<SEC-DOCUMENT>0001062993-14-001396.txt : 20140317
<SEC-HEADER>0001062993-14-001396.hdr.sgml : 20140317
<ACCEPTANCE-DATETIME>20140317170540
ACCESSION NUMBER:		0001062993-14-001396
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20140521
FILED AS OF DATE:		20140317
DATE AS OF CHANGE:		20140317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NovaCopper Inc.
		CENTRAL INDEX KEY:			0001543418
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35447
		FILM NUMBER:		14698294

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1950 - 777 DUNSMUIR STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V7Y 1K4
		BUSINESS PHONE:		(604) 669-6227

	MAIL ADDRESS:	
		STREET 1:		SUITE 1950 - 777 DUNSMUIR STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V7Y 1K4
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>pre14a.htm
<DESCRIPTION>PRE 14A
<TEXT>
<HTML>
<HEAD>
   <TITLE>Novacopper Inc.: Schedule 14A - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B><FONT size=5>UNITED STATES </FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT><BR>Washington, D.C. 20549
</B></P>
<P align=center><B><FONT size=5>SCHEDULE 14A <BR></FONT></B><B>(RULE 14a-101)
<BR>SCHEDULE 14A INFORMATION </B></P>
<P align=center><B>Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 </B></P>
<P align=justify>Filed by Registrant [X] </P>
<P align=justify>Filed by a Party other than the Registrant [ &nbsp;] </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left colSpan=2>Check the appropriate box: </TD></TR>
  <TR vAlign=top>
    <TD align=left>[X] </TD>
    <TD align=left width="95%">Preliminary Proxy Statement </TD></TR>
  <TR vAlign=top>
    <TD align=left>[&nbsp;&nbsp;] </TD>
    <TD align=left width="95%">Confidential, for Use of the Commission Only
      (as permitted by Rule 14a-6(e)(2)) </TD></TR>
  <TR vAlign=top>
    <TD align=left>[&nbsp; ] </TD>
    <TD align=left width="95%">Definitive Proxy Statement </TD></TR>
  <TR vAlign=top>
    <TD align=left>[&nbsp; ] </TD>
    <TD align=left width="95%">Definitive Additional Materials </TD></TR>
  <TR vAlign=top>
    <TD align=left>[&nbsp; ] </TD>
    <TD align=left width="95%">Soliciting Material Under Rule 14a-12
  </TD></TR></TABLE>
<P align=center><B><U><FONT size=5>NOVACOPPER INC.<BR></FONT></U></B>(Name of
Registrant as Specified In Its Charter) </P>
<P
align=center>___________________________________________________________<BR>(Name
of Person(s) Filing Proxy Statement, if other than the Registrant) </P>
<P align=justify>Payment of Filing Fee (Check the appropriate box): </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left width="5%">[X] </TD>
    <TD align=left>No fee required. </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%">[&nbsp; ] </TD>
    <TD align=left>Fee computed on table below per Exchange Act
      Rules 14a-6(i)(1) and 0-11. </TD></TR></TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Title of each class of securities to which transaction
      applies:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Aggregate number of securities to which transaction
      applies:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Per unit price or other underlying value of transaction
      computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which
      the filing fee is calculated and state how it was determined):</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Proposed maximum aggregate value of
transaction:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Total fee paid:</P></TD></TR></TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >[&nbsp; ] </TD>
    <TD align=left width="95%">Fee paid previously with preliminary materials:
    </TD></TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>[&nbsp; ] </P></TD>
    <TD align=left width="95%">
      <P align=justify>Check box if any part of the fee is offset as provided by
      Exchange Act Rule 0-11(a)(2) and identify the filing for which the
      offsetting fee was paid previously. Identify the previous filing by
      registration statement number, or the Form or Schedule and the date of its
      filing. </P></TD></TR></TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Amount Previously Paid:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Form, Schedule or Registration Statement No.:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Filing Party:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Date Filed:</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center><B><FONT size=5>Notice of </FONT><BR><FONT size=5>Annual Meeting
</FONT><BR><FONT size=5>of Shareholders </FONT><BR><FONT size=5>&amp;
</FONT><BR><FONT size=5>Management </FONT><BR><FONT size=5>Information Circular
</FONT></B></P>
<P align=center><IMG
src="pre14ax2x1.jpg"
border=0 width="285" height="177"> </P>
<P align=center><B><FONT size=3>MEETING TO BE HELD May 21, 2014 </FONT></B></P>
<P align=center><B><FONT size=3>NovaCopper Inc.</FONT></B><B> <BR></B>Suite
1950, 777 Dunsmuir Street <BR>Vancouver, British Columbia <BR>Canada V7Y 1K4
<BR>Tel: 604-638-8088 or 1-855-638-8088 <BR>Fax: 604-638-0644 <BR>Website:
www.novacopper.com </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=center><B>NOVACOPPER INC. <BR></B>Suite 1950, 777 Dunsmuir Street
<BR>Vancouver, British Columbia V7Y 1K4<B> </B></P>
<P align=center><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS </B></P>
<P align=justify>NOTICE IS HEREBY GIVEN that the Annual Meeting (the &#147;Meeting&#148;)
of the shareholders (the &#147;Shareholders&#148;) of NovaCopper Inc. (the &#147;Company&#148;) will
be held at the offices of Blake, Cassels &amp; Graydon LLP, Suite 2600, 595
Burrard Street, Vancouver, British Columbia, V7X 1L3 on Wednesday, May 21, 2014
at 2:00 p.m. (Vancouver time), for the following purposes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>To receive the Annual Report of the directors of the
      Company (the &#147;Directors&#148;) containing the consolidated financial statements
      of the Company for the year ended November 30, 2013, together with the
      Report of the Auditors thereon;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>To set the number of Directors of the Company;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>To elect Directors of the Company for the forthcoming
      year;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>To appoint the Auditors of the Company for the
      forthcoming year and to authorize the Directors through the Audit
      Committee to fix the Auditors&#146; remuneration;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>To consider and, if deemed advisable, pass an ordinary
      resolution ratifying the Advance Notice Policy adopted by the Directors on
      January 29, 2014; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>To transact such further and other business as may
      properly come before the Meeting or any adjournment
  thereof.</P></TD></TR></TABLE>
<P align=justify>The specific details of the matters currently proposed to be
put before the Meeting are set forth in the Circular accompanying and forming
part of this Notice. </P>
<P align=justify>Only Shareholders of record at the close of business on March
24, 2014 are entitled to receive notice of the Meeting and to vote at the
Meeting. </P>
<P align=justify>To assure your representation at the Meeting, please complete,
sign, date and return the enclosed proxy, whether or not you plan to personally
attend. Sending your proxy will not prevent you from voting in person at the
Meeting. All proxies completed by <B>registered Shareholders </B>must be
returned to the Company: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>by delivering the proxy to the Company&#146;s transfer agent,
      Computershare Investor Services Inc. at its office at 100 University
      Avenue, 9th Floor, Toronto, Ontario, M5J 2Y1, for receipt no later than
      May 16, 2014, at 2:00 p.m. (Vancouver time);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>by fax to the Toronto office of Computershare Investor
      Services Inc., Attention: Proxy Tabulation at 416-263-9524 or
      1-866-249-7775 not later than May 16, 2014 at 2:00 p.m. (Vancouver time);
      or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>by internet, as instructed in the enclosed form of proxy,
      not later than May 16, 2014 at 2:00 p.m. (Vancouver
  time).</P></TD></TR></TABLE>
<P align=justify><B>Non-registered Shareholders</B> whose shares are registered
in the name of an intermediary should carefully follow voting instructions
provided by the intermediary. A more detailed description on returning proxies
by non-registered Shareholders can be found on page 2 of the attached Circular.
</P>
<P align=justify>DATED at Vancouver, British Columbia, this&nbsp;__<B> </B>day
of March, 2014. </P>
<P style="MARGIN-LEFT: 50%" align=justify>BY ORDER OF THE BOARD OF DIRECTORS
</P>
<P style="MARGIN-LEFT: 50%"
align=justify>_________________________________________________<BR>Rick Van
Nieuwenhuyse, President and Chief Executive Officer </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=center><B>NOVACOPPER INC. <BR>MANAGEMENT INFORMATION CIRCULAR </B></P>
<P align=center>TABLE OF CONTENTS </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_5"><B>INFORMATION REGARDING
      ORGANIZATION AND CONDUCT OF MEETING</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_5"><B>1</B>
    </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;<A href="#page_5">Solicitation of Proxies </A></TD>
    <TD align=right width="5%"><A href="#page_5">1 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_6">Exercise of Proxies </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_6">2 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;<A href="#page_7">Revocation of Proxies </A></TD>
    <TD align=right width="5%"><A href="#page_7">3 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_7">Voting Shares and Principal
      Holders Thereof </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_7">3 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_8"><B>MATTERS TO BE ACTED UPON AT
      MEETING</B> </A></TD>
    <TD align=right width="5%"><A href="#page_8"><B>4</B> </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_8">Election of Directors </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_8">4 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;<A href="#page_9">Appointment of Auditors </A></TD>
    <TD align=right width="5%"><A href="#page_9">5 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_11">Additional Matters to be
      Acted Upon </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_11">7 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_12"><B>INFORMATION CONCERNING THE BOARD OF
      DIRECTORS AND EXECUTIVE OFFICERS</B> </A></TD>
    <TD align=right width="5%"><A href="#page_12"><B>8</B> </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_20"><B>INTEREST OF CERTAIN
      PERSONS OR COMPANIES IN MATTERS TO BE ACTED UPON</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_20"><B>16</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_21"><B>STATEMENT OF EXECUTIVE
      COMPENSATION</B> </A></TD>
    <TD align=right width="5%"><A href="#page_21"><B>17</B> </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_21">Compensation Discussion and
      Analysis </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_21">17
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;<A href="#page_21">Objectives of Compensation Program </A></TD>
    <TD align=right width="5%"><A href="#page_21">17 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_22">Executive Compensation
      Policies and Programs </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_22">18
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;<A href="#page_22">Annual Compensation Decision-Making
      Process </A></TD>
    <TD align=right width="5%"><A href="#page_22">18 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_27">Annual Incentive Plan
</A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_27">23
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;<A href="#page_28">Stock-Based Incentive Plans </A></TD>
    <TD align=right width="5%"><A href="#page_28">24 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_30">Performance Graph </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_30">26
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_32"><B>EMPLOYMENT AGREEMENTS</B> </A></TD>
    <TD align=right width="5%"><A href="#page_32"><B>28</B> </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_32">Termination of Employment or
      Change of Control </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_32">28
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;<A href="#page_34">Summary Compensation Table </A></TD>
    <TD align=right width="5%"><A href="#page_34">30 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_34">Incentive Plan Awards
</A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_34">30
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_37"><B>SECURITIES AUTHORIZED FOR ISSUANCE
      UNDER EQUITY COMPENSATION PLANS</B> </A></TD>
    <TD align=right width="5%"><A href="#page_37"><B>33</B> </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_37">Equity Incentive Plan
      Information </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_37">33
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_40"><B>SECURITY
      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
      AND</B>&nbsp;<STRONG>RELATED SHAREHOLDER MATTERS</STRONG> </A></TD>
    <TD align=right width="5%"><A
      href="#page_40"><B>36</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_42"><B>DIRECTOR
      COMPENSATION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_42"><B>38</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;<A href="#page_43">Director Compensation Table </A></TD>
    <TD align=right width="5%"><A href="#page_43">39 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_43">DSU Plan for Directors
    </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_43">39
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;<A href="#page_44">Incentive Plan Awards </A></TD>
    <TD align=right width="5%"><A href="#page_44">40 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<A href="#page_45">Value Vested or Earned
      During the Year </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_45">41
</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_45"><B>INDEBTEDNESS OF DIRECTORS AND
      OFFICERS</B> </A></TD>
    <TD align=right width="5%"><A href="#page_45"><B>41</B> </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_45"><B>INTEREST OF INFORMED
      PERSONS IN MATERIAL TRANSACTIONS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_45"><B>41</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_46"><B>STATEMENT OF CORPORATE GOVERNANCE
      PRACTICES</B> </A></TD>
    <TD align=right width="5%"><A href="#page_46"><B>42</B> </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_53"><B>OTHER BUSINESS</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_53"><B>49</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_53"><B>ADDITIONAL INFORMATION</B> </A></TD>
    <TD align=right width="5%"><A href="#page_53"><B>49</B> </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_53"><B>OTHER MATERIAL
      FACTS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_53"><B>49</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_53"><B>SHAREHOLDER PROPOSALS</B> </A></TD>
    <TD align=right width="5%"><A href="#page_53"><B>49</B> </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_54"><B>CERTIFICATE</B>
    </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_54"><B>50</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_55"><B>APPENDIX A ADVANCE NOTICE POLICY</B>
      </A></TD>
    <TD align=right width="5%"><A href="#page_55"><B>51</B> </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_58"><B>APPENDIX B BOARD
      MANDATE</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_58"><B>54</B>
      </A></TD></TR></TABLE>
<P align=center>-i- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center><B><U>INFORMATION REGARDING ORGANIZATION AND CONDUCT OF
MEETING</U></B><B> </B></P>
<P align=justify><B><U>Solicitation of Proxies</U></B><B> </B></P>
<P align=justify><B>THIS MANAGEMENT INFORMATION CIRCULAR (&#147;CIRCULAR&#148;) IS
FURNISHED IN CONNECTION WITH THE SOLICITATION OF PROXIES BY OR ON BEHALF OF THE
MANAGEMENT AND THE BOARD OF DIRECTORS (THE &#147;BOARD OF DIRECTORS&#148; OR THE &#147;BOARD&#148;)
OF NOVACOPPER INC.</B> (the &#147;<B>Company</B>&#148;) for use at the Annual Meeting of
Shareholders of the Company to be held at the offices of Blake, Cassels &amp;
Graydon LLP, Suite 2600, 595 Burrard Street, Vancouver, British Columbia, V7X
1L3 at 2:00 p.m. (Vancouver time) on May 21, 2014 (the &#147;Meeting&#148;) or at any
adjournment thereof, for the purposes set forth in the accompanying Notice of
Meeting. The Company anticipates this Circular, proxy materials and form of
proxy will be first mailed to shareholders on or about March 27, 2014. </P>
<P align=justify>Solicitation of proxies will primarily be by mail or courier,
supplemented by telephone or other personal contact by employees or agents of
the Company at nominal cost, and all costs thereof will be paid by the Company.
The Company will also pay the fees and costs of intermediaries for their
services in transmitting proxy related material to non-registered Shareholders
in accordance with National Instrument 54-101 <I>- Communication with Beneficial
Owners of Securities of a Reporting Issuer</I> (&#147;NI 54-101&#148;).</P>
<P align=justify><I>General </I></P>
<P align=justify>Unless otherwise specified, the information in this Circular is
current as at March 17, 2014. Unless otherwise indicated, all references to &#147;$&#148;
or &#147;US$&#148; in this circular refer to United States dollars. References to &#147;C$&#148; in
this circular refer to Canadian dollars.<I> </I></P>
<P align=justify>Copies of this Circular and proxy-related materials, as well as
the Company&#146;s financial statements to be approved at the Meeting and related
MD&amp;A, can be obtained under the Company&#146;s profile at <U><FONT
color=#0000ff>www.sedar.com</FONT></U> or at www.novacopper.com.<B> </B></P>
<P align=justify><I>Record Date and Quorum </I></P>
<P align=justify>The Board of Directors of the Company has fixed the record date
for the Meeting as the close of business on March 24, 2014 (the &#147;Record<B>
</B>Date&#148;). If a person acquires ownership of shares subsequent to the Record
Date such person may establish a right to vote by delivering evidence of
ownership of his or her common shares of the Company (&#147;Common<B> </B>Shares&#148;)
satisfactory to the Board and a request for his or her name to be placed on the
voting list to Blake, Cassels &amp; Graydon LLP, the Company&#146;s legal counsel, at
Suite 2600, 595 Burrard Street, Vancouver, BC, V7X 1L3, Attention: Trisha
Robertson. Subject to the above, all registered holders of Common Shares at the
close of business on the Record Date (the &#147;Shareholders&#148;) will be entitled to
vote at the Meeting. No cumulative rights are authorized and dissenter&#146;s rights
are not applicable to any matters being voted upon. Such registered Shareholders
will be entitled to one vote per Common Share. </P>
<P align=justify>Two or more persons present in person or by proxy representing
at least 5% of the Common Shares entitled to vote at the Meeting will constitute
a quorum at the Meeting. </P>
<P align=justify><B><U>Voting of Common Shares</U></B> </P>
<P align=justify><I>Registered Shareholders </I></P>
<P align=justify>Registered Shareholders have two methods by which they can vote
their shares at the Meeting, namely in person or by proxy. To assure your
representation at the Meeting, please complete, sign, date and return the
enclosed proxy, whether or not you plan to personally attend. Sending your proxy
will not prevent you from voting in person at the meeting.</P>
<P align=justify>Shareholders who do not wish to attend the Meeting or do not
wish to vote in person, can vote by proxy. A registered Shareholder must return
the completed proxy to the Company: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>by delivering the proxy to the Toronto office of the
      Company&#146;s transfer agent, Computershare Investor Services Inc.
      (&#147;Computershare&#148;) at its office at 100 University Avenue, 9th
  Floor, Toronto, Ontario, Canada M5J 2Y1, for receipt not later
      than May 16, 2014 at 2:00 p.m. (Vancouver time);</P></TD></TR></TABLE>
<P align=center>- 1 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>by fax to the Toronto office of Computershare, Attention:
      Proxy Tabulation at 416-263-9524 or 1-866-249-7775 not later than May 16,
      2014 at 2:00 p.m. (Vancouver time); or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>by internet, as instructed in the enclosed form of proxy,
      not later than May 16, 2014 at 2:00 p.m. (Vancouver
  time).</P></TD></TR></TABLE>
<P align=justify>The persons named in the enclosed form of proxy are officers
and directors of the Company. <B>Each Shareholder has the right to appoint a
person or a company (who need not be a Shareholder) to attend and act for
him/her and on his/her behalf at the Meeting other than the persons designated
in the enclosed form of proxy.</B> Such right may be exercised by striking out
the names of the persons designated on the enclosed form of proxy and by
inserting such appointed person&#146;s name in the blank space provided for that
purpose or by completing another form of proxy acceptable to the Board.</P>
<P align=justify><I>Non-registered Shareholders </I></P>
<P align=justify>The information set forth in this section is of significant
importance to many Shareholders of the Company, as a substantial number of
Shareholders do not hold Common Shares in their own name. Shareholders who do
not hold their Common Shares in their own name (i.e. non-registered or
beneficial Shareholders) should note that only proxies deposited by Shareholders
whose names appear on the records of the Company as the registered holders of
Common Shares can be recognized and acted upon at the Meeting. If Common Shares
are listed in an account statement provided to a Shareholder by a broker, then,
in almost all cases, those Common Shares will not be registered in the
Shareholder&#146;s name on the records of the Company. Such Common Shares will more
likely be registered under the name of the Shareholder&#146;s broker or an agent of
that broker. In Canada, the vast majority of such Common Shares are registered
under the name of CDS &amp; Co. (the registration name for The Canadian
Depository for Securities, which acts as nominee for many Canadian brokerage
firms). Common Shares held by brokers or their agents or nominees can only be
voted upon the instructions of the non-registered Shareholder. Without specific
instructions, brokers and their agents and nominees are prohibited from voting
Common Shares for their clients. <B>Therefore, non-registered Shareholders
should ensure that instructions respecting the voting of their Common Shares are
communicated to the appropriate person.</B> </P>
<P align=justify>Applicable regulatory policy requires intermediaries/brokers to
seek voting instructions from non-registered Shareholders in advance of
shareholders&#146; meetings. Every intermediary/broker has its own mailing procedures
and provides its own return instructions to clients, which should be carefully
followed by non-registered Shareholders in order to ensure that their shares are
voted at the Meeting. The majority of brokers now delegate responsibility for
obtaining instructions from clients to Broadridge. Broadridge typically uses its
own form of proxy, mails those forms to the non-registered Shareholders and asks
non-registered Shareholders to either return the proxy forms to Broadridge or
alternatively provide voting instructions by using the Broadridge automated
telephone system. Broadridge then tabulates the results of all instructions
received and provides appropriate instructions respecting the voting of Common
Shares to be represented at the Meeting. <B>A non-registered Shareholder
receiving a proxy from Broadridge cannot use that proxy to vote Common Shares
directly at the Meeting &#150; the proxy must be returned to Broadridge well in
advance of the Meeting in accordance with Broadridge&#146;s instructions in order to
have the shares voted. </B></P>
<P align=justify>Although a non-registered Shareholder may not be recognized
directly at the Meeting for the purposes of voting Common Shares registered in
the name of his broker (or an agent of the broker), a non-registered Shareholder
may attend the Meeting as a proxyholder for the registered Shareholder and vote
the Common Shares in that capacity. Non-registered Shareholders who wish to
attend the Meeting and indirectly vote their Common Shares as a proxyholder for
the registered Shareholder, should enter their own names in the blank space on
the form of proxy provided to them by their broker (or agent) and return the
same to their broker (or the broker&#146;s agent) in accordance with the instructions
provided by such broker (or agent), well in advance of the Meeting. </P>
<P align=justify><B><U>Exercise of Proxies</U></B><B> </B></P>
<P align=justify>On any ballot that may be called for, the Common Shares
represented by a properly executed proxy will be voted or withheld from voting
in accordance with the instructions given on the form of proxy and, if the
Shareholder specifies a choice with respect to any matter to be acted upon,
the Common Shares will be voted accordingly. <B>Where no choice is specified,
the enclosed proxy will confer discretionary authority and will be voted in
favour of all matters referred to on the form of proxy. </B> </P>
<P align=center>-2- </P>
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<P align=justify><B>The proxy also confers discretionary authority to vote for,
withhold from voting or vote against, amendments or variations to matters
identified in the Notice of Meeting and with respect to other matters not
specifically mentioned in the Notice of Meeting but which may properly come
before the Meeting</B>. Management has no present knowledge of any amendments or
variations to matters identified in the Notice of Meeting or any business other
than that referred to in the accompanying Notice of Meeting which will be
presented at the Meeting. However, if any other matters properly come before the
Meeting, it is the intention of the person named in the enclosed proxy to vote
in accordance with the recommendations of management of the Company. </P>
<P align=justify>Proxies must be received by the Toronto office of
Computershare, located at 100 University Avenue, 9<SUP>th</SUP> Floor, Toronto,
Ontario, Canada M5J 2Y1 not later than May 16, 2014 at 2:00 p.m. (Vancouver
time). </P>
<P align=justify><B><U>Revocation of Proxies</U></B><B> </B></P>
<P align=justify>A Shareholder who has given a proxy may revoke it at any time
insofar as it has not been exercised. In addition to any other manner permitted
by law, a Shareholder who has given an instrument of proxy may revoke it by
instrument in writing, executed by the Shareholder or by his attorney authorized
in writing, or if the Shareholder is a Company, under its corporate seal, and
deposited either with the Company&#146;s transfer agent, Computershare at its
Vancouver office at 510 Burrard Street, 2nd Floor, Vancouver, BC, V6C 3B9 or
with the Company&#146;s legal counsel, Blake, Cassels &amp; Graydon LLP, at Suite
2600, 595 Burrard Street, Vancouver, BC, V7X 1L3, Attention: Trisha Robertson,
at any time up to and including the last business day preceding the Meeting at
which the proxy is to be used, or any adjournment thereof or with the chairman
of such Meeting on the date of the Meeting, or any adjournment thereof, and upon
either of such deposits the proxy is revoked. A Shareholder attending the
Meeting has the right to vote in person and if he does so, his proxy is
nullified with respect to the matters such person votes upon and any subsequent
matters thereafter to be voted upon at the Meeting. </P>
<P align=justify><B><U>Voting Shares and Principal Holders Thereof</U></B><B>
</B></P>
<P align=justify>As at<B> </B>March 17, 2014, the Company has 53,629,245<B>
</B>Common Shares issued and outstanding without nominal or par value. Each
Common Share is entitled to one vote. Except as otherwise noted in this
Circular, a simple majority of votes cast at the Meeting, whether in person or
by proxy, will constitute approval of any matter submitted to a vote. </P>
<P align=justify>The following table sets forth certain information regarding
the ownership of the Company&#146;s common shares as at March 17, 2014 by each
Shareholder known to the Company who owns, directly or indirectly, or exercises
control or direction over, to the knowledge of the Company&#146;s directors or
officers, more than 5% of the outstanding Common Shares of the Company as of
March 17, 2014, based on such person&#146;s Schedules 13D and 13G filed with the US
Securities and Exchange Commission (the &#147;SEC&#148;). </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD noWrap align=center><B>Name of Shareholder</B> <BR></TD>
    <TD noWrap align=center width="33%"><B>Number of Voting Securities</B>
    <BR></TD>
    <TD noWrap align=center width="33%"><B>Percentage of Outstanding
      Voting</B> <BR><B>Securities</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Electrum Strategic Resources L.P
      <BR>(&#147;Electrum&#148;)<SUP>(1)</SUP> </TD>
    <TD vAlign=center align=center width="33%">14,094,912 </TD>
    <TD vAlign=center align=center width="33%">26.3% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
      align=left>Paulson &amp; Co. Inc. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="33%">5,921,709 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="33%">11.0% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>The Baupost Group, L.L.C. </TD>
    <TD vAlign=center align=center width="33%">5,005,298 </TD>
    <TD vAlign=center align=center width="33%">9.3% </TD></TR></TABLE></DIV>
<P align=justify>Notes:<BR>(1) Includes 833,333 common shares held directly by
GRAT Holdings LLC (&#147;GRAT Holdings&#148;) and 13,261,579 common shares held directly
by Electrum. GRAT Holdings has sole voting and investment power with respect to
the 833,333 common shares it holds directly. Each of GRAT Holdings, Electrum,
Leopard Holdings LLC ("Leopard"), Electrum Global Holdings L.P. (&#147;Global
Holdings&#148;), TEG Global GP Ltd (&#147;TEG Global&#148;) and The Electrum Group LLC
(&#147;Electrum Group&#148;) may be deemed to share the power to vote and dispose of the
13,261,579 common shares held directly by Electrum and, accordingly, each
such entity may be deemed to beneficially own such shares. Global Holdings owns
all of the limited partnership interests of Electrum and all of the equity
interests of the general partner of Electrum. TEG Global is the sole general
partner of, and Electrum Group is the investment adviser to, Global Holdings.
Electrum Group possesses voting and investment discretion with respect to assets
of Global Holdings, including indirect investment discretion with respect to the
common shares held by Electrum. GRAT Holdings, which owns all of the equity
interests of Leopard, may be deemed to share voting and investment power with
respect to shares held by Electrum by virtue of its indirect ownership (through
Leopard) of equity of Global Holdings, TEG Global and Electrum Group. The
Investment Committee of GRAT Holdings, which consists of three members,
exercises voting and investment decisions on behalf of GRAT Holdings, including
decisions on behalf of GRAT Holdings with respect to the securities reported
herein. Electrum, Leopard, Global Holdings, TEG Global and Electrum Group have
disclaimed beneficial ownership of the common shares held by GRAT Holdings for
purposes of Sections 13(d) and 13(g) under the Securities Exchange Act of 1934,
as amended. Dr. Thomas Kaplan, Chairman of the Board of Directors of the
Company, is also chairman and chief investment officer of Electrum Group, and
therefore may be deemed to share the power to vote and dispose of the 13,261,579
common shares held directly by Electrum. </P>
<P align=center>-3- </P>
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<P align=center><B><U>MATTERS TO BE ACTED UPON AT MEETING</U></B><B> </B></P>
<P align=justify><B><U>Number of Directors</U></B><B> </B></P>
<P align=justify>According to the Articles of Association of the Company, the
Board shall consist of not less than three and no more than such number of
directors to be determined by resolution of Shareholders. The number of
directors was previously set at 11. Shareholders of the Corporation will be
asked to consider and, if thought appropriate, to approve and adopt an ordinary
resolution setting the number of directors at 9. <B>In the absence of a contrary
instruction, it is intended that all proxies received will be voted FOR setting
the number of directors at 9.</B> </P>
<P align=justify><B><U>Election of Directors</U></B></P>
<P align=justify>The proposed nominees in the list that follows are, in the
opinion of management, well qualified to direct the Company&#146;s activities for the
ensuing year and have confirmed their willingness to serve as directors, if
elected. The term of office of each director elected will be until the next
annual meeting of the Shareholders of the Company or until his or her successor
is elected or appointed, unless his or her office is earlier vacated, in
accordance with the Articles of Association of the Company and the provisions of
the <I>Business Corporations Act</I> (British Columbia). </P>
<P align=justify>The Board adopted a Majority Voting Policy on January 29, 2014
stipulating that Shareholders shall be entitled to vote in favour of, or
withhold from voting for, each individual director nominee at a Shareholders&#146;
meeting. If the number of Common Shares &#147;withheld&#148; for any nominee exceeds the
number of Common Shares voted &#147;for&#148; the nominee, then, notwithstanding that such
director was duly elected as a matter of corporate law, he or she shall tender
his or her written resignation to the chair of the Board. The Corporate
Governance and Nominating Committee will consider such offer of resignation and
will make a recommendation to the Board concerning the acceptance or rejection
of the resignation after considering, among other things, the stated reasons, if
any, why certain shareholders &#147;withheld&#148; votes for the director, the
qualifications of the director and whether the director&#146;s resignation from the
Board would be in the best interests of the Corporation. The Board must take
formal action on the Corporate Governance and Nominating Committee&#146;s
recommendation within 90 days of the date of the applicable shareholders meeting
and announce its decision by press release. The policy does not apply in
circumstances involving contested director elections. See &#147;Statement of
Corporate Governance Policies &#150; Majority Voting Policy&#146;. </P>
<P align=justify><B>Unless the proxy specifically instructs the proxyholder to
withhold such vote, Common Shares represented by the proxies hereby solicited
shall be voted FOR the election of the nominees whose names are set forth
below.</B> If, prior to the Meeting, any of the listed nominees shall become
unavailable to serve, the persons designated in the proxy form will have the
right to use their discretion in voting for a properly qualified substitute.
