<SEC-DOCUMENT>0001137171-14-000104.txt : 20140502
<SEC-HEADER>0001137171-14-000104.hdr.sgml : 20140502
<ACCEPTANCE-DATETIME>20140502160707
ACCESSION NUMBER:		0001137171-14-000104
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20140501
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:		14809450

	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>May, 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;
        May 2, 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="newsrelease.htm">Press Release for May 1, 2014</a></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>newsrelease.htm
<DESCRIPTION>PRESS RELEASE FOR MAY 1, 2014
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9;<IMG SRC="image_001.jpg" ALT="" STYLE="height: 71px; width: 180px"></FONT></P>

<P STYLE="font: bold 8pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NEWS RELEASE</B></FONT></TD>
    <TD STYLE="text-align: right; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ELD No. 14-06</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TSX: ELD NYSE: EGO</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">May<FONT STYLE="font-size: 10pt"><B>
    1, 2014</B></FONT></FONT></TD></TR>
</TABLE>

<P STYLE="font: bold 14pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: italic 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2014
First Quarter Financial and Operating Results</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Gold
production of 196,523 ounces, All-In Sustaining Costs of $786 per ounce</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">VANCOUVER,
BC &#8211; Eldorado Gold Corporation, (Eldorado or the Company) is pleased to report the Company's financial and operational results
for the first quarter ended March 31, 2014. Net profit attributable to shareholders of the Company for the quarter was $31.3 million
or $0.04 per share.</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8220;The
first quarter of 2014 proved to be another strong quarter for the Company, with gold production of 196,523 ounces, representing
a 20 percent increase over the first quarter 2013,&#8221; said Paul Wright, Chief Executive Officer of Eldorado Gold. &#8220;Within
the organization our employees are dedicated to continuously improving safety, operational performance and overall cost reductions,
enabling Eldorado to remain one of the lowest cost gold producers, as demonstrated by our all-in sustaining cash costs for the
quarter of $786 per ounce. Strong performance this quarter supports our guidance for 2014 of 730,000-800,000 ounces of gold at
an average all-in sustaining cash cost of approximately $950 per ounce.&#8221;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>First
Quarter Operational and Financial Highlights</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt">
 <ul>
  <li>&nbsp;</li>
 </ul>
</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Continued
                                         strong financial performance</B>, with net profit attributable to shareholders of $31.3
                                         million ($0.04 per share), compared to a loss of $45.5 million ($0.06 per share) in the
                                         first quarter of 2013.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt">
 <ul>
  <li>&nbsp;</li>
 </ul>
</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Gold
                                         revenues were $247.6 million</B> (2013: $307.2 million) on sales of 190,628 ounces of
                                         gold at an average realized gold price of $1,299 per ounce (2013: 189,346 ounces at $1,622
                                         per ounce).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt">
 <ul>
  <li>&nbsp;</li>
 </ul>
</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Paid
                                         dividends were $6.5 million</B>, compared to $50.2 million in 2013, which reflects the
                                         changes in our revised dividend policy to the current gold price environment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt">
 <ul>
  <li>&nbsp;</li>
 </ul>
</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Liquidity
                                         of $994.2 million</B>, including $619.2 million in cash, cash equivalents and term deposits,
                                         and $375.0 million in lines of credit.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt">
 <ul>
  <li>&nbsp;</li>
 </ul>
</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Strong
                                         operational performance</B> resulting in gold production of 196,523 ounces, including
                                         Olympias production from tailings retreatment (2013: 163,768 ounces), a 20% increase
                                         over the first quarter of 2013.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt">
 <ul>
  <li>&nbsp;</li>
 </ul>
</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Continuing
                                         to remain below the industry average</B>, with all-in sustaining cash costs averaging
                                         $786<SUP>(1)</SUP> per ounce.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt">
 <ul>
  <li>&nbsp;</li>
 </ul>
</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Cash
                                         generated from operating activities</B> before changes in non-cash working capital of
                                         $94.7<SUP>(1)</SUP> million (2013: $139.9 million).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt">
 <ul>
  <li>&nbsp;</li>
 </ul>
</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Completion
                                         of the Glory Resources Limited acquisition</B> on March 14, 2014.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt">
 <ul>
  <li>&nbsp;</li>
 </ul>
</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Entered
                                         into a strategic agreement</B> with CDH Investments to advance the Eastern Dragon project.</FONT></TD></TR></TABLE>

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

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

<P STYLE="margin-top: 0; margin-bottom: 0"></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: 0pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">(1)</FONT></TD><TD><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">Throughout this press release 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 of the MD&amp;A for an explanation and discussion of these non IFRS measures.</FONT></TD></TR></TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0">All figures in US dollars unless otherwise stated.</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>



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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Financial
Results</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 82%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/109% Calibri, Helvetica, Sans-Serif; margin: 3pt 0 0.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Summarized
        financial results &#8211; quarter ended March 31,</B></FONT></P>
        <P STYLE="font: 11pt/109% Calibri, Helvetica, Sans-Serif; margin: 3pt 0 0.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Millions,
        except where noted)</B></FONT></P></TD>
    <TD STYLE="width: 9%; 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-family: Times New Roman, Times, Serif; line-height: 109%"><B>&nbsp;2014</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%"><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; padding-left: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">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-family: Times New Roman, Times, Serif; line-height: 109%">$279.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">$338.1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">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-family: Times New Roman, Times, Serif; line-height: 109%">$247.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">$307.2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">Gold
    sold (ounces)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">190,628</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">189,346</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">Average
    realized gold price (US$ 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-family: Times New Roman, Times, Serif; line-height: 109%">$1,299</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">$1,622</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">Cash
    operating costs (US$ 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-family: Times New Roman, Times, Serif; line-height: 109%">$519</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">$505</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">Total
    cash cost (US$ 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-family: Times New Roman, Times, Serif; line-height: 109%">$577</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">$567</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">All-in
    sustaining cash cost (US$ 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-family: Times New Roman, Times, Serif; line-height: 109%">$786</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">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-family: Times New Roman, Times, Serif; line-height: 109%">$95.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">$163.8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">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-family: Times New Roman, Times, Serif; line-height: 109%">$37.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">$83.3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">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-family: Times New Roman, Times, Serif; line-height: 109%">$31.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">($45.5)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">Earnings
    (loss) per share attributable to shareholders of the Company &#8211; Basic (US$/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-family: Times New Roman, Times, Serif; line-height: 109%">$0.04</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">($0.06)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">Earnings
    (loss) per share attributable to shareholders of the Company &#8211; Diluted (US$/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-family: Times New Roman, Times, Serif; line-height: 109%">$0.04</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">($0.06)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">Dividends
    paid (Cdn$/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-family: Times New Roman, Times, Serif; line-height: 109%">$0.01</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">$0.07</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">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-family: Times New Roman, Times, Serif; line-height: 109%">$94.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 109%">$139.9</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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<SUP>(1)</SUP> for the quarter were $37.3
million 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.</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

