<SEC-DOCUMENT>0001137171-14-000105.txt : 20140502
<SEC-HEADER>0001137171-14-000105.hdr.sgml : 20140502
<ACCEPTANCE-DATETIME>20140502160919
ACCESSION NUMBER:		0001137171-14-000105
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20140331
FILED AS OF DATE:		20140502
DATE AS OF CHANGE:		20140502

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELDORADO GOLD CORP /FI
		CENTRAL INDEX KEY:			0000918608
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31522
		FILM NUMBER:		14809493

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1188 - BENTALL 5
		STREET 2:		550 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2B5
		BUSINESS PHONE:		(604) 687-4018

	MAIL ADDRESS:	
		STREET 1:		SUITE 1188 - BENTALL 5
		STREET 2:		550 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2B5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELDORADO CORP LTD                                       /FI
		DATE OF NAME CHANGE:	19960701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELDORADO GOLD CORP                                      /FI
		DATE OF NAME CHANGE:	19940203
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>eldorado6k05012014.htm
<DESCRIPTION>ELDORADO GOLD CORPORATION - 6-K
<TEXT>
<html>

<head>
<meta name="GENERATOR" content="Microsoft FrontPage 4.0">
<meta name="ProgId" content="FrontPage.Editor.Document">
<title>CT Filed by Filing Services Canada Inc. 403-717-3898</title>
</head>

<body>

<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">&nbsp;</p>

<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>FORM
6-K</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt" align="center"><br>
</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Report
of Foreign Private Issuer</b></p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Pursuant
to Rule 13a-16 or 15d-16<br>
of the Securities Exchange Act of 1934</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">For
the month of <b>February, 2014</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;
</p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Commission
File Number &nbsp;<b>001-31522</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<table style="font-size:10pt" cellspacing="0" align="center">
  <tr>
    <td width="640">
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Eldorado
      Gold Corporation<br>
      </b>(Translation of registrant's name into English)</p>
    </td>
  </tr>
  <tr>
    <td width="640">
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b><br>
      1188-550
      Burrard Street</b></p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Bentall
      5</b></p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Vancouver,
      B.C.</b></p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Canada
      &nbsp;V6C 2B5<br>
      </b>(Address of principal executive offices)<br>
      </p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">Form
20-F....[<b> &nbsp;&nbsp;</b>]..... Form 40-F...[.<b>X</b>.]...</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ____</p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman"><b>Note:
</b>Regulation&nbsp;S-T Rule&nbsp;101(b)(1) only permits the submission in paper
of a Form&nbsp;6-K if submitted solely to provide an attached annual report to
security holders.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7): ____</p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman"><b>Note:
</b>Regulation&nbsp;S-T Rule&nbsp;101(b)(7) only permits the submission in paper
of a Form&nbsp;6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws of
the jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's &quot;home country&quot;), or under the rules of the
home country exchange on which the registrant's securities are traded, as long
as the report or other document is not a press release, is not required to be
and has not been distributed to the registrant's security holders, and, if
discussing a material event, has already been the subject of a Form&nbsp;6-K
submission or other Commission filing on EDGAR.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate
by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">Yes
&nbsp;[ &nbsp;&nbsp;&nbsp;] &nbsp;No [ <b>X </b>]</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If
&quot;Yes&quot; is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- ________</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<hr>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<br>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Signatures</b></p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<div align="center">
  <center>
  <table style="font-size:10pt" cellspacing="0" width="100%">
    <tr>
      <td valign="top" width="319.2">
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date:&nbsp;
         February 21, 2014</p>
      </td>
      <td valign="top" width="319.2">
        <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><b>ELDORADO
        GOLD CORPORATION</b></p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><u>/s/
        Dawn Moss<br>
        <br>
        </u></p>
        <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Dawn
        Moss, Corporate Secretary</p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">Exhibits</p>
<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">&nbsp;</p>
<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">99.1&nbsp;&nbsp;&nbsp;
<a href="fins.htm">Consolidated Financial Statements</a></p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">99.2&nbsp;&nbsp;&nbsp;
<a href="mda.htm">Management's Discussion and Analysis</a> </p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">99.3&nbsp;&nbsp;&nbsp;<I><a href="ceo.htm">Certification of Interim Filings
CEO</a></I> </p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">99.4&nbsp;&nbsp;&nbsp;<I><a href="cfo.htm">Certification of Interim Filings
CFO</a></I> </p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">&nbsp;</p>
<hr>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>fins.htm
<DESCRIPTION>CONSOLIDATED FINANCIAL STATEMENTS
<TEXT>
<HTML>
<HEAD>
     <TITLE>CA Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="color: #000000">March
31, 2014 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaudited
Condensed Consolidated Financial Statements</FONT></P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; text-align: right"><FONT STYLE="font-style: normal; color: #000000"><B>Suite
1188, 550 Burrard Street</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; text-align: right"><FONT STYLE="font-style: normal; color: #000000"><B>&#9;Vancouver,
British Columbia</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; text-align: right"><FONT STYLE="font-style: normal; color: #000000"><B>&#9;V6C
2B5</B></FONT></P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; text-align: right"><FONT STYLE="font-style: normal; color: #000000"><B>Phone:
(604) 687-4018</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; text-align: right"><FONT STYLE="font-style: normal; color: #000000"><B>&#9;Fax:
(604) 687-4026</B></FONT></P>

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<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">Eldorado Gold Corporation</FONT></P>

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Condensed Consolidated Balance Sheets</FONT></P>

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in thousands of U.S. dollars)</FONT></P>



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    <TD STYLE="width: 10%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000"><B><I>Note</I></B></FONT></TD>
    <TD STYLE="width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000"><B>March
    31, 2014</B></FONT></TD>
    <TD STYLE="width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000"><B>December
    31, 2013</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000"><B>ASSETS</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000"><B>Current
    assets</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Cash
    and cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614,182
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589,180
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Term
    deposits</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,026
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34,702
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Restricted
    cash </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Marketable
    securities <B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,309
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,387
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Accounts
    receivable and other</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90,248
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89,231
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Inventories</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229,523
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244,042
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942,550
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961,804
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Investment
    in associate</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,949
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Deferred
    income tax assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,310
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Restricted
    assets and other</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,605
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,330
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Defined
    benefit pension plan</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,569
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,484
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Property,
    plant and equipment</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,754,756
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,684,382
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Goodwill</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526,296
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526,296
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,281,887
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,235,242
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000"><B>LIABILITIES
    &amp; EQUITY</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000"><B>Current
    liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Accounts
    payable and accrued liabilities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185,454
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211,406
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Current
    debt</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000"><I>5</I></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,255
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,402
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201,709
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227,808
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Debt</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000"><I>5</I></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585,555
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585,006
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Other
    non-current liability</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000"><I>4</I></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,970
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Asset
    retirement obligations</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85,841
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85,259
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Deferred
    income tax liabilities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851,812
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842,305
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,771,887
    </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,740,378
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000"><B>Equity</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Share
    capital</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000"><I>6</I></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,314,813
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,314,589
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Treasury
    stock</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17,357)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,953)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Contributed
    surplus</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,424
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,557
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Accumulated
    other comprehensive loss</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16,786)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17,056)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">Deficit</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118,597)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143,401)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000"><B>Total
    equity attributable to shareholders of the Company</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,197,497
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,221,736
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000"><B>Attributable
    to non-controlling interests</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312,503
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273,128
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,510,000
    </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,494,864
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,281,887
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,235,242
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>Approved on behalf of the Board
of Directors</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<div align="left"><FONT STYLE="color: #000000"><table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr></FONT><td width="28%"></td>
   <td width="24%"></td>
   <td width="27%"></td>
   <td width="21%"></td>
  </tr>
  <tr>
   <td width="28%"><FONT STYLE="color: #000000"><I>(Signed) Robert R. Gilmore </I></FONT></td>
   <td width="24%"><FONT STYLE="color: #000000"><I>Director </I></FONT></td>
   <td width="27%"><FONT STYLE="color: #000000"><I>(Signed) Paul N. Wright </I></FONT></td>
   <td width="21%"><FONT STYLE="color: #000000"><I>Director </I></FONT></td>
  </tr>
 </table>
</div>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 9pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: #000000">The
accompanying notes are an integral part of these consolidated financial statements.</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">Eldorado Gold Corporation</FONT></P>

<P STYLE="color: #0C2D83; font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">Unaudited
Condensed Consolidated Income Statements</FONT></P>

<P STYLE="color: #0C2D83; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">(Expressed
in thousands of U.S. dollars)</FONT></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt; color: Red"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt; color: Red"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td colspan="4" style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">For the quarter ended March 31,</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">2014</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">2013</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top; width: 10%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: top; width: 10%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: top; width: 10%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; width: 10%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; width: 21%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center; width: 7%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right; width: 16%"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right; width: 16%"><FONT STYLE="color: #000000">$</FONT></td></tr>
<tr>
    <td colspan="4" style="font-weight: bold; vertical-align: top; text-align: left"><FONT STYLE="color: #000000">Revenue</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="4" style="text-align: left"><FONT STYLE="color: #000000">&nbsp;&nbsp;Metal sales</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279,870</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338,068</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="4" style="font-weight: bold; vertical-align: top; text-align: left"><FONT STYLE="color: #000000">Cost of sales</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="4" style="text-align: left"><FONT STYLE="color: #000000">&nbsp;&nbsp;Production costs</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134,785</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130,368</FONT></td></tr>
<tr>
    <td colspan="4" style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">&nbsp;&nbsp;Depreciation and amortization</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,572</FONT></td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,114</FONT></td></tr>
<tr>
    <td style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180,357</FONT></td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167,482</FONT></td></tr>
<tr>
    <td colspan="4" style="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="color: #000000">Gross profit</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,513</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170,586</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="4" style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">Exploration expenses</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,895</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,624</FONT></td></tr>
<tr>
    <td colspan="4" style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">General and administrative expenses</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,844</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,486</FONT></td></tr>
<tr>
    <td colspan="4" style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">Defined benefit pension plan expense</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629</FONT></td></tr>
<tr>
    <td colspan="4" style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">Share based payments</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,994</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,877</FONT></td></tr>
<tr>
    <td colspan="4" style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">Foreign exchange gain</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,361)</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102)</FONT></td></tr>
<tr>
    <td colspan="4" style="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="color: #000000">Operating
    profit</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73,738</FONT></td>
    <td style="vertical-align: bottom; border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137,072</FONT></td></tr>
<tr>
    <td colspan="4" style="font-weight: bold; vertical-align: top; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="4" style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">Loss on disposal of assets</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36</FONT></td></tr>
<tr>
    <td colspan="5" style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">Loss (gain) on marketable securities
    and other investments</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21)</FONT></td></tr>
<tr>
    <td colspan="5" style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">Loss on investments in associates</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909</FONT></td></tr>
<tr>
    <td colspan="4" style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">Other expense (income)</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,976)</FONT></td></tr>
<tr>
    <td colspan="4" style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">Asset retirement obligation accretion</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="4" style="text-align: left"><FONT STYLE="color: #000000">Interest and financing costs</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,405</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,501</FONT></td></tr>
<tr>
    <td colspan="4" style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="4" style="font-weight: bold; vertical-align: top; text-align: left"><FONT STYLE="color: #000000">Profit before
    income tax</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63,087</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127,284</FONT></td></tr>
<tr>
    <td colspan="4" style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">Income tax expense</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,444</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171,252</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">Profit (loss) for the period</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,643</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43,968)</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="4" style="font-weight: bold; vertical-align: top; text-align: left"><FONT STYLE="color: #000000">Attributable
    to:</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="4" style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">Shareholders of the Company</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,268</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45,463)</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="4" style="text-align: left"><FONT STYLE="color: #000000">Non-controlling interests</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(625)</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,495</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="4" style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">Profit (loss) for the period</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,643</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43,968)</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5"><FONT STYLE="color: #000000">Weighted average number of shares outstanding</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">Basic</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">716,217</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">714,504</FONT></td></tr>
<tr>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">Diluted</FONT></td>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">716,217</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">715,364</FONT></td></tr>
<tr>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="6" style="font-weight: bold; vertical-align: top"><FONT STYLE="color: #000000">Earnings (loss) per share attributable
    to shareholders of the Company:</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="4" style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">Basic earnings (loss) per share&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06)</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="4" style="text-align: left"><FONT STYLE="color: #000000">Diluted earnings (loss) per share</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06)</FONT></td></tr>
</table>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: #000000">The
accompanying notes are an integral part of these consolidated financial statements.</FONT></P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt; color: Red"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt; color: Red"></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">Eldorado Gold Corporation</FONT></P>