Management does not contemplate presenting for election any person other than
these nominees but, if for any reason management does present another nominee
for election, the proxyholders named in the accompanying form of proxy reserve
the right to vote for such other nominee in their discretion unless the
Shareholder has specified otherwise in the form of proxy.</P>
<P align=center>-4- </P>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center align=center><B>Name, Province or State and
      </B><B>Country of Residence </B></TD>
    <TD vAlign=center align=center width="20%" ><B>Independence
      </B></TD>
    <TD vAlign=center align=center width="33%"><B>Principal Occupation </B></TD>
    <TD vAlign=center align=center width="15%"
      ><B>Director</B>&nbsp;<STRONG>Since</STRONG><SUP>(7)</SUP></TD></TR>
  <TR vAlign=top>
    <TD align=left>Tony S. Giardini <SUP>(2)(3) <BR></SUP>British Columbia,
      Canada </TD>
    <TD align=center width="20%" >Independent </TD>
    <TD align=left width="33%">Chief Financial Officer of Kinross Gold
      Corporation </TD>
    <TD align=center width="15%" >January 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dr. Thomas S. Kaplan <SUP>(1) <BR></SUP>New York, USA </TD>
    <TD align=center width="20%" >Non-Independent </TD>
    <TD align=left width="33%">Chairman of the Company and Executive Chairman
      of The Electrum Group LLC </TD>
    <TD align=center width="15%" >January 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gregory A. Lang <SUP>(4) <BR></SUP>Utah, USA </TD>
    <TD align=center width="20%" >Non-Independent </TD>
    <TD align=left width="33%">President and Chief Executive Officer of
      NOVAGOLD Resources Inc. </TD>
    <TD align=center width="15%" >January 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Igor Levental <SUP>(5)(6) <BR></SUP>Colorado, USA </TD>
    <TD align=center width="20%" >Independent </TD>
    <TD align=left width="33%">President of The Electrum Group LLC </TD>
    <TD align=center width="15%" >January 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Kalidas V. Madhavpeddi <SUP>(2)(3)(4) <BR></SUP>Arizona,
      USA </TD>
    <TD align=center width="20%" >Independent </TD>
    <TD align=left width="33%">President of Azteca Consulting LLC and Overseas
      Chief Executive Officer of China Molybdenum Co., Ltd. </TD>
    <TD align=center width="15%" >January 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gerald J. McConnell <SUP>(5) <BR></SUP>Nova Scotia, Canada
    </TD>
    <TD align=center width="20%" >Independent </TD>
    <TD align=left width="33%">Chief Executive Officer of Namibia Rare Earths
      Inc. </TD>
    <TD align=center width="15%" >January 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Clynton R. Nauman <SUP>(4) <BR></SUP>Washington, USA </TD>
    <TD align=center width="20%" >Independent </TD>
    <TD align=left width="33%">President and Chief Executive Officer of Alexco
      Resource Corp. </TD>
    <TD align=center width="15%" >April 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Janice Stairs <SUP>(3)(5)(6) <BR></SUP>Nova Scotia, Canada
    </TD>
    <TD align=center width="20%" >Independent </TD>
    <TD align=left width="33%">General Counsel to Namibia Rare Earths Inc. </TD>
    <TD align=center width="15%" >April 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Rick Van Nieuwenhuyse <SUP>(6) <BR></SUP>British Columbia,
      Canada </TD>
    <TD align=center width="20%" >Non-Independent </TD>
    <TD align=left width="33%">President and Chief Executive Officer of the
      Company </TD>
    <TD align=center width="15%" >April 2011
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Chairman of the Board</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Member of the Audit Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Member of the Compensation Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Member of the Environment, Health, Safety and Technical
      (&#147;EHST&#148;) Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Member of the Corporate Governance and Nominations
      Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Member of the Corporate Communications
  Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>The term of office for each director expires as at the
      date of each annual general meeting unless such director is re-elected at
      that annual general meeting.</P></TD></TR></TABLE>
<P align=justify>See &#147;Security Ownership of Certain Beneficial Owners and
Management and Related Shareholder Matters&#148; for details on share ownership and
the number of securities beneficially owned, or controlled or directed, directly
or indirectly, by each proposed director. </P>
<P align=justify>Refer to Section &#147;Information Concerning the Board of Directors
and Executive Officers&#148; for further information regarding the above directors.
</P>
<P align=justify><B><U>Appointment of Auditors</U></B><B> </B></P>
<P align=justify>The independent auditors of the Company are
PricewaterhouseCoopers LLP, Chartered Accountants (&#147;PwC&#148;), located at 250 Howe
Street, 7th Floor, Vancouver, British Columbia, Canada. PwC were first appointed
auditors of the Company on March 28, 2012 by the shareholders of NOVAGOLD
Resources Inc. (&#147;NOVAGOLD&#148;). The Shareholders will be asked at the Meeting to
vote for the appointment of PwC as auditors of the Company until the next annual
meeting of the Shareholders of the Company or until a successor is appointed, at
a remuneration to be fixed by the directors upon the recommendation of the Audit
Committee. To the Company's knowledge, a representative from PwC will not be present at the Meeting to
take questions, although the firm will be permitted to make a statement if it so
desires.</P>
<P align=center>-5- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify>A table setting forth the fees paid by the Company to PwC, its
independent auditor, for the years ended November 30, 2013 and November 30, 2012
is set forth below. Fees incurred prior to April 30, 2012 were paid by the
Company&#146;s former parent company, NOVAGOLD, resulting in the annual fees for the
years ended November 30, 2013 and 2012 being non-comparable.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="58%"
    colSpan=2><B>Year Ended November 30</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><BR></TD>
    <TD align=center width="29%"><B>2013</B> <BR><B>$</B> </TD>
    <TD align=center width="29%"><B>2012</B> <BR><B>$</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Audit Fees <SUP>(1)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="29%">165,635 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="29%">83,584 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Audit Related Fees <SUP>(2)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="29%">52,586 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="29%">6,908 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >Tax
      Fees <SUP>(3)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="29%">-
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="29%">-
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >All
      Other Fees <SUP>(4)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="29%">-
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="29%">-
  </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Total</B> </TD>
    <TD align=center width="29%"><B>218,221</B> </TD>
    <TD align=center width="29%"><B>90,492</B> </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>&#147;Audit Fees&#148; are the aggregate fees billed by PwC for the
      audit of the Company&#146;s consolidated annual financial statements, reviews
      of interim financial statements and attestation services that are provided
      in connection with statutory and regulatory filings or
  engagements.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>&#147;Audit-Related Fees&#148; are fees charged by PwC for
      assurance and related services that are reasonably related to the
      performance of the audit or review of the Company&#146;s financial statements
      and are not reported under &#147;Audit Fees.&#148; This category comprises fees
      billed for review and advisory services associated with the Company&#146;s
      financial reporting.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>&#147;Tax Fees&#148; are fees billed by PwC for tax compliance, tax
      advice and tax planning.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>&#147;All Other Fees&#148; are fees charged by PwC for services not
      described above.</P></TD></TR></TABLE>
<P align=justify><I>Pre-Approval Policies and Procedures</I> </P>
<P align=justify>All services to be performed by the Company&#146;s independent
auditor must be approved in advance by the Audit Committee. The Audit Committee
has considered whether the provision of services other than audit services is
compatible with maintaining the auditors&#146; independence and has adopted a charter
governing its conduct. The charter is reviewed annually and requires the
pre-approval of all auditing services and permitted non-audit services
(including the fees and terms thereof) to be performed for the Company by its
independent auditor, subject to the <I>de minimis </I>exceptions for non-audit
services as allowed by applicable law or regulation. The Audit Committee may
form and delegate authority to subcommittees consisting of one or more members
when appropriate, including the authority to grant pre-approvals of audit and
permitted non-audit services, provided that decisions of such subcommittee to
grant pre-approvals shall be presented to the full Audit Committee at its next
scheduled meeting. Pursuant to these procedures, all services and related fees
reported were pre-approved by the Audit Committee. </P>
<P align=justify><B>Report on Audited Financial Statements</B> </P>
<P align=justify>The Audit Committee reviewed and discussed with management and
the Company's independent auditors the audited consolidated financial statements
included in the Company's Annual Report on Form 10-K for the year ended November
30, 2013. In addition, the Audit Committee has discussed with the Company's
independent auditors the matters required to be discussed by Statement on
Auditing Standards No. 61 (Codification of Statements on Auditing Standards,
AU380), as amended, as adopted by the Public Accounting oversight Board in Rule
3200T. The Audit Committee has also received the written disclosures and the
letter from the Company's independent auditors required by Independence
Standards Board Standard No. 1 (Independence Discussions with Audit Committees)
and has discussed with the Company's independent auditors that audit firm's
independence from the Company and its management. Based on the review and
discussions, the Audit Committee recommended to the Board that the audited
financial statements be included in the Annual Report on Form 10-K for the year
ended November 30, 2013, for filing with the SEC, which Annual Report is
available under the Company&#146;s profile on SEDAR at <U><FONT
color=#0000ff>www.sedar.com</FONT></U> and on EDGAR at www.sec.gov/edgar. </P>
<P align=center>-6- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<P style="MARGIN-LEFT: 20%" align=justify><I>Audit Committee of the Board</I>
<BR>Terry Krepiakevich, Chair <BR>Tony Giardini <BR>Kalidas Madhavpeddi </P>
<P align=justify><B>In the absence of a contrary instruction, it is intended
that all proxies received will be voted FOR the appointment of
PricewaterhouseCoopers LLP as auditors of the Company until the next annual
meeting of Shareholders or until a successor is appointed, at a remuneration to
be fixed by the Directors upon the recommendation of the Audit Committee.</B>
</P>
<P align=justify><B><U>Additional Matters to be Acted Upon</U></B></P>
<P align=justify>The Company is seeking Shareholder ratification of the Advance
Notice Policy (the &#147;Policy&#148;), adopted by the Board on January 29, 2014, of which
a copy is available in Appendix A.</P>
<P align=justify>The Company wishes to implement the Policy, which provides a
framework by which the Company seeks to fix a deadline for Shareholders to
submit director nominations to the Company prior to any annual or special
meeting of the Shareholders (a &#147;Notice&#148;), and sets forth the information that a
Shareholder must include in a Notice to the Company and in the proper form for
such Notice. </P>
<P align=justify>The Company believes that the Policy would facilitate orderly
and efficient annual and special meetings of Shareholders, ensure that all
Shareholders receive adequate notice of director nominations, and allow
Shareholders to register an informed vote. The Company wishes to seek
Shareholder ratification of the Policy.</P>
<P align=justify><B>Unless such authority is withheld, the management
representatives designated in the enclosed form of proxy intend to vote FOR the
ratification of the Policy in Appendix &#147;A&#148;. </B></P>
<P align=center>-7- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center><B><U>INFORMATION CONCERNING THE BOARD OF DIRECTORS AND
EXECUTIVE OFFICERS</U></B><B> </B></P>
<P align=justify>The following table sets forth certain information with respect
to our current directors and executive officers. The term for each director
expires at our next annual meeting of the Shareholders of the Company or at such
time as his or her successor is appointed, upon ceasing to meet the
qualifications for election as a director, upon death, upon removal by the
Shareholders or upon delivery or submission to the Company of the director's
written resignation, unless the resignation specifies a later time of
resignation. Each executive officer shall hold office until the earliest of the
date his or her resignation becomes effective, the date his or her successor is
appointed or he or she cease to be qualified for that office, or the date he or
she is terminated by Board of Directors of the Company. The names, locations of
residence, and ages of, and offices held by, the directors and executive
officers has been furnished by each of them and is current as of November 30,
2013. Unless otherwise indicated, the address of each director and executive
officer in the table set forth below is care of NovaCopper Inc., Suite 1950, 777
Dunsmuir Street, Vancouver, British Columbia, V7Y 1K4 Canada.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center align=center ><B>Name and Municipality of
      Residence</B> </TD>
    <TD vAlign=center align=center width="25%"><B>Position and Office Held</B>
    </TD>
    <TD vAlign=center align=center width="25%"><B>Director/Officer</B>
      <B>Since</B> </TD>
    <TD vAlign=center align=center width="10%" ><B>Age</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Tony S. Giardini<SUP>(2)(3)</SUP> <BR>British
      Columbia, Canada </TD>
    <TD align=left width="25%">Director </TD>
    <TD noWrap align=center width="25%">January 24, 2012 </TD>
    <TD align=center width="10%" >54 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Dr. Thomas S. Kaplan<SUP>(1)</SUP> <BR>New
      York, USA </TD>
    <TD align=left width="25%">Chairman </TD>
    <TD noWrap align=center width="25%">January 24, 2012 </TD>
    <TD align=center width="10%" >51 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Terry Krepiakevich<SUP>(2)(8)</SUP>
      <BR>British Columbia, Canada </TD>
    <TD align=left width="25%">Director </TD>
    <TD noWrap align=center width="25%">April 27, 2011 </TD>
    <TD align=center width="10%" >61 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Gregory A. Lang<SUP>(4)</SUP> <BR>Utah, USA
    </TD>
    <TD align=left width="25%">Director </TD>
    <TD noWrap align=center width="25%">January 24, 2012 </TD>
    <TD align=center width="10%" >59 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Igor Levental<SUP>(5)(6)</SUP> <BR>Colorado,
      USA </TD>
    <TD align=left width="25%">Director </TD>
    <TD noWrap align=center width="25%">January 24, 2012 </TD>
    <TD align=center width="10%" >58 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Kalidas V. Madhavpeddi<SUP>(2)(3)(4)</SUP>
      <BR>Arizona, USA </TD>
    <TD align=left width="25%">Director </TD>
    <TD noWrap align=center width="25%">January 24, 2012 </TD>
    <TD align=center width="10%" >58 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Gerald J. McConnell<SUP>(5)</SUP> <BR>Nova
      Scotia, Canada </TD>
    <TD align=left width="25%">Director </TD>
    <TD noWrap align=center width="25%">January 24, 2012 </TD>
    <TD align=center width="10%" >68 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Clynton R. Nauman<SUP>(4)</SUP>
      <BR>Washington, USA </TD>
    <TD align=left width="25%">Lead Director </TD>
    <TD noWrap align=center width="25%">April 27, 2011 </TD>
    <TD align=center width="10%" >64 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Janice Stairs<SUP>(3)(5)(6)</SUP> <BR>Nova
      Scotia, Canada </TD>
    <TD align=left width="25%">Director </TD>
    <TD noWrap align=center width="25%">April 27, 2011 </TD>
    <TD align=center width="10%" >54 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Rick Van Nieuwenhuyse<SUP>(6)</SUP>
      <BR>British Columbia, Canada </TD>
    <TD align=left width="25%">Director, President and Chief Executive Officer
      of the Company. </TD>
    <TD noWrap align=center width="25%">April 27, 2011 </TD>
    <TD align=center width="10%" >58 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Elaine M. Sanders <BR>British Columbia,
      Canada </TD>
    <TD align=left width="25%">Vice President, Chief Financial Officer and
      Corporate Secretary </TD>
    <TD noWrap align=center width="25%">April 29, 2011<SUP>(7)</SUP> </TD>
    <TD align=center width="10%" >44 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Joseph R. Piekenbrock <BR>Colorado, USA </TD>
    <TD align=left width="25%">Senior Vice President, Exploration </TD>
    <TD noWrap align=center width="25%">April 29, 2011 </TD>
    <TD align=center width="10%" >58
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Chairman of the Board.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Member of the Audit Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Member of the Compensation Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Member of the EHST Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Member of the Corporate Governance and Nominating
      Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Member of the Corporate Communications
  Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Appointed Corporate Secretary on April 29, 2011 and Vice
      President and CFO on January 30, 2012.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>Mr. Krepiakevich has advised he will not be standing for
      re-election at the Meeting.</P></TD></TR></TABLE>
<P align=center>-8- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#c0c0c0
    colSpan=5><B>Tony S. Giardini, CA, CPA</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=5>
      <P align=justify>Mr. Giardini is currently Chief Financial Officer of
      Kinross Gold Corporation and was Chief Financial Officer of Ivanhoe Mines
      Ltd. from May 2006 to April 2012. Prior to joining Ivanhoe Mines Ltd., Mr.
      Giardini spent more than 10 years with Placer Dome Inc. as Vice President
      and Treasurer where he was responsible for managing and overseeing the
      company&#146;s debt and capital market activities, including managing banking
      relationships with U.S., Canadian, and international banks. During his
      time at Placer Dome, Mr. Giardini led the financing team that raised in
      excess of US$1 billion in debt and equity financings. Mr. Giardini is a
      Chartered Accountant and a Certified Public Accountant and spent 12 years
      with accounting firm KPMG prior to joining Placer Dome Inc. </P>
      <P align=justify>The Board has determined that Mr. Giardini should serve
      as a director due to his experience in finance, financial reporting and
      operations as a chief financial officer of a major mining company. </P>
      <P align=justify>Principal Occupation During Past Five Years: Chief
      Financial Officer of Kinross Gold Corporation (November 2012-present);
      Chief Financial Officer of Capstone Mining Corp. (August &#150; November 2012);
      Chief Financial Officer of Ivanhoe Mines Ltd. (2006 &#150; 2012); and Vice
      President and Treasurer of Placer Dome Inc. (2003 &#150; 2006). </P>
      <P align=justify>Directorships Held During Past Five Years: NOVAGOLD
      Resources Inc. </P>
      <P align=justify>Areas of experience include: finance, investment banking,
      governance, mining industry, treasury and audit. </P></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center rowSpan=2><BR><BR><BR><B>Board / Committee
      Membership</B> </TD>
    <TD noWrap align=center width="18%"><B>Overall Attendance</B>
      <BR><B>93%</B> </TD>
    <TD noWrap align=center width="54%" colSpan=3><B>Securities Held</B>
</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center width="18%"><BR><B>Regular Meeting</B> </TD>
    <TD noWrap align=center width="18%"><B>Common Shares</B> <BR><B>#</B> </TD>
    <TD noWrap align=center width="18%"><B>Stock Options</B> <BR><B>#</B> </TD>
    <TD noWrap align=center width="18%"><B>DSUs</B> <BR><B>#</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Board <BR>Compensation <BR>Audit </TD>
    <TD align=center width="18%">4/5 <BR>5/5 <BR>4/4 </TD>
    <TD align=center width="18%">8,048 <BR><BR></TD>
    <TD align=center width="18%">- <BR><BR></TD>
    <TD align=center width="18%">75,000 <BR><BR></TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#c0c0c0><B>Dr. Thomas S. Kaplan</B> </TD></TR>
  <TR>
    <TD>
      <P align=justify>Dr. Kaplan is Chairman of the Board of Directors of the
      Company as well as NOVAGOLD Resources Inc. He is also Executive Chairman
      of The Electrum Group LLC, a privately-held global natural resources
      investment management company which manages the portfolio of Electrum, the
      single largest shareholder of the Company. Dr. Kaplan is an entrepreneur
      and investor with a track record of both creating and unlocking
      shareholder value in public and private companies. Most recently, Dr.
      Kaplan served as Chairman of Leor Exploration &amp; Production LLC, a
      natural gas exploration and development company founded by Dr. Kaplan in
      2003. In 2007, Leor&#146;s natural gas assets were sold to EnCana Oil &amp; Gas
      USA Inc., a subsidiary of Encana Corporation, for $2.55 billion. Dr.
      Kaplan holds Bachelor&#146;s, Master&#146;s and Doctoral Degrees in History from
      Oxford University. </P>
      <P align=justify>The Board has determined that Dr. Kaplan should serve as
      a director due to his knowledge of economics and mergers and acquisitions
      in the mining sector. </P>
      <P align=justify>Principal Occupation During Past Five Years: Chairman and
      Chief Executive Officer of The Electrum Group LLC (2011 &#150; present);
      Chairman of Tigris Financial Group Ltd. (2007 &#150; 2011); Principal of Tigris
      Financial Group (2011 &#150; present); and Chairman, Leor Exploration and
      Production LLC (2007 &#150; present). </P>
      <P align=justify>Directorships Held During Past Five Years: NOVAGOLD
      Resources Inc. </P>
      <P align=justify>Areas of experience include: finance, mergers and
      acquisitions in the mining industry, mineral exploration.
  </P></TD></TR></TABLE></DIV>
<P align=center>-9- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center noWrap align=center rowSpan=2><BR><BR><BR><B>Board /
      Committee Membership</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Overall
      Attendance</B> <BR><B>100%</B> </TD>
    <TD vAlign=center noWrap align=center width="54%" colSpan=3><B>Securities
      Held</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center noWrap align=center width="18%"><BR><B>Regular
      Meeting</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Common Shares</B>
      <BR><B>#</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Stock Options</B>
      <BR><B>#</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>DSUs</B> <BR><B>#</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Board </TD>
    <TD align=center width="18%">5/5 </TD>
    <TD align=center width="18%">- </TD>
    <TD align=center width="18%">- </TD>
    <TD align=center width="18%">75,000 </TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#c0c0c0
    colSpan=5><B>Terry Krepiakevich, CA, ICD.D</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=5>
      <P align=justify>Mr. Krepiakevich most recently was Chief Financial
      Officer of SouthGobi Resources Ltd. from July 2006 to 2011, a TSX and Hong
      Kong-listed company, and is a director of Western Lithium USA Corp.,
      Concordia Resource Corp., and St. Augustine Gold &amp; Copper Ltd,
      TSX-listed companies. He has been a director of Alexco Resource Corp., a
      TSX and NYSE-listed mineral resources company, since July 2009. Mr.
      Krepiakevich serves as Chair of the Audit Committee for the above noted
      companies where he is a director, and has previously served as a member of
      Compensation, Nomination and Corporate Governance Committees. From
      November 2000 to July 2006, Mr. Krepiakevich was the Chief Financial
      Officer of Extreme CCTV Inc., which was formerly listed on the TSX, and
      also served as a director from June 2001 to July 2006. Mr. Krepiakevich
      was the Chief Executive Officer and a director of First Industrial Capital
      Corp. from September 1997 to March 2004. He was the Vice President of
      Finance and Chief Financial Officer of Maynards Industries from July 1988
      to June 2000. Mr. Krepiakevich is a Chartered Accountant, certified by the
      Institute of Chartered Accountants of British Columbia. </P>
      <P align=justify>The Board has determined that Mr. Krepiakevich should
      serve as a director due to his knowledge of finance, public markets,
      corporate governance and internal controls. Mr. Krepiakevich has advised
      he will not be standing for re-election at the Meeting. </P>
      <P align=justify>Principal Occupation During Past Five Years: Chief
      Financial Officer of SouthGobi Resources Ltd. (2006 &#150; 2011). </P>
      <P align=justify>Directorships Held During Past Five Years: Alexco
      Resource Corp., Kaizen Discovery, Meryllion Resources Corporation, Western
      Lithium USA Corporation, St. Augustine Gold and Copper Limited. </P>
      <P align=justify>Areas of experience include: finance, investment banking,
      governance, mining industry, treasury and audit. </P></TD></TR>
  <TR vAlign=top>
    <TD vAlign=center noWrap align=center rowSpan=2><BR><BR><BR><B>Board /
      Committee Membership</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Overall
      Attendance</B> <BR><B>100%</B> </TD>
    <TD vAlign=center noWrap align=center width="54%" colSpan=3><B>Securities
      Held</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center noWrap align=center width="18%"><BR><B>Regular
      Meeting</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Common Shares</B>
      <BR><B>#</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Stock Options</B>
      <BR><B>#</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>DSUs</B> <BR><B>#</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Board <BR>Audit </TD>
    <TD align=center width="18%">5/5 <BR>4/4 </TD>
    <TD align=center width="18%">- <BR></TD>
    <TD align=center width="18%">- <BR></TD>
    <TD align=center width="18%">75,000 <BR></TD></TR></TABLE></DIV>
<P align=center>-10- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#c0c0c0
    colSpan=5><B>Gregory A. Lang</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=5>
      <P align=justify>Mr. Lang is President and Chief Executive Officer of
      NOVAGOLD. Mr. Lang has over 35 years of diverse experience in mine
      operations, project development and evaluations, including experience as
      President of Barrick Gold of North America, a wholly-owned subsidiary of
      Barrick Gold Corporation. Mr. Lang has held operating and project
      development positions over his 10-year tenure with Barrick Gold
      Corporation and, prior to that, with Homestake Mining Company and
      International Corona Corporation, both of which are now part of Barrick
      Gold Corporation. He holds a Bachelor of Science in Mining Engineering
      from University of Missouri-Rolla and is a Graduate of the Stanford
      University Executive Program. </P>
      <P align=justify>The Board has determined that Mr. Lang should serve as a
      director due to his knowledge of mine building and operations. </P>
      <P align=justify>Principal Occupation During Past Five Years: President
      and Chief Executive Officer of NOVAGOLD Resources Inc. (January 2012
      &#150;present) and President of Barrick Gold of North America (2005 &#150; 2011).
      </P>
      <P align=justify>Directorships Held During Past Five Years: NOVAGOLD
      Resources Inc., Sunward Resources Ltd. </P>
      <P align=justify>Areas of experience include: senior officer, mine
      engineering, construction, safety and operations. </P></TD></TR>
  <TR vAlign=top>
    <TD vAlign=center noWrap align=center rowSpan=2><BR><BR><BR><B>Board /
      Committee Membership</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Overall
      Attendance</B> <BR><B>90%</B> </TD>
    <TD vAlign=center noWrap align=center width="54%" colSpan=3><B>Securities
      Held</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center noWrap align=center width="18%"><BR><B>Regular
      Meeting</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Common Shares</B>
      <BR><B>#</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Stock Options</B>
      <BR><B>#</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>DSUs</B> <BR><B>#</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Board <BR>EHST </TD>
    <TD align=center width="18%">5/5 <BR>4/5 </TD>
    <TD align=center width="18%">33,806 <BR></TD>
    <TD align=center width="18%">- <BR></TD>
    <TD align=center width="18%">75,000 <BR></TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#c0c0c0><B>Igor Levental, P.Eng</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>Mr. Levental is President of The Electrum Group LLC, a
      privately-held global natural resources investment management company.
      Electrum, an affiliate of Electrum Group, is currently the largest
      shareholder of the Company. Mr. Levental is a director of Gabriel
      Resources Ltd., a TSX-listed company engaged in the development of major
      precious metals deposits in Romania. He is also a director of NOVAGOLD
      Resources Inc., a TSX-listed company involved in the development of major
      projects in Alaska and British Columbia and Sunward Resources Ltd., a
      TSX-listed company engaged in the exploration and development of a large
      porphyry gold-copper project in Colombia. With more than 30 years of
      experience across a broad cross-section of the international mining
      industry, Mr. Levental has held senior positions with major mining
      companies including Homestake Mining Company and International Corona
      Corporation. Mr. Levental is a Professional Engineer with a BSc in
      Chemical Engineering and an MBA from the University of Alberta. </P>
      <P align=justify>The Board has determined that Mr. Levental should serve
      as a director due to his knowledge of corporate development and investor
      relations. </P>
      <P align=justify>Principal Occupation During Past Five Years: President of
      The Electrum Group LLC (2010 &#150; present); and Executive Vice President,
      Corporate Development of Electrum USA Ltd. (2007 &#150; 2010). </P>
      <P align=justify>Directorships Held During Past Five Years: Sunward
      Resources Ltd., NOVAGOLD Resources Inc., Gabriel Resources Ltd. </P>
      <P align=justify>Areas of experience include: corporate development,
      finance, mergers and acquisitions, corporate governance and mining
      industry. </P></TD></TR></TABLE></DIV>
<P align=center>-11- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center noWrap align=center rowSpan=2><BR><BR><BR><B>Board /
      Committee Membership</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Overall
      Attendance</B> <BR><B>100%</B> </TD>
    <TD vAlign=center noWrap align=center width="54%" colSpan=3><B>Securities
      Held</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center noWrap align=center width="18%"><BR><B>Regular
      Meeting</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Common Shares</B>
      <BR><B>#</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Stock Options</B>
      <BR><B>#</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>DSUs</B> <BR><B>#</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: none; border-bottom-width: medium">Board </TD>
    <TD align=center width="18%" style="border-bottom-style: none; border-bottom-width: medium">5/5 </TD>
    <TD align=center width="18%" style="border-bottom-style: none; border-bottom-width: medium">166 </TD>
    <TD align=center width="18%" style="border-bottom-style: none; border-bottom-width: medium">-</TD>
    <TD align=center width="18%" style="border-bottom-style: none; border-bottom-width: medium">75,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">Corporate Governance and Nominations </TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">3/3 </TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: none; border-top-width: medium">Corporate Communications </TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium">1/1 </TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium">&nbsp;</TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium">&nbsp;</TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium"><BR></TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#c0c0c0
    colSpan=5><B>Kalidas V. Madhavpeddi</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=5>
      <P align=justify>Mr. Madhavpeddi has been President of Azteca Consulting
      LLC, an advisory firm to the metals and mining sector, since November
      2006. He is also the Overseas Chief Executive Officer China Molybdenum
      Co., Ltd. His extensive career in the mining industry spans over 30 years
      including Phelps Dodge Corporation from 1980 to 2006, starting as a
      Systems Engineer and ultimately becoming Senior Vice President for Phelps
      Dodge Corporation, a Fortune 500 company, responsible for the company&#146;s
      global business development, acquisitions and divestments, including joint
      ventures, as well as its global exploration programs. He was
      contemporaneously President of Phelps Dodge Wire and Cable, a copper and
      aluminum cable manufacturer with international operations in over ten
      countries, including Brazil and China. Mr. Madhavpeddi is an alumnus of
      the Indian Institute of Technology, Madras, India, the University of Iowa
      and the Harvard Business School. </P>
      <P align=justify>The Board has determined that Mr. Madhavpeddi should
      serve as a director due to his many years of experience in the copper
      industry with a major producer and his knowledge of mergers and
      acquisitions. </P>
      <P align=justify>Principal Occupation During Past Five Years: President of
      Azteca Consulting LLC (2006 &#150; present) and Overseas Chief Executive
      Officer of China Molybdenum Co., Ltd. (2008-2011, 2013 &#150; present). </P>
      <P align=justify>Directorships Held During Past Five Years: Capstone
      Mining Corp., NOVAGOLD Resources Inc., Namibia Rare Earths Inc. </P>
      <P align=justify>Areas of experience include: corporate strategy, mergers
      and acquisitions, mining operations and capital, marketing and sales.
    </P></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center rowSpan=2 ><BR><BR><BR><B>Board /
      Committee Membership</B> </TD>
    <TD noWrap align=center width="17%"><B>Overall Attendance</B>
      <BR><B>84%</B> </TD>
    <TD noWrap align=center width="51%" colSpan=3><B>Securities Held</B>
</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center width="17%"><BR><B>Regular Meeting</B> </TD>
    <TD noWrap align=center width="17%"><B>Common Shares</B> <BR><B>#</B> </TD>
    <TD noWrap align=center width="17%"><B>Stock Options</B> <BR><B>#</B> </TD>
    <TD noWrap align=center width="17%"><B>DSUs</B> <BR><B>#</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Board <BR>Audit <BR>Compensation <BR>EHST </TD>
    <TD align=center width="17%">4/5 <BR>4/4 <BR>5/5 <BR>3/5 </TD>
    <TD align=center width="17%">4,293 <BR><BR><BR></TD>
    <TD align=center width="17%">- <BR><BR><BR></TD>
    <TD align=center width="17%">75,000 <BR><BR><BR></TD></TR></TABLE></DIV>
<P align=center>-12- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#c0c0c0
    colSpan=5><B>Gerald J. McConnell, Q.C.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=5>
      <P align=justify>Mr. McConnell has over 25 years of experience in the
      resource sector. Mr. McConnell is a director and the Chief Executive
      Officer of Namibia Rare Earths Inc., a public Canadian company focused on
      the development of rare earth opportunities in Namibia. From 1990 to 2010,
      he was President and Chief Executive Officer of Etruscan Resources Inc., a
      West African junior gold producer. From December 1984 to January 1998, Mr.