<P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Operations
Update</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 78%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Summarized
    operating highlights &#8211; quarter ended March 31, </B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;2014</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;2013</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    profit &#8211; gold mining operations (millions)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$95.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$163.8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ounces
    produced &#8211; including Olympias production from tailings retreatment</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">196,523</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">163,768</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$519</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$505</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    cash cost (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$577</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$567</FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Kisladag</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$47.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$85.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ounces
    produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">67,075</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">70,221</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$456</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$334</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    cash cost (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$473</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$359</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Efemcukuru</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$14.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$38.7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ounces
    produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">26,969</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19,856</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$526</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$582</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    cash cost (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$547</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$619</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Tanjianshan</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$13.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$19.1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ounces
    produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">28,379</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">26,207</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$422</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$442</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    cash cost (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$592</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$636</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Jinfeng</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$12.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$8.7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ounces
    produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">41,295</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21,742</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$626</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$832</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    cash cost (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$709</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$930</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>White
    Mountain</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$7.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$12.3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ounces
    produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">26,473</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">20,915</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$607</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$634</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    cash cost (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$646</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$679</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Olympias</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ounces
    produced from tailings retreatment</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,332</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,827</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Kisladag</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #BFBFBF">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Operating
    Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2013</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tonnes
    placed on pad</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,856,882</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,915,508</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Average
    treated head grade - grams per tonne (g/t)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.73</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.29</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gold
    (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 0.2pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">67,075</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">70,221</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 0.2pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">66,852</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">70,250</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$456</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$334</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    cash costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$473</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$359</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #BFBFBF">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Financial
    Data (millions)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gold
    revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$86.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$114.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Depreciation
    and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$6.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$3.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$47.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$85.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capital
    expenditure on mining interests</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$7.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$35.4</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 capitalized
waste stripping and construction of additional leach pad cells.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Efemcukuru</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #BFBFBF">
    <TD STYLE="width: 70%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Operating
    Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2013</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tonnes
    Milled</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">106,501</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">86,879</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Average
    Treated Head Grade - g/t</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.56</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.47</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Average
    Recovery Rate (to Concentrate)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">93.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">93.6%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gold
    (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 0.2pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">26,969</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19,856</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 0.2pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27,647</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">50,291</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$526</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$582</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    cash costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$547</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$619</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #BFBFBF">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Financial
    Data (millions)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gold
    revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$36.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$81.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Depreciation
    and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$6.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$9.8</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$14.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$38.7</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capital
    expenditure on mining interests</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$5.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$9.8</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 mobile mining equipment.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Tanjianshan</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #BFBFBF">
    <TD STYLE="width: 70%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Operating
    Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2013</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tonnes
    Milled</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">263,609</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">247,061</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Average
    Treated Head Grade &#8211; g/t</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.44</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.74</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Average
    Recovery Rate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">81.1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">80.8%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gold
    (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 0.2pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">28,379</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">26,207</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 0.2pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">28,379</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">26,207</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$422</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$442</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    cash costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$592</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$636</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #BFBFBF">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Financial
    Data (millions)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gold
    revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$37.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$42.6</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Depreciation
    and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$6.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$6.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$13.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$19.1</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capital
    expenditure on mining interests</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$1.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$1.8</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 to a decrease in the consumption of reagents. Capital spending this
quarter included capitalized waste stripping on the JLG pit cutback.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Jinfeng</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #BFBFBF">
    <TD STYLE="width: 70%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Operating
    Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2013</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tonnes
    Milled</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">364,987</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">351,901</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Average
    Treated Head Grade &#8211; g/t</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.00</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.43</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Average
    Recovery Rate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">87.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">82.4%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gold
    (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 0.2pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">41,295</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21,742</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 0.2pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">41,277</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21,683</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$626</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$832</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    cash costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$709</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$930</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #BFBFBF">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Financial
    Data (millions)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gold
    revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$53.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$35.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Depreciation
    and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$11.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$6.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$12.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$8.7</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capital
    expenditure on mining interests</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$5.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$13.9</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 (Q1 2013: 54,126 tonnes). A total of 173,454 tonnes of ore was mined from
the underground during the quarter (Q1 2013: 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.</FONT></P>

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

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


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>White
Mountain</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #BFBFBF">
    <TD STYLE="width: 70%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Operating
    Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2013</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tonnes
    Milled</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">200,682</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">198,934</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Average
    Treated Head Grade &#8211; g/t</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.13</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.80</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Average
    Recovery Rate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">86.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">85.6%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gold
    (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 0.2pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">26,473</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">20,915</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 0.2pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">26,473</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">20,915</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    operating costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$607</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$634</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    cash costs (US$ per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$646</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$679</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #BFBFBF">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Financial
    Data (millions)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gold
    revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$34.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$33.9</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Depreciation
    and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$9.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$7.4</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$7.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$12.3</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capital
    expenditure on mining interests</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$3.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$6.0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Vila
Nova</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #BFBFBF">
    <TD STYLE="width: 70%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Operating
    Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2013</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tonnes
    Processed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">203,481</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">212,911</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Iron
    Ore Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">175,078</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">183,426</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Average
    Grade (% Fe)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">62.91%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">62.87%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Iron
    Ore Tonnes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 0.2pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">217,382</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">129,548</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Average
    Realized Iron Ore Price</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$86</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$117</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    Cash Costs (per tonne sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$
    60</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$
    66</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #BFBFBF">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Financial
    Data (millions)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$18.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$15.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Depreciation
    and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$2.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$1.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$3.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$5.4</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capital
    expenditure on mining interests</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$3.4</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Stratoni</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #BFBFBF">
    <TD STYLE="width: 70%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Operating
    Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2013</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tonnes
    ore mined (wet)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">57,242</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">54,125</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tonnes
    ore processed (dry)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">55,449</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">48,521</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pb
    grade (%)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.27%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.21%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Zn
    grade (%)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.27%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.36%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ag
    grade (g/t)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">164</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">163</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tonnes
    of concentrate produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15,936</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12,278</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tonnes
    of concentrate sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,717</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13,968</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Average
    realized concentrate price (per&nbsp;&nbsp;tonne)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$740</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$927</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    Cash Costs (per tonne of concentrate sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$622</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$829</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #BFBFBF">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Financial
    Data (millions)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$12.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$13.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Depreciation
    and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$2.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$1.9</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Earnings
    (loss) from operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">($0.1)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">($0.5)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capital
    expenditure on mining interests</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 0.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0.1</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Development
Projects Update</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Kisladag
Mine Optimization</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 with the objective 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.</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Efemcukuru
Expansion</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 require upgrades
to 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.</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Perama
Hill</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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
were commenced. Capital spending totaled $1.8 million during the quarter.</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Olympias</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Underground
refurbishment continued during the quarter in parallel with tailings retreatment. Approximately 276 metres of underground drifts
were rehabilitated and 604 metres of new drifts were completed. 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.</FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Skouries</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Certej</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Work
on Certej during the quarter focused on finalizing the prefeasibility study (PFS) to support the resource/reserve statement, and
subsequent preparation of the NI 43-101 Technical Report. The study, based on a production rate of three 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.</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
total of $3.4 million was spent on Certej including site work, metallurgical testwork, capitalized exploration, and engineering
for the prefeasibility study.</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Eastern
Dragon</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Tocantinzinho</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Work
continued during the quarter on optimization of the Tocantinzinho feasibility study. Finalization of the study is planned for
the second quarter.</FONT></P>

