<SEC-DOCUMENT>0001279569-17-000600.txt : 20170328
<SEC-HEADER>0001279569-17-000600.hdr.sgml : 20170328
<ACCEPTANCE-DATETIME>20170328172227
ACCESSION NUMBER:		0001279569-17-000600
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170508
FILED AS OF DATE:		20170328
DATE AS OF CHANGE:		20170328
EFFECTIVENESS DATE:		20170328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Trilogy Metals 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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35447
		FILM NUMBER:		17719911

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NovaCopper Inc.
		DATE OF NAME CHANGE:	20120228
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>v462452_def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SCHEDULE 14A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(RULE 14a-101)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by Registrant <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Confidential, for Use of the Commission Only&nbsp; (as permitted by Rule&nbsp;14a-6(e)(2))</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">x</FONT></TD><TD>Definitive Proxy Statement</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Definitive Additional Materials</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Soliciting Material Under Rule&nbsp;14a-12</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>TRILOGY METALS
INC.</B></FONT>&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;(Name of Registrant as Specified In Its
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if
other than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">x</FONT></TD><TD>No fee required.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Title of each class of securities to which transaction applies:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Aggregate number of securities to which transaction applies:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount
on which the filing fee is calculated and state how it was determined):</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Proposed maximum aggregate value of transaction:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>Total fee paid:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Fee paid previously with preliminary materials:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Amount Previously Paid:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Form, Schedule or Registration Statement No.:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Filing Party:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Date Filed:</TD></TR></TABLE>

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


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

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>Notice of</B></FONT></P>

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>Annual Meeting</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>of Shareholders
</B></FONT></P>

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>&amp;</B></FONT></P>

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>Management</B></FONT></P>

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>Information
Circular</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><IMG SRC="logo_def14a.jpg" ALT="">&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>MEETING TO BE HELD MAY 8, 2017</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Trilogy Metals
Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.05pt">Suite 1950, 777 Dunsmuir
Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Vancouver, British Columbia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Canada V7Y 1K4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Tel: 604-638-8088 or 1-855-638-8088</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Fax: 604-638-0644</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Website: www.trilogymetals.com</P>

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>TRILOGY METALS INC.</B><BR>
Suite 1950, 777 Dunsmuir Street<BR>
Vancouver, British Columbia V7Y 1K4</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">NOTICE IS HEREBY GIVEN that
the Annual Meeting (the &ldquo;Meeting&rdquo;) of the shareholders (the &ldquo;Shareholders&rdquo;) of Trilogy Metals Inc. (the
&ldquo;Company&rdquo;) will be held at the offices of Blake, Cassels &amp; Graydon LLP, Suite 2600, 595 Burrard Street, Vancouver,
British Columbia, V7X 1L3 on Monday, May 8, 2017 at 10:00 a.m. (Vancouver time), for the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: windowtext">1.</FONT></TD><TD STYLE="text-align: justify">To receive the Annual Report of the directors of the Company (the &ldquo;Directors&rdquo;) containing
the consolidated financial statements of the Company for the year ended November 30, 2016, together with the Report of the Auditors
thereon;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: windowtext">2.</FONT></TD><TD STYLE="text-align: justify">To elect Directors of the Company for the forthcoming year;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: windowtext">3.</FONT></TD><TD STYLE="text-align: justify">To appoint the Auditors of the Company for the forthcoming year and to authorize the Directors
to fix the Auditors&rsquo; remuneration; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: windowtext">4.</FONT></TD><TD STYLE="text-align: justify">To transact such further and other business as may properly come before the Meeting or any adjournment
thereof.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Only Shareholders of record
at the close of business on March 20, 2017 are entitled to receive notice of the Meeting and to vote at the Meeting.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">by delivering the proxy to the Company&rsquo;s transfer
agent, Computershare Investor Services Inc. at its office at 100 University Avenue, 8<SUP>th</SUP> Floor, Toronto, Ontario, M5J
2Y1, for receipt no later than May 4, 2017, at 10:00 a.m. (Vancouver time);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-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 4, 2017 at 10:00 a.m. (Vancouver
time); or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">by internet, as instructed in the enclosed form of proxy, not later than May 4, 2017 at 10:00 a.m.
(Vancouver time).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">DATED at Vancouver, British
Columbia, this 28<FONT STYLE="text-transform: uppercase"><SUP>TH</SUP></FONT><B> </B>day of March, 2017.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 51%; text-align: justify">BY ORDER OF THE BOARD OF DIRECTORS</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><I>&ldquo;Rick Van Nieuwenhuyse&rdquo;</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Rick Van Nieuwenhuyse, President and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-weight: normal; text-transform: none; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TRILOGY METALS INC.</B><BR>
<B>MANAGEMENT INFORMATION CIRCULAR</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-transform: uppercase; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-transform: uppercase; text-indent: -0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_001">INFORMATION REGARDING ORGANIZATION AND CONDUCT OF MEETING</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>1</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_002">Solicitation of Proxies</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_003">Exercise of Proxies</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_004">Revocation of Proxies</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_005">Voting Shares and Principal Holders Thereof</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_006">Voting Standards</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><A HREF="#a_007"><B>MATTERS TO BE ACTED UPON AT MEETING</B></A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>5</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_008">Election of Directors</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_009">Appointment of Auditors</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_010">INFORMATION CONCERNING THE BOARD OF DIRECTORS AND EXECUTIVE OFFICERS</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>8</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_011">STATEMENT OF EXECUTIVE COMPENSATION</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>15</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_012">Compensation Discussion and Analysis</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_013">Compensation Governance</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_014">Employment Agreements</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">22</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_015">Termination of Employment or Change of Control</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">23</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_016">Summary Compensation Table</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">24</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_017">Incentive Plan Awards</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">25</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_018">SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>26</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_019">Equity Incentive Plan Information</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_020">RSU Plan</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">29</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_021">DSU Plan</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">31</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><A HREF="#a_022"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS</B></A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>34</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_023">DIRECTOR COMPENSATION</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>36</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_024">Director Compensation Table</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">37</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_025">DSU Plan for Directors</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">37</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_026">Incentive Plan Awards</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">38</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_027">INDEBTEDNESS OF DIRECTORS AND OFFICERS</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>39</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_028">INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>39</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_029">STATEMENT OF CORPORATE GOVERNANCE PRACTICES</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>40</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_030">OTHER BUSINESS</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>47</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_031">ADDITIONAL INFORMATION</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>48</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_032">HOUSEHOLDING</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>48</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_033">OTHER MATERIAL FACTS</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>48</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_034">SHAREHOLDER PROPOSALS</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>48</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A HREF="#a_035">CERTIFICATE</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>49</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A HREF="#a_036">APPENDIX A BOARD MANDATE</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>50</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A HREF="#a_037">APPENDIX B ADDITIONAL ANNUAL REPORT INFORMATION</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>60</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-transform: uppercase; text-indent: -0.5in"><FONT STYLE="font-weight: normal; text-transform: none; background-color: White">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><U><A NAME="a_001"></A>INFORMATION
REGARDING ORGANIZATION AND CONDUCT OF MEETING</U></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U><A NAME="a_002"></A>Solicitation of Proxies</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>THIS MANAGEMENT INFORMATION CIRCULAR (&ldquo;CIRCULAR&rdquo;)
IS FURNISHED IN CONNECTION WITH THE SOLICITATION OF PROXIES BY OR ON BEHALF OF THE MANAGEMENT AND THE BOARD OF DIRECTORS (THE &ldquo;BOARD
OF DIRECTORS&rdquo; OR THE &ldquo;BOARD&rdquo;) OF TRILOGY METALS INC.</B> (the &ldquo;<B>Company</B>&rdquo;, &ldquo;Trilogy&rdquo;,
or &ldquo;Trilogy Metals&rdquo;) for use at the Annual Meeting of Shareholders of the Company to be held at the offices of Blake,
Cassels &amp; Graydon LLP, Suite&nbsp;2600, 595 Burrard Street, Vancouver, British Columbia, V7X 1L3 at 10:00 &nbsp;a.m. (Vancouver
time) on May 8, 2017 (the &ldquo;Meeting&rdquo;) 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 28, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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, 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&nbsp;54-101 <I>&ndash; Communication
with Beneficial Owners of Securities of a Reporting Issuer</I> (&ldquo;NI 54-101&rdquo;) and the rules and regulations of the NYSE-MKT.
The Company estimates such fees and costs to be nominal.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">General</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless otherwise specified, the information
in this Circular is current as at March 1, 2017. Unless otherwise indicated, all references to &ldquo;$&rdquo; or &ldquo;US$&rdquo;
in this circular refer to United States dollars. References to &ldquo;C$&rdquo; in this circular refer to Canadian dollars.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Copies of this Circular and proxy-related
materials, as well as the Company&rsquo;s financial statements to be received at the Meeting and related MD&amp;A, can be obtained
under the Company&rsquo;s profile at <U>www.sedar.com</U> or at <U>www.trilogymetals.com</U>.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Record Date and Quorum</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors
of the Company has fixed the record date for the Meeting as the close of business on March&nbsp;20, 2017 (the &ldquo;Record<B>
</B>Date&rdquo;). 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 (&ldquo;Common<B> </B>Shares&rdquo;) 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&rsquo;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 &ldquo;Shareholders&rdquo;) will be entitled
to vote at the Meeting. No cumulative rights are authorized and dissenter&rsquo;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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Two or more persons who
are, or who represent by proxy, holders of at least 5% of the Common Shares entitled to vote at the Meeting will constitute a quorum
at the Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Voting of Common Shares</B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">Registered
Shareholders</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="background-color: White">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.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"></P>

<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">by delivering the proxy to the Toronto office of the
Company&rsquo;s transfer agent, Computershare Investor Services Inc. (&ldquo;Computershare&rdquo;) at its office at 100 University
Avenue, 8<SUP>th</SUP> Floor, Toronto, Ontario, Canada M5J 2Y1, for receipt not later than May 4, 2017 at 10:00&nbsp;a.m. (Vancouver
time);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-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 4, 2017 at 10:00&nbsp;a.m. (Vancouver time); or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">by internet, as instructed in the enclosed form of proxy, not later than May 4, 2017 at 10:00&nbsp;a.m.
(Vancouver time).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">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&rsquo;s name in the blank space provided for that purpose or by completing
another form of proxy acceptable to the Board.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Non-registered Shareholders</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-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&rsquo;s
name on the records of the Company. Such Common Shares will more likely be registered under the name of the Shareholder&rsquo;s
broker or an agent of that broker. In Canada and the United States, 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) or Cede &amp; Co. (operated by the Depository Trust Company), respectively. 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, which is generally referred to as a &ldquo;broker
non-vote.&rdquo; <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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Applicable regulatory policy
requires intermediaries/brokers to seek voting instructions from non-registered Shareholders in advance of shareholders&rsquo;
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 &ndash; the proxy must be returned to Broadridge well in advance of the Meeting in accordance
with Broadridge&rsquo;s instructions in order to have the shares voted.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">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&rsquo;s agent) in accordance with
the instructions provided by such broker (or agent), well in advance of the Meeting.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: White"></FONT></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="background-color: White"><U><A NAME="a_003"></A>Exercise
of Proxies</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Proxies must be received
by the Toronto office of Computershare, located at 100 University Avenue, 8<SUP>th</SUP> Floor, Toronto, Ontario, Canada M5J 2Y1
not later than May 4, 2017 at 10:00&nbsp;a.m. (Vancouver time).</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U><A NAME="a_004"></A>Revocation of Proxies</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-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&rsquo;s transfer
agent, Computershare at its Vancouver office at 510 Burrard Street, 2<SUP>nd</SUP> Floor, Vancouver, BC, V6C&nbsp;3B9 or with the
Company&rsquo;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 STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U><A NAME="a_005"></A>Voting Shares and Principal Holders Thereof</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">As at<B> </B>March 20,
2017, being the Record Date, the Company has 105,527,893<B> </B>Common Shares issued and outstanding without nominal or par value.
Each Common Share is entitled to one vote. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The following table sets
forth certain information regarding the ownership of the Company&rsquo;s common shares as at March 20, 2017 by each Shareholder
known to the Company who owns, directly or indirectly, or exercises control or direction over, to the knowledge of the Company&rsquo;s
directors or officers, more than 5% of the outstanding Common Shares of the Company, based on such person&rsquo;s Schedules&nbsp;13D,
13F and 13G filed with the US Securities and Exchange Commission (the &ldquo;SEC&rdquo;).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Name of Shareholder</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Voting Securities</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage of Outstanding Voting <BR> Securities</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; text-align: left">Electrum Strategic Opportunities Fund (&ldquo;Electrum&rdquo;)<SUP>(1)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">22,587,873</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">21.4</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Paulson &amp; Co. Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,603,178</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">The Baupost Group, L.L.C.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,600,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Resource Capital Fund VI L.P.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,353,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.8</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Gold First Investments Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,568,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.3</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Includes (i) 10,000 common shares held by Tigris Financial Group Ltd. (&ldquo;Tigris&rdquo;), (ii)
113,739 common shares held directly by Mr. Thomas Kaplan, (iii) 21,630,801 common shares held by Electrum Strategic Opportunities
Fund L.P. (&ldquo;ESOF&rdquo;), and (v) 833,333 common shares held by GRAT Holdings LLC (&ldquo;GRAT Holdings&rdquo;). Mr. Thomas
Kaplan has sole voting and investment power with respect to the 10,000 common shares held by Tigris and the 113,739 common shares
held directly by Mr. Thomas Kaplan. GRAT Holdings has sole voting and investment power with respect to the 833,333 common shares
it holds directly. Each of Mr. Thomas Kaplan, GRAT Holdings, ESOF, Electrum Global Holdings L.P. (&ldquo;Global Holdings&rdquo;),
TEG Global GP Ltd (&ldquo;TEG Global&rdquo;), ESOF GP Ltd. (&ldquo;ESOF GP&rdquo;), Leopard Holdings LLC (&ldquo;Leopard&rdquo;)
and The Electrum Group LLC (&ldquo;TEG Services&rdquo;) may be deemed to share the power to vote and dispose of the 21,630,801
common shares held directly by ESOF and, accordingly, each may be deemed to beneficially own such shares. ESOF GP is the sole general
partner of Electrum Strategic Opportunities Fund GP L.P., the sole general partner of ESOF. Global Holdings is the owner of all
of the equity interests of ESOF GP. TEG Global is the sole general partner of, and TEG Services is the investment adviser to, Global
Holdings. TEG Services possesses voting and investment discretion with respect to assets of Global Holdings, including indirect
investment discretion with respect to the common shares held by ESOF. Mr. Thomas Kaplan has the ability to direct such discretion
of TEG Services. TEG Global is principally owned and controlled by Leopard, which is owned and controlled by GRAT Holdings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U><A NAME="a_006"></A>Voting Standards </U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">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. Abstentions and broker non-votes will not be counted either in favor of or against any proposal or
either for or withheld in the election of directors, and, therefore, will have no effect on the outcomes of any proposal or election
of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Broker non-votes occur when a beneficial owner who holds company
stock through a broker does not provide the broker with voting instructions as to any matter on which the broker is not permitted
to exercise its discretion and vote without specific instruction. Broker non-votes may exist in connection with the election of
directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following chart describes the proposals to be considered at
the meeting, the voting options, the vote required for each matter, and the manner in which votes will be counted:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 25%; text-align: left; vertical-align: bottom"><B>Matter</B></TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: left; vertical-align: bottom"><B>Voting Options</B></TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 27%; text-align: left; vertical-align: bottom"><B>Required Vote</B></TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%; text-align: left; vertical-align: bottom"><B>Impact of Abstentions or<BR>
Broker Non-Votes</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Election of Directors</TD>
    <TD>&nbsp;</TD>
    <TD>For; Withhold</TD>
    <TD>&nbsp;</TD>
    <TD>Plurality of votes - nominees receiving the eight highest number of votes at the meeting will be elected*</TD>
    <TD>&nbsp;</TD>
    <TD>No effect</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Appointment of Auditors </TD>
    <TD>&nbsp;</TD>
    <TD>For; Withhold</TD>
    <TD>&nbsp;</TD>
    <TD>Simple majority of votes cast (only votes &ldquo;for&rdquo; are considered votes cast)</TD>
    <TD>&nbsp;</TD>
    <TD>No effect.&nbsp;&nbsp;(Brokers are permitted to exercise their discretion and vote without specific instruction on this matter. Accordingly, there are no broker non-votes.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">* See &ldquo;Election of Directors&rdquo; for a description of the
Company&rsquo;s Majority Voting Policy. In an uncontested election, if the number of votes &ldquo;withheld&rdquo; for any nominee
exceeds the number of votes &ldquo;for&rdquo; the nominee, then the policy requires that the nominee shall tender his or her written
resignation to the chair of the Board.</P>

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


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><U><A NAME="a_007"></A>MATTERS
TO BE ACTED UPON AT MEETING</U></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U><A NAME="a_008"></A>Election of Directors </U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The proposed nominees in
the list that follows are, in the opinion of management, well qualified to direct the Company&rsquo;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 the Company and the provisions of the <I>Business Corporations
Act</I> (British Columbia).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The Board adopted a Majority
Voting Policy on March 28, 2013, as amended March 14, 2017, stipulating that Shareholders shall be entitled to vote in favour of,
or withhold from voting for, each individual director nominee at a Shareholders&rsquo; meeting. If the number of Common Shares
&ldquo;withheld&rdquo; for any nominee exceeds the number of Common Shares voted &ldquo;for&rdquo; 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 all factors deemed relevant. The Board must take formal
action on the Corporate Governance and Nominating Committee&rsquo;s recommendation within 90 days of the date of the applicable
Shareholders meeting and announce its decision by press release. Absent exceptional circumstances, the Board will be expected to
accept the resignation which will be effective on such date. The policy does not apply in circumstances involving contested director
elections. See &ldquo;Statement of Corporate Governance Policies &ndash; Majority Voting Policy&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