      McConnell was the President of the Company and from January 1998 to May
      1999 he was the Chairman and Chief Executive Officer of the Company.
      Gerald McConnell, a graduate of Dalhousie Law School, was called to the
      bar of Nova Scotia in 1971 and received his Queen&#146;s Counsel designation in
      1986. </P>
      <P align=justify>The Board has determined that Mr. McConnell should serve
      as a director due to his knowledge of legal and corporate governance. </P>
      <P align=justify>Principal Occupation During Past Five Years: Director and
      Chief Executive Officer of Namibia Rare Earths Inc. (2010 &#150; present) and
      President and Chief Executive Officer of Etruscan Resources Inc. (1990 &#150;
      2010). </P>
      <P align=justify>Directorships Held During Past Five Years: Namibia Rare
      Earths Inc., NOVAGOLD Resources Inc., Etruscan Resources Inc. </P>
      <P align=justify>Areas of experience include: legal, compensation,
      operations, mining industry, senior officer and board governance.
  </P></TD></TR>
  <TR vAlign=top>
    <TD vAlign=center noWrap align=center rowSpan=2><BR><BR><BR><B>Board /
      Committee Membership</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Overall
      Attendance</B> <BR><B>100%</B> </TD>
    <TD vAlign=center noWrap align=center width="54%" colSpan=3><B>Securities
      Held</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center noWrap align=center width="18%"><BR><B>Regular
      Meeting</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Common Shares</B>
      <BR><B>#</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Stock Options</B>
      <BR><B>#</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>DSUs</B> <BR><B>#</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Board <BR>Corporate Governance and Nominations </TD>
    <TD align=center width="18%">5/5 <BR>3/3 </TD>
    <TD align=center width="18%">5,609 <BR></TD>
    <TD align=center width="18%">- <BR></TD>
    <TD align=center width="18%">75,000 <BR></TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#c0c0c0><B>Clynton R. Nauman</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>Mr. Nauman, Lead Director (as more particularly described
      under <I>&#147;Statement of Corporate Governance</I> <I>Practices &#150; Position
      Descriptions&#148;</I>), is the President and Chief Executive Officer of Alexco
      Resource Corp. From January 2002 to January 2005, Mr. Nauman was the
      President of Asset Liability Management Group ULC and from February 1998
      until February 2003 Mr. Nauman was President of Viceroy Gold Corporation
      and Viceroy Minerals Corporation, and a director of Viceroy Resource
      Corporation. From 1993 to 1998, Mr. Nauman was the General Manager of
      Kennecott Minerals. Mr. Nauman has 25 years of diversified experience in
      the mining industry ranging from exploration and business development to
      operations and business management in the precious metals, base metals and
      coal sectors. </P>
      <P align=justify>The Board has determined that Mr. Nauman should serve as
      a director due to his work experience in Alaska, his knowledge of Alaskan
      operations and experience with exploration, environmental matters, mine
      safety and geology. </P>
      <P align=justify>Principal Occupation During Past Five Years: Chief
      Executive Officer of Alexco Resource Corp. and Asset Liability Management
      Group ULC (2005 &#150; present). </P>
      <P align=justify>Directorships Held During Past Five Years: Alexco
      Resource Corp., NOVAGOLD Resources Inc. </P>
      <P align=justify>Areas of experience include: environmental, geology,
      exploration, mine development and operations, mining industry, senior
      officer, financing and corporate governance.
</P></TD></TR></TABLE></DIV>
<P align=center>-13- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center noWrap align=center rowSpan=2><BR><BR><BR><B>Board /
      Committee Membership</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Overall
      Attendance</B> <BR><B>90%</B> </TD>
    <TD vAlign=center noWrap align=center width="54%" colSpan=3><B>Securities
      Held</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center noWrap align=center width="18%"><BR><B>Regular
      Meeting</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Common Shares</B>
      <BR><B>#</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Stock Options</B>
      <BR><B>#</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>DSUs</B> <BR><B>#</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Board <BR>EHST </TD>
    <TD align=center width="18%">4/5 <BR>5/5 </TD>
    <TD align=center width="18%">35,219 <BR></TD>
    <TD align=center width="18%">- <BR></TD>
    <TD align=center width="18%">75,000 <BR></TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#c0c0c0
    colSpan=5><B>Janice Stairs, LLB, MBA</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=5>
      <P align=justify>Ms. Stairs has over 25 years of experience working with
      companies involved in the resource sector. Ms. Stairs is currently General
      Counsel to Namibia Rare Earths Inc., a TSX-listed explorer focused on rare
      earths in Namibia. Prior to joining Namibia Rare Earths in September 2011,
      Ms. Stairs was General Counsel to Endeavour Mining Corporation, a position
      she assumed in September 2010 after Endeavour acquired Etruscan Resources
      Inc. where Ms. Stairs had held the positions of Vice President and General
      Counsel since 2004. Prior to 2004, Ms. Stairs was a partner with the law
      firm of McInnes Cooper (formerly Patterson Palmer) located in Halifax,
      Nova Scotia, and she continues to act as counsel to the firm. Ms. Stairs
      practiced law in private practice for 19 years specializing in corporate
      finance, securities and resource-related issues for private and public
      companies. Ms. Stairs is a director and Chair of Nova Scotia Business
      Inc., a Nova Scotia crown corporation established to promote economic
      development in Nova Scotia. Ms. Stairs graduated from Dalhousie Law School
      and holds a Masters of Business Administration degree from Queen&#146;s
      University. </P>
      <P align=justify>The Board has determined that Ms. Stairs should serve as
      a director due to her experience in securities compliance and public
      listing requirements and knowledge of legal and corporate governance. </P>
      <P align=justify>Principal Occupation During Past Five Years: General
      Counsel to Namibia Rare Earths Inc. (2011-present); General Counsel to
      Endeavour Mining Corporation (2010-2011); and Vice President and General
      Counsel of Etruscan Resources Inc. (2004 &#150; 2010). </P>
      <P align=justify>Directorships Held During Past Five Years: None </P>
      <P align=justify>Areas of experience include: legal aspects of corporate
      finance, securities and resource-related issues for private and public
      companies. </P></TD></TR>
  <TR vAlign=top>
    <TD vAlign=center noWrap align=center rowSpan=2
      ><BR><BR><BR><B>Board / Committee Membership</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Overall
      Attendance</B> <BR><B>100%</B> </TD>
    <TD vAlign=center noWrap align=center width="54%" colSpan=3><B>Securities
      Held</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center noWrap align=center width="18%"><BR><B>Regular
      Meeting</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Common Shares</B>
      <BR><B>#</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Stock Options</B>
      <BR><B>#</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>DSUs</B> <BR><B>#</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: none; border-bottom-width: medium" >Board </TD>
    <TD align=center width="18%" style="border-bottom-style: none; border-bottom-width: medium">5/5 </TD>
    <TD align=center width="18%" style="border-bottom-style: none; border-bottom-width: medium">10,000 </TD>
    <TD align=center width="18%" style="border-bottom-style: none; border-bottom-width: medium">- </TD>
    <TD align=center width="18%" style="border-bottom-style: none; border-bottom-width: medium">75,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" >Compensation Committee </TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">5/5 </TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" >Corporate Governance and Nominations </TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">3/3 </TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: none; border-top-width: medium" >Corporate Communications </TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium">1/1 </TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium"><BR></TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium">&nbsp;</TD>
    <TD align=center width="18%" style="border-top-style: none; border-top-width: medium"><BR></TD></TR></TABLE></DIV>
<P align=center>-14- </P>
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noShade SIZE=5>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#c0c0c0
    colSpan=5><B>Rick Van Nieuwenhuyse</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=5>
      <P align=justify>Mr. Van Nieuwenhuyse is the President and Chief Executive
      Officer of the Company. Mr. Van Nieuwenhuyse has more than 30 years of
      experience in the natural resource sector, including his role as Founder,
      President and Chief Executive Officer of NOVAGOLD since 1997 and his role
      as Vice President of Exploration for Placer Dome Inc. from 1990 to 1997.
      In addition to his international exploration perspective, Mr. Van
      Nieuwenhuyse brings years of working experience in and knowledge of Alaska
      to the Company. Mr. Van Nieuwenhuyse has managed projects from grassroots
      discovery through to advanced feasibility studies, production and closure.
      Mr. Van Nieuwenhuyse holds a Candidature degree in Science from the
      Universit&#233; de Louvain, Belgium, and a Masters of Science degree in Geology
      from the University of Arizona. He received the Thayer Lindsley award in
      2009 for his role in the Donlin Gold discovery. </P>
      <P align=justify>The Board believes that Mr. Van Nieuwenhuyse is an
      invaluable member of management due to his leadership skills. His
      understanding of Alaska, technical, economic and social aspects of the
      Company&#146;s UKMP Projects have significantly contributed to the advancement
      of the Company&#146;s core asset. Accordingly, the Board has determined that
      Mr. Van Nieuwenhuyse should once again serve as a director. </P>
      <P align=justify>Principal Occupation During Past Five Years: Former
      President and Chief Executive Officer of NOVAGOLD Resources Inc.
      (1997-2012). </P>
      <P align=justify>Directorships Held During Past Five Years: Alexco
      Resource Corp., AsiaBase Metals Inc., NOVAGOLD Resources Inc., Tintina
      Resources Inc., Mantra Capital Inc. </P>
      <P align=justify>Areas of experience include: exploration, geology,
      government relations, mining industry, financing, senior officer and board
      governance. </P></TD></TR>
  <TR vAlign=top>
    <TD vAlign=center noWrap align=center rowSpan=2><BR><BR><B>Board /
      Committee Membership</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center noWrap
    align=center width="18%"><B>Overall Attendance 100%</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center noWrap
    align=center width="54%" colSpan=3><B>Securities Held</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center noWrap align=center width="18%"><BR><B>Regular
      Meeting</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Common Shares</B>
      <BR><B>#</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>Stock Options</B>
      <BR><B>#</B> </TD>
    <TD vAlign=center noWrap align=center width="18%"><B>RSUs</B> <BR><B>#</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Board <BR>Corporate Communications </TD>
    <TD align=center width="18%">5/5 <BR>1/1 </TD>
    <TD align=center width="18%">497,448 <BR></TD>
    <TD align=center width="18%">- <BR></TD>
    <TD align=center width="18%">133,334 <BR></TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#c0c0c0><B>Elaine M. Sanders, CA, CPA</B> </TD></TR>
  <TR>
    <TD>
      <P align=justify>Ms. Sanders is the Chief Financial Officer and Corporate
      Secretary of NovaCopper and was Vice President, Chief Financial Officer
      and Corporate Secretary of NOVAGOLD previously. She brings over 20 years
      of experience in audit, finance and accounting with public and private
      companies. She has been involved with numerous financings and
      acquisitions, and has listed companies on both the TSX and NYSE-MKT
      (previously AMEX). Elaine is responsible for all aspects of financial
      reporting, compliance and corporate governance of the Company. She holds a
      Bachelor of Commerce degree from the University of Alberta, a Chartered
      Accountant and a Certified Public Accountant. </P>
      <P align=justify>Principal Occupation During Past Five Years: Vice
      President, Chief Financial Officer and Corporate Secretary of NOVAGOLD
      Resources Inc. (2011 &#150; 2012); and Vice President Finance and Corporate
      Secretary of NOVAGOLD Resources Inc. (2006 &#150; 2011). </P>
      <P align=justify>Directorships Held During Past Five Years: none. </P>
      <P align=justify>Areas of experience include: finance, securities
      compliance, senior officer and corporate governance.
</P></TD></TR></TABLE></DIV>
<P align=center>-15- </P>
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noShade SIZE=5>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#c0c0c0><B>Joseph R. Piekenbrock</B> </TD></TR>
  <TR>
    <TD>
      <P align=justify>Mr. Piekenbrock is the Senior Vice President, Exploration
      of NovaCopper and was Vice President, Exploration of NOVAGOLD from 2002 to
      2012. He brings over 30 years of experience working in the minerals
      exploration and development sector. Prior to joining NOVAGOLD in 2002, he
      worked extensively in northern climates through years of exploration for
      both Teck Cominco Ltd. and Placer Dome Inc. in Alaska. Mr. Piekenbrock
      holds a B.A. in Geology from the University of Colorado and an M.Sc. in
      Geology from the University of Arizona. </P>
      <P align=justify>Principal Occupation During Past Five Years: Vice
      President, Exploration of NOVAGOLD Resources Inc. (2002-2012). </P>
      <P align=justify>Directorships Held During Past Five Years: AsiaBaseMetals
      Inc. and Mantra Capital Inc. </P>
      <P align=justify>Areas of experience include: exploration, geology, and
      mining industry. </P></TD></TR></TABLE></DIV>
<P align=justify><B>Meetings of the Board and Board Member Attendance of Annual
Meeting </B></P>
<P align=justify>During the fiscal year ended November 30, 2013, the Board held
five meetings. None of the incumbent directors attended fewer than 75% of the
aggregate total number of Board meetings and meetings of the committees on which
he or she serves, with the exception of Mr. Madhavpeddi who attended 60% of EHST
Committee meetings due to scheduling conflicts; however, his overall attendance
of Board and committee meetings was 84%. </P>
<P align=justify>Board members are not required to attend the annual general
meeting. One director attended the 2013 annual general meeting in person. </P>
<P align=justify><B>Legal Proceedings </B></P>
<P align=justify>Neither the Company nor any of its property is currently
subject to any material legal proceedings or other adverse regulatory
proceedings. We do not currently know of any legal proceedings against us
involving our directors, executive officers or Shareholders of more than 5% of
our voting shares. None of our directors or executive officers has, during the
past ten years, been involved in any material bankruptcy, criminal or securities
law proceedings.</P>
<P align=justify><B>Family and Certain Other Relationships </B></P>
<P align=justify>There are no family relationships among the members of the
Board or the members of senior management of our Company. There are no
arrangements or understandings with major shareholders, customers, suppliers or
others, pursuant to which any member of the Board or member of senior management
was selected or any proposed director to be elected.</P>
<P align=justify><B>Interest of Certain Persons or Companies in Matters to be
Acted Upon</B></P>
<P align=justify>Except as described in this Circular, no (i) person who has
been a director or executive officer of the Company at any time since the
beginning of the Company&#146;s last financial year, (ii) proposed nominee for
director, or (iii) associate or affiliate of any of the foregoing persons, has
any material interest, direct or indirect by way of beneficial ownership of
securities or otherwise, in any matter to be acted upon at the Meeting. </P>
<P align=justify><B>Independence of Directors </B></P>
<P align=justify>The Board has determined that the following directors qualify
as independent under the applicable standards of the NYSE-MKT, SEC rules and
National Instrument 52-110: Messrs. Giardini, Krepiakevich, Levental,
Madhavpeddi, McConnell, and Nauman, and Ms. Stairs. Mr. Van Nieuwenhuyse is not
independent as Mr. Van Nieuwenhuyse is an executive officer of the Company. Mr.
Lang is not independent as Mr. Lang is an executive officer of NOVAGOLD which
was the parent company of NovaCopper until April 30, 2012. Dr. Kaplan is not
independent due to his relationship with our largest shareholder.</P>
<P align=center>-16- </P>
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noShade SIZE=5>
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<P align=justify><B>Section 16(a) Beneficial Ownership Reporting Compliance
</B></P>
<P align=justify>Section 16(a) of the Securities and Exchange Act of 1934 (the
&#147;Exchange Act&#148;) requires the Company's executive officers and directors and
persons who own more than 10% of a registered class of the Company's equity
securities, to file reports of ownership and changes in ownership on Forms 3, 4
and 5 with the SEC. Officers, directors and such 10% Shareholders are required
to furnish the Company with copies of all Forms 3, 4 and 5 they file.</P>
<P align=justify>Based solely on a review of the reports received by the SEC,
furnished to the Company, or written representations to the Company that all
reportable transactions were reported, the Company believes all transactions
required to be reported pursuant to Section 16(a) were timely reported by the
Company's executive officers, directors and greater than 10% Shareholders. </P>
<P align=center><B><U>STATEMENT OF EXECUTIVE COMPENSATION</U></B><B> </B></P>
<P align=justify><B><U>Compensation Discussion and Analysis</U></B><B> </B></P>
<P align=justify>This Compensation Discussion and Analysis describes and
explains the significant elements of the Company&#146;s executive compensation
program for the 2013 fiscal year to attract, retain and incentivize the
Company&#146;s named executive officers (&#147;NEOs&#148; or &#147;Named<B> </B>Executive<B>
</B>Officers&#148;).</P>
<P align=justify>The Company&#146;s current NEOs are: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <p style="margin-bottom: 12">Mr. Rick Van Nieuwenhuyse, President and CEO;
  <LI>
  <p style="margin-bottom: 12">Ms. Elaine Sanders, Vice President and CFO; and
  <LI>
  <p style="margin-bottom: 12">Mr. Joseph Piekenbrock, Senior Vice President, Exploration. </LI></UL>
<P align=justify>Ms. Sanders and Mr. Piekenbrock transitioned to NovaCopper from
similar roles at NOVAGOLD in 2012 based on a coordinated approach between the
two companies. With almost ten years of experience for each of Ms. Sanders and
Mr. Piekenbrock at NOVAGOLD, both companies wished to retain expertise and
knowledge of the UKMP Projects with the spun-out company. Accordingly, the
salaries and benefits received by Ms. Sanders and Mr. Piekenbrock at NOVAGOLD
were considered by the Compensation Committee in determining the appropriate
compensation for such individuals at the Company in 2012.</P>
<P align=justify><B>Objectives of Compensation Program </B></P>
<P align=justify>The objectives of the Company&#146;s compensation program are to
attract, retain and incentivize highly qualified executive officers with the
talent and experience necessary for the success of the Company. The Company&#146;s
compensation program is designed to recruit and retain key individuals and
reward individuals with compensation that has long-term growth potential while
recognizing that the executives work as a team to achieve corporate results and
should be rewarded accordingly.</P>
<P align=justify>The Compensation Committee evaluates each executive officer
position to establish and enumerate skill requirements and levels of
responsibility. The Compensation Committee, after referring to market
information provided by its outside compensation advisor, Roger Gurr &amp;
Associates (the &#147;Compensation Consultant&#148;), determines compensation for the
executive officers. The Compensation Consultant is engaged by the Chair of the
Compensation Committee. The main elements of the engagement include developing a
peer comparator group of mining companies, reviewing and confirming the
compensation strategy and reviewing compensation data of the peer comparators.
The Company&#146;s compensation philosophy for 2013 was to be in the 62.5th
percentile of its Peer Group (defined below) for base salaries paid to its NEOs,
75th percentile of its Peer Group for total cash compensation based on
individual and company performance paid to its NEOs (which compensation includes
base salary and annual short term incentives paid) and 50th percentile of its
Peer Group for total long term incentives granted to its NEOs. The CEO makes a
recommendation to the Compensation Committee regarding base salary increases,
annual incentives and long-term incentives for executive officers. These
recommendations are based the individuals salary in relation to guidepost, their
actual individual and company performance and market conditions. The
Compensation Committee holds an in camera meeting to review these
recommendations and then puts forward their recommendation to the Board for
approval. </P>
<P align=center>-17- </P>
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<P align=justify><B>Executive Compensation Policies and Programs</B></P>
<P align=justify>In establishing compensation objectives for executive officers,
the Compensation Committee seeks to accomplish the following goals: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <p style="margin-bottom: 12">incentivize executives to achieve important corporate and personal
  performance objectives and reward them when such objectives are met;
  <LI>
  <p style="margin-bottom: 12">recruit and subsequently retain highly qualified executive officers by
  offering overall compensation that is competitive with that offered for
  comparable positions at Peer Group companies; and
  <LI>
  <p style="margin-bottom: 12">align the interests of executive officers with the long-term interests of
  Shareholders through participation in the Company&#146;s stock-based compensation
  plans. </LI></UL>
<P align=justify>Currently, the Company&#146;s executive compensation package
consists of the following principal components: base salary, annual incentive
cash bonus, various health plan benefits, registered retirement savings plan
(&#147;RRSP&#148;) matching for Canadian NEOs, individual retirement account (&#147;IRA&#148;)
matching for U.S. NEOs, and long-term incentives in the form of stock options
and restricted share units. </P>
<P align=justify>The following table summarizes the different elements of the
Company&#146;s total compensation package: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>COMPENSATION
      ELEMENT</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="29%"><B>OBJECTIVE</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="40%"><B>KEY
      FEATURE</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Base Salary </TD>
    <TD align=left width="29%">Provide a fixed level of cash compensation for
      performing day- to-day responsibilities. </TD>
    <TD align=left width="40%">Base salary bands were created and annually
      reviewed based on 62.5<SUP>th </SUP>percentile of the market data for base
      salary. Actual increases are based on individual performance. </TD></TR>
  <TR vAlign=top>
    <TD align=left>Annual Incentive Plan </TD>
    <TD align=left width="29%">Reward for short-term performance against
      corporate, and individual goals. </TD>
    <TD align=left width="40%">Cash payments based on a formula. Each NEO has
      a target percentile opportunity based on the 75<SUP>th </SUP>percentile of
      the market data for total cash. Actual payout depends on performance
      against corporate and individual goals. Minimum Company performance needs
      to be met before a payout occurs. </TD></TR>
  <TR vAlign=top>
    <TD align=left>Stock Options </TD>
    <TD align=left width="29%">Align management interests with those of
      shareholders, encourage retention and reward long-term Company
      performance. </TD>
    <TD align=left width="40%">Calculations are based on targets for each NEO
      determined by targeting the 50<SUP>th </SUP>percentile of the market data
      for total direct compensation. Stock option grants generally vest over 2
      years and have a 5-year life. </TD></TR>
  <TR vAlign=top>
    <TD align=left>Restricted Share Units (&#147;RSUs&#148;) </TD>
    <TD align=left width="29%">Align management interests with those of
      shareholders, encourage retention and reward long-term Company
      performance. </TD>
    <TD align=left width="40%">Calculations are based on targets for each NEO
      determined by targeting the 50<SUP>th </SUP>percentile of the market data
      for total direct compensation. RSU grants may vest over a period of 2
      years. </TD></TR>
  <TR vAlign=top>
    <TD align=left>Retirement Plans: RRSP (Canadian employees) and IRA (U.S.
      employees) </TD>
    <TD align=left width="29%">Provide retirement savings. </TD>
    <TD align=left width="40%">RRSP &#150; Company matches 100% of the employee&#146;s
      contribution up to 5% of base salary. IRA &#150; Company matches 100% of the
      employee&#146;s contribution up to 3% of base salary. </TD></TR>
  <TR vAlign=top>
    <TD align=left>Health Plan Benefits </TD>
    <TD align=left width="29%">Provide security to employees and their
      dependents pertaining to health and welfare risks. </TD>
    <TD align=left width="40%">Coverage includes medical and dental benefits,
      short- and long-term disability insurance, life insurance and employee
      assistance plan. </TD></TR></TABLE></DIV>
<P align=justify><B>Annual Compensation Decision-Making Process </B></P>
<P align=justify>Each year, the executive team establishes goals and initiatives
for the upcoming year that include key priorities. The CEO presents these goals
and initiatives to the Board for approval. Similarly, the CEO and the Chair of
the Compensation Committee work together to establish goals for the
CEO for the upcoming fiscal year and the CEO follows a process similar to the
other NEOs. </P>
<P align=center>-18- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_23></A>
<P align=justify>The 2014 corporate goals include:<B> </B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <p style="margin-bottom: 12">operate a safe workplace;
  <LI>
  <p style="margin-bottom: 12">improve operational efficiency;
  <LI>
  <p style="margin-bottom: 12">execute exploration and technical drilling program;
  <LI>
  <p style="margin-bottom: 12">implement people and stakeholder strategy; and
  <LI>
  <p style="margin-bottom: 12">advance UKMP Projects. </LI></UL>
<P align=justify>Performance relative to these goals is reviewed at year-end and
performance ratings are determined for the Company by the Board, for the CEO by
the Compensation Committee and for each of the other NEOs by the CEO. These
performance ratings are used in making decisions and calculations related to
base salary increases, annual incentive payouts and stock-based grants.</P>
<P align=justify>The Board can exercise discretion in determining the
appropriate performance rating for the Company and executive officers based on
their evaluation of performance against goals set at the beginning of the year.
The size of any payout or award is dependent on the performance rating as
determined by the Board. The rating can be 0% to 150%.</P>
<P align=justify>The Compensation Committee makes a recommendation to the Board
regarding the CEO&#146;s base salary, annual incentive payout and stock-based grant.
The Compensation Committee also reviews the performance and compensation
recommendations for the NEOs by the CEO and makes the final determination
regarding the same. </P>
<P align=justify>Base salary increases are effective January 1<SUP>st</SUP> of
each year and annual incentive payments are usually paid out shortly after each
performance cycle. The Company&#146;s performance cycle is aligned with its fiscal
year end. There were no base salary increases for fiscal year 2014. </P>
<P align=justify>The bar graph below illustrates how much of compensation is
cash versus non-cash based on the salary guidepost for each NEO and his or her
annual incentive and long-term incentive targets for 2014. The actual pay mix
may vary depending on whether goals are met since performance factors are used
in the calculation of annual incentive pay and long term incentive pay. </P>
<P align=center>-19- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_24></A>
<P align=justify>The Total Direct Compensation Pay Mix remains unchanged for
2014: </P><img border="0" src="novagraph.jpg" width="611" height="340"><BR>
<P align=justify><B>Consideration of Previous Advisory Vote on Executive
Compensation </B></P>
<P align=justify>The Company conducted an advisory vote on executive
compensation, commonly referred to as a &#147;Say on Pay&#148; proposal in 2013. The
shareholders voted in favour of a non-binding resolution approving the
compensation of the Company&#146;s Named Executive Officers. The shareholders voted
for the non-binding Shareholder vote on compensation of the Company&#146;s NEOs to
occur every three years. As such, the next non-binding Shareholder vote on
compensation of the Company&#146;s NEOs is expected to occur in 2016.</P>
<P align=justify><B>Risk Assessment of Compensation Policies and Practices
</B></P>
<P align=justify>Annually, the Compensation Committee conducts a risk assessment
of the Company&#146;s compensation policies and practices as they apply to all
employees, including all executive officers. The design features and performance
metrics of the Company&#146;s cash and stock-based incentive programs along with the
approval mechanisms associated with each were evaluated to determine whether any
of these policies and practices would create risks that are reasonably likely to
have a material adverse effect on the Company. </P>
<P align=justify>As part of the review, the following characteristics of the
Company&#146;s compensation policies and practices were noted as being
characteristics that the Company believes reduce the likelihood of risk-taking
by the Company&#146;s employees, including the Company&#146;s officers and non-officers:
</P>
<ul>
  <li>
<P align=justify style="margin-bottom: 0">The Company&#146;s compensation mix is balanced among fixed
      components such as salary and benefits, annual incentive payments and
      long-term incentives, including restricted share units and stock
    options.</P>
  </li>
  <li>
<P align=justify style="margin-bottom: 0">The Compensation Committee, under its charter, has the
      authority to retain any advisor it deems necessary to fulfill its
      obligations and has engaged the Compensation Consultant. The Compensation
      Consultant assists the Compensation Committee in reviewing executive
      compensation and provides advice to the Committee on an as needed
  basis.</P>
  </li>
  <li>
<P align=justify style="margin-bottom: 0">The annual incentive program for the executive management
      team, which includes each of the NEOs, is approved by the Board.
