 33 1/3% of dividends received or deemed to be received on
Common Shares or any shares of a taxable Canadian corporation issued as
consideration for the Common Shares to the extent that such dividends are
deductible in computing the corporation&#146;s taxable income for the year.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any interest awarded by a court to a dissenting Resident Shareholder
will be included in computing such Resident Shareholder&#146;s income for the
purposes of the Tax Act.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Resident Shareholders should consult
their own tax advisors for advice with respect to the income tax consequences
to them of having their Common Shares acquired pursuant to a Subsequent
Acquisition Transaction.&#160; No opinion is
expressed herein as to the tax consequences of any such transaction to a
Resident Shareholder.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;text-indent:0in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Potential Delisting</font></i></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As described under Section&nbsp;14 of this Circular, &#147;Effect of the
Offer on Market and Listings&#148;, Common Shares may be delisted from the
TSX-V.&#160; Common Shares will cease to be
qualified investments for Shareholders that are trusts governed by registered
retirement savings plans, registered retirement income funds, registered
education savings plans, registered disability savings plans and deferred
profit sharing plans at any time at which the Common Shares are not listed on a
designated stock exchange and Eldorado ceases to be a &#147;public corporation&#148; for
the purposes of the Tax Act.&#160; Such
Shareholders or their annuitants or beneficiaries could be subject to certain
taxes and penalties under the Tax Act in respect of the holding of
non-qualified investments.&#160; <b>Shareholders who may be so affected should consult
with their own tax advisors in this regard.</b></font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .75in;page-break-after:avoid;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Holding and Disposing of Eldorado Common Shares and Exchange Receipts</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;text-indent:0in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Dividends on Eldorado Common Shares</font></i></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the case of a Resident Shareholder who is an individual (including a
trust), dividends received or deemed to be received on the Eldorado Common
Shares will be included in computing the Resident Shareholder<sup>&#146;</sup>s
income, and will be subject to the gross-up and dividend tax credit rules&nbsp;normally
applicable to dividends received from taxable Canadian corporations, including
the enhanced gross-up and dividend tax credit applicable to &#147;eligible dividends&#148;
(as defined in the Tax Act).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Resident Shareholder that is a corporation must include any dividends
received or deemed to be received on the Eldorado Common Shares in computing
its income and will generally be entitled to deduct the amount of such
dividends in computing its taxable income.&#160;
A Resident Shareholder that is a &#147;private corporation&#148; (as defined in
the Tax Act) or a corporation that is controlled or deemed to be controlled by
or for the benefit of an individual (other than a trust) or a related group of
individuals (other than trusts) will generally be liable under Part&nbsp;IV of
the Tax Act to pay a refundable tax of 33<sup>1</sup>/<sub>3</sub>% of
dividends received or deemed to have been received on the Eldorado Common
Shares to the extent that such dividends are deductible in computing the
Resident Shareholder&#146;s taxable income.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;text-indent:0in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Disposition of Eldorado Common Shares and Exchange Receipts</font></i></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A disposition or deemed disposition of an Eldorado Common Share or of
an Exchange Receipt by a Resident Shareholder will generally result in a
capital gain (or a capital loss) equal to the amount by which the proceeds of
disposition, net of any reasonable costs of disposition, exceed (or are less
than) the adjusted cost base to the holder of such share or Exchange Receipt
immediately before the disposition.&#160; The
taxation of capital gains and capital losses is described above under the
heading &#147;Taxation of Capital Gains and Capital Losses&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;text-indent:0in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Entitlements Under or Expiry of Exchange Receipts</font></i></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to any applicable adjustments pursuant to the Tax Act, the
adjusted cost base of an Exchange Receipt to a Resident Shareholder will be the
fair market value thereof at the time it was issued to the Resident
Shareholder.&#160; No gain or loss will be
realized by a Resident Shareholder if and when the Resident Shareholder
acquires Eldorado Common Shares upon becoming entitled thereto pursuant to
Exchange Receipts.&#160; Rather, the adjusted
cost base of the Exchange Receipts to the Resident Shareholder becomes the
initial adjusted cost to the Resident Shareholder of the Eldorado Common Shares
so acquired.&#160; The adjusted cost base to
the Resident Shareholder of the Eldorado Common Shares so acquired is then
averaged with the adjusted cost base of any other Eldorado Common Shares held
by the Resident Shareholder at that time.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the expiry of an Exchange Receipt, the Resident Shareholder will
realize a capital loss equal to the Resident Shareholder&#146;s adjusted cost base
thereof.&#160; The taxation of capital losses
is described above under the heading &#147;Taxation of Capital Gains and Capital
Losses&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .75in;page-break-after:avoid;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Eligibility for Investment</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Eldorado Common Shares and the Exchange Receipts are listed on a
designated stock exchange (which includes the TSX and AMEX), the Eldorado
Common Shares and the Exchange Receipts, as the case may be, will be qualified
investments under the Tax Act for trusts governed by registered retirement
savings plans, registered retirement income funds, deferred profit sharing
plans, registered education savings plans and registered disability savings
plans.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:normal;">Non-Residents of Canada</font></i></b></h3>

