<SEC-DOCUMENT>0001104659-20-041466.txt : 20200401
<SEC-HEADER>0001104659-20-041466.hdr.sgml : 20200401
<ACCEPTANCE-DATETIME>20200401060715
ACCESSION NUMBER:		0001104659-20-041466
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200401
DATE AS OF CHANGE:		20200401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VISTA GOLD CORP
		CENTRAL INDEX KEY:			0000783324
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-218979
		FILM NUMBER:		20763643

	BUSINESS ADDRESS:	
		STREET 1:		7961 SHAFFER PKWY, SUITE 5
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127
		BUSINESS PHONE:		720-981-1185

	MAIL ADDRESS:	
		STREET 1:		7961 SHAFFER PKWY, SUITE 5
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRANGES INC
		DATE OF NAME CHANGE:	19950602

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRANGES EXPLORATION LTD
		DATE OF NAME CHANGE:	19890619
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>tm2014431-1_424b5.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule 424(b)(5)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-218979</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Prospectus Supplement No. 2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>to Prospectus dated July 5, 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to $10,000,000</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><IMG SRC="image_001.jpg" ALT="g115341mmi001.jpg" STYLE="height: 55px; width: 118px"></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus Supplement, dated April
1, 2020 <FONT STYLE="background-color: white">(&ldquo;Prospectus Supplement No. 2&rdquo;)</FONT>, supplements the prospectus filed
as part of the Registration Statement on Form S-3 filed by Vista Gold Corp. (the &ldquo;Company&rdquo;<FONT STYLE="background-color: white">,
 &ldquo;us&rdquo;, &ldquo;our&rdquo; or &ldquo;we&rdquo;</FONT>) with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
on July 5, 2017 (the &ldquo;Prospectus&rdquo;) and the Prospectus Supplement, filed with the SEC on November 22, 2017 (&ldquo;Prospectus
Supplement No. 1&rdquo;), relating&nbsp;to <FONT STYLE="background-color: white">an At The Market Offering Agreement with H.C.
Wainwright &amp; Co., LLC (&ldquo;H.C. Wainwright&rdquo;), which we refer to as the offering agreement, relating to our common
shares, no par value, offered by the Prospectus, Prospectus Supplement No. 1 and this Prospectus Supplement No. 2. In accordance
with the terms of the offering agreement, we may offer and sell our common shares having an aggregate offering price of up to $10,000,000
from time to time through H.C. Wainwright, acting as agent. Sales of our common stock, if any, under the offering agreement may
be made in sales deemed to be &ldquo;at-the-market&rdquo; equity offerings as defined in Rule 415(a)(4) under the Securities Act
of 1933, as amended, or the Securities Act</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should read this Prospectus Supplement
No. 2 in conjunction with the Prospectus and Prospectus Supplement No. 1. This Prospectus Supplement No. 2 is qualified by reference
to the Prospectus and Prospectus Supplement No.1, except to the extent the information in this Prospectus Supplement No. 2 supersedes
the information contained in the Prospectus and Prospectus Supplement No. 1. Specifically, the disclosure contained in this Prospectus
Supplement No. 2 under the heading &ldquo;Material United States Federal Income Tax Considerations&rdquo; hereby supersedes and
replaces the disclosure under the same heading contained in Prospectus Supplement No. 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our common shares are trade on the NYSE
American (which we refer to as &ldquo;NYSE American&rdquo;) and on the Toronto Stock Exchange (which we refer to as the &ldquo;TSX&rdquo;)
under the symbol &ldquo;VGZ&rdquo;. On March 31, 2020, the last reported sales price of the common shares on the NYSE American
was $0.4663 per common share and on the TSX was C$0.66 per common share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of April 1, 2020, the aggregate market
value of our outstanding common stock held by non-affiliates was $64,522,319 based on 100,698,124 common shares outstanding, of
which 77,737,734 shares are held by non-affiliates, and a per share price of $0.83, based on the closing price of our common shares
as quoted on the NYSE American on February 21, 2020. During the 12 calendar months prior to and including the date of this Prospectus
Supplement No. 2, we have sold $0 of securities pursuant to General Instruction I.B.6 of Form S-3. We may currently offer and
sell common shares under the Prospectus, Prospectus Supplement No. 1 and this Prospectus Supplement No.2 having an aggregate offering
price of up to $21,507,439 from time to time under General Instruction I.B.6 of Form S-3. We are filing this prospectus to update
and amend the Prospectus and Prospectus Supplement No. 1 to update the dollar amount of shares we may sell under General Instruction
I.B.6 of Form S-3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in the common shares involves
a high degree of risk. Before buying any common shares, you should read the discussion of material risks of investing in our common
shares in the &ldquo;Risk Factors&rdquo; section beginning on page S-10 of Prospectus Supplement No. 1 and on page 4 of the Prospectus
and in the documents incorporated by reference therein.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the SEC nor any state securities
commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus supplement
or the accompanying base prospectus. Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white">The
date of this Supplement is April 1, 2020</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>MATERIAL UNITED
STATES FEDERAL INCOME TAX CONSIDERATIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following
is a general summary of certain material U.S. federal income tax considerations applicable to a U.S. Holder (as defined below)
arising from and relating to the acquisition, ownership and disposition of the common shares acquired pursuant to this prospectus
supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This summary is
for general information purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal income
tax considerations that may apply to a U.S. Holder as a result of the acquisition of common shares pursuant to this prospectus
supplement. In addition, this summary does not take into account the individual facts and circumstances of any particular U.S.