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


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 32%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Name, Province or State and </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Country of Residence</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Independence </B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Principal Occupation</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Director</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Since </B><SUP>(6)</SUP></P></TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Tony Giardini <SUP>(2)(3)</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">British Columbia, Canada</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Independent</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer of Kinross Gold Corporation</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">January 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">William Hayden<SUP>(3)(4)</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">New South Wales, Australia</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Independent</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Geologist</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">June 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Gregory Lang <SUP>(4)(5)</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Utah, USA</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Independent</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President and Chief Executive Officer of NOVAGOLD Resources Inc. </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">January 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Kalidas Madhavpeddi <SUP>(2)(4)</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Arizona, USA</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Independent</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President of Azteca Consulting LLC and Advisor for China Molybdenum Co., Ltd. </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">January 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Gerald McConnell <SUP>(1)</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Nova Scotia, Canada</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Independent</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chairman of Namibia Rare Earths Inc. </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">January 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Janice Stairs <SUP>(3)(5)</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Nova Scotia, Canada</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP></SUP></P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Independent</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">General Counsel to Namibia Rare Earths Inc.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">April 2011</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Rick Van Nieuwenhuyse <SUP>(6)</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">British Columbia, Canada</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Non-Independent</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President and Chief Executive Officer of the Company</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">April 2011</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Diana Walters <SUP>(2)(5)</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">New York, USA</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Independent</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Manager and Founder of 575 Grant LLC</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">May 2016</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Chairman of the Board</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Member of the Audit Committee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Member of the Compensation Committee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Member of the Environment, Health, Safety and Technical (&ldquo;EHST&rdquo;) Committee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>Member of the Corporate Governance and Nominating Committee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD>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.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Refer to Section &ldquo;Information Concerning
the Board of Directors and Executive Officers&rdquo; for further information regarding the above directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See &ldquo;Security Ownership of Certain Beneficial
Owners and Management and Related Shareholder Matters&rdquo; 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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U><A NAME="a_009"></A>Appointment of Auditors</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The independent auditors
of the Company are PricewaterhouseCoopers LLP, Chartered Professional Accountants (&ldquo;PwC&rdquo;), located at 250&nbsp;Howe
Street, 14th Floor, Vancouver, British Columbia, Canada. PwC were first appointed auditors of the Company on March 28, 2012 by
the shareholders of NOVAGOLD Resources Inc. (&ldquo;NOVAGOLD&rdquo;) prior to the spin out of Trilogy in April 2012. 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.<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><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>&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="background-color: White">A
table setting forth the fees paid by the Company to PwC, its independent auditor, during the years ended November&nbsp;30, 2016,
2015 and 2014 is set forth below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended November 30</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016<BR> $</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015<BR> $</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014<BR>
$</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left"><FONT STYLE="font-size: 10pt">Audit Fees <SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">76,052</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">124,186</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">124,001</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Audit Related Fees <SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,948</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,481</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,642</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Tax Fees <SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">All Other Fees <SUP>(4)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">79,000</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">155,667</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">150,643</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">&ldquo;Audit Fees&rdquo; are the aggregate fees billed
by PwC for the audit of the Company&rsquo;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.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">&ldquo;Audit-Related Fees&rdquo; 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&rsquo;s financial statements and are not reported
under &ldquo;Audit Fees.&rdquo; This category comprises fees billed for review and advisory services associated with the Company&rsquo;s
financial reporting.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">&ldquo;Tax Fees&rdquo; are fees billed by PwC for tax compliance, tax advice and tax planning.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: justify">&ldquo;All Other Fees&rdquo; are fees charged by PwC
for services not described above.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Pre-Approval Policies and Procedures</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All services to be performed by the Company&rsquo;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&rsquo; 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&nbsp;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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Report of the Audit Committee</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-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, 2016. In addition, the Audit Committee has discussed
with the Company's independent auditors the matters required to be discussed by Auditing Standard No. 1301, as amended, as adopted
by the Public Company Accounting Oversight Board. 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, 2016, for filing with the SEC, which Annual Report
is available under the Company&rsquo;s profile on SEDAR at <U>www.sedar.com</U> and on EDGAR at <U>www.sec.gov/edgar</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in"><I>Audit Committee of the Board</I><BR>
Kalidas Madhavpeddi, Chair</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in">Tony Giardini</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in">Diana Walters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><U><A NAME="a_010"></A>INFORMATION
CONCERNING THE BOARD OF DIRECTORS AND EXECUTIVE OFFICERS</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">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 ceases 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, ages of, and offices held by, the directors and executive officers has been furnished by each
of them and is current as of March 1, 2017. Unless otherwise indicated, the address of each director and executive officer in the
table set forth below is care of Trilogy Metals Inc., Suite 1950, 777 Dunsmuir Street, Vancouver, British Columbia, V7Y 1K4 Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 31%; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Name and Municipality of Residence</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Position and Office Held</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>Director/Officer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>Since</B></P></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Age</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Tony Giardini<SUP>(1)(2)</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">British Columbia, Canada</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">January 24, 2012</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">57</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">William Hayden<SUP>(2)(3)</SUP></FONT><BR>
<FONT STYLE="font-size: 10pt">New South Wales, Australia</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">June 19, 2015</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">65</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Gregory Lang<SUP> (3)(4)</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Utah, USA</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">January 24, 2012</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">62</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Kalidas Madhavpeddi<SUP>(1)(3)</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Arizona, USA</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">January 24, 2012</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">61</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Gerald McConnell<SUP>(6)</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Nova Scotia, Canada</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chairman</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">January 24, 2012</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">72</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Janice Stairs<SUP>(2)(4)</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Nova Scotia, Canada</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">April 27, 2011</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">57</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Rick Van Nieuwenhuyse</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">British Columbia, Canada</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director, President and Chief Executive Officer of the Company</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">April 27, 2011</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">61</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Diana Walters<SUP>(1)(4)</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">New York, USA</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">May 18, 2016</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">53</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Elaine Sanders</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">British Columbia, Canada</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President, Chief Financial Officer and Corporate Secretary</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">April 29, 2011<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">47</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: -0.35in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in">(1)</TD><TD>Member of the Audit Committee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in">(2)</TD><TD>Member of the Compensation Committee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in">(3)</TD><TD>Member of the EHST Committee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in">(4)</TD><TD>Member of the Corporate Governance and Nominating Committee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in">(5)</TD><TD>Appointed Corporate Secretary on April 29, 2011 and Vice President and CFO on January 30, 2012.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in">(6)</TD><TD>Mr. McConnell was appointed Chairman on June 19, 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: -0.35in">&nbsp;</P>


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<DIV STYLE="border: Black 1pt solid; padding: 5pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1pt solid"><B>Tony Giardini, CPA, CA</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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, responsible for
managing and overseeing the company&rsquo;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 Professional Accountant and a Certified Public Accountant
and spent 12 years with accounting firm KPMG prior to joining Placer Dome Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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
&ndash; November 2012); and Chief Financial Officer of Ivanhoe Mines Ltd. (2006 &ndash; 2012).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Areas of experience include: finance, investment
banking, governance, mining industry, treasury and audit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Directorships Held During Past Five Years</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Current: none</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Non-current: NOVAGOLD Resources Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Overall Attendance</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>93%</B></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Securities Held</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Board / Committee Membership</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Regular Meeting</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Common Shares </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B>#</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Stock Options</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>#</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">DSUs <BR> #</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 32%">Board</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center">6/7</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">8,048</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">400,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">169,218</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Audit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4/4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3/3</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

</DIV>

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

<DIV STYLE="border: Black 1pt solid; padding: 5pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1pt solid"><B>William (Bill) Hayden</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Hayden is a geologist with over 37 years
of experience in the mineral exploration industry, much of which has been in Africa, South America and the Asia-Pacific region.
Bill was the co-founder and President of Ivanhoe Nickel and Platinum Ltd. (now Ivanhoe Mines Ltd), a Canadian company which assembled
extensive mineral holdings in South Africa and the Democratic Republic of Congo. Since 1983, Bill has worked in a management capacity
with several exploration and mining companies both in Australia and overseas. Bill was the President of Ivanhoe Philippines and
GoviEx Uranium Inc., and a former director of Sunward Resources Ltd.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Principal Occupation During Past Five Years:
President and director of Ivanhoe Philippines, Inc. (July 2005 &ndash; December 2011).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board has determined that Mr. Hayden should
serve as a director due to his knowledge of the mining industry and public capital markets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Areas of experience include: senior officer,
mining industry, international project, and public capital markets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Directorships Held During Past Five Years</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Current: Ivanhoe Mines Ltd., Globe Metals &amp;
Mining Ltd., Asia Pacific Mining Limited, China Polymetallic Mining Ltd, and Condoto Platinum NL.</P>

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

</Div>
<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<DIV STYLE="border: Black 1pt solid; padding: 5pt">


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 1pt solid"><B>William (Bill) Hayden</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Non-current: Sunward Resources Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Overall Attendance</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>92%</B></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Securities Held</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Board / Committee Membership</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Regular Meeting</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Shares </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>#</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Stock Options</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>#</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">DSUs <BR> #</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 32%">Board</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center">7/7</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">75,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3/3</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>EHST</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2/3</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

</Div>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<DIV STYLE="border: Black 1pt solid; padding: 5pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1pt solid"><B>Gregory Lang</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Principal Occupation During Past Five Years:
President and Chief Executive Officer of NOVAGOLD Resources Inc. (January 2012 &ndash;present).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Areas of experience include: senior officer,
mine engineering, construction, safety and operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Directorships Held During Past Five Years</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Current: NOVAGOLD Resources Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Non-current: Sunward Resources Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Overall Attendance</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>100%</B></P></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Securities Held</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Board / Committee Membership</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Regular Meeting</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Shares </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>#</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Stock Options</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>#</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">DSUs <BR> #</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 32%">Board</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center">7/7</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">33,896</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">400,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">163,768</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Audit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2/2</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>EHST</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3/3</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Corporate Governance and Nominating</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3/3</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: White"></FONT></P>

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>
<DIV STYLE="border: Black 1pt solid; padding: 5pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1pt solid"><B>Kalidas Madhavpeddi</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Madhavpeddi is President of Azteca Consulting
LLC, an advisory firm to the metals and mining sector, and has been since November 2006. He is also an advisor for China Molybdenum
Co., Ltd. His extensive career in the mining industry spans over 30 years including Phelps Dodge Corp. 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'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 Harvard Business School.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Principal Occupation During Past Five Years:
President of Azteca Consulting LLC (2006 &ndash; present) and Advisor of China Molybdenum Co. Ltd. (2008 &ndash; present).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Areas of experience include: corporate strategy,
mergers and acquisitions, mining operations and capital, marketing and sales.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Directorships Held During Past Five Years</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Current: Capstone Mining Corp., NOVAGOLD Resources
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Non-current: Namibia Rare Earths Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Overall Attendance</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>100%</B></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Securities Held</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Board / Committee Membership</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Regular Meeting</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Shares </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>#</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock Options<BR> #</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">DSUs <BR> #</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 32%">Board</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center">7/7</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">4,293</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">400,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">174,368</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Audit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4/4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>EHST</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3/3</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

</Div>

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

<DIV STYLE="border: Black 1pt solid; padding: 5pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1pt solid"><B>Gerald McConnell, Q.C.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. McConnell has over 25 years of experience
in the resource sector. Mr.&nbsp;McConnell is a director and Chair of the Board 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, as well as a director, of Etruscan Resources Inc., a West African junior gold producer. From December 1984 to January
1998, Mr. McConnell was the President of NOVAGOLD Resources Inc. and from January 1998 to May 1999 he was the Chairman and Chief
Executive Officer of NOVAGOLD Resources Inc. Gerald McConnell, a graduate of Dalhousie Law School, was called to the bar of Nova
Scotia in 1971 and received his Queen&rsquo;s Counsel designation in 1986.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Principal Occupation During Past Five Years:
Chair of the Board of Namibia Rare Earths Inc. (2016 - present), Director and Chief Executive Officer of Namibia Rare Earths Inc.
(2010 &ndash;2016).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Areas of experience include: legal, compensation,
operations, mining industry, senior officer and board governance.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<DIV STYLE="border: Black 1pt solid; padding: 5pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1pt solid"><B>Gerald McConnell, Q.C.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Directorships Held During Past Five Years</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Current: Namibia Rare Earths Inc., NOVAGOLD
Resources Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 1pt solid">Non-current: none</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Overall Attendance</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>100%</B></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Securities Held</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Board / Committee Membership</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Regular Meeting</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Shares </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>#</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock Options<BR> #</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">DSUs <BR> #</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 32%">Board</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center">7/7</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">5,609</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">400,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">160,168</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</Div>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<DIV STYLE="border: Black 1pt solid; padding: 5pt">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Janice Stairs, LLB, MBA</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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 past 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's University.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Principal Occupation During Past Five Years:
General Counsel to Namibia Rare Earths Inc. (2011-present).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Areas of experience include: legal aspects
of corporate finance, securities and resource-related issues for private and public companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Directorships Held During Past Five Years</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Current: AuRico Metals Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 1pt solid">Non-current: AuRico Gold Inc.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Overall Attendance 100%</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Securities Held</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Board / Committee Membership</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Regular Meeting</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Shares </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>#</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock Options<BR> #</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">DSUs <BR> #</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 32%">Board</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center">7/7</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">10,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">400,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">168,068</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Compensation Committee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3/3</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Corporate Governance and Nominating</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5/5</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

</Div>

<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="border: Black 1pt solid; padding: 5pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="background-color: White"><B>Diana
Walters</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">Ms. Walters
has 28 years of experience in the natural resources sector, as an investment banker and equity investor and in other roles within
the sector. Ms. Walters is the owner and sole manager of 575 Grant LLC, a company that provides advisory services in the field
of natural resources, and has been since 2014. She served as the President and Chief Executive Officer of Liberty Metals &amp;
Mining Holdings, LLC and as a member of senior management of Liberty Mutual Asset Management from January 2010 to September 2014.
She was a Managing Partner of Eland Capital, LLC, a natural resources advisory firm founded by her, from 2007 to 2010. Ms. Walters
has extensive investment experience with both debt and equity through various leadership roles at Credit Suisse, HSBC and other
firms. She also served previously as Chief Financial Officer of Tatham Offshore Inc., an independent oil and gas company with assets
in the Gulf of Mexico. Ms. Walters graduated with Honors from the University of Texas at Austin with a B.A. in Plan II Liberal
Arts and an M.A. in Energy and Mineral Resources.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Principal Occupation During Past Five Years:
Manager and Founder of 575 Grant LLC (2014 &ndash; present); and President, Liberty Metals and Mining. (2010 &ndash; 2014).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board has determined that Ms. Walters should
serve as a director due to her knowledge and experience of corporate finance and the mining sector.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">Areas
of experience include: finance, mergers and acquisitions, compensation, corporate governance and the mining industry.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">Directorships
Held During Past Five Years</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">Current:
Platinum Group Metals and Electrum Special Acquisition Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">Non-current:
Allana Potash Corp., Alderon Iron Ore, BasAgro Minerals, Black Eagle Coal, Celeste Copper Corporation, Mietze Copper, Ram Coal,
Silver Run Acquisition Corp, and Sunshine Silver Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Overall Attendance<BR>
100% </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Securities Held</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Board / Committee Membership</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> Regular Meeting</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT><B>Common Shares </B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: White"><B>#</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock Options<BR> #</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">DSUs <BR> #</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 33%">Board</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: center">4/4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">75,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">87,040</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Audit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2/2</TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Corporate Governance and Nominating</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3/3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

<DIV STYLE="border: Black 1pt solid; padding: 5pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1pt solid"><B>Rick Van Nieuwenhuyse</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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 from 1997 to 2012 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.&nbsp;Van Nieuwenhuyse holds a Candidature degree in Science
from the Universit&eacute; 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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Principal Occupation During Past Five Years:
President and Chief Executive Officer of the Company (2012&ndash;present); and Former President and Chief Executive Officer of
NOVAGOLD (1997-2012).</P>

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

</Div>

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<DIV STYLE="border: Black 1pt solid; padding: 5pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1pt solid"><B>Rick Van Nieuwenhuyse</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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&rsquo;s UKMP Projects have significantly contributed to the advancement of the Company&rsquo;s core asset.
Accordingly, the Board has determined that Mr. Van Nieuwenhuyse should once again serve as a director.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Areas of experience include: exploration, geology,
government relations, mining industry, financing, senior officer and board governance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Directorships Held During Past Five Years</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Current: Alexco Resource Corp., NOVAGOLD Resources
Inc., SolidusGold Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Non-current: AsiaBase Metals Inc., Tintina
Resources Inc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Overall Attendance </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>100%</B></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Securities Held</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Board / Committee Membership</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Regular Meeting</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Shares </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>#</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock Options<BR> #</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RSUs <BR> #</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 32%">Board</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center">7/7</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">1,072,536</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">2,537,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">400,001</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

</Div>

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

<DIV STYLE="border: Black 1pt solid; padding: 5pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="background-color: White"><B>Elaine
Sanders, CPA, CA, CPA (Illinois)</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ms. Sanders is the Chief Financial Officer
and Corporate Secretary of Trilogy 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, and is a Chartered Professional Accountant and a Certified Public Accountant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Principal Occupation During Past Five Years:
Chief Financial Officer and Corporate Secretary of the Company (2012&ndash;present); and Vice President, Chief Financial Officer
and Corporate Secretary of NOVAGOLD Resources Inc. (2011 &ndash; 2012).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Areas of experience include: finance, securities
compliance, senior officer and corporate governance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Directorships Held During Past Five Years:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Current: Alexco Resource Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Non-current: none.</P>

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

</Div>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Meetings of the Board and Board Member Attendance at Annual Meeting
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the fiscal year ended November 30, 2016,
the Board held seven 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Board members are not required to attend the
annual general meeting. No non-employee directors attended the 2016 annual general meeting in person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Legal Proceedings</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">There are no material proceedings
pursuant to which any of our directors, officers or affiliates or any owner of record or beneficial owner of more than 5% of our
securities or any associate of any such director, officer or security holder is a party adverse to us or has a material interest
adverse to us. <FONT STYLE="font-family: Times New Roman, Times, Serif">None of our directors or executive officers has, during
the past ten years, been involved in any material bankruptcy, criminal or securities law proceedings. </FONT></P>

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


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Family and Certain Other Relationships </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Interest of Certain Persons or Companies in Matters to be Acted
Upon </B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Independence of Directors </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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&nbsp;52-110:
Messrs. Giardini, Hayden, Lang, Madhavpeddi, McConnell, and Mmes. Stairs and Walters. Mr. Van Nieuwenhuyse is not independent as
Mr. Van Nieuwenhuyse is an executive officer of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 16(a) Beneficial Ownership Reporting Compliance </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Section 16(a) of the Exchange Act 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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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 STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><U><A NAME="a_011"></A>STATEMENT
OF EXECUTIVE COMPENSATION</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Compensation Committee Report</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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, 2016 and the Company's 2017 Circular.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2016 fiscal year continued to be challenging
for the mining sector with declining investment returns. Many smaller mining companies placed their projects on care and maintenance
and some stopped activities all together. As a result of current market conditions, the Board has suspended the compensation targets
in its compensation program and adopted a discretionary approach using judgemental or qualitative assessment of performance. Most
companies, including Trilogy, operated their companies with a small executive team. Trilogy completed an acquisition during 2015
and the sale of a non-core asset in 2016 that allowed the Company to continue advancing its projects. The Company executed a successful
geotechnical, metallurgical and hydrogeological drill program at Arctic and expanded its environmental baseline studies significantly
during the 2016 field season and the executive team worked closely with the State of Alaska supporting the efforts for permitting
a road into the Ambler mining district. The executive team&rsquo;s performance was reviewed by the Board relative to the accomplishments
for the year and the current operating environment and the Board approved a discretionary non-cash bonus in Restricted Share Units
(&ldquo;RSUs&rdquo;), as well as annual long-term stock option and RSU grants to the executive officers. In consideration of market
conditions, there has been no increase to the Chief Executive Officer (&ldquo;CEO&rdquo;) and Chief Financial Officer (&ldquo;CFO&rdquo;)
base salaries since the Company&rsquo;s inception in 2012.</P>