<P STYLE="color: #0C2D83; font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">Unaudited
Condensed Consolidated Statements of Comprehensive Income</FONT></P>

<P STYLE="color: #0C2D83; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">(Expressed
in thousands of U.S. dollars except per share amounts)</FONT></P>



<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt; color: Red"></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt; color: Red"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt; color: Red"></P>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="font-weight: bold; vertical-align: top; width: 61%"><FONT STYLE="color: #000000">For the quarter ended March 31,</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center; width: 3%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center; width: 8%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right; width: 14%"><FONT STYLE="color: #000000">2014</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right; width: 14%"><FONT STYLE="color: #000000">2013</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">$</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="color: #000000">Profit (loss) for the period</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,643</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43,968)</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="color: #000000">Other comprehensive income (loss):</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="2" style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">Change in fair value of available-for-sale
    financial assets</FONT></td>
    <td style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(489)</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(482)</FONT></td></tr>
<tr>
    <td style="vertical-align: top; text-align: left"><FONT STYLE="color: #000000">Realized gain (loss) on disposal of available-for-sale
    financial assets</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759</FONT></td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top; text-align: left"><FONT STYLE="color: #000000">Total other comprehensive
    income (loss) for the period</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(499)</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="color: #000000">Total comprehensive income (loss) for the
    period</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,913</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44,467)</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="color: #000000">Attributable to:</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr>
    <td style="vertical-align: top"><FONT STYLE="color: #000000">Shareholders of the Company</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,538</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45,962)</FONT></td></tr>
<tr>
    <td style="vertical-align: top"><FONT STYLE="color: #000000">Non-controlling interests</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(625)</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,495</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,913</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44,467)</FONT></td></tr>
</table>


<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt; color: Red"></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt; color: Red"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: #000000">The
accompanying notes are an integral part of these consolidated financial statements.</FONT></P>



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<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt; color: Red"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt; color: Red"></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">Eldorado Gold Corporation</FONT></P>

<P STYLE="color: #0C2D83; font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">Unaudited
Condensed Consolidated Statements of Cash Flows</FONT></P>

<P STYLE="color: #0C2D83; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">(Expressed
in thousands of U.S. dollars)</FONT></P>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: middle">
    <td style="font-weight: bold; width: 64%"><FONT STYLE="color: #000000">For the quarter ended March 31,</FONT></td>
    <td style="font-weight: bold; width: 2%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; text-align: center; width: 8%"><FONT STYLE="color: #000000">Note</FONT></td>
    <td style="font-weight: bold; text-align: right; width: 13%"><FONT STYLE="color: #000000">2014</FONT></td>
    <td style="font-weight: bold; text-align: right; width: 13%"><FONT STYLE="color: #000000">2013</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">&nbsp;$&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">&nbsp;$&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td><FONT STYLE="color: #000000">Cash flows generated from (used in):</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">Operating activities</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td><FONT STYLE="color: #000000">Profit (loss) for the period</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,643</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43,968)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-style: italic; text-align: left"><FONT STYLE="color: #000000">Items not affecting cash:</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Asset retirement obligation accretion</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Depreciation and amortization</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,572</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,114</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Unrealized foreign exchange loss</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Deferred income tax expense</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,196</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135,888</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Loss on disposal of assets</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Loss on investments in associates</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Loss (gain) on marketable securities and other investments</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Share based payments</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,994</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,877</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Defined benefit pension plan expense</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94,654</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139,924</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td><FONT STYLE="color: #000000">Changes in non-cash working capital</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-style: italic; text-align: center"><FONT STYLE="color: #000000">9</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25,217)</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,168</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,437</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167,092</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">Investing activities</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Net cash used on acquisition of subsidiary</FONT></td>
    <td style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-style: italic; text-align: center"><FONT STYLE="color: #000000">4</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30,318)</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Purchase of property, plant and equipment</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80,430)</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101,214)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td colspan="2" style="text-align: left"><FONT STYLE="color: #000000">Proceeds from the sale of property, plant and equipment</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Proceeds on production from tailings retreatment</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,792</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,328</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Proceeds from the sale of marketable securities</FONT></td>
    <td style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Funding of non-registered supplemental retirement plan investments,
    net</FONT></td>
    <td style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Investments in associates</FONT></td>
    <td style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,357)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Redemption of (investment in) term deposits</FONT></td>
    <td style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,676</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158,927)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Decrease in restricted cash</FONT></td>
    <td style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71,548)</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261,792)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">Financing activities</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td><FONT STYLE="color: #000000">Issuance of common shares for cash</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,422</FONT></td></tr>
<tr style="vertical-align: middle">
    <td><FONT STYLE="color: #000000">Investment by non-controlling interest</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">4</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,000</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td></tr>
<tr style="vertical-align: middle">
    <td><FONT STYLE="color: #000000">Dividend paid to shareholders</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,464)</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50,241)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td><FONT STYLE="color: #000000">Purchase of treasury stock</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,404)</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,294)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td><FONT STYLE="color: #000000">Long-term and bank debt proceeds</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,363</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,412</FONT></td></tr>
<tr style="vertical-align: middle">
    <td><FONT STYLE="color: #000000">Long-term and bank debt repayments</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16,382)</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,354)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td><FONT STYLE="color: #000000">Loan financing costs</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(473)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,113</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53,528)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">Net increase (decrease) in cash and cash equivalents</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,002</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148,228)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">Cash and cash equivalents - beginning of period</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589,180</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816,843</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: middle"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: middle"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: middle"><FONT STYLE="color: #000000">Cash and cash equivalents - end of period</FONT></td>
    <td style="font-weight: bold; vertical-align: middle"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614,182</FONT></td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668,615</FONT></td></tr>
</table>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: #000000">The
accompanying notes are an integral part of these consolidated financial statements.</FONT></P>


<P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt; color: #0038E5"><FONT STYLE="font-weight: normal; color: #000000">&nbsp;</FONT></P>


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<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt; color: Red"></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">Eldorado Gold Corporation</FONT></P>

<P STYLE="color: #0C2D83; font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">Unaudited
Condensed Consolidated Statements of Changes in Equity</FONT></P>

<P STYLE="color: #0C2D83; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">(Expressed
in thousands of U.S. dollars)</FONT></P>



<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt; color: Red"></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt; color: Red"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt; color: Red"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt; color: Red"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="font-weight: bold; vertical-align: bottom; width: 66%"><FONT STYLE="color: #000000">For the quarter ended March
    31,&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center; width: 6%"><FONT STYLE="color: #000000">Note</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; text-align: right; width: 13%"><FONT STYLE="color: #000000">2014</FONT></td>
    <td rowspan="2" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 2%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; text-align: right; width: 13%"><FONT STYLE="color: #000000">2013</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="color: #000000">&nbsp;$&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="color: #000000">&nbsp;$&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">Share capital&nbsp;</FONT></td>
    <td style="padding-left: 24px; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="padding-left: 24px; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Balance beginning of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,314,589</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,300,957</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="padding-left: 12px; text-align: left"><FONT STYLE="color: #000000">Shares issued upon exercise of share options,
    for cash</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,422</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="padding-left: 12px; text-align: left"><FONT STYLE="color: #000000">Transfer of contributed surplus on exercise
    of options</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="padding-left: 12px; text-align: left"><FONT STYLE="color: #000000">Transfer of contributed surplus on exercise
    of deferred phantom units</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Balance end of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,314,813</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,303,095</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">Treasury stock</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Balance beginning of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,953)</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,445)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="padding-left: 12px; text-align: left"><FONT STYLE="color: #000000">Purchase of treasury stock</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,404)</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,294)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="padding-left: 12px; text-align: left"><FONT STYLE="color: #000000">Shares redeemed upon exercise of restricted
    share units</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,432</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Balance end of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17,357)</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12,307)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">Contributed surplus</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Balance beginning of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,557</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,382</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="padding-left: 12px; text-align: left"><FONT STYLE="color: #000000">Share based payments</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,715</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,593</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="padding-left: 12px; text-align: left"><FONT STYLE="color: #000000">Shares redeemed upon exercise of restricted
    share units</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,432)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="padding-left: 12px; text-align: left"><FONT STYLE="color: #000000">Recognition of other non-current liability and
    related costs</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">4</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49,624)</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td></tr>
<tr>
    <td style="padding-left: 12px; vertical-align: middle; text-align: left"><FONT STYLE="color: #000000">Transfer to share capital
    on exercise of options and deferred phantom units</FONT></td>
    <td style="vertical-align: middle; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224)</FONT></td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(716)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Balance end of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,424</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,827</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">Accumulated other comprehensive loss</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Balance beginning of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17,056)</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24,535)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="padding-left: 12px; text-align: left"><FONT STYLE="color: #000000">Other comprehensive loss for the period</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(499)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Balance end of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16,786)</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25,034)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">Retained earnings (deficit)</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Balance beginning of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143,401)</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594,876</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="padding-left: 12px; text-align: left"><FONT STYLE="color: #000000">Dividends paid</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,464)</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50,241)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="padding-left: 12px; text-align: left"><FONT STYLE="color: #000000">Profit (loss) attributable to shareholders of
    the Company</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,268</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45,463)</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Balance end of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118,597)</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499,172</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">Total equity attributable to shareholders of
    the Company</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,197,497</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,836,753</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; text-align: left"><FONT STYLE="color: #000000">Non-controlling interests</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Balance beginning of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273,128</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284,100</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="padding-left: 12px; text-align: left"><FONT STYLE="color: #000000">Profit (loss) attributable to non-controlling
    interests</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(625)</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,495</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="padding-left: 12px; text-align: left"><FONT STYLE="color: #000000">Increase during the period</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">4</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,000</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="color: #000000">Balance end of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312,503</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285,595</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="color: #000000">Total equity</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,510,000</FONT></td>
    <td style="vertical-align: middle; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,122,348</FONT></td></tr>
</table>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 9pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: #000000">The
accompanying notes are an integral part of these consolidated financial statements.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"></P></I>

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<I><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"></P>



<P STYLE="margin: 0"></P>

<P STYLE="color: #0038E5; font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 17.85pt; text-indent: 0in"></P>

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000"><B>Eldorado
Gold Corporation</B></FONT></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">Notes
to the unaudited condensed consolidated financial statements</FONT></P>

<P STYLE="color: #0C2D83; font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">(Expressed
in thousands of U.S. dollars, unless otherwise stated)</FONT></P>



<P STYLE="color: #0038E5; font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 17.85pt; text-indent: 0in"></P>

<P STYLE="color: #0038E5; font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 17.85pt; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #000000">&nbsp;</FONT></P>