Holder that may affect the U.S. federal income tax consequences to such U.S. Holder, including specific tax consequences to a U.S.
Holder under an applicable tax treaty. Accordingly, this summary is not intended to be, and should not be construed as, legal or
U.S. federal income tax advice with respect to any particular U.S. Holder. This summary does not address the U.S. federal net investment
income, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences to
U.S. Holders of the acquisition, ownership, and disposition of&nbsp; common shares. In addition, except as specifically set forth
below, this summary does not discuss applicable tax reporting requirements. Each U.S. Holder should consult its own tax advisor
regarding the U.S. federal, U.S. federal net investment income, U.S. federal alternative minimum, U.S. federal estate and gift,
U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">No opinion from
legal counsel or ruling from the Internal Revenue Service (the &ldquo;<B>IRS</B>&rdquo;) has been requested, or will be obtained,
regarding the U.S. federal income tax considerations applicable to U.S. Holders as discussed in this summary. This summary is not
binding on the IRS, and the IRS is not precluded from taking a position that is different from, and contrary to, the positions
taken in this summary. In addition, because the authorities on which this summary is based are subject to various interpretations,
the IRS and the U.S. courts could disagree with one or more of the positions taken in this summary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Scope of this
Summary</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This summary is
based on the Internal Revenue Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;), Treasury Regulations (whether final, temporary,
or proposed) promulgated under the Code, published rulings of the IRS, published administrative positions&nbsp;of&nbsp;the IRS,
and U.S. court decisions, that are in effect and available as of the date of this document. Any of the authorities on which this
summary is based could be changed in a material and adverse manner at any time, and any such change could be applied retroactively.
This summary does not discuss the potential effects, whether adverse or beneficial, of any proposed legislation that, if enacted,
could be applied on a retroactive or prospective basis.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><U>U.S. Holders</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For purposes of
this&nbsp;summary, the term &ldquo;<B>U.S. Holder</B>&rdquo; means a beneficial owner of common shares acquired pursuant to this
prospectus supplement that is for U.S. federal income tax purposes:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 94%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">a citizen or individual resident of the United States;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">a corporation (or other entity treated as a corporation for U.S. federal income tax purposes)&nbsp;organized under the laws of the United States, any state thereof or the District of Columbia;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font-size: 10pt">an estate whose income is subject to U.S. federal income taxation regardless of its source; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions or (2) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><U>U.S. Holders
Subject to Special U.S. Federal Income Tax Rules Not Addressed</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This summary does
not address the U.S. federal income tax considerations applicable to U.S. Holders that are subject to special provisions under
the Code, including U.S. Holders that:&nbsp;(a)&nbsp;are tax-exempt organizations, qualified retirement plans,&nbsp;individual&nbsp;retirement
accounts, or other tax-deferred accounts;&nbsp;(b)&nbsp;are financial institutions, underwriters, insurance companies, real estate
investment trusts, or regulated investment companies;&nbsp;(c)&nbsp;are brokers or dealers in securities or currencies or U.S.
Holders that are traders in securities that elect to apply a mark-to-market accounting method;&nbsp;(d)&nbsp;have a &ldquo;functional
currency&rdquo; other than the U.S. dollar;&nbsp;(e)&nbsp;own common shares as part of a straddle, hedging transaction, conversion
transaction, constructive sale, or other integrated transaction;&nbsp;(f)&nbsp;acquired common shares in connection with the exercise
of employee stock options or otherwise as compensation for services;&nbsp;(g)&nbsp;hold common shares other than as a capital asset
within the meaning of Section&nbsp;1221 of the Code (generally, property held for investment purposes);&nbsp;(h)&nbsp;are partnerships
and other pass-through entities (and investors in such partnerships and entities);&nbsp;(i)&nbsp;are subject to special tax accounting
rules with respect to common shares; (j)&nbsp;own, have owned or will own (directly, indirectly, or by attribution)&nbsp;10% or
more of the total combined voting power or value of our outstanding shares; (k) are&nbsp;U.S. expatriates or former long-term residents
of the U.S.; or (l)&nbsp;are subject to taxing jurisdictions other than, or in addition to, the United States. U.S. Holders that
are subject to special provisions under the Code, including U.S. Holders described immediately above, should consult their own
tax advisors regarding the U.S. federal, U.S. federal net investment income, U.S. federal alternative minimum, U.S. federal estate
and gift, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of common
shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If an entity or
arrangement that is classified as a partnership (or other pass-through entity) for U.S. federal income tax purposes holds common
shares, the U.S. federal income tax consequences to such entity or arrangement and the owners of such entity or arrangement generally
will depend on the activities of such entity or arrangement and the status of such partners (or other owners). This summary does
not address the tax consequences to any such entity or arrangement or partner (or other owner). Partners (or other owners) of entities
or arrangements that are classified as partnerships for U.S. federal income tax purposes should&nbsp;consult&nbsp;their own tax
advisor regarding the U.S. federal income tax consequences arising from and relating to the acquisition, ownership, and disposition
of common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Passive Foreign
Investment Company Rules</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If we are considered
a &ldquo;passive foreign investment company&rdquo; within the meaning of Section&nbsp;1297 of the Code (a &ldquo;<B>PFIC</B>&rdquo;)&nbsp;at
any time during a U.S. Holder&rsquo;s holding period, the following sections will generally describe the potentially adverse U.S.