<h3 style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h3>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following portion of the summary is generally applicable to a
Shareholder who, at all relevant times, for purposes of the Tax Act and any
applicable income tax treaty, is not, and is not deemed to be, resident in
Canada, and does not use or hold, and is not deemed to use or hold, Common
Shares in connection with carrying on a business in Canada (a &#147;<b>Non-Resident Shareholder</b>&#148;).&#160; Special rules, which are not discussed in
this summary, may apply to a non-resident that is an insurer that carries on an
insurance business in Canada and elsewhere.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .75in;page-break-after:avoid;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Sale of Common Shares Under the Offer</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;text-indent:0in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sale to Eldorado &#150; No Election for Income Tax Deferral</font></i></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Non-Resident Shareholder will not be subject to tax under the Tax Act
on any capital gain realized on a disposition of Common Shares under the Offer
unless the Common Shares constitute &#147;taxable Canadian property&#148; (as defined in
the Tax Act) to the Non-Resident Shareholder and do not constitute &#147;treaty-protected
property&#148; (as defined in the Tax Act) to the Non-Resident Shareholder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, the Common Shares will not constitute &#147;taxable Canadian
property&#148; to a Non-Resident Shareholder at a particular time provided that (a)&nbsp;the
Common Shares are listed on a designated stock exchange (which currently
includes the TSX and AMEX and Tiers&nbsp;1 and 2 of the </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TSX-V) at that time, and (b)&nbsp;the Non-Resident Shareholder, persons
with whom the Non-Resident Shareholder does not deal at arm&#146;s length, or the
Non-Resident Shareholder together with such persons, have not owned 25% or more
of the issued shares of any class or series of Frontier at any time during the
60-month period that ends immediately before the disposition.&#160; Common Shares may also be or be deemed to be
taxable Canadian property in certain other circumstances set out in the Tax
Act.&#160; Non-Resident Shareholders should
consult their own tax advisers to determine whether the Common Shares will
constitute taxable Canadian property in their particular circumstances.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Even if the Common Shares are taxable Canadian property to a
Non-Resident Shareholder, a taxable capital gain resulting from the disposition
of the Common Shares will not be included in computing the Non-Resident
Shareholder&#146;s income for the purposes of the Tax Act if the Common Shares
constitute &#147;treaty-protected property&#148;.&#160;
Common Shares owned by a Non-Resident Shareholder will generally be &#147;treaty-protected
property&#148; if the gain from the disposition of such property would, because of
an applicable income tax treaty, be exempt from tax under the Tax Act.&#160; By way of example, under the Convention
between the U.S. and Canada with Respect to Taxes on Income and Capital (the &#147;<b>U.S. Treaty</b>&#148;), a Non-Resident Shareholder who
is a resident of the United States for the purposes of the Tax Act and the U.S.
Treaty and who is entitled to the benefits under the U.S. Treaty will generally
be exempt from tax in Canada in respect of a gain realized on the disposition
of Common Shares, provided that the value of the Common Shares is not derived
principally from &#147;real property situated in Canada&#148; (as defined in the U.S.
Treaty).&#160; Non-Resident Shareholders
should consult their own tax advisors to determine whether the Common Shares
constitute treaty-protected property in their particular circumstances.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;text-indent:0in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sale to Eldorado &#150; Election for Income Tax Deferral</font></i></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event that Common Shares constitute taxable Canadian property
but not treaty-protected property to a particular Non-Resident Shareholder,
then the Non-Resident Shareholder will be an Eligible Holder and may require
Eldorado to jointly execute for filing with the CRA an income tax election form
pursuant to section 85 of the&#160; Tax Act,
for the purpose of allowing the Eligible Holder to achieve an income
tax-deferred exchange for Canadian federal income tax purposes.&#160; Eldorado will be required to execute the form
and return it to the Eligible Holder only if the Eligible Holder complies with
the requirements set forth under &#147;Residents of Canada - Sale to Eldorado &#150;
Web-Based System or &#147;Check the Box&#148; Method for Eligible Holders to Complete
Election Forms for Income Tax Deferral&#148; on the same basis as if the
Non-Resident Holder were a Resident Holder thereunder.&#160; If the Eligible Holder complies with those
requirements, generally the exchange may occur on an income tax-deferred basis
as described above under &#147;Residents of Canada - Sale to Eldorado &#150; Election for
Income Tax Deferral&#148; on the same basis as if the Non-Resident Holder were a Resident
Holder thereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Eldorado Common Shares that such Eligible Holders received as
partial consideration for the Common Shares will be deemed to be &#147;taxable
Canadian property&#148; in their hands.&#160;
Non-Resident Shareholders who are Eligible Holders should consult their
own tax advisors in this regard.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Non-Resident Shareholder who disposes of &#147;taxable Canadian property&#148;
before 2009 must file a Canadian income tax return for the year in which the
disposition occurs, regardless of whether the Non-Resident Shareholder is
liable to Canadian tax on any gain realized as a result.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .75in;page-break-after:avoid;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Acquisition of Common Shares Not Deposited</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As described in &#147;Acquisition of Common Shares Not Deposited&#148; in Section&nbsp;17
of the Circular, if within four months after the date of the Offer, the Offer
has been accepted by holders of not less than 90% of the Common Shares (other
than Common Shares held by, or by nominees on behalf of, the Offeror or its
affiliates as at the date of the Offer) and the Offeror acquires such deposited
Common Shares, the Offeror will, subject to compliance with all applicable
Laws, </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">acquire the remainder of the Common Shares pursuant to a Compulsory
Acquisition in accordance with the provisions of the BCBCA.&#160; If the Offeror takes up and pays for Common
Shares validly deposited under the Offer but acquires less than the number of
shares required to effect a Compulsory Acquisition or the compulsory
acquisition provisions of the BCBCA are otherwise unavailable, the Offeror
intends to acquire, directly or indirectly, all of the remaining Common Shares
pursuant to a Subsequent Acquisition Transaction. If the Minimum Tender
Condition is satisfied, the Offeror will own sufficient Common Shares to effect
a Subsequent Acquisition Transaction.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-Resident Shareholders whose Common Shares are acquired pursuant to
a Compulsory Acquisition will dispose of such shares for the purposes of the
Tax Act for proceeds of disposition equal to the amount received under the
Compulsory Acquisition.&#160; Subject to the
discussion below under &#147;Delisting of Common Shares Following Completion of the
Offer&#148;, a Non-Resident Shareholder will not be subject to tax under the Tax Act
on any capital gain realized on a disposition of Common Shares unless the
Common Shares constitute taxable Canadian property to the Non-Resident
Shareholder and are not treaty-protected property.&#160; If Common Shares acquired from a Non-Resident
Shareholder are &#147;taxable Canadian property&#148; and are not &#147;treaty-protected property&#148;
to a Non-Resident Shareholder, then the Non-Resident Shareholder will be an
Eligible Holder and may sell its Common Shares to Eldorado on a tax-deferred
basis, in which case the requirements for and tax treatment to such
Non-Resident Shareholder generally will be as described above under the heading
&#147;Non-Residents of Canada &#150; Sale of Common Shares Under the Offer &#150; Sale to
Eldorado &#150; Election for Income Tax Deferral&#148;.&#160;
Non-Resident Shareholders who do not deposit their Common Shares under
the Offer should also see the caution in the discussion below under the heading
&#147;Delisting of Common Shares Following Completion of the Offer&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The tax treatment of a Subsequent Acquisition Transaction to a
Non-Resident Shareholder will depend upon the exact manner in which the
Subsequent Acquisition Transaction is carried out and the consideration
offered, and may be substantially the same as, or materially different from
that described herein for Non-Resident Shareholders who dispose of their Common
Shares pursuant to the Offer.&#160;
Accordingly, it is not possible to comment as to the tax treatment of a
Subsequent Acquisition Transaction to a Non-Resident Shareholder except in
general terms.&#160; Depending on the form of
the Subsequent Acquisition Transaction, a Non-Resident Shareholder may realize
a capital gain or capital loss and/or be deemed to receive a dividend, as
discussed above under &#147;Residents of Canada &#150; Acquisition of Common Shares Not
Deposited&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Whether or not a Non-Resident Shareholder would be subject to income
tax under the Tax Act on any such capital gain would depend on whether the
Common Shares or any shares issued as consideration for the Common Shares are &#147;taxable
Canadian property&#148; to the Shareholder for purposes of the Tax Act and whether
the Shareholder is entitled to relief under any applicable income tax
treaty.&#160; Dividends paid or deemed to be
paid or credited to a Non-Resident Shareholder will be subject to Canadian
withholding tax at a rate of 25%, subject to any reduction in the rate of
withholding to which the Non-Resident Shareholder is entitled under any
applicable income tax treaty.&#160; By way of
example, where the Non-Resident Shareholder is a US resident entitled to the
benefits under the U.S. Treaty and is the beneficial owner of the dividends,
the applicable rate of Canadian withholding tax is generally reduced to
15%.&#160; Any interest awarded by a court and
paid or credited to a dissenting Non-Resident Shareholder will not be subject
to Canadian withholding tax.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Non-Resident Shareholders should </font></b><b><font style="font-weight:bold;">consult</font> their own tax
advisors for advice with respect to the income tax consequences to them of
having their Common Shares acquired pursuant to a Subsequent Acquisition
Transaction.&#160; No opinion is expressed
herein as to the tax consequences of any such transaction to a Shareholder.</b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .75in;page-break-after:avoid;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delisting of Common Shares Following Completion of the Offer</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As noted in &#147;Effect of the Offer on Market and Listings&#148; in Section&nbsp;14
of the Circular, Common Shares may cease to be listed on the TSX-V (or another
designated stock exchange) following the completion of the Offer and may not be
listed on the TSX-V (or another designated stock exchange) at the time of their
disposition pursuant to a Compulsory Acquisition or a Subsequent Acquisition
Transaction.&#160; Non-Resident Shareholders
are cautioned that if the Common Shares are not listed on a designated stock
exchange (which currently includes Tiers&nbsp;1 and 2 of the TSX-V) at the time
they are disposed of (a)&nbsp;the Common Shares will be taxable Canadian
property to the Non-Resident Shareholder, (b)&nbsp;the Non-Resident Shareholder
may be subject to income tax under the Tax Act in respect of any capital gain
realized on such disposition, unless the Common Shares constitute &#147;treaty-protected
property&#148;, and (c)&nbsp;if the disposition occurs before 2009, the notification
and withholding provisions of section&nbsp;116 of the Tax Act will apply to the
Non-Resident Shareholder, in which case the Offeror may be entitled under the
Tax Act to deduct or withhold tax from any payment made to the Non-Resident
Shareholder in respect of the acquisition of Common Shares.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Where the Non-Resident Shareholder receives Eldorado Common Shares on
any such acquisition, the Offeror may be required to withhold and sell in the
market a portion of the Eldorado Common Shares that the Non-Resident
Shareholder would otherwise be entitled to receive to satisfy the Offeror&#146;s
withholding obligations under the Tax Act.&#160;
Non-Resident Shareholders should consult their own tax advisors for
advice with respect to the potential income tax consequences to them of having
their Common Shares acquired pursuant to a Compulsory Acquisition or a
Subsequent Acquisition Transaction.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 51.85pt;page-break-after:avoid;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Holding and Disposing of Eldorado Common Shares and Exchange Receipts</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Non-Resident Shareholder will not be liable for Canadian income tax
on a disposition of an Eldorado Common Share unless such share constitutes &#147;taxable
Canadian property&#148; that is not &#147;treaty-protected property&#148; to the Non-Resident
Shareholder. &#160;An Eldorado Common Share
acquired on a tax-deferred basis pursuant to the Offer, a Compulsory
Acquisition or a Subsequent Acquisition Transaction may be deemed to be &#147;taxable
Canadian property&#148; to a Non-Resident Shareholder.&#160; An Eldorado Common Share acquired otherwise
pursuant to the Offer, a Compulsory Acquisition or a Subsequent Acquisition
Transaction, and an Exchange Receipt acquired will not generally constitute
taxable Canadian property to a Non-Resident Shareholder at a particular time
provided certain requirements are satisfied.&#160;
These requirements are that the Eldorado Common Shares be listed on a
designated stock exchange (which includes the TSX and AMEX) at that time and
the Non-Resident Shareholder, persons with whom the Non-Resident Shareholder
does not deal at arm&#146;s length, or the Non-Resident Shareholder together with
such persons, have not owned 25% or more of the issued shares of any class or
series of Eldorado shares at any time during the 60-month period that ends
immediately before at that time.&#160; See &#147;Non-Residents
of Canada - Sale of Common Shares under the Offer&#148; and &#147;Acquisition of Common
Shares Not Deposited&#148; for a description of circumstances under which the
Eldorado Common Shares may be &#147;taxable Canadian property&#148; or &#147;treaty-protected
property&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends paid or deemed to be paid to a Non-Resident Shareholder on
the Eldorado Common Shares will be subject to Canadian withholding tax at a
rate of 25%.&#160; Such rate may be reduced
under the provisions of an applicable income tax treaty. &#160;By way of example, where the Non-Resident
Shareholder is entitled to the benefits under the U.S. Treaty, the applicable
rate is generally reduced to 15%.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Non-Resident Shareholders should
consult their own tax </font></b><b><font style="font-weight:bold;">advisors</font> for advice with respect to the income tax
consequences to them of disposing of their Eldorado Common Shares and Exchange
Receipts.&#160; No opinion is expressed herein
as to the tax consequences of any such transaction to a Shareholder.</b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>