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


<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Submitted by the following members of the Compensation Committee
of the Board of Directors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in">Tony Giardini (Chair)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in">William Hayden</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in">Janice Stairs</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U><A NAME="a_012"></A>Compensation Discussion and Analysis</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Compensation Discussion and Analysis describes
and explains the significant elements of the Company&rsquo;s executive compensation program for the 2016 fiscal year to attract,
retain and incentivize the Company&rsquo;s named executive officers (&ldquo;NEOs&rdquo; or &ldquo;Named<B> </B>Executive<B> </B>Officers&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s current NEOs are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mr. Rick Van Nieuwenhuyse, President and CEO, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Ms. Elaine Sanders, Vice President and CFO.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a comprehensive compensation
program in place for the executive officers with identifiable objectives considering market data and advice from an independent
compensation consultant. In the past few years, the financial markets have been difficult for the mining sector and the result
has been many junior mining companies have adopted a more simplified approach to executive compensation. Trilogy has also simplified
its approach to executive compensation during the past few years and has chosen to do so again for the 2016 fiscal year. The Company
has adopted a discretionary approach using a judgemental or qualitative assessment of performance for compensation based on current
market conditions and advice from its independent compensation consultant. The Company will consider this approach annually and
potentially re-evaluate its compensation program and philosophy once the financial markets have rebounded for the mining sector.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Objectives of Compensation Program</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The objectives of the Company&rsquo;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&rsquo;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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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 recommends compensation for the executive officers. The Compensation Committee engages an outside
compensation advisor, Roger Gurr &amp; Associates (the &ldquo;Compensation Consultant&rdquo;), to review the market information
and complete an analysis. The main elements of the engagement include reviewing the peer comparator group of mining companies,
reviewing and confirming the compensation strategy and reviewing compensation data of the peer comparators. Typically, the CEO
makes a recommendation to the Compensation Committee regarding base salary increases, annual incentives and&nbsp;long-term incentives
for executive officers other than the CEO.&nbsp; &nbsp;These recommendations are based on the individual&rsquo;s salary in relation
to guidepost, their actual individual and company performance and market conditions.&nbsp; &nbsp;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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Executive Compensation Policies and Programs </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">In establishing compensation
objectives for executive officers, the Compensation Committee seeks to accomplish the following goals:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: windowtext">&middot;</FONT></TD><TD STYLE="text-align: justify">incentivize executives to achieve important corporate and personal performance objectives and reward
them when such objectives are met;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: windowtext">&middot;</FONT></TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: windowtext">&middot;</FONT></TD><TD STYLE="text-align: justify">align the interests of executive officers with the long-term interests of Shareholders through
participation in the Company&rsquo;s stock-based compensation plans.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Currently, the Company&rsquo;s
executive compensation package consists of the following principal components: base salary, annual incentive bonus, various health
plan benefits, registered retirement savings plan (&ldquo;RRSP&rdquo;) matching for Canadian NEOs, and long-term incentives in
the form of stock options and restricted share units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The following table summarizes
the different elements of the Company&rsquo;s total compensation package.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 24%; border-bottom: Black 1pt solid; text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>COMPENSATION ELEMENT</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 36%; border-bottom: Black 1pt solid; text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>OBJECTIVE</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 38%; border-bottom: Black 1pt solid; text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><B>KEY FEATURE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Base Salary</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Provide a fixed level of cash compensation for performing day-to-day responsibilities.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Actual increases are based on individual performance.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Annual Incentive Plan</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Reward for short-term performance against corporate, and individual goals.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Actual payout depends on performance against corporate and individual goals. Minimum Company performance needs to be met before a payout occurs.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Stock Options</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Align management interests with those of Shareholders, encourage retention and reward long-term Company performance.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;Stock option grants generally vest over 2 years and have a 5-year life.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Restricted Share Units (&ldquo;RSUs&rdquo;)</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Align management interests with those of Shareholders, encourage retention and reward long-term Company performance.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">RSU grants generally vest over a period of 2 years.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Retirement Plans: RRSP (Canadian employees)</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Provide retirement savings.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">RRSP &ndash; Company matches
        100% of the employee&rsquo;s contribution up to 5% of base salary.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Health Plan Benefits</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Provide security to employees and their dependents pertaining to health and welfare risks. </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Coverage includes medical and dental benefits, short- and long-term disability insurance, life insurance and employee assistance plan.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Annual Compensation Decision-Making Process</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Compensation Committee makes a recommendation
to the Board regarding the CEO&rsquo;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. In 2016, the Compensation Committee reviewed the performance of both the CEO and CFO given the small size of the executive
team and made a recommendation to the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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&rsquo;s
performance cycle is aligned with its fiscal year end. Due to market conditions there were no base salary increases for the NEOS
for fiscal year 2017.</P>

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


<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Consideration of Previous Advisory Vote on Executive Compensation
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company conducted an advisory vote on executive compensation, commonly referred to as a &ldquo;Say on Pay&rdquo; proposal in 2016.
The Shareholders voted in favour of a non-binding resolution approving the compensation of the Company&rsquo;s Named Executive
Officers. The Compensation Committee took this vote result into account when reviewing compensation for our executive officers.
The Shareholders voted for the non-binding Shareholder vote on compensation of the Company&rsquo;s NEOs to occur every three years.
</FONT>In accordance with Section 951 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Section 14A of the Exchange
Act and the vote by Shareholders as to frequency in 2016, the Company<FONT STYLE="font-family: Times New Roman, Times, Serif">
will conduct its next advisory vote on executive compensation in 2019. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risk Assessment of Compensation Policies
and Practices</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Annually, the Compensation Committee conducts
a risk assessment of the Company&rsquo;s compensation policies and practices as they apply to all employees, including all executive
officers. The design features and performance metrics of the Company&rsquo;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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of the review, the following characteristics
of the Company&rsquo;s compensation policies and practices were noted as being characteristics that the Company believes reduce
the likelihood of risk-taking by the Company&rsquo;s employees, including the Company&rsquo;s officers and non-officers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Company&rsquo;s compensation mix is balanced among fixed components such as salary and benefits,
annual incentive payments and long-term incentives, including RSUs and Options.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Stock-based awards are all recommended by the Compensation Committee and approved by the Board.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Board approves the compensation for the President and CEO based upon a recommendation by the
Compensation Committee comprised of all independent directors.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A &ldquo;Say on Pay&rdquo; proposal is put before the Shareholders every three years.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on this assessment, it was concluded
that the Company&rsquo;s compensation policies and practices do not create risks that are reasonably likely to have a material
adverse effect on the Company.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Peer Group</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company retains the Compensation Consultant
to assist the Compensation Committee in determining compensation levels for each of the three main components for the Company&rsquo;s
directors and NEOs. The Compensation Consultant&rsquo;s work encompasses a review of the Company&rsquo;s executive compensation
philosophies against a comparable peer group of mining companies using the publicly available filings of peer companies.</P>

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


<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A compensation comparator group of mining companies
has been developed using the following ideal criteria:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">exploration/development phase;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">market cap between C$50-250 million;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">focus on copper and precious metals;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">projects focused in North America (or low risk jurisdictions);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">common shares listed on US and/or Canadian stock exchange; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">stand-alone company with a full-time executive team.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based upon considerations of company size,
stage of development and operating jurisdictions, the following peer comparators were selected.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 42%; text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Almaden Minerals Ltd.</FONT></TD>
    <TD STYLE="width: 50%; text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Midas Gold Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Alexco Resource Corp.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Nevada Copper Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">AuRico Metals Inc.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">NGEx Resources Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Copper Fox Metals Inc.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Noront Resources Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Entr&eacute;e Gold Inc.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Polymet Mining Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Exeter Resource Corp.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Sabina Gold and Silver Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">International Tower Hill Mines Ltd.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Victoria Gold Corp. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(collectively, the &ldquo;Peer Group&rdquo;)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Compensation Elements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">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. The Compensation Consultant
made recommendations to the Compensation Committee regarding compensation targets for directors and NEOs.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Base Salary</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Salaries for executive officers are determined
by evaluating the responsibilities inherent in the position held and the individual&rsquo;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 publicly available and information provided by the Compensation Consultant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The Compensation Consultant
matched the executive officers to those individuals performing similar functions at the Peer Group companies. Each of the CEO&rsquo;s
and CFO&rsquo;s base salary is in the top quartile of the peer group. 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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">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&rsquo;s financial resources. Using this budget
and taking into account individual performance and the individual&rsquo;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&rsquo;s base salary increase, also
taking into account the budget set and the CEO&rsquo;s individual performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">As a result of the compensation
review conducted in 2016, the Compensation Committee has recommended leaving the current salary of the NEOs unchanged for 2017.</P>

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


<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Base Salary for 2017</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Consistent with prior years, management and
the Compensation Committee agreed to no base salary increases for<B> </B>2017. The CEO and CFO&rsquo;s base salaries have remained
constant since 2012.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Name</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Title</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016 Base Salary</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015 Base Salary</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% Change</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 32%; text-align: left">Rick Van Nieuwenhuyse</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: left">President &amp; CEO</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center">C$400,000</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center">C$400,000</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Elaine Sanders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">VP &amp; CFO</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">C$299,600</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">C$299,600</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Annual Incentive Plan</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">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&rsquo;s objectives for the year have been met includes, but is not limited to, considering
the quality and measured progress of the Company&rsquo;s exploration projects, raising of capital, strategic opportunities, corporate
alliances and similar achievements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">A minimum corporate performance
needs to be met prior to any payout.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Annual Incentive Payout for 2016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">As in the prior year, no
cash bonuses were paid out to the NEOs. The Compensation Committee considered corporate performance and the contributions of each
NEO and determined a one-time RSU grant would be awarded for the successful completion of the 2016 corporate goals. The CEO was
awarded 200,000 RSUs vesting over two years and the CFO was awarded 100,000 RSUs vesting over two years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The following table outlines
the results of the annual incentive calculation for 2016.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>n</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ame</FONT></B></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016 Annual <BR>
Incentive payout ($)</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>2016 </B> <B>Corporate </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>Rating</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; text-indent: 0in">Rick Van Nieuwenhuyse</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">C$126,000<B><SUP>(1)</SUP></B></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">100</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0in">Elaine Sanders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">C$63,000<B><SUP>(2)</SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">2016 Annual Incentive Payout was issued in the form of 200,000 RSUs on December 15, 2016. Amounts
in respect of RSUs are based on the fair value of the grants as at the grant date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">2016 Annual Incentive Payout was issued in the form of 100,000 RSUs on December 15, 2016. Amounts
in respect of RSUs are based on the fair value of the grants as at the grant date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Stock-Based Incentive Plans</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">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 review of prior year grants and peer group grants. 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 STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Stock-Based Grants in 2016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The Compensation Committee
approved an annual grant of a total of 600,000 stock options exercisable at a price of C$0.70 and 300,000 RSUs on December 15,
2016 for compensation earned in 2016 to Mr. Van Nieuwenhuyse, and Ms. Sanders which vest over two years, 1/3 on the grant date,
1/3 on the first anniversary of the grant, and 1/3 on the second anniversary of the grant. The annual grants of stock options and
RSUs to the NEOs in 2016 represents approximately 0.9% of the total Common Shares issued and outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table outlines
details of the 2016 annual stock option grant.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Name</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Stock Option <FONT STYLE="text-transform: uppercase">G</FONT>rant</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>#/</B></FONT><B>Value</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RSU <FONT STYLE="text-transform: uppercase">G</FONT>rant</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>#/</B></FONT><B>Value</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 58%; text-align: left">Rick Van Nieuwenhuyse</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center">400,000/$86,750</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center">200,000/C$126,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Elaine Sanders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">200,000/ $43,375</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">100,000/C$63,000</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Retirement Plans</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The purpose of the Company&rsquo;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 up to the annual
RRSP contribution limit as established by the Government of Canada.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Benefits</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;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.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U><A NAME="a_013"></A>Compensation Governance</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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&rsquo;s
current recommendation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">developing and maintaining a position description for
the CEO and assessing the performance of the CEO against the CEO&rsquo;s position description, goals and objectives;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reviewing and recommending for approval by the Board,
the annual salary, bonus and other benefits, direct and indirect, including corporate goals and objectives, of the CEO;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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&rsquo;s compensation policies;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">approving compensation, incentive plans and equity-based
plans for all other key employees; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reviewing the adequacy and form of the compensation of
directors.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Compensation Committee may delegate its
authority and duties to subcommittees or individual members of the Compensation Committee as it considers appropriate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Terms of Reference of the Compensation
Committee are available at <U>www.trilogymetals.com</U>. More information regarding the responsibilities and operations of the
Compensation Committee and the process by which compensation is determined is discussed elsewhere in this &ldquo;Report on Executive
Compensation&rdquo; and below under the heading &ldquo;Directors&rsquo; Compensation&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended November 30, 2016, the Compensation
Committee consisted of three independent directors: Mr.&nbsp;Giardini, Mr. Hayden, 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 and satisfy the
applicable independence standards of the NYSE-MKT. The Compensation Committee met three times in the year ended November 30, 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Tony Giardini, CPA, CA and CPA (Illinois),
is the Chief Financial Officer at Kinross Gold Corporation and was formerly the Chief Financial Officer at Ivanhoe Mines Ltd. (&ldquo;Ivanhoe&rdquo;).
In his role at Ivanhoe, Mr. Giardini also worked with a compensation consultant to assist with director and executive compensation
reviews. Additionally, Mr. Giardini has previously chaired the Compensation Committee for other public companies including NOVAGOLD.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Compensation Committee&rsquo;s Relationship
with its Independent Compensation Consultant</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">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&rsquo;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 in the past has 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. In 2016, the Compensation
Consultant completed a review of the Company&rsquo;s peer group, gathering of market information, commentary on market conditions
and executive compensation analysis. 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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">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&rsquo;s work for the Compensation Committee does
not raise any conflict of interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The fees paid to the Compensation
Consultant for the services provided during the fiscal year 2016 were C$27,600.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U><A NAME="a_014"></A>Employment Agreements</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company has entered into employment agreements with each of
the NEOs to address many issues important in the employer-employee relationship including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">term of employment;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">amount of compensation and benefits such as vacation or health plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the duties, tasks and responsibilities expected of the employee;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">termination provisions including in the event of a change of control;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Symbol; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">confidentiality of information to prevent employees from disclosing to others any confidential
information after employment ends;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">non-solicitation restrictions to prevent the employee from attempting to solicit other employees;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; background-color: White">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: White">any
                                         other issues specific to the employment situation.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-style: normal; background-color: White"><B>Rick
Van Nieuwenhuyse</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">Mr.&nbsp;Van
Nieuwenhuyse was employed by the Company as President and Chief Executive Officer effective January&nbsp;9, 2012. For the fiscal
year ended November 30, 2016, Mr. Van Nieuwenhuyse was entitled to an annual salary of C$400,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">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&rsquo;s Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">Mr.
Van Nieuwenhuyse also received a monthly car allowance in the amount of C$1,248 and a monthly amount of C$317 in lieu of a life
insurance policy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: White"><B>Elaine
Sanders </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to an employment contract with the
Company effective November 13, 2012, Ms. Sanders is employed by the Company as Vice President and Chief Financial Officer. For
the fiscal year ended November 30, 2016, Ms.&nbsp;Sanders was entitled to an annual salary of C$299,600.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U><A NAME="a_015"></A>Termination of Employment or Change of Control</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following termination clauses are in effect
under all of the NEOs employment contracts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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&rsquo;s right to terminate the NEOs&rsquo; employment upon payment of severance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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&rsquo;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&rsquo;s
position, duties, responsibilities, title or office in effect immediately prior to any change of control; (ii) a material reduction
in the NEO&rsquo;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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If an NEO&rsquo;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&rsquo;s annual base
salary plus such NEO&rsquo;s annual incentive target for the fiscal year pursuant to the Company&rsquo;s annual incentive program,
multiplied by two, if such termination occurs prior to the first anniversary of the NEO&rsquo;s employment agreement; or (ii) a
lump sum payment equal to the NEO&rsquo;s annual base salary at the time of termination plus such NEO&rsquo;s annual incentive
earned in the previous fiscal year pursuant to the Company&rsquo;s annual incentive program, multiplied by two, if such termination
occurs following the first anniversary of the NEO&rsquo;s employment agreement (the &ldquo;Severance Payment&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A change of control means any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at least 50% in fair market value of all the assets of the Company are sold;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -13.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a majority of the then-incumbent Board of Directors&rsquo; nominees for election to the Board of
the Company are not elected at any annual or special meeting of the Shareholders; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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&rsquo;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&rsquo;s earned annual incentive
are C$1,052,000 for Rick Van Nieuwenhuyse and C$725,200 for Elaine Sanders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is also required to maintain group
insurance benefits for Mr. Van Nieuwenhuyse and Ms. Sanders for a period of 12 months after termination in the circumstances described
above or pay to the executive an amount equal to the present value of the Company&rsquo;s cost of providing such benefits.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If the employment agreement is terminated as a result of the NEO&rsquo;s
permanent or extended inability to perform the NEO&rsquo;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&rsquo;s
annual salary at the time of termination.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The contracts of each of the NEOs continue indefinitely, unless
and until terminated in accordance with the terms of their employment agreements.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U><A NAME="a_016"></A>Summary Compensation Table</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">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, 2016. Amounts have been converted to US dollars using the average exchange rate during
the fiscal year ended November 30, 2016 of CAD$1.00 = $0.754 US dollars.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Named Executive <BR> Officer<BR> Principal Position</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Salary<BR> $</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Bonus</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><SUP>&nbsp;</SUP></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Stock<BR> Awards <SUP>(1)</SUP></B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-Equity <BR> Incentive Plan <BR> Compensation<BR> $</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nonqualified <BR> Deferred <BR> Compensation <BR> Earnings<BR> $</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other <BR> Compensation<BR> $</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total <BR> $</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 12%; text-align: left; background-color: rgb(204,238,255)">Rick Van</TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 8%; text-align: center; background-color: rgb(204,238,255)">2016</TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: rgb(204,238,255)">301,516</TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: rgb(204,238,255)">94,978</TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><SUP>(5)</SUP></TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: rgb(204,238,255)">177,573</TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: rgb(204,238,255)">23,720</TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; background-color: rgb(204,238,255)">597,787</TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(204,238,255)">Nieuwenhuyse,</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: center; background-color: rgb(204,238,255)">2015</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">318,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">139,920</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><SUP>&nbsp;</SUP></TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">219,845</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">24,842</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">702,607</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 10pt">President and Executive Officer<SUP>(2)</SUP></FONT></TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: center; background-color: rgb(204,238,255)">2014</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">364,520</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><SUP>&nbsp;</SUP></TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">176,415</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">28,476</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">569,411</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White">Elaine Sanders, Vice</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: center; background-color: White">2016</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">225,835</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">47,489</TD><TD STYLE="text-align: left; background-color: White"><SUP>(6)</SUP></TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">88,786</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">-</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">-</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">9,562</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">371,672</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; background-color: White">President and Chief</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: center; background-color: White">2015</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">238,182</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">69,960</TD><TD STYLE="text-align: left; background-color: White"><SUP>&nbsp;</SUP></TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">71,145</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">-</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">-</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">9,910</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">389,197</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 10pt">Financial Officer<SUP>(3)</SUP></FONT></TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: center; background-color: White">2014</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">273,025</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">-</TD><TD STYLE="text-align: left; background-color: White"><SUP>&nbsp;</SUP></TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">88,208</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">-</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">-</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">11,059</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">372,292</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-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,
2016 include vested and unvested amounts.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Vested during the year ended November&nbsp;30, 2016 for Mr.&nbsp;Van Nieuwenhuyse: $nil of option-based
awards and $42,328 of stock-based awards. Other compensation for Mr. Van Nieuwenhuyse includes $9,562 of matching contributions
to Mr.&nbsp;Van Nieuwenhuyse&rsquo;s registered retirement savings plan and $14,158 of other allowances including car allowance
and amounts in lieu for life insurance premiums.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Vested during the year ended November&nbsp;30, 2016 for Ms. Sanders: $nil of option-based awards
and $21,164 of stock-based awards. Other compensation for Ms.&nbsp;Sanders includes $9,562 of matching contributions to Ms. Sanders&rsquo;s
registered retirement savings plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">To calculate stock awards, the dollar value to be delivered to each NEO is calculated based 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&rsquo;s historical stock prices to determine the stock&rsquo;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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD STYLE="text-align: justify">2016 Annual Incentive Payout was issued in the form of
200,000 RSUs on December 15, 2016. Amounts in respect of RSUs are based on the fair value of the grants as at the grant date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD STYLE="text-align: justify">2016 Annual Incentive Payout was issued in the form of 100,000 RSUs on December 15, 2016. Amounts
in respect of RSUs are based on the fair value of the grants as at the grant date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U><A NAME="a_017"></A>Incentive Plan Awards</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2016 Grants of Plan-Based Awards </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: White">No
stock option awards were re-priced during 2016. The number of stock options outstanding includes vested and unvested awards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table provides information related
to grants of plan-based awards to our NEOs in respect of the 2016 fiscal year.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Estimated&nbsp;Future&nbsp;Payouts<BR>
    Under&nbsp;Non-Equity&nbsp;Incentive<BR> Plan&nbsp;Awards</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Estimated&nbsp;Future&nbsp;Payouts<BR>
    Under&nbsp;Equity&nbsp;Incentive&nbsp;Plan<BR> Awards</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">All&nbsp;Other<BR>
    Stock<BR> Awards:<BR> Number&nbsp;of<BR> Shares&nbsp;of<BR> Stock&nbsp;or</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">All&nbsp;Other<BR>
    Option<BR> Awards:<BR> Number&nbsp;of<BR> Securities<BR> Underlying</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Exercise<BR>
    or&nbsp;Base<BR> Price&nbsp;of<BR> Option</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Grant<BR>
    Date&nbsp;Fair<BR> Value&nbsp;of<BR> Stock&nbsp;and</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Name</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Grant&nbsp;Date</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Threshold<BR>
    $</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Target<BR>
    $</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Maximum<BR>
    $</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Threshold<BR>
    #</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Target<BR>
    #</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Maximum<BR>
    #</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Units<BR>
    #</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Options<BR>
    #</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Awards<BR>
    C$/Sh</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Option<BR>
    Awards&nbsp;$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; width: 13%"><FONT STYLE="font-size: 8pt">Rick Van</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: center"><FONT STYLE="font-size: 8pt">12/23/2015</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">400,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">0.44</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">50,349</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">Nieuwenhuyse</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">12/23/2015</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">400,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">127,036</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Elaine Sanders</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: center"><FONT STYLE="font-size: 8pt">12/23/2015</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">200,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.44</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25,174</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: White"><FONT STYLE="font-size: 8pt">12/23/2015</FONT></TD><TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">200,000</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">63,518</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>