<P STYLE="color: #0038E5; font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 17.85pt; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="color: #000000"><B>1.</B></FONT></TD><TD STYLE="padding-right: 56.7pt"><FONT STYLE="color: #000000"><B>General
                                         Information </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">Eldorado
Gold Corporation (&ldquo;Eldorado&rdquo; or the &ldquo;Company&rdquo;) is a gold exploration, development, mining and production
company. The Company has operations and ongoing exploration and development projects in Turkey, China, Greece, Brazil and Romania.
The Company acquired Glory Resources Ltd (&ldquo;Glory&rdquo;) in March 2014. Glory has the Sapes development project in Thrace,
Greece.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">Eldorado
is a public company which is listed on the Toronto Stock Exchange and New York Stock Exchange and is incorporated and domiciled
in Canada.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 22.3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.3pt"><FONT STYLE="color: #000000"><B>2.</B></FONT></TD><TD STYLE="padding-right: 56.9pt"><FONT STYLE="color: #000000"><B>Basis
                                         of preparation</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #000000"><B>a)</B></FONT></TD><TD><FONT STYLE="color: #000000"><B>Statement
                                         of compliance</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 4pt 0.5in; text-indent: 0in"><FONT STYLE="color: #000000">These
unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard
34 &lsquo;Interim Financial Reporting&rsquo;. They do not include all of the information and footnotes required by the International
Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued by the International Accounting Standards Board for full annual financial
statements and should be read in conjunction with the Company&rsquo;s annual financial statements for the year ended December
31, 2013.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.5in; text-indent: 0in"><FONT STYLE="color: #000000">The
same accounting policies are used in the preparation of these unaudited condensed consolidated interim financial statements as
for the most recent audited annual financial statements and reflect all the adjustments necessary for fair presentation in accordance
with IFRS for the interim periods presented.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #000000"><B>b)</B></FONT></TD><TD><FONT STYLE="color: #000000"><B>Judgement and estimates</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.5in; text-indent: 0in"><FONT STYLE="color: #000000">The
preparation of these unaudited condensed consolidated interim financial statements in conformity with IFRS requires management
to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets
and liabilities, income and expense. Actual results may differ from these estimates.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.5in; text-indent: 0in"><FONT STYLE="color: #000000">The
significant judgements made by management in applying the Company&rsquo;s accounting policies and the key sources of estimation
uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31&nbsp;December
2013.</FONT></P>

<P STYLE="color: #0C2D83; font: 10pt/normal Univers 55; margin: 0 56.9pt 0 4.3pt; text-indent: 0in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 22.3pt"><FONT STYLE="color: #000000"><B>3.</B></FONT></TD><TD STYLE="padding-right: 56.9pt"><FONT STYLE="color: #000000"><B>Adoption
                                         of new accounting standards</B></FONT></TD></TR></TABLE>

<P STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">The
following interpretation of a standard has been adopted by the company commencing January 1, 2014:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: #000000">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: #000000">IFRIC
                                         21 &lsquo;<I>Levies</I>&rsquo; &ndash; This interpretation of IAS 37, &lsquo;Provisions<I>,
                                         Contingent Liabilities and Contingent Assets&rsquo;, </I>applies to the accounting for
                                         levies imposed by governments. IAS 37 sets out criteria for the recognition of a liability,
                                         one of which is the requirement for the entity to have a present obligation as a result
                                         of a past event (&ldquo;obligating event&rdquo;). IFRIC 21 clarifies that the obligating
                                         event that gives rise to a liability to pay a levy is the activity described in the relevant
                                         legislation that triggers the payment of the levy. There was no material impact on these
                                         unaudited condensed consolidated interim financial statements as a result of the adoption
                                         of this standard.</FONT></TD></TR></TABLE>

<P STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">The
following standard has been published and is mandatory for Eldorado&rsquo;s annual accounting periods no earlier than January
1, 2017:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #000000">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">IFRS
                                         9 <I>&lsquo;Financial Instruments: Classification and Measurement&rsquo; </I>&ndash;
                                         This is the first part of a new standard on classification and measurement of financial
                                         assets that will replace IAS 39, &lsquo;<I>Financial Instruments: Recognition and Measurement&rsquo;</I>.
                                         IFRS 9 has two measurement categories: amortized cost and fair value. All equity instruments
                                         are measured at fair value. A debt instrument is recorded at amortized cost only if the
                                         entity is holding it to collect contractual cash flows and the cash flows represent principal
                                         and interest. Otherwise it is measured at fair value with changes in fair value through
                                         profit or loss. In addition, this new standard has been updated to include guidance on
                                         financial liabilities and derecognition of financial instruments. The Company is currently
                                         evaluating the extent of the impact of the adoption of this standard.</FONT></TD></TR></TABLE>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000"><B>Eldorado
Gold Corporation</B></FONT></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">Notes
to the unaudited condensed consolidated financial statements</FONT></P>

<P STYLE="color: #0C2D83; font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">(Expressed
in thousands of U.S. dollars, unless otherwise stated)</FONT></P>


<P STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.5in"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"><FONT STYLE="color: #000000"><B>4.</B></FONT></TD><TD STYLE="padding-right: 56.7pt"><FONT STYLE="color: #000000"><B>Acquisitions
                                         and other transactions</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #000000"><B>a)</B></FONT></TD><TD><FONT STYLE="color: #000000"><B>Acquisition of Glory</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">Eldorado
completed the acquisition of all of the issued and outstanding common shares of Glory that it did not already own on March 14,
2014. As a result, Eldorado acquired a 100% interest in the Sapes exploration and development project in Thrace, Greece. Prior
to the transaction, Eldorado owned 19.9% interest in Glory and the investment was accounted for as an investment in associate.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">Total
consideration of $39,219 included cash for 179,504,179 shares in the amount of $27,583, an option buy-out payment of $1,590 to
holders of Glory options, and $10,046 related to the 44,595,920 shares of Glory that Eldorado had purchased prior to the off-market
takeover bid. A total of $1,229 was incurred as transaction costs and was capitalized as property, plant and equipment.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">This
transaction has been accounted for as an acquisition of assets and liabilities as Glory did not constitute a business, as defined
in IFRS 3. Other than a small working capital amount the remainder of the value for this transaction was assigned to property,
plant and equipment.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">Eldorado
paid net cash of $30,318 as a result of the transaction. This net reduction of cash was a result of an acquired cash balance of
$84 less cash consideration of $29,173 and transaction costs of $1,229.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #000000"><B>b)</B></FONT></TD><TD><FONT STYLE="color: #000000"><B>Eastern Dragon agreement</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">In
March 2014, the Company, through one of its subsidiaries, entered into a Subscription and a Shareholders agreement (&ldquo;Agreements&rdquo;)
with a third party (&ldquo;Third Party&rdquo;).</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">As
a result of these Agreements, Third Party acquired 21.5% of the total ordinary shares of Sino Gold Tenya (HK) Limited (&ldquo;Tenya&rdquo;),
a subsidiary of the Company, and indirectly a 20% interest in the Eastern Dragon Project.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">Under
the terms of the Agreements, Third Party has the right to require Eldorado to purchase or procure the purchase by another party
of Third Party&rsquo;s shares in Tenya at a fixed price (&ldquo;Put Option&rdquo;) for 90 days following the second anniversary
of the Agreements.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">The
Agreements include other rights and obligations of the company and Third Party associated with the advancement of the Eastern
Dragon Project.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">This
transaction has been accounted as an equity transaction with the recognition of a non-controlling interest in the amount of $40,000
representing the consideration received. A liability in the amount of $46,970 has been recorded, representing the present value
of the redemption amount of the Put Option and $2,654 of transaction costs have been recorded against equity. Future changes in
the present value of the redemption amount of the Put Option will be charge against equity.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"><FONT STYLE="color: #000000"><B>5.</B></FONT></TD><TD STYLE="padding-right: 56.7pt"><FONT STYLE="color: #000000"><B>Debt</B></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">March
                                         31, 2014</FONT></P>
        <P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">$</FONT></P></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">December
                                         31, 2013</FONT></P>
        <P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">$</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000"><U>Current:</U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Jinfeng
    China Merchant Bank (&ldquo;CMB&rdquo;) working capital loan (a)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">16,255</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">16,402</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; text-indent: -76.55pt; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000"><U>Non-current:</U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Senior
    notes &nbsp;(b)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">585,555</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">585,006</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; text-indent: -76.55pt; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Total
    debt</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">601,810</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">601,408</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000"><B>Eldorado
Gold Corporation</B></FONT></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">Notes
to the unaudited condensed consolidated financial statements</FONT></P>

<P STYLE="color: #0C2D83; font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">(Expressed
in thousands of U.S. dollars, unless otherwise stated)</FONT></P>


<P STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="color: #000000">5.</FONT></TD><TD><FONT STYLE="color: #000000">Debt
                                         <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></FONT></TD></TR></TABLE>

<P STYLE="color: #0C2D83; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in"><FONT STYLE="color: #000000"><I>(a)
Jinfeng CMB working capital loan</I></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in"><FONT STYLE="color: #000000">On January 16, 2013,
Jinfeng entered into a RMB 100.0 million ($16,255) working capital loan with CMB. Each drawdown bears fixed interest at the prevailing
lending rate stipulated by the People&rsquo;s Bank of China on the date of drawdown. The Facility had a term of up to one year,
from January 16, 2013 to January 14, 2014. In January 2014, the term of the facility was extended to January 28, 2015. This facility
is unsecured.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="color: #000000">During the quarter
ended March 31, 2014, Jinfeng repaid RMB 100.0 million ($16,255) on this facility and subsequently drew down the same amount.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="color: #000000">As at March 31,
2014, Jinfeng has drawn down the full amount under this facility and has used the proceeds to fund working capital obligations.
All tranches of the loan have a term of six months and a fixed interest rate of 5.6%.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt"><FONT STYLE="color: #000000"><B><I>(b) Senior
notes</I></B></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="color: #000000">On December 10,
2012, the Company completed an offering of $600.0 million senior notes (&ldquo;the notes&rdquo;) at par value, with a coupon rate
of 6.125% due December 15, 2020. The notes pay interest semi-annually on June 15 and December 15. Net deferred financing costs
of $14,445 have been included as an offset in the balance of the notes in the financial statements and are being amortized over
the term of the notes.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="color: #000000">The fair market
value of the notes as at March 31, 2014 was $597.8 million.</FONT></P>

<P STYLE="color: #0C2D83; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in"><FONT STYLE="color: #000000"><I>(c)
Entrusted loan</I></FONT></P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in"><FONT STYLE="font-size: 10pt; color: #000000">In
November 2010, Eastern Dragon, HSBC Bank (China) and Qinghai Dachaidan Mining Ltd (&ldquo;QDML</FONT><FONT STYLE="font-size: 9pt; color: #000000">&rdquo;)</FONT><FONT STYLE="font-size: 10pt; color: #000000">,
our 90% owned subsidiary, entered into a RMB 12.0 million ($1,951) entrusted loan agreement, which has been increased to RMB 720.0
million ($117,033) through a series of amendments.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in"><FONT STYLE="color: #000000">Under the terms
of the entrusted loan, QDML with its own funds entrusts HSBC Bank (China) to provide a loan facility in the name of QDML to Eastern
Dragon. The loan can be drawn down in tranches. Each drawdown bears interest fixed at the prevailing lending rate stipulated by
the People&rsquo;s Bank of China on the date of drawdown. Each draw down has a term of three months and can be rolled forward
at the discretion of QDML. The interest rate on this loan as at March 31, 2014 was 4.59%.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in"><FONT STYLE="color: #000000">As at March 31,
2014, RMB 638.4 million ($103,769) had been drawn under the entrusted loan.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in"><FONT STYLE="color: #000000">The entrusted loan
has been recorded on a net settlement basis.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"><FONT STYLE="color: #000000"><B>6.</B></FONT></TD><TD STYLE="padding-right: 56.7pt"><FONT STYLE="color: #000000"><B>Share
                                         capital</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">Eldorado&rsquo;s
authorized share capital consists of an unlimited number of voting common shares without par value and an unlimited number of
non-voting common shares without par value. At March 31, 2014 there were no non-voting common shares outstanding (December 31,
2013</FONT><FONT STYLE="color: #000000"> &ndash; <FONT STYLE="font-family: Times New Roman, Times, Serif">none).</FONT></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%; padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">Voting
    common shares</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="color: #0038E5; font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">Number
                                         of</FONT></P>
        <P STYLE="color: #0038E5; font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">Shares</FONT></P></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="color: #0038E5; font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">Total</FONT></P>
        <P STYLE="color: #0038E5; font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">$</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">At
    January 1, 2014</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">716,216,690</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">5,314,589</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Common
    shares issued for deferred phantom units</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">31,920</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">224</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">At
    March 31, 2014</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">716,248,610</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">5,314,813</FONT></TD></TR>
</TABLE>
<P STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.9pt 0 22.3pt; text-indent: 0in"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>