      Individual payouts are based on a combination of financial metrics as well
      as qualitative and discretionary factors.</P>
  </li>
  <li>
<P align=justify style="margin-bottom: 0">Stock-based awards are all recommended by the Compensation
      Committee and approved by the Board.</P>
  </li>
  <li>
<P align=justify style="margin-bottom: 0">The Board approves the compensation for the President and
      CEO based upon a recommendation by the Compensation Committee comprised of
      all independent directors.</P>
  </li>
  <li>
<P align=justify style="margin-bottom: 0">A &#147;Say on Pay&#148; Proposal is put before the Shareholders
      every three years.</P>
  </li>
</ul>
<P align=center>-20- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<UL style="TEXT-ALIGN: justify">
  <LI>The nature of the business in which the Company operates requires some
  level of risk taking to achieve reserves and development of mining operations
  in the best interest of all stakeholders. Consequently, the executive
  compensation policies and practices have been designed to encourage actions
  and behaviours directed towards increasing long term value while modifying and
  limiting incentives that promote excessive risk taking. </LI></UL>
<P align=justify>Based on this assessment, it was concluded that the Company&#146;s
compensation policies and practices do not create risks that are reasonably
likely to have a material adverse effect on the Company. </P>
<P align=justify>NEOs and directors are not permitted to purchase financial
instruments, including, for greater certainty, prepaid variable forward
contracts, equity swaps, collars, or units of exchange funds that are designed
to hedge or offset a decrease in market value of equity securities granted as
compensation or held, directly or indirectly, by the NEO or director. </P>
<P align=justify><B>Peer Group </B></P>
<P align=justify>The Company retains a Compensation Consultant to assist the
Compensation Committee in determining compensation levels for each of the three
main components for the Company&#146;s directors and NEOs. The Compensation
Consultant&#146;s work encompasses a review of the Company&#146;s executive compensation
philosophies against a comparable peer group of mining companies using the
publicly available filings of peer companies. </P>
<P align=justify>A compensation comparator group of mining companies has been
developed using the following ideal criteria: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>exploration/development phase;
  <LI>significant potential asset (one or two);
  <LI>market cap up to $1 billion (most below $500 million);
  <LI>projects focused in North America (or low risk jurisdictions);
  <LI>mining (primarily copper focused); and
  <LI>an experienced full-time executive team. </LI></UL>
<P align=justify>The Company considers the above selection criteria to be
relevant because the criteria reflect the types of companies and the market in
which the Company primarily competes for talent. In 2013, International Tower
Hill Mines Ltd, Queenston Mining Inc. and Torex Gold Resources Inc. were removed
from the peer group as they no longer met the criteria, and Polymet Mining Corp.
was added to the peer group as it more accurately reflected the criteria. </P>
<P align=justify>Based upon considerations of company size, stage of development
and operating jurisdictions, the following peer comparators were selected: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Alexco Resource
      Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">Nevada
      Copper Corp. </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Augusta Resource
      Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">NGEx
      Resources Inc. </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Avalon Rare Metals
      Inc. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="50%">Paramount Gold and Silver Corp. </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Colossus Minerals
      Inc. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="50%">Polymet Mining Corp. </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Copper Mountain
      Mining Corp. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="50%">Romarco Minerals Inc. </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Duluth Metals
      Limited </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">Sabina
      Gold and Silver Corp. </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Mercator Minerals
      Ltd. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="50%">Victoria Gold Corp. </TD></TR></TABLE></DIV>
<P align=justify>(collectively, the &#147;Peer Group&#148;) </P>
<P align=justify><B>Compensation Elements </B></P>
<P align=justify>After compiling information based on salaries, bonuses and
other types of cash and equity based compensation programs obtained from the
public disclosure records of the Peer Group, the Compensation Consultant
reported its findings to the Compensation Committee and made recommendations to
the Compensation Committee regarding compensation targets for directors and
NEOs. </P>
<P align=center>-21- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify>The Compensation Committee has left the following compensation
targets for the Company&#146;s NEOs unchanged from the 2013 fiscal year which are as
follows: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>CEO </LI></UL>
<UL style="TEXT-ALIGN: justify" type="circle">
  <LI>
  <p style="margin-left: 3%; margin-bottom: 12">Base Salary &#150; 62.5th percentile of Peer Group
  <LI>
  <p style="margin-left: 3%; margin-bottom: 12">Annual Incentive Target &#150; 70% of base salary
  <LI>
  <p style="margin-left: 3%; margin-bottom: 12">Long Term Incentive Target&#150; 160% of base salary </LI></UL>
<UL style="TEXT-ALIGN: justify">
  <LI>VP &amp; CFO and Senior VP, Exploration </LI></UL>
<UL style="TEXT-ALIGN: justify" type="circle">
  <LI>
  <p style="margin-left: 3%; margin-bottom: 12">Base Salary &#150; 62.5th percentile of Peer Group
  <LI>
  <p style="margin-left: 3%; margin-bottom: 12">Annual Incentive Target &#150; 50% of base salary
  <LI>
  <p style="margin-left: 3%; margin-bottom: 12">Long Term Incentive Target &#150; 100% of base salary </LI></UL>
<P align=justify><I>Base Salary </I></P>
<P align=justify>Salaries for executive officers are determined by evaluating
the responsibilities inherent in the position held and the individual&#146;s
experience and past performance, as well as by reference to the competitive
marketplace for management talent at other Peer Group companies. The
Compensation Committee refers to market information provided by the Compensation
Consultant. </P>
<P align=justify>The Compensation Consultant matched the executive officers to
those individuals performing similar functions at the Peer Group companies. The
Company targeted the 62.5 <SUP>th</SUP> percentile of this market data to
determine the salary bands for the NEOs. </P>
<P align=justify>As a result of the compensation review conducted in 2013, the
Compensation Committee has recommended leaving the current salary bands
unchanged for 2014.</P>
<P align=justify>The Company targets base salaries above the median to assist in
attracting and retaining the key people that the Company needs to be
successful.</P>
<P align=justify>The Company will conduct a Peer Group review of its NEOs
annually. For the Company&#146;s other officers, the PriceWaterhouseCoopers Mining
Industry Salary Surveys were used as the source of compensation data. </P>
<P align=justify>When determining actual base salary increases for the NEOs, the
CEO and Compensation Committee look at the targets or guideposts for the salary
bands (currently the 62.5<SUP>th</SUP> percentile of the market data) and
determine increases based on each NEO&#146;s performance. Individual performance is
evaluated based on goals and initiatives set at the beginning of the year. The
CEO determines a salary increase budget for each year based on market data from
consulting companies and considering the Company&#146;s financial resources. Using
this budget and taking into account individual performance and the individual&#146;s
position in his or her salary band, the CEO may recommend an increase for one or
all NEOs. The Compensation Committee makes a recommendation for the CEO&#146;s base
salary increase, also taking into account the budget set and the CEO&#146;s
individual performance. </P>
<P align=justify>If the NEO is fully competent in his or her position, the NEO
will be paid between 95% to 105% of the guidepost. Developing NEOs would be paid
between 80% to 94% of the guidepost and NEOs who consistently perform above
expectation can be paid between 106% to 120% of the guidepost.</P>
<P align=center><B>NEO&#146;s Base Salary Compared to Salary Band Guideposts </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center align=center><B>Name</B> </TD>
    <TD vAlign=center align=center width="25%"><B>2014 Base Salary</B>
      <B>Compared to</B> <B>Salary Band</B> <B>Guidepost</B> </TD>
    <TD vAlign=center align=center width="50%" ><B>Reason</B>
  </TD></TR>
  <TR>
    <TD>Rick Van Nieuwenhuyse </TD>
    <TD width="25%">Above: <br>
    108% of guidepost </TD>
    <TD width="50%" >
    <p align="justify">The NEO&#146;s base salary is above the salary
      range guidepost for his role and level due to his past and current performance,
      specifically with his knowledge of Alaska, his geological experience in
      the Ambler mining district and his long term relationships with NANA
      Regional Corp and the governmental bodies within the State of Alaska. </TD></TR></TABLE></DIV>
<P align=center>-22- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center align=center><B>Name</B> </TD>
    <TD vAlign=center align=center width="25%"><B>2014 Base Salary</B>
      <B>Compared to</B> <B>Salary Band</B> <B>Guidepost</B> </TD>
    <TD vAlign=center align=center width="50%"><B>Reason</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Elaine Sanders </TD>
    <TD align=left width="25%">Above: <BR>117% of guidepost </TD>
    <TD align=left width="50%">
      <P align=justify>The NEO&#146;s base salary is above the salary range guidepost
      for her role and level due to her past and current performance, with
      consideration of retaining her past experience and knowledge of the UKMP
      Projects with the spin-out of the Company. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>Joseph Piekenbrock </TD>
    <TD align=left width="25%">Above: <BR>112% of guidepost </TD>
    <TD align=left width="50%">
      <P align=justify>The NEO&#146;s base salary is above the salary range guidepost
      for his role and level due to his past and current performance, with
      consideration of retaining his past experience and knowledge of the UKMP
      Projects with the spin-out of the Company. </P></TD></TR></TABLE></DIV>
<P align=justify><I>Base Salary Increases for 2014</I><B><I> </I></B></P>
<P align=justify>The Compensation Committee did not approve base salary
increases for<B> </B>2014: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center><B>Name</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="20%"><B>Title</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="20%"><B>2013 Base Salary</B><SUP>(1)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="20%"><B>2014 Base Salary</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="20%"><B>% Change</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Rick Van
      Nieuwenhuyse </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">President &amp; CEO </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="20%">C$400,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="20%">C$400,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%">0%
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Elaine
      Sanders </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">VP &amp; CFO </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="20%">C$299,600 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="20%">C$299,600 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%">0%
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Joseph
      Piekenbrock </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">Senior VP, Exploration </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="20%">US$285,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="20%">US$285,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%">0%
    </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Base salaries for Ms. Sanders and Mr. Piekenbrock in 2013
      were carried over from NOVAGOLD in 2012 as part of their transition
      agreements with NOVAGOLD and NovaCopper.</P></TD></TR></TABLE>
<P align=justify><B>Annual Incentive Plan </B></P>
<P align=justify>At the end of each fiscal year, the Compensation Committee
reviews actual performance against the objectives set by the Company and the
NEOs for such fiscal year. The assessment of whether the Company&#146;s objectives
for the year have been met includes, but is not limited to, considering the
quality and measured progress of the Company&#146;s exploration projects, raising of
capital, corporate alliances and similar achievements. </P>
<P align=justify>The Company considers the 75<SUP>th</SUP> percentile for annual
incentive targets for NEOs. </P>
<P align=justify>The annual incentive formula is as follows: </P>
<P align=justify>[(Corporate performance) + (Individual performance)] x target %
x base salary = payout </P>
<P align=justify>A minimum corporate performance needs to be met prior to any
payout. </P>
<P align=justify><I>Annual Incentive Payout for 2013</I> </P>
<P align=justify>Actual incentive awards for 2013 were based on performance
relative to goals and initiatives set for 2013. Performance is measured in two
areas: corporate and individual. Performance ratings for each area range from 0%
to 150%. </P>
<P align=justify>Discussions around corporate goals for the following year are
started during a strategy session held in the fall of the preceding year. All
executive officers and some managers are involved in the strategy session.
During the session, goals and initiatives are set in three areas: Operational
Excellence, People &amp; Partnerships and Generating Value. </P>
<P align=center>-23- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_28></A>
<P align=justify>These corporate goals and initiatives are approved by the
Board. Individual goals and initiatives flow from the corporate goals and
initiatives to ensure that everyone&#146;s efforts are linked to the success of the
Company. </P>
<P align=justify>The Company also focuses on setting goals and initiatives
around its core values which include safety, respect for people and nature,
community, integrity, teamwork, communication, and ownership. </P>
<P align=justify>The following table outlines the results of the annual
incentive calculation for 2013: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center align=center><B>Name </B></TD>
    <TD vAlign=center align=center width="20%"><B>Annual </B><B>Incentive
      </B><B>Target </B></TD>
    <TD vAlign=center align=center width="20%"><B>2013 Annual Incentive
      </B><B>Payout ($) </B><STRONG><SUP><STRONG>(1) </STRONG></SUP></STRONG></TD>
    <TD vAlign=center align=center width="20%"><B>2013 Corporate
      </B><B>Weighting/Rating </B></TD>
    <TD vAlign=center align=center width="20%"><B>2013 Individual
      </B><B>Weighting/Rating </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Rick Van Nieuwenhuyse </TD>
    <TD align=center width="20%">70% </TD>
    <TD align=center width="20%">278,127 </TD>
    <TD align=center width="20%">80% / 110% </TD>
    <TD align=center width="20%">20% / 110% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Elaine Sanders </TD>
    <TD align=center width="20%">50% </TD>
    <TD align=center width="20%">150,986 </TD>
    <TD align=center width="20%">65% / 110% </TD>
    <TD align=center width="20%">35% / 110% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Joseph Piekenbrock </TD>
    <TD align=center width="20%">50% </TD>
    <TD align=center width="20%">142,110 </TD>
    <TD align=center width="20%">65% / 110% </TD>
    <TD align=center width="20%">35% / 100% </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Annual incentive bonuses were approved by the Board;
      however the annual incentive payment will be deferred until the completion
      of a future debt or equity financing for an amount in excess of $10
      million or such earlier date as may be determined by the Compensation
      Committee. The payment may be made in cash or in shares and will be
      determined by the Board upon the recommendation of the Compensation
      Committee at the time of payment.</P></TD></TR></TABLE>
<P align=justify>Mr. Van Nieuwenhuyse&#146;s annual bonus was approved in recognition
of his leadership skills and personal performance, as well as the significant
contributions he made to the Company in 2013. Specifically, his leadership led
to forming a long term development strategy for the Ambler mining district and
working with the State of Alaska to advance the Ambler Mining District
Industrial Access Road.</P>
<P align=justify>Ms. Sanders&#146;s annual bonus was approved in recognition of her
leadership of the finance team. Specifically, she is recognized for her efforts
with respect to overseeing all aspects of the Company&#146;s regulatory compliance
and developing a long term financing strategy for the Company.</P>
<P align=justify>Mr. Piekenbrock&#146;s annual bonus was approved in recognition of
his leadership of the Company&#146;s exploration initiatives. Due in part to his
effort and the efforts of his team, the Company had excellent exploration
drilling results, improved operational efficiencies at its Upper Kobuk Mineral
Projects, and completed a successful NI 43-101 compliant PEA for an open pit
scenario at Arctic. </P>
<P align=justify><B>Stock-Based Incentive Plans </B></P>
<P align=justify>Stock-based grants are generally awarded to executive officers
at the commencement of their employment and periodically thereafter. For annual
grants, stock options and/or RSUs are granted based on a target percentage of
base salary for each NEO. The purpose of granting stock options and/or RSUs is
to assist the Company in compensating, attracting, retaining and motivating
directors, officers, employees and consultants of the Company and to closely
align the personal interests of such persons to that of the Shareholders. These
equity vehicles were chosen because the Company believes that these vehicles
best incentivize the team to focus their efforts on increasing shareholder
value.</P>
<P align=justify>The Company targeted the 50<SUP>th </SUP>percentile of the
total direct compensation data provided by the Compensation Consultant for the
NEOs. Based on the results of the 2013 compensation review, no changes are being
made to the stock based compensation targets for 2014. The Company uses two
different plans for stock-based grants for its executive officers, the Equity
Incentive Plan and the RSU Plan (each, as defined below). The percentage of
stock options versus RSUs granted is determined by the Compensation Committee
for each grant. The Company&#146;s equity incentive plan was adopted on February 27,
2012 (the &#147;Stock Option Plan&#148;) and is for the benefit of the officers,
directors, employees and consultants of the Company or any subsidiary company.
Stock options granted to the NEOs pursuant to the Equity Incentive Plan as at
the date hereof each have a five-year life and vest over two years: 2/3 on the
first anniversary of the grant and 1/3 on the second anniversary of the grant
date. The Company&#146;s Restricted Share Unit plan was adopted on November 29, 2012
(the &#147;RSU Plan&#148;) and is for the benefit of the officers, directors, employees
and consultants of the Company or any subsidiary company. </P>
<P align=center>-24- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_29></A>
<P align=justify><I>Stock-Based Grants in 2013</I><B><I> </I></B><I></I></P>
<P align=justify>The Compensation Committee has approved the grant of a total of
800,000 RSUs to Mr. Van Nieuwenhuyse, Ms. Sanders and Mr. Piekenbrock which vest
over two years, 1/3 on the six month anniversary of the grant, 1/3 on the first
anniversary of the grant, and 1/3 on the second anniversary of the grant. A
total of 800,000 RSUs were granted to the NEOs in 2013, which represent
approximately 1.5% of the total Common Shares issued and outstanding. No stock
options were granted to NEOs in 2013. </P>
<P align=justify>The following table outlines details of the 2013 RSU grant:
</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center noWrap align=center><B>Name</B> </TD>
    <TD vAlign=center noWrap align=center width="33%"><B>Long-term
      Incentive</B> <BR><B>Target</B> </TD>
    <TD vAlign=center noWrap align=center width="33%"><B>Restricted Stock Unit
      Grant</B> <BR><B>#</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Rick Van
      Nieuwenhuyse </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="33%">160%
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">400,000 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Elaine
      Sanders </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="33%">100%
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">200,000 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Joseph
      Piekenbrock </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="33%">100%
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">200,000 </TD></TR></TABLE></DIV>
<P align=justify><I>Stock-Based Grants Returned in 2013</I><B><I>
</I></B><I></I></P>
<P align=justify>In order to create a more sustainable compensation strategy,
the Compensation Committee and the Board implemented a program whereby
employees, executives and directors voluntarily returned all stock option grants
with an exercise price of CAD$3.11. The returned stock options will allow the
Company to retain and incentivize employees, executives and directors in the
future. All previously granted stock options with an exercise price of CAD$3.11
which total 5,710,000 stock options were voluntarily returned effective November
22, 2013.</P>
<P align=justify><B>Retirement Plans </B></P>
<P align=justify>The purpose of the Company&#146;s retirement plans is to assist
eligible employees with accumulating capital toward their retirement. The
Company has an RRSP plan for Canadian employees whereby employees are able to
contribute up to 5% of their base salary and receive a 100% Company match. The
Company has an IRA plan for U.S. employees whereby employees are able to
contribute up to 3% of their base salary and receive a 100% Company match. </P>
<P align=justify><B>Benefits </B></P>
<P align=justify>The Company&#146;s benefit programs provide employees with health
and wellness benefits. The programs consist of health and dental benefits, life
insurance, disability insurance, accidental death and dismemberment insurance,
and an employee assistance plan. The only benefit that NEOs receive beyond those
provided to other employees is eligibility for a paid bi-annual executive
physical. </P>
<P align=center>-25- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify><B><U>Performance Graph</U></B></P>
<P align=justify>The following graph depicts the Company&#146;s cumulative total
Shareholder returns since becoming a listed issuer on April 25, 2012 assuming a
$100 investment in Common Shares on the TSX, compared to an equal investment in
the S&amp;P/TSX Composite Index, S&amp;P/TSX Global Base Metals Index and the
S&amp;P/TSX Venture Composite Index. The Company does not currently issue
dividends. The Common Share performance as set out in the graph is not
indicative of future price performance. </P>
<P align=center><img border="0" src="pre14a2.jpg" width="571" height="249"></P>
<P align=justify>The below chart depicts the cumulative total Shareholder
returns during the fiscal year ended November 30, 2013 of a $100 investment at
the time the Company became a listed issuer on the TSX.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center noWrap align=left><BR><B>Year</B> </TD>
    <TD vAlign=center noWrap align=center width="13%"><B>February 28,</B>
      <BR><B>2013</B> </TD>
    <TD vAlign=center noWrap align=center width="13%"><B>May 31,</B>
      <BR><B>2013</B> </TD>
    <TD vAlign=center noWrap align=center width="13%"><B>August 31,</B>
      <BR><B>2013</B> </TD>
    <TD vAlign=center noWrap align=center width="13%"><B>November 30,</B>
      <BR><B>2013</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Value based on $100 invested in NovaCopper on the TSX </TD>
    <TD vAlign=bottom align=center width="13%">$82 </TD>
    <TD vAlign=bottom align=center width="13%">$77 </TD>
    <TD vAlign=bottom align=center width="13%">$83 </TD>
    <TD vAlign=bottom align=center width="13%">$88 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Value based on $100 invested in S&amp;P/TSX Composite </TD>
    <TD vAlign=bottom align=center width="13%">$111 </TD>
    <TD vAlign=bottom align=center width="13%">$110 </TD>
    <TD vAlign=bottom align=center width="13%">$110 </TD>
    <TD vAlign=bottom align=center width="13%">$116 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Value based on $100 invested in S&amp;P/TSX Global Base
      Metals Index (USD) </TD>
    <TD vAlign=bottom align=center width="13%">$109 </TD>
    <TD vAlign=bottom align=center width="13%">$101 </TD>
    <TD vAlign=bottom align=center width="13%">$94 </TD>
    <TD vAlign=bottom align=center width="13%">$100 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Value based on $100 invested in S&amp;P/TSX Venture
      Composite </TD>
    <TD vAlign=bottom align=center width="13%">$88 </TD>
    <TD vAlign=bottom align=center width="13%">$75 </TD>
    <TD vAlign=bottom align=center width="13%">$73 </TD>
    <TD vAlign=bottom align=center width="13%">$72 </TD></TR></TABLE></DIV>
<P align=justify>The Company successfully listed on the TSX and NYSE-MKT in
April 2012. Total shareholder returns since the Company&#146;s listing on the TSX
have been negative; however have outperformed the S&amp;P/TSX Venture Composite
over the same time period. NovaCopper&#146;s total shareholder returns increased 5%
during the fiscal year ended November 30, 2013. The Company achieved all of its
goals and objectives in 2013. The Compensation Committee approved an annual
incentive payout for 2013 based on the actual performance of the Company. No
long term incentive grant has yet been provided for 2014. <B></B></P>
<P align=center>-26- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify><B><U>Compensation Governance</U></B><B> </B></P>
<P align=justify>The Compensation Committee is a standing committee of the Board
and is appointed by and reports to the Board, with a mandate to assist the Board
in fulfilling its oversight responsibilities related to: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <p style="margin-bottom: 12">ensuring that the Company has in place programs to attract and develop
  management of the highest caliber and a process to provide for the orderly
  succession of senior executives including the annual receipt of the CEO&#146;s
  current recommendation;
  <LI>
  <p style="margin-bottom: 12">developing and maintaining a position description for the CEO and
  assessing the performance of the CEO against the CEO&#146;s position description,
  goals and objectives;
  <LI>
  <p style="margin-bottom: 12">reviewing and recommending for approval by the Board, the annual salary,
  bonus and other benefits, direct and indirect, including targets tied to
  corporate goals and objectives, of the CEO;
  <LI>
  <p style="margin-bottom: 12">reviewing and recommending to the Board the frequency with which the
  Company will conduct a shareholder advisory vote on executive compensation and
  to review the results of any votes on executive compensation and consider
  recommendations and changes to the Company&#146;s compensation policies;
  <LI>
  <p style="margin-bottom: 12">making recommendations to the Board on compensation policies and
  guidelines for the Company and overseeing the implementation and
  administration of compensation policies and programs concerning executive
  compensation, contracts, stock plans or other incentive plans and proposed
  personnel changes involving officers reporting to the CEO;
  <LI>
  <p style="margin-bottom: 12">approving compensation, incentive plans and equity-based plans for all
  other key employees; and
  <LI>
  <p style="margin-bottom: 12">reviewing the adequacy and form of the compensation of directors. </LI></UL>
<P align=justify>The Terms of Reference of the Compensation Committee is
available at www.novacopper.com. More information regarding the responsibilities
and operations of the Compensation Committee and the process by which
compensation is determined is discussed elsewhere in this &#147;Report on Executive
Compensation&#148; and below under the heading &#147;Directors&#146; Compensation&#148;. </P>
<P align=justify>For the year ended November 30, 2013, the Compensation
Committee consisted of three independent directors: Mr. Giardini, Mr.
Madhavpeddi and Ms. Stairs. Mr. Giardini is the Chair of the Compensation
Committee. All members of the Compensation Committee are non-executive directors
of the Company. </P>
<P align=justify>Tony Giardini, CA and CPA, is the Chief Financial Officer at
Kinross Gold Corporation and was formerly the Chief Financial Officer at Ivanhoe
Mines Ltd. (&#147;Ivanhoe&#148;). In his role at Ivanhoe, Mr. Giardini also worked with a
compensation consultant to assist with director and executive compensation
reviews. </P>
<P align=justify><I>Compensation Committee&#146;s Relationship with its Independent
Compensation Consultant </I></P>
<P align=justify>The Compensation Committee has engaged the Compensation
Consultant, Roger Gurr &amp; Associates, to provide specific support to the
Compensation Committee in determining compensation for the Company&#146;s officers
and directors, including during the most recently completed fiscal year. Such
analysis and advice from the Compensation Consultant includes, but is not
limited to, executive compensation policy (for example, the choice of companies
to include in the Peer Group and compensation philosophy), total compensation
benchmarking for the NEOs, and incentive plan design. In addition, this support
has also consisted of (i) the provision of general market observations
throughout the year with respect to market trends and issues; (ii) the provision
of benchmark market data; and (iii) attendance at a Compensation Committee
meeting to review market trends and issues and market analysis findings.
Decisions made by the Compensation Committee, however, are the responsibility of
the Compensation Committee and may reflect factors and considerations other than
the information and recommendations provided by the Compensation Consultant. In
addition to this mandate, the Compensation Consultant provides general employee
compensation consulting services to the Company, however these services are
limited in size and scope and are significantly lesser value than those provided
related to executive and director compensation.</P>
<P align=justify>The Compensation Committee Chair pre-approves the Statement of
Work provided by the Compensation Consultant prior to the start of the annual
executive and Director Compensation Reviews or any other project that needs to
be completed. The Statement of Work confirms the work that the
Compensation Consultant is asked to complete and their fees. The Compensation
Committee has assessed the independence of the Compensation Consultant pursuant
to SEC rules and concluded that the Compensation Consultant&#146;s work for the
Compensation Committee does not raise any conflict of interest. </P>
<P align=center>-27- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_32></A>
<P align=justify>The fees paid to the Compensation Consultant for the services
provided during the fiscal year 2013 were C$3,150. In 2013, the Company
completed an internal compensation review and the Compensation Consultant, Roger
Gurr &amp; Associates reviewed and signed off on the compensation review. </P>
<P align=justify><B><U>Employment Agreements</U></B><B> </B></P>
<P align=justify>The Company has entered into employment agreements with each of
the NEOs to address many issues important in the employer-employee relationship
including: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <p style="margin-bottom: 12">term of employment;
  <LI>
  <p style="margin-bottom: 12">amount of compensation and benefits such as vacation or health plan;
  <LI>
  <p style="margin-bottom: 12">the duties, tasks and responsibilities expected of the employee;
  <LI>
  <p style="margin-bottom: 12">termination provisions including in the event of a change of control;
  <LI>
  <p style="margin-bottom: 12">confidentiality of information to prevent employees from disclosing to
  others any confidential information after employment ends;
  <LI>
  <p style="margin-bottom: 12">non-solicitation restrictions to prevent the employee from attempting to
  solicit other employees; and
  <LI>
  <p style="margin-bottom: 12">any other issues specific to the employment situation. </LI></UL>
<P align=justify><B>Rick Van Nieuwenhuyse </B></P>
<P align=justify>Mr. Van Nieuwenhuyse was employed by the Company as President
and Chief Executive Officer effective January 9, 2012. For the fiscal year ended
November 30, 2013, Mr. Van Nieuwenhuyse was entitled to an annual salary of
C$400,000. </P>
<P align=justify>Pursuant to the terms of his employment contract, Mr. Van
Nieuwenhuyse receives an annual base salary of C$400,000, which is reviewed
annually by the Compensation Committee in consultation with Mr. Van Nieuwenhuyse
and may be adjusted for the next year based on his performance and the
performance of the Company, provided, however, that in no event shall the salary
be less than the salary payable in the previous fiscal year. Pursuant to his
employment contract, the grant of any annual incentive payments would be at the
sole discretion of the Company&#146;s Board.</P>
<P align=justify>Mr. Van Nieuwenhuyse also received an annual car allowance in
the amount of C$14,976 and a monthly amount of C$317 in lieu of a life insurance
policy. </P>
<P align=justify><B>Elaine Sanders and Joseph Piekenbrock </B></P>
<P align=justify>Pursuant to an employment contract with the Company effective
November 13, 2013, Ms. Sanders is employed by the Company as Vice President and
Chief Financial Officer. For the fiscal year ended November 30, 2013, Ms.
Sanders was entitled to an annual salary of C$299,600. </P>
<P align=justify>Pursuant to an employment contract with the Company effective
May 1, 2012, Mr. Piekenbrock is employed with the Company as Senior Vice
President, Exploration. For the fiscal year ended November 30, 2013, Mr.
Piekenbrock was entitled to an annual salary of US$285,000.</P>
<P align=justify><B><U>Termination of Employment or Change of Control</U></B><B>
</B></P>
<P align=justify>The following termination clauses are in effect under all of
the NEOs employment contracts.</P>
<P align=center>-28- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_33></A>
<P align=justify>In the event of a change of control of the Company, the Company
shall continue to employ the NEOs and the NEOs shall continue to serve the
Company in the same capacity and each shall have the same authority,
responsibilities and status that each had immediately prior to the change of
control, subject to the Company&#146;s right to terminate the NEOs&#146; employment upon
payment of severance. </P>
<P align=justify>Notwithstanding the foregoing, if within the 12 month period
immediately following a change in control, an NEO advises the Company in writing
within 90 days of the date the NEO becomes aware of certain changes to the terms
of employment after a change of control (and the Company has not cured the
condition within 30 days from receipt of such notice), the NEO&#146;s employment with
the Company will be deemed to be terminated. Deemed termination upon a change of
control has occurred if (i) there is a material change (other than a promotion)
in the NEO&#146;s position, duties, responsibilities, title or office in effect
immediately prior to any change of control; (ii) a material reduction in the
NEO&#146;s base salary in effect immediately prior to any change of control; or (iii)
any material breach by the Company of any material provision of the employment
agreement. </P>
<P align=justify>If an NEO&#146;s employment with the Company is deemed to be
terminated, the Company is required to pay such NEO (i) a lump sum payment equal
to the NEO&#146;s annual base salary plus such NEO&#146;s annual incentive target for the
fiscal year pursuant to the Company&#146;s annual incentive program, multiplied by
two, if such termination occurs prior to the first anniversary of the NEO&#146;s
employment agreement; or (ii) a lump sum payment equal to the NEO&#146;s annual base
salary at the time of termination plus such NEO&#146;s annual incentive earned in the
previous fiscal year pursuant to the Company&#146;s annual incentive program,
multiplied by two, if such termination occurs following the first anniversary of
the NEO&#146;s employment agreement (the &#147;Severance Payment&#148;). </P>
<P align=justify>A change of control means any of the following: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <p style="margin-bottom: 12">at least 50% in fair market value of all the assets of the Company are
  sold;
  <LI>
  <p style="margin-bottom: 12">a direct or indirect acquisition by a person or group of persons of the
  voting shares of the Company constitutes 40% or more of the outstanding voting
  shares of the Company;
  <LI>
  <p style="margin-bottom: 12">a majority of the then-incumbent Board of Directors&#146; nominees for election
  to the Board of the Company are not elected at any annual or special meeting
  of the shareholders; or
  <LI>
  <p style="margin-bottom: 12">the Company is merged, consolidated or reorganized into or with another
  entity and as a result of such business combination, more than 40% of the
  voting shares of such body immediately after such transaction are beneficially
  held in aggregate by a person or corporate body that beneficially held less
  than 40% of the voting shares of the Company immediately prior to such
  transaction. </LI></UL>
<P align=justify>If the employment contract is terminated by the NEO upon a
material breach by the Company, or terminated by the Company for reasons other
than just cause, death, or extended inability to perform the NEO&#146;s duties under
the employment agreement, the Company is obliged to pay to such NEO the
Severance Payment. An estimate of Severance Payment for each of the NEOs based
on current salary and prior year&#146;s earned annual incentive are C$1,369,640 for
Rick Van Nieuwenhuyse, C$908,440 for Elaine Sanders and US$854,220 for Joe
Piekenbrock. </P>
<P align=justify>The Company is also required to maintain group insurance
benefits for Mr. Van Nieuwenhuyse and Ms. Sander for a period of 12 months after
termination in the circumstance described above or pay to the executive an
amount equal to the present value of the Company&#146;s cost of providing such
benefits. Additionally, the Company will be obligated to pay Mr. Piekenbrock a
lump sum payment equal to the Company&#146;s cost of providing group life and long
term disability insurance coverage for a period of 12 months<B>. </B></P>
<P align=justify>If the employment agreement is terminated as a result of the
NEO&#146;s permanent or extended inability to perform the NEO&#146;s duties under the
employment agreement, the Company is obligated to pay an amount equal to all
accrued and unpaid salary as of the date of termination and a lump sum payment
equal to the NEO&#146;s annual salary at the time of termination. </P>
<P align=justify>Other than as set out above, there are no other termination
clauses or change of control benefits in the employment agreements, or any other
contract, agreement, plan or arrangement entered into with the NEO. </P>
<P align=center>-29- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_34></A>
<P align=justify>The contracts of each of the NEOs continue indefinitely, unless
and until terminated in accordance with the terms of their employment
agreements.</P>
<P align=justify><B><U>Summary Compensation Table</U></B><B> </B></P>
<P align=justify>The summary compensation table below sets out NEO compensation
information including annual salary, incentive bonuses and all other
compensation earned during the fiscal year ended November 30, 2013. Amounts have
been converted to US dollars using the average exchange rate during the fiscal
year ended November 30, 2013 of CAD$1.00 = $0.9765 US dollars.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD noWrap align=center><BR><BR><BR><BR><BR><B>Named Executive</B>
      <BR><B>Officer</B> <BR><B>Principal Position</B> </TD>
    <TD noWrap align=center
      width="10%"><BR><BR><BR><BR><BR><BR><BR><B>Year</B> </TD>
    <TD noWrap align=center width="10%"><BR><BR><BR><BR><BR><BR><B>Salary</B>
      <BR><B>$</B> </TD>
    <TD noWrap align=center width="10%"><BR><BR><BR><BR><BR><BR><B>Bonus</B>
      <BR><B>$</B> </TD>
    <TD noWrap align=center width="10%"><BR><BR><BR><BR><BR><B>Stock</B>
      <BR><B>Awards </B><B><SUP>(1)</SUP></B> <BR><B>$</B> </TD>
    <TD noWrap align=center width="10%"><BR><BR><BR><BR><B>Non-Equity</B>
      <BR><B>Incentive Plan</B> <BR><B>Compensation</B> <BR><B>$</B> </TD>
    <TD noWrap align=center width="10%"><B>Change in</B> <BR><B>Pension
      Value</B> <BR><B>and</B> <BR><B>Nonqualified</B> <BR><B>Deferred</B>
      <BR><B>Compensation</B> <BR><B>Earnings</B> <BR><B>$</B> </TD>
    <TD noWrap align=center width="10%"><BR><BR><BR><BR><BR><B>All Other</B>
      <BR><B>Compensation</B> <BR><B>$</B> </TD>
    <TD noWrap align=center width="10%"><BR><BR><BR><BR><BR><BR><B>Total</B>
      <BR><B>$</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Rick Van Nieuwenhuyse, <BR>President and Executive Officer
      <SUP>(2)</SUP> </TD>
    <TD align=center width="10%">2013 <BR>2012 </TD>
    <TD align=center width="10%">390,600 <BR>349,222 </TD>
    <TD align=center width="10%">278,127 <BR>349,222 </TD>
    <TD align=center width="10%">754,283 <BR>6,677,516 </TD>
    <TD align=center width="10%">- <BR>- </TD>
    <TD align=center width="10%">- <BR>- </TD>
    <TD align=center width="10%">30,785 <BR>37,551 </TD>
    <TD align=center width="10%">1,453,795 <BR>7,413,511 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Elaine Sanders, <BR>Vice President and Chief Financial
      Officer <SUP>(3)</SUP> </TD>
    <TD align=center width="10%">2013 <BR>2012 </TD>
    <TD align=center width="10%">292,559 <BR>74,983 </TD>
    <TD align=center width="10%">150,986 <BR>58,739 </TD>
    <TD align=center width="10%">377,142 <BR>600,064 </TD>
    <TD align=center width="10%">- <BR>- </TD>
    <TD align=center width="10%">- <BR>- </TD>
    <TD align=center width="10%">12,849 <BR>623 </TD>
    <TD align=center width="10%">833,536 <BR>734,409 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Joseph Piekenbrock, <BR>Vice President Exploration
      <SUP>(4)</SUP> </TD>
    <TD align=center width="10%">2013 <BR>2012 </TD>
    <TD align=center width="10%">283,333 <BR>152,508 </TD>
    <TD align=center width="10%">142,110 <BR>118,850 </TD>
    <TD align=center width="10%">377,142 <BR>825,798 </TD>
    <TD align=center width="10%">- <BR>- </TD>
    <TD align=center width="10%">- <BR>- </TD>
    <TD align=center width="10%">- <BR>- </TD>
    <TD align=center width="10%">802,585 <BR>1,097,155
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Amounts in respect of stock awards are based on the fair
      value of the grants as at the grant date. Option-based awards are valued
      using the Black-Scholes valuation model. Stock awards granted during the
      year ended November 30, 2013 include vested and unvested
amounts.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Vested at November 30, 2013 for Mr. Van Nieuwenhuyse:
      $nil of option-based awards and $238,786 of stock-based awards. Other
      compensation for Mr. Van Nieuwenhuyse includes $12,444 of matching
      contributions to Mr. Van Nieuwenhuyse&#146;s registered retirement savings plan
      and $18,341 of other allowances including car allowance and amounts in
      lieu for life insurance premiums. Amounts for Mr. Van Nieuwenhuyse for the
      year ended November 30, 2012 are from his date of employment of January 9,
      2012.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Vested at November 30, 2013 for Ms. Sanders: $nil of
      option-based awards and $119,392 of stock-based awards. Other compensation
      for Ms. Sanders includes $12,849 of matching contributions to Ms.