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

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exploration
Update</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 the second or third quarter of the year.</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Greece</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Romania</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 I drilling programs were completed at the nearby Brad and Deva exploration
licenses, testing porphyry and epithermal targets adjacent to historical mines.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Turkey</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>China</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Brazil</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approximately
1,350 meters of drilling were completed in the Phase I 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.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Corporate
Transactions</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">During
the quarter the Company completed its acquisition of Glory Resources Limited (Glory). Glory was advancing the high grade gold
Sappes project in Thrace, Greece, located 15 kilometres from the Company&#8217;s Perama Hill project, with a current JORC compliant
total proven and probable reserves of 637,000 of gold at an average grade of 15.1 g/t gold. The Company plans to continue exploration
work on the property throughout the year.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Also
during the quarter the Company entered into a strategic agreement with CDH Investments, a leading Chinese private equity company,
whereby CDH have acquired a 20% stake in the Company&#8217;s Eastern Dragon project for a cash consideration of $40 million. Eastern
Dragon has been on care and maintenance pending the receipt of outstanding permit approvals and it is anticipated that the participation
of CDH will assist in advancing the project through to production.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Corporate
Announcements</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Wayne
Lenton, an independent director of the Company since 1995, will be retiring from the Board of Directors and will not be re-standing
for election at the Annual General Meeting on May 1, 2014.&nbsp; The Board and Company would like to thank Wayne for his years
of service, dedication and commitment to the Company.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Eldorado
welcomes Krista Muhr as Vice President, Investor Relations, effective June 1, 2014.&nbsp; Krista will be responsible for leading
the Company&#8217;s investor relations and corporate communications strategies.&nbsp; Krista has extensive senior level experience
in the precious metals industry, most recently with Andean Resources Ltd. and Meridian Gold Corporation.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nancy
Woo, who has been invaluable to the Company since 2002 in her role as Vice President, Investor Relations, will be retiring effective
June 1, 2014. The Company would like to thank Nancy for her enthusiasm and dedication over the past decade and wishes her well
in future endeavors.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 2.85pt 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Conference
Call</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 2.7pt 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Eldorado
will host a conference call on <B>Friday, May 2 2014</B> to discuss the First Quarter 2014 Financial and Operating Results at
<B>8:30am PDT (11:30am EDT).</B> You may participate in the conference call by dialling <B>416-340-2219</B> in Toronto or <B>1-866-225-0198
</B>toll free in North America and asking for the Eldorado Conference Call.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 2.7pt 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 2.7pt 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
call will be available on Eldorado&#8217;s website: www.eldoradogold.com. A replay of the call will be available until May 9,
2014 by dialling 905-694-9451 in Toronto or 1-800-408-3053 toll free in North America and entering the Passcode: 6120025.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>About
Eldorado Gold</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Eldorado
is a leading low cost gold producer with mining, development and exploration operations in Turkey, China, Greece, Romania and
Brazil. The Company&#8217;s success to date is based on a low cost strategy, a highly skilled and dedicated workforce, safe and
responsible operations, and long-term partnerships with the communities where they operate. Eldorado&#8217;s common shares trade
on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).</FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Certain
of the statements made herein may contain forward-looking statements or information within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian securities laws.&nbsp; Often, but not always, forward-looking
statements and forward-looking information can be identified by the use of words such as &#8220;plans&#8221;, &#8220;expects&#8221;,
&#8220;is expected&#8221;, &#8220;budget&#8221;, &#8220;scheduled&#8221;, &#8220;estimates&#8221;, &#8220;forecasts&#8221;, &#8220;intends&#8221;,
&#8220;anticipates&#8221;, or &#8220;believes&#8221; or the negatives thereof or variations of such words and phrases or statements
that certain actions, events or results &#8220;may&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;might&#8221; or &#8220;will&#8221;
be taken, occur or be achieved. Forward-looking statements or information herein include, but are not limited, to statements or
information with respect to the Company&#8217;s 2014 First Quarter Financial and Operating Results.</I></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Forward-looking
statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or achievements of the Company to be materially different from
any future results, performance or achievements expressed or implied by such forward-looking statements or information.&nbsp;
We have made certain assumptions about the forward-looking statements and information, including assumptions about the legal restrictions
regarding the payment of dividends by the Company; assumptions about the price of gold; anticipated costs and expenditures; estimated
production, mineral reserves and metallurgical recoveries; financial position, reserves and resources and gold production;<B>
</B>and the ability to achieve our goals. Although our management believes that the assumptions made and the expectations represented
by such statements or information are reasonable, there can be no assurance that the forward-looking statements or information
will prove to be accurate.&nbsp; Furthermore, should one or more of the risks, uncertainties or other factors materialize, or
should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements
or information.&nbsp; These risks, uncertainties and other factors include, among others, the following: gold price volatility;
risks of not meeting production and cost targets;&nbsp; discrepancies between actual and estimated production, mineral reserves
and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions,
including environmental regulatory restrictions and liability; risks of sovereign investment and operating in foreign countries;
currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; competition;&nbsp;
loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors
discussed in the sections entitled &#8220;Forward-Looking Statements&#8221; and &quot;Risk Factors&quot; in the Company's Annual
Information Form &amp; Form 40-F dated March 28, 2014&nbsp; </I></FONT></P>