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


<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Outstanding Equity Awards at 2016 Fiscal
Year-End </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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, 2016.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="21" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Option Awards</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Stock Awards</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Name</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Grant Date</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Number
                                         of</B><BR><B> Securities</B><BR><B> Underlying</B><BR><B> Unexercised</B><BR><B> Options</B><BR>
                                         <B># </B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Exercisable<SUP>(1)</SUP></B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Number
                                         of</B><BR><B> Securities</B><BR><B> Underlying</B><BR><B> Unexercised</B><BR><B> Options</B><BR>
                                         <B># </B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Unexercisable<SUP>(1)</SUP></B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Equity <BR> Incentive <BR>
    Plan <BR> Awards: <BR> Number of <BR> Securities <BR> Underlying <BR> Unexercised <BR> Unearned <BR> Options<BR> #</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Option <BR> Exercise <BR>
    Price<BR> C$</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Option <BR> Expiration <BR>
    Date</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Number of </B><BR> <B>Shares
    or </B><BR> <B>Units of </B><BR> <B>Stock That </B><BR> <B>Have Not </B><BR> <B>Vested<SUP>(1)</SUP></B><BR> <B>#</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Market <BR> Value of <BR>
    Shares or <BR> Units of <BR> Stock <BR> That <BR> Have Not <BR> Vested<BR> #</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Equity <BR> Incentive Plan
    <BR> Awards: <BR> Number of <BR> Unearned <BR> Shares, Units or <BR> Other Rights <BR> That Have Not <BR> Vested<BR> #</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Equity Incentive <BR> Plan
    Awards: <BR> Market or Payout <BR> Value of Unearned <BR> Shares, Units or <BR> Other Rights That <BR> Have Not Vested<BR>
    $</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">(a)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">(b)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">(c)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">(d)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">(e)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">(f)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">(g)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">(h)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">(i)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">(j)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">Rick Van</FONT></TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: center; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">12/23/2015</FONT></TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">266,667</FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">149,333</FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">Nieuwenhuyse</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">12/23/2015</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">133,333</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">266,667</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">0.44</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">12/22/2020</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">11/06/2015</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">625,000</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">312,500</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">0.50</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">11/05/2020</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">12/05/2014</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">266,666</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">133,334</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">0.62</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">12/04/2019</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">09/09/2014</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">400,000</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">1.22</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">09/08/2019</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">Elaine Sanders</FONT></TD><TD NOWRAP STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">12/23/2015</FONT></TD><TD NOWRAP STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">133,334</FONT></TD><TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">74,667</FONT></TD><TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">12/23/2015</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">66,666</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">133,334</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">0.44</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">12/22/2020</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">11/06/2015</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">133,333</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">66,667</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">0.50</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">11/05/2020</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">12/05/2014</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">133,333</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">66,667</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">0.62</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">12/04/2019</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">09/09/2014</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">200,000</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">1.22</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">09/08/2019</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Stock options and RSUs granted vest one-third on the date of grant and one-third on each of the
first and second anniversaries of the date of grant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2016 Option Exercises and Stock Vested </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table provides information regarding
stock that vested and stock options that were exercised by our NEOs during 2016. 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Option Awards</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock Awards</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Name</B></P></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Shares<BR> Acquired on<BR> Exercise<BR> #</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value<BR> Realized on<BR> Exercise<BR> $</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Shares<BR> Acquired on Vesting<BR> #</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value<BR> Realized on<BR> Vesting<BR> $</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left">Rick Van Nieuwenhuyse</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">Nil</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">Nil</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">133,333</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">58,667</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Elaine Sanders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">Nil</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">Nil</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,666</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,333</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Nonqualified Deferred Compensation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has no plans that provide for deferred
compensation to its executive officers.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><U><A NAME="a_018"></A>SECURITIES
AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has adopted an Equity Incentive
Plan, a RSU Plan and a Deferred Share Unit Plan (&ldquo;DSU Plan&rdquo;). 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 (&ldquo;DSUs&rdquo;) align directors&rsquo; 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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Equity Compensation Plan Information as
of November 30, 2016</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plan&nbsp;Category</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;Securities&nbsp;to&nbsp;be<BR> Issued&nbsp;Upon&nbsp;Exercise&nbsp;of<BR> Outstanding&nbsp;Options,<BR> Warrants&nbsp;and&nbsp;Rights</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted-Average<BR> Exercise&nbsp;Price&nbsp;of<BR> Outstanding&nbsp;Options,<BR> Warrants&nbsp;and&nbsp;Rights</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;Securities&nbsp;Remaining<BR> Available&nbsp;for&nbsp;Future&nbsp;Issuance&nbsp;Under<BR> Equity&nbsp;Compensation&nbsp;Plans&nbsp;<BR> Excluding&nbsp;Securities&nbsp;Reflected&nbsp;in&nbsp;<BR> Column&nbsp;(a)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(a)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(b)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(c)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 31%; text-align: left">Equity compensation plans approved by security holders</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">7,374,824</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">0.41</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">8,418,146</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">NOVAGOLD Equity compensation plans approved by security holders<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">315,643</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">nil</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,690,467</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,418,146</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Equity compensation plans not approved by security holders</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">N/A</P></TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">N/A</P></TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">N/A</P></TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; padding-left: 48pt; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">7,690,467</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">0.57</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">8,418,146</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Holders of NOVAGOLD equity compensation
plans received one option or right to receive a share in Trilogy for every six options or rights held in NOVAGOLD upon the spin-out
of Trilogy on April 30, 2012 by way of a Plan of Arrangement. The exercise price of the options in Trilogy was determined based
on the relative fair values of Trilogy 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 STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U><A NAME="a_019"></A>Equity Incentive Plan Information</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company currently grants equity under the
Equity Incentive Plan for the benefit of the officers, directors, employees and consultants of the Company or any subsidiary company.
The purpose of the Equity Incentive Plan is to attract, retain and motivate eligible persons and to align the interests of such
persons with those of the Company&rsquo;s shareholders through the incentive inherent in share ownership and by providing them
an opportunity to participate in the Company&rsquo;s future performance through awards of options and bonus shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company believes the Equity Incentive Plan
will increase the Company&rsquo;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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The unallocated entitlements under the Equity
Incentive Plan were approved by the Company&rsquo;s Shareholders on May 20, 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Eligible Participants </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the Equity Incentive Plan, Awards may
be granted to directors, officers, employees and consultants of the Company and its subsidiaries and affiliates.</P>

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


<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The total number of Common Shares reserved
for issuance in connection with Awards granted or that may be granted under the Equity Incentive Plan is 10% of the total number
of issued and outstanding Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The maximum number of shares issuable to insiders
pursuant to the Equity Incentive Plan, together with any shares issued pursuant to any other share compensation arrangement, at
any time shall not exceed (i) 10% of the total number of outstanding shares on the date of grant; and (ii) 10% of the total number
of outstanding Common Shares within any one-year period. No eligible person may be granted options under the Equity Incentive Plan
for more than 15,000,000 Common Shares (subject to adjustment as provided for in the Equity Incentive Plan), in the aggregate in
any calendar year.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cashless Exercise</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the terms of the Equity Incentive Plan,
a &ldquo;net exercise&rdquo; feature allows for optionees to receive, at the discretion of the Board, the number of Common Shares
having a value equal to the number of Common Shares issuable if such options were exercised multiplied by a quotient, the numerator
of which is the result of the market price of one Common Share less the exercise price of one Common Share, and the denominator
of which is the market price of one Common Share, without having to pay cash at the time of exercise</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Administration</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Equity Incentive Plan is to be administered
by the Compensation Committee appointed by the Board of Directors. Subject to the terms of the Equity Incentive Plan, the Compensation
Committee may determine, among other things, the persons to whom Awards may be granted, the number of Awards to be granted to any
person, the exercise price and the schedule and dates for vesting of Awards granted. The term of the Awards granted under the Equity
Incentive Plan shall be determined by the Compensation Committee, however, in no event shall an option be exercisable during a
period extending more than ten years after the date of grant. In the circumstance where the end of the term falls within, or within
ten business days after the end of, a &ldquo;black out&rdquo; or similar period imposed under any insider trading policy or similar
policy of the Company, the end of the term shall be the tenth business day after the earlier of the end of such black out period
or the original expiry date. In no event shall the exercise price of an Award be less than the greater of: (i) the market price,
which means the volume weighted average price of the Common Shares on the TSX for the five trading days prior to the date of grant
of the option; and (ii) the fair market value, which means the closing price of the Common Shares on the TSX on the last trading
day prior to the date of grant of the option.<FONT STYLE="font-size: 10pt"> </FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Share Bonus Plan</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the share bonus plan (the &ldquo;Share
Bonus Plan&rdquo;), the terms of which are included as part of the Equity Incentive Plan, the Board, on the recommendation of the
Compensation Committee, shall have the right, subject to the limitations set forth in the Equity Incentive Plan, to issue or reserve
for issuance, for no cash consideration, to any eligible person, any number of Common Shares as a discretionary bonus of Common
Shares subject to such provisos and restrictions as the Board may determine. The aggregate number of Common Shares that may be
issued under the Share Bonus Plan is 1,000,000.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Change of Control</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of, among other things, a change
of control affecting the Company, the Board of Directors of the Company will notify each awardee under the Equity Incentive Plan
of the full particulars of the offer whereupon all Awards will become vested and may be exercised.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cessation of Entitlement</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If a Director, Officer, employee or consultant
ceases to be so engaged by the Company for any reason, they will have the right to exercise any vested Award not exercised prior
to such termination within the lesser of six months from the date of the termination or the expiry date of the Award, provided
that the Committee retains the discretion to accelerate vesting; provided that if the termination is for just cause the right to
exercise the vested Award shall terminate on the date of termination. All non-vested Awards shall terminate on the date of termination.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 32; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Incentive Stock Options</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">An option granted
to a U.S. participant shall &#9;specify whether such option is an incentive stock option or a nonqualified stock option. The number
of shares available for granting incentive stock options under the Equity Incentive Plan shall not exceed 15,000,000.</FONT> <FONT STYLE="font-size: 10pt">To
the extent that the aggregate Fair Market Value of shares (determined as of the date of grant of the option) with respect to which
Incentive Stock Options are exercisable for the first time by a U.S. participant during any calendar year exceeds US$100,000, or
any limitation subsequently set forth in section 422(d) of the Code, such excess shall be considered a nonqualified stock option.
An incentive stock option will terminate no later than ten years after the date of grant; provided, however, that in the case of
a U. S participant who, at the time of grant, is a 10% shareholder, such incentive stock options will terminate no later than five
years after the date of grant.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amendment</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board may, from time to time, subject to
applicable law and the rules of the TSX, but without shareholder approval, suspend, terminate, or amend the Equity Incentive Plan
or any option granted thereunder for the purposes of (i) making minor or technical modifications, (ii) to correct any ambiguity,
defective provisions, error or omission in the provisions of the Equity Incentive Plan,(iii) to change any vesting provisions of
the options, (iv) to change the termination provisions of the options provided it does not entail an extension beyond the original
expiry date of the options, (v) to<FONT STYLE="font-size: 10pt"> </FONT>add or change provisions relating to any form of financial
assistance provided that would facilitate the purchase of options, (vi) to add a cashless exercise feature providing for the payment
in cash or securities upon the exercise of options, (vii) subject to the restrictions below, to extend the term or reduce the exercise
price of any option previously granted in accordance with Equity Incentive Plan terms, or (viii) to reduce the allocation of shares
to the Share Bonus Plan issuable under the Equity Incentive Plan or; and the Board, absent prior approval of the Shareholders of
Trilogy and the TSX or any regulatory body having authority over the Company, will not be entitled to: (i)&nbsp;increase the maximum
number of Common Shares issuable by the Company pursuant to the Equity Incentive Plan; (ii) amend an option grant for an option
held by an insider to effectively reduce the exercise price or extend the expiry date of such options; (iii) permit options granted
under the Equity Incentive Plan to be transferable or assignable other than for normal estate settlement purposes; (iv) to reduce
the allocation of Common Shares to the Share Bonus Plan; or (v) make any change to the amendment provisions of the Equity Incentive
Plan.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transferability</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Awards under the Equity Incentive Plan are
not transferable or assignable by the participant, otherwise then by will or operation of law.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U><A NAME="a_020"></A>RSU Plan</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The unallocated entitlements under the RSU
Plan were approved by the Company&rsquo;s Shareholders on May 18, 2016.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The RSU Plan is administered
by the Compensation Committee of the Board. Employees, directors and eligible consultants of the Company and its designated subsidiaries
are eligible to participate in the RSU Plan. In accordance with the terms of the RSU Plan, the Company, under the authority of
the Board of Directors through the Committee, will approve those employees, directors and eligible consultants who are entitled
to receive RSUs and the number of RSUs to be awarded to each participant. RSUs awarded to participants are credited to them by
means of an entry in a notional account in their favour on the books of the Company. Each RSU awarded conditionally entitles the
participant to receive one Common Share (or the cash equivalent) upon attainment of the RSU vesting criteria.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The vesting of RSUs is conditional upon the
expiry of a time-based vesting period. The duration of the vesting period and other vesting terms applicable to the grant of the
RSUs shall be determined at the time of the grant by the Compensation Committee.</P>