      Sanders&#146;s registered retirement savings plan. Amounts for Ms. Sanders
      include amounts charged by NOVAGOLD for services provided by Ms. Sanders
      as an officer of the Company from May 1 &#150; November 12, 2012, and amounts
      from her employment date of November 13, 2012 for the year ended November
      30, 2012.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Vested at November 30, 2013 for Mr. Piekenbrock: $nil of
      option-based awards and $118,154 of stock-based awards. Amounts for Mr.
      Piekenbrock are from his date of employment of May 1, 2012 for the year
      ended November 30, 2012.</P></TD></TR></TABLE>
<P align=justify>To calculate stock awards, the dollar value to be delivered to
each NEO is calculated based on the targets approved for each NEO role as well
as the performance of the individual and Company. The Black-Scholes option
valuation model is used because it provides a fair value widely accepted by the
business community and is regarded as one of the best ways of determining fair
prices of options. The fair value based on the Company&#146;s historical stock prices
to determine the stock&#146;s volatility, the expected life of the option which is
based on the average length of time similar option grants in the past have
remained outstanding prior to exercise and the vesting period of the grant. </P>
<P align=justify><B><U>Incentive Plan Awards</U></B><B> </B></P>
<P align=justify><B>2013 Grants of Plan-Based Awards</B></P>
<P align=justify>No stock option awards were re-priced during 2013. The number
of stock options outstanding includes vested and unvested awards. </P>
<P align=justify>In order to create a more sustainable compensation strategy,
the Compensation Committee and the Board implemented a program whereby
Employees, Executives and Directors returned all stock option grants with an exercise price of CAD$3.11. The returned stock options will
allow the Company to retain and incentivize Employees, Executives and Directors.
</P>
<P align=center>-30- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_35></A>
<P align=justify>The following table provides information related to grants of
plan-based awards to our NEOs in respect of the 2013 fiscal year.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD noWrap align=center
      rowSpan=2><BR><BR><BR><BR><BR><BR><BR><BR><BR><B>Name</B> </TD>
    <TD noWrap align=center width="8%"
      rowSpan=2><BR><BR><BR><BR><BR><BR><BR><BR><B>Grant</B> <BR><B>Date</B> </TD>
    <TD noWrap align=center width="24%" colSpan=3><B>Estimated Future
      Payouts</B> <BR><B>Under Non-Equity Incentive</B> <BR><B>Plan Awards</B>
    </TD>
    <TD noWrap align=center width="24%" colSpan=3><B>Estimated Future
      Payouts</B> <BR><B>Under Equity Incentive Plan</B> <BR><B>Awards</B> </TD>
    <TD noWrap align=center width="8%" rowSpan=2><B>All</B> <BR><B>Other</B>
      <BR><B>Stock</B> <BR><B>Awards: </B><BR><B>Number </B><BR><B>of</B>
      <BR><B>Shares </B><BR><B>of Stock </B><BR><B>or Units</B> <BR><B>#</B> </TD>
    <TD noWrap align=center width="8%" rowSpan=2><BR><BR><B>All Other</B>
      <BR><STRONG>Option</STRONG> <BR><STRONG>Awards: </STRONG><BR><B>Number of
      </B><BR><STRONG>Securities </STRONG><BR><STRONG>Underlying
      </STRONG><BR><B>Options</B> <BR><B>#</B> </TD>
    <TD noWrap align=center width="8%"
      rowSpan=2><BR><BR><BR><BR><STRONG>Exercise</STRONG> <BR><STRONG>or Base
      </STRONG><BR><STRONG>Price of</STRONG> <BR><STRONG>Option
      </STRONG><BR><B>Awards </B><BR><B>C$/Sh</B> </TD>
    <TD noWrap align=center width="8%" rowSpan=2><B>Grant</B> <BR><B>Date</B>
      <BR><B>Fair</B> <BR><B>Value</B> <BR><B>of</B> <BR><STRONG>Stock</STRONG>
      <BR><B>and</B> <BR><STRONG>Option</STRONG> <BR><STRONG>Awards</STRONG>
      <BR><B>$</B> </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center width="8%"><BR><BR><BR><BR><BR><B>Threshold
      </B><BR><B>$</B> </TD>
    <TD noWrap align=center width="8%"><BR><BR><BR><BR><BR><STRONG>Target
      </STRONG><BR><B>$</B> </TD>
    <TD noWrap align=center width="8%"><BR><BR><BR><BR><BR><STRONG>Maximum
      </STRONG><BR><B>$</B> </TD>
    <TD noWrap align=center width="8%"><BR><BR><BR><BR><BR><STRONG>Threshold
      </STRONG><BR><B>#</B> </TD>
    <TD noWrap align=center width="8%"><BR><BR><BR><BR><BR><STRONG>Target
      </STRONG><BR><B>#</B> </TD>
    <TD noWrap align=center
      width="8%"><BR><BR><BR><BR><BR><STRONG>Maximum</STRONG> <BR><B>#</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Rick Van Nieuwenhuyse </TD>
    <TD vAlign=center align=center width="8%">12/05/2012 </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">400,000 </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">754,283 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Elaine Sanders </TD>
    <TD vAlign=center align=center width="8%">12/05/2012 </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">200,000 </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">377,142 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Joseph Piekenbrock </TD>
    <TD vAlign=center align=center width="8%">12/05/2012 </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">200,000 </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">- </TD>
    <TD vAlign=center align=center width="8%">377,142
</TD></TR></TABLE></DIV>
<P align=center>-31- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_36></A>
<P align=justify><B>Outstanding Equity Awards at 2013 Fiscal Year-End</B></P>
<P align=justify>The following table provides information related to the
outstanding stock option awards and stock awards held by each of our NEOs at
November 30, 2013.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD noWrap align=center
      rowSpan=2><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><B>Name
      </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="50%"
    colSpan=5><B>Option Awards </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="40%"
    colSpan=4><B>Stock Awards </B></TD></TR>
  <TR>
    <TD noWrap align=center
      width="10%"><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><B>Number of
      </B><BR><B>Securities </B><BR><B>Underlying </B><BR><B>Unexercised
      </B><BR><B>Options </B><BR><B># </B><BR><B>Exercisable </B></TD>
    <TD noWrap align=center
      width="10%"><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><B>Number of
      </B><BR><B>Securities </B><BR><STRONG>Underlying
      </STRONG><BR><STRONG>Unexercised </STRONG><BR><B>Options </B><BR><B>#
      </B><BR><STRONG>Unexercisable </STRONG></TD>
    <TD noWrap align=center width="10%"><BR><BR><BR><BR><BR><BR><B>Equity
      </B><BR><B>Incentive </B><BR><B>Plan </B><BR><B>Awards: </B><BR><B>Number
      of </B><BR><B>Securities </B><BR><STRONG>Underlying
      </STRONG><BR><STRONG>Unexercised </STRONG><BR><B>Unearned
      </B><BR><B>Options </B><BR><B># </B></TD>
    <TD noWrap align=center
      width="10%"><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><STRONG>Option
      </STRONG><BR><STRONG>Exercise </STRONG><BR><B>Price </B><BR><B>C$ </B></TD>
    <TD noWrap align=center
      width="10%"><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><B>Option
      </B><BR><STRONG>Expiration </STRONG><BR><B>Date </B></TD>
    <TD noWrap align=center
      width="10%"><BR><BR><BR><BR><BR><BR><BR><BR><BR><B>Number </B><BR><B>of
      Shares </B><BR><B>or Units </B><BR><B>of Stock </B><BR><B>That
      </B><BR><B>Have Not </B><BR><STRONG>Vested </STRONG><BR><B># </B></TD>
    <TD noWrap align=center width="10%"><BR><BR><BR><BR><B>Market
      </B><BR><B>Value </B><BR><B>of </B><BR><B>Shares </B><BR><B>or
      </B><BR><B>Units </B><BR><B>of </B><BR><B>Stock </B><BR><B>That
      </B><BR><B>Have </B><BR><B>Not </B><BR><B>Vested </B><BR><B># </B></TD>
    <TD noWrap align=center width="10%"><BR><BR><B>Equity </B><BR><B>Incentive
      </B><BR><B>Plan </B><BR><STRONG>Awards:</STRONG><BR><B>Number
      </B><BR><B>of </B><BR><B>Unearned </B><BR><B>Shares, </B><BR><B>Units or
      </B><BR><B>Other </B><BR><B>Rights </B><BR><STRONG>That Have
      </STRONG><BR><B>Not </B><BR><B>Vested </B><BR><B># </B></TD>
    <TD noWrap align=center width="10%"><BR><B>Equity </B><BR><B>Incentive
      </B><BR><B>Plan </B><BR><B>Awards: </B><BR><B>Market </B><BR><STRONG>or
      Payout </STRONG><BR><B>Value of </B><BR><STRONG>Unearned
      </STRONG><BR><B>Shares, </B><BR><B>Units or </B><BR><B>Other
      </B><BR><B>Rights </B><BR><B>That </B><BR><B>Have Not </B><BR><B>Vested
      </B><BR><B>$ </B></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>(a) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">(b)
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">(c)
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">(d)
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">(e)
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">(f)
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">(g)
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">(h)
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">(i)
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">(j)
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Rick Van Nieuwenhuyse </TD>
    <TD vAlign=center align=center width="10%">- </TD>
    <TD vAlign=center align=center width="10%">- </TD>
    <TD vAlign=center align=center width="10%">- </TD>
    <TD vAlign=center align=center width="10%">- </TD>
    <TD vAlign=center align=center width="10%">- </TD>
    <TD vAlign=center align=center width="10%">266,667<SUP>(1) </SUP></TD>
    <TD vAlign=center align=center width="10%">528,361 </TD>
    <TD vAlign=center align=center width="10%">266,667<SUP>(1) </SUP></TD>
    <TD vAlign=center align=center width="10%">528,361 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Elaine Sanders </TD>
    <TD vAlign=center align=center width="10%">- </TD>
    <TD vAlign=center align=center width="10%">- </TD>
    <TD vAlign=center align=center width="10%">- </TD>
    <TD vAlign=center align=center width="10%">- </TD>
    <TD vAlign=center align=center width="10%">- </TD>
    <TD vAlign=center align=center
    width="10%"><SUP></SUP>133,334<SUP>(1)</SUP></TD>
    <TD vAlign=center align=center width="10%">264,181 </TD>
    <TD vAlign=center align=center width="10%">133,334<SUP>(1) </SUP></TD>
    <TD vAlign=center align=center width="10%">264,181 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Joseph Piekenbrock </TD>
    <TD vAlign=center align=center width="10%">- </TD>
    <TD vAlign=center align=center width="10%">- </TD>
    <TD vAlign=center align=center width="10%">- </TD>
    <TD vAlign=center align=center width="10%">- </TD>
    <TD vAlign=center align=center width="10%">- </TD>
    <TD vAlign=center align=center width="10%">133,334<SUP>(1) </SUP></TD>
    <TD vAlign=center align=center width="10%">264,181 </TD>
    <TD vAlign=center align=center width="10%">133,334<SUP>(1) </SUP></TD>
    <TD vAlign=center align=center width="10%">264,181
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><SUP>(1) </SUP></TD>
    <TD>
      <P align=justify>Vesting one-half on December 5, 2013 and one-half on
      December 5, 2014.</P></TD></TR></TABLE>
<P align=justify><B>2013 Option Exercises and Stock Vested</B></P>
<P align=justify>The following table provides information regarding stock that
vested and stock options that were exercised by our NEOs during 2013. Option
award value realized is calculated by subtracting the aggregate exercise price
of the options exercised from the aggregate market value of the shares of common
stock acquired on the date of exercise. Stock award value is calculated by
multiplying the number of vested RSUs by the market value of the underlying
shares on the vesting date. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD noWrap align=center rowSpan=2 ><BR><BR><BR><BR><B>Name
      </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="36%"
    colSpan=2><B>Option Awards </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="36%"
    colSpan=2><B>Stock Awards </B></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center width="18%"><B>Number of Shares
      </B><BR><B>Acquired on </B><BR><B>Exercise </B><BR><B># </B></TD>
    <TD noWrap align=center width="18%"><B>Value </B><BR><B>Realized on
      </B><BR><B>Exercise </B><BR><B>$ </B></TD>
    <TD noWrap align=center width="18%"><BR><B>Number of Shares
      </B><BR><B>Acquired on Vesting </B><BR><B># </B></TD>
    <TD noWrap align=center width="18%"><B>Value </B><BR><B>Realized on
      </B><BR><B>Vesting </B><BR><B>$ </B></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      >Rick Van Nieuwenhuyse </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="18%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="18%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="18%">60,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="18%">236,309 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      >Elaine Sanders </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="18%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="18%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="18%">30,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="18%">118,154 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      >Joseph Piekenbrock </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="18%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="18%">Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="18%">30,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="18%">118,154 </TD></TR></TABLE></DIV>
<P align=justify><B>Nonqualified Deferred Compensation </B></P>
<P align=justify>The Company has no plans that provide for deferred compensation
to its executive officers. </P>
<P align=center>-32- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_37></A>
<P align=justify><B>Compensation Committee Report </B></P>
<P align=justify>The Compensation Committee has reviewed and discussed with
management the Company's Compensation Discussion and Analysis included herein.
Based on such review and discussions, the Compensation Committee has recommended
to the Board of Directors that the Compensation Discussion and Analysis be
included in the Company's Annual Report on Form 10-K for the year ended November
30, 2013 and the Company's 2014 Circular. </P>
<P align=justify>Submitted by the following members of the Compensation
Committee of the Board of Directors: </P>
<P style="MARGIN-LEFT: 20%" align=justify>Tony Giardini <BR>Kalidas Madhavpeddi
<BR>Janice Stairs </P>
<P align=center><B><U>SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY
COMPENSATION PLANS</U></B><B> </B></P>
<P align=justify>The Company has adopted a Stock Option Plan, a RSU Plan and a
DSU Plan. The intent of these equity plans are to allow the Company to provide a
flexible mix of compensation components to attract, retain, and motivate the
performance of the participants in alignment with the success of the Company and
its Shareholders, to encourage share ownership by executives and directors, and
to preserve cash where possible. The Company feels that Deferred Share Units
(&#147;DSUs&#148;) align directors&#146; interests to Shareholders more effectively than other
equity programs. These equity plans assist to further align the interests of
executives and directors with the long term interests of Shareholders. </P>
<P align=justify><B>Equity Compensation Plan Information as of November 30, 2013
</B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD noWrap align=center><BR><BR><BR><BR><B>Plan Category</B> </TD>
    <TD noWrap align=center width="25%"><BR><B>Number of Securities to be</B>
      <BR><B>Issued Upon Exercise of</B> <BR><B>Outstanding Options,</B>
      <BR><B>Warrants and Rights</B> </TD>
    <TD noWrap align=center width="25%"><BR><B>Weighted-Average</B>
      <BR><B>Exercise Price of</B> <BR><B>Outstanding Options,</B>
      <BR><B>Warrants and Rights</B> </TD>
    <TD noWrap align=center width="25%"><B>Number of Securities Remaining</B>
      <BR><B>Available for Future Issuance Under</B> <BR><B>Equity Compensation
      Plans</B> <BR><B>Excluding Securities Reflected in</B> <BR><B>Column
      (a)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">(a)
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">(b)
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">(c)
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Equity compensation plans approved by security holders </TD>
    <TD align=center width="25%">1,770,005 </TD>
    <TD align=center width="25%">0.17 </TD>
    <TD align=center width="25%">6,189,993 </TD></TR>
  <TR vAlign=top>
    <TD align=left>NOVAGOLD Equity compensation plans approved by security
      holders<SUP>(1)</SUP> </TD>
    <TD align=center width="25%">1,709,503 </TD>
    <TD align=center width="25%">4.08 </TD>
    <TD align=center width="25%">nil </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">3,479,508 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">2.09
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">6,189,993 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Equity compensation plans not approved by security holders
    </TD>
    <TD align=center width="25%">N/A </TD>
    <TD align=center width="25%">N/A </TD>
    <TD align=center width="25%">N/A </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">3,479,508 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">2.09
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">6,189,993 </TD></TR></TABLE></DIV>
<P align=justify><sup>(1)</sup> Holders of NOVAGOLD equity compensation plans received one
option or right to receive a share in NovaCopper for every six options or rights
held in NOVAGOLD upon the spin-out of NovaCopper on April 30, 2012 by way of a
Plan of Arrangement. The exercise price of the options in NovaCopper was
determined based on the relative fair values of NovaCopper and NOVAGOLD based on
the volume weighted-average trading prices on the Toronto Stock Exchange for the
five trading days commencing on the sixth trading day following April 30, 2012.
All other terms remained the same. </P>
<P align=justify><B><U>Equity Incentive Plan Information</U></B><B> </B></P>
<P align=justify>The Company currently grants equity under the Stock Option Plan
for the benefit of the officers, directors, employees and consultants of the
Company or any subsidiary company. The purpose of the Stock Option Plan is to
attract, retain and motivate eligible persons and to align the interests of such
persons with those of the Company&#146;s shareholders through the incentive inherent in share ownership
and by providing them an opportunity to participate in the Company&#146;s future
performance through awards of options and bonus shares. </P>
<P align=center>-33- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_38></A>
<P align=justify>The Company believes the Stock Option Plan will increase the
Company&#146;s ability to attract skilled individuals by providing them with the
opportunity, through the exercise of stock options and the issuance of bonus
shares to benefit from the anticipated growth of the Company. The Board has the
authority to determine the directors, officers, employees and consultants to
whom options or bonus shares will be granted, the number of options or bonus
shares to be granted to each person and the price at which Common Shares may be
purchased, subject to the terms and conditions set forth in the Equity Incentive
Plan.</P>
<P align=justify>The following table sets out information concerning the number
and price of securities to be issued under the Stock Option Plan to employees
and other service providers. </P>
<P align=center>-34- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_39></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%"><B>Stock Option Plan</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%"><B>RSU Plan</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%"><B>DSU Plan</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=4><B>As at
      November 30, 2013 </B><B><I>(most recently completed fiscal year)</I></B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Maximum number of Common Shares <U>reserved </U>for
      issuance </TD>
    <TD align=center width="25%">5,306,666 </TD>
    <TD align=center width="25%">1,592,000 </TD>
    <TD align=center width="25%">1,061,333 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Percent of Common Shares outstanding (approximate) </TD>
    <TD align=center width="25%">10.0% </TD>
    <TD align=center width="25%">3.0% </TD>
    <TD align=center width="25%">2.0% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Number of Common Shares <U>issuable </U>upon exercise or
      vesting of option or right </TD>
    <TD align=center width="25%">168,332 </TD>
    <TD align=center width="25%">851,673 </TD>
    <TD align=center width="25%">750,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Percent of Common Shares outstanding (approximate) </TD>
    <TD align=center width="25%">0.32% </TD>
    <TD align=center width="25%">1.60% </TD>
    <TD align=center width="25%">1.41% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Weighted average exercise price </TD>
    <TD align=center width="25%">$1.79 </TD>
    <TD align=center width="25%">N/A </TD>
    <TD align=center width="25%">N/A </TD></TR>
  <TR vAlign=top>
    <TD align=left>Number of Common Shares available for future issuance </TD>
    <TD align=center width="25%">5,138,334 </TD>
    <TD align=center width="25%">740,327 </TD>
    <TD align=center width="25%">311,333 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=4><B>Plan
      Features</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Maximum number of Common Shares authorized for issuance to
      any one insider or such insider&#146;s associate under each plan within a
      one-year period </TD>
    <TD align=center width="75%" colSpan=3>10% of the total Common Shares
      outstanding </TD></TR>
  <TR vAlign=top>
    <TD align=left>Maximum number of Common Shares reserved for issuance to
      any one person under each plan </TD>
    <TD align=center width="75%" colSpan=3>5% of the total Common Shares
      outstanding </TD></TR>
  <TR vAlign=top>
    <TD align=left>Maximum number of Common Shares authorized for issuance to
      insiders, at any time, under all share compensation arrangements of the
      Company </TD>
    <TD align=center width="75%" colSpan=3>10% of the total Common Shares
      outstanding </TD></TR>
  <TR vAlign=top>
    <TD align=left>Maximum number of Common Shares issued to insiders under
      all share compensation arrangements of the Company </TD>
    <TD align=center width="75%" colSpan=3>5% of the total Common Shares
      outstanding </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=4><B>As at
      March 17, 2014</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Maximum number of Common Shares <U>reserved </U>for
      issuance </TD>
    <TD align=center width="25%">5,362,924 </TD>
    <TD align=center width="25%">1,608,877 </TD>
    <TD align=center width="25%">1,072,584 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Percent of Common Shares outstanding (approximate) </TD>
    <TD align=center width="25%">10.0% </TD>
    <TD align=center width="25%">3.0% </TD>
    <TD align=center width="25%">2.0% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Number of Common Shares <U>issuable </U>upon exercise or
      vesting of option or right </TD>
    <TD align=center width="25%">155,000 </TD>
    <TD align=center width="25%">425,840 </TD>
    <TD align=center width="25%">675,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Percent of Common Shares outstanding (approximate) </TD>
    <TD align=center width="25%">0.29% </TD>
    <TD align=center width="25%">0.79% </TD>
    <TD align=center width="25%">1.26% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Weighted average exercise price </TD>
    <TD align=center width="25%">$1.67 </TD>
    <TD align=center width="25%">N/A </TD>
    <TD align=center width="25%">N/A </TD></TR>
  <TR vAlign=top>
    <TD align=left>Number of Common Shares remaining available for future
      issuances </TD>
    <TD align=center width="25%">5,207,924 </TD>
    <TD align=center width="25%">1,183,037 </TD>
    <TD align=center width="25%">397,584 </TD></TR></TABLE></DIV>
<P align=justify>During the year ended November 30, 2013, upon recommendation of
the Compensation Committee, 800,000 RSUs were granted to NEOs as consideration
for their services to the Company as follows: </P>
<P align=center>-35- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_40></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <p style="margin-bottom: 12">200,000 RSUs were granted to Elaine Sanders and Joseph Piekenbrock each
  subject to a vesting schedule whereby one-third vests on the six-month
  anniversary of the grant date, one-third vests on the first-year anniversary
  of the grant date, and one-third vests on the second-year anniversary of the
  grant date.