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<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">8</font>.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Changes
to U.S. Tax Disclosure</b></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The &#147;Frequently Asked Questions and Answers about the
Offer&#148; section of the Original Offer and Circular (beginning at page&nbsp;1) is
amended by deleting the section, &#147;How Will U.S. Taxpayers be Taxed for U.S.
Federal Income Tax Purposes?&#148; (found on page&nbsp;5) in its entirety and
replacing it with the following:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOW WILL U.S.
TAXPAYERS BE TAXED FOR U.S. FEDERAL INCOME TAX PURPOSES?</font></b></strong></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Eldorado anticipates that </font></b></strong>the<strong><b><font face="Times New Roman" style="font-weight:normal;"> acquisition of Common
Shares pursuant to the Offer and pursuant to the transactions contemplated in Section&nbsp;17
of the Circular in the Original Offer and Circular, (&#147;Acquisition of Common
Shares Not Deposited&#148;), (these transactions collectively defined, for purposes
of this paragraph, as the &#147;</font></b>Acquisition</strong><strong><b><font face="Times New Roman" style="font-weight:normal;">&#148;) should constitute a
taxable disposition for Shareholders that are U.S. taxpayers. Subject to the
application of the &#147;passive foreign investment company&#148; (&#147;</font></b>PFIC</strong><strong><b><font face="Times New Roman" style="font-weight:normal;">&#148;) rules, a Shareholder
that is a U.S. taxpayer that holds Common Shares as a capital asset and
transfers such Common Shares to Eldorado under the Acquisition, will generally
recognize a gain or loss in an amount equal to the difference, if any, between (i)&nbsp;the
fair market value of the Eldorado Common Shares and the Exchange Receipts, and
the U.S. dollar value of the Canadian currency received by the Shareholder
pursuant to the Acquisition, and (ii)&nbsp;the adjusted tax basis of the
Shareholder in the Common Shares transferred to Eldorado. Discussion of certain
U.S. federal income tax consequences relating to the disposition or lapse of
the Exchange Receipts, or the receipt of Eldorado Common Shares pursuant to the
Exchange Receipts, is discussed Section&nbsp;19 of the Circular, &#147;Certain
United States Federal Income Tax Considerations&#148;.&#160; However, if Frontier were to constitute a
PFIC for any taxable year during which a U.S. Holder held Common Shares, a
Shareholder that is a U.S. taxpayer may be subject to special adverse tax rules&nbsp;in
respect of the Acquisition. There can be no assurance that the Internal Revenue
Service will not challenge this characterization of the Acquisition or that, if
challenged, a U.S. court would not agree with the Internal Revenue Service. The
foregoing is a brief summary of United States federal income tax consequences
only and is qualified in its entirety by the more detailed general description
of United States federal income tax considerations in Section&nbsp;19 of the
Circular, &#147;Certain United States Federal Income Tax Considerations&#148;.
Shareholders are urged to consult their own tax advisors to determine the
particular United States federal income tax consequences to them as a result of
the Acquisition, and the ownership, and disposition of Eldorado Common Shares
and Exchange Receipts received pursuant to the Acquisition.</font></b></strong></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The &#147;Summary of the Offer&#148; section of the Original
Offer and Circular (beginning at page&nbsp;6) is amended by deleting the
section, &#147;U.S. Federal Income Tax Considerations&#148; (found on page&nbsp;11) in
its entirety and replacing it with the following:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">U.S. Federal Income Tax
Considerations</font></b></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Eldorado anticipates that the acquisition of Common Shares
pursuant to the Offer and pursuant to the transactions contemplated in Section&nbsp;17
of the Circular, &#147;Acquisition of Common Shares Not Deposited&#148;, (these
transactions collectively defined, for purposes of this paragraph, as the &#147;</font></b>Acquisition</strong><strong><b><font face="Times New Roman" style="font-weight:normal;">&#148;) should constitute a
taxable disposition for Shareholders that are U.S. taxpayers. Subject to the
application of the &#147;passive foreign investment company&#148; (&#147;</font></b>PFIC</strong><strong><b><font face="Times New Roman" style="font-weight:normal;">&#148;) rules, a Shareholder
that is a U.S. taxpayer that holds Common Shares as a capital asset and
transfers such Common Shares to Eldorado under the Acquisition, will generally
recognize a gain or loss in an amount equal to the difference, if any, between (i)&nbsp;the
fair market value of the Eldorado Common Shares and the Exchange Receipts, and
the U.S. dollar value of the Canadian currency received by the Shareholder
pursuant to the Acquisition, and (ii)&nbsp;the adjusted tax basis of the
Shareholder in the Common Shares transferred to Eldorado. Discussion of certain
U.S. federal income tax consequences relating to the disposition or lapse of
the Exchange Receipts, or the receipt of Eldorado Common Shares pursuant to the
Exchange Receipts, is discussed below in Section&nbsp;19 of </font></b></strong></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">22</font></b></strong></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></strong></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:0in;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">the Circular, &#147;Certain United States Federal Income Tax
Considerations&#148;.&#160; However, if Frontier
were to constitute a PFIC for any taxable year during which a U.S. Holder held
Common Shares, a Shareholder that is a U.S. taxpayer may be subject to special
adverse tax rules&nbsp;in respect of the Acquisition. There can be no assurance
that the Internal Revenue Service will not challenge this characterization of
the Acquisition or that, if challenged, a U.S. court would not agree with the
Internal Revenue Service. The foregoing is a brief summary of United States
federal income tax consequences only and is qualified in its entirety by the
more detailed general description of United States federal income tax
considerations in Section&nbsp;19 of the Circular, &#147;Certain United States
Federal Income Tax Considerations&#148;. Shareholders are urged to consult their own
tax advisors to determine the particular United States federal income tax
consequences to them as a result of the Acquisition, and the ownership, and
disposition of Eldorado Common Shares and Exchange Receipts received pursuant
to the Acquisition.</font></b></strong></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;19 of the Circular in the Original Offer
and Circular, &#147;Certain United States Federal Income Tax Considerations&#148; is
deleted in its entirety and replaced by the following:</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Certain United States Federal Income Tax
Considerations</b></font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.75in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Notice Pursuant to Circular 230</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ANY DISCUSSION OF U.S. FEDERAL TAX ISSUES
SET FORTH IN THIS OFFER AND CIRCULAR IS NOT INTENDED OR WRITTEN TO BE RELIED
ON, AND CANNOT BE RELIED ON, BY ANY PERSON FOR THE PURPOSE OF AVOIDING ANY U.S.
FEDERAL TAX PENALTIES THAT MAY&nbsp;BE IMPOSED ON SUCH PERSON UNDER THE U.S.
INTERNAL REVENUE CODE OF 1986, AS AMENDED.&#160;
SUCH DISCUSSION IS INCLUDED HEREIN IN CONNECTION WITH THE PROMOTION AND
MARKETING (WITHIN THE MEANING OF U.S. TREASURY DEPARTMENT CIRCULAR 230) OF THE
TRANSACTIONS OR MATTERS ADDRESSED IN THIS OFFER AND CIRCULAR.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .75in;page-break-after:avoid;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Introduction</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following summary <strong><b><font face="Times New Roman" style="font-weight:normal;">describes</font></b></strong> the anticipated
material United States federal income tax considerations generally applicable
to U.S. Holders (as defined below) with respect to the Offer and pursuant to
the transactions contemplated in Section&nbsp;17 of this Circular, &#147;Acquisition
of Common Shares Not Deposited,&#148; (these transactions collectively defined, for
purposes of this summary, as the &#147;<b>Acquisition</b>&#148;)
and also the ownership and disposition of Eldorado Common Shares and Exchange
Receipts received pursuant to the Acquisition.&#160;
This summary is not binding on the Internal Revenue Service (the &#147;<b>IRS</b>&#148;) or the U.S. courts, and no assurance
can be provided that the federal income tax consequences described herein will
not be challenged by the IRS or will be sustained by a U.S. court if so
challenged.&#160; Eldorado has not requested,
and does not intend to request, a ruling from the IRS or opinion from its legal
counsel regarding any of the U.S. federal income tax consequences of the
Acquisition and the ownership and disposition of Eldorado Common Shares and
Exchange Receipts received pursuant to the Acquisition.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This summary of the anticipated material U.S. federal income tax
consequences arising from and relating to the Acquisition and the ownership,
and disposition of Eldorado Common Shares and Exchange Receipts received
pursuant to the Acquisition is for general information purposes only and does
not purport to be a complete analysis or listing of all potential U.S. federal
income tax consequences that may apply to a U.S. <strong><b><font face="Times New Roman" style="font-weight:normal;">Holder</font></b></strong>.&#160; In addition, this summary does not take into
account the individual facts and circumstances of any particular U.S. Holder
that may affect the U.S. federal income tax consequences to such U.S. Holder
resulting from and relating to the Acquisition and the ownership, and
disposition of Eldorado Common Shares and Exchange Receipts received pursuant
to the Acquisition.&#160; Accordingly, this
summary is not intended to be, and should not be construed as, legal or U.S.
federal income tax advice with respect to any U.S. Holder.&#160; Moreover, this summary does not address U.S.
state or local tax consequences, or the tax consequences in jurisdictions other
than the U.S.&#160; U.S. Holders should
consult their own tax </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">advisors regarding the U.S. federal, U.S. state and local, and non-U.S.
tax consequences of the Acquisition and the ownership, and disposition of
Eldorado Common Shares and Exchange Receipts received pursuant to the
Acquisition.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .75in;page-break-after:avoid;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Authorities</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This summary is based upon the Internal Revenue Code of 1986 (the &#147;<b>Code</b>&#148;), as amended, its legislative
history, proposed, temporary and final <strong><b><font face="Times New Roman" style="font-weight:normal;">United</font></b></strong> States <strong><b><font face="Times New Roman" style="font-weight:normal;">Treasury</font></b></strong>
regulations promulgated thereunder, judicial decisions and administrative
rulings and practice, all as in effect as of the date hereof, all of which are
subject to change (possibly with retroactive effect).</font></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .75in;page-break-after:avoid;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">U.S. Holder</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used <strong><b><font face="Times New Roman" style="font-weight:normal;">herein</font></b></strong>, the term &#147;<b>U.S. Holder</b>&#148; means a beneficial owner of Common Shares (or,
following the completion of the Acquisition, a beneficial owner of Eldorado
Common Shares and Exchange Receipts), that for United States federal income tax
purposes, is (i)&nbsp;a citizen or resident of the United States, (ii)&nbsp;a
corporation (or other entity treated as a corporation for United States federal
income tax purposes) created or organized under the laws of the United States
or a political subdivision thereof, (iii)&nbsp;an estate the income of which is
subject to federal income taxation regardless of source, or (iv)&nbsp;a trust
the administration of which is subject to the primary supervision of a United
States court if one or more United States persons have the authority to control
all substantial decisions of such trust.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a partnership (<strong><b><font face="Times New Roman" style="font-weight:normal;">including</font></b></strong> any entity treated as a partnership
for United States federal income tax purposes) is the beneficial owner of
Common Shares (or, following the <strong><b><font face="Times New Roman" style="font-weight:normal;">completion</font></b></strong> of the
Acquisition, a beneficial owner of Eldorado Common Shares and Exchange
Receipts), the tax treatment of a partner in such partnership will depend upon
the status of the partner and the activities of the partnership.&#160; Partners in such a partnership should consult
their tax advisors as to the particular tax considerations applicable to them.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .75in;page-break-after:avoid;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Non-U.S. Holders</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of this summary, a &#147;<b>non-U.S.
Holder</b>&#148; is a beneficial owner of Common Shares (or, following the
completion of the Acquisition, Eldorado Common Shares and Exchange Receipts)
other <strong><b><font face="Times New Roman" style="font-weight:normal;">than</font></b></strong>
a U.S. Holder.&#160; This summary does not
address the U.S. federal income tax <strong><b><font face="Times New Roman" style="font-weight:normal;">consequences</font></b></strong> of the
Acquisition and the ownership, and disposition of Eldorado Common Shares and
Exchange Receipts received pursuant to the Acquisition to non-U.S. Holders, and
such non-U.S. Holders are accordingly urged to consult their own tax advisors
regarding the potential U.S. federal income tax consequences to them relating
to the Acquisition and the ownership, and disposition of Eldorado Common Shares
and Exchange Receipts received pursuant to the Acquisition.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .75in;page-break-after:avoid;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Transactions Not Addressed</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This summary does not address the U.S. federal income tax consequences
of transactions effectuated prior or subsequent to, or concurrently with, the <strong><b><font face="Times New Roman" style="font-weight:normal;">Acquisition</font></b></strong>
and the ownership, and disposition of Eldorado Common Shares and Exchange
Receipts received pursuant to the Acquisition (whether or not any such
transactions are undertaken in connection with the Acquisition), including,
without limitation, the following:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any conversion into Common Shares of
any Frontier notes, debentures or other debt instruments;</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any vesting, exercise, assumption or
conversion of any warrants, Options and other rights to acquire Common Shares;
and</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any transaction, other than the
Acquisition, in which Common Shares or Eldorado Common Shares are acquired,
other than the receipt of Eldorado Common Shares pursuant to the Exchange
Receipts.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .75in;page-break-after:avoid;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Persons Not Addressed</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The U.S. federal income tax consequences to the following persons
(including persons who are U.S. Holders) are not addressed in this summary, and
the following persons are accordingly urged to consult with their own tax
advisors regarding the U.S. federal income tax consequences to them of the
Acquisition and the ownership, and disposition of Eldorado Common Shares and
Exchange Receipts received pursuant to the Acquisition:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Eldorado and Frontier;</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons that may be subject to
special U.S. federal income tax treatment such as partnerships or other
pass-through entities, financial institutions, real estate investment trusts,
tax-exempt organizations, qualified retirement plans, individual retirement
accounts, regulated investment companies, insurance companies, dealers in securities
or currencies, or traders in securities that elect to apply a mark-to-market
accounting method;</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons that acquired Common Shares
pursuant to an exercise of employee stock Options or rights or otherwise as
compensation for services;</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons that hold Frontier warrants,
Options or Frontier notes, debentures or other debt instruments;</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons having a functional currency
for U.S. federal income tax purposes other than the U.S. dollar;</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons that hold Common Shares as
part of a position in a straddle or as part of a hedging or conversion
transaction;</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons subject to the alternative
minimum tax;</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons who are U.S. expatriates or
former long-term residents of the United States;</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons that own or have owned,
directly or by attribution, 5% or more, by voting power or value, of the
outstanding equity interests of&#160; Frontier
(or, following the completion of the Acquisition, of Eldorado); and</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons who own their Common Shares
(or, following the completion of the Acquisition, Eldorado Common Shares and
Exchange Receipts) other than as capital assets as defined in the Code.</p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .75in;page-break-after:avoid;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Combination of Eldorado and Frontier</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eldorado expects that the Acquisition should constitute a taxable
disposition of Common Shares by U.S. Holders.&#160;
Subject to the &#147;passive foreign investment company&#148; (&#147;<b>PFIC</b>&#148;) rules&nbsp;discussed below, if the
Acquisition fails to qualify as a tax-deferred reorganization, the Acquisition
would constitute a taxable disposition of Common Shares by U.S. Holders and
result in the following U.S. federal income tax consequences:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a U.S. Holder of Common Shares would
recognize gain or loss equal to the difference between (i)&nbsp;the sum of the
fair market value of Eldorado Common Shares </p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>