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

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

<!-- Field: Page; Sequence: 33; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Once the RSUs vest, the participant is entitled
to receive the equivalent number of underlying Common Shares or cash equal to the Market Value of the equivalent number of Common
Shares. The vested RSUs may be settled through the issuance of Common Shares from treasury, by the delivery of Common Shares purchased
in the open market, in cash or in any combination of the foregoing (at the discretion of the Company). If settled in cash, the
amount shall be equal to the number of Common Shares in respect of which the participant is entitled multiplied by the Market Value
of a Common Share on the payout date. Market Value per share is defined in the RSU Plan and means, as at any date (if the Common
Shares are listed and posted for trading on the TSX), the arithmetic average of the closing price of the Common Shares traded on
the TSX for the five (5) trading days on which a board lot was traded immediately preceding such date. The RSUs may be settled
on the payout date, which shall be the third anniversary of the date of the grant or such other date as the Compensation Committee
may determine at the time of the grant, which in any event shall be no later than the expiry date for such RSUs. The expiry date
of RSUs will be determined by the Committee at the time of grant. However, the maximum term for all RSUs is two years after the
participant ceases to be an employee or eligible consultant of the Company. All unvested or expired RSUs are available for future
grants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>Maximum Number of Common
Shares Issued</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">RSUs may be granted in accordance
with the RSU Plan provided the aggregate number of RSUs outstanding pursuant to the RSU Plan from time to time shall not exceed
3% of the number of issued and outstanding Common Shares from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The RSU Plan provides that
the maximum number of Common Shares issuable to insiders (as that term is defined by the TSX) pursuant to the RSU Plan, together
with any Common Shares issuable pursuant to any other security-based compensation arrangement of the Company, will not exceed 10%
of the total number of outstanding Common Shares. In addition, the maximum number of Common Shares issued to insiders under the
RSU Plan, together with any Common Shares issued to insiders pursuant to any other security-based compensation arrangement of the
Company within any one year period, will not exceed 10% of the total number of outstanding Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>Cessation of Entitlement</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Unless otherwise determined
by the Company in accordance with the RSU Plan, RSUs which have not vested on a participant&rsquo;s termination date shall terminate
and be forfeited. If a participant who is an employee ceases to be an employee as a result of termination of employment without
cause, in such case, at the Company&rsquo;s discretion (unless otherwise provided in the applicable Grant Agreement), all or a
portion of such participant&rsquo;s RSUs may be permitted to continue to vest, in accordance with their terms, during any statutory
or common law severance period or any period of reasonable notice required by law or as otherwise may be determined by the Company
in its sole discretion. All forfeited RSUs are available for future grants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">RSUs are not assignable or
transferable other than by operation of law, except, if and on such terms as the Company may permit, to a spouse or minor children
or grandchildren or a personal holding company or family trust controlled by a participant, the sole shareholders or beneficiaries
of which, as the case may be, are any combination of the participant, the participant&rsquo;s spouse, minor children or minor grandchildren,
and after the participant&rsquo;s lifetime shall enure to the benefit of and be binding upon the participant&rsquo;s designated
beneficiary, on such terms and conditions as are appropriate for such transfers to be included in the class of transferees who
may rely on a Form S-8 registration statement under the U.S. Securities Act of 1933, as amended, to sell Common Shares received
pursuant to the RSU.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>Amendments to the RSU
Plan</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The Board may, at any time
and from time to time, without shareholder approval, amend the RSU Plan or any provisions thereof in such manner as the Board,
in its sole discretion, determines appropriate including, without limitation for the purposes of making formal minor or technical
modifications to any of the provisions of the RSU Plan, to correct any ambiguity, defective provision, error or omission in the
provisions of the RSU Plan, to change the vesting provisions of RSUs, to change the termination provisions of RSUs or the RSU Plan
that does not entail an extension beyond the original expiry date of the RSU, to preserve the intended tax treatment of the benefits
provided by the RSU Plan, as contemplated therein, or any amendments necessary or advisable because of any change in applicable
laws; provided, however, that no such amendment of the RSU Plan may be made without the consent of each affected participant if
such amendment would adversely affect the rights of such affected participant(s) under the RSU Plan, and shareholder approval shall
be obtained in accordance with the requirements of the TSX for any amendment that results in (i) an increase in the maximum number
of Common Shares issuable pursuant to the RSU Plan other than as already contemplated in the RSU Plan; (ii) an extension of the
expiry date for RSUs granted to insiders under the RSU Plan; (iii) other types of compensation through Common Share issuance; (iv)
expansion of the rights of a participant to assign RSUs beyond what is currently permitted in the RSU Plan; or (v) the addition
of new categories of participants, other than as already contemplated in the RSU Plan.</P>

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

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

<!-- Field: Page; Sequence: 34; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U><A NAME="a_021"></A>DSU Plan</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>Summary of the Plan</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The DSU Plan provides that non-executive directors
may elect to receive up to 50% of their annual compensation amount (the &ldquo;Annual Base Compensation&rdquo;) in DSUs. A DSU
is a unit credited to a Participant by way of a bookkeeping entry in the books of the Company, the value of which is equivalent
to a Common Share. All DSUs paid with respect to Annual Base Compensation will be credited to the director by means of an entry
in a notional account in their favour on the books of the Company (a &ldquo;DSU Account&rdquo;) when such Annual Base Compensation
is payable. The director&rsquo;s DSU Account will be credited with the number of DSUs determined by dividing the dollar amount
of compensation payable in DSUs on the payment date by the Share Price of a Common Share at the time. Share Price is defined in
the DSU Plan and means (if the Common Shares are listed and posted for trading on the TSX) the closing price of a Common Share
on the TSX averaged over the five (5) consecutive trading days immediately preceding the date of grant or the redemption date,
as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Additionally, the Board may
award such number of DSUs to a non-executive director as the Board deems advisable to provide the director with appropriate equity-based
compensation for the services he or she renders to the Company. The Board shall determine the date on which such DSUs may be granted
and the date as of which such DSUs shall be credited to the director&rsquo;s DSU Account. The Company and a director who receives
such an additional award of DSUs shall enter into a DSU award agreement to evidence the award and the terms applicable thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Generally, a participant in the DSU Plan shall
be entitled to redeem his or her DSUs during the period commencing on the business day immediately following the date upon which
the non-executive director ceases to hold any position as a director of the Company and its subsidiaries and is no longer otherwise
employed by the Company or its subsidiaries, including in the event of death of the participant (the &ldquo;Termination<B> </B>Date&rdquo;)
and ending on the 90th day following the Termination Date, provided, however that for U.S. Eligible Participants, redemption will
be made upon such Participant&rsquo;s &ldquo;separation from service&rdquo; as defined under Internal Revenue Code Section 409A.
Redemptions under the DSU Plan may be in Common Shares issued from treasury, may be purchased by the Company on the open market
for delivery to the director, may be settled in cash or any combination of the foregoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The unallocated entitlements under the DSU
Plan were approved by the Company&rsquo;s Shareholders on May 18, 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>Maximum Number of Common
Shares Issued</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">DSUs may be granted in accordance
with the DSU Plan, provided the aggregate number of DSUs outstanding pursuant to the DSU Plan from time to time does not exceed
2% of the issued and outstanding Common Shares from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The DSU Plan provides that
the maximum number of Common Shares issuable to insiders (as that term is defined by the TSX) pursuant to the DSU Plan, together
with any Common Shares issuable pursuant to any other security-based compensation arrangement of the Company, will not exceed 10%
of the total number of outstanding Common Shares. In addition, the maximum number of Common Shares issued to insiders under the
DSU Plan, together with any Common Shares issued to insiders pursuant to any other security-based compensation arrangement of the
Company within any one year period, will not exceed 10% of the total number of outstanding Common Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">No right to receive payment
of deferred compensation or retirement awards shall be transferable or assignable by any participant under the DSU Plan except
by will or laws of descent and distribution.</P>

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

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

<!-- Field: Page; Sequence: 35; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>Amendments to the DSU
Plan</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The Board may at any time,
and from time to time, and without shareholder approval, amend any provision of the DSU Plan, subject to any regulatory or stock
exchange requirement at the time of such amendment, including, without limitation &#9;for the purposes of making formal minor or
technical modifications to any of the provisions of the DSU Plan including amendments of a &ldquo;clerical&rdquo; or &ldquo;housekeeping&rdquo;
nature, to correct any ambiguity, defective provision, error or omission in the provisions of the DSU Plan, amendments to the termination
provisions of the DSU Plan, amendments necessary or advisable because of any change in applicable laws, amendments to the transferability
of DSUs, amendments relating to the administration of the DSU Plan, or any other amendment, fundamental or otherwise, not requiring
shareholder approval under applicable laws; provided, however, that no such amendment of the DSU Plan may be made without the consent
of each affected participant in the DSU Plan if such amendment would adversely affect the rights of such affected participant(s)
under the DSU Plan, and shareholder approval shall be obtained in accordance with the requirements of the TSX for any amendment
(i) to increase the maximum number of Common Shares which may be issued under the DSU Plan; (ii) to the amendment provisions of
the DSU Plan; or (iii) to the definition of &ldquo;Participant&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets out information concerning
the number and price of securities to be issued under the Equity Incentive, RSU and DSU Plans to employees and other service providers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 36; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Equity Incentive Plan</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RSU Plan</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">DSU Plan</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>As at November 30, 2016 <I>(most recently completed fiscal year)</I></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 37%; text-align: left"><FONT STYLE="font-size: 10pt">Maximum number of Common Shares <U>reserved</U> for issuance</FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">10,528,646</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">3,158,594</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">2,105,729</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Percent of Common Shares outstanding (approximate)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Number of Common Shares <U>issuable</U> upon exercise or vesting of option or right</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,049,433</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">400,001</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">925,390</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Percent of Common Shares outstanding (approximate)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.75</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.38</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.88</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Weighted average exercise price</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Number of Common Shares available for future issuance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,479,213</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,758,593</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,180,339</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Plan Features</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Maximum number of Common Shares authorized for issuance to any one insider or such insider&rsquo;s associate under all share compensation arrangements of the Company &nbsp;within a one-year period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="9" STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt">10% of the total Common Shares outstanding</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Maximum number of Common Shares reserved for issuance to any one person under all share compensation arrangements of the Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="9" STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt">10% of the total Common Shares outstanding</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-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>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="9" STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt">10% of the total Common Shares outstanding</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">As at March 20, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Maximum number of Common Shares <U>reserved</U> for issuance</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,552,789</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,165,836</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,110,557</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Percent of Common Shares outstanding (approximate)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Number of Common Shares <U>issuable</U> upon exercise or vesting of option or right</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,465,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600,002</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">997,631</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Percent of Common Shares outstanding (approximate)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.07</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.57</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.95</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Weighted average exercise price</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.52</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Number of Common Shares remaining available for future issuances</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,087,789</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,565,834</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,112,926</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 37; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">During
the year ended November 30, 2016, upon recommendation of the Compensation Committee, 600,000&nbsp;stock options and 600,000 RSUs
were granted to NEOs as consideration for their services to the Company as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">200,000 stock options at an exercise price of C$0.44 exercisable for a period of five years and
200,000 RSUs were granted to Elaine Sanders subject to a vesting schedule whereby one-third vests on 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">400,000 stock options at an exercise price of C$0.44 exercisable for a period of five years and
400,000 RSUs were granted to Rick Van Nieuwenhuyse subject to a vesting schedule whereby one-third vests on 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.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, 525,000 stock options at an exercise
price of C$0.44 exercisable for a period of five years were granted to non-executive directors. These stock options were all fully
vested on the grant date.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><U><A NAME="a_022"></A>SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT<BR>
AND RELATED SHAREHOLDER MATTERS</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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 20, 2017 by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our NEOs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our directors and nominees;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all of our executive officers and directors as a group; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">each person who is known by us to beneficially own more than 5% of our issued and outstanding Common
Shares.</TD></TR></TABLE>

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

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

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


<!-- Field: Page; Sequence: 38; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">Name</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">Business Address</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Amount and Nature of <BR>
Beneficial Interest<SUP>(1)</SUP></B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Percentage of Class<SUP>(2)</SUP></B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 25%; text-align: left; vertical-align: top">Rick Van Nieuwenhuyse</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: left; vertical-align: top">Suite 1950, 777 Dunsmuir Street<BR> Vancouver, British Columbia<BR> Canada, V7Y 1K4</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; text-align: right">2,897,535</TD><TD STYLE="width: 1%; text-align: left"><SUP>(4)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; text-align: right">2.7</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">Elaine Sanders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Suite 1950, 777 Dunsmuir Street<BR> Vancouver, British Columbia<BR> Canada, V7Y 1K4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,139,792</TD><TD STYLE="text-align: left"><SUP>(5)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">Tony Giardini</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Suite 1950, 777 Dunsmuir Street<BR> Vancouver, British Columbia<BR> Canada, V7Y 1K4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">577,266</TD><TD STYLE="text-align: left"><SUP>(6)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">William Hayden</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Suite 1950, 777 Dunsmuir Street<BR> Vancouver, British Columbia<BR> Canada, V7Y 1K4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">325,000</TD><TD STYLE="text-align: left"><SUP>(7)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">Gregory Lang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Suite 1950, 777 Dunsmuir Street<BR> Vancouver, British Columbia<BR> Canada, V7Y 1K4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">597,664</TD><TD STYLE="text-align: left"><SUP>(8)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">Kalidas Madhavpeddi</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Suite 1950, 777 Dunsmuir Street<BR> Vancouver, British Columbia<BR> Canada, V7Y 1K4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">595,327</TD><TD STYLE="text-align: left"><SUP>(9)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">Gerald McConnell</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Suite 1950, 777 Dunsmuir Street<BR> Vancouver, British Columbia<BR> Canada, V7Y 1K4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">565,777</TD><TD STYLE="text-align: left"><SUP>(10)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">Janice Stairs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Suite 1950, 777 Dunsmuir Street<BR> Vancouver, British Columbia<BR> Canada, V7Y 1K4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">578,068</TD><TD STYLE="text-align: left"><SUP>(11)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">Diana Walters</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Suite 1950, 777 Dunsmuir Street<BR> Vancouver, British Columbia<BR> Canada, V7Y 1K4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">162,040</FONT></TD><TD STYLE="text-align: left"><SUP>(12)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; vertical-align: top">All directors and executive officers as a group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,438,470</TD><TD STYLE="font-weight: bold; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7.0</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">Electrum Strategic Opportunities Fund (&ldquo;Electrum&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">700 Madison Avenue, 5<SUP>th</SUP> Floor,</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">New York, NY, USA 10065</P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,348,743</TD><TD STYLE="text-align: left"><SUP>(3)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.4</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">Paulson &amp; Co. Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">1251 Avenue of the Americas, 50th Floor, New York, NY, USA 10020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,364,048</TD><TD STYLE="text-align: left"><SUP>(13)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.3</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">Baupost Group, L.L.C.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">10 St. James Ave, Suite 1700 Boston, MA, USA 02116</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,600,758</TD><TD STYLE="text-align: left"><SUP>(14)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.9</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">Resource Capital Fund VI L.P.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">1400 Sixteenth Street, Suite 200 Denver, CO, USA 80202</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,353,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.8</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">Gold First Investments Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Unit 801-2-8F, 244-248 Des Voeux Road Central, Sheung Wan, Hong Kong</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,568,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.3</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-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&nbsp;days, including upon the exercise of options, warrants or convertible securities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify">Based on 105,527,893 Common Shares issued and outstanding as of March 20, 2017, plus any common
shares deemed to be beneficially owned pursuant to options that are exercisable within 60 days from March 20, 2017.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 39; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(3)</TD><TD STYLE="text-align: justify">Includes (i) 10,000 common shares held by Tigris Financial Group Ltd. (&ldquo;Tigris&rdquo;), (ii)
113,739 common shares held directly by Mr. Thomas Kaplan, (iii) 21,630,801 common shares held by Electrum Strategic Opportunities
Fund L.P. (&ldquo;ESOF&rdquo;), (iv) 2,760,870 common shares issuable upon the exercise of warrants held by ESOF that are currently
exercisable, (v) 833,333 common shares held by GRAT Holdings LLC (&ldquo;GRAT Holdings&rdquo;), and (vi) 2,760,870 currently exercisable
warrants held directly by Electrum. Mr. Thomas Kaplan has sole voting and investment power with respect to the 10,000 common shares
held by Tigris and the 113,739 common shares. GRAT Holdings has sole voting and investment power with respect to the 833,333 common
shares it holds directly. Each of Mr. Thomas Kaplan, GRAT Holdings, ESOF, Electrum Global Holdings L.P. (&ldquo;Global Holdings&rdquo;),
TEG Global GP Ltd (&ldquo;TEG Global&rdquo;), ESOF GP Ltd. (&ldquo;ESOF GP&rdquo;), Leopard Holdings LLC (&ldquo;Leopard&rdquo;)
and The Electrum Group LLC (&ldquo;TEG Services&rdquo;) may be deemed to share the power to vote and dispose of the 21,630,801
common shares and 2,760,870 warrants held directly by ESOF and, accordingly, each may be deemed to beneficially own such shares.
ESOF GP is the sole general partner of Electrum Strategic Opportunities Fund GP L.P., the sole general partner of ESOF. Global
Holdings is the owner of all of the equity interests of ESOF GP. TEG Global is the sole general partner of, and TEG Services is
the investment adviser to, Global Holdings. TEG Services possesses voting and investment discretion with respect to assets of Global
Holdings, including indirect investment discretion with respect to the common shares held by ESOF. TEG Global is principally owned
and controlled by Leopard, which is owned and controlled by GRAT Holdings.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(4)</TD><TD STYLE="text-align: justify">Includes 1,824,999 Common Shares underlying options exercisable within 60 days of March 20, 2017.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(5)</TD><TD STYLE="text-align: justify">Includes 733,332 Common Shares underlying options exercisable within 60 days of March 20, 2017.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(6)</TD><TD STYLE="text-align: justify">Includes 400,000 Common Shares underlying options exercisable within 60 days of March 20, 2017,
and 169,218 DSUs as of March 20, 2017.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(7)</TD><TD STYLE="text-align: justify">Includes 250,000 Common Shares underlying options exercisable within 60 days of March 20, 2017,
and 75,000 DSUs as of March 20, 2017.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(8)</TD><TD STYLE="text-align: justify">Includes 400,000 Common Shares underlying options exercisable within 60 days of March 20, 2017,
and 163,768 DSUs as of March 20, 2017.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(9)</TD><TD STYLE="text-align: justify">Includes 416,666 Common Shares underlying options exercisable within 60 days of March 20, 2017,
and 174,368 DSUs as of March 20, 2017.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(10)</TD><TD STYLE="text-align: justify">Includes 400,000 Common Shares underlying options exercisable within 60 days of March 20, 2017,
and 160,168 DSUs as of March 20, 2017.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(11)</TD><TD STYLE="text-align: justify">Includes 400,000 Common Shares underlying options exercisable within 60 days of March 20, 2017,
and 168,068 DSUs as of March 20, 2017.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(12)</TD><TD STYLE="text-align: justify">Includes 75,000 Common Shares underlying options exercisable within 60 days of March 20, 2017,
and 87,040 DSUs as of March 20, 2017.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(13)</TD><TD STYLE="text-align: justify">Includes 11,603,178 common shares and 2,760,870 currently exercisable warrants held by Paulson
&amp; Co. Inc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(14)</TD><TD STYLE="text-align: justify">Includes 10,600,758 common shares and 1,000,000 currently exercisable warrants held by The Baupost
Group, L.L.C.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 16.5pt">*</TD><TD STYLE="text-align: justify">Percentage of Common Shares beneficially owned or over which control or direction is exercised,
directly or indirectly, is less than 1%.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 16.5pt; text-align: justify; text-indent: -16.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 20, 2017, we had approximately
1,506 registered holders of Common Shares.</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_023"></A>DIRECTOR COMPENSATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Non-executive directors each are eligible to
receive an annual retainer of $24,000 in cash of which each director can elect to receive 50% of their annual retainer in DSUs.
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 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&rsquo;s Board. The directors are reimbursed for
expenses incurred on the Company&rsquo;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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During fiscal 2016, non-executive directors
were granted 525,000 stock options at an exercise price of C$0.44 exercisable for a period of five years. These stock options were
all fully vested on the grant date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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. In 2016, the
Compensation Consultant completed a review of the Company&rsquo;s director compensation, gathering of market information, commentary
on market conditions and director compensation analysis. 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. No changes were made to the director&rsquo;s compensation program in 2016.</P>