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    <!-- Field: /Page -->

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000"><B>Eldorado
Gold Corporation</B></FONT></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">Notes
to the unaudited condensed consolidated financial statements</FONT></P>

<P STYLE="color: #0C2D83; font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">(Expressed
in thousands of U.S. dollars, unless otherwise stated)</FONT></P>


<P STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


<P STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.9pt 0 22.3pt; text-indent: 0in"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"><FONT STYLE="color: #000000"><B>7.</B></FONT></TD><TD STYLE="padding-right: 56.7pt"><FONT STYLE="color: #000000"><B>Share-based
                                         payments</B></FONT></TD></TR></TABLE>

<P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000; letter-spacing: -0.1pt"><I>(a)
Share option plans</I></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="color: #000000">Movements in the
number of share options outstanding and their related weighted average exercise prices are as follows:</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">2014</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 68%; padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: rgb(0,56,229); font-weight: bold"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: Black"><B>Weighted
    average exercise price Cdn$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="color: #0038E5; font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">Number
                                         of</FONT></P>
        <P STYLE="color: #0038E5; font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">options</FONT></P></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">At
    January 1,</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">13.20</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">16,753,421</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Granted</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">7.84</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">6,083,597</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Exercised</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Forfeited</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">13.17</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">(447,078)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">At
    March 31,</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">11.73</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">22,389,940</FONT></TD></TR>
</TABLE>
<P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="color: #000000">At March 31, 2014,
16,076,218 share options (March 31, 2013 &ndash; 13,680,890) with a weighted average exercise price of Cdn$12.89 (March 31, 2013
&ndash; Cdn$13.10) had vested and were exercisable.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in"><FONT STYLE="color: #000000">Share based compensation
expense related to share options for the quarter ended March 31, 2014 was $4,981.</FONT></P>

<P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000; letter-spacing: -0.1pt"><I>(b)
Restricted share unit plan</I></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in"><FONT STYLE="color: #000000">A total of 876,412
restricted share units (&ldquo;RSUs&rdquo;) at a grant-date fair value of Cdn$7.84 per unit were granted during the period ended
March 31, 2014 under the Company&rsquo;s RSU plan and 292,137 RSUs were exercisable as at March 31, 2014.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in"><FONT STYLE="color: #000000">The fair value
of each RSU issued is determined as the closing share price at grant date. The current maximum number of common shares authorized
for issue under the RSU plan is 5,000,000.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 3pt 0.25in"><FONT STYLE="color: #000000">A summary of the
status of the restricted share unit plan and changes during the quarter ended March 31, 2014 is as follows:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 29%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: #000000">Total
    RSUs</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: #000000">Balance
    at December 31, 2013</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: #000000">774,845</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: #000000">RSUs
    Granted</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: #000000">876,412</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: #000000">Redeemed</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: #000000">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: #000000">Forfeited</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: #000000">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: #000000">Balance
    at March 31, 2014</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: #000000">1,651,257</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt"><FONT STYLE="color: #000000">As at March 31,
2014, 1,651,257 common shares purchased by the Company remain held in trust in connection with this plan. At the end of the period,
525,136 restricted share units are fully vested and exercisable. These shares purchased and held in trust have been included in
treasury stock in the balance sheet.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in"><FONT STYLE="color: #000000">Restricted share
units expense for the period ended March 31, 2014 was $1,734.</FONT></P>

<P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 12pt 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000; letter-spacing: -0.1pt"><I>(c)
Deferred share units plan </I></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt"><FONT STYLE="color: #000000">At March 31, 2014,
278,694 deferred share units (&ldquo;DSUs&rdquo;) were outstanding with a value of $1,550, which is included in accounts payable
and accrued liabilities.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt"><FONT STYLE="color: #000000">Compensation expense
related to the DSUs was $279 for the period ended March 31, 2014.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000"><B>Eldorado
Gold Corporation</B></FONT></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">Notes
to the unaudited condensed consolidated financial statements</FONT></P>

<P STYLE="color: #0C2D83; font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">(Expressed
in thousands of U.S. dollars, unless otherwise stated)</FONT></P>


<P STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"><FONT STYLE="color: #000000"><B>8.</B></FONT></TD><TD STYLE="padding-right: 56.7pt"><FONT STYLE="color: #000000"><B>Fair
                                         value of financial instruments</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="color: #000000">Fair values are
determined directly by reference to published price quotations in an active market, when available, or by using a valuation technique
that uses inputs observed from relevant markets.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="color: #000000">The three levels
of the fair value hierarchy are described below:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol; color: #000000">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: #000000">Level
                                         1 &ndash; Unadjusted quoted prices in active markets that are accessible at the measurement
                                         date for identical, unrestricted assets or liabilities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol; color: #000000">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: #000000">Level
                                         2 &ndash; Inputs that are observable, either directly or indirectly, but do not qualify
                                         as Level 1 inputs (i.e.,quoted prices for similar assets or liabilities).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol; color: #000000">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: #000000">Level
                                         3 &ndash; Prices or valuation techniques that require inputs that are both significant
                                         to the fair value measurement and unobservable (i.e., supported by little or no market
                                         activity).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="color: #000000">Assets and liabilities
measured at fair value as at March 31, 2014 include:</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif"></P></I>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000"><B>Balance
    at March 31, 2014</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000"><B>Quoted
    Prices in Active Markets for Identical Assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000"><B>Significant
    Other Observable Inputs</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000"><B>Significant
    Unobservable inputs</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000"><B>$</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000"><B>$</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000"><B>$</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000"><B>(Level
    1)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000"><B>(Level
    2)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000"><B>(Level
    3)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000"><B>Assets</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000"><I>Available-for-sale
    financial assets </I></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">&nbsp;&nbsp;Marketable
    securities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">3,309
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">3,309
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000"><I>Non-current
    assets</I></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">&nbsp;&nbsp;Investments
    in associates - Nordic Mines</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">801
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">801
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000"><B>Total
    assets</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">4,110
    </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">4,110
    </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
</TABLE>


<I><P STYLE="font: 10pt/13pt Times New Roman, Times, Serif"></P>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif" width="100%">
</table>


<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 14.2pt"></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 14.2pt"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 12pt 0 5pt 0.25in"><FONT STYLE="color: #000000">No liabilities
are measured at fair value on a recurring basis as at March 31, 2014.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="color: #000000">The fair value of
financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded
as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service,
or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm&rsquo;s length basis.
The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in
Level 1. Instruments included in Level 1 comprise primarily publicly-traded equity investments classified as held-for-trading
securities or available-for-sale securities.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="color: #000000">With the exception
of the fair market value of our senior notes (note 5b), all carrying amounts of financial instruments approximate their fair value.</FONT></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000"><B>Eldorado
Gold Corporation</B></FONT></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">Notes
to the unaudited condensed consolidated financial statements</FONT></P>

<P STYLE="color: #0C2D83; font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">(Expressed
in thousands of U.S. dollars, unless otherwise stated)</FONT></P>


<P STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"><FONT STYLE="color: #000000"><B>9.</B></FONT></TD><TD STYLE="padding-right: 56.7pt"><FONT STYLE="color: #000000"><B>Supplementary
                                         cash flow information</B></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">March
                                         31, 2014</FONT></P>
        <P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">March
                                         31, 2013</FONT></P>
        <P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 76.55pt; text-indent: -76.55pt; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif; color: Black">Changes
    in non-cash working capital</FONT></TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 7.05pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif; color: Black">Accounts
    receivable and other</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">(6,606)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">14,895</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif; color: Black">Inventories</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">9,340</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">10,787</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif; color: Black">Accounts
    payable and accrued liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">(27,951)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">1,486</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif; color: Black">Total</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">(25,217)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">27,168</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 76.55pt; text-indent: -76.55pt; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif; color: Black">Supplementary
    cash flow information</FONT></TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif; color: Black">Income
    taxes paid</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">11,352</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">27,318</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif; color: Black">Interest
    paid</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">204</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">433</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 76.55pt; text-indent: -71.25pt; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif; color: Black">Non-cash
    investing and financing activities</FONT></TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 15.5pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif; color: Black">Other
    non-current liability (note 4b)</FONT></TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">46,970</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD></TR>
<TR>
    <TD STYLE="width: 66%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 3pt 17.85pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"><FONT STYLE="color: #000000"><B>10.</B></FONT></TD><TD STYLE="padding-right: 56.7pt"><FONT STYLE="color: #000000"><B>Segment
                                         information</B></FONT></TD></TR></TABLE>

<P STYLE="color: #808EC8; font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">Identification
of reportable segments</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">The
Company has identified its operating segments based on the internal reports that are reviewed and used by the chief executive
officer and the executive management (the chief operating decision makers or CODM) in assessing performance and in determining
the allocation of resources.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">The
CODM considers the business from both a geographic and product perspective and assesses the performance of the operating segments
based on measures of profit and loss as well as assets and liabilities. These measures include gross profit (loss), expenditures
on exploration, property, plant and equipment and non-current assets, as well as total debt. As at March 31, 2014, Eldorado had
six reportable segments based on the geographical location of mining and exploration and development activities.</FONT></P>

<P STYLE="color: #808EC8; font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">10.1&#9;
Geographical segments&#9;</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">Geographically,
the operating segments are identified by country and by operating mine or mine under construction as follows:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #000000">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">The
                                         Brazil reporting segment includes the Vila Nova mine, development activities of Tocantinzinho
                                         and exploration activities in Brazil. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #000000">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">The
                                         Turkey reporting segment includes the Ki&#351;lada&#287; and the Efem&ccedil;ukuru mines
                                         and exploration activities in Turkey. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #000000">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">The
                                         China reporting segment includes the Tanjianshan (&ldquo;TJS&rdquo;), Jinfeng and White
                                         Mountain mines, the Eastern Dragon development project and exploration activities in
                                         China.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #000000">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">The
                                         Greece reporting segment includes the Stratoni mine and the Olympias, Skouries, Perama
                                         Hill and Sapes development projects and exploration activities in Greece. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #000000">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">The
                                         Romania reporting segment includes the Certej development project. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #000000">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">Other
                                         reporting segment includes operations of Eldorado&rsquo;s corporate office and exploration
                                         activities in other countries. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">Financial
information about each of these operating segments is reported to the CODM on at least a monthly basis.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000"><B>Eldorado
Gold Corporation</B></FONT></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">Notes
to the unaudited condensed consolidated financial statements</FONT></P>

<P STYLE="color: #0C2D83; font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">(Expressed
in thousands of U.S. dollars, unless otherwise stated)</FONT></P>


<P STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">10.&#9;Segment
information <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT>&#9;</FONT></P>

<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in; text-indent: 0in"></P></I>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle">
    <td style="font-weight: bold; width: 40%"><FONT STYLE="color: #000000">For the three months ended March 31, 2014</FONT></td>
    <td style="font-weight: bold; width: 8%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; width: 9%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; width: 8%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; width: 9%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; width: 8%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; width: 8%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; width: 10%"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">Turkey</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">China</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">Brazil</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">Greece</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">Romania</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">Other</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">Total</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">Information about profit and loss</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">Metal sales from external customers</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124,026</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124,829</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,645</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,370</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279,870</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">Production costs</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47,817</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63,485</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,085</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,398</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134,785</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">Depreciation</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,838</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,221</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,143</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,130</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,572</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">Gross profit (loss)</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63,371</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,123</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,417</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">(158)</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">(240)</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,513</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">Other material items of income and expense</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">Exploration costs</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,053</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,895</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">Income tax expense (recovery)</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,040</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,036</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">(399)</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,145</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,444</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">Additions to property, plant and</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 12px; text-align: left"><FONT STYLE="color: #000000">equipment during the period</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,879</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,483</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,362</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,092</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,356</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80,390</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 12px; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">Information about assets and liabilities</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">Property, plant and equipment (*)</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858,593</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,446,810</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201,480</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;2,625,368</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620,261</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,244</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,754,756</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">Goodwill</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,514</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473,782</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526,296</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858,593</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,499,324</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201,480</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;3,099,150</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620,261</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,244</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,281,052</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">Debt</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,255</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;585,555</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601,810</FONT></td></tr>
</table>