  <LI>
  <p style="margin-bottom: 12">400,000 RSUs were granted to Rick Van Nieuwenhuyse subject to a vesting
  schedule whereby one-third vests on the six-month anniversary of the grant
  date, one-third vests on the first-year anniversary of the grant date, and
  one-third vests on the second-year anniversary of the grant date. </LI></UL>
<P align=justify>In addition, 75,000 DSUs were granted to each non-executive
director for a total of 750,000 DSUs to the directors. These DSUs were all fully
vested on the grant date.</P>
<P align=center><B><U>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT</U></B><B> </B><B><U>AND RELATED SHAREHOLDER MATTERS</U></B><B>
</B></P>
<P align=justify>The following table sets forth certain information regarding
the beneficial ownership or control and direction, direct or indirect, of our
Common Shares as of March 17, 2014 by: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <p style="margin-bottom: 12">our NEOs;
  <LI>
  <p style="margin-bottom: 12">our directors and nominees;
  <LI>
  <p style="margin-bottom: 12">all of our executive officers and directors as a group; and
  <LI>
  <p style="margin-bottom: 12">each person who is known by us to beneficially own more than 5% of our
  issued and outstanding Common Shares. </LI></UL>
<P align=justify>Unless otherwise indicated, the Shareholders listed possess
sole voting and investment power with respect to the shares shown. Our directors
and executive officers do not have different voting rights from other
Shareholders.</P>
<P align=center>-36- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left><B>Name</B> </TD>
    <TD noWrap align=center width="30%"><B>Business Address</B> </TD>
    <TD noWrap align=center width="20%" ><B>Amount and
      Nature</B><B><SUP>(1)</SUP></B> </TD>
    <TD noWrap align=center width="20%" ><B>Percentage of
      Class</B><B><SUP>(2)</SUP></B> </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Rick Van Nieuwenhuyse </TD>
    <TD noWrap align=left width="30%">Suite 1950, 777 Dunsmuir Street
      <BR>Vancouver, British Columbia <BR>Canada, V7Y 1K4 </TD>
    <TD align=center width="20%" >1,143,221<SUP>(6)</SUP> </TD>
    <TD align=center width="20%" >2.12% </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Elaine Sanders </TD>
    <TD noWrap align=left width="30%">Suite 1950, 777 Dunsmuir Street
      <BR>Vancouver, British Columbia <BR>Canada, V7Y 1K4 </TD>
    <TD align=center width="20%" >298,739<SUP>(7)</SUP> </TD>
    <TD align=center width="20%" >* </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Joseph Piekenbrock </TD>
    <TD noWrap align=left width="30%">Suite 1950, 777 Dunsmuir Street
      <BR>Vancouver, British Columbia <BR>Canada, V7Y 1K4 </TD>
    <TD align=center width="20%" >330,692<SUP>(8)</SUP> </TD>
    <TD align=center width="20%" >* </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Thomas Kaplan </TD>
    <TD noWrap align=left width="30%">Suite 1950, 777 Dunsmuir Street
      <BR>Vancouver, British Columbia <BR>Canada, V7Y 1K4 </TD>
    <TD align=center width="20%" >14,124,203<SUP>(4)(5)</SUP> </TD>
    <TD align=center width="20%" >26.3% </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Tony Giardini </TD>
    <TD noWrap align=left width="30%">Suite 1950, 777 Dunsmuir Street
      <BR>Vancouver, British Columbia <BR>Canada, V7Y 1K4 </TD>
    <TD align=center width="20%" >8,048 </TD>
    <TD align=center width="20%" >* </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Terry Krepiakevich </TD>
    <TD noWrap align=left width="30%">Suite 1950, 777 Dunsmuir Street
      <BR>Vancouver, British Columbia <BR>Canada, V7Y 1K4 </TD>
    <TD align=center width="20%" >- </TD>
    <TD align=center width="20%" >* </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Gregory Lang </TD>
    <TD noWrap align=left width="30%">Suite 1950, 777 Dunsmuir Street
      <BR>Vancouver, British Columbia <BR>Canada, V7Y 1K4 </TD>
    <TD align=center width="20%" >117,139<SUP>(9)</SUP> </TD>
    <TD align=center width="20%" >* </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Igor Levental </TD>
    <TD noWrap align=left width="30%">Suite 1950, 777 Dunsmuir Street
      <BR>Vancouver, British Columbia <BR>Canada, V7Y 1K4 </TD>
    <TD align=center width="20%" >58,165<SUP>(10)</SUP> </TD>
    <TD align=center width="20%" >* </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Kalidas Madhavpeddi </TD>
    <TD noWrap align=left width="30%">Suite 1950, 777 Dunsmuir Street
      <BR>Vancouver, British Columbia <BR>Canada, V7Y 1K4 </TD>
    <TD align=center width="20%" >78,958<SUP>(11)</SUP> </TD>
    <TD align=center width="20%" >* </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Gerald McConnell </TD>
    <TD noWrap align=left width="30%">Suite 1950, 777 Dunsmuir Street
      <BR>Vancouver, British Columbia <BR>Canada, V7Y 1K4 </TD>
    <TD align=center width="20%" >88,608<SUP>(12)</SUP> </TD>
    <TD align=center width="20%" >* </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Clynton Nauman </TD>
    <TD noWrap align=left width="30%">Suite 1950, 777 Dunsmuir Street
      <BR>Vancouver, British Columbia <BR>Canada, V7Y 1K4 </TD>
    <TD align=center width="20%" >118,218<SUP>(13)</SUP> </TD>
    <TD align=center width="20%" >* </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Janice Stairs </TD>
    <TD noWrap align=left width="30%">Suite 1950, 777 Dunsmuir Street
      <BR>Vancouver, British Columbia <BR>Canada, V7Y 1K4 </TD>
    <TD align=center width="20%" >10,000 </TD>
    <TD align=center width="20%" >* </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>All directors and</B> <B>executive officers as a</B>
      <B>group</B> </TD>
    <TD noWrap align=left width="30%"></TD>
    <TD align=center width="20%" ><B>16,714,394</B> </TD>
    <TD align=center width="20%" ><B>30.4%</B> </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Electrum Strategic Resources L.P. </TD>
    <TD noWrap align=left width="30%">535 Madison Avenue, 12th Floor <BR>New
      York, NY 10022 </TD>
    <TD align=center width="20%" >14,094,912<SUP>(3)</SUP> </TD>
    <TD align=center width="20%" >26.3% </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Paulson &amp; Co. Inc. </TD>
    <TD noWrap align=left width="30%">1251 Avenue of the Americas, 50th Floor,
      <BR>New York, NY 10020 </TD>
    <TD align=center width="20%" >5,921,709 </TD>
    <TD align=center width="20%" >11.0% </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Baupost Group, L.L.C. </TD>
    <TD noWrap align=left width="30%">10 St. James Ave, Suite 1700 <BR>Boston,
      MA 02116 </TD>
    <TD align=center width="20%" >5,005,298 </TD>
    <TD align=center width="20%" >9.3%
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Under applicable U.S. securities laws, a person is
      considered to be the beneficial owner of securities owned by him or her
      (or certain persons whose ownership is attributed to him or her) or
      securities that can be acquired by him or her within 60 days, including
      upon the exercise of options, warrants or convertible
securities.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Based on 53,629,245 Common Shares issued and outstanding
      as of March 17, 2014, plus any common shares deemed to be beneficially
      owned pursuant to options that are exercisable within 60 days from March
      17, 2014.</P></TD></TR></TABLE>
<P align=center>-37- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Includes 833,333 common shares held directly by GRAT
      Holdings LLC (&#147;GRAT Holdings&#148;) and 13,261,579 common shares held directly
      by Electrum. GRAT Holdings has sole voting and investment power with
      respect to the 833,333 common shares it holds directly. Each of GRAT
      Holdings, Electrum, Leopard Holdings LLC ("Leopard"), Electrum Global
      Holdings L.P. (&#147;Global Holdings&#148;), TEG Global GP Ltd (&#147;TEG Global&#148;) and
      The Electrum Group LLC (&#147;Electrum Group&#148;) may be deemed to share the power
      to vote and dispose of the 13,261,579 common shares held directly by
      Electrum and, accordingly, each such entity may be deemed to beneficially
      own such shares. Global Holdings owns all of the limited partnership
      interests of Electrum and all of the equity interests of the general
      partner of Electrum. TEG Global is the sole general partner of, and
      Electrum Group is the investment adviser to, Global Holdings. Electrum
      Group possesses voting and investment discretion with respect to assets of
      Global Holdings, including indirect investment discretion with respect to
      the common shares held by Electrum. GRAT Holdings, which owns all of the
      equity interests of Leopard, may be deemed to share voting and investment
      power with respect to shares held by Electrum by virtue of its indirect
      ownership (through Leopard) of equity of Global Holdings, TEG Global and
      Electrum Group. The Investment Committee of GRAT Holdings, which consists
      of three members, exercises voting and investment decisions on behalf of
      GRAT Holdings, including decisions on behalf of GRAT Holdings with respect
      to the securities reported herein. Electrum, Leopard, Global Holdings, TEG
      Global and Electrum Group have disclaimed beneficial ownership of the
      common shares held by GRAT Holdings for purposes of Sections 13(d) and
      13(g) under the Securities Exchange Act of 1934, as amended. Dr. Thomas
      Kaplan, Chairman of the Board of Directors of the Company, is also
      Chairman and Chief Investment Officer of Electrum Group, and therefore may
      be deemed to share the power to vote and dispose of the 13,261,579 common
      shares held directly by Electrum.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Includes 14,094,912 Common Shares all held by Electrum
      Strategic Resources L.P. and its affiliate GRAT Holdings LLC. Dr. Thomas
      Kaplan, Chairman of the Board of Directors of the Company, is also
      chairman and chief investment officer of Electrum Group, and therefore may
      be deemed to share the power to vote and dispose of the 13,261,579 common
      shares held directly by Electrum.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Includes 29,291 Common Shares underlying options
      exercisable within 60 days of March 17, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Includes 379,106 Common Shares underlying options
      exercisable within 60 days from March 17, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Includes 82,103 Common Shares underlying options
      exercisable within 60 days from March 17, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>Includes 90,167 Common Shares underlying options
      exercisable within 60 days from March 17, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(9) </TD>
    <TD>
      <P align=justify>Includes 83,333 Common Shares underlying options
      exercisable within 60 days from March 17, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(10) </TD>
    <TD>
      <P align=justify>Includes 57,999 Common Shares underlying options
      exercisable within 60 days from March 17, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(11) </TD>
    <TD>
      <P align=justify>Includes 74,665 Common Shares underlying options
      exercisable within 60 days from March 17, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(12) </TD>
    <TD>
      <P align=justify>Includes 82,999 Common Shares underlying options
      exercisable within 60 days from March 17, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(13) </TD>
    <TD>
      <P align=justify>Includes 82,999 Common Shares underlying options
      exercisable within 60 days from March 17,
2014.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">* </TD>
    <TD>
      <P align=justify>Percentage of Common Shares beneficially owned or over
      which control or direction is exercised, directly or indirectly, is less
      than 1%.</P></TD></TR></TABLE>
<P align=justify>As of March 17, 2014, we had approximately 1,510 registered
holders of Common Shares.</P>
<P align=justify>We have no knowledge of any other arrangements, including any
pledge by any person of our securities, the operation of which may at a
subsequent date result in a change of control of our Company.</P>
<P align=center><B><U>DIRECTOR COMPENSATION</U></B><B> </B></P>
<P align=justify>Non-executive directors each receive an annual retainer of
$24,000 in cash. The cash retainer is paid quarterly in arrears. In addition,
the Chair of the Audit Committee receives $10,000 and the Chairs of the
Compensation and Governance, Corporate Communications and EHST Committees of the
Board each receive $5,000 annually and the Board Chair receives $16,000
annually, all paid on a quarterly basis. Non-executive directors receive a
meeting fee of $1,000 in cash for each meeting attended. Each director and
officer is entitled to participate in any security-based compensation
arrangement or other plan adopted by the Company from time to time with the
approval of the Company&#146;s Board. The directors and officers are reimbursed for
expenses incurred on the Company&#146;s behalf. Executive officers who are also
directors do not collect Board fees. Board members are eligible to participate
in the Equity Incentive, RSU and DSU Plans. No additional fees are paid to
directors. Director compensation is subject to review and possible change on an
annual basis. </P>
<P align=justify>Each non-executive director was granted 75,000 DSUs in 2013.
These DSUs cannot be redeemed until retirement.</P>
<P align=justify>The Compensation Committee periodically reviews the adequacy
and form of the compensation of directors and ensures that the compensation
realistically reflects the responsibilities and risks involved in being an
effective director, and reports and makes recommendations to the Board
accordingly. </P>
<P align=center>-38- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify><B><U>Director Compensation Table</U></B><B> </B></P>
<P align=justify>The summary compensation table below sets out the compensation
provided to the Company&#146;s non-executive directors for the fiscal year ended
November 30, 2013. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD noWrap align=center ><BR><BR><BR><BR><BR><BR><B>Name</B>
    </TD>
    <TD noWrap align=center width="11%"><BR><BR><BR><B>Fees Earned</B>
      <BR><B>or Paid in</B> <BR><B>Cash</B><B><SUP>(1)</SUP></B> <BR><B>$</B>
</TD>
    <TD noWrap align=center width="11%"><BR><BR><BR><BR><B>Stock</B>
      <BR><B>Awards</B><B><SUP>(2)</SUP></B> <BR><B>$</B> </TD>
    <TD noWrap align=center width="11%"><BR><BR><BR><BR><B>Option</B>
      <BR><B>Awards </B><BR><B>$</B> </TD>
    <TD noWrap align=center width="11%"><BR><BR><BR><B>Non-Equity</B>
      <BR><B>Incentive Plan</B> <BR><STRONG>Compensation </STRONG><BR><B>$</B>
    </TD>
    <TD noWrap align=center width="11%"><B>Change in</B> <BR><B>Pension
      Value</B> <BR><B>and</B> <BR><B>Nonqualified</B> <BR><B>Deferred</B>
      <BR><STRONG>Compensation </STRONG><BR><B>Earnings</B> </TD>
    <TD noWrap align=center width="11%"><BR><BR><BR><BR><B>All Other</B>
      <BR><STRONG>Compensation</STRONG> <BR><B>$</B> </TD>
    <TD noWrap align=center width="11%"><BR><BR><BR><BR><BR><B>Total</B>
      <BR><B>$</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Thomas Kaplan </TD>
    <TD vAlign=center align=center width="11%">40,000 </TD>
    <TD vAlign=center align=center width="11%">141,428 </TD>
    <TD vAlign=center align=center width="11%">&nbsp; &nbsp;- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">181,428 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Tony Giardini </TD>
    <TD vAlign=center align=center width="11%">29,000 </TD>
    <TD vAlign=center align=center width="11%">141,428 </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">170,428 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Terry Krepiakevich </TD>
    <TD vAlign=center align=center width="11%">34,000 </TD>
    <TD vAlign=center align=center width="11%">141,428 </TD>
    <TD vAlign=center align=center width="11%">&nbsp; &nbsp;- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">175,428 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Gregory Lang </TD>
    <TD vAlign=center align=center width="11%">24,000 </TD>
    <TD vAlign=center align=center width="11%">141,428 </TD>
    <TD vAlign=center align=center width="11%">&nbsp; &nbsp;- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">165,428 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Igor Levental </TD>
    <TD vAlign=center align=center width="11%">29,000 </TD>
    <TD vAlign=center align=center width="11%">141,428 </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">170,428 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Kalidas Madhavpeddi </TD>
    <TD vAlign=center align=center width="11%">24,000 </TD>
    <TD vAlign=center align=center width="11%">141,428 </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">165,428 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Gerald McConnell </TD>
    <TD vAlign=center align=center width="11%">29,000 </TD>
    <TD vAlign=center align=center width="11%">141,428 </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">170,428 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Clynton Nauman </TD>
    <TD vAlign=center align=center width="11%">24,000 </TD>
    <TD vAlign=center align=center width="11%">141,428 </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">165,428 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Walter Segsworth </TD>
    <TD vAlign=center align=center width="11%">29,000 </TD>
    <TD vAlign=center align=center width="11%">141,428 </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">170,428 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Janice Stairs </TD>
    <TD vAlign=center align=center width="11%">24,000 </TD>
    <TD vAlign=center align=center width="11%">141,428 </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">165,428
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><SUP>(1) </SUP></TD>
    <TD vAlign=bottom align=left width="95%">Meeting fees earned during the
      fiscal year ended November 30, 2013 have been accrued but not paid to
      directors. </TD></TR>
  <TR vAlign=top>
    <TD align=left><SUP>(2) </SUP></TD>
    <TD vAlign=bottom align=left width="95%">The 2013 DSU grants for directors
      are 100% vested on grant date, but payable on retirement. The value of the
      amounts in respect of stock-based awards is based upon the fair value at
      time of grant. </TD></TR></TABLE>
<P align=justify><B><U>DSU Plan for Directors</U></B><B> </B></P>
<P align=justify>The DSU Plan has been established by the Company to promote the
interests of the Company by attracting and retaining qualified persons to serve
on the Board.</P>
<P align=justify>In an effort to preserve cash and to build share ownership, in
October 2013, the Board approved the implementation of giving Directors the
opportunity to elect to receive in DSUs 50% of their annual retainer by
completing and delivering a written election to the Company on or before
November 15th of the calendar year ending immediately before the calendar year
with respect to which the election is made. Such election will be effective with
respect to compensation payable for calendar quarters beginning during the
calendar year following the date of such election. Each director elected to
receive in DSUs 50% of their annual retainer. </P>
<P align=justify>Directors are not eligible to redeem the DSUs until they retire
from the Company. This plan was approved by the Board on November 29, 2012.</P>
<P align=center>-39- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_44></A>
<P align=justify><B><U>Incentive Plan Awards</U></B><B> </B></P>
<P align=justify><B>Outstanding Option-Based and Share-Based Awards </B></P>
<P align=justify>The following table sets out information concerning all
option-based and share-based awards outstanding for each director (excluding
NEOs) as of November 30, 2013 including awards granted before the most recently
completed financial year. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD noWrap align=center rowSpan=2><B>Name</B>
      <BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR></TD>
    <TD noWrap align=center width="11%" rowSpan=2><B>Grant Date</B>
      <BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR></TD>
    <TD noWrap align=center width="44%" colSpan=4><B>Option-Based Awards</B>
    </TD>
    <TD noWrap align=center width="33%" colSpan=3><B>Share-Based Awards</B>
  </TD></TR>
  <TR>
    <TD noWrap align=center width="11%"><BR><BR><BR><BR><BR><BR><BR><B>Number
      of</B> <BR><B>Securities</B> <BR><B>Underlying</B> <BR><B>Unexercised</B>
      <BR><B>Options</B> </TD>
    <TD noWrap align=center
      width="11%"><BR><BR><BR><BR><BR><BR><BR><BR><B>Option</B>
      <BR><B>Exercise</B> <BR><B>Price</B> <BR><B>C$</B> </TD>
    <TD noWrap align=center
      width="11%"><BR><BR><BR><BR><BR><BR><BR><BR><BR><B>Option</B>
      <BR><B>Expiration</B> <BR><B>Date</B> </TD>
    <TD noWrap align=center width="11%"><BR><BR><BR><BR><BR><BR><B>Value
      of</B> <BR><B>Unexercised</B> <BR><B>in-the-</B> <BR><B>money</B>
      <BR><B>Options</B><B><SUP>(1)</SUP></B> <BR><B>$</B> </TD>
    <TD noWrap align=center width="11%"><BR><BR><BR><BR><BR><BR><B>Number
      of</B> <BR><B>Shares or</B> <BR><B>Units of</B> <BR><B>Shares that</B>
      <BR><B>have not</B> <BR><B>Vested</B> </TD>
    <TD noWrap align=center width="11%"><BR><BR><BR><BR><B>Market or</B>
      <BR><B>Payout Value</B> <BR><B>of Shares or</B> <BR><B>Units of</B>
      <BR><B>Shares that</B> <BR><B>have not</B>
      <BR><B>Vested</B><B><SUP>(2)</SUP></B> <BR><B>$</B> </TD>
    <TD noWrap align=center width="11%"><BR><B>Market or</B> <BR><B>Payout</B>
      <BR><B>Value of</B> <BR><B>Vested</B> <BR><B>Share-</B> <BR><B>Based</B>
      <BR><B>Awards not</B> <BR><B>Paid Out</B> <BR><B>or</B>
      <BR><B>Distributed</B> <BR><B><SUP>(2) </SUP></B><B>$</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Thomas Kaplan </TD>
    <TD vAlign=center noWrap align=center width="11%">12/05/2013 </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">148,601 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Tony Giardini </TD>
    <TD vAlign=center noWrap align=center width="11%">12/05/2013 </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">148,601 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Terry Krepiakevich </TD>
    <TD vAlign=center noWrap align=center width="11%">12/05/2013 </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">148,601 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gregory Lang </TD>
    <TD vAlign=center noWrap align=center width="11%">12/05/2013 </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">148,601 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Igor Levental </TD>
    <TD vAlign=center noWrap align=center width="11%">12/05/2013 </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">148,601 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Kalidas Madhavpeddi </TD>
    <TD vAlign=center noWrap align=center width="11%">12/05/2013 </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">148,601 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gerald McConnell </TD>
    <TD vAlign=center noWrap align=center width="11%">12/05/2013 </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">148,601 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Clynton Nauman </TD>
    <TD vAlign=center noWrap align=center width="11%">12/05/2013 </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">148,601 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Walter Segsworth<SUP>(3)</SUP> </TD>
    <TD vAlign=center noWrap align=center width="11%">12/05/2013 </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">148,601 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Janice Stairs </TD>
    <TD vAlign=center noWrap align=center width="11%">12/05/2013 </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">- </TD>
    <TD vAlign=center align=center width="11%">148,601
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Based on the price of the Company&#146;s Common Shares on the
      TSX as of November 30, 2013 of C$2.10 less the option exercise price
      converted into US dollars at an exchange rate of 1 USD = 1.0599
  CAD.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2)</TD>
    <TD>
      Based on the price of the Company&#146;s Common Shares on the
      TSX as of November 30, 2013 of C$2.10 converted into US dollars at an
      exchange rate of 1 USD = 1.0599 CAD.</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Mr. Segsworth retired from the
      Board on January 29, 2014, and as such, 75,661 DSUs were paid out upon his
      redemption.</P></TD></TR></TABLE>
<P align=center>-40- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_45></A>
<P align=justify><B><U>Value Vested or Earned During the Year</U></B><B>
</B></P>
<P align=justify>The following table sets out information concerning the value
of incentive plan awards &#150; option-based and share-based awards as well as
non-equity incentive plan compensation &#150; vested or earned by each director
(other than NEOs) during the financial year ended November 30, 2013. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD noWrap align=center rowSpan=2><BR><BR><BR><BR><BR><B>Name</B> </TD>
    <TD noWrap align=center width="32%" colSpan=2><B>Option-Based Awards</B>
    </TD>
    <TD noWrap align=center width="32%" colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>Share-Based Awards</B> </TD>
    <TD noWrap align=center width="16%" rowSpan=2><BR><B>Non-equity
      Incentive</B> <BR><B>Plan Compensation &#150;</B> <BR><B>Value Earned
      During</B> <BR><B>the Year</B> <BR><B>$</B> </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center width="16%"><BR><B>Number of</B>
      <BR><B>Securities</B> <BR><B>Underlying</B> <BR><B>Options Vested</B> </TD>
    <TD noWrap align=center width="16%"><BR><BR><B>Value Vested</B>
      <BR><B>During the Year</B> <BR><B>$</B> </TD>
    <TD noWrap align=center width="16%"><B>Number of</B> <BR><B>Shares or</B>
      <BR><B>Units of</B> <BR><B>Shares</B> <BR><B>Vested</B> </TD>
    <TD noWrap align=center width="16%"><BR><B>Value Vested</B> <BR><B>During
      the</B> <BR><B>Year</B><B><SUP>(1)</SUP></B> <BR><B>$</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Thomas Kaplan </TD>
    <TD vAlign=center align=center width="16%">- </TD>
    <TD vAlign=center align=center width="16%">&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD vAlign=center align=center width="16%">75,000 </TD>
    <TD vAlign=center align=center width="16%">141,428 </TD>
    <TD vAlign=center align=center width="16%">- </TD></TR>
  <TR vAlign=top>
    <TD align=left>Tony Giardini </TD>
    <TD vAlign=center align=center width="16%">- </TD>
    <TD vAlign=center align=center width="16%">&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD vAlign=center align=center width="16%">75,000 </TD>
    <TD vAlign=center align=center width="16%">141,428 </TD>
    <TD vAlign=center align=center width="16%">- </TD></TR>
  <TR vAlign=top>
    <TD align=left>Terry Krepiakevich </TD>
    <TD vAlign=center align=center width="16%">- </TD>
    <TD vAlign=center align=center width="16%">&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD vAlign=center align=center width="16%">75,000 </TD>
    <TD vAlign=center align=center width="16%">141,428 </TD>
    <TD vAlign=center align=center width="16%">- </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gregory Lang </TD>
    <TD vAlign=center align=center width="16%">- </TD>
    <TD vAlign=center align=center width="16%">&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD vAlign=center align=center width="16%">75,000 </TD>
    <TD vAlign=center align=center width="16%">141,428 </TD>
    <TD vAlign=center align=center width="16%">- </TD></TR>
  <TR vAlign=top>
    <TD align=left>Igor Levental </TD>
    <TD vAlign=center align=center width="16%">- </TD>
    <TD vAlign=center align=center width="16%">&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD vAlign=center align=center width="16%">75,000 </TD>
    <TD vAlign=center align=center width="16%">141,428 </TD>
    <TD vAlign=center align=center width="16%">- </TD></TR>
  <TR vAlign=top>
    <TD align=left>Kalidas Madhavpeddi </TD>
    <TD vAlign=center align=center width="16%">- </TD>
    <TD vAlign=center align=center width="16%">&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD vAlign=center align=center width="16%">75,000 </TD>
    <TD vAlign=center align=center width="16%">141,428 </TD>
    <TD vAlign=center align=center width="16%">- </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gerald McConnell </TD>
    <TD vAlign=center align=center width="16%">- </TD>
    <TD vAlign=center align=center width="16%">&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD vAlign=center align=center width="16%">75,000 </TD>
    <TD vAlign=center align=center width="16%">141,428 </TD>
    <TD vAlign=center align=center width="16%">- </TD></TR>
  <TR vAlign=top>
    <TD align=left>Clynton Nauman </TD>
    <TD vAlign=center align=center width="16%">- </TD>
    <TD vAlign=center align=center width="16%">&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD vAlign=center align=center width="16%">75,000 </TD>
    <TD vAlign=center align=center width="16%">141,428 </TD>
    <TD vAlign=center align=center width="16%">- </TD></TR>
  <TR vAlign=top>
    <TD align=left>Walter Segsworth </TD>
    <TD vAlign=center align=center width="16%">- </TD>
    <TD vAlign=center align=center width="16%">&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD vAlign=center align=center width="16%">75,000 </TD>
    <TD vAlign=center align=center width="16%">141,428 </TD>
    <TD vAlign=center align=center width="16%">- </TD></TR>
  <TR vAlign=top>
    <TD align=left>Janice Stairs </TD>
    <TD vAlign=center align=center width="16%">- </TD>
    <TD vAlign=center align=center width="16%">&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD vAlign=center align=center width="16%">75,000 </TD>
    <TD vAlign=center align=center width="16%">141,428 </TD>
    <TD vAlign=center align=center width="16%">-
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Amounts in respect of share-based awards are based upon
      the market value of the units at time of vesting based on the prevailing
      share price times the number of units vested.</P></TD></TR></TABLE>
<P align=center><B><U>INDEBTEDNESS OF DIRECTORS AND OFFICERS</U></B><B> </B></P>
<P align=justify>As of November 30, 2013, and the date of this circular, the
aggregate indebtedness to the Company and its subsidiaries of all officers,
directors, proposed directors and employees, and their respective associates and
affiliates, and former officers, directors and employees of the Company or any
of its subsidiaries was $nil. </P>
<P align=center><B><U>INTEREST OF INFORMED PERSONS IN MATERIAL
TRANSACTIONS</U></B><B> </B></P>
<P align=justify>No informed person of the Company, nor any proposed nominee for
election as director, nor any associate or affiliate of such informed person or
proposed nominee, has had any material interest, direct or indirect, in any
transaction entered into by the Company since the beginning of the most recently
completed fiscal year.</P>
<P align=center>-41- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center><B><U>STATEMENT OF CORPORATE GOVERNANCE PRACTICES</U></B><B>
</B></P>
<P align=justify>The Board is committed to sound corporate governance practices,
which are both in the interest of Shareholders and contribute to effective and
efficient decision making. As part of the Company&#146;s commitment to effective
corporate governance, the Board, with the assistance of the Audit and Corporate
Governance and Nominations Committees, monitors changes in legal requirements
and best practices. </P>
<P align=justify>Set out below is a description of certain corporate governance
practices of the Company, as required by National Instrument 58-101 &#150;
<I>Disclosure of Corporate Governance Practices</I> (&#147;NI 58-101&#148;) and
recommended by National Policy 58-201 &#150; <I>Corporate Governance Guidelines</I>
(&#147;NP 58-201&#148;). </P>
<P align=justify><I>Board of Directors </I></P>
<P align=justify>NP 58-201 recommends that boards of directors of reporting
issuers be composed of a majority of independent directors. The Board is
currently comprised of 10 directors, a majority of which (7 of 10) are
independent. Messrs. Krepiakevich, Giardini, Levental, Madhavpeddi, McConnell,
Nauman, and Ms. Stairs are considered to be &#147;independent&#148; directors for the
purposes of NI 58-101, under the applicable NYSE-MKT standards and SEC rules.
Mr. Van Nieuwenhuyse is not independent as Mr. Van Nieuwenhuyse is an executive
officer of the Company. Mr. Lang is not independent as Mr. Lang is an executive
officer of NOVAGOLD which was the parent company of NovaCopper until April 30,
2012. Dr. Kaplan is not independent due to his relationship with our largest
shareholder. The Company has taken steps to ensure that adequate structures and
processes are in place to permit the Board to function independently of
management. The Board holds regular meetings every three months. Between the
scheduled meetings, the Board meets as required. A total of 5 board meetings
were held during the fiscal year ended November 30, 2013. All directors attended
more than 75 percent of the aggregate of (i) the total number of meetings of the
Board and (ii) the total number of meetings held by all subcommittees of the
Board on which he/she served.</P>
<P align=justify>As Dr. Kaplan is the Executive Director of the Electrum Group
which manages the portfolio of investments of Electrum, the single largest
shareholder of the Company, the Company has appointed Clynton Nauman as the lead
director of the Company (the &#147;Lead Director&#148;). In such role, Mr. Nauman is
primarily responsible for maintaining the independence of the Board and ensuring
that the Board carries out its responsibilities. </P>
<P align=justify>The Company&#146;s independent directors are expected to meet at
least annually in executive session without the presence of non-dependent
directors and management. Also, in order to facilitate open and candid
discussion among independent directors, from time to time as circumstances
dictate, the non-independent directors and any representatives of management in
attendance at meetings of the Board are excused. During the fiscal year ended
November 30, 2013, no executive sessions were held by the independent directors
as no sessions were deemed necessary.</P>
<P align=justify>The Board members are not required to attend the annual meeting
of Shareholders.</P>
<P align=justify>The Board has five subcommittees: Compensation Committee, Audit
Committee, Corporate Governance and Nominations Committee, EHST Committee and
Corporate Communications Committee.</P>
<P align=justify><I>Ethical Business Conduct </I></P>
<P align=justify>The Board has adopted a Code of Business Conduct and Ethics
(the &#147;Code&#148;) for the Company&#146;s directors, officers and employees. A copy of the
Code is available on the Company&#146;s website at<U> </U>www.novacopper.com, on
SEDAR at <U>www.sedar.com,</U> and may be obtained by contacting the Company at
the address given under &#147;Additional Information&#148; at the end of this Circular.
</P>
<P align=justify>The Company has appointed the Company&#146;s Chief Financial Officer
to serve as the Company&#146;s Ethics Officer to ensure adherence to the Code. Under
the Code, directors, officers and employees will be required to disclose any
actual or potential conflict of interest to the Company&#146;s Ethics Officer or the
Chair of the Audit Committee. Under the Code, no director, officer or employee
shall: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>be a consultant to, or a director, officer or employee of, or otherwise
  operate an outside business that: </LI></UL>
<UL style="TEXT-ALIGN: justify" type="circle">
  <LI>
  <p style="margin-left: 3%">competes with the Company; </LI></UL>
<P align=center>-42- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_47></A>
<UL style="TEXT-ALIGN: justify" type="circle">
  <LI>
  <p style="margin-left: 3%; margin-bottom: 12">supplies products or services to the Company; or
  <LI>
  <p style="margin-left: 3%; margin-bottom: 12">purchases products or services from the Company; </LI></UL>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <p style="margin-bottom: 12">have any financial interest, including significant stock ownership, which
  means 10% or more of the common stock, in any entity with which the Company
  does business that might create or give the appearance of a conflict of
  interest;
  <LI>
  <p style="margin-bottom: 12">seek or accept any personal loan or services from any entity with which
  the Company does business, except from financial institutions or service
  providers offering similar loans or services to third parties under similar
  terms in the ordinary course of their respective businesses;
  <LI>
  <p style="margin-bottom: 12">be a consultant to, or a director, officer or employee of, or otherwise
  operate an outside business, if the demands of the outside business would
  interfere with the director&#146;s, officer&#146;s or employee&#146;s responsibilities to the
  Company;
  <LI>
  <p style="margin-bottom: 12">accept any personal loan or guarantee of obligations from the Company,
  except to the extent such arrangements are legally permissible; or
  <LI>
  <p style="margin-bottom: 12">conduct business on behalf of the Company with immediate family, which
  includes spouses, children, parents, siblings and persons sharing the same
  home, whether or not legal relatives. </LI></UL>
<P align=justify>The Code also describes how the Company is committed to honest
and ethical conduct by all directors, officers, employees and other
representatives, providing full, accurate, timely and understandable disclosure
and compliance with all laws, rules and regulations. </P>
<P align=justify>The Company has also established a Whistle Blower Policy
whereby the Board has delegated the responsibility of monitoring complaints
regarding accounting, internal controls or auditing matters to the Audit
Committee. Monitoring of accounting, internal control and auditing matters, as
well as violations of the law, the Code and other Company policies or
directives, occurs through the reporting of complaints or concerns through an
anonymous whistleblower hotline accessible by telephone, fax or internet. </P>
<P align=justify>Certain of the Company&#146;s directors serve as directors or
officers of other reporting issuers or have significant shareholdings in other
companies. To the extent that such other companies may participate in business
ventures in which the Company may participate, the directors may have a conflict
of interest in negotiating and concluding terms respecting the extent of such
participation. In the event that such a conflict of interest arises at a meeting
of the Board, a director who has such a conflict will abstain from voting for or
against the approval of such participation or such terms and such director will
not participate in negotiating and concluding terms of any proposed transaction.