<div style="margin:0in 0in .0001pt;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="3" width="100%" noshade color="#010101" align="left">

</font></b></strong></div>

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</strong>

<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and the Exchange
Receipts, and the U.S. dollar value of the Canadian currency at the time of
receipt by such U.S. Holder received pursuant to the Acquisition and (ii)&nbsp;the
U.S. Holder&#146;s adjusted tax basis in the Common Shares surrendered in connection
with the Acquisition;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the aggregate tax basis of the
Eldorado Common Shares received by a U.S. Holder of Common Shares in the
Acquisition would be equal to the aggregate fair market value of the Eldorado
Common Shares at the time of receipt;</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the aggregate tax basis of the
Exchange Receipts received by a U.S. Holder of Common Shares in the Acquisition
would be equal to the aggregate fair market value of the Exchange Receipts at
the time of receipt; and</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the holding period of Eldorado Common
Shares and the Exchange Receipts received by a U.S. Holder in the Acquisition
would begin on the day after receipt.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the PFIC rules&nbsp;discussed below, any gain or loss
recognized under the first bullet point generally will be capital gain or loss
if the Common Shares were held as capital assets at the time of the Acquisition
and will be long-term capital gain or loss if the U.S. Holder&#146;s holding period
for the Common Shares is more than one year at the time of the
Acquisition.&#160; Preferential tax rates for
long-term capital gains are applicable to a U.S. Holder that is an individual,
estate or trust. There are currently no preferential tax rates for long-term
capital gains for a U.S. Holder that is a corporation.&#160; Deductions for capital losses are subject to
significant limitations.&#160; The fair market
value of any foreign currency received by a U.S. Holder in the Acquisition will
generally be based on the rate of exchange on the date of receipt. A subsequent
disposition of any foreign currency received (including an exchange for U.S.
currency) will generally give rise to ordinary gain or loss.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">There is a possibility that the Acquisition may qualify as
a tax-deferred reorganization under Section&nbsp;368(a)&nbsp;of the Code (for
the purposes of this Section&nbsp;19, a &#147;</font></b>Reorganization</strong><strong><b><font face="Times New Roman" style="font-weight:normal;">&#148;).&#160; Whether the Acquisition qualifies as a
Reorganization will depend on the resolution of numerous factual issues, some
of which may not be known until the consummation of certain transactions
contemplated in Section&nbsp;17 of this Circular, &#147;Acquisition of Common Shares
Not Deposited,&#148; and the application of complex US federal income tax laws.
Eldorado has not determined how any Compulsory Acquisition or Subsequent
Acquisition Transaction would be structured and Eldorado does not expect that
the U.S. federal income tax consequences to U.S. Holders will be a significant
factor in determining the structure of any such Subsequent Acquisition
Transaction. As a result, Eldorado cannot provide any assurance that the
Acquisition will qualify as Reorganization. </font></b></strong>The<strong><b><font face="Times New Roman" style="font-weight:normal;"> requirements that must
be satisfied in order for the Acquisition to qualify as a Reorganization are
complex, and each U.S. Holder should consult its own tax advisor regarding
these requirements.&#160; Unless specified
otherwise, this summary will assume that the Acquisition will not constitute a
Reorganization.</font></b></strong></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .75in;page-break-after:avoid;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Consequences if Frontier Classified as a PFIC</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A U.S. Holder of Common Shares would be subject to special, adverse tax
rules&nbsp;in respect of the Acquisition if Frontier were classified as a PFIC
(as defined below) for any taxable year during which a U.S. Holder holds or
held Common Shares.&#160; U.S. Holders are
strongly encouraged to consult with their individual tax advisors to determine
if Frontier is or has been a PFIC at any time during such U.S. Holder&#146;s holding
period of Common Shares.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A non-U.S. corporation is classified as a PFIC for each taxable year in
which (i)&nbsp;75% or more of its income is passive income (as defined for U.S.
federal income tax purposes) or (ii)&nbsp;on average for such taxable year, 50%
or more (by value) of its assets either produce or are held for the production
of passive income.&#160; For purposes of the
PFIC provisions, (a)&nbsp;with respect to sales, </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>

<div style="margin:0in 0in .0001pt;text-indent:0in;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="3" width="100%" noshade color="#010101" align="left">

</font></b></strong></div>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;gross income&#148; generally means sales revenues less cost of goods sold,
and (b)&nbsp;&#147;passive income&#148; generally includes dividends, interest,
royalties, rents, and gains from commodities or securities transactions,
including certain transactions involving oil and gas.&#160; In addition, the IRS takes the position that
interest on working capital or any other cash is passive income.&#160; In determining whether or not it is
classified as a PFIC, a non-U.S. corporation is required to take into account
its pro rata portion of the income and assets of each corporation in which it
owns, directly or indirectly, at least a 25% interest.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If Frontier is classified as a PFIC for any taxable year during which a
U.S. Holder holds Common Shares, special rules&nbsp;may increase such U.S.
Holder&#146;s U.S. federal income tax liability. &#160;Under the PFIC rules:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Acquisition may be treated as a
taxable exchange even if such transaction qualifies as a Reorganization;</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any gain on the sale, exchange, or
other disposition of Common Shares and any &#147;excess distribution&#148; (defined as an
annual distribution that is more than 25% in excess of the average annual
distribution over the past three years) will be allocated ratably over such
U.S. Holder&#146;s holding period for the Common Shares;</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the amount allocated to the current
taxable year and any year prior to the first year in which Frontier was
classified as a PFIC will be taxed as ordinary income in the current year;</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the amount allocated to each of the
other taxable years will be subject to tax at the highest rate of tax in effect
for the applicable class of taxpayer for that year; and</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an interest charge for a deemed
deferral benefit will be imposed with respect to the resulting tax attributable
to each of the other taxable years, which interest charge is not deductible by
non-corporate U.S. Holders.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A U.S. Holder that has made a timely and
effective&#160; &#147;qualified electing fund&#148;
election under section&nbsp;1295 of the Code (a &#147;<b>QEF Election</b>&#148;) or a &#147;mark-to-market&#148; election under
section&nbsp;1296 of the Code (a &#147;<b>Mark-to-Market
Election</b>&#148;) may not be subject to the PFIC rules&nbsp;described
above.&#160; U.S. Holders are urged to consult
their own tax advisors regarding the potential application of the PFIC rules&nbsp;or
the availability of the qualified electing fund or mark-to-market elections.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dissenting U.S. Holders</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a U.S. Holder is permitted to exercise dissent
rights in connection with the Acquisition, such U.S. Holder will recognize gain
or loss on the exchange of such holder&#146;s Common Shares for cash in an amount
equal to the difference between (a)&nbsp;the U.S. dollar value on the date of
receipt of the Canadian currency (other than amounts, if any, which are or are
deemed to be interest for US federal income tax purposes, which amounts will be
taxed as ordinary income) and (b)&nbsp;such holder&#146;s adjusted tax basis in its
Common Shares.&#160; Subject to the PFIC rules&nbsp;discussed
above, such gain or loss generally will be capital gain or loss if the Common
Shares were held as capital assets at the time of the Acquisition and will be
long-term capital gain or loss if the U.S. Holder&#146;s holding period for such
Common Shares is more than one year. Preferential tax rates for long-term
capital gains are applicable to a U.S. Holder that is an individual, estate or
trust. There are currently no preferential tax rates for long-term capital
gains for a U.S. Holder that is a corporation.&#160;
The fair market value of any foreign currency received by a U.S. Holder
in the Acquisition will generally be based on the rate of exchange on the date
of receipt. A subsequent disposition of any foreign currency received
(including an exchange for U.S. currency) will generally give rise to ordinary
gain or loss.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>