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<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify"></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>There
can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.&nbsp; Accordingly, you should not place undue reliance on the
forward-looking statements or information contained herein.&nbsp; Except as required by law, we do not expect to update forward-looking
statements and information continually as conditions change and you are referred to the full discussion of the Company's business
contained in the Company's reports filed with the securities regulatory authorities in Canada and the U.S.</I></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Cautionary
Note to US Investors Concerning Estimates of Proven and Probable Reserves</I></B></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Note
to U.S. Investors. While the terms &quot;proven and probable reserves&quot;, are defined in the 2004 Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves as published by the Joint Ore Reserves Committee of the Australasian
Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (&quot;JORC&quot;),
they are not defined terms under standards in the United States and normally are not permitted to be used in reports and registration
statements filed with the SEC. As such, information contained in this press release concerning descriptions of proven and probable
reserves using the JORC standards may not be comparable to similar information made public by U.S. companies in SEC filings.</I></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>According
to Glory, the information on Glory reserves are based on the JORC Code. Estimates of proven and probable reserves prepared in
accordance with the JORC Code would not be materially different if prepared in accordance with the Canadian Institute of Mining,
Metallurgy and Petroleum (the &quot;CIM&quot;) Definitional Standards on Mineral Resources and Mineral Reserves adopted by the
CIM Council.</I></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Contact</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nancy
Woo, Vice President Investor Relations</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Eldorado
Gold Corporation</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">604.601.6650
or 1.888.353.8166</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">nancyw@eldoradogold.com</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">www.eldoradogold.com</FONT></P>

<P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 9.9pt 0 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>ELDORADO
GOLD</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 14pt"><B>Q1 2014 Gold Production Highlights </B></FONT><B><FONT STYLE="font-size: 10pt"><I>(in US$)</I></FONT></B><BR>
<BR>
</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR CLEAR="ALL">
    <FONT STYLE="font-size: 9pt"><B>&nbsp;</B></FONT></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>First</B></FONT></P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Quarter</B></FONT></P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2014</B></FONT></P></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First</FONT></P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Quarter</FONT></P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2013</FONT></P></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second</FONT></P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Quarter</FONT></P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2013</FONT></P></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Third</FONT></P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Quarter</FONT></P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2013</FONT></P></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fourth</FONT></P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Quarter</FONT></P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2013</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B><U>Gold
    Production</U></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Ounces
    Sold</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>190,628</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">189,346</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">176,260</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">199,117</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">160,372</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Ounces
    Produced<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>196,523</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">163,768</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">183,971</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">204,620</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">168,842</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Cash
    Operating Cost ($/oz)<SUP>2,4</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>519</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">505</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">478</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">472</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">526</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Total
    Cash Cost ($/oz)<SUP>3,4</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>577</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">567</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">536</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">528</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">577</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Realized
    Price ($/oz - sold)<SUP> </SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>1,299</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,622</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,382</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,338</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,264</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B><U>Ki&#351;lada&#287;
    Mine, Turkey</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Ounces
    Sold</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>66,852</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">70,250</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">76,680</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">85,029</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">74,217</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Ounces
    Produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>67,075</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">70,221</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">76,735</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">84,762</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">74,464</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Tonnes
    to Pad</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>3,856,882</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">2,915,508</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3,301,333</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3,336,465</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3,743,315</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Grade
    (grams / tonne)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>0.73</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">1.29</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">1.26</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">1.28</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">0.71</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Cash
    Operating Cost ($/oz)<SUP>4</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>456</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">334</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">327</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">324</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">370</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Total
    Cash Cost ($/oz)<SUP>3,4</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>473</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">359</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">348</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">343</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">384</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B><U>Efemcukuru
    Mine, Turkey</U></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Ounces
    Sold</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>27,647</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">50,291</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">25,187</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">26,410</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">19,231</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Ounces
    Produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>26,969</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">19,856</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">26,289</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">23,438</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">21,235</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Tonnes
    Milled</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>106,501</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">86,879</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">109,349</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">105,641</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">111,644</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Grade
    (grams / tonne)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>8.56</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">8.47</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">9.28</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">8.50</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">9.13</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Cash
    Operating Cost ($/oz)<SUP>4</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>526</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">582</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">519</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">551</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">696</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Total
    Cash Cost ($/oz)<SUP>3,4</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>547</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">619</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">537</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">568</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">700</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B><U>Tanjianshan
    Mine, China</U></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Ounces
    Sold</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>28,379</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">26,207</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">27,938</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">28,179</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">19,127</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Ounces
    Produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>28,379</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">26,207</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">27,938</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">28,179</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">19,127</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Tonnes
    Milled</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>263,609</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">247,061</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">273,065</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">285,406</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">258,526</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Grade
    (grams / tonne)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>3.44</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3.74</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3.50</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3.40</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3.25</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Cash
    Operating Cost ($/oz)<SUP>4</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>422</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">442</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">398</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">377</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">458</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Total
    Cash Cost ($/oz)<SUP>3,4</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>592</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">636</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">577</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">557</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">655</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B><U>Jinfeng
    Mine, China</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Ounces
    Sold</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>41,277</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">21,683</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">28,993</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">40,212</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">32,401</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Ounces
    Produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>41,295</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">21,742</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">28,889</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">40,212</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">32,403</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Tonnes
    Milled</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>364,987</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">351,901</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">336,707</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">363,798</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">360,142</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Grade
    (grams / tonne)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>4.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">2.43</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3.33</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3.66</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3.51</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Cash
    Operating Cost ($/oz)<SUP> 4</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>626</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">832</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">757</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">684</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">719</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Total
    Cash Cost ($/oz)<SUP> 3,4</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>709</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">930</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">845</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">767</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">801</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B><U>White
    Mountain Mine, China</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Ounces
    Sold</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>26,473</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">20,915</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">17,462</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">19,287</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">15,396</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Ounces
    Produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>26,473</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">20,915</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">17,462</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">19,287</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">15,396</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Tonnes
    Milled</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>200,682</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">198,934</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">203,033</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">209,581</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">198,841</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Grade
    (grams / tonne)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>4.13</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3.80</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3.25</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3.28</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3.23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Cash
    Operating Cost ($/oz)<SUP>4,5</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>607</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">634</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">742</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">713</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">748</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Total
    Cash Cost ($/oz)<SUP>3,4,5</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>646</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">679</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">781</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">751</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">786</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B><U>Olympias,
    Greece</U></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Ounces
    Sold</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Ounces
    Produced<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>6,332</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">4,827</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">6,658</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">8,742</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">6,217</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Tonnes
    Milled</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>144,522</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">89,112</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">116,972</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">185,012</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">161,461</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Grade
    (grams / tonne)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>3.08</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3.97</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3.80</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3.19</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">2.78</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Cash
    Operating Cost ($/oz)<SUP>4</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Total
    Cash Cost ($/oz)<SUP>3,4</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>-</B></FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Ounces
                                         produced include production from tailings retreatment in Olympias.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Cost
                                         figures calculated in accordance with the Gold Institute Standard.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
                                         Operating Costs, plus royalties and the cost of off-site administration.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
                                         operating costs and total cash costs are non-IFRS measures. Please see our MD&amp;A for
                                         an explanation and discussion of these.</FONT></TD></TR></TABLE>