Any director or officer who may have an interest in a transaction or agreement
with the Company is required to disclose such interest and abstain from
discussions and voting in respect to same if the interest is material or if
required to do so by corporate or securities law. </P>
<P align=justify>The Company did not participate in any transaction in which any
related person had a direct or indirect material interest during the past fiscal
year. </P>
<P align=center>-43- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify>The following directors currently serve on the following boards
of directors of other public companies: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>Name</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="60%"><B>Reporting Issuer</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >Dr.
      Thomas Kaplan </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="60%">NOVAGOLD Resources Inc. (TSX, NYSE-MKT: NG) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Terry Krepiakevich<SUP>(1)</SUP>
      <BR><BR><BR><BR></TD>
    <TD noWrap align=left width="60%">Alexco Resource Corp. (TSX, NYSE-MKT:
      AXR) <BR>Kaizen Discovery (TSX-V: KZD) <BR>Meryllion Resources Corporation
      (TSX-V:MYR) <BR>Western Lithium USA Corporation (TSX: WLC) <BR>St.
      Augustine Gold and Copper Limited (TSX: SAU) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Gregory Lang <BR></TD>
    <TD noWrap align=left width="60%">NOVAGOLD Resources Inc. (TSX, NYSE-MKT:
      NG) <BR>Sunward Resources Ltd. (TSX: SWD) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Igor Levental <BR><BR></TD>
    <TD noWrap align=left width="60%">Gabriel Resources Ltd. (TSX: GBU)
      <BR>NOVAGOLD Resources Inc. (TSX, NYSE-MKT: NG) <BR>Sunward Resources Ltd.
      (TSX: SWD) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Kalidas Madhavpeddi <BR><BR></TD>
    <TD noWrap align=left width="60%">Capstone Mining Corp. (TSX: CS)
      <BR>Namibia Rare Earths Inc. (TSX: NRE) <BR>NOVAGOLD Resources Inc. (TSX,
      NYSE-MKT: NG) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Gerald McConnell <BR></TD>
    <TD noWrap align=left width="60%">Namibia Rare Earths Inc. (TSX: NRE)
      <BR>NOVAGOLD Resources Inc. (TSX, NYSE-MKT: NG) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Clynton Nauman <BR></TD>
    <TD noWrap align=left width="60%">Alexco Resource Corp. (TSX, NYSE-MKT:
      AXR) <BR>NOVAGOLD Resources Inc. (TSX, NYSE-MKT: NG) </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-bottom-style: none; border-bottom-width: medium" >Rick Van Nieuwenhuyse <BR></TD>
    <TD noWrap align=left width="60%" style="border-bottom-style: none; border-bottom-width: medium">Alexco Resource Corp. (TSX, NYSE-MKT:
      AXR) <BR>AsiaBaseMetals Inc. (TSX-V: ABZ) </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: none; border-top-width: medium" ><BR><BR></TD>
    <TD noWrap align=left width="60%" style="border-top-style: none; border-top-width: medium">Mantra Capital Inc. (TSX-V: MTR-P)
      <BR>NOVAGOLD Resources Inc. (TSX, NYSE-MKT: NG) <BR>Tintina Resources Inc.
      (TSX-V: TAU) </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><sup>(1) </sup> </TD>
    <TD>
      <P align=justify>Mr. Krepiakevich has advised he will not be standing for
      re-election at the Meeting.</P></TD></TR></TABLE>
<P align=justify><I>Board Mandate </I></P>
<P align=justify>The Board is responsible for the overall stewardship of the
Company. The Board discharges this responsibility directly and through the
delegation of specific responsibilities to committees of the Board. The Board
works with management to establish the goals and strategies of the Company, to
identify principal risks, to select and assess senior management and to review
significant operational and financial matters. </P>
<P align=justify>The Board has adopted a written mandate, a copy of which is
attached herewith as Appendix &#147;B&#148;. The mandate of the Board is to enhance and
preserve long term shareholder value, and to ensure the Company meets the
Company&#146;s obligations on an ongoing basis and operates in a reliable and safe
manner. In accordance with its mandate, the Board is expected to, among other
things: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <p style="margin-bottom: 12">review and approve strategic plans on an annual basis and monitor annual
  programs in relation to strategic plans;
  <LI>
  <p style="margin-bottom: 12">review operating and financial performance relative to budgets and
  objectives;
  <LI>
  <p style="margin-bottom: 12">ensure the integrity and effectiveness of the Company&#146;s internal control
  and management information systems;
  <LI>
  <p style="margin-bottom: 12">understand the principal risks of the Company&#146;s business and ensure that
  there are systems in place which effectively monitor and manage those risks
  with a view to the Company&#146;s long-term viability;
  <LI>
  <p style="margin-bottom: 12">monitor and evaluate the performance of the CEO, establish compensation
  programs and succession planning and determine compensation of the CEO and
  senior management; </LI></UL>
<P align=center>-44- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_49></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <p style="margin-bottom: 12">ensure the Company operates at all times within applicable laws and
  regulations and to the highest ethical and moral standards;
  <LI>
  <p style="margin-bottom: 12">appoint Board committees, including the Audit Committee, and delegate to
  those committees any appropriate powers of the Board; and
  <LI>
  <p style="margin-bottom: 12">adopt a communication and disclosure policy for the Company and ensure the
  Company has in place effective communication processes with shareholders and
  other stakeholders and with financial, regulatory and other institutions and
  agencies. </LI></UL>
<P align=justify><I>Position Descriptions </I></P>
<P align=justify>The position descriptions for the chairs of each Board
committee are contained in the committee charters. The chair of each of the
Audit Committee, Corporate Governance and Nominating Committee, EHST Committee,
Compensation Committee, and the Corporate Communications Committee is required
to ensure the committee meets regularly and performs the duties as set forth in
its charter, and reports to the Board on the activities of the committee. The
Board has developed a written position description for the Chair of the Board
and this position is presently held by Dr. Thomas Kaplan. The Chair of the Board
is principally responsible for overseeing the operations and affairs of the
Board. The Lead Director position, presently held by Mr. Clynton Nauman, is
primarily responsible for maintaining the independence of the Board and ensuring
that the Board carries out its responsibilities. </P>
<P align=justify>The Board has also developed a written position description for
the CEO. The CEO is primarily responsible for the overall management of the
business and affairs of the Company. In this capacity, the CEO shall establish
the strategic and operational priorities of the Company and provide leadership
to the management team. The CEO is directly responsible to the Board for all
activities of the Company. </P>
<P align=justify><I>Orientation and Continuing Education </I></P>
<P align=justify>The Company provides an orientation and education program to
new directors. This program consists of providing education regarding directors&#146;
responsibilities, corporate governance issues, committee charters and recent and
developing issues related to corporate governance and regulatory reporting. The
Company provides orientation in matters material to the Company&#146;s business and
in areas outside of the specific expertise of the Board members. Historically,
all new members of the Board have been experienced in the mining sector so no
general mining orientation has been necessary.</P>
<P align=justify>Continuing education helps directors keep up to date on
changing governance issues and requirements and legislation or regulations in
their field of experience. The Board recognizes the importance of ongoing
education for the directors and senior management of the Company and the need
for each director and officer to take personal responsibility for this process.
To facilitate ongoing education, the CEO or the Board may from time to time, as
required: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <p style="margin-bottom: 12">request that directors or officers determine their training and education
  needs;
  <LI>
  <p style="margin-bottom: 12">arrange visits to the Company&#146;s projects or operations;
  <LI>
  <p style="margin-bottom: 12">arrange funding for the attendance at seminars or conferences of interest
  and relevance to their position; and
  <LI>
  <p style="margin-bottom: 12">encourage participation or facilitate presentations by members of
  management or outside experts on matters of particular importance or emerging
  significance. </LI></UL>
<P align=center>-45- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify>During the 2013 fiscal year, directors participated in
educational sessions and received educational materials on the topics outlined
below. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap
      align=center><B>Date</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="25%"><B>Educational Program</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="25%"><B>Presented By</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="25%"><B>Participant</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center noWrap align=center>June 13, 2013 </TD>
    <TD vAlign=center align=left width="25%">Overview of Alaska State and USA
      Federal Environmental Regulation and Coordination </TD>
    <TD vAlign=center align=center width="25%">Dorsey &amp; Whitney LLP </TD>
    <TD vAlign=center align=left width="25%">Environmental, Health, Safety and
      Technical Committee </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center noWrap align=center>July 8, 2013 </TD>
    <TD vAlign=center align=left width="25%">Overview of Taxes Affecting the
      Arctic Project </TD>
    <TD vAlign=center align=center width="25%">Ernst &amp; Young LLP </TD>
    <TD vAlign=center align=left width="25%">Audit Committee </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center noWrap align=center>August 1, 2013 </TD>
    <TD vAlign=center align=left width="25%">Mitigating Enterprise Risk with
      Succession Planning </TD>
    <TD vAlign=center align=center width="25%">Alexander Whitehead </TD>
    <TD vAlign=center align=left width="25%">Compensation Committee </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center noWrap align=center>October 2, 2013 </TD>
    <TD vAlign=center align=left width="25%">Elements and Processes that
      Contribute to an Effective Board </TD>
    <TD vAlign=center align=center width="25%">Blake, Cassels &amp; Graydon
      LLP </TD>
    <TD vAlign=center align=left width="25%">Board of Directors </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center noWrap align=center>October 7, 2013 </TD>
    <TD vAlign=center align=left width="25%">Audit Committee Hot Topics
      including Canadian Securities Administrators and SEC Developments and
      Financial Reporting Developments </TD>
    <TD vAlign=center align=center width="25%">PricewaterhouseCoopers LLP </TD>
    <TD vAlign=center align=left width="25%">Audit Committee </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center noWrap align=center>October 30, 2013 </TD>
    <TD vAlign=center align=left width="25%">Developments in Executive
      Compensation: Internal Pay Equity and Say on Pay </TD>
    <TD vAlign=center align=center width="25%">Dorsey &amp; Whitney LLP </TD>
    <TD vAlign=center align=left width="25%">Compensation Committee
  </TD></TR></TABLE></DIV>
<P align=justify>The Board also encourages senior management to participate in
professional development programs and courses and supports management&#146;s
commitment to training and developing employees.</P>
<P align=justify><I>Board&#146;s Role in Risk Oversight </I></P>
<P align=justify>While Company management is charged with the day-to-day
management of risks the Company faces including credit risk, liquidity risk and
operational risk, the Audit Committee, pursuant to its charter, is responsible
for oversight of risk management. Oversight begins with the Board of Directors
and the Audit Committee. The Audit Committee consists of three independent
directors. The Audit Committee reviews and assesses the adequacy of the
Company&#146;s risk management policies and procedures with regard to identification
of the Company's principal risks, both financial and non-financial, and reviews
updates on these risks from Company management. The Audit Committee also reviews
and discusses policies with respect to risk assessment and risk management. The
Audit Committee also has oversight responsibility with respect to the integrity
of the Company&#146;s financial reporting process and systems of internal control
regarding finance, accounting and financial statements. In addition, the Audit
Committee is charged with the responsibility of evaluating related party
transactions and conflicts of interest. The Audit Committee reports periodically
to the Board regarding the foregoing matters, and the Board ultimately approves
any changes in corporate policies, including those pertaining to risk
management. </P>
<P align=justify>The Board leadership structure promotes effective oversight of
the Company's risk management for the same reasons that the structure is most
effective for the Company in general, that is, by providing the Chief Executive
Officer and other members of senior management with the responsibility to assess
and manage the Company's day-to-day risk exposure and providing the Board, and
specifically the Audit Committee of the Board, with the responsibility to
oversee these efforts of management. </P>
<P align=justify><I>Shareholder Communications to the Board</I></P>
<P align=justify>Shareholders who are interested in communicating directly with
members of the Board, or the Board as a group, may do so by writing directly to
the individual Board member c/o Blake, Cassels &amp; Graydon LLP, Corporate
Secretary, Elaine M. Sanders, NovaCopper Inc. Suite 2600, 595 Burrard Street,
Vancouver, British Columbia, Canada, V7X 1L3. The Company's Secretary will forward
communications directly to the appropriate Board member. If the correspondence
is not addressed to the particular member, the communication will be forwarded
to a Board member to bring to the attention of the Board. The Company's
Secretary will review all communications before forwarding them to the
appropriate Board member. The Board has requested that items unrelated to the
duties and responsibilities of the Board, such as junk mail and mass mailings,
business solicitations, advertisements and other commercial communications,
surveys and questionnaires, and resumes or other job inquiries, not be
forwarded.</P>
<P align=center>-46- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify><I>Audit Committee and Audit Committee Financial Expert
</I></P>
<P align=justify>The Board has appointed an Audit Committee to assist the Board
in monitoring (i) the integrity of the financial statements of the Company, (ii)
the independent auditor&#146;s qualifications and independence, (iii) the performance
of the Company&#146;s internal financial controls and audit function and the
performance of the independent auditors, and (iv) the compliance by the Company
with legal and regulatory requirements. The members of the Audit Committee are
elected annually by the Board at the annual organizational meeting. The members
of the Audit Committee shall meet the independence and experience requirements
of the NYSE-MKT and Section 10A(m)(3) of the Exchange Act and the rules and
regulations of the SEC. At least one member of the Audit Committee shall be an
&#147;audit committee financial expert&#148; as defined by the SEC. The Company&#146;s Audit
Committee consists of fully independent members and the Company&#146;s &#147;audit
committee financial expert&#148; is Terry Krepiakevich. The Audit Committee meetings
are held quarterly at a minimum. The Company&#146;s Audit Committee Charter is
available on the Company&#146;s website at www.novacopper.com.</P>
<P align=justify><I>Corporate Governance and Nominating Committee</I></P>
<P align=justify>The Board is responsible for approving directors for nomination
and election and filling vacancies among the directors. In all cases, the Board
will consider the recommendations of the Corporate Governance and Nominating
Committee. The Corporate Governance and Nominating Committee consist of Messrs.
Levental, and McConnell, and Ms. Stairs. All members of the Corporate Governance
and Nominating Committee are independent.<B><FONT color=#ff0000> </FONT></B></P>
<P align=justify>The Corporate Governance and Nominating Committee Charter,
which can be found on the Company&#146;s website at www.novacopper.com, states that
the Corporate Governance and Nominating Committee will assist the Board by (i)
recommending, annually, the members proposed for reelection to the Board and
identifying and recommending new nominees; (ii) recommending to the Board, on an
annual basis, director nominees for each Board committee; (iii) in consultation
with the Board, establishing criteria for Board membership and recommending
Board composition; and (iv) developing and overseeing a process for director
succession, including reviewing and assessing new candidates for appointment or
nomination to the Board. </P>
<P align=justify><I>Director Nomination Policies</I></P>
<P align=justify>The Corporate Governance and Nominating Committee is
responsible for reviewing any Shareholder proposals to nominate Board
candidates. Shareholders may submit names of persons to be considered for
nomination, and the Corporate Governance and Nominating Committee will consider
such persons in the same way it evaluates other individuals for nomination as a
new director. For the Company's policies regarding Shareholder requests for
nominations, see the section entitled &#147;Shareholder Proposals&#148; in this Circular.
None of the current nominees were nominated by a Shareholder.</P>
<P align=justify>Annually, the Corporate Governance and Nominating Committee
follows a process designed to consider the reelection of existing directors and,
if applicable, to seek individuals qualified to become new Board members for
recommendation to the Board to fill any vacancies. The Committee believes
candidates for the Board of Directors should have the ability to exercise
objectivity and independence in making informed business decisions and extensive
knowledge in the mining industry, finance and other areas, and in particular,
experience with regards to exploration and development of mineral properties,
financial reporting, risk management and business strategy. With respect to
nominating existing directors, the Committee reviews relevant information
available to it and assesses each individual&#146;s continued ability and willingness
to serve as a director. The Committee also assesses each person&#146;s contribution
in light of the mix of skills and experience the Committee deems appropriate for
the Board. </P>
<P align=center>-47- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify>With respect to establishing criteria for Board membership and
recommending the composition of the Board, the Corporate Governance and
Nominating Committee is required by its charter to consider diversity in
experience and perspectives in addition to general skills and competencies.
Also, of consideration and interest are the experiences that personal diversity,
including ethnicity, gender and education, can add to the Board.</P>
<P align=justify><I>Majority Voting Policy </I></P>
<P align=justify>The Board has adopted a Majority Voting Policy stipulating that
Shareholders shall be entitled to vote in favour of, or withhold from voting
for, each individual director nominee at a Shareholders&#146; meeting. If the number
of Common Shares &#147;withheld&#148; for any nominee exceeds the number of Common Shares
voted &#147;for&#148; the nominee, then, notwithstanding that such director was duly
elected as a matter of corporate law, he or she shall tender his or her written
resignation to the chair of the Board. The Corporate Governance and Nominations
Committee will consider such offer of resignation and will make a recommendation
to the Board concerning the acceptance or rejection of the resignation after
considering, among other things, the stated reasons, if any, why certain
Shareholders &#147;withheld&#148; votes for the director, the qualifications of the
director and whether the director&#146;s resignation from the Board would be in the
best interests of the Company. The Board must take formal action on the
Governance and Nominating Committee&#146;s recommendation within 90 days of the date
of the applicable Shareholders&#146; meeting and announce its decision by press
release. The policy does not apply in circumstances involving contested director
elections. </P>
<P align=justify><I>Compensation Committee Interlocks and Insider Participation
</I></P>
<P align=justify>The Board has a Compensation Committee, as more fully described
under the heading &#147;Statement of Executive Compensation &#150; Compensation Discussion
and Analysis&#148;. </P>
<P align=justify>None of the members of the Compensation Committee is or has
been an executive officer or employee of the Company or its subsidiary. No
executive officer of the Company is or has been a director or member of the
Compensation Committee of another entity having an executive officer who is or
has been a director or a member of the Compensation Committee of the Company.
</P>
<P align=justify>There were no compensation committee or board interlocks among
the members of our Board during 2013.</P>
<P align=justify><I>Other Board of Directors&#146; Committees </I></P>
<P align=justify>In addition to the Audit Committee, Compensation Committee, and
Corporate Governance and Nominations Committee, the Company also has the
Corporate Communications and the Environment, Health, Safety and Technical
Committee.</P>
<P align=justify>The role of the Corporate Communications Committee is to
review, monitor and assess the effectiveness of the Company&#146;s corporate
communications. The Corporate Communications Committee is comprised of Igor
Levental (Chair), Janice Stairs and Rick Van Nieuwenhuyse. </P>
<P align=justify>The role of the EHST Committee is to review, monitor and assess
the effectiveness of the Company&#146;s environmental policies and activities and the
Company&#146;s activities as they relate to health and safety issues. The EHST
Committee is comprised of Gregory Lang (Chair), Clynton Nauman and Kalidas
Madhavpeddi. </P>
<P align=justify><I>Assessments </I></P>
<P align=justify>The Board is responsible for selecting and appointing executive
officers and for monitoring their performance. The performance of executive
officers is annually measured against pre-set objectives and the performance of
mining companies of comparable size. The Corporate Governance and Nominations
Committee are responsible for overseeing the development and implementation of a
process for assessing the effectiveness of the Board, its committees and its
members. The Corporate Governance and Nominations Committee will request each
director to provide his or her assessment of the effectiveness of the Board and
each evaluation should take into account the competencies and skills each
director is expected to bring to his or her particular role on the Board or on a
committee, as well as any other relevant facts. </P>
<P align=center>-48- </P>
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<P align=center><B><U>OTHER BUSINESS</U></B><B> </B></P>
<P align=justify>Management is not aware of any matters to come before the
Meeting other than those set forth in the Notice of Meeting. If any other matter
properly comes before the Meeting, it is the intention of the person named in
the proxy to vote the shares represented thereby in accordance with his/her best
judgment on such matter. </P>
<P align=center><B><U>ADDITIONAL INFORMATION</U></B><B> </B></P>
<P align=justify>Additional information relating to the Company is available on
SEDAR at <U>www.sedar.com</U> and EDGAR at <U>www.sec.gov</U>. To request hard
copies of the Company&#146;s financial statements and management&#146;s discussion and
analysis, free of charge, Shareholders should contact, Corporate Secretary, at
NovaCopper Inc., Suite 1950, 777 Dunsmuir Street, Vancouver, British Columbia,
V7Y 1K4, Telephone 604-638-8088, Fax 604-638-0644. Financial information is
provided in the Company&#146;s comparative financial statements and management&#146;s
discussion and analysis for its most recently completed financial year. </P>
<P align=center><B><U>OTHER MATERIAL FACTS</U></B><B> </B></P>
<P align=justify>There are no other material facts to the knowledge of the Board
relating to the matters for which this Circular is issued which are not
disclosed herein. </P>
<P align=center><B><U>SHAREHOLDER PROPOSALS</U></B></P>
<P align=justify>Pursuant to the rules of the SEC, shareholder proposals
intended to be presented at the 2015 annual meeting of the Shareholders of the
Company, and to be included in the Company&#146;s proxy materials for the 2015 annual
meeting of the Shareholders of the Company, must be received by us at our office
in Vancouver, British Columbia by no later than November 27, 2014, which is 120
calendar days before the anniversary date on which our Circular was released to
shareholders in connection with this year's annual meeting of the Shareholders
of the Company, if such proposals are to be considered timely. <B>If the date of
the next annual meeting is changed by more than 30 days from the anniversary
date of this year&#146;s annual meeting of the Shareholders of the Company, then the
deadline to submit a proposal to be considered for inclusion in next year&#146;s
proxy circular and form of proxy is a reasonable time before we begin to print and mail
proxy circular materials. </B>The inclusion of any shareholder proposal in the
proxy materials for the 2015 annual meeting of the Shareholders of the Company
will be subject to the applicable rules of the SEC, including, but not limited
to, Rule 14a-8 promulgated under the Exchange Act. </P>
<P align=justify>The Company&#146;s Articles do not provide a method for a
shareholder to submit a proposal for consideration at the 2015 annual general
meeting of the Shareholders. However, the BCBCA, in Division 7, &#147;Shareholder
Proposals&#148;, sets forth the procedure by which a person who: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>is a registered owner or beneficial owner of one or more
      Common Shares; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>has been a registered owner or beneficial owner of one or
      more such Common Shares for an uninterrupted period of at least 2 years
      before the date of the signing of the proposal,</P></TD></TR></TABLE>
<P align=justify>may submit a written notice setting out a matter that the
submitter wishes to have considered at the next annual general meeting of the
Company (a &#147;proposal&#148;). The BCBCA also sets out the requirements for a valid
proposal and provides for the rights and obligations of the Company and the
submitter upon a valid proposal being made. In general, for a proposal to be
valid, it must be supported in writing by the holders of either at least 1% of
the issued Common Shares or Common Shares having an aggregate value of C$2,000,
must contain certain information and must be submitted to the registered office of the Company at
least three months before the anniversary of the Company&#146;s last annual general
meeting. </P>
<P align=justify>Pursuant to our advance notice policy, shareholder director
nominations must be made not less than 30 days and not more than 65 days prior
to the date of the annual meeting; provided, however, that in the event that the
annual meeting is to be held on a date that is less than 50 days after the date
on which the first public announcement of the date of the annual meeting was
made, notice may be made not later than the close of business on the 10th day
following such public announcement. </P>
<P align=center>-49- </P>
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<P align=justify>Proxies for the 2015 annual meeting of the Shareholders will
confer discretionary authority to vote with respect to all proposals of which
the Company does not receive proper notice (i) by the times specified above with
respect to shareholder director nominations or (ii) with respect to all other
proposals, at least three months before the anniversary of the Company&#146;s 2014
annual meeting. If the date of the meeting has changed more than 30 days from
the prior year, then notice must not have been received a reasonable time before
the registrant sends its proxy materials for the current year. </P>
<P align=justify>Shareholders must submit written proposals, in accordance with
the foregoing procedures, to the following address:</P>
<P style="MARGIN-LEFT: 5%" align=justify>NovaCopper Inc. <BR>Attention: Elaine
M. Sanders, Corporate Secretary <BR>c/o Blake, Cassels &amp; Graydon LLP
<BR>Suite 2600, 595 Burrard Street <BR>Vancouver, British Columbia <BR>Canada
V7X 1L3 </P>
<P align=center><B><U>CERTIFICATE</U></B><B> </B></P>
<P align=justify>The foregoing contains no untrue statement of a material fact
and does not omit to state a material fact that is required to be stated or that
is necessary to make a statement not misleading in light of the circumstances in
which it was made. The contents and the sending of the Circular have been
approved by the Board. </P>
<P align=justify>BY ORDER OF THE BOARD OF DIRECTORS, THIS&nbsp;__ DAY OF MARCH,
2014. </P>
<P style="MARGIN-LEFT: 50%" align=justify>______________________________<BR>Rick
Van Nieuwenhuyse <BR>President and Chief Executive Officer </P>
<P align=center>-50- </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>APPENDIX A</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>ADVANCE NOTICE POLICY</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>NOVACOPPER INC.</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>(the &#147;<B>Corporation</B>&#148;) </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>(Initially
      adopted by the Board of Directors on January 29, 2014)
</TD></TR></TABLE>
<P align=justify><B><U>INTRODUCTION</U></B><I> </I></P>
<P align=justify>The Corporation is committed to: (i) facilitating an orderly
and efficient annual general or, where the need arises, special meeting,
process; (ii) ensuring that all shareholders receive adequate notice of the
director nominations and sufficient information with respect to all nominees;
and (iii) allowing shareholders to register an informed vote. </P>
<P align=justify>The purpose of this Advance Notice Policy (the &#147;<B>Policy</B>&#148;)
is to provide shareholders, directors and management of the Corporation with
direction on the nomination of directors. This Policy is the framework by which
the Corporation seeks to fix a deadline by which holders of record of common
shares of the Corporation must submit director nominations to the Corporation
prior to any annual or special meeting of shareholders and sets forth the
information that a shareholder must include in the notice to the Corporation for
the notice to be in proper written form. </P>
<P align=justify>It is the position of the Corporation that this Policy is
beneficial to shareholders and other stakeholders. This policy will be subject
to an annual review, and will reflect changes as required by securities
regulatory agencies or stock exchanges, or so as to meet industry standards.