<I><P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in; text-indent: 0in"></P></I>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle">
    <td style="font-weight: bold; width: 40%"><FONT STYLE="color: #000000">For the three months ended March 31, 2013</FONT></td>
    <td style="font-weight: bold; width: 8%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; width: 9%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; width: 8%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; width: 9%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; width: 8%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; width: 8%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; width: 10%"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">Turkey</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">China</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">Brazil</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">Greece</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">Romania</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">Other</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="color: #000000">Total</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">Information about profit and loss</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">Metal sales from external customers</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198,142</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111,815</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,160</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,951</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338,068</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">Production costs</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,900</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,387</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,501</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,580</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130,368</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">Depreciation</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,113</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,149</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,236</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,130</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,114</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">Gross profit (loss)</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126,129</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,279</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,423</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">(759)</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">(486)</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170,586</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">Other material items of income and expense</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">Exploration costs</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,174</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,372</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,273</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,531</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,624</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">Income tax expense</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,452</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,828</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">845</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128,071</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171,252</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">Additions to property, plant and</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 12px; text-align: left"><FONT STYLE="color: #000000">equipment during the year</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,676</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,054</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,589</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,950</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,505</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,615</FONT></td></tr>
</table>


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<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in; text-indent: 0in"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"></P></I>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">For the year ended December 31, 2013</FONT></td>
    <td colspan="7" style="font-weight: bold; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 35%"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right; width: 9%"><FONT STYLE="color: #000000">Turkey</FONT></td>
    <td style="font-weight: bold; text-align: right; width: 10%"><FONT STYLE="color: #000000">China</FONT></td>
    <td style="font-weight: bold; text-align: right; width: 9%"><FONT STYLE="color: #000000">Brazil</FONT></td>
    <td style="font-weight: bold; text-align: right; width: 10%"><FONT STYLE="color: #000000">Greece</FONT></td>
    <td style="font-weight: bold; text-align: right; width: 8%"><FONT STYLE="color: #000000">Romania</FONT></td>
    <td style="font-weight: bold; text-align: right; width: 9%"><FONT STYLE="color: #000000">Other</FONT></td>
    <td style="font-weight: bold; text-align: right; width: 10%"><FONT STYLE="color: #000000">Total</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">$</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><FONT STYLE="color: #000000">Information about assets and liabilities</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">Property, plant and equipment (*)</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854,893</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,461,592</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201,791</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,546,935</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;616,906</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,265</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,684,382</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">Goodwill</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,514</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473,782</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526,296</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854,893</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,514,106</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201,791</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,020,717</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;616,906</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,265</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,210,678</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="color: #000000">Debt</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,402</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585,006</FONT></td>
    <td style="text-align: right"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601,408</FONT></td></tr>
</table>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000"><B>Eldorado
Gold Corporation</B></FONT></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">Notes
to the unaudited condensed consolidated financial statements</FONT></P>

<P STYLE="color: #0C2D83; font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">(Expressed
in thousands of U.S. dollars, unless otherwise stated)</FONT></P>


<P STYLE="color: #0C2D83; font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">*
Net of revenues from sale of production from tailings retreatment</FONT></P>

<P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 76.3pt; text-indent: -76.3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 76.3pt; text-indent: -76.3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 76.55pt; text-indent: -76.55pt"><FONT STYLE="color: #000000">10.&#9;Segment
information <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT>&#9;</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">The
Turkey and China segments derive their revenues from sales of gold. The Brazil segment derives its revenue from sales of iron
ore. The Greece segment derives its revenue from sales of zinc, lead and silver concentrates.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 9pt 17.85pt; text-indent: 0in"><FONT STYLE="color: #000000">The
measure of total debt represents the current and long-term portions of debt.</FONT></P>

<P STYLE="color: #808EC8; font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="color: #000000">10.2&#9;
Economic dependence&#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD><FONT STYLE="color: #000000">At March 31, 2014, each of our Chinese
                                         mines had one major customer, to whom each sells its entire production, as follows:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: -17.85pt"><FONT STYLE="color: #000000">&#9;TJS
Mine&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Henan
Zhongyuan Gold Smelter Factory Co. Ltd.of Zhongjin Gold Holding Co. Ltd.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: -17.85pt"><FONT STYLE="color: #000000">&#9;Jinfeng
Mine&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;China
National Gold Group</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: -0.25in"><FONT STYLE="color: #000000">&#9;White
Mountain Mine&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refinery
of Shandong Humon Smelting Co. Ltd.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD><FONT STYLE="color: #000000"><B>10.3 Seasonality/cyclicality of operations</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD><FONT STYLE="color: #000000">Management does not consider operations
                                         to be of a significant seasonal or cyclical nature.</FONT></TD></TR></TABLE>

<P STYLE="color: #0C2D83; font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>



<P STYLE="margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>mda.htm
<DESCRIPTION>MANAGEMENT'S DISCUSSION AND ANALYSIS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 9pt"><B>MANAGMENT&rsquo;S
    DISCUSSION AND ANALYSIS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 50%; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 9pt">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>MANAGEMENT&#8217;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&amp;A)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>for the three-month period ended March 31, 2014</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Throughout this MD&amp;A, <I>Eldorado</I>, <I>we, us, our</I> and
<I>the Company</I> mean Eldorado Gold Corporation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>This quarter</I> means the first quarter of 2014. All dollar amounts
are in United States dollars unless stated otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">The information in this MD&amp;A is as of
May 1, 2014. You should also read our audited consolidated financial statements for the year ended December 31, 2013 prepared in
accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)
and the unaudited interim condensed consolidated financial statements for the three-month period ended March 31, 2014 prepared
in accordance with International Accounting Standard (IAS) 34 &#8211; &#8220;Interim Financial Reporting&#8221;. We file our financial
statements and MD&amp;A with appropriate regulatory authorities in Canada and the United States. You can find more information
about Eldorado, including our Annual Information Form, on SEDAR at www.sedar.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>About Eldorado</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Based in Vancouver, Canada, Eldorado owns and operates gold mines
around the world. Its activities involve all facets of the gold mining industry including exploration and evaluation, development,
production and reclamation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Operating gold mines:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Kisladag, in Turkey (100%) </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Efemcukuru, in Turkey (100%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Tanjianshan, in China (90%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Jinfeng, in China (82%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">White Mountain, in China (95%)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gold projects:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Skouries, in Greece (95%) </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Olympias, in Greece (95%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Perama Hill, in Greece (100%) </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Sappes, in Greece (100%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Certej, in Romania (81%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Eastern Dragon, in China (75%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Tocantinzinho, in Brazil (100%)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Other mines:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Vila Nova &#8211; iron ore, in Brazil (100%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Stratoni &#8211; silver, lead, zinc, in Greece (95%)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Eldorado&#8217;s common shares are listed on the following exchanges:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Toronto Stock Exchange (TSX) under the symbol ELD </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New York Stock Exchange (NYSE) under the symbol EGO</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">ELD is part of the S&amp;P/TSX Global Gold Index. EGO is part of
the AMEX Gold BUGS Index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 50%"><FONT STYLE="font-size: 9pt"><B>MANAGMENT&rsquo;S
    DISCUSSION AND ANALYSIS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 50%">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 9pt">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>First quarter summary results and corporate developments</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: gray">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Selected consolidated financial information</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net profit attributable to shareholders of the Company was $31.3 million
($0.04 per share), compared to a loss attributable to shareholders of the Company of $45.5 million ($0.06 per share) in the first
quarter of 2013.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gold revenues were $247.6 million (2013 - $307.2 million) on sales of
190,628 ounces of gold at an average realized gold price of $1,299 per ounce (2013 &#8211; 189,346 ounces at $1,622 per ounce).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Paid dividends were $6.5 million, compared to $50.2 million in 2013.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Liquidity of $994.2 million, including $619.2 million in cash, cash equivalents
and term deposits, and $375.0 million in lines of credit.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Selected performance measures <SUP>(1)</SUP></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gold production of 196,523 ounces, including Olympias production from
tailings retreatment (2013 &#8211; 163,768 ounces), a 20% increase year over year.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total cash costs averaged $577 per ounce (2013 &#8211; $567 per ounce).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gross profit from gold mining operations of $95.4 million fell 42% as
compared to that of 2013 due to lower average realized gold prices.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adjusted net earnings of $37.3 million ($0.05 per share) were down 55%
compared to adjusted net earnings of $83.3 million ($0.12 per share) in 2013. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cash generated from operating activities before changes in non-cash working
capital was $94.7 million (2013 &#8211; $139.9 million).</FONT><BR>
<BR>
</TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><I>(1) Throughout this MD&amp;A we use cash operating cost per ounce,
total cash costs per ounce, all-in sustaining cost per ounce, gross profit from gold mining operations, adjusted net earnings,
and cash flow from operating activities before changes in non-cash working capital as additional measures of Company performance.
These are non-IFRS measures. Please see page 10 for an explanation and discussion of these non-IFRS measures.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Eastern Dragon Agreements</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In March 2014, Eldorado, through one of its subsidiaries, entered
into subscription and shareholders agreements (&#8220;Agreements&#8221;) with a Third Party (&#8220;Third Party&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As a result of the Agreements, Third Party owns 21.5% of the total
ordinary shares of Sino Gold Tenya (HK) Limited (&#8220;Tenya&#8221;), and indirectly owns a 20% interest in Eastern Dragon.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Under the terms of the Agreements, Third Party has the right to require
Eldorado to purchase or procure the purchase by another party of Third Party&#8217;s shares in Tenya if certain criteria are met
(&#8220;Put Option&#8221;). The Agreements include other rights and obligations of the Company and Third Party associated with
the advancement of Eastern Dragon.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This transaction has been accounted for as an equity transaction
with the recognition of a non-controlling interest in the amount of $40.0 million, representing the consideration received; a liability
in the amount of $47.0 million, representing the fair value of the Put Option; and, $2.7 million of transaction costs recorded
against equity.</P>