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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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">Unaudited
Condensed Consolidated Balance Sheets</FONT></P>

<P STYLE="color: #0C2D83; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(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: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><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: 10pt Times New Roman, Times, Serif"><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: 10pt Times New Roman, Times, Serif"><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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</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: 10pt Times New Roman, Times, Serif"><B>ASSETS</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif"><B>Current
    assets</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Cash
    and cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Term
    deposits</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Restricted
    cash </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Marketable
    securities <B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Accounts
    receivable and other</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Inventories</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Investment
    in associate</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Deferred
    income tax assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Restricted
    assets and other</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Defined
    benefit pension plan</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Property,
    plant and equipment</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Goodwill</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif"><B>LIABILITIES
    &amp; EQUITY</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif"><B>Current
    liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Current
    debt</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Debt</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>5</I></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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Other
    non-current liability</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>4</I></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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Asset
    retirement obligations</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Deferred
    income tax liabilities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif"><B>Equity</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Share
    capital</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>6</I></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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Treasury
    stock</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Contributed
    surplus</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Accumulated
    other comprehensive loss</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">Deficit</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif"><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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif"><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="font-family: Times New Roman, Times, Serif">&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">&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: 10pt Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>(Signed)
Robert R. Gilmore&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</I>Director</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>(Signed)
Paul N. Wright&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>Director</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">(Expressed
in thousands of U.S. dollars)</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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">For the
    quarter ended March 31,</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2014</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2013</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; width: 21%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td></tr>
<tr>
    <td colspan="4" style="font-weight: bold; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenue</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="4" style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Metal sales</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="4" style="font-weight: bold; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cost
    of sales</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="4" style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Production costs</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Depreciation
    and amortization</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Gross
    profit</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="4" style="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exploration
    expenses</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">General
    and administrative expenses</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Defined
    benefit pension plan expense</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Share
    based payments</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Foreign
    exchange gain</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Operating
    profit</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="4" style="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loss
    on disposal of assets</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Loss
    (gain) on marketable securities and other investments</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Loss
    on investments in associates</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Other
    expense (income)</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Asset
    retirement obligation accretion</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Interest and financing costs</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="4" style="font-weight: bold; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Profit
    before income tax</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Income
    tax expense</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Profit
    (loss) for the period</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="4" style="font-weight: bold; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attributable
    to:</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="4" style="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shareholders
    of the Company</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Non-controlling interests</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Profit
    (loss) for the period</FONT></td>
    <td style="font-style: italic; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5"><FONT STYLE="font-family: Times New Roman, Times, Serif">Weighted average number of shares outstanding</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">Basic</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">716,217</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">714,504</FONT></td></tr>
<tr>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Diluted</FONT></td>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">716,217</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">715,364</FONT></td></tr>
<tr>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="6" style="font-weight: bold; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="4" style="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Basic
    earnings (loss) per share&nbsp;</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Diluted earnings (loss)
    per share</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">(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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif">2014</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif">2013</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Profit (loss)
    for the period</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Other comprehensive
    income (loss):</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="2" style="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Change
    in fair value of available-for-sale financial assets</FONT></td>
    <td style="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attributable to:</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <td style="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shareholders of the Company</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Non-controlling interests</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44,467)</FONT></td></tr>
</table>


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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">(Expressed
in thousands of U.S. dollars)</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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></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="font-family: Times New Roman, Times, Serif">For the quarter ended March
    31,</FONT></td>
    <td style="font-weight: bold; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; text-align: center; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Note</FONT></td>
    <td style="font-weight: bold; text-align: right; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif">2014</FONT></td>
    <td style="font-weight: bold; text-align: right; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif">2013</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;$&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;$&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash flows generated from (used in):</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operating activities</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">Profit (loss) for the period</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,643</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Items not affecting
    cash:</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Asset retirement obligation accretion</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Depreciation and amortization</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,572</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Unrealized foreign exchange loss</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Deferred income tax expense</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Loss on disposal of assets</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Loss on investments in associates</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Loss (gain) on marketable securities
    and other investments</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Share based payments</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Defined benefit pension plan expense</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94,654</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">Changes in non-cash working capital</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,437</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Investing activities</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net cash used on acquisition of subsidiary</FONT></td>
    <td style="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30,318)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Purchase of property, plant and equipment</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80,430)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Proceeds on production from tailings
    retreatment</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Proceeds from the sale of marketable
    securities</FONT></td>
    <td style="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Funding of non-registered supplemental
    retirement plan investments, net</FONT></td>
    <td style="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Investments in associates</FONT></td>
    <td style="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Redemption of (investment in) term deposits</FONT></td>
    <td style="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,676</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Decrease in restricted cash</FONT></td>
    <td style="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71,548)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Financing activities</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">Issuance of common shares for cash</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Investment by non-controlling interest</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,000</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Dividend paid to shareholders</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Purchase of treasury stock</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Long-term and bank debt proceeds</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,363</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Long-term and bank debt repayments</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16,382)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Loan financing costs</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Net increase (decrease) in cash and
    cash equivalents</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,002</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Cash and cash equivalents - beginning
    of period</FONT></td>
    <td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash and cash
    equivalents - end of period</FONT></td>
    <td style="font-weight: bold; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">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-family: Times New Roman, Times, Serif; font-weight: normal">&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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">(Expressed
in thousands of U.S. dollars)</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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">Note</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; text-align: right; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif">2014</FONT></td>
    <td rowspan="2" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; text-align: right; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif">2013</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;$&nbsp;</FONT></td>
    <td style="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;$&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share capital&nbsp;</FONT></td>
    <td style="padding-left: 24px; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="padding-left: 24px; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balance beginning of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,314,589</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Shares issued upon
    exercise of share options, for cash</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Transfer of contributed
    surplus on exercise of options</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Transfer of contributed
    surplus on exercise of deferred phantom units</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Balance end of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Treasury stock</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balance beginning of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,953)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Purchase of treasury
    stock</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Shares redeemed
    upon exercise of restricted share units</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Balance end of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Contributed surplus</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balance beginning of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,557</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Share based payments</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Shares redeemed
    upon exercise of restricted share units</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Recognition of other
    non-current liability and related costs</FONT></td>
    <td style="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49,624)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Transfer
    to share capital on exercise of options and deferred phantom units</FONT></td>
    <td style="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Balance end of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accumulated other
    comprehensive loss</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balance beginning of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17,056)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Other comprehensive
    loss for the period</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Balance end of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Retained earnings
    (deficit)</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balance beginning of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143,401)</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Dividends paid</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Profit (loss) attributable
    to shareholders of the Company</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,268</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Balance end of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Total equity attributable
    to shareholders of the Company</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,836,753</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-controlling interests</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balance beginning of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273,128</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Profit (loss) attributable
    to non-controlling interests</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Increase during
    the period</FONT></td>
    <td style="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">Balance end of period</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285,595</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    equity</FONT></td>
    <td style="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: middle; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