<div style="margin:0in 0in .0001pt;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="3" width="100%" noshade color="#010101" align="left">

</font></b></strong></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Foreign Tax Credit</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A U.S. Holder that pays (whether directly or through
withholding) Canadian income tax in connection with the Acquisition may be
entitled to elect to receive either a deduction or a credit for U.S. federal
income tax purposes. There are significant and complex limitations that apply
to the foreign tax credit, among which is the general limitation that the
credit cannot exceed the proportionate share of the U.S. Holder&#146;s U.S. federal
income tax liability that the U.S. Holder&#146;s &#147;foreign source&#148; taxable income
bears to the U.S. Holder&#146;s worldwide taxable income.&#160; In applying this limitation, a U.S. Holder&#146;s
various items of income and deduction must be classified, under complex rules,
as either &#147;foreign source&#148; or &#147;U.S. source.&#148;&#160;
Gain on the disposition of Common Shares generally will be U.S. source
gain for purposes of applying the foreign tax credit rules, unless the gain is
subject to tax in Canada and resourced as foreign source gain under the
provisions of the U.S. Treaty and such U.S. Holder elects to treat such gain or
loss as foreign source.&#160; The foreign tax
credit rules&nbsp;are complex, and each U.S. Holder should consult its own tax
adviser regarding the foreign tax credit rules.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">U.S. Federal Income Tax Consequences Regarding the Exchange Receipts</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The U.S. federal income tax consequences regarding the
Exchange Receipts are uncertain.&#160; Each
U.S. Holder should consult its own tax advisor regarding the U.S. federal
income tax consequences regarding the Exchange Receipts.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Receipt of Eldorado Common Shares Pursuant to the Exchange Receipts</font></i></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the PFIC rules&nbsp;discussed below,
although not free from doubt, the receipt of Eldorado Common Shares pursuant to
the Exchange Receipts may result in the following U.S. federal income tax
consequences to a U.S. Holder:</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a U.S. Holder of Exchange Receipts
should recognize gain or loss equal to the difference between (i)&nbsp;the sum
of the fair market value of the Eldorado Common Shares determined as of the
date of receipt and (ii)&nbsp;the U.S. Holder&#146;s adjusted tax basis in such
Exchange Receipts;</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the aggregate tax basis in the
Eldorado Common Shares received by a U.S. Holder should be equal to the
aggregate fair market value of the Eldorado Common Shares at the time of
receipt; and</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the holding period of the Eldorado
Common Shares received by a U.S. Holder Exchange Receipt would begin on the day
after receipt.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although not free from doubt, subject to the PFIC rules&nbsp;discussed
below, such gain or loss will be long-term capital gain or loss only if the
Exchange Receipts were held for more than one year prior to the receipt of the
Eldorado Common Shares.&#160; Alternatively,
subject to the PFIC rules&nbsp;discussed below, the IRS may take the position
that such gain or loss may be long-term capital gain or loss if the Common
Shares were held for more than one year prior to the Acquisition and that part
of any such gain constitutes interest income taxable as ordinary income.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Disposition of Exchange Receipts</font></i></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A U.S. Holder should recognize gain or loss on the
sale or other taxable disposition of an Exchange Receipt in an amount equal to
the difference, if any, between (a)&nbsp;the amount of cash plus the fair
market value of any property received and (b)&nbsp;such U.S. Holder&#146;s tax basis
in the Exchange Receipt sold or otherwise disposed of.&#160; Subject to the PFIC rules&nbsp;discussed
below, any such gain or loss generally should be a capital gain or loss.&#160; Although not free from doubt, such </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="3" width="100%" noshade color="#010101" align="left">

</font></b></strong></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">gain or loss will be long-term capital gain
or loss if the Exchange Receipts were held for more than one year.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Expiration of Exchange Receipts Without Exercise</font></i></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the lapse or expiration of an Exchange Receipt, a
U.S. Holder should recognize a loss in an amount equal to such U.S. Holder&#146;s
tax basis in the Exchange Receipt.&#160; Any
such loss generally will be a capital loss.&#160;
Any such capital loss should be short-term capital loss or long-term
capital loss, depending on whether the Exchange Receipt is held for more than
one year.&#160; Deductions for capital losses
are subject to complex limitations under the Code.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ownership of Eldorado Common Shares</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a summary of certain material U.S.
federal income tax consequences to a U.S. Holder arising from and relating to
the ownership, and disposition of Eldorado Common Shares received pursuant to
the Acquisition.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">General Taxation of Distributions</font></i></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the &#147;passive foreign investment company&#148; or
&#147;PFIC&#148; rules&nbsp;discussed below, a U.S. Holder that receives a distribution,
including a constructive distribution, with respect to the Eldorado Common
Shares will be required to include the amount of such distribution in gross
income as a dividend (without reduction for any Canadian income tax withheld
from such distribution) to the extent of the current or accumulated &#147;earnings
and profits&#148; of Eldorado, as computed for U.S. federal income tax
purposes.&#160; To the extent that a
distribution exceeds the current and accumulated &#147;earnings and profits&#148; of
Eldorado, such distribution will be treated first as a tax-free return of
capital to the extent of a U.S. Holder&#146;s tax basis in the Eldorado Common
Shares and thereafter as gain from the sale or exchange of such Eldorado Common
Shares.&#160; (See &#147;Disposition of Eldorado
Common Shares&#148; below).&#160; Dividends
received on the Eldorado Common Shares generally will not be eligible for the &#147;dividends
received deduction.&#148;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Reduced Tax Rates for Certain Dividends</font></i></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For taxable years beginning before January&nbsp;1,
2011, a dividend paid by Eldorado generally will be taxed at the preferential
tax rates applicable to long-term capital gains if (a)&nbsp;Eldorado is a &#147;qualified
foreign corporation&#148; (as defined below), (b)&nbsp;the U.S. Holder receiving
such dividend is an individual, estate, or trust, and (c)&nbsp;such dividend is
paid on Eldorado Common Shares that have been held by such U.S. Holder for at
least 61 days during the 121-day period beginning 60&nbsp;days before the
ex-dividend date.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eldorado generally will be a &#147;qualified foreign
corporation&#148; under section&nbsp;1(h)(11) of the Code (a &#147;<b>QFC</b>&#148;) if Eldorado is eligible for the
benefits of the U.S. Treaty or, if not, the Eldorado Common Shares are readily
tradable on an established securities market in the U.S. However, even if
Eldorado satisfies one or more of such requirements, Eldorado will not be
treated as a QFC if Eldorado is a PFIC for the taxable year during which
Eldorado pays a dividend or for the preceding taxable year.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As discussed below, Eldorado does not expect that it
will be a PFIC for the current taxable year<b>.&#160; </b>However, there can be no assurance
that the IRS will not challenge the determination made by Eldorado concerning its
&#147;passive foreign investment company&#148; status or that Eldorado will not be a &#147;passive
foreign investment company&#148; for the current taxable year or any subsequent
taxable year.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="3" width="100%" noshade color="#010101" align="left">