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    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 50%"><FONT STYLE="font-size: 9pt"><B>MANAGMENT&rsquo;S
    DISCUSSION AND ANALYSIS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 50%">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 9pt">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Glory acquisition</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In March 2014, Eldorado completed its acquisition of Glory Resources
Limited (&#8220;Glory&#8221;) for $40.4 million. As part of the acquisition, Eldorado agreed to pay AUD 6.5 million in deferred
obligations of Glory to a third party related to Glory&#8217;s acquisition of the Sappes property in Greece. Sappes is an advance
stage high grade gold project located approximately 15 km from the Company&#8217;s Perama Hill project in Thrace, Greece.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Review of Financial Results</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>&#9;</B></FONT><B><FONT STYLE="font-size: 8pt">&#9;</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #EAF1DD">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 3pt 0 0.1pt"><B>Summarized financial results &#8211; quarter ended
        March 31,</B></P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 3pt 0 0.1pt"><B>millions, except where noted</B></P></TD>
    <TD STYLE="width: 75px; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;2014</B></FONT></TD>
    <TD STYLE="width: 72px; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;2013</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Revenues</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$279.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$338.1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gold revenues </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$247.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$307.2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gold sold (ounces)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">190,628</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">189,346</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Average realized gold price (US$ per ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$1,299</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$1,622</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$519</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$505</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$577</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$567</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">All-in sustaining cash cost (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$786</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gross profit from gold mining operations</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$95.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$163.8</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Adjusted net earnings</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$37.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$83.3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Net profit (loss) attributable to shareholders of the Company</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$31.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">($45.5)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Earnings (loss) per share attributable to shareholders of the Company &#8211; Basic (US$/share)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.04</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">($0.06)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Earnings (loss) per share attributable to shareholders of the Company &#8211; Diluted (US$/share)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.04</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">($0.06)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Dividends paid (Cdn$/share)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.01</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.07</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash flow from operating activities before changes in non-cash working capital</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$94.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$139.9</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Net profit attributable to shareholders of the Company was $31.3
million (or $0.04 per share) for the quarter compared with a loss of $45.5 million (or $0.06 per share) in the first quarter of
2013. Adjusted net earnings for the quarter were $37.3 million this quarter compared to $83.3 million in the first quarter of 2013.
Last year&#8217;s difference between loss attributable to shareholders and adjusted net earnings reflected primarily the non-cash
charge of $125.2 million to deferred income tax expense related to the change in Greek tax rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Realized gold prices fell 20% year over year impacting revenues and
gross mine profit. Unit production costs from gold mining operations were unchanged compared with the first quarter of 2013 reflecting
ongoing measures taken by the Company to control costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Depreciation, depletion and amortization expense increased 24% over
the first quarter of 2013, mainly as a result of an increase in the depreciation of capitalized waste stripping costs as well as
higher production from the Company&#8217;s Chinese mines which carry higher depreciation rates than the Company&#8217;s Turkish
gold mining operations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Excluding the $125.2 million adjustment referred to above the effective
tax rate was 36% for the first quarter of 2013 as compared with 51% for this quarter. The increase in the effective tax rate this
year over last year was due to the impact of Turkish lira exchange rate changes on the tax basis of our Turkish tax assets as well
as an increase in accrued withholding taxes on dividends paid by subsidiaries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 50%"><FONT STYLE="font-size: 9pt"><B>MANAGMENT&rsquo;S
    DISCUSSION AND ANALYSIS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 50%">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 9pt">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Operations update</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #EAF1DD">
    <TD STYLE="border-top: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 11pt"><FONT STYLE="font: 10pt/109% Arial, Helvetica, Sans-Serif"><B>Summarized operating highlights &#8211; quarter ended March 31, </B></FONT></TD>
    <TD STYLE="width: 97px; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;2014</B></FONT></TD>
    <TD STYLE="width: 96px; border-top: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;2013</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations (millions)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$95.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$163.8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced &#8211; including Olympias production from tailings retreatment</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">196,523</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">163,768</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$519</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$505</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$577</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$567</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAF1DD">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Kisladag</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$47.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$85.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">67,075</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">70,221</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$456</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$334</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$473</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$359</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAF1DD">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Efemcukuru</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$14.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$38.7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">26,969</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">19,856</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$526</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$582</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$547</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$619</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAF1DD">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Tanjianshan</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$13.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$19.1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">28,379</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">26,207</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$422</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$442</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$592</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$636</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAF1DD">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Jinfeng</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$12.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$8.7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">41,295</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">21,742</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$626</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$832</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$709</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$930</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAF1DD">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>White Mountain</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$7.2</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$12.3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">26,473</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">20,915</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$607</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$634</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$646</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$679</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAF1DD">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Olympias</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced from tailings retreatment</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">6,332</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">4,827</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 4 -->
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    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 50%"><FONT STYLE="font-size: 9pt"><B>MANAGMENT&rsquo;S
    DISCUSSION AND ANALYSIS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 50%">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 9pt">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Kisladag</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EAEFE5">
    <TD STYLE="width: 68%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes placed on pad</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,856,882</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,915,508</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average treated head grade - grams per tonne (g/t)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.73</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.29</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">67,075</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">70,221</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">66,852</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">70,250</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$456</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$334</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$473</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$359</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #EAEFE5">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data (millions)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$86.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$114.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$6.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$3.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$47.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$85.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$7.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$35.4</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gold production at Kisladag was 4% lower year over year due to lower
average treated head grade partially offset by higher ore tonnes. As expected cash operating costs were higher year over year as
a result of lower average treated head grade, and higher fuel and reagent costs incurred due to the higher tonnage throughput.
Capital expenditures for the quarter included costs for capitalised waste stripping and construction of additional leach pad cells.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Efemcukuru</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EAEFE5">
    <TD STYLE="width: 68%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes Milled</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">106,501</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">86,879</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Treated Head Grade - g/t</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.56</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.47</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Recovery Rate (to Concentrate)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">93.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">93.6%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">26,969</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">19,856</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">27,647</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">50,291</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$526</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$582</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$547</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$619</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #EAEFE5">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data (millions)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$36.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$81.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$6.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$9.8</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$14.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$38.7</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$5.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$9.8</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Gold production at Efemcukuru was 36% higher year over year
due to higher average treated head grade and ore tonnes. Cash operating costs were 10% lower year over year due to lower mining
and processing costs related to the weakening Turkish lira. Capital spending during the quarter included underground development
and mine mobile equipment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 5 -->
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    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 50%"><FONT STYLE="font-size: 9pt"><B>MANAGMENT&rsquo;S
    DISCUSSION AND ANALYSIS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 50%">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 9pt">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Tanjianshan</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EAEFE5">
    <TD STYLE="width: 68%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes Milled</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">263,609</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">247,061</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Treated Head Grade &#8211; g/t</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.44</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.74</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Recovery Rate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">81.1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">80.8%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">28,379</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">26,207</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">28,379</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">26,207</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$422</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$442</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$592</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$636</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #EAEFE5">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data (millions)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$37.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$42.6</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$6.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$6.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$13.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$19.1</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$1.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$1.8</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gold production at Tanjianshan was 8% higher year over year mainly
as a result of higher ore tonnes partially offset by lower average treated head grade. Circuit recoveries were slightly higher
in the quarter. Cash operating costs per ounce were 5% lower year over year mainly as a result of lower processing costs due a
decrease in the consumption of reagents. Capital spending this quarter included capitalized waste stripping on the JLG pit cutback.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Jinfeng</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EAEFE5">
    <TD STYLE="width: 68%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes Milled</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">364,987</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">351,901</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Treated Head Grade &#8211; g/t</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.00</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.43</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Recovery Rate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">87.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">82.4%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">41,295</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">21,742</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">41,277</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">21,683</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$626</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$832</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$709</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$930</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #EAEFE5">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data (millions)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$53.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$35.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$11.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$6.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$12.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$8.7</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$5.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$13.9</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Gold production at Jinfeng was 90% higher year
over year mainly as a result of higher average treated head grade. A total of 174,851 tonnes of ore was mined from the open pit
this quarter (first quarter 2013 &#8211; 54,126 tonnes). A total of 173,454 tonnes of ore was mined from the underground during
the quarter (first quarter 2013 &#8211; 138,989 tonnes). Cash costs were 24% lower year over year due to the increase in gold production
from higher grade ore as well as lower cost open pit mining. Capital expenditures for the quarter included underground development,
mining equipment and tailings dam improvements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 50%"><FONT STYLE="font-size: 9pt"><B>MANAGMENT&rsquo;S
    DISCUSSION AND ANALYSIS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 50%">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 9pt">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>White Mountain</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EAEFE5">
    <TD STYLE="width: 68%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes Milled</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">200,682</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">198,934</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Treated Head Grade &#8211; g/t</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.13</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.80</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Recovery Rate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">86.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">85.6%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">26,473</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">20,915</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">26,473</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">20,915</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$607</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$634</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$646</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$679</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #EAEFE5">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data (millions)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$34.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$33.9</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$9.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$7.4</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$7.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$12.3</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$3.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$6.0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gold production at White Mountain during the quarter was 27% higher
year over year due to higher average treated head grade and higher recoveries. Cash operating costs per ounce were 4% lower year
over year as a result of the increase in gold production from higher grade ore. Capital expenditures for the quarter included capitalized
underground development, delineation drilling, and capitalized exploration costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Vila Nova</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EAEFE5">
    <TD STYLE="width: 68%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes Processed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">203,481</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">212,911</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Iron Ore Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">175,078</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">183,426</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Grade (% Fe)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">62.91%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">62.87%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Iron Ore Tonnes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">217,382</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">129,548</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Realized Iron Ore Price</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$86</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$117</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total Cash Costs (per tonne sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$ 60</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$ 66</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #EAEFE5">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data (millions)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$18.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$15.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$2.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$1.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$3.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$5.4</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$3.4</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Iron ore production fell year over year as access to the pit and
waste dump area were impacted by an increase in the amount of rainfall year over year. Vila Nova continued to use the Santana public
port for iron ore shipments since the Anglo Ferrous port accident which occurred at the end of the first quarter of 2013.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 50%"><FONT STYLE="font-size: 9pt"><B>MANAGMENT&rsquo;S
    DISCUSSION AND ANALYSIS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 50%">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 9pt">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Stratoni</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EAEFE5">
    <TD STYLE="width: 68%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes ore mined (wet)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">57,242</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">54,125</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes ore processed (dry)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">55,449</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">48,521</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Pb grade (%)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.27%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.21%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Zn grade (%)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11.27%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9.36%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Ag grade (g/t)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">164</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">163</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes of concentrate produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15,936</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12,278</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes of concentrate sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16,717</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13,968</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average realized concentrate price (per&nbsp;&nbsp;tonne)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$740</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$927</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total Cash Costs (per tonne of concentrate sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$622</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$829</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #EAEFE5">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data (millions)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$12.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$13.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$2.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$1.9</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Earnings/(loss) from operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">($0.1)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">($0.5)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.1</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">During the first quarter, Stratoni mined 57,242 tonnes of run-of-mine
ore and produced 15,936 tonnes of lead and zinc concentrate at an average cash cost of $622 per tonne of concentrate sold. During
the same period, Stratoni sold 16,717 tonnes of concentrate at an average price of $740 per tonne.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Gold projects update</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Kisladag Mine Optimization</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The company continued its evaluation of mine development options
for Kisladag including optimization of existing process operations and modification of the Phase IV expansion plans. The objective
is to evaluate incremental increases in mine throughput. Equipment purchased for the Phase IV expansion is being included in this
review as is the utilization of existing infrastructure.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Efemcukuru Expansion</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Process design work was completed during the quarter to identify
changes to the process plant required to increase mill throughput to approximately 500,000 tonnes per year from its current design
of 400,000 tonnes per year. These changes would mainly affect the flotation circuit, and the concentrate handling systems. A decision
regarding the expansion will be made after a detailed cost benefit analysis is completed, including preparation of a new life of
mine production plan and identification of additional mining equipment required to achieve the increase in mine throughput.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Perama Hill</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Front-end engineering work continued during the first quarter and
is expected to be completed in the second quarter. Process design criteria and process flow diagrams were finalized during the
quarter. Preliminary cost estimating, scheduling, and implementation planning was commenced. Capital spending totaled $1.8 million
during the quarter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Olympias</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Underground refurbishment continued during the quarter in parallel
with tailings retreatment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Approximately 276 meters of underground drifts were rehabilitated
and 604 meters of new drifts were completed. The development rate in the main decline accessing the orebody from the Kokkinolakkas
valley was reduced during the quarter due to inflows of ground water into the heading. Development is now proceeding under advanced
grout cover. During the quarter, Olympias treated 144,522 tonnes of tailings and produced 6,332 payable gold ounces. An estimated
1,710,500 tonnes of tailings remain to be reclaimed from the tailings dam.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 50%"><FONT STYLE="font-size: 9pt"><B>MANAGMENT&rsquo;S
    DISCUSSION AND ANALYSIS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 50%">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 9pt">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Capital costs of $25.2 million were incurred during the quarter for
mine development, rehabilitation, and tailings retreatment. A total of $8.8 million in proceeds were received from the sale of
gold recovered from the retreatment process and credited to capital.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Skouries</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Site clearing and earthwork in the main process area was advanced
during the quarter. Clearing in the open pit area commenced and was substantially completed. Construction access roads to the first
tailings dam and to one of the topsoil stockpile areas were substantially completed. The pouring of concrete for the mill foundations
also began during the quarter. The rate of advance in the underground decline was adversely affected by inflows of water, which
were effectively sealed through grouting, after which normal development resumed. Capital spending totaled $16.3 million during
the quarter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Certej</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Work on Certej during the quarter focused on finalizing the prefeasibility
study (&#8220;PFS&#8221;) to support the resource/reserve statement, and subsequent preparation of the NI 43-101 Technical Report.
The study, based on a production rate of 3 million tonnes per year, assumed conventional open pit mining supported by flotation,
pressure oxidation and cyanide leach treatment of the ore. The company will pursue a number of trade-off studies identified during
the PFS prior to proceeding to a feasibility study in late 2014.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">A total of $ 3.4 million was spent on Certej including site work,
metallurgical testwork, capitalized exploration, and engineering for the prefeasibility study.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Eastern Dragon</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Permitting at Eastern Dragon is focusing on the completion of the
revised EIA (suitable for federal approval), which we expect to submit in the second quarter. Following approval of the revised
EIA, we will formally submit the Project Permit Approval (PPA) application and anticipate approval by year end. This permit will
allow us to finish construction and commence production in 2015.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Tocantinzinho</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Work continued during the quarter on optimization of the Tocantinzinho
feasibility study, finalization of which is planned for the second quarter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Exploration update </B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">During the quarter 5,500 metres of exploration drilling were completed
at the Company&#8217;s operations and exploration projects. The 2014 drilling programs at most exploration sites are not scheduled
to commence until later in the year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Greece</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In the Perama district, exploration activities for the quarter focused
on extending geological mapping coverage in the Perama South area and conducting reconnaissance field visits to nearby prospects.
The acquisition of the Sappes project was completed during the quarter, and historical exploration data is being compiled and evaluated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In the Chalkidiki District, underground exploration drilling commenced
at the Mavres Petres mine, targeting the western extension of the orebody. Mapping and soil sampling programs were initiated over
the Piavitsa project area to better define exploration potential in the area to the west of the previous drilling.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 50%"><FONT STYLE="font-size: 9pt"><B>MANAGMENT&rsquo;S
    DISCUSSION AND ANALYSIS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 50%">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 9pt">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Romania</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">At Certej, exploration activities during the quarter focused on refining
alteration models for the deposit and defining targets peripheral to the deposit for the upcoming drilling programs. The Phase
1 drilling programs were completed at the nearby Brad and Deva exploration licenses, testing porphyry and epithermal targets adjacent
to historical mines.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Turkey</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">No exploration drilling was completed in Turkey during the quarter.
At the Efemcukuru minesite, soil sampling was conducted to extend historical coverage into the relatively underexplored southern
portion of the license area. Detailed relogging of exploration drillholes from the Kokarpinar vein was completed, with the objective
of defining structural controls on previous high-grade drill intercepts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>China</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">No exploration drilling was completed in China during the first quarter.
At White Mountain, exploration activities focused on detailed characterization of mineralized breccias in the deposit to assist
in target definition for the upcoming drilling program. At Tanjianshan, preparations were completed for exploration drilling at
the Xijingou and Qinlongtan north deposit areas to be initiated in the second quarter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Brazil</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Approximately 1,350 meters of drilling were completed in the Phase
1 program at the Goldfish project in Tocantins State, targeting high-grade orogenic veins that are exposed in shallow surface workings.
Several drillholes intersected mineralized veins, though results have only been received for the first drillhole, including an
intercept of 4.35m @ 12.74 g/t Au. Exploration elsewhere in Brazil included soil and stream sediment sampling at early stage projects
in Goias State.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Quarterly results</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">millions (except per share amounts)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #EAEFE5">
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2013 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2012 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2012</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAEFE5">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>First quarter</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Fourth quarter</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Third quarter</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Second quarter</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>First quarter</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Fourth quarter</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Third quarter</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Second quarter</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$279.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$231.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$287.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$266.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$338.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$350.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$281.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$244.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Profit (loss)<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$31.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">($687.5)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$36.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$43.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">($45.4)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$115.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$75.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$46.6</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Earnings (loss) per share<SUP>1</SUP></FONT></TD>
    <TD STYLE="background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">- basic</FONT></TD>
    <TD STYLE="background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.04</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">($0.96)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.05</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.06</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">($0.06)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.16</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.11</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.07</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">- diluted</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.04</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">($0.96)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.05</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.06</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">($0.06)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.16</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.11</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.07</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><SUP>1)</SUP></FONT></TD><TD><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><SUP>Attributable to shareholders of the Company</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Quarterly profit for the fourth quarter of 2013 was affected by a
$684.6 million charge net of taxes for the impairment of goodwill and property, plant and equipment related to the Company&#8217;s
Jinfeng and Eastern Dragon gold properties. The first quarter of 2013 was affected by a one-time $125.2 million adjustment related
to Greek tax rates.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Non-IFRS measures</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Throughout this document, we have provided measures prepared in accordance
with IFRS, as well as some non-IFRS performance measures as additional information for investors who also use them to evaluate
our performance. Since there is no standard method for calculating non-IFRS measures, they are not a reliable way to compare us
against other companies. Non-IFRS measures should be used along with other performance measures prepared in accordance with IFRS.
We have defined our non-IFRS measures below and reconciled them with the IFRS measures we report.</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 50%"><FONT STYLE="font-size: 9pt"><B>MANAGMENT&rsquo;S
    DISCUSSION AND ANALYSIS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 50%">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 9pt">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Cash operating cost and total cash cost</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt">The table below reconciles cash operating cost from our gold
mining operations to production costs. We calculate costs according to the Gold Institute Standard. Total cash cost is the sum
of cash operating cost, royalty expense and production tax expense.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #EAEFE5">
    <TD STYLE="width: 71%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Reconciliation of cash operating costs to production costs</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;2014</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAEFE5">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">millions (except for gold ounces sold and cash operating cost per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;First </B></FONT><BR>
<FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>quarter</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>First </B></FONT><BR>
<FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>quarter</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"><B>Production costs &#8211; excluding Vila Nova and Stratoni</B></P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 0 0 2pt">(from consolidated income statement)</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$111.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$110.3</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Less:</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">By-product credits and other adjustments</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(1.4)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(2.9)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Total cash cost</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$109.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$107.4</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Royalty expense and production taxes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(11.0)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(11.8)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Cash operating cost</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$98.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$95.6</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gold ounces sold </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">190,628</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">189,346</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Total cash cost per ounce sold</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$577</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$567</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Cash operating cost per ounce sold</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$519</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$505</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>All-in sustaining cash cost</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Effective January 31, 2014 the Company, in conjunction with an initiative
undertaken within the gold mining industry and set out in the guidance note released by the World Gold Council on June 27, 2013,
has adopted an all-in sustaining cost performance measure. All-in sustaining costs are calculated by taking total cash costs as
indicated in the reconciliation above and adding sustaining capital expenditures, corporate administrative expense, exploration
and evaluation costs, and reclamation cost accretion. The Company believes that this measure represents the total costs of producing
gold from current operations, and provides the Company and other stakeholders of the company with additional information of the
Company&#8217;s operational performance and ability to generate cash flows. As the measure seeks to reflect the full cost of gold
production from current operations, new project capital is not included. Certain other cash expenditures, including tax payments,
dividends and financing costs are also not included. The Company reports this measure on a gold ounces sold basis. The table below
provides additional detail on the calculation of the Company&#8217;s all-in sustaining cash cost for the current period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: #EAEFE5">
    <TD STYLE="width: 83%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Calculation of all-in sustaining cash costs</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;2014</B></FONT></TD></TR>
<TR STYLE="background-color: #EAEFE5">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">millions (except for gold ounces sold and all-in sustaining cash cost per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;First </B></FONT><BR>
<FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>quarter</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Total cash cost</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$109.9</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Capital spending at operating gold mines</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">23.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Exploration spending at operating gold mines</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">1.1</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>General and administrative expenses</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">15.8</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>All-in sustaining cash costs</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$149.8</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Gold ounces sold</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">190,628</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>All-in sustaining cash cost per ounce sold</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$786</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 50%"><FONT STYLE="font-size: 9pt"><B>MANAGMENT&rsquo;S
    DISCUSSION AND ANALYSIS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 50%">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 9pt">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Cash flow from mining operations before changes in non-cash working
capital</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We use <I>cash flow from mining operations before changes in non-cash
working capital</I> to supplement our consolidated financial statements, and calculate it by not including the period to period
movement of non-cash working capital items, like accounts receivable, advances and deposits, inventory, accounts payable and accrued
liabilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Adjusted net earnings</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Company has included non-IFRS performance measures, <I>adjusted
net earnings</I> and <I>adjusted net earnings per share</I>, throughout this document. Adjusted net earnings excludes gains/losses
and other costs incurred for acquisitions and disposals of mining interests, impairment charges, unrealized and non-cash realized
gains/losses of financial instruments and foreign exchange impacts on deferred income tax as well as significant non-cash, non-recurring
items. The Company also excludes net earnings and losses of certain associates that the Company does not view as part of the core
mining operations. The Company excludes these items from net earnings to provide a measure which allows the Company and investors
to evaluate the results of the underlying core operations of the Company and its ability to generate cash flow. Accordingly, it
is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance
prepared in accordance with IFRS.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The following table provides a reconciliation of adjusted net earnings
to the consolidated financial statements for the quarters ended March 31:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 79%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"><B>Reconciliation of adjusted net earnings to consolidated
        net earnings (loss)</B></P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0 0">millions (except for weighted average shares and earnings
        per share)</P></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Q1 2014</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Q1 2013</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Net (loss) earnings attributable to shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>$31.3</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>($45.5)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Losses (gains) on available-for-sale securities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Loss on investment in associates</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.9</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Unrealized losses (gains) on foreign exchange translation of deferred income tax balances</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">5.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">2.7</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Deferred income tax charge for change in Greek tax rates</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">125.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Total adjusted net earnings</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>$37.3</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>$83.3</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Weighted average shares outstanding</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">716,217</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">714,504</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Adjusted net earnings ($/share)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>$0.05</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>$0.12</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Gross profit from gold mining operations</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gross profit from gold mining operations represents gross revenues
from gold mining operations less production costs and depreciation, depletion and amortization related to those operations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Operating cash flow, financial condition and liquidity</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Operating activities before changes in non-cash working capital generated
$94.7 million in cash this quarter, compared to $139.9 million in the same quarter of 2013.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Capital expenditures</B></P>