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

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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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-family: Times New Roman, Times, Serif; font-weight: normal">&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-family: Times New Roman, Times, Serif; font-weight: normal">&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="font-family: Times New Roman, Times, Serif"><B>1<FONT STYLE="color: #000000">.</FONT></B></FONT></TD><TD STYLE="padding-right: 56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; color: #000000">Eldorado
Gold Corporation ("Eldorado" or the "Company") 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 ("Glory") 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; color: #000000"><B>2.</B></FONT></TD><TD STYLE="padding-right: 56.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; color: #000000"><B>a)</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; color: #000000">These
unaudited condensed consolidated interim financial statements have been prepared in accordance with International Acco</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">unting
Standard 34 'Interim Financial Reporting'. They do not include all of the information and footnotes required by the International
Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board for full annual financial statements
and should be read in conjunction with the Company'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="font-family: Times New Roman, Times, Serif">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>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>b)</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">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/13pt Times New Roman, Times, Serif; margin: 0 56.9pt 0 4.3pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; color: #000000"><B>3.</B></FONT></TD><TD STYLE="padding-right: 56.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; color: #000000">The
following interpretation of a standard has been adopted by the company commencing January 1, 2014:</FONT></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">IFRIC
                                         21 '<I>Levies</I>' - This interpretation of IAS 37, '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 ("obligating
                                         event"). 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="font-family: Times New Roman, Times, Serif; 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>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">IFRS
                                         9 <I>'Financial Instruments: Classification and Measurement&rsquo; </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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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; color: #000000"><B>4.</B></FONT></TD><TD STYLE="padding-right: 56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif"><B>a)</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif"><B>b)</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><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="font-family: Times New Roman, Times, Serif">In
March 2014, the Company, through one of its subsidiaries, entered into a Subscription and a Shareholders agreement ("Agreements")
with a third party ("Third Party").</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
a result of these Agreements, Third Party acquired 21.5% of the total ordinary shares of Sino Gold Tenya (HK) Limited ("Tenya"),
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="font-family: Times New Roman, Times, Serif">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's shares in Tenya at a fixed price ("Put Option") 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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif; color: #000000"><B>5.</B></FONT></TD><TD STYLE="padding-right: 56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000"><B>Debt</B></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt/13pt Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; color: #000000">$</FONT></P></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">December
                                         31, 2013</FONT></P>
        <P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">$</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="font-family: Times New Roman, Times, Serif; 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: 10pt/120% Times New Roman, Times, Serif; color: #000000">&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 ("CMB") 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif"><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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif; color: #000000">5.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif">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'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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif"><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="font-family: Times New Roman, Times, Serif">On
December 10, 2012, the Company completed an offering of $600.0 million senior notes ("the notes") 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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif"><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: 10pt Times New Roman, Times, Serif">In
November 2010, Eastern Dragon, HSBC Bank (China) and Qinghai Dachaidan Mining Ltd ("QDML</FONT><FONT STYLE="font: 9pt Times New Roman, Times, Serif">")</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">,
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="font-family: Times New Roman, Times, Serif">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'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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif; color: #000000"><B>6.</B></FONT></TD><TD STYLE="padding-right: 56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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">Eldorado'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 - none).</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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">&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-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></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="font-family: Times New Roman, Times, Serif"><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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif"><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="font-family: Times New Roman, Times, Serif; color: #000000"><B>7.</B></FONT></TD><TD STYLE="padding-right: 56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; color: #000000">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt/13pt Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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"></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: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000"><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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">At
March 31, 2014, 16,076,218 share options (March 31, 2013 - 13,680,890) with a weighted average exercise price of Cdn$12.89 (March
31, 2013 - 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif">A
total of 876,412 restricted share units ("RSUs") at a grant-date fair value of Cdn$7.84 per unit were granted during the period
ended March 31, 2014 under the Company'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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">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%; font: 10pt/13pt Times New Roman, Times, Serif;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="font-family: Times New Roman, Times, Serif">&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: 10pt Times New Roman, Times, Serif">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: 10pt Times New Roman, Times, Serif">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: 10pt Times New Roman, Times, Serif">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: 10pt Times New Roman, Times, Serif">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: 10pt Times New Roman, Times, Serif">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: 10pt Times New Roman, Times, Serif">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: 10pt Times New Roman, Times, Serif">-</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: 10pt Times New Roman, Times, Serif">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: 10pt Times New Roman, Times, Serif">-</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: 10pt Times New Roman, Times, Serif">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: 10pt Times New Roman, Times, Serif">1,651,257</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif">At
March 31, 2014, 278,694 deferred share units ("DSUs") 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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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


<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif; color: #000000"><B>8.</B></FONT></TD><TD STYLE="padding-right: 56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif">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 Times New Roman, Times, Serif">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level
                                         1 - 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 Times New Roman, Times, Serif">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level
                                         2 - 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 Times New Roman, Times, Serif">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level
                                         3 - 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="font-family: Times New Roman, Times, Serif">Assets
and liabilities measured at fair value as at March 31, 2014 include:</FONT></P>