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


<!-- Field: Page; Sequence: 40; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U><A NAME="a_024"></A>Director Compensation Table</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The summary compensation
table below sets out the compensation provided to the Company&rsquo;s non-executive directors for the fiscal year ended November
30, 2016.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Name</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fees <BR> Earned or <BR> Paid in <BR> Cash<BR> $</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Stock </B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Awards<SUP>(1)</SUP></B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Option <BR> Awards<BR> $</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Non-Equity </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Incentive Plan<BR> Compensation<BR> $</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nonqualified <BR> Deferred <BR> Compensation <BR> Earnings</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other <BR> Compensation<BR> $</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total<BR> $</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; text-align: left">Tony Giardini</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">30,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">12,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">9,475</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">51,476</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">William Hayden</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,476</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Gregory Lang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,476</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Igor Levental<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,896</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,366</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,738</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Kalidas Madhavpeddi</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,476</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gerald McConnell</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,476</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Janice Stairs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,476</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Diana Walters<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,903</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,429</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,332</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: left">The 2016 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: left">Mr. Levental did not stand for re-election at the Annual General Meeting held on May 18, 2016.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: left">Ms. Walters was appointed to the board of directors on May 18, 2016.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U><A NAME="a_025"></A>DSU Plan for Directors</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">In an effort to preserve
cash and to build share ownership, the Directors can 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. The majority of the directors elected to receive in DSUs
50% of their annual retainer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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 and the Company&rsquo;s Shareholders
on May 21, 2013.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 41; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: White"><U><A NAME="a_026"></A>Incentive
Plan Awards</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Outstanding Option-Based and Share-Based
Awards</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The following table sets
out information concerning all option-based and share-based awards outstanding for each director (excluding NEOs) as of November
30, 2016 including awards granted before the most recently completed financial year.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="12" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Option-Based&nbsp;Awards</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Share-Based&nbsp;Awards</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Name</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Grant&nbsp;Date</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of<BR> Securities<BR> Underlying<BR> Unexercised<BR> Options</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Option<BR> Exercise<BR> Price<BR> C$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Option<BR> Expiration<BR> Date</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Value&nbsp;of</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Unexercised</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>in-the-money</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Options<SUP>(1)</SUP>&nbsp;</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;<BR> Shares&nbsp;or&nbsp;<BR> Units&nbsp;of&nbsp;<BR> Shares&nbsp;that&nbsp;<BR> have&nbsp;not&nbsp;<BR> Vested</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Market&nbsp;or</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Payout&nbsp;Value</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>of&nbsp;Shares&nbsp;or</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Units&nbsp;of</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Shares&nbsp;that</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>have&nbsp;not</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Vested<SUP>(2)</SUP>&nbsp;</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Market-</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>related&nbsp;or&nbsp;</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Payout&nbsp;Value&nbsp;</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>of&nbsp;Unearned</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Shares&nbsp;or</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Units&nbsp;that</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>have&nbsp;not</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Vested<SUP>(2)</SUP>&nbsp;</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 20%; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center; background-color: rgb(204,238,255)">12/23/2015</TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 7%; text-align: right; background-color: rgb(204,238,255)">75,000</TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 7%; text-align: right; background-color: rgb(204,238,255)">0.44</TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center; background-color: rgb(204,238,255)">12/22/2020</TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 7%; text-align: right; background-color: rgb(204,238,255)">45,060</TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 7%; text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 7%; text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 1%; background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="width: 7%; text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(204,238,255)">Tony</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">11/06/2015</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">100,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">0.50</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">11/05/2020</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: rgb(204,238,255)">Giardini</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/05/2014</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">75,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">0.62</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/04/2019</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">09/09/2014</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">75,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">1.22</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">09/08/2019</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(204,238,255)">William</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/23/2015</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">75,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">0.44</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/22/2020</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">37,240</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: rgb(204,238,255)">Hayden</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">11/06/2015</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">100,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">0.50</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">11/05/2020</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: rgb(204,238,255)">Gregory</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/23/2015</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">75,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">0.44</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/22/2020</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">45,060</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(204,238,255)">Lang</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">11/06/2015</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">100,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">0.50</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">11/05/2020</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/05/2014</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">75,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">0.62</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/04/2019</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">09/09/2014</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">75,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">1.22</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">09/08/2019</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/23/2015</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">75,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">0.44</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/22/2020</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">45,060</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: rgb(204,238,255)">Kalidas</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">11/06/2015</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">100,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">0.50</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">11/05/2020</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(204,238,255)">Madhavpeddi</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/05/2014</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">75,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">0.62</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/04/2019</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">09/09/2014</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">75,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">1.22</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">09/08/2019</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/23/2015</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">75,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">0.44</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/22/2020</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">45,060</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(204,238,255)">Gerald</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">11/06/2015</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">100,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">0.50</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">11/05/2020</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: rgb(204,238,255)">McConnell</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/05/2014</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">75,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">0.62</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/04/2019</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">09/09/2014</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">75,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">1.22</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">09/08/2019</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/23/2015</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">75,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">0.44</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/22/2020</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">45,060</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: rgb(204,238,255)">Janice</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">11/06/2015</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">100,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">0.50</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">11/05/2020</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(204,238,255)">Stairs</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/05/2014</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">75,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">0.62</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">12/04/2019</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">09/09/2014</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">75,000</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">1.22</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">09/08/2019</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: White">&nbsp;</TD><TD STYLE="text-align: right; background-color: White">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">Diana Walters</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">-</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: rgb(204,238,255)">-</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="background-color: rgb(204,238,255)">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD><TD STYLE="text-align: right; background-color: rgb(204,238,255)">-</TD><TD STYLE="text-align: left; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Based on the price of the Company&rsquo;s Common Shares on the TSX as of November 30, 2016 of C$0.76
less the option exercise price converted into US dollars at an exchange rate of 1 USD = 1.3280 CAD.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Based on the price of the Company&rsquo;s Common Shares on the TSX as of November 30, 2016 of C$0.76
converted into US dollars at an exchange rate of 1 USD = 1.3280 CAD.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Value Vested or Earned During the Year</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The following table sets
out information concerning the value of incentive plan awards &ndash; option-based and share-based awards as well as non-equity
incentive plan compensation &ndash; vested or earned by each director (other than NEOs) during the financial year ended November
30, 2016.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Option-Based&nbsp;Awards</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Share-Based&nbsp;Awards</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Name</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of<BR> Securities<BR> Underlying<BR> Options&nbsp;Vested</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Value&nbsp;Vested</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>During&nbsp;the&nbsp;Year<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(2)</SUP></FONT></B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of<BR> Shares&nbsp;or&nbsp;Units&nbsp;<BR> of&nbsp;Shares&nbsp;<BR> Vested</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Value&nbsp;Vested</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>During&nbsp;the&nbsp;<BR> Year<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-equity&nbsp;<BR> Incentive&nbsp;Plan&nbsp;<BR> Compensation&nbsp;&ndash;<BR> Value&nbsp;Earned&nbsp;<BR> During&nbsp;the&nbsp;Year<BR> $</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Tony Giardini</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">75,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">9,475</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">28,602</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">12,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">William Hayden</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Gregory Lang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,602</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Igor Levental</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,569</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,365</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Kalidas Madhavpeddi</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,602</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gerald McConnell</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,602</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Janice Stairs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,602</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Diana Walters</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,428</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Amounts in respect of option-based awards valued using the Black-Scholes valuation model.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><U><A NAME="a_027"></A>INDEBTEDNESS
OF DIRECTORS AND OFFICERS</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">As of November 30, 2016,
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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><U><A NAME="a_028"></A>INTEREST
OF INFORMED PERSONS IN MATERIAL TRANSACTIONS</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">No informed person of the
Company, which includes each person who has been a Director or executive officer of the Company since the beginning of the most
recently completed fiscal year, 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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">In accordance with its charter,
our Audit Committee is responsible for reviewing and approving all related person transactions if the amount involved exceeds $120,000
and a related person had or will have a direct or indirect material interest. The Audit Committee does not currently have a written
related party transaction policy but its practice is to consider relevant factors and circumstances in determining whether or not
to approve or ratify such a transaction. Based on its consideration of all relevant facts and circumstances, the Audit Committee
decides whether or not to approve such transactions and approves only those transactions that are deemed to be in the overall best
interests of the Company.</P>

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


<!-- Field: Page; Sequence: 43; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><U><A NAME="a_029"></A>STATEMENT
OF CORPORATE GOVERNANCE PRACTICES</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">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&rsquo;s commitment to effective corporate governance, the Board, with the assistance of
the Audit and Corporate Governance and Nominating Committees, monitors changes in legal requirements and best practices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Set out below is a description
of certain corporate governance practices of the Company, as required by National Instrument 58-101 &ndash; <I>Disclosure of Corporate
Governance Practices</I> (&ldquo;NI 58-101&rdquo;) and recommended by National Policy 58-201 &ndash; <I>Corporate Governance Guidelines</I>
(&ldquo;NP 58-201&rdquo;).</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Board of Directors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9;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 8 directors, a majority
of whom (7 of 8) are independent. Messrs.&nbsp; Giardini, Hayden, Lang, Madhavpeddi, McConnell, and Mmes. Stairs and Walters are
considered to be &ldquo;independent&rdquo; directors for the purposes of NI&nbsp;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. &#9;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 7 board meetings were held
during the fiscal year ended November 30, 2016. 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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s independent directors are
expected to meet at least annually in executive session without the presence of non-independent 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. At the end
of regularly scheduled Board meetings, the directors regularly meet in-camera without management present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: White">The
Board members are not required to attend the annual and special meeting of Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The Board has four standing committees: Compensation,
Audit, Corporate Governance and Nominating, and EHST. Special committees are formed as needed.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ethical Business Conduct</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The Board has adopted a
Code of Business Conduct and Ethics (the &ldquo;Code&rdquo;) for the Company&rsquo;s directors, officers and employees, as well
as a Code of Conduct for Chief Executive and Senior Financial Officers (the &ldquo;Senior Officer Code&rdquo;) for the Company&rsquo;s
Chief Executive Officer, Chief Financial Officer and Corporate Controller. Copies of the Code and the Senior Officer Code are
available on the Company&rsquo;s website at<U> www.trilogymetals.com</U>, on SEDAR at <U>www.sedar.com,</U> and may be obtained
by contacting the Company at the address given under &ldquo;Additional Information&rdquo; at the end of this Circular. The Company
intends to disclose on its website or by filing a Form 8-K, any change to, or waivers from, the Senior Officer Code or the Code
that relates to any element of &ldquo;code of ethics&rdquo; enumerated in Item 406(b) in Regulation S-K or otherwise required
by the rules of the NYSE-MKT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has appointed the Company&rsquo;s
Chief Financial Officer to serve as the Company&rsquo;s Ethics Officer to ensure adherence to the Code. Under the Code, directors,
officers and employees is required to disclose any actual or potential conflict of interest to the Company&rsquo;s Ethics Officer
or the Chair of the Audit Committee. Under the Code, no director, officer or employee shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">be a consultant to, or a director, officer or employee
of, or otherwise operate an outside business that:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">competes with the Company;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">supplies products or services to the Company; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">purchases products or services from the Company;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"></P>

<!-- Field: Page; Sequence: 44; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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&rsquo;s,
officer&rsquo;s or employee&rsquo;s responsibilities to the Company;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">accept any personal loan or guarantee of obligations
from the Company, except to the extent such arrangements are legally permissible; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain of the Company&rsquo;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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

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

<!-- Field: Page; Sequence: 45; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The following directors and
officers currently serve on the following boards of directors of other public companies:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Reporting Issuer</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">William Hayden</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">China Polymetallic Mining Ltd (HKEx: stock code 2133)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Condoto Platinum NL (ASX: CPD)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Globe Metals &amp; Mining Ltd. (ASX: GBE)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ivanhoe Mines Ltd (TSX: IVN)</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Gregory Lang</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">NOVAGOLD Resources Inc. (TSX, NYSE-MKT: NG)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Kalidas Madhavpeddi</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Capstone Mining Corp. (TSX: CS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NOVAGOLD Resources Inc. (TSX, NYSE-MKT: NG)</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Gerald McConnell</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Namibia Rare Earths Inc. (TSX: NRE)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NOVAGOLD Resources Inc. (TSX, NYSE-MKT: NG)</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Elaine Sanders</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Alexco Resource Corp. (TSX: AXR, NYSE-MKT: AXU)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Janice Stairs</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">AuRico Metals Inc. (TSX: AMI)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Rick Van Nieuwenhuyse</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Alexco Resource Corp. (TSX: AXR, NYSE-MKT: AXU)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SolidusGold Inc. (TSX-V: SDC)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NOVAGOLD Resources Inc. (TSX, NYSE-MKT: NG)</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Diana Walters</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Platinum Group Metals (TSX: PTM, NYSE-MKT: PLG)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Electrum Special Acquisition Corporation (NASDAQ: ELECU)</P></TD></TR>
</TABLE>
<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Board Mandate</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board has adopted a written mandate, a
copy of which is attached herewith as Appendix &ldquo;A&rdquo;. The mandate of the Board is to enhance and preserve long term shareholder
value, and to ensure the Company meets the Company&rsquo;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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">review and approve strategic plans on an annual basis
and monitor annual programs in relation to strategic plans;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">review operating and financial performance relative to
budgets and objectives;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">ensure the integrity and effectiveness of the Company&rsquo;s
internal control and management information systems;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">understand the principal risks of the Company&rsquo;s
business and ensure that there are systems in place which effectively monitor and manage those risks with a view to the Company&rsquo;s
long-term viability;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">monitor and evaluate the performance of the CEO, establish
compensation programs and succession planning and determine compensation of the CEO and senior management;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">ensure the Company operates at all times within applicable
laws and regulations and to the highest ethical and moral standards;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">appoint Board committees, including the Audit Committee,
and delegate to those committees any appropriate powers of the Board; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt"></P>

<!-- Field: Page; Sequence: 46; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Position Descriptions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-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, Compensation
Committee, Corporate Governance and Nominating Committee, and the EHST 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 Gerald McConnell. The
Chair of the Board is principally responsible for overseeing the operations and affairs of the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-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 STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Orientation and Continuing Education</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company provides an orientation and
education program to new directors. This program consists of providing education regarding directors&rsquo; 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&rsquo;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. &#9;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>request that directors or officers determine their training and education needs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>arrange visits to the Company&rsquo;s projects or operations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>arrange funding for the attendance at seminars or conferences of interest and relevance to their position; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>encourage participation or facilitate presentations by members of management or outside experts on matters of particular importance
or emerging significance.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: Yellow"></FONT></P>

<!-- Field: Page; Sequence: 47; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: White">During 201<FONT STYLE="font-size: 10pt">6</FONT>,
directors participated in Company provided educational sessions and received educational materials on the topics outlined below.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: center; border-bottom: Black 1pt solid"><B>Date</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: center; border-bottom: Black 1pt solid"><B>Educational Program</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 24%; text-align: center; border-bottom: Black 1pt solid"><B>Presented By</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 22%; text-align: center; border-bottom: Black 1pt solid"><B>Participant</B></TD></TR>
<TR>
    <TD>February 5, 2016</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>2016 Proxy Season: Overview of ISS and Glass Lewis Guidelines</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Elaine Sanders</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Board of Directors</TD></TR>
<TR>
    <TD>April 6, 2016</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>U.S. GAAP: New Accounting for Leases</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>PricewaterhouseCoopers LLP</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Audit Committee</TD></TR>
<TR>
    <TD>July 26, 2016</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Permitting in Alaska and Ambler Mining District Industrial Access Project Overview</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Dorsey &amp; Whitney LLP</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Board of Directors</TD></TR>
<TR>
    <TD>July 26, 2016</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Fort Knox Mine Tour</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Fort Knox Mine</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Board of Directors</TD></TR>
<TR>
    <TD>July 27, 2016</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Upper Kobuk Mineral Projects Site Tour</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>NovaCopper US Inc.</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Board of Directors</TD></TR>
<TR>
    <TD>November 2, 2016</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Gender Diversity on Boards in Canada Update</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Blake, Cassels &amp; Graydon LLP</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Corporate Governance &amp; Nominating Committee</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board also encourages senior management
to participate in professional development programs and courses and supports management&rsquo;s commitment to training and developing
employees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Board&rsquo;s Role in Risk Oversight</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Shareholder Communications to the Board </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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, Trilogy Metals 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 STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 48; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Audit Committee and Audit Committee
Financial Expert</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-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&rsquo;s qualifications and independence, (iii) the performance of the Company&rsquo;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 &ldquo;audit committee financial
expert&rdquo; as defined by the SEC. The Company&rsquo;s Audit Committee consists of fully independent members and the Company&rsquo;s
&ldquo;audit committee financial expert&rdquo; is Tony Giardini. The Audit Committee meetings are held quarterly at a minimum.
The Audit Committee met four times in the year ended November 30, 2016. The Company&rsquo;s Audit Committee Charter is available
on the Company&rsquo;s website at <U>www.trilogymetals.com</U>.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Corporate Governance and Nominating
Committee</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 consists of Janice Stairs (Chair), Greg Lang and Diana Walters. All members of the Corporate Governance and
Nominating Committee are independent.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">The Corporate Governance
and Nominating Committee met five times in the year ended November 30, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Corporate Governance and Nominating Committee
Charter, which can be found on the Company&rsquo;s website at <U>www.trilogymetals.com</U>, states that the Corporate Governance
and Nominating Committee will assist the Board by (i)&nbsp;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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Director Nomination Policies </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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 &ldquo;Shareholder Proposals&rdquo; in this Circular. None of the current nominees were nominated
by a Shareholder pursuant to a shareholder proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Annually, the Corporate Governance and Nominating
Committee follows a process designed to consider the re-election 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&rsquo;s continued ability and
willingness to serve as a director. The Committee also assesses each person&rsquo;s contribution in light of the mix of skills
and experience the Committee deems appropriate for the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White"></FONT></P>