<P STYLE="font: 10pt ArialMT,sans-serif; margin: 0">We invested $80.4 million in capital expenditures, mine evaluation and development,
mining licences and other assets in the first quarter of 2014. Mine evaluation and development totalled $52.9 million while spending
at our producing mines (including capitalized exploration) totalled $24.4 million. The remaining $3.1 million related to fixed
assets for our corporate offices in Canada, Brazil, Turkey, Greece, Romania, and China.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 50%"><FONT STYLE="font-size: 9pt"><B>MANAGMENT&rsquo;S
    DISCUSSION AND ANALYSIS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 50%">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 9pt">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Liquidity and capital resources</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #EAEFE5">
    <TD STYLE="width: 55%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(millions)</FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>March 31,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>December 31, 2013</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash, cash equivalents and term deposits</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$619.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$623.9</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Working capital</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$740.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$734.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Debt</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$601.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$601.4</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Management believes that the working capital at March 31, 2014, together
with future cash flows from operations and, where appropriate, selected financing sources, including available credit lines, are
sufficient to support our planned and foreseeable commitments, and dividends, if declared, in 2014 and beyond.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Contractual obligations</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EAEFE5">
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-right: 0.1in; padding-bottom: 3pt; text-align: left; font-weight: bold"><FONT STYLE="font: normal 8pt Arial, Helvetica, Sans-Serif">(millions)</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-right: 0.1in; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Within 1 year</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2 to 3 years</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3 to 4 years</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Over 5 years</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Debt</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">600.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">616.3</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Capital leases</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.4</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.15in; text-indent: -0.15in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Operating leases</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">39.1</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Purchase obligations</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">90.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">30.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">29.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">150.1</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Totals</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">114.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">46.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">40.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">608.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EAEFE5; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">808.9</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The table does not include interest on debt.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As at March 31, 2014, Hellas Gold had entered into off-take agreements
pursuant to which Hellas Gold agreed to sell&nbsp;a total of 16,450 dry metric tonnes of zinc concentrates, 6,510 dry metric tonnes
of lead/silver concentrates over the next three years, and 67,000 dry metric tonnes of gold concentrate through December 31, 2014.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In April 2007, Hellas Gold agreed to sell to Silver Wheaton (Caymans)
Ltd. (Silver Wheaton) all of the silver metal to be produced from ore extracted during the mine-life within an area of approximately
seven square kilometres around Stratoni, up to 15 million ounces, or 20 million ounces if additional silver is processed through
the Stratoni mill from areas other than the current producing mine. The sale was made in consideration of a prepayment to Hellas
Gold of $57.5 million in cash, plus a fee per ounce of payable silver to be delivered to Silver Wheaton of the lesser of $3.90
and the prevailing market price per ounce. As at March 31, 2014 approximately 6.1 million ounces of silver have been delivered
of the original 15 million ounce commitment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; background-color: white">Debt</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Significant changes in our debt from that disclosed in our December
31, 2013 annual MD&amp;A and consolidated financial statements are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-weight: normal"><I>Jinfeng
CMB working capital loan</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-weight: normal">On January
16, 2013, Jinfeng entered into a RMB 100.0 million ($16.3 million) working capital loan with CMB. Each drawdown bears fixed interest
at the prevailing lending rate stipulated by the People&#8217;s Bank of China on the date of drawdown. The Facility had a term
of up to one year, from January 16, 2013 to January 15, 2014. In January 2014, the term of the facility was extended to January
28, 2015. The facility is unsecured.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-weight: normal">As at
March 31, 2014, Jinfeng has drawn down the full amount under this facility and has used the proceeds to fund working capital obligations.
All tranches of the loan have a term of six months and a fixed interest rate of 5.6%.</FONT></P>