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

<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="font-family: Times New Roman, Times, Serif">&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"><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"><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"><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"><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="font-family: Times New Roman, Times, Serif">&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"><B>$</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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"><B>$</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&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"><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="font-family: Times New Roman, Times, Serif">&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"><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="font-family: Times New Roman, Times, Serif">&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"><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"><B>Assets</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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"><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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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">3,309
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">3,309
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">-&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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"><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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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">801
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">801
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">-&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"><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">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="font-family: Times New Roman, Times, Serif">&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">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="font-family: Times New Roman, Times, Serif">&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">-&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="font-family: Times New Roman, Times, Serif">&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">-&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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">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'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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

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

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

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

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


<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif; color: #000000"><B>9.</B></FONT></TD><TD STYLE="padding-right: 56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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">


<I>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; color: Black">$</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">March
                                         31, 2013</FONT></P>
        <P STYLE="color: #0038E5; font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">$</FONT></P></TD></I>

</TR>
<TR STYLE="vertical-align: top">


<I>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></I>

</TR>
<TR STYLE="vertical-align: top">


<I>
    <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: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></I>

</TR>
<TR STYLE="vertical-align: top">


<I>
    <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: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; color: Black">14,895</FONT></TD></I>

</TR>
<TR STYLE="vertical-align: top">


<I>
    <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: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; color: Black">10,787</FONT></TD></I>

</TR>
<TR STYLE="vertical-align: top">


<I>
    <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: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; color: Black">1,486</FONT></TD></I>

</TR>
<TR STYLE="vertical-align: top">


<I>
    <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: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; color: Black">27,168</FONT></TD></I>

</TR>
<TR STYLE="vertical-align: top">


<I>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></I>

</TR>
<TR STYLE="vertical-align: top">


<I>
    <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: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></I>

</TR>
<TR STYLE="vertical-align: top">


<I>
    <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: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; color: Black">27,318</FONT></TD></I>

</TR>
<TR STYLE="vertical-align: top">


<I>
    <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: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; color: Black">433</FONT></TD></I>

</TR>
<TR STYLE="vertical-align: top">


<I>
    <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: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></I>

</TR>
<TR STYLE="vertical-align: bottom">


<I>
    <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: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></I>

</TR>
<TR STYLE="vertical-align: bottom">


<I>
    <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: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; color: Black">-</FONT></TD></I>

</TR>
<TR>


<I>
    <TD STYLE="width: 66%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></I>

</TR>
</TABLE>
<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 3pt 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; color: #000000"><B>10.</B></FONT></TD><TD STYLE="padding-right: 56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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>


<I>

<P STYLE="color: #808EC8; font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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: Times New Roman, Times, Serif">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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: Times New Roman, Times, Serif">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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: Times New Roman, Times, Serif">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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: Times New Roman, Times, Serif">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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: Times New Roman, Times, Serif">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
                                         reporting segment includes operations of Eldorado'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="font-family: Times New Roman, Times, Serif">Financial
information about each of these operating segments is reported to the CODM on at least a monthly basis.</FONT></P>

</I>

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


<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif; color: #000000">10.&#9;Segment
information <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT>&#9;</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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">*
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="font-family: Times New Roman, Times, Serif">&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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; 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="font-family: Times New Roman, Times, Serif; color: #000000">10.2&#9;
Economic dependence&#9;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">&#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="font-family: Times New Roman, Times, Serif">&#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="font-family: Times New Roman, Times, Serif">&#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="font-family: Times New Roman, Times, Serif"><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="font-family: Times New Roman, Times, Serif">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="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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: 9pt Times New Roman, Times, Serif"><B>MANAGMENT'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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></FONT></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: 9pt Times New Roman, Times, Serif">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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operating
gold mines:</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: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">White
                                         Mountain, in China (95%)</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gold projects:</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: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tocantinzinho,
                                         in Brazil (100%)</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other mines:</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: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stratoni
                                         &#8211; silver, lead, zinc, in Greece (95%)</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Eldorado's
common shares are listed on the following exchanges:</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: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></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: 9pt Times New Roman, Times, Serif"><B>MANAGMENT'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%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></FONT></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: 9pt Times New Roman, Times, Serif">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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 Times New Roman, Times, Serif">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash
                                         generated from operating activities before changes in non-cash working capital was $94.7
                                         million (2013 &#8211; $139.9 million).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
                                         <BR></FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><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></FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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;).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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'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.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></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: 9pt Times New Roman, Times, Serif"><B>MANAGMENT'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%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></FONT></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: 9pt Times New Roman, Times, Serif">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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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's acquisition
of the Sappes property in Greece. Sappes is an advance stage high grade gold project located approximately 15 km from the Company's
Perama Hill project in Thrace, Greece.</FONT></P>