</font></b></strong></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If Eldorado is not a QFC, a dividend paid by Eldorado
to a U.S. Holder generally will be taxed at ordinary income tax rates (and not
at the preferential tax rates applicable to long-term capital gains).</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Distributions Paid in Foreign Currency</font></i></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The amount of a distribution received on the Eldorado
Common Shares in foreign currency generally will be equal to the U.S. dollar
value of such distribution based on the exchange rate applicable on the date of
receipt.&#160; A U.S. Holder that does not
convert foreign currency received as a distribution into U.S. dollars on the
date of receipt generally will have a tax basis in such foreign currency equal
to the U.S. dollar value of such foreign currency on the date of receipt.&#160; Such a U.S. Holder generally will recognize
ordinary income or loss on the subsequent sale or other taxable disposition of
such foreign currency (including an exchange for U.S. dollars).</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Disposition of Eldorado Common Shares</font></i></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A U.S. Holder will recognize gain or loss on the sale
or other taxable disposition of Eldorado Common Shares in an amount equal to
the difference, if any, between (a)&nbsp;the amount of cash plus the fair
market value of any property received and (b)&nbsp;such U.S. Holder&#146;s adjusted
tax basis in the Eldorado Common Shares sold or otherwise disposed of. Subject
to the &#147;passive foreign investment company&#148; rules&nbsp;discussed above, any
such gain or loss generally will be capital gain or loss, which will be
long-term capital gain or loss if the Eldorado Common Shares are held for more
than one year.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preferential tax rates apply to long-term capital
gains of a U.S. Holder that is an individual, estate, or trust. There are
currently no preferential tax rates for long-term capital gains of a U.S.
Holder that is a corporation. Deductions for capital losses are subject to significant
limitations under the Code.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Foreign Tax Credit</font></i></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A U.S. Holder that pays (whether directly or through
withholding) Canadian income tax with respect to dividends received on the
Eldorado Common Shares generally will be entitled, at the election of such U.S.
Holder, to receive either a deduction or a credit for such Canadian income tax
paid.&#160; Generally, a credit will reduce a
U.S. Holder&#146;s U.S. federal income tax liability on a dollar-for-dollar basis,
whereas a deduction will reduce a U.S. Holder&#146;s income subject to U.S. federal
income tax.&#160; This election is made on a
year-by-year basis and applies to all foreign taxes paid (whether directly or
through withholding) by a U.S. Holder during a taxable year.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Complex limitations apply to the foreign tax credit,
including the general limitation that the credit cannot exceed the
proportionate share of a U.S. Holder&#146;s U.S. federal income tax liability that
such U.S. Holder&#146;s &#147;foreign source&#148; taxable income bears to such U.S. Holder&#146;s
worldwide taxable income.&#160; In applying
this limitation, a U.S. Holder&#146;s various items of income and deduction must be
classified, under complex rules, as either &#147;foreign source&#148; or &#147;U.S. source.&#148;&#160; In addition, this limitation is calculated
separately with respect to specific categories of income.&#160; Gain or loss recognized by a U.S. Holder on
the sale or other taxable disposition of Eldorado Common Shares or Exchange
Receipts generally will be treated as &#147;U.S. source&#148; for purposes of applying
the foreign tax credit rules&nbsp;unless such gains are resourced as &#147;foreign
source&#148; under an applicable income tax treaty, and an election is filed under
the Code.&#160; Dividends received on the
Eldorado Common Shares generally will be treated as &#147;foreign source&#148; and
generally will be categorized as &#147;passive income&#148; for purposes of applying the
foreign tax credit rules.&#160; Income or loss
on the sale or other taxable disposition of foreign currency will be U.S.
source, although an election may be available under the Code whereby such U.S.
Holder can treat the gain as arising from foreign sources.&#160; The foreign tax credit rules&nbsp;are
complex, and each U.S. Holder should consult its own tax adviser regarding the
foreign tax credit rules.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="3" width="100%" noshade color="#010101" align="left">

</font></b></strong></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Treatment of Eldorado as a PFIC</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If Eldorado were to constitute a PFIC (as defined
above) for any year during a U.S. Holder&#146;s holding period, then certain
different and potentially adverse tax consequences would apply to such U.S.
Holder&#146;s ownership, and disposition of Eldorado Common Shares and Exchange
Receipts received pursuant to the Acquisition.&#160;
In general such taxpayer may be required to treat any gain recognized by
such person upon a sale or disposition of the Eldorado Common Shares and
Exchange Receipts as ordinary (rather than capital), and any resulting U.S.
federal income tax may be increased by an interest charge.&#160; Rules&nbsp;similar to those applicable to
dispositions will generally apply to distributions in respect of Eldorado
Common Shares which exceed a certain threshold level.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">While there are U.S. federal income tax elections that
sometimes can be made to mitigate these adverse tax consequences (including,
without limitation, the QEF Election and the Mark-to-Market Election), such
elections are available in limited circumstances and must be made in a timely
manner.&#160; U.S. Holders are urged to
consult their own tax advisers regarding the potential application of the PFIC rules&nbsp;to
the ownership, and disposition of Eldorado Common Shares received pursuant to
the Acquisition, and the availability of certain U.S. tax elections under the
PFIC rules.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on current business plans and financial
projections, Eldorado believes it will not meet the definition of a PFIC for
the taxable year ending December&nbsp;31, 2008.&#160;
PFIC classification is fundamentally factual in nature, generally cannot
be determined until the close of the taxable year in question, and is
determined annually.&#160; Consequently, there
can be no assurance that Eldorado has never been and will not become a PFIC for
any taxable year during which U.S. Holders hold Eldorado Common Shares.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For each taxable year, if any, that Eldorado is a
PFIC, Eldorado will satisfy the record keeping requirements of a PFIC, and will
make available to U.S. Holders, upon written request, timely and accurate
information as to its status as a PFIC and will use commercially reasonable
efforts to provide to U.S. Holders all information that U.S. Holders require to
make a QEF Election under Section&nbsp;1295 of the Code.&#160; A QEF Election made by a U.S. Holder
generally should not apply to the Exchange Receipts and any Eldorado Common
Shares received pursuant to the Exchange Receipts.&#160; Each U.S. Holder should consult its own
financial adviser, legal counsel, or accountant regarding the availability of, and
procedure for making, a QEF Election.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Backup Withholding Tax and Information Reporting Requirements</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless the U.S. Holder is a corporation or other
exempt recipient, payments made to certain U.S. Holders pursuant to the
Acquisition, payments of dividends made on Eldorado Common Shares, or the
proceeds of the sale or other disposition of the Eldorado Common Shares or
Exchange Receipts that are made within the United States or through certain
United States related financial intermediaries may be subject to information
reporting and U.S. federal backup withholding tax at the rate of twenty-eight
percent (28%) (subject to periodic adjustment) if the U.S. Holder fails to
supply a correct taxpayer identification number or otherwise fails to comply
with applicable U.S. information reporting or certification requirements.&#160; Any amount withheld from a payment to a U.S.
Holder under the backup withholding rules&nbsp;may be allowable as a credit
against the U.S. Holder&#146;s U.S. federal income tax, provided that the required
information is furnished to the IRS and other requirements are met under the
Code.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="3" width="100%" noshade color="#010101" align="left">

</font></b></strong></div>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:35.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All
statements made by Eldorado in the Original Offer and Circular regarding U.S.
tax issues should be read as if made as of the date of this Notice of Variation
and Extension, unless the context clearly indicates otherwise.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9</font>.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Time
for Acceptance</b></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Offer is now open for acceptance until 5:00&nbsp;p.m.
(Toronto time) on July&nbsp;2, 2008, unless further extended or withdrawn.&#160; See Section&nbsp;5 of the Offer in the
Original Offer and Circular, &#147;Extension, Variation or change in the Offer&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">10</font>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Manner of Acceptance</font></b></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Shares may be deposited under the Offer in
accordance with the provisions of Section&nbsp;3 of the Offer in the Original
Offer and Circular, &#147;Manner of Acceptance&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">11</font>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Take Up and Payment for Deposited
Common Shares</font></b></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the terms and subject to the conditions of the
Offer, Eldorado will take up and pay for Common Shares validly deposited to the
Offer and not withdrawn as set out in Section&nbsp;6 of the Offer in the
Original Offer and Circular, &#147;Payment for Deposited Common Shares&#148;.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">12</font>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Withdrawal of Deposited Common Shares</font></b></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholders have a right to withdraw Common Shares
deposited under the Offer in the circumstances and in the manner set out in Section&nbsp;8
of the Offer in the Original Offer and Circular, &#147;Withdrawal of Deposited
Common Shares&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">13</font>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Consequential Amendments to the
Original Offer and Circular and Other Documents</font></b></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Original Offer and Circular, the Letter of
Transmittal, the Notice of Guaranteed Delivery and the Notice of Change in
Information are amended to the extent necessary to reflect the information
contained in this Notice of Variation and Extension.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">14</font>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Statutory Rights</font></b></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities legislation in the provinces and
territories of Canada provides security holders of the offeree issuer with, in
addition to any other rights they may have at law, one or more rights of
rescission, price revision or to damages, if there is a misrepresentation in a circular
or notice that is required to be delivered to those security holders.&#160; However, such rights must be exercised within
prescribed time limits.&#160; Security holders
should refer to the applicable provisions of the securities legislation of
their province or territory for particulars of those rights or consult with a
lawyer.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">15</font>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Directors&#146; Approval</font></b></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The contents of this Notice of Variation and Extension
have been approved, and the sending thereof to the securityholders of Frontier
has been authorized, by the board of directors of Eldorado.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>

<div style="margin:0in 0in .0001pt;text-indent:0in;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="3" width="100%" noshade color="#010101" align="left">

</font></b></strong></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">APPROVAL
AND CERTIFICATE OF ELDORADO</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The contents of this Notice of Variation and Extension
have been approved, and the sending, communication or delivery thereof to Shareholders
has been authorized, by the board of directors of Eldorado.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing, together with the Original Offer and
Circular dated May&nbsp;9, 2008, as supplemented by the Notice of Change in
Information dated June&nbsp;5, 2008, contains no untrue statement of a material
fact and does not omit to state a material fact that is required to be stated
or that is necessary to make a statement not misleading in the light of the
circumstances in which it was made.&#160; In
addition, the foregoing, together with the Original Offer and Circular dated May&nbsp;9,
2008, as supplemented by the Notice of Change in Information dated June&nbsp;5,
2008 does not contain any misrepresentation likely to affect the value or the
market price of the Common Shares which are the subject of the Offer.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DATED:&#160; June&nbsp;20,
2008</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="57%" valign="top" style="padding:0in .7pt 0in .7pt;width:57.92%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(signed)
  PAUL N. WRIGHT</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.08%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(signed)
  EARL W. PRICE</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="top" style="padding:0in .7pt 0in .7pt;width:57.92%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">President
  and Chief Executive Officer</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.08%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Chief
  Financial Officer</font></p>
  </td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ON
BEHALF OF THE BOARD OF DIRECTORS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.76%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(signed)
  HUGH C. MORRIS</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.24%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(signed)
  K. ROSS CORY</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.76%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Director</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.24%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
</table>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">33</font></p>

<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><strong><b><font size="3" color="black" face="Times New Roman" style="font-size:12.0pt;">