</P>
<P align=justify><B><U>NOMINATIONS OF DIRECTORS</U></B><B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Only persons who are nominated in accordance with the
      following procedures shall be eligible for election as directors of the
      Corporation. Nominations of persons for election to the board of director
      of the Corporation (the &#147;<B>Board</B>&#148;) may be made at any annual meeting
      of shareholders, or at any special meeting of shareholders if one of the
      purposes for which the special meeting was called was the election of
      directors:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a. </TD>
    <TD>
      <P align=justify>by or at the direction of the Board, including pursuant
      to a notice of meeting;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>by or at the direction or request of one or more
      shareholders pursuant to a proposal made in accordance with the provisions
      of the British Columbia Business Corporations Act (the &#147;<B>Act</B>&#148;), or a
      requisition of the shareholders made in accordance with the provisions of
      the Act; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">c. </TD>
    <TD>
      <P align=justify>by any person (a &#147;<B>Nominating Shareholder</B>&#148;): (A)
      who, at the close of business on the Notice Date (as defined below) and on
      the record date for notice at such meeting, is entered in the securities
      register as a holder of one or more shares carrying the right to vote at
      such meeting or who beneficially owns shares that are entitled to be voted
      at such meeting; and (B) who complies with the notice procedures set forth
      below in this Policy.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>In addition to any other applicable requirements, for a
      nomination to be made by a Nominating Shareholder, the Nominating
      Shareholder must have given timely notice thereof in proper written form
      to the Corporate Secretary of the Corporation at the principal executive
      offices of the Corporation in accordance with the provisions of this
      Policy.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>To be timely, a Nominating Shareholder&#146;s notice to the
      Corporate Secretary of the Corporation must be
made:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a. </TD>
    <TD>
      <P align=justify>in the case of an annual meeting of shareholders, not
      less than 30 nor more than 65 days prior to the date of the annual meeting
      of shareholders; provided, however, that in the event that the annual
      meeting of shareholders is to be held on a date that is less than 50 days
      after the date (the &#147;<B>Notice Date</B>&#148;) on which the first public
      announcement (as defined below) of the date of the annual meeting was
      made, notice by the Nominating Shareholder may be made not later than the
      close of business on the tenth (10th) day following the later of: (i) the
      date of the public announcement (as defined below) of this Policy; and
      (ii) the Notice Date in respect of such meeting;
or</P></TD></TR></TABLE>
<P align=center>- 51 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>in the case of a special meeting (which is not also an
      annual meeting) of shareholders called for the purpose of electing
      directors (whether or not called for other purposes), not later than the
      close of business on the fifteenth (15th) day following the day on which
      the first public announcement (as defined below) of the date of the
      special meeting of shareholders was made. In no event shall any
      adjournment or postponement of a meeting of shareholders or the
      announcement thereof commence a new time period for the giving of a
      Nominating Shareholder&#146;s notice as described
above.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

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

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a. </TD>
    <TD>
      <P align=justify>as to each person whom the Nominating Shareholder
      proposes to nominate for election as a director: (A) the name, age,
      business address and residential address of the person; (B) the principal
      occupation or employment of the person; (C) the class or series and number
      of shares in the capital of the Corporation which are controlled or which
      are owned beneficially or of record by the person as of the record date
      for the meeting of shareholders (if such date shall then have been made
      publicly available and shall have occurred) and as of the date of such
      notice; and (D) any other information relating to the person that would be
      required to be disclosed in a dissident&#146;s proxy circular in connection
      with solicitations of proxies for election of directors pursuant to the
      Act and Applicable Securities Laws (as defined below); and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>as to the Nominating Shareholder giving the notice, any
      proxy, contract, arrangement, understanding or relationship pursuant to
      which such Nominating Shareholder has a right to vote any shares of the
      Corporation and any other information relating to such Nominating
      Shareholder that would be required to be made in a dissident&#146;s proxy
      circular in connection with solicitations of proxies for election of
      directors pursuant to the Act and Applicable Securities Laws (as defined
      below).</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Corporation may require any proposed nominee to
      furnish such other information as may reasonably be required by the
      Corporation to determine the eligibility of such proposed nominee to serve
      as an independent director of the Corporation or that could be material to
      a reasonable shareholder&#146;s understanding of the independence, or lack
      thereof, of such proposed nominee.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>No person shall be eligible for election as a director of
      the Corporation unless nominated in accordance with the provisions of this
      Policy; provided, however, that nothing in this Policy shall be deemed to
      preclude discussion by a shareholder (as distinct from the nomination of
      directors) at a meeting of shareholders of any matter in respect of which
      it would have been entitled to submit a proposal pursuant to the
      provisions of the Act. The Chairman of the meeting shall have the power
      and duty to determine whether a nomination was made in accordance with the
      procedures set forth in the foregoing provisions and, if any proposed
      nomination is not in compliance with such foregoing provisions, to declare
      that such defective nomination shall be disregarded.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>For purposes of this Policy:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

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

  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>Notwithstanding any other provision of this Policy,
      notice given to the Corporate Secretary of the Corporation pursuant to
      this Policy may only be given by personal delivery, facsimile transmission
      or by email (at such email address as stipulated from time to time by the
      Corporate Secretary of the Corporation for purposes of this notice), and
      shall be deemed to have been given and made only at the time it is served
      by personal delivery, email (at the address as aforesaid) or sent by
      facsimile transmission (provided that receipt of confirmation of such
      transmission has been received) to the Corporate Secretary at the address
      of the principal executive offices of the Corporation; provided that if
      such delivery or electronic communication is made on a day which is a not a business day or later than
      5:00 p.m. (Vancouver time) on a day which is a business day, then such
      delivery or electronic communication shall be deemed to have been made on
      the subsequent day that is a business day.</P></TD></TR></TABLE>
<P align=center>- 52 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>Notwithstanding the foregoing, the Board may, in its sole
      discretion, waive any requirement in this Policy.</P></TD></TR></TABLE>
<P align=justify><B><U>CURRENCY</U></B> </P>
<P align=justify>This Policy was approved by the Board on January 29, 2014. </P>
<P align=center>- 53 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>APPENDIX B</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>BOARD MANDATE</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>NOVACOPPER INC.</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>(the &#147;Company&#148;)</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>BOARD OF DIRECTORS TERMS OF REFERENCE</B>
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>A.</B> </TD>
    <TD>
      <P align=justify><B>PURPOSE</B></P></TD></TR></TABLE>
<P align=justify>The Board of Directors (the "Board") has the responsibility for
the stewardship of the Company and to oversee the conduct of the business of the
Company. The Board's fundamental objectives are to enhance and preserve
long-term shareholder value, to ensure the Company meets its obligations on an
ongoing basis and that the Company operates in a reliable and safe manner. In
performing its functions, the Board should also consider the legitimate
interests its other stakeholders such as employees, customers and communities
may have in the Company. In overseeing the conduct of the business, the Board,
through the Chief Executive Officer, shall set the standards of conduct for the
enterprise. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>B.</B> </TD>
    <TD>
      <P align=justify><B>COMPOSITION, PROCEDURES AND
  ORGANIZATION</B></P></TD></TR></TABLE>
<P align=justify>The Board operates by delegating certain of its authorities to
management and by reserving certain powers to itself. The Board retains the
responsibility for managing its own affairs including selecting its Chair,
nominating candidates for election to the Board, constituting committees of the
full Board and determining Director compensation. Subject to the Company&#146;s
constating documents and the <I>Business Corporations Act</I> (British Columbia)
(the &#147;BCBCA&#148;), the Board may constitute, seek the advice of and delegate powers,
duties and responsibilities to committees of the Board. </P>
<P align=justify>The Board shall determine the number of directors, which shall
not be less than 3, required to effectively manage the Company&#146;s affairs and
shall recommend the slate of nominees for election by shareholders at the annual
meeting. The directors are elected annually at the Company&#146;s annual meeting of
shareholders and must meet the requirements of applicable corporate and
securities laws, rules and regulations, including those of applicable stock
exchanges on which the Company&#146;s shares are listed (&#147;Applicable Laws&#148;). </P>
<P align=justify>The majority of the directors and the Chair shall be
independent as determined by Applicable Laws.</P>
<P align=justify>The Board shall meet at least 4 times per year and may also
hold additional meetings as considered necessary. The independent directors
shall meet, without members of management, as appropriate. </P>
<P align=justify>The Board has developed a calendar of the activities to be
undertaken by the Board for each meeting, attached as Appendix A.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>C.</B> </TD>
    <TD>
      <P align=justify><B>DUTIES AND
RESPONSIBILITIES</B></P></TD></TR></TABLE>
<P align=justify>The Board's principal duties and responsibilities fall into a
number of categories which are outlined below. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>1.</B> </TD>
    <TD>
      <P align=justify><B><U>Legal Requirements</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">(a) </TD>
    <TD>
      <P align=justify>The Board has the responsibility to ensure that legal
      requirements have been met and documents and records have been properly
      prepared, approved and maintained;</P></TD></TR></TABLE>
<P align=center>- 54 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_59></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The Board has the statutory responsibility
  to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>supervise the management of the business and affairs of
      the Company;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>act honestly and in good faith with a view to the best
      interests of the Company;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>exercise the care, diligence and skill that reasonable,
      prudent people would exercise in comparable circumstances; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>act in accordance with its obligations contained in the
      BCBCA and the regulations thereto, the Company's constating documents, the
      Securities Act of each province and territory of Canada, the federal
      securities laws of the United States, the rules and regulations of stock
      exchanges on which is securities are listed, including without limitation
      the Toronto Stock Exchange and the NYSE-MKT, and other relevant and
      applicable legislation and regulations.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>2.</B> </TD>
    <TD>
      <P align=justify><B><U>Independence</U></B></P></TD></TR></TABLE>
<P align=justify>The Board has the responsibility to ensure that appropriate
structures and procedures are in place to permit the Board to function
independently of management. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>3.</B> </TD>
    <TD>
      <P align=justify><B><U>Strategy
Determination</U></B></P></TD></TR></TABLE>
<P align=justify>The Board has the responsibility to:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >(a) </TD>
    <TD align=left width="95%">
      <P align=justify>at least annually, participate with management, in the
      development of, and ultimately approve, the Company&#146;s strategic plan,
      taking into account, among other things, the opportunities and risks of
      the Company&#146;s business; </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >(b) </TD>
    <TD align=left width="95%">
      <P align=justify>approve annual capital and operating budgets that support
      the Company&#146;s ability to meet its strategic objectives; </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >(c) </TD>
    <TD align=left width="95%">
      <P align=justify>approve the entering into, or withdrawing from, lines of
      business that are, or are likely to be, material to the Company;
</P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >(d) </TD>
    <TD align=left width="95%">
      <P align=justify>approve financial and operating objectives used in
      determining compensation if they are different from the strategic, capital
      or operating plans referred to above; </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >(e) </TD>
    <TD align=left width="95%">
      <P align=justify>approve material divestitures and acquisitions;
</P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >(f) </TD>
    <TD align=left width="95%">
      <P align=justify>monitor the Company's progress towards its strategic
      objectives, and revise and alter its direction through management in light
      of changing circumstances; </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >(g) </TD>
    <TD align=left width="95%">
      <P align=justify>conduct periodic reviews of human, technological and
      capital resources required to implement the Company&#146;s strategy and the
      regulatory, cultural or governmental constraints on the business; and
    </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >(h) </TD>
    <TD align=left width="95%">
      <P align=justify>review, at every regularly scheduled Board meeting if
      feasible, recent developments that may affect the Company&#146;s strategy, and
      advise management on emerging trends and issues. </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>4.</B> </TD>
    <TD align=left width="95%">
      <P align=justify><B><U>Financial and Corporate Issues</U></B>
  </P></TD></TR></TABLE>
<P align=justify>The Board has the responsibility:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>to take reasonable steps to ensure the integrity and
      effectiveness of the Company's internal control and management information
      systems, including the evaluation and assessment of information provided
      by management and others (e.g., internal and external auditors) about the
      integrity and effectiveness of the Company&#146;s internal control and
      management information systems;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>to review operating and financial performance relative to
      budgets and objectives;</P></TD></TR></TABLE>
<P align=center>- 55 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_60></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >(c) </TD>
    <TD align=left width="95%">
      <P align=justify>to approve the annual financial statements and notes
      thereto, management&#146;s discussion &amp; analysis of financial condition and
      results of operations contained in the annual report, the annual
      information form, the annual report on Form 10-K and the management
      information circular; </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >(d) </TD>
    <TD align=left width="95%">
      <P align=justify>to submit the Audit Committee&#146;s appointment of the
      external auditors for the Company to the shareholders of the Company for
      ratification; and </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >(e) </TD>
    <TD align=left width="95%">
      <P align=justify>to approve significant contracts, transactions, and other
      arrangements or commitments that may be expected to have a material impact
      on the Company. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>5.</B> </TD>
    <TD align=left width="95%">
      <P align=justify><B><U>Managing Risk</U></B> </P></TD></TR></TABLE>
<P align=justify>The Board has the responsibility to understand the principal
risks of the business in which the Company is engaged, to achieve a proper
balance between risks incurred and the potential return to shareholders, and to
ensure that there are systems in place which effectively monitor and manage
those risks with a view to the long-term viability of the Company. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>6.</B> </TD>
    <TD>
      <P align=justify><B><U>Appointment, Training and Monitoring Senior
      Management</U></B></P></TD></TR></TABLE>
<P align=justify>The Board has the responsibility: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>to appoint the Chief Executive Officer (the "CEO"), to
      monitor and assess CEO performance against corporate goals and objectives,
      to determine CEO compensation, considering the recommendations of the
      Compensation Committee, and to provide advice and counsel in the execution
      of the CEO's duties;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>to approve the appointment and remuneration of all
      executive officers, acting upon the advice of the CEO;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>to the extent possible, to satisfy itself as to the
      integrity of the CEO and other executive officers and satisfy itself that
      the CEO and other executive officers are creating a culture of integrity
      throughout the Company;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>to approve certain decisions relating to executive
      management, including the:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>appointment and discharge of executive
officers;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>compensation and benefits for executive
  officers;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>acceptance by the CEO of any outside directorships on
      public companies or any significant public service commitments;
  and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>employment, consulting, retirement and severance
      agreements, and other special arrangements proposed for senior officers;
      and</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >(e) </TD>
    <TD align=left width="95%">
      <P align=justify>to ensure that adequate provision has been made to train
      and develop management and for the orderly succession of the CEO and the
      other senior officers. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>7.</B> </TD>
    <TD align=left width="95%">
      <P align=justify><B><U>Policies, Procedures and Compliance</U></B>
  </P></TD></TR></TABLE>
<P align=justify>The Board has the responsibility: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>to ensure that the Company operates at all times within
      applicable laws and regulations and to the highest ethical and moral
      standards;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>to approve and monitor compliance with significant
      policies and procedures by which the Company is operated;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>to ensure the Company sets high environmental standards
      in its operations and is in compliance with environmental laws and
      legislation;</P></TD></TR></TABLE>
<P align=center>- 56 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_61></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >(d) </TD>
    <TD align=left width="95%">
      <P align=justify>to ensure the Company has in place appropriate programs
      and policies for the health and safety of its employees in the workplace;
      and </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >(e) </TD>
    <TD align=left width="95%">
      <P align=justify>to review significant new corporate policies or material
      amendments to existing policies (including, for example, policies
      regarding business conduct, conflict of interest and the environment).
    </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>8.</B> </TD>
    <TD align=left width="95%">
      <P align=justify><B><U>Governance</U></B> </P></TD></TR></TABLE>
<P align=justify>The Board has the responsibility:<B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >(a) </TD>
    <TD align=left width="95%">
      <P align=justify>to appoint Board committees, including an Audit
      Committee, and delegate to those committees any appropriate powers of the
      Board; </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >(b) </TD>
    <TD align=left width="95%">
      <P align=justify>to review the size and composition required of the Board
      and approve nominations for candidates for election to the Board, with a
      view to ensuring that the Board is comprised of directors with the
      necessary skills and experience to facilitate effective decision-making;
      </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >(c) </TD>
    <TD align=left width="95%">
      <P align=justify>to develop the Company&#146;s approach to corporate
      governance; and </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >(d) </TD>
    <TD align=left width="95%">
      <P align=justify>to review annually its terms of reference and its
      performance and the performance of the Board committees, the Chair of the
      Board and the Chair of the committees to ensure that the Board and the
      committees are operating effectively. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>9.</B> </TD>
    <TD align=left width="95%"><B><U>Reporting and Communication</U></B>
  </TD></TR></TABLE>
<P align=justify>The Board has the responsibility: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >(a) </TD>
    <TD align=left width="95%">
      <P align=justify>to adopt a communication or disclosure policy for the
      Company and ensure that the Company has in place effective communication
      processes with shareholders and other stakeholders (including measures to
      enable stakeholders to communicate with the independent directors of the
      Board) and with financial, regulatory and other institutions and agencies;
      </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >(b) </TD>
    <TD align=left width="95%">
      <P align=justify>to ensure that the financial performance of the Company
      is accurately reported to shareholders, other security holders and
      regulators on a timely and regular basis in accordance with all applicable
      securities laws, rules and regulations; </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >(c) </TD>
    <TD align=left width="95%">
      <P align=justify>to ensure that the financial results are reported fairly
      and in accordance with generally accepted accounting principles in effect
      at the time and all applicable securities laws, rules and regulations;
    </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >(d) </TD>
    <TD align=left width="95%">
      <P align=justify>to ensure the timely reporting of any other developments
      that have a significant and material impact on the value of the Company;
      </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >(e) </TD>
    <TD align=left width="95%">
      <P align=justify>to approve the content of the Company&#146;s major
      communications to shareholders and the investing public, including the
      interim/annual reports (including the financial statements and management,
      discussion and analysis), the management information circular (including
      compensation, discussion and analysis and the disclosure of corporate
      governance practices), the annual information form, any prospectuses that
      may be issued, and any significant information respecting the Company
      contained in any documents incorporated by reference in any such
      prospectuses; and </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >(f) </TD>
    <TD align=left width="95%">
      <P align=justify>to report annually to shareholders on its stewardship of
      the affairs of the Company for the preceding year. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>D.</B> </TD>
    <TD align=left width="95%">
      <P align=justify><B>THE CHAIR OF THE BOARD</B> </P></TD></TR></TABLE>
<P align=justify>The Chair is accountable to the Board and shall have the duties
of a member of the Board as set out in applicable corporate law and in the
Company&#146;s constating documents and as otherwise determined by the Board. The
Chair is responsible for the management, development and effective performance
of the Board and leads the Board to ensure that it fulfills its duties as
required by law and as set out in the Board Terms of Reference.</P>
<P align=center>- 57 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_62></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>1.</B> </TD>
    <TD>
      <P align=justify><B><U>Appointment</U></B></P></TD></TR></TABLE>
<P align=justify>The Chair shall be appointed annually by the Board of Directors
of the Company (the &#147;Board&#148;) and shall have such skills and abilities
appropriate to the appointment of Chair as shall be determined necessary and
desirable by the Board.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>2.</B> </TD>
    <TD>
      <P align=justify><B><U>Qualifications of the Board
  Chair</U></B></P></TD></TR></TABLE>
<P align=justify>The Chair shall be a duly elected member of the Board and shall
be independent as defined under applicable securities laws, rules and
regulations and the requirements of any applicable stock exchange. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>3.</B> </TD>
    <TD>
      <P align=justify><B><U>Vacancy</U></B></P></TD></TR></TABLE>
<P align=justify>Where a vacancy occurs at any time in the position of Chair, it
shall be filled by the Board. The Board may remove and replace the Chair at any
time.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>4.</B> </TD>
    <TD>
      <P align=justify><B><U>Duties</U></B></P></TD></TR></TABLE>
<P align=justify>The Chair is responsible to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>organize the Board to function independently of
      management;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>promote ethical and responsible decision making<B>,
      </B>appropriate oversight of management and best practices in corporate
      governance;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>ensure that the Board works as a cohesive team and
      provide the leadership essential for this purpose;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>ensure that the responsibilities of the Board are well
      understood by both the Board and management, and that the boundaries
      between Board and management responsibilities are clearly understood and
      respected;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>manage the affairs of the Board, including ensuring that
      the Board is organized properly, functions effectively and meets its
      obligations and responsibilities;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>act as a liaison between the Board and senior management
      to ensure that relationships between the Board and senior management are
      conducted in a professional and constructive manner;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>provide advice, counsel and mentorship to other members
      of the Board, the President and Chief Executive Officer and other senior
      members of management;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>lead the Board in establishing, reviewing and monitoring
      the strategy, goals, objectives and policies of the Company;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>communicate all major developments and issues to the
      Board in a timely manner, initiate opportune discussion of such matters
      and ensure provision to the Board of sufficient information to permit the
      Board to fulfill its oversight responsibilities;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>communicate with all members of the Board to co-ordinate
      their input, ensure their accountability and provide for the effectiveness
      of the Board and its committees;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>adopt procedures to ensure that the Board can conduct its
      work effectively and efficiently, including committee structure and
      composition, scheduling, and management of meetings;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>ensure that, where functions are delegated to appropriate
      committees, the functions are carried out and results are reported to the
      Board;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>as necessary and in consultation with the President
      and/or Chief Executive Officer, ensure the Company, and where appropriate
      the Board, is adequately represented at official functions and meetings
      with major shareholders, other stakeholders, financial analysts, media and
      the investment community;</P></TD></TR></TABLE>
<P align=center>- 58 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_63></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >(n) </TD>
    <TD align=left width="95%">
      <P align=justify>determine, in consultation with the Board and management,
      the time and places of the meetings of the Board and of the annual general
      meeting; </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left >(o) </TD>
    <TD align=left width="95%">
      <P align=justify>co-ordinate with management and the Secretary to ensure
      that matters to be considered by the Board are properly presented and
      given the appropriate opportunity for discussion; </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left >(p) </TD>
    <TD align=left width="95%">
      <P align=justify>ensure the Board has the opportunity to meet without
      members of management present on a regular basis; </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left >(q) </TD>
    <TD align=left width="95%">
      <P align=justify>assist in the preparation of the agenda of the Board
      meetings; </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left >(r) </TD>
    <TD align=left width="95%">
      <P align=justify>preside as chair of each meeting of the Board and as
      chair of each meeting of the shareholders of the Company; and </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left >(s) </TD>
    <TD align=left width="95%">
      <P align=justify>carry out other duties as requested by the Board as a
      whole, depending on need and circumstance. </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>E.</B> </TD>
    <TD align=left width="95%">
      <P align=justify><B>COMMITTEE CHAIRS</B> </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>1.</B> </TD>
    <TD align=left width="95%">
      <P align=justify><B><U>Appointment</U></B> </P></TD></TR></TABLE>
<P align=justify>The Chair of each Committee shall be appointed annually by the
Board. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>2.</B> </TD>
    <TD>
      <P align=justify><B><U>Qualifications of a Committee
  Chair</U></B></P></TD></TR></TABLE>
<P align=justify>Each Committee Chair shall be a duly elected member of the
Board and independent as determined pursuant to applicable securities law, rules
and the requirements of any applicable stock exchange. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>3.</B> </TD>
    <TD>
      <P align=justify><B><U>Vacancy</U></B></P></TD></TR></TABLE>
<P align=justify>Where a vacancy occurs at any time in the position of a
Committee Chair, it shall be filled by the Board. The Board may remove and
replace a Committee Chair at any time. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>4.</B> </TD>
    <TD>
      <P align=justify><B><U>Duties</U></B></P></TD></TR></TABLE>
<P align=justify>The Chair of a Committee shall lead and oversee the applicable
Committee to ensure it fulfills its mandate as set out in its terms of
reference. In particular, the Chair shall: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>organize the Committee to function independently of
      management, including organizing in-camera sessions and other meetings
      without management;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>foster ethical and responsible decision-making by the
      Committee and its members;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>deal effectively with dissent and work constructively
      towards arriving at decisions and achieving consensus;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>ensure that the Committee has an opportunity to meet
      without members of management present at regular intervals;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>determine, in consultation with the Committee and
      management, the time and places of the meetings of the
Committee;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>manage the affairs of the Committee, including ensuring
      that the Committee is organized properly, functions effectively and meets
      its obligations and responsibilities;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>co-ordinate with management and the secretary to the
      Committee to ensure that matters to be considered by the Committee are
      properly presented and given the appropriate opportunity for
      discussion;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>provide advice and counsel to the President and/or Chief
      Executive Officer and other senior members of management in the areas
      covered by the Committee's mandate;</P></TD></TR></TABLE>
<P align=center>- 59 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_64></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>(i) </TD>
    <TD align=left width="95%">
      <P align=justify>preside as chair of each meeting of the Committee; and
      </P></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left>(j) </TD>
    <TD align=left width="95%">
      <P align=justify>communicate with all members of the Committee to
      co-ordinate their input, ensure their accountability and provide for the
      effectiveness of the Committee. </P></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>F.</B> </TD>
    <TD align=left width="95%">
      <P align=justify><B>INDIVIDUAL DIRECTORS</B> </P></TD></TR></TABLE>
<P align=justify>Each Director (i) shall act honestly and in good faith in the
best interests of the Company and its shareholders and (ii) must exercise the
degree of care, diligence and skill that a reasonably prudent person would
exercise incomparable circumstances. In addition, each Director shall have the
following responsibilities: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>1.</B> </TD>
    <TD>
      <P align=justify><B><U>Responsibilities of Corporate
      Stewardship</U></B></P></TD></TR></TABLE>
<P align=justify>Each Director has the responsibility to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>(a) </TD>
    <TD align=left width="95%">
      <P align=justify>represent the best interests of the Company and its
      shareholders, assist in the maximization of shareholder value and work
      towards the long-term success of the Company; </P></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(b) </TD>
    <TD align=left width="95%">
      <P align=justify>advance the interests of the Company and the
      effectiveness of the Board by bringing his or her knowledge and experience
      to bear on the strategic and operational issues facing the Company;
  </P></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(c) </TD>
    <TD align=left width="95%">
      <P align=justify>provide constructive counsel to and oversight of
      management; </P></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(d) </TD>
    <TD align=left width="95%">
      <P align=justify>respect the confidentiality of information and matters
      pertaining to the Company; </P></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(e) </TD>
    <TD align=left width="95%">
      <P align=justify>maintain his or her independence, generally and as
      defined under applicable securities laws, and objectivity; </P></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(f) </TD>
    <TD align=left width="95%">
      <P align=justify>be available as a resource to the Board; and </P></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(g) </TD>
    <TD align=left width="95%">
      <P align=justify>fulfill the legal requirements and obligations of a
      director and shall develop a comprehensive understanding of the statutory
      and fiduciary roles of a director. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>2.</B> </TD>
    <TD align=left width="95%">
      <P align=justify><B><U>Responsibilities of Integrity and Loyalty</U></B>
      </P></TD></TR></TABLE>
<P align=justify>Each Director has the responsibility to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >(a) </TD>
    <TD align=left width="95%">
      <P align=justify>comply with the Company&#146;s Code of Business Ethics;
  </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >(b) </TD>
    <TD align=left width="95%">
      <P align=justify>disclose to the Secretary, prior to the beginning of his
      or her service on the Board, and thereafter as they arise, all actual and
      potential conflicts of interest; and </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >(c) </TD>
    <TD align=left width="95%">
      <P align=justify>disclose to the Chair of the Board, in advance of any
      Board vote or discussion, if the Board or a committee of the Board is
      deliberating on a matter that may affect the Director&#146;s interests or
      relationships outside the Company and abstain from discussion and/or
      voting on such matter as determined to be appropriate. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>3.</B> </TD>
    <TD align=left width="95%"><B><U>Responsibilities of Diligence</U></B>
  </TD></TR></TABLE>
<P align=justify>Each Director has the responsibility to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>prepare for each Board and committee meeting by reading
      the reports, minutes and background materials provided for the
    meeting;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>attend in person the annual meeting of the Company and
      attend all meetings of the Board and all meetings of committees of the
      Board of which the Director is a member, in person or by telephone, video
      conference, or other communication facilities that permit all persons
      participating in the meeting to communicate with each other;
  and</P></TD></TR></TABLE>
<P align=center>- 60 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_65></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>as necessary and appropriate, communicate with the Chair
      and with the President and/or CEO between meetings, including to provide
      advance notice of the Director&#146;s intention to introduce significant and
      previously unknown information at a Board
meeting.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>4.</B> </TD>
    <TD>
      <P align=justify><B><U>Responsibilities of Effective
      Communication</U></B></P></TD></TR></TABLE>
<P align=justify>Each Director has the responsibility to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>participate fully and frankly in the deliberations and
      discussions of the Board;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>encourage free and open discussion of the Company&#146;s
      affairs by the Board;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>establish an effective, independent and respected
      presence and a collegial relationship with other Directors;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>focus inquiries on issues related to strategy, policy,
      and results;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>respect the President and CEO&#146;s role as the chief
      spokesperson for the Company and participate in external communications
      only at the request of, with the approval of, and in coordination with,
      the Chair and the President and CEO;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>communicate with the Chair and other Directors between
      meetings when appropriate;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>maintain an inquisitive attitude and strive to raise
      questions in an appropriate manner and at proper times; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>think, speak and act in a reasoned, independent
      manner.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.</B> </TD>
    <TD>
      <P align=justify><B><U>Responsibilities of Committee
  Work</U></B></P></TD></TR></TABLE>
<P align=justify>Each Director has the responsibility to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>participate on committees and become knowledgeable about
      the purpose and goals of each committee; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>understand the process of committee work and the role of
      management and staff supporting the committee.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>6.</B> </TD>
    <TD>
      <P align=justify><B><U>Responsibilities of Knowledge
      Acquisition</U></B></P></TD></TR></TABLE>
<P align=justify>Each Director has the responsibility to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >(a) </TD>
    <TD align=left width="95%">
      <P align=justify>become generally knowledgeable about the Company&#146;s
      business and its industry; </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >(b) </TD>
    <TD align=left width="95%">
      <P align=justify>participate in Director orientation and education
      programs developed by the Company from time to time; </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >(c) </TD>
    <TD align=left width="95%">
      <P align=justify>maintain an understanding of the regulatory, legislative,
      business, social and political environments within which the Company
      operates; </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >(d) </TD>
    <TD align=left width="95%">
      <P align=justify>become acquainted with the senior officers and key
      management personnel; and </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >(e) </TD>
    <TD align=left width="95%">
      <P align=justify>gain and update his or her knowledge about the Company&#146;s
      facilities and visit these facilities when appropriate. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>G</B>. </TD>
    <TD align=left width="95%"><B>OUTSIDE CONSULTANTS OR ADVISORS</B>
  </TD></TR></TABLE>
<P align=justify>At the Company&#146;s expense, the Board may retain, when it
considers it necessary or desirable, outside consultants or advisors to advise
the Board independently on any matter. The Board shall have the sole authority
to retain and terminate any such consultants or advisors, including sole
authority to review a consultant&#146;s or advisor&#146;s fees and other retention
terms.</P>
<P align=justify><B>Dated: </B>February 27, 2012 </P>
<P align=justify>Amended and restated: October 23, 2012, with effect from
December 1, 2012 </P>
<P align=center>- 61 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_66></A>
<P align=center><B><U>BOARD OF DIRECTORS</U></B><B> </B></P>
<P align=center><B><U>CALENDAR OF ACTIVITIES</U></B><B> </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center colSpan=2><B>Matter</B> <BR></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="10%"><B>Year end</B> <BR></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="10%"><B>Q1</B> <BR></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="10%"><B>Q2</B> <BR></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="10%"><B>Q3</B> <BR></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="10%"><B>Budget/</B> <BR><B>strategy</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left colSpan=2>Business
      to be conducted at each meeting: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="10%">X </TD>
    <TD align=center width="10%">X </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="10%">X </TD>
    <TD align=center width="10%">X </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="10%">X </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center>&nbsp;&#149; </TD>
    <TD align=left width="43%">Approve minutes of previous meetings </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center>&nbsp;&#149; </TD>
    <TD align=left width="43%">Review Action Items </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center>&nbsp;&#149; </TD>
    <TD align=left width="43%">President&#146;s Report: Operations, Corporate
      Development &amp; Strategic Update </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%"></TD>
    <TD align=left width="10%"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%"></TD>
    <TD align=left width="10%"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center>&nbsp;&#149; </TD>
    <TD align=left width="43%">Review of Financial Results Year to Date &amp;
      Annual Forecast </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%"></TD>
    <TD align=left width="10%"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%"></TD>
    <TD align=left width="10%"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center>&nbsp;&#149; </TD>
    <TD align=left width="43%">Approval of Audit Committee Report, Approval of
      Annual/Interim Financial Statements, MD&amp;A and Press Release </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%"></TD>
    <TD align=left width="10%"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%"></TD>
    <TD align=left width="10%"></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center>&nbsp;&#149; </TD>
    <TD align=left width="43%">Investor Relations Report </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center>&nbsp;&#149; </TD>
    <TD align=left width="43%">Approval of Stock Option Grants (as necessary)
    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center>&nbsp;&#149; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="43%">In-Camera Meeting of Independent Directors </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left colSpan=2>Approve
      Reports and Recommendations from: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="10%">X </TD>
    <TD align=center width="10%">X </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="10%">X </TD>
    <TD align=center width="10%">X </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="10%">X </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center>&nbsp;&#149; </TD>
    <TD align=left width="43%">Corporate Governance &amp; Compensation
      Committee </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center>&nbsp;&#149; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="43%">EHS
      Committee </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=2>Review of CEO Performance and Approval of
      Compensation for CEO and Senior Officers </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="10%">X </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=2>43-101 Report (as necessary for material projects)
</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="10%">X </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">X
</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="10%">X </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">X
</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="10%">X </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=2>Approval of Annual Information Form and Annual Report
      on Form 10-K </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="10%">X </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=2>Approve Record Date and Date for Annual Meeting </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="10%">X </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left colSpan=2>Approval
      of Management Information Circular </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD align=center width="10%">X </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="43%">&#149;
      Approve Nominees for Directors and Appointment of Auditors </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=2>Appointment of Committees </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">X
</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=2>Appointment of Officers </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">X
</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=2>Director Education Sessions, as needed </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="10%">X </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">X
</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="10%">X </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">X
</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="10%">X </TD></TR></TABLE></DIV>
<P align=center>-i- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_67></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center  colSpan=2><B>Matter</B> <BR></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="10%"><B>Year end</B> <BR></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="10%"><B>Q1</B> <BR></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="10%"><B>Q2</B> <BR></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="10%"><B>Q3</B> <BR></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="10%"><B>Budget/</B> <BR><B>strategy</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left  colSpan=2>Review Terms of Reference and Calendar
      of Activities </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">X
</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left  colSpan=2>Approve Strategic Plan </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="10%">X </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left  colSpan=2>Approve Capital and Operating Budgets
      and Financial Plan </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="10%">X </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
    colSpan=2>Risk Management Review </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="10%">X </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center  >&#149; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="43%">Review
      of Delegation of Authority </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD></TR></TABLE></DIV>
<P align=center>-ii- </P>
<HR align=center width="100%" color=black noShade SIZE=5>

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</SEC-DOCUMENT>