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Summarized
        financial results &#8211; quarter ended March 31,</B></FONT></P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 3pt 0 0.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>millions,
        except where noted</B></FONT></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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$307.2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Gold
    sold (ounces)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">190,628</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">189,346</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Average
    realized gold price (US$ 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$1,622</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Cash
    operating costs (US$ 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$505</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Total
    cash cost (US$ 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$567</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">All-in
    sustaining cash cost (US$ 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">($45.5)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Earnings
    (loss) per share attributable to shareholders of the Company &#8211; Basic (US$/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% Times New Roman, Times, 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% Times New Roman, Times, Serif">($0.06)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Earnings
    (loss) per share attributable to shareholders of the Company &#8211; Diluted (US$/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% Times New Roman, Times, 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% Times New Roman, Times, Serif">($0.06)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Dividends
    paid (Cdn$/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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$139.9</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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'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.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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's Chinese mines which carry higher depreciation
rates than the Company's Turkish gold mining operations.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></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: 9pt Times New Roman, Times, Serif"><B>MANAGMENT'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%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></FONT></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: 9pt Times New Roman, Times, Serif">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$163.8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Ounces
    produced &#8211; including Olympias production from tailings retreatment</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">196,523</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">163,768</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Cash
    operating costs (US$ 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$505</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Total
    cash cost (US$ 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif"><B>Kisladag</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$85.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Ounces
    produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">67,075</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">70,221</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Cash
    operating costs (US$ 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$334</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Total
    cash cost (US$ 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif"><B>Efemcukuru</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$38.7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Ounces
    produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">26,969</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">19,856</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Cash
    operating costs (US$ 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$582</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Total
    cash cost (US$ 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif"><B>Tanjianshan</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$19.1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Ounces
    produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">28,379</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">26,207</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Cash
    operating costs (US$ 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$442</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Total
    cash cost (US$ 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif"><B>Jinfeng</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$8.7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Ounces
    produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">41,295</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">21,742</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Cash
    operating costs (US$ 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$832</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Total
    cash cost (US$ 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif"><B>White Mountain</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, 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% Times New Roman, Times, Serif">$7.2</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">$12.3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Ounces
    produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">26,473</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">20,915</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Cash
    operating costs (US$ 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$634</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Total
    cash cost (US$ 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif"><B>Olympias</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">4,827</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></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: 9pt Times New Roman, Times, Serif"><B>MANAGMENT'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%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></FONT></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: 9pt Times New Roman, Times, Serif">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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">Gold
    (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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: 8pt Times New Roman, Times, Serif">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font: 8pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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: 8pt Times New Roman, Times, Serif">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font: 8pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">$334</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Total
    cash costs (US$ 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">$35.4</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">Gold
    (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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: 8pt Times New Roman, Times, Serif">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font: 8pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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: 8pt Times New Roman, Times, Serif">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font: 8pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">$582</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Total
    cash costs (US$ 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">$9.8</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></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: 9pt Times New Roman, Times, Serif"><B>MANAGMENT'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%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></FONT></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: 9pt Times New Roman, Times, Serif">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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">Gold
    (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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: 8pt Times New Roman, Times, Serif">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font: 8pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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: 8pt Times New Roman, Times, Serif">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font: 8pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">$442</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Total
    cash costs (US$ 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">$1.8</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">Gold
    (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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: 8pt Times New Roman, Times, Serif">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font: 8pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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: 8pt Times New Roman, Times, Serif">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font: 8pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">$832</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Total
    cash costs (US$ 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">$13.9</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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: 9pt Times New Roman, Times, Serif"><B>MANAGMENT'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%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></FONT></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: 9pt Times New Roman, Times, Serif">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">Gold
    (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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: 8pt Times New Roman, Times, Serif">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font: 8pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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: 8pt Times New Roman, Times, Serif">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font: 8pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">$634</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Total
    cash costs (US$ 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">$6.0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">Iron
    Ore Tonnes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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: 8pt Times New Roman, Times, Serif">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font: 8pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">$117</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Total
    Cash Costs (per tonne sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$
    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 Times New Roman, Times, 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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">$3.4</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></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: 9pt Times New Roman, Times, Serif"><B>MANAGMENT'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%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></FONT></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: 9pt Times New Roman, Times, Serif">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">$0.1</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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: 9pt Times New Roman, Times, Serif"><B>MANAGMENT'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%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></FONT></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: 9pt Times New Roman, Times, Serif">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

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

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

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


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<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: 9pt Times New Roman, Times, Serif"><B>MANAGMENT'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%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></FONT></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: 9pt Times New Roman, Times, Serif">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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">millions
(except per share amounts)</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">$46.6</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Earnings (loss)
    per share<SUP>1</SUP></FONT></TD>
    <TD STYLE="background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">- basic</FONT></TD>
    <TD STYLE="background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">$0.04</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">($0.96)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">$0.05</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">$0.06</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">($0.06)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif">$0.07</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><SUP>1)</SUP></FONT></TD><TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><SUP>Attributable
                                         to shareholders of the Company</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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'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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></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: 9pt Times New Roman, Times, Serif"><B>MANAGMENT'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%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></FONT></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: 9pt Times New Roman, Times, Serif">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif"><B>&nbsp;First
    </B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 8pt; line-height: 109%"><B>quarter</B></FONT></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif"><B>First
    </B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 8pt; line-height: 109%"><B>quarter</B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Production
        costs &#8211; excluding Vila Nova and Stratoni</B></FONT></P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 0 0 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(from
        consolidated income statement)</FONT></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 Times New Roman, Times, 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 Times New Roman, Times, 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% Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$567</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$505</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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'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's all-in sustaining cash cost for the current period.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif"><B>&nbsp;First
    </B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 8pt; line-height: 109%"><B>quarter</B></FONT></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$786</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></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: 9pt Times New Roman, Times, Serif"><B>MANAGMENT'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%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></FONT></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: 9pt Times New Roman, Times, Serif">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Reconciliation
        of adjusted net earnings to consolidated net earnings (loss)</B></FONT></P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">millions
        (except for weighted average shares and earnings per share)</FONT></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 Times New Roman, Times, 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 Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif"><B>$83.3</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">Weighted
    average shares outstanding</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">716,217</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif">714,504</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt/109% Times New Roman, Times, Serif"><B>Adjusted
    net earnings ($/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% Times New Roman, Times, 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% Times New Roman, Times, Serif"><B>$0.12</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

<P STYLE="font: 10pt ArialMT,sans-serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></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: 9pt Times New Roman, Times, Serif"><B>MANAGMENT'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%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></FONT></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: 9pt Times New Roman, Times, Serif">for
    the three-month period ended March 31, 2014</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, 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% Times New Roman, Times, Serif">$601.4</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Within
    1 year</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2
    to 3 years</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>3
    to 4 years</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Over
    5 years</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, 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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 Times New Roman, Times, Serif">808.9</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>


<!-- Field: Page; Sequence: 13 -->
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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: 9pt Times New Roman, Times, Serif"><B>MANAGMENT'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%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></FONT></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: 9pt Times New Roman, Times, Serif">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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common
        shares outstanding</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -12.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-
        as of May 1, 2014</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -12.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-
        as of March 31, 2014</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">716,248,610</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">716,248,610</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share
        purchase options</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -12.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-
        as of May 1, 2014</FONT></P>
        <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Weighted
        average exercise price per share: $11.73 Cdn)</FONT></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 Times New Roman, Times, Serif">22,417,167</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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

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

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

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

<P STYLE="color: #0C2D83; font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0 56.7pt 6pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, 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="font-family: Times New Roman, Times, Serif; 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; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, 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: 9pt Times New Roman, Times, Serif"><B>MANAGMENT'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%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="width: 110px; height: 36px"></FONT></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: 9pt Times New Roman, Times, Serif">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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Eldorado'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.</FONT></P>

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

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

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Key
things to understand about the forward-looking information in this document:</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">It is
                                         also subject to the risks associated with our business, including</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         changing price of gold and currencies,</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">actual
                                         and estimated production and mineral reserves and resources,</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         speculative nature of gold exploration,</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">risks
                                         associated with mining operations and development,</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">regulatory
                                         and permitting risks,</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">acquisition
                                         risks, and</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">other
                                         risks that are set out in our Annual Information Form.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">If our
                                         assumptions prove to be incorrect or the risks materialize, our actual results and events
                                         may vary materially from what we currently expect.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Forward-looking
information is designed to help you understand management'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.</FONT></P>

<P STYLE="font: 10pt Arial (W1); margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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