<hr size="3" width="100%" noshade color="#010101" align="left">

</font></b></strong></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Information Agent and Depositary for the Offer is:</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="366" height="58" src="g170692ba09i001.jpg"></font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">By Registered, by Hand or by </font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">By Mail</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Courier</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Exchange Tower</font><font size="2" style="font-size:10.0pt;">  </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Exchange Tower</font><font size="2" style="font-size:10.0pt;">  </font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">130 King Street West, Suite&nbsp;2950, </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">130 King Street West, Suite&nbsp;2950, </font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.O.&nbsp;Box 361</font><font size="2" style="font-size:10.0pt;">  </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toronto, Ontario </font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toronto, Ontario</font><font size="2" style="font-size:10.0pt;">  </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M5X 1E7</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M5X 1E2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">North American Toll Free Phone:</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1-866-581-1513</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Dealer Managers for the Offer are:</font></i></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">In Canada:</font></i></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-style:italic;margin:0in 0in .0001pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Macquarie Capital Markets Canada Ltd.</font></i></b></p>

<p align="center" style="font-style:italic;margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brookfield Place, 181 Bay Street</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite&nbsp;3100 &#150; PO Box 830</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toronto, Ontario&#160;
M5J 2T3</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone: 1-416-848-3500</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">In the United States:</font></i></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-style:italic;margin:0in 0in .0001pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Macquarie Capital Markets North America Ltd.</font></i></b></p>