<!-- Field: Page; Sequence: 49; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Director term limits were
considered by both the Corporate Governance and Nominations Committee and the Board and the Board has determined to not adopt a
mandatory tenure or retirement age policy at this time. To ensure adequate board renewal, the Corporate Governance and Nominations
Committee is responsible for conducting an annual assessment of the Board. The assessment includes an evaluation of the tenure
and performance of individual directors and a review of the composition and effectiveness of the Board and its committees. Assessments
include a review of skills and competencies, both universal, which are important for all board members to possess and collective,
which are important for one or more Board members to possess for the effective stewardship of the Company. Assessment will also
consider whether there are sufficient diversity on the Board and its committees. The results of the annual assessment are reported
to the Board along with any recommendations from the Corporate Governance and Nominations Committee for improving the composition
of the Board.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The Company recognizes and
embraces the benefits of having a diverse Board and executive team and has developed and the Board has approved a written diversity
policy (the &ldquo;Diversity Policy&rdquo;). A diverse Board will include and make good use of differences in the skills, regional
and industry experience, background, race, gender and other distinctions between directors. These differences will be considered
in determining the composition of the Board. All Board and executive appointments are made on merit, in the context of the skills,
experience, independence and knowledge which the Board as a whole requires to be effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The Corporate Governance
and Nominations Committee (the &ldquo;Committee&rdquo;) reviews and assesses Board composition on behalf of the Board and recommends
the appointment of new directors. The Committee also oversees the conduct of the annual review of Board effectiveness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The Board recognizes that
gender diversity is a significant aspect of diversity and acknowledges the role that women with the right skills and experience
can play in contributing to diversity of the perspective in the boardroom and at the executive level. Selection of female candidates
to join the Board or the executive team will be, in part, dependent on the pool of female candidates with the necessary skills,
knowledge and experience. The ultimate decision will be based on merit and the contribution the chosen candidate will bring to
the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The Diversity Policy also
covers senior executive appointments and requires the CEO to have reference to the policy in selecting and assessing candidates
and in presenting recommendations to the Board regarding appointments to the senior executive team. The Diversity Policy requires
the Board to also consider gender diversity and the objectives of the policy when considering those recommendations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">At the date of adoption of
the Diversity Policy, the Board&rsquo;s aspirational target was to ensure that at least 25% of the Board was made up of women.
Although the Company has not adopted specific targets for women in executive positions, the Company has had female leadership in
executive positions since the Company&rsquo;s inception.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Although the Company did
not adopt a formal Diversity Policy until the 2016 fiscal year, the Board has always considered diversity as an important aspect
of its decision making when recommending appointments to the Board or the executive team. Below is a chart showing the number of
women on the Company&rsquo;s Board and in executive officer positions at the end of the Company&rsquo;s fiscal year.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="text-align: center; border-bottom: Black 1pt solid">Board Positions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="text-align: center; border-bottom: Black 1pt solid">Executive Officer Positions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">As at the <BR> End of <BR> the <BR> Fiscal <BR> Year</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Target</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"># of <BR> Women <BR> on Board</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Total # of <BR> Board <BR> Members</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Target</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"># of <BR>Women<BR> Executive<BR> Officers</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Total # of <BR> Executive <BR> Officers</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 12%; text-align: center">2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">25</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">25</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">N/A</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">50</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

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

<!-- Field: Page; Sequence: 50; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>Majority Voting Policy</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">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&rsquo; meeting. If the number of Common Shares &ldquo;withheld&rdquo; for any nominee exceeds
the number of Common Shares voted &ldquo;for&rdquo; 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 all factors deemed relevant. The Board must take formal action on the Governance
and Nominating Committee&rsquo;s recommendation within 90 days of the date of the applicable Shareholders&rsquo; meeting and announce
its decision by press release. Absent exceptional circumstances, the Board will be expected to accept the resignation which will
be effective on such date. The policy does not apply in circumstances involving contested director elections.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Compensation Committee Interlocks and Insider
Participation </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board has a Compensation Committee, as
more fully described under the heading &ldquo;Statement of Executive Compensation &ndash; Compensation Discussion and Analysis&rdquo;.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">There were no Compensation Committee or Board interlocks among the
members of our Board during 2016.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">Other
Board of Directors&rsquo; Committees</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="background-color: White">In
addition to the Audit Committee, Compensation Committee, and Corporate Governance and Nominating Committee, the Company also has
the following standing committee: Environment, Health, Safety and Technical Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">The
role of the EHST Committee is to review, monitor and assess the effectiveness of the Company&rsquo;s environmental policies and
activities and the Company&rsquo;s activities as they relate to health and safety issues. The EHST Committee is comprised of Gregory
Lang (Chair), William Hayden, and Kalidas Madhavpeddi.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">Special
Committees are struck as needed.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">Assessments</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="background-color: White">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 Nominating Committee is 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 Nominating Committee
may 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><U><A NAME="a_030"></A>OTHER BUSINESS</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 51; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><U><A NAME="a_031"></A>ADDITIONAL
INFORMATION</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-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>. <B>The Company will furnish
to Shareholders, free of charge, a hardcopy of the Company&rsquo;s financial statements and management&rsquo;s discussion and analysis
and/or a hardcopy of the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended November 30, 2016, upon request to
Corporate Secretary at Trilogy Metals Inc., Suite 1950, 777 Dunsmuir Street, Vancouver, British Columbia, V7Y 1K4, Telephone 604-638-8088,
Fax 604-638-0644.</B> Financial information is provided in the Company&rsquo;s comparative financial statements and management&rsquo;s
discussion and analysis for its most recently completed financial year.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><U><A NAME="a_032"></A>HOUSEHOLDING</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The SEC&rsquo;s rules permit the Company to
deliver a single set of proxy materials to one address shared by two or more of Shareholders. This practice, known as &ldquo;householding,&rdquo;
is intended to reduce the Company&rsquo;s printing and postage costs. The Company has delivered only one set of proxy materials
to Shareholders who hold their shares through a bank, broker or other holder of record and share a single address, unless the Company
has received contrary instructions from any Shareholder at that address. However, any such street name holder residing at the same
address who wishes to receive a separate copy of the proxy materials may make such a request by contacting the bank, broker or
other holder of record, or Broadridge Financial Solutions, Inc. at (800) 542-1061 or in writing at Broadridge, Householding Department,
51 Mercedes Way, Edgewood, NY 11717. Street name holders residing at the same address who would like to request householding of
Company materials may do so by contacting the bank, broker or other holder of record or Broadridge at the phone number or address
listed above.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><U><A NAME="a_033"></A>OTHER MATERIAL
FACTS</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-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 STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><U><A NAME="a_034"></A>SHAREHOLDER
PROPOSALS </U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the rules of the SEC, Shareholder
proposals intended to be presented at the 2018 annual meeting of the Shareholders of the Company, and to be included in the Company&rsquo;s
proxy materials for the 2018 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 28, 2017, 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&rsquo;s annual meeting of the Shareholders of the Company, then the deadline to submit a proposal to be considered
for inclusion in next year&rsquo;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 2018 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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s Articles do not provide
a method for a Shareholder to submit a proposal for consideration at the 2018 annual general meeting of the Shareholders. However,
the BCBCA, in Division 7, &ldquo;Shareholder Proposals&rdquo;, sets forth the procedure by which a person who:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">is a registered owner or beneficial owner of one or more Common Shares; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-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,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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 &ldquo;proposal&rdquo;). 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&rsquo;s
last annual general meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 52; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Proxies for the 2018 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&rsquo;s 2017 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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders must submit written proposals,
in accordance with the foregoing procedures, to the following address:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Trilogy Metals Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Attention: Elaine Sanders, Corporate Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">c/o Blake, Cassels &amp; Graydon LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Suite 2600, 595 Burrard Street<BR>
Vancouver, British Columbia<BR>
Canada V7X 1L3<BR>
<BR>
</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><U><A NAME="a_035"></A>CERTIFICATE</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">BY ORDER OF THE BOARD OF
DIRECTORS<FONT STYLE="text-transform: uppercase">, this 28<SUP>TH</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>DAY of marcH, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 238.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-bottom: 1pt; text-align: justify">&ldquo;<I>Rick Van Nieuwenhuyse</I>&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Rick Van Nieuwenhuyse</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">President and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 238.3pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 53; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><A NAME="a_036"></A>APPENDIX A<BR>
BOARD MANDATE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TRILOGY METALS INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(the &ldquo;Company&rdquo;)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BOARD OF DIRECTORS TERMS OF REFERENCE</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 10pt"><B>A.</B></FONT></TD><TD><B>PURPOSE</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors (the &quot;Board&quot;)
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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.9pt; text-indent: -35.9pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 10pt"><B>B.</B></FONT></TD><TD><B>COMPOSITION, PROCEDURES AND ORGANIZATION</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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&rsquo;s constating documents, the <I>Business Corporations
Act</I> (British Columbia) (the &ldquo;BCBCA&rdquo;), and the rules and requirements of any securities exchanges that the Company&rsquo;s
securities are listed on, the Board may constitute, seek the advice of and delegate powers, duties and responsibilities to committees
of the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board shall determine the number of directors,
which shall not be less than 3, required to effectively manage the Company&rsquo;s affairs. The Board shall review the recommendation
from the Company&rsquo;s Corporate Governance and Nominating Committee regarding the nominees, and shall recommend the slate of
nominees for election by shareholders at the annual meeting. The directors are elected annually at the Company&rsquo;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&rsquo;s shares are listed (&ldquo;Applicable Laws&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The majority of the directors shall be independent
as determined by Applicable Laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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 on a regular basis as often
as necessary to fulfill their responsibilities including at least once every year in an executive session without the presence
of non-independent directors and management.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board has developed a calendar of the activities
to be undertaken by the Board for each meeting, a copy of which is attached hereto as Appendix A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.9pt; text-indent: -35.9pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 10pt"><B>C.</B></FONT></TD><TD><B>DUTIES AND RESPONSIBILITIES</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board's principal duties and responsibilities
fall into a number of categories which are outlined below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.9pt; text-align: justify; text-indent: -35.9pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Legal Requirements</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">a)</TD><TD STYLE="text-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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">b)</TD><TD STYLE="text-align: justify">The Board has the statutory responsibility to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"></P>

<!-- Field: Page; Sequence: 54; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">supervise the management of the business and affairs of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">act honestly and in good faith with a view to the best interests of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">exercise the care, diligence and skill that reasonable, prudent people would exercise in comparable
circumstances; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-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 securities exchanges on which its securities are listed, including, without limitation,
the Toronto Stock Exchange and the NYSE MKT LLC, and other relevant and applicable legislation and regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.9pt; text-align: justify; text-indent: -35.9pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Independence</U></B></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.9pt; text-align: justify; text-indent: -35.9pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Strategy Determination</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board has the responsibility to:<U> </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">at least annually, participate with management, in the development of, and ultimately approve,
the Company&rsquo;s strategic plan, taking into account, among other things, the opportunities and risks of the Company&rsquo;s
business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">approve annual capital and operating budgets that support the Company&rsquo;s ability to meet its
strategic objectives;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">approve the entering into, or withdrawing from, lines of business that are, or are likely to be,
material to the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">approve material divestitures and acquisitions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">monitor the Company's progress towards its strategic objectives, and revise and alter its direction
through management in light of changing circumstances;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">conduct periodic reviews of human, technological and capital resources required to implement the
Company&rsquo;s strategy and the regulatory, cultural or governmental constraints on the business; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">review, at every regularly scheduled Board meeting if feasible, recent developments that may affect
the Company&rsquo;s strategy, and advise management on emerging trends and issues.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.9pt; text-align: justify; text-indent: -35.9pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.9pt; text-align: justify; text-indent: -35.9pt"><B></B></P>

<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.9pt; text-align: justify; text-indent: -35.9pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Financial and Corporate Issues</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board has the responsibility:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-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&rsquo;s internal control and management information
systems;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">to review operating and financial performance relative to budgets and objectives;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">to approve the annual financial statements and notes thereto, management&rsquo;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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">to submit the Audit Committee&rsquo;s appointment of the external auditors for the Company to the
shareholders of the Company for ratification; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">to approve significant contracts, transactions, and other arrangements or commitments that may
be expected to have a material impact on the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.9pt; text-align: justify; text-indent: -35.9pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Managing Risk</U></B></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.9pt; text-align: justify; text-indent: -35.9pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Appointment, Training and Monitoring Senior Management</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">The Board has
the responsibility:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">to appoint the Chief Executive Officer (the &quot;CEO&quot;), to monitor and assess CEO performance
against corporate goals and objectives, to determine CEO compensation, to consider the recommendations of the Compensation Committee,
and to provide advice and counsel in the execution of the CEO's duties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">to approve the appointment and remuneration of all executive officers, acting upon the advice of
the CEO;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">to approve certain decisions relating to executive management, including the:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">appointment and discharge of executive officers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">compensation and benefits for executive officers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">acceptance by the CEO of any outside directorships on public companies or any significant public
service commitments; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">employment, consulting, retirement and severance agreements, and other special arrangements proposed
for senior officers; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"></P>

<!-- Field: Page; Sequence: 56; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.9pt; text-align: justify; text-indent: -35.9pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 10pt"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Policies, Procedures and Compliance</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">The Board has
the responsibility:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">to ensure that the Company operates at all times within applicable laws and regulations and to
the highest ethical and moral standards;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">to approve and monitor compliance with significant policies and procedures by which the Company
is operated;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">to ensure the Company sets high environmental standards in its operations and is in compliance
with environmental laws and legislation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-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).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.9pt; text-align: justify; text-indent: -35.9pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 10pt"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Governance</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board has the responsibility:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">to appoint Board committees, including an Audit Committee, and delegate to those committees any
appropriate powers of the Board;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">to develop the Company&rsquo;s approach to corporate governance; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">to review annually its terms of reference and its performance and the performance of the Board
committees, the Chair of the Board, the Lead Director where applicable, and the Chair of the committees to ensure that the Board
and the committees are operating effectively.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.9pt; text-align: justify; text-indent: -35.9pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 10pt"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Reporting and Communication</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">The Board has
the responsibility:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"></P>

<!-- Field: Page; Sequence: 57; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">to ensure the timely reporting of any other developments that have a significant and material impact
on the value of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">to approve the content of the Company&rsquo;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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">to report annually to shareholders on its stewardship of the affairs of the Company for the preceding
year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.9pt; text-indent: -35.9pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 10pt"><B>D.</B></FONT></TD><TD><B>THE CHAIR OF THE BOARD &amp; LEAD DIRECTOR</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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 laws and in the Company&rsquo;s constating documents
and as otherwise determined by the Board. The Chair, or Lead Director where applicable, 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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Appointment </U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Chair shall be appointed annually by the
Board and shall have such skills and abilities appropriate to the appointment of the Chair as shall be determined necessary and
desirable by the Board.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Qualifications of the Board Chair </U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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 securities exchanges, unless the Board determines that it is inappropriate to require the Chair to be independent. If
the Board determines that it would be inappropriate to require the Chair of the Board to be independent, then the independent directors
shall select from among their number a director who will act as &ldquo;Lead Director&rdquo; and who will assume responsibility
for providing leadership to enhance the effectiveness and independence of the Board. The Chair, if independent, or the Lead Director
if the Chair is not independent, shall act as the effective leader of the Board and ensure that the Board&rsquo;s agenda will enable
it to successfully carry out its duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Vacancy </U></B></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Duties </U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Chair, or Lead Director where applicable,
has the responsibility to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(a)</TD><TD STYLE="text-align: justify">organize the Board to function independently of management;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(b)</TD><TD STYLE="text-align: justify">promote ethical and responsible decision making<B>, </B>appropriate oversight of management and
best practices in corporate governance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(c)</TD><TD STYLE="text-align: justify">ensure that the Board works as a cohesive team and provide the leadership essential for this purpose;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"></P>

<!-- Field: Page; Sequence: 58; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(d)</TD><TD STYLE="text-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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(e)</TD><TD STYLE="text-align: justify">manage the affairs of the Board, including ensuring that the Board is organized properly, functions
effectively and meets its obligations and responsibilities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(f)</TD><TD STYLE="text-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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(g)</TD><TD STYLE="text-align: justify">provide advice, counsel and mentorship to other members of the Board, the President and CEO and
other senior members of management;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(h)</TD><TD STYLE="text-align: justify">lead the Board in establishing, reviewing and monitoring the strategy, goals, objectives and policies
of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD STYLE="text-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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(j)</TD><TD STYLE="text-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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(k)</TD><TD STYLE="text-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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(l)</TD><TD STYLE="text-align: justify">ensure that, where functions are delegated to appropriate committees, the functions are carried
out and the results thereof are reported to the Board;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(m)</TD><TD STYLE="text-align: justify">as necessary and in consultation with the President and/or CEO, 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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(n)</TD><TD STYLE="text-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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(o)</TD><TD STYLE="text-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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(p)</TD><TD STYLE="text-align: justify">ensure the Board has the opportunity to meet without members of management present on a regular
basis;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(q)</TD><TD STYLE="text-align: justify">assist in the preparation of the agenda of the Board meetings;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(r)</TD><TD STYLE="text-align: justify">preside as chair of each meeting of the Board and as chair of each meeting of the shareholders
of the Company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(s)</TD><TD STYLE="text-align: justify">carry out other duties as requested by the Board as a whole, depending on need and circumstance.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 59; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 10pt"><B>E.</B></FONT></TD><TD><B>COMMITTEE CHAIRS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Appointment</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Chair of each Committee shall be appointed
annually by the Board.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Qualifications of a Committee Chair</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each Committee Chair shall be a duly elected
member of the Board.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Vacancy</U></B></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Duties</U></B></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">organize the Committee to function independently of management, including organizing in-camera
sessions and other meetings without management;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">foster ethical and responsible decision-making by the Committee and its members;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">deal effectively with dissent and work constructively towards arriving at decisions and achieving
consensus;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">ensure that the Committee has an opportunity to meet without members of management present at regular
intervals;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">determine, in consultation with the Committee and management, the time and places of the meetings
of the Committee;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">manage the affairs of the Committee, including ensuring that the Committee is organized properly,
functions effectively and meets its obligations and responsibilities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">provide advice and counsel to the President and/or CEO and other senior members of management in
the areas covered by the Committee's mandate;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">preside as chair of each meeting of the Committee; and</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 10pt"><B>F.</B></FONT></TD><TD><B>INDIVIDUAL DIRECTORS</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each Director (i) shall act honestly, in good
faith and 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 in comparable circumstances. In addition, each Director shall have the following
responsibilities:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 60; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Responsibilities of Corporate Stewardship</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each Director has the responsibility to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">provide constructive counsel to and oversight of management;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">respect the confidentiality of information and matters pertaining to the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">maintain his or her independence, generally and as defined under applicable securities laws, and
objectivity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">be available as a resource to the Board; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Responsibilities of Integrity and Loyalty</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each Director has the responsibility to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">comply with the Company&rsquo;s Code of Business Ethics;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-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&rsquo;s interests or relationships outside the
Company and abstain from discussion and/or voting on such matter as determined to be appropriate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Responsibilities of Diligence</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each Director has the responsibility to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">prepare for each Board and committee meeting by reading the reports, minutes and background materials
provided for the meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-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&rsquo;s intention to introduce significant and previously unknown
information at a Board meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"></P>

<!-- Field: Page; Sequence: 61; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Responsibilities of Effective Communication</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each Director has the responsibility to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">participate fully and frankly in the deliberations and discussions of the Board;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">encourage free and open discussion of the Company&rsquo;s affairs by the Board;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">establish an effective, independent and respected presence and a collegial relationship with other
Directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">focus inquiries on issues related to strategy, policy, and results;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">respect the President and CEO&rsquo;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, the President and
the CEO;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">communicate with the Chair and other Directors between meetings when appropriate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">maintain an inquisitive attitude and strive to raise questions in an appropriate manner and at
proper times; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">think, speak and act in a reasoned, independent manner.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B><U>Responsibilities of Committee Work</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each Director has the responsibility to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">participate on committees and become knowledgeable about the purpose and goals of each committee;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">understand the process of committee work and the role of management and staff supporting the committee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B><U>Responsibilities of Knowledge Acquisition</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each Director has the responsibility to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">become generally knowledgeable about the Company&rsquo;s business and its industry;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">participate in Director orientation and education programs developed by the Company from time to
time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">maintain an understanding of the regulatory, legislative, business, social and political environments
within which the Company operates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">become acquainted with the senior officers and key management personnel; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">gain and update his or her knowledge about the Company&rsquo;s facilities and visit these facilities
when appropriate.<BR>
<BR>
</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.9pt; text-indent: -35.9pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-size: 10pt"><B>G.</B></FONT></TD><TD><B>OUTSIDE CONSULTANTS OR ADVISORS</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the Company&rsquo;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&rsquo;s or advisor&rsquo;s fees and other retention terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Dated:</B> February 27, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amended and restated: October 23, 2012, with
effect from December 1, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amended and restated: December 5, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amended and restated: December 15, 2016</P>