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    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 50%"><FONT STYLE="font-size: 9pt"><B>MANAGMENT&rsquo;S
    DISCUSSION AND ANALYSIS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 50%">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 9pt">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-weight: normal"><I>Senior
notes</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-weight: normal">The fair
market value of the notes as at March 31, 2014 is $597.8 million. Net deferred financing costs of $14.4 million have been included
as an offset in the balance of the notes in the financial statements and are being amortized over the term of the notes.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-weight: normal"><I>Entrusted
loan</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-weight: normal">The interest
rate on this loan as at March 31, 2014 was 4.59%. As at March 31, 2014, RMB 638.4 million ($103.8 million) had been drawn under
the entrusted loan. The entrusted loan has been recorded on a net settlement basis.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; background-color: white">Dividends</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On February 14, 2014 Eldorado paid $6.5 million in dividends to shareholders
of record. Future dividend payments will be dependent on the Company having an aggregate of contributed surplus, accumulated other
comprehensive income and retained earnings balance exceeding the dividend amount to be paid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Equity</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This quarter no common shares related to stock options and warrants
were exercised.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -21.3pt">Common shares outstanding</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -12.3pt">- as of May 1, 2014</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -12.3pt">- as of March 31, 2014</P></TD>
    <TD STYLE="width: 28%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right">716,248,610</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right">716,248,610</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -21.3pt">Share purchase options</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -12.3pt">- as of May 1, 2014</P>
        <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">(Weighted average exercise price per share: $11.73 Cdn)</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">22,417,167</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Other information </B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>New accounting developments</B></P>

<P STYLE="color: #0C2D83; font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0 56.7pt 6pt 0; text-indent: 0in"><FONT STYLE="color: #000000">The
following interpretation of a standard has been adopted by the company commencing January 1, 2014:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0C2D83; font: 10pt/normal Univers 55; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #000000">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #000000">IFRIC
                                         21 <I>'Levies'</I> - This interpretation of IAS 37, <I>'Provisions, Contingent Liabilities
                                         and Contingent Assets'</I>, applies to the accounting for levies imposed by governments.
                                         IAS 37 sets out criteria for the recognition of a liability, one of which is the requirement
                                         for the entity to have a present obligation as a result of a past event (&quot;obligating
                                         event&quot;). IFRIC 21 clarifies that the obligating event that gives rise to a liability
                                         to pay a levy is the activity described in the relevant legislation that triggers the
                                         payment of the levy. There was no material impact on these unaudited condensed consolidated
                                         interim financial statements as a result of the adoption of this standard.</FONT></TD></TR></TABLE>

<P STYLE="color: #0C2D83; font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0in"><FONT STYLE="color: #000000">The
following standard has been published and is mandatory for Eldorado's annual accounting periods no earlier than January 1, 2017:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0C2D83; font: 10pt/normal Univers 55; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #000000">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #000000">IFRS
                                         9 <I>'Financial Instruments: Classification and Measurement'</I> - This is the first
                                         part of a new standard on classification and measurement of financial assets that will
                                         replace IAS 39, <I>'Financial Instruments: Recognition and Measurement'</I>. IFRS 9 has
                                         two measurement categories: amortized cost and fair value. All equity instruments are
                                         measured at fair value. A debt instrument is recorded at amortized cost only if the entity
                                         is holding it to collect contractual cash flows and the cash flows represent principal
                                         and interest. Otherwise it is measured at fair value with changes in fair value through
                                         profit or loss. In addition, this new standard has been updated to include guidance on
                                         financial liabilities and derecognition of financial instruments. The Company is currently
                                         evaluating the extent of the impact of the adoption of this standard.</FONT></TD></TR></TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 50%"><FONT STYLE="font-size: 9pt"><B>MANAGMENT&rsquo;S
    DISCUSSION AND ANALYSIS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 50%">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 9pt">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; background-color: white"><B>Internal controls over financial
reporting</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; background-color: white">Eldorado&#8217;s
management is responsible for establishing and maintaining adequate internal control over financial reporting. Any system of internal
control over financial reporting, no matter how well designed, has inherent limitations. As a result, even those systems determined
to be effective can only provide reasonable assurance regarding the preparation and presentation of our financial statements. There
have been no changes in our internal control over financial reporting in the first quarter of 2014 that have materially affected,
or are reasonably likely to materially affect, internal control over financial reporting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; background-color: white"><B>Qualified Person</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; background-color: white">Except as otherwise
noted, Norman Pitcher, P. Geo., our President, is the Qualified Person under NI 43-101 responsible for preparing and supervising
the preparation of the scientific or technical information contained in this MD&amp;A and verifying the technical data disclosed
in this document relating to our operating mines and development projects.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; background-color: white"><B>Forward-looking information and
risks</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This MD&amp;A includes statements and information about what we expect
to happen in the future. When we discuss our strategy, plans and future financial and operating performance, or other things that
have not yet happened in this review, we are making statements considered to be <I>forward-looking information </I>or<I> forward-looking
statements</I> under Canadian and United States securities laws. We refer to them in this document as <I>forward-looking information</I>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 6pt">Key things to understand about the forward-looking information
in this document:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>It typically includes words and phrases about the future, such as: <I>plan, expect, forecast, intend, anticipate, believe,
estimate, budget, scheduled, may, could, would, might, will</I>, as well as the negative of these words and phrases.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>Although it represents our current views, which we consider to be reasonable, we can give no assurance that the forward-looking
information will prove to be accurate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>It is based on a number of assumptions, including things like the future price of gold, anticipated costs and spending, and
our ability to achieve our goals.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>It is also subject to the risks associated with our business, including</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>the changing price of gold and currencies,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>actual and estimated production and mineral reserves and resources,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>the speculative nature of gold exploration,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>risks associated with mining operations and development,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>regulatory and permitting risks,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>acquisition risks, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>other risks that are set out in our Annual Information Form.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>If our assumptions prove to be incorrect or the risks materialize, our actual results and events may vary materially from what
we currently expect.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">We recommend that you review our annual information form,
which includes a more detailed discussion of material risks that could cause actual results to differ significantly from our current
expectations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">Forward-looking information is designed to help you understand
management&#8217;s current views of our near and longer term prospects, and it may not be appropriate for other purposes. We will
not necessarily update this information unless we are required to by securities laws.</P>

<P STYLE="font: 10pt Arial (W1); margin: 12pt 0 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ceo.htm
<DESCRIPTION>CERTIFICATION OF INTERIM FILINGS CEO
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Form 52-109F2</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Certification of Interim Filings</I></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Full Certificate</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">I, Paul Wright, Chief Executive Officer
of Eldorado Gold Corporation certify the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">I have reviewed the interim financial report and interim MD&amp;A (together, the &#8220;interim
filings&#8221;) of Eldorado Gold Corporation (the &#8220;issuer&#8221;) for the interim period ended March 31, 2014.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement
not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Based on my knowledge, having exercised reasonable diligence, the
interim financial report together with the other financial information included in the interim filings fairly present in all material
respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented
in the interim filings. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The issuer&#8217;s other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR),
as those terms are defined in National Instrument 52-109 <I>Certification of Disclosure in Issuers&#8217; Annual and Interim Filings,</I>
for the issuer.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Subject to the limitations, if any, described in paragraphs 5.2 and
5.3, the issuer&#8217;s other certifying officer(s) and I have, as at the end of the period covered by the interim filings</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance
that</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">material information relating to the issuer is made known to us by others, particularly during
the period in which the interim filings are being prepared; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">information required to be disclosed by the issuer in its annual filings, interim filings or other
reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods
specified in securities legislation; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with the issuer&#8217;s GAAP.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify">The control framework the issuer&#8217;s other certifying officer(s) and I used to design the issuer&#8217;s
ICFR is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD STYLE="text-align: justify">N/A</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35pt">5.3</TD><TD STYLE="text-align: justify">N/A</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">The issuer has disclosed in its interim MD&amp;A any change in the issuer&#8217;s ICFR that occurred
during the period beginning on January 1, 2014<B><I> </I></B>and ended on March 31, 2014 that has materially affected, or is reasonably
likely to materially affect, the issuer&#8217;s ICFR.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Date: May 1, 2014</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&#8220;Paul Wright&#8221;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">_______________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Paul Wright</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Chief Executive Officer</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>cfo.htm
<DESCRIPTION>CERTIFICATION OF INTERIM FILINGS CFO
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Form 52-109F2</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Certification of Interim Filings</I></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Full Certificate</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">I, Fabiana Chubbs, Chief Financial Officer
of Eldorado Gold Corporation certify the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">I have reviewed the interim financial report and interim MD&amp;A (together, the &#8220;interim
filings&#8221;) of Eldorado Gold Corporation (the &#8220;issuer&#8221;) for the interim period ended March 31, 2014.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement
not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Based on my knowledge, having exercised reasonable diligence, the
interim financial report together with the other financial information included in the interim filings fairly present in all material
respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented
in the interim filings. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The issuer&#8217;s other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR),
as those terms are defined in National Instrument 52-109 <I>Certification of Disclosure in Issuers&#8217; Annual and Interim Filings,</I>
for the issuer.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Subject to the limitations, if any, described in paragraphs 5.2 and
5.3, the issuer&#8217;s other certifying officer(s) and I have, as at the end of the period covered by the interim filings</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance
that</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">material information relating to the issuer is made known to us by others, particularly during
the period in which the interim filings are being prepared; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">information required to be disclosed by the issuer in its annual filings, interim filings or other
reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods
specified in securities legislation; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with the issuer&#8217;s GAAP.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify">The control framework the issuer&#8217;s other certifying officer(s) and I used to design the issuer&#8217;s
ICFR is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD STYLE="text-align: justify">N/A</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35pt">5.3</TD><TD STYLE="text-align: justify">N/A</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">The issuer has disclosed in its interim MD&amp;A any change in the issuer&#8217;s ICFR that occurred
during the period beginning on January 1, 2014<B><I> </I></B>and ended on March 31, 2014 that has materially affected, or is reasonably
likely to materially affect, the issuer&#8217;s ICFR.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Date: May 1, 2014</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&#8220;Fabiana Chubbs&#8221;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">_______________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Fabiana Chubbs</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