<p style="font-style:italic;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brookfield Place, 181 Bay Street</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite&nbsp;3100 - P.O.&nbsp;Box 830</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toronto, Ontario&#160;
M5J 2T3</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone: 1-416-848-3660</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Any questions and requests for
assistance may be directed by holders of Common Shares to the Information Agent
at its telephone numbers and address set out above.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The Depositary and Information Agent for the Offer
is:</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="366" height="58" src="g170692ba09i001.jpg"></font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">By Mail</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">By Registered, by Hand or by</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Courier</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Exchange Tower</font><font size="2" style="font-size:10.0pt;"><br>
  </font><font size="2" style="font-size:10.0pt;">130 King Street West, Suite&nbsp;2950,
  <br>
  P.O.&nbsp;Box 361</font><font size="2" style="font-size:10.0pt;"><br>
  </font><font size="2" style="font-size:10.0pt;">Toronto, Ontario</font><font size="2" style="font-size:10.0pt;"><br>
  </font><font size="2" style="font-size:10.0pt;">M5X 1E2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Exchange Tower<br>
  130 King Street West, Suite<br>
  2950,<br>
  Toronto, Ontario<br>
  M5X 1E7</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">North American Toll Free Phone:</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1-866-581-1513</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-mail:
contactus@kingsdaleshareholder.com</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile: 416-867-2271</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toll Free Facsimile:
1-866-545-5580</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outside North America, Banks and Brokers Call Collect: 416-867-2272</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART&nbsp;II</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INFORMATION
NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INDEMNIFICATION</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under
the <i>Canada Business Corporations Act</i>,
the Registrant may indemnify a director or officer of the Registrant, a former
director or officer of the Registrant or another individual who acts or acted
at the Registrant&#146;s request as a director or officer, or an individual acting
in a similar capacity, of another entity, against all costs, charges and
expenses, including an amount paid to settle an action or satisfy a judgment,
reasonably incurred by the individual in respect of any civil, criminal,
administrative, investigative or other proceeding in which the individual is
involved because of that association with the Registrant or other entity and
provided that the director, officer or other individual acted honestly and in
good faith with a view to the best interest of the Registrant, or, as the case
may be, to the best interests of the other entity for which the individual
acted as director or officer or in a similar capacity at the Registrant&#146;s
request and, in the case of a criminal or administrative action or proceeding
that is enforced by a monetary penalty, had reasonable grounds for believing
that his conduct was lawful. Such indemnification may be made in connection
with a derivative action only with court approval. A director, officer or other
individual referred to above is entitled to indemnification from the Registrant
as a matter of right if he was not judged by the court or other competent
authority to have committed any fault or omitted to do anything that the
individual ought to have done and fulfilled the conditions set forth above.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
accordance with the <i>Canada Business
Corporations Act</i>, the Registrant has entered indemnification
agreements under which it has agreed to indemnify its directors and certain
officers in the manner outlined above.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A
policy of directors&#146; and officers&#146; liability insurance is maintained by the
Registrant which insures directors and officers for losses as a result of
claims against the directors and officers of the Registrant in their capacity
as directors and officers and also reimburses the Registrant for payments made
pursuant to the indemnity provisions under the Registrant&#146;s By-Laws and the <i>Canada Business Corporations Act</i>.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insofar
as indemnification for liabilities under the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;), may be permitted to directors, officers or persons
controlling the Registrant pursuant to the foregoing provisions, the Registrant
has been informed that in the opinion of the United States Securities and
Exchange Commission such indemnification is against public policy in the United
States as expressed in the Securities Act and is therefore unenforceable.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBITS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
exhibits specified below are filed as exhibits to this registration statement:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;No.</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="87%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:87.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="87%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lock-Up Agreement dated
  April&nbsp;20, 2008, between the Registrant and Dundee Precious Metals Inc.,
  filed with the Commission as Exhibit&nbsp;2.1 to the Registrant&#146;s
  Registration Statement on Form&nbsp;F-8 on May&nbsp;9, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transaction and Support Agreement
  dated June&nbsp;17, 2008, between the Registrant and Frontier Pacific Mining
  Corporation, furnished to the Commission under cover of Form&nbsp;6-K on
  June&nbsp;19, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lock-Up Agreement dated
  June&nbsp;17, 2008, between the Registrant and Victor H. Bradley, furnished
  to the Commission under cover of Form&nbsp;6-K on June&nbsp;19, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.4*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lock-Up Agreement dated
  June&nbsp;17, 2008, between the Registrant and Peter F. Tegart, furnished to
  the Commission under cover of Form&nbsp;6-K on June&nbsp;19, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lock-Up Agreement dated
  June&nbsp;17, 2008, between the Registrant and Brian Lock, furnished to the
  Commission under cover of Form&nbsp;6-K on June&nbsp;19, 2008</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.6*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lock-Up Agreement dated
  June&nbsp;17, 2008, between the Registrant and Mohan R. Vulimiri, furnished
  to the Commission under cover of Form&nbsp;6-K on June&nbsp;19, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.7*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lock-Up Agreement dated
  June&nbsp;17, 2008, between the Registrant and Stewart L. Blusson, furnished
  to the Commission under cover of Form&nbsp;6-K on June&nbsp;19, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.8*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lock-Up Agreement dated
  June&nbsp;17, 2008, between the Registrant and Roos McDonald, furnished to
  the Commission under cover of Form&nbsp;6-K on June&nbsp;19, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.9*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lock-Up Agreement dated
  June&nbsp;17, 2008, between the Registrant and Nor-West Rotors Ltd.,
  furnished to the Commission under cover of Form&nbsp;6-K on June&nbsp;19,
  2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.10*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lock-Up Agreement dated
  June&nbsp;17, 2008, between the Registrant and Adam Kniec, furnished to the
  Commission under cover of Form&nbsp;6-K on June&nbsp;19, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annual Information
  Form&nbsp;of the Registrant for the year ended December&nbsp;31, 2007, filed with
  the Commission as Exhibit&nbsp;1 to the Registrant&#146;s Annual Report on
  Form&nbsp;40-F on March&nbsp;31, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management Information Circular of the Registrant dated
  March&nbsp;27, 2008, prepared in connection with the annual meeting of
  shareholders of the Registrant to be held on May&nbsp;1, 2008, furnished to
  the Commission under cover of Form&nbsp;6-K on April&nbsp;4, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audited Consolidated
  Financial Statements of the Registrant and the notes thereto as at
  December&nbsp;31, 2007 and 2006 and for each of the years ended
  December&nbsp;31, 2007, 2006 and 2005 together with the report of the
  auditors thereon, filed with the Commission as Exhibit&nbsp;2 to the
  Registrant&#146;s Annual Report on Form&nbsp;40-F on March&nbsp;31, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.4*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management&#146;s Discussion
  and Analysis of Financial Condition and Results of Operation dated
  March&nbsp;25, 2008, filed with the Commission as Exhibit&nbsp;3 to the
  Registrant&#146;s Annual Report on Form&nbsp;40-F on March&nbsp;31, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.5*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release dated January&nbsp;14, 2008, announcing an
  update on Eldorado&#146;s 2007 operating results with anticipated 2008 production,
  furnished to the Commission under cover of Form&nbsp;6-K on January&nbsp;14,
  2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.6*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release dated February&nbsp;22, 2008, announcing
  the Company&#146;s mineral resource and mineral reserve estimates as at
  December&nbsp;31, 2007, furnished to the Commission under cover of
  Form&nbsp;6-K on February&nbsp;22, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.7*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release dated March&nbsp;6, 2008, relating to the re-opening of
  the Kisladag Mine in Western Turkey, </font><font size="2" style="font-size:10.0pt;">furnished
  to the Commission under cover of Form&nbsp;6-K on March&nbsp;6, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.8*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release dated March&nbsp;17, 2008, announcing that the Registrant
  has signed a non binding memorandum of understanding with BHP Billiton
  regarding future sale of iron ore from the Vila Nova Iron Ore Project in
  Amapa State, Brazil, </font><font size="2" style="font-size:10.0pt;">furnished to the Commission under
  cover of Form&nbsp;6-K on March&nbsp;17, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.9*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release dated March&nbsp;27, 2008, announcing the financial
  results for the year ended December&nbsp;31, 2007</font><font size="2" style="font-size:10.0pt;">
  furnished to the Commission under cover of Form&nbsp;6-K on March&nbsp;27,
  2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.10*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press
  Release dated April&nbsp;3, 2008, providing Eldorado&#146;s update on its first
  quarter 2008 operating results, </font><font size="2" style="font-size:10.0pt;">furnished
  to the Commission under cover of Form&nbsp;6-K on April&nbsp;3, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.11*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release dated
  April&nbsp;28, 2008, relating to the decision of the Registrant to make a
  tender offer for Frontier Pacific Mining Corporation,</font><font size="2" style="font-size:10.0pt;">
  furnished to the Commission under cover of Form&nbsp;6-K on April&nbsp;28,
  2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.12*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release dated
  May&nbsp;1, 2008, announcing Eldorado&#146;s first quarter 2008 financial and
  operating results, furnished to the Commission under cover of Form&nbsp;6-K
  on May&nbsp;2, 2008</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.13*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unaudited Interim
  Consolidated Financial Statements and the notes thereto as at March&nbsp;31,
  2008 and for the three months ended March&nbsp;31, 2008 and 2007, furnished
  to the Commission under cover of Form&nbsp;6-K on May&nbsp;2, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.14*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management&#146;s Discussion
  and Analysis of Financial Condition and Results of Operation for the three
  months ended March&nbsp;31, 2008, furnished to the Commission under cover of
  Form&nbsp;6-K on May&nbsp;2, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.15*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Report of Voting
  Results for the annual meeting of shareholders of Eldorado held on
  May&nbsp;1, 2008, furnished to the Commission under cover of Form&nbsp;6-K on
  May&nbsp;2, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.16*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Terms of Reference for
  the board of directors, audit committee, compensation committee and corporate
  governance and nominating committee, furnished to the Commission under cover
  of Form&nbsp;6-K on May&nbsp;9, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.17*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By-law No.&nbsp;1 for
  Eldorado, furnished to the Commission under cover of Form&nbsp;6-K on
  May&nbsp;9, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.18*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release dated
  May&nbsp;9, 2008, relating to Eldorado mailing its offer to acquire all of
  the outstanding shares of Frontier Pacific Mining Corporation, furnished to
  the Commission under cover of Form&nbsp;6-K on May&nbsp;9, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.19*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release dated June&nbsp;2,
  2008, relating to the commencement of construction of its Efencukuru mine in
  Turkey, furnished to the Commission under cover of Form&nbsp;6-K on
  June&nbsp;2, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.20*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxy Circular, dated
  June&nbsp;10, 2008, relating to the solicitation of proxies for Frontier
  Pacific Mining Corporation&#146;s general meeting of shareholders, furnished to
  the Commission under cover of Form&nbsp;6-K on June&nbsp;10, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.21*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release, dated
  June&nbsp;10, 2008, relating to the solicitation of proxies for Frontier
  Pacific Mining Corporation&#146;s general meeting of shareholders, furnished to
  the Commission under cover of Form&nbsp;6-K on June&nbsp;11, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.22*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release dated
  June&nbsp;16, 2008, relating to confirmation of best and final offer for
  Frontier Pacific Mining Corporation, furnished to the Commission under cover
  of Form&nbsp;6-K on June&nbsp;16, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.23*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release dated
  June&nbsp;18, 2008, relating to the support agreement between the Registrant
  and Frontier Pacific Mining Corporation, furnished to the Commission under
  cover of Form&nbsp;6-K on June&nbsp;18, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of PricewaterhouseCoopers LLP, </font><font size="2" style="font-size:10.0pt;">filed with the Commission as Exhibit&nbsp;4.1 to the
  Registrant&#146;s Registration Statement on Form&nbsp;F-8 on May&nbsp;9, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Gary Giroux, Micon International Limited, </font><font size="2" style="font-size:10.0pt;">filed with the Commission as Exhibit&nbsp;4.2 to the
  Registrant&#146;s Registration Statement on Form&nbsp;F-8 on May&nbsp;9, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Michael Kociumbas, Watts Griffis and McOaut
  Limited, </font><font size="2" style="font-size:10.0pt;">filed with the Commission
  as Exhibit&nbsp;4.3 to the Registrant&#146;s Registration Statement on
  Form&nbsp;F-8 on May&nbsp;9, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.4*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of John Edward
  Hearne, RSG Global Pty Ltd., </font><font size="2" style="font-size:10.0pt;">filed with the Commission as Exhibit&nbsp;4.4 to the
  Registrant&#146;s Registration Statement on Form&nbsp;F-8 on May&nbsp;9, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.5*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consents of Andy
  Nichols, Andre de Ruijter and Richard Alexander, Wardrop
  Engineering,&nbsp;Inc., </font><font size="2" style="font-size:10.0pt;">filed
  with the Commission as Exhibit&nbsp;4.5 to the Registrant&#146;s Registration
  Statement on Form&nbsp;F-8 on May&nbsp;9, 2008</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.6*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Roberto
  Costa, Roberto Costa Engenharia Ltd., </font><font size="2" style="font-size:10.0pt;">filed with the Commission as Exhibit&nbsp;4.6 to the
  Registrant&#146;s Registration Statement on Form&nbsp;F-8 on May&nbsp;9, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.7*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of
  Mr.&nbsp;Norman Pitcher, P. Geo and COO of the Registrant, </font><font size="2" style="font-size:10.0pt;">filed with the Commission as Exhibit&nbsp;4.7 to the
  Registrant&#146;s Registration Statement on Form&nbsp;F-8 on May&nbsp;9, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of
  Mr.&nbsp;Stephen Juras, P. Geo and Manager, Geology of the Registrant, </font><font size="2" style="font-size:10.0pt;">filed with the Commission as Exhibit&nbsp;4.8 to the
  Registrant&#146;s Registration Statement on Form&nbsp;F-8 on May&nbsp;9, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Power of Attorney of
  certain officers and directors of the Registrant, </font><font size="2" style="font-size:10.0pt;">filed with the Commission as part of the signature
  page&nbsp;to the Registrant&#146;s Registration Statement on Form&nbsp;F-8 on
  May&nbsp;9, 2008</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">* Previously filed with the Securities and Exchange
Commission</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART&nbsp;III</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">UNDERTAKINGS
AND CONSENT TO SERVICE OF PROCESS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1. Undertakings.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.25in;width:96.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in .7pt 0in .7pt;width:96.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant
  undertakes to make available, in person or by telephone, representatives to
  respond to inquiries made by the Commission staff, and to furnish promptly,
  when requested to do so by the Commission staff, information relating to the
  securities registered pursuant to Form&nbsp;F-8 or to transactions in said
  securities.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in .7pt 0in .7pt;width:96.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in .7pt 0in .7pt;width:96.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant
  further undertakes to disclose in the United States, on the same basis as it
  is required to make such disclosure pursuant to any applicable Canadian
  federal and/or provincial or territorial law, regulation or policy,
  information regarding purchases of the registrant&#146;s securities or of the
  subject issuer&#146;s securities during the exchange offer. Such information shall
  be set forth in amendments to this Form.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2. Consent to Service of Process</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.25in;width:96.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.56%;">
  <p style="margin:0in .7pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in .7pt 0in .7pt;width:96.44%;">
  <p style="margin:0in .7pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant
  has filed with the Commission a written irrevocable consent and power of
  attorney on Form&nbsp;F-X.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.56%;">
  <p style="margin:0in .7pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in .7pt 0in .7pt;width:96.44%;">
  <p style="margin:0in .7pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.56%;">
  <p style="margin:0in .7pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in .7pt 0in .7pt;width:96.44%;">
  <p style="margin:0in .7pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not
  applicable.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.56%;">
  <p style="margin:0in .7pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in .7pt 0in .7pt;width:96.44%;">
  <p style="margin:0in .7pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.56%;">
  <p style="margin:0in .75pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in .7pt 0in .7pt;width:96.44%;">
  <p style="margin:0in .75pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any
  change to the name or address of the agent for service of the registrant
  shall be communicated promptly to the Commission by amendment to
  Form&nbsp;F-X referencing the file number of the relevant registration
  statement.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing
on Form&nbsp;F-8 and has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of
Vancouver , Province of British Columbia, Canada on </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;20,
2008.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:15.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:15.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:51.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Eldorado
  Gold Corporation</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:51.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant)</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:51.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:47.78%;">
  <p style="margin:0in 0in .0001pt 24.5pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">/s/ Paul N. Wright</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Paul N. Wright</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief
  Executive Officer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-indent:15.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to the requirements of the Securities Act, this registration statement has been
signed by the following persons in the capacities indicated on June&nbsp;20,
2008.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Signature</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:39.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Title</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:12.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Date</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="39%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:12.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President, Chief Executive
  Officer and </font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;20,
  2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">/s/ Paul N. Wright</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Paul N. Wright</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">/s/ Earl
  W. Price</font></i><font size="2" style="font-size:10.0pt;">  </font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Financial Officer</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;20, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Earl
  W. Price</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">/s/ Hugh
  C. Morris*</font></i><font size="2" style="font-size:10.0pt;">  </font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;20, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hugh
  C. Morris</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">/s/ Wayne
  D. Lenton*</font></i><font size="2" style="font-size:10.0pt;">  </font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;20, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wayne
  D. Lenton</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">/s/ John
  S. Auston*</font></i><font size="2" style="font-size:10.0pt;">  </font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;20, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John
  S. Auston</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">/s/ K.
  Ross Cory*</font></i><font size="2" style="font-size:10.0pt;"> </font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;20, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">K.
  Ross Cory</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">/s/
  Robert R. Gilmore*</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;20, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert
  R. Gilmore</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">/s/
  Donald Shumka*</font></i><font size="2" style="font-size:10.0pt;">  </font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;20, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Donald
  Shumka</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">/s/
  Geoffrey Handley*</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;20, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:43.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Geoffrey
  Handley</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">* - </font></b><font size="2" style="font-size:10.0pt;">Signed by Paul N. Wright as
attorney-in-fact for the named person, pursuant to the Power of Attorney filed
with the Securities and Exchange Commission as part of the signature page&nbsp;of
the Registrant&#146;s Registration Statement on Form&nbsp;F-8, as filed on May&nbsp;9,
2008.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105579\08-17069-2\task2996533\17069-2-ba-09.htm',USER='105579',CD='Jun 20 17:39 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AUTHORIZED REPRESENTATIVE IN THE
UNITED STATES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.46%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0in .7pt 0in .7pt;width:33.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized
  Representative in United </font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;20, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:44.46%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">/s/
  Robert R. Gilmore</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0in .7pt 0in .7pt;width:33.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">States</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:44.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert R. Gilmore</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0in .7pt 0in .7pt;width:33.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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