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


<!-- Field: Page; Sequence: 62; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>BOARD OF DIRECTORS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>CALENDAR OF ACTIVITIES</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 45%; text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Matter</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Year <BR>
end</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Q1</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Q2</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Q3</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: justify; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Budget/</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Strategy</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Business to be conducted at each meeting:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approve
        minutes of previous meetings</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Review
        Action Items</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President&rsquo;s
        Report: Operations, Corporate Development &amp; Strategic Update</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Review
        of Financial Results Year to Date &amp; Annual Forecast</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval
        of Audit Committee Report, Approval of Annual/Interim Financial Statements, MD&amp;A and Press Release</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor
        Relations Report</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval
        of Stock Option Grants (as necessary)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Camera
        Meeting of Independent Directors</FONT></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Approve Reports and Recommendations from:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
        Governance &amp; Compensation Committee</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EHS
        Committee</FONT></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Review of CEO Performance and Approval of Compensation for CEO and Senior Officers</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">43-101 Report (as necessary for material projects)</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Approval of Annual Information Form and Annual Report on Form 10-K</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve Record Date and Date for Annual Meeting</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Approval of Management Information Circular</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approve
        Nominees for Directors and Appointment of Auditors</FONT></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Appointment of Committees</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Appointment of Officers</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director Education Sessions, as needed</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Review Terms of Reference and Calendar of Activities</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve Strategic Plan</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve Capital and Operating Budgets and Financial Plan</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Risk Management Review</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Review
        of Delegation of Authority</FONT></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">X</FONT></TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 63; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="background-color: White"><A NAME="a_037"></A>APPENDIX
B<BR>
ADDITIONAL ANNUAL REPORT INFORMATION</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="background-color: White"><B>Directors
and Executive Officers Principal Occupation and Business</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Name,</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Position</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Principal Occupation</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Principal Business of Employer</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Tony Giardini </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer of Kinross Gold </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Mining</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Corporation</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">William Hayden </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Geologist</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Mining</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Gregory Lang </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President and Chief Executive Officer of </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Mining</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">NOVAGOLD Resources Inc.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Kalidas Madhavpeddi </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President of Azteca Consulting LLC and </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Consultant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Advisor of China Molybdenum Co., Ltd.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Gerald McConnell </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chairman of Namibia Rare Earths Inc. </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Mining</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Elaine Sanders</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President, Chief Financial Officer and </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Mining</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Vice President, Chief Financial Officer and </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Corporate Secretary of the Company</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Corporate Secretary </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Janice Stairs </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">General Counsel to Namibia Rare Earths Inc.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Mining</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Rick Van Nieuwenhuyse </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President and Chief Executive Officer of the </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Mining</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Director, President and Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Company</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Diana Walters</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Owner and sole manager of 575 Grant LLC</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Consultant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="background-color: White"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Price Range of Common Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Trilogy Shares are listed on the TSX and the NYSE-MKT under
the symbol &ldquo;TMQ&rdquo;. On February 2, 2017, there were 1,507 holders of record of our shares, which does not include shareholders
for which shares are held in nominee or street name. The following tables set out the market price range of the Common Shares on
the TSX and NYSE-MKT for the two fiscal years prior to the date hereof.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NYSE-MKT</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">TSX (C$)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Fiscal Quarter</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%">Q1 2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">0.72</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">0.41</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">0.90</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">0.53</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Q2 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.74</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.52</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.93</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.65</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Q3 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.65</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.35</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.45</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Q4 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.41</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Q1 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.39</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.20</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Q2 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.86</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.32</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.08</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.43</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Q3 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.44</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.86</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.57</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Q4 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.41</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.59</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>December 2016 &ndash; February 2, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.59</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.44</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.58</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 64; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On February 2, 2017, the closing price of our Common Shares on the
TSX was CDN$0.66 per Common Share and on the NYSE-MKT was $0.50 per Common Share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Dividend Policy</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have not declared or paid any dividends
on our Common Shares. Our current business plan requires that for the foreseeable future, any future earnings be reinvested to
finance the growth and development of our business. We will not declare or pay any dividends until such time as our cash flow exceeds
our capital requirements and will depend upon, among other things, conditions then existing including earnings, financial condition,
restrictions in financing arrangements, business opportunities and conditions and other factors, or our Board determines that our
shareholders could make better use of the cash.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Selected Financial Data</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The selected financial
data in the table below have been selected in part, from our consolidated financial statements, which have been prepared in accordance
with accounting principles generally accepted in the United States. The selected financial data should be read in conjunction with
those consolidated financial statements and the notes thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-style: italic; text-align: right">in thousands of dollars, except per share amounts</TD><TD STYLE="font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center">Year ended November 30</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2016</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2015</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2014</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2013</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2012</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -9pt; padding-left: 9pt">Results of operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; text-align: left; text-indent: -9pt; padding-left: 9pt">Loss and comprehensive loss for the period</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4,862</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">9,532</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">9,648</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">24,394</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">31,018</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Basic and diluted loss per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.47</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.67</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Financial position</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Working capital (deficit)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,056</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,134</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,846</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,423</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,190</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Total assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,747</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,181</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,826</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,899</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,696</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Total long-term liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,154</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,430</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,847</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,157</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,723</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>NYSE-MKT Option Disclosure</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company had 5,191,292 and 2,987,411 unoptioned
shares available for the granting of options under our stock option plan as of December 1, 2015 and November 30, 2016, respectively.
No outstanding stock option grants were repriced for any reason during the fiscal year ended November 30, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"></P>

<!-- Field: Page; Sequence: 65; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo_def14a.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo_def14a.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ 6 $@ P$1  (1 0,1 ?_$ ,T   (" @(# 0
M       ("0H'"P$& @,%! $!  (!!0$!              8'" $" P0%"0H0
M   & 0," P('!PP-# ,   $" P0%!@< $0@2"2$3"C$402(5%M:7&E%A,E47
M>#FQ4B,DM;8W=[?7F!EQ@9&AP=&R,U0V=E<X0F)RDD,T)74FIQA8:"E9$0 !
M P,"! 0$ P4( P$    !  (#$00%(08Q01('46$B$W&!,@B1H4*Q4F(C%,'1
M<K(S)!4)\$.3)O_:  P# 0 "$0,1 #\ O\:(C1$:(C1$:(C1$:(C1$:(C1$:
M(C1$:(C1$:(C1$:(C1%QOK:7:"G,I\5T^VW:K4MC\HVF;CH5H!MRG>."D56V
M 1Z6[<H'7<G']:0IAU M\]S-A]M+)V2WIE+3&V@!UF< 7Z$]#&UZBX@$C2FB
M]"QPV4S,PML7:R7,M=0T'TC]XFG 5_-8BI/(RH9&O!*?5X^973+'OI$\R\1(
MR:"5B"6Q$6JAC.S L*H !C 3^QK'GM-]Y7;?O5W*=VYV):7D[(;2XN#=/ ;$
M1#TT$8K4]1=36E-%,-P]M<_MK;XSN8#61.>UK6 U<#YT\OC5,.@8# (A[-P#
M^]K+^&5THJ[FUKJ>'4*T^2@#FT=U?O +WZYEHC1$:(C1$:(C1$:(C1$:(C1$
M:(C1$:(C1$:(C1$:(C1$:(C1$:(C1$:(C1$:(C1$:(C1$:(C1$>SQ'V:T)#1
M4Z (O4H8O0;XP>&WL$!'VA\&N*<!\?0'.:74H6ZNXC@-:UX'3@M:]'K=]*4?
M.G)2/Q\HZJU3!M,6\"=#IP<2K1L )O />@3\'<B &\$ $ )MNH(>P?GI]U7W
MP;>[.RS;,V%[61W\ &RAKFOAL0="YSFD@2$<&&AKRJK>[?\ :O([M<W(9$F#
M#C7U>DR?X >(\U&O8K).VN27F;'*O)>2<'$YW+Q45!*40^*D@F ^2V13+X 1
M,I2@'P:^&F^NX6].Y6<EW#O?)SY/(R/):9*_RVG@QHY-' 466>$P&'V]8-ML
M,SVK<:$$4)=^\>9^*9/AT@*F4Y!;8?VO4I#V![/.D8HF_P![XH#K.S_K#LG/
M[]WUR\$"+;\Q%?.> :?@JF[_ %PZ+9<,;-2^_BK\&AQ)^ KJI2F^X$V$-MMO
MU-O\&OO9$:Q^?4[_ #%8D.^HGQ<2OT:Y%M1HB-$1HB-$1HB-$1HB-$1HB-$1
MHB-$1HB-$1HB-$1HB-$1HB-$1HB-$1HB-$1HB-$1HB-$1HB\3?@F_P"B/ZFM
M" 11WT\UJ!4@)4N2>;CXYA25NO.4PM]@05%)8FQE(.,,(I'D3!X[.EQ 2MP$
M/ 0$X^!0U@-][WW0N[)[5CVAM66,]P<O"[H /KM;>H#ISR;458P5ZNH@TIJK
M6[4[!EW=?.R%\UQP=O)0^#W#@P?M/EHHLEE5%CJKKJ'5654,JLLJ<RBBJJAA
M.HJJH<1,=10XB(B([B(Z_/CD;R?)Y>ZR=_)<37D\I>"^KI YQJ_WG:]5:^BA
M-/)9G-98V$$5E;L]N-C: 4_N7>*7C"^Y!5$E3K;Z21*8"*R)P*SBT1$?'S)!
MT*38PE#Q$I1,;[VK>[9?;WW=[P2D;&Q#Y[)FKYYAT0-%0*!Y(!?K6@J: E1O
M<.]=K[7'3FIV>_32-IJ^OC1M=/CXIV,0X.RIAM>;MC>*K-OF'T$:.:5<EC<0
M1NOWE%T/5.KPK]F14WD](%%(";CN)P -?8+[,OL_WIV#W-D-Y;MN+-]W>XHP
M1QP%SBQYD:\AY=I0CA2NHU6,G<_N1CMYV,6-QT#XXH92[J=^L$ 4\134K%>1
MNYS5^/,RC#\IN.W(#!;-XZ!JPO P,!D?&D@H(?%]TN-(FWR0FZ1ZO*.@1P >
MU/7TH+&L>YK#5M:U\:@5\_)4R3ZBT?2*4*;/!G+CC=R2:"YPMF"F7AR1,%5X
M)E) RM+(G1UF%]5I4C&?;@38=S"WZ/N&'6M#2O)$Q@"!@W =P'6B+G1$:(C1
M$:(C1$:(C1$:(C1$:(C1$:(HH^Y#WD^&?:JEL4PO*]_DYH\S+'VR3I7Y/J&:
MYI':4QS"-)H914LG&%8*E6L#;RB_'%0!,/ATZ(HROM?_ &=_QYR3^HX_THT1
M'VO_ +._X\Y)_4<?Z4:(C[7_ -G?\><D_J./]*-$1]K_ .SO^/.2?U''^E&B
M)A<A>IA[9>,, \>.2MJEL[$QCRA<Y::8K588B4=3BJN%;1'U"[_+\4-@3^2"
M)S$HB#0?,5]X2$3AML(:(EZ^U_\ 9W_'G)/ZCC_2C1$?:_\ L[_CSDG]1Q_I
M1HB/M?\ V=_QYR3^HX_THT1?0B?5Y=G"2D6;%S<>04&W<KD25EI;!<L>.8D.
M8"BX>%AYB5D_)3WW-Y+=4^P>!1T16$..O)7!'+7%%<SAQPRA5<NXLM1%ODBW
M5%_[XS][:F CZ)DVJI$)*#GHU0P%=,'J+=XV,( HF7<-R)">Y%WH^%7:MM&+
M:CRL?Y29R^7X&QV.GACZ@#<FJD;5I"-C)49)<):-]Q7*YE4O+)L?K+N.X;:(
MN^=M_NM<4NZC5\G7+BF\R&\@L1V* J]O-D&EC37)92R1;Z6C?DQ$9.3]^;BU
M8*>8;<@D. !L(" Z(EI[@'J".W_VU,_CQNY*KYK)D?YD5R_@2A8T;6F ^0+2
MO*MXL?E5:RQ*@OA4AEO,3!+I('3XB(^!$\G #G[@7N48#2Y*\;CW4V,UKE9J
M(G\_JTE59_Y>JGR<:4'Y+1DY8GN(EDDO*4\[<_QMR@(;:(G=TX(OBSTVQ@(6
M6F9!3RF45'/)!TH/ATHM4%%3[#^N,!-@^Z(AJ,[OW1CMG;5R.[,F\,Q^.LY+
MB1Q'!K&%XTYUI2B[%I9R9"]BQL()GG<&BG\1IQ^:A"NUODKU:)JV2Z@BZEGB
MC@I#"/0S9E#I9LDNH?BHLVQ2D#V!ON/M$=?EB[S=QLQW:[E97?.<E=*^_O#T
M1@DLAACTBCC/ !XH2!ST*^@FW=NV^W<-:;=LFAHBMQ)(\4U?S+CY^?DFOP!Q
MI3L;9E=<AMEB0ZX)N(2M'ZT5)%+?J3>2P?%5(S6$-TT0V,H7Q.(%\!^B/V=?
M8\[=EG:=T>\+)8L3</$EI8$AKIFMU;),#JU@I7H.KQY%4EW-[OW44K\'MEX8
M]GI?+34$:$-_95-E9LW8/Q*V786"YUN 3A4#%=1,61205AT$PZNAXP@FSX\6
M!2E_[8J7LU]A[*#;FTK7_B\?%9V>+B'H@@C:QH TZB&@5=3\1J:K'BVQ6<S=
MP96-FN;J0_6X_4:\NH@?FL)I=QWARNQ)(HY:\UBJZ%F1P2FWHQ#* ?RQ4+M6
MMS->OP\X %+P_"UM&]MN]!?[Q#6T_25(']MM\,<6OQUP"!7@"#\*$U69VF0^
M/N>X%U33RU.OT):8U1)Q3K(Q R=AC%TMSB6O61FV5EFW0._F)HJ%(/B!@$-]
M>Y:Y:PO&,?;R!S7BH45O,;?V#S'>1/CD::$$:@^!\#Y%5G.Y1VK9;B^X=\G^
M)*UC8X[A'02]JJT-)R06O$*AENOYQU69;.$YAS2D5=@5*90SF-#8PG40 13]
M1K@&U/ GBN@WUD@4#@.!T7=NWQWKK37I6"Q!S(F36*IO56\5 9R52*-BK2RA
MB(MDLBD;$\J>@Q,( >53(#QN B=<%B[G)O?$X.II\EM:]KA4*TXPD&4FT:/X
M]VV?L7S1N^9/F2R;EF]9.DB+M7C1RB8Z+AJZ04*=,Y#&*<I@$!$-<*WK])S@
M3;<##N.WQ2B;]3QT10F<T_4,=J[@K?)/%65^0"URRE .5&5GQ_A.L2.4)BJO
MD>CSHRSRD29"I04N@)NE5BXDB/43>"B11T1(Q]L*[/W^D\G_ *DF7TYT1'VP
MKL_?Z3R?^I)E].=$1]L*[/W^D\G_ *DF7TYT12%67OG<'JIV\Z1W.95;,/\
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MG9GW^]_ZEQCHBVH^B(T11B=Z?]$MW$@^[Q(S1^\^1_4T1:I7L=#MW>^W6/\
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MX:0$BCA#B!+CEO(5W.U4)!DN#>,?M\9T5B_/T(NK)+V5RB],V()CIQS%=4X
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M@KL9Q,K<+(S^,,47J]PK"91RKE1ZK$/)2KP4HQ:R:;-\BL*!SE5!)4ANGI,
MZ(INO2'87S!@SMRY=J6:\59&Q#:7O+"[33.MY-I5DHD\ZAU\;XL9H2S>(L\;
M%R"T:N[8K)D7*F*1SI' #")1T16KM$5$;UEO&[D/R MO E;!.",Q9G1K5=S\
MC8UL5XTN60$H!:2D\7&CDIH]5AI4L6=^5@N*(+]'F@B?IWZ1V(LJ^C2X^YYP
M#CSGLQSKA3+.&'EDN^ 7%<:Y5QW;<?.)]"-@\H$D5X1&V1$2I*H1ZC] JQT
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MNA(]O;JR%O&R.XB;)CS^L:.'Q%>'_@4)W-LNSN99)+5YM\VT^J)P)8\:"K'
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M+CR65VW=[[:W!&VZPE[ _K/KB?\ ZK?)@.H/]BP:'0H7;P.0WP>!BF\/A#Q
M=>.\-E<'OH7#@5)_Y1)EB<:GEXU6:\:\CL_8<!,F+,RY'HK4AMPCH*U2B,0/
MW0&&777BA =O$/)\0U[=IN7<F.8&XV\EC:.760VG@%%,GLO:.6)=DL?;RO)J
M7>V.JOB3_?Y)AOZSGG@5J+8W)*WE)L("N:)IGO !L/C[T-;!4!^_OO\ ?U[)
M[D;W<T-DNVL:WP=ZGU\/,?VJ+P=ENW;KKW&X]\I<:T,AC8SX@FA!\.5%V3%^
M+^?'<3GDF;FW9.NE/][32F;WD6Q3C3&$$B*G2H<J?4G%2[M$!'RVC!LLN([
M(%#XP=S&V&^-[W;8Y7W?]#6A=(XD4.OIX:>/FNEG<IVP[86SWNM;(3T],-N6
M/G<X<'%PJ6@<#^*M$\*>"^)^&--/%51(+)D"=00+><DRC1-*7G5$B@H6,BD
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M:-09NQ^\/$9&2@(<"^=Y2ZZ*"BPHD4."?4)%\G.6.L@V7F'PJR#7JPXDZ+C
MF?AO]C3=,$4:Z-UH4?"5PJS9P[2?.PD9%J8G[725\O8!/TE$!T1>KCWC6^U'
ME3SCOEFK+F(IN5+/A9_0)Y9W'+(61K5,;C7Y]9!NU=KO&@,)(H$$'":0G]I
M,'B!$H$EPMRWE#CUS;QY(QC:BWO(7,BVY\PNYG7K1Q#3J<#,U&P4IY+*Q*\@
MHQA["I *-5 4*5=N"OF'3\-A(GTI6=,KVI*KPLQQ@RC4+HLXBVUW6L<C26V/
B:N7K13GI:*N4;9Y52VL42>8=BBR9F<NMR%5(W 3F*1?_V0$!

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