federal income tax consequences to U.S. Holders of the acquisition, ownership, and disposition of common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We believe that
we were classified as a PFIC for the tax year ended December 31, 2019, and based on the nature of our business, the projected composition
of our gross income and the projected composition and estimated fair market value of our assets, we expect that we may be a PFIC
for our current the tax year and may be a PFIC in future tax years. No opinion of legal counsel or ruling from the IRS concerning
our status as a PFIC has been obtained or is currently planned to be requested. The determination of whether any&nbsp;corporation&nbsp;was,
or will be, a PFIC for a tax year depends, in part, on the application of complex U.S. federal income tax rules, which are subject
to differing interpretations. In addition, whether any corporation will be a PFIC for any tax year depends on the assets and income
of such corporation over the course of each such tax year and, as a result, our PFIC status for the current year and future years
cannot be predicted with certainty as of the date of this document. Accordingly, there can be no assurance that the IRS will not
challenge any PFIC determination made by us. Each U.S. Holder should consult its own tax advisor regarding our status as a PFIC
and the PFIC status of each of our non-U.S. subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In any year in
which we are classified as a PFIC, a U.S. Holder will be required to file an annual report with the IRS containing such information
as Treasury Regulations and/or other IRS guidance may require.&nbsp;In addition to penalties, a&nbsp;failure to satisfy such reporting
requirements may result in an extension of the time period during which the IRS can assess a&nbsp;tax. U.S. Holders should consult
their own tax advisors regarding the requirements of filing such information returns under these rules, including the requirement
to file an IRS Form&nbsp;8621 annually.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We generally will
be a PFIC for any tax year in which&nbsp;(a)&nbsp;75% or more of our gross income for such tax year is passive income (the &ldquo;<B>PFIC
income test</B>&rdquo;) or&nbsp;(b)&nbsp;50% or more of the value of our assets either produce passive income or are held for the
production of passive income, based on the quarterly average of the fair market value of such assets (the &ldquo;<B>PFIC asset
test</B>&rdquo;). &ldquo;Gross income&rdquo; generally includes sales revenues less the cost of goods sold, plus income from investments
and from incidental or outside operations or sources, and &ldquo;passive income&rdquo; generally includes, for example, dividends,
interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities
transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For purposes of
the PFIC income test and PFIC asset test described above, if we own, directly or indirectly, 25% or more of the total value of
the outstanding shares of another corporation, we will be treated as if we&nbsp;(a)&nbsp;held a proportionate share of the assets
of such other corporation and&nbsp;(b)&nbsp;received directly a proportionate share of the income of such other corporation. In
addition, for purposes of the PFIC income test and PFIC asset test described above, &ldquo;passive income&rdquo; does not include
any interest, dividends, rents, or royalties that are received or accrued by us from certain related persons, to the extent such
items are properly allocable to the income of such related person that is not passive income.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Under certain
attribution rules, if we are a PFIC, U.S. Holders will be deemed to own their proportionate share of any of our subsidiaries which
is also a PFIC (a &ldquo;<B>Subsidiary PFIC</B>&rdquo;), and will generally be subject to U.S. federal income tax under the &ldquo;Default
PFIC Rules Under Section&nbsp;1291 of the Code&rdquo; discussed below on their proportionate share of any&nbsp;(i)&nbsp;distribution
on the shares of a Subsidiary PFIC and&nbsp;(ii)&nbsp;disposition or deemed disposition of shares of a Subsidiary&nbsp;PFIC, both
as if such U.S. Holders directly held the shares of such Subsidiary PFIC. Accordingly, U.S. Holders should be aware that they could
be subject to tax under the PFIC rules even if no distributions are received and no redemptions or other dispositions of common
shares are made. In addition, U.S. Holders may be subject to U.S. federal income tax on any indirect gain realized on the stock
of a Subsidiary PFIC on the sale or disposition of common shares.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><U>Default PFIC
Rules Under Section&nbsp;1291 of the Code</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If we are a PFIC,
the U.S. federal income tax consequences to a U.S. Holder of the purchase of common shares and the acquisition, ownership, and
disposition of common shares will depend on whether such U.S. Holder makes a&nbsp;&ldquo;qualified electing fund&rdquo; or &ldquo;<B>QEF</B>&rdquo;
election under Section 1295 of the Code (a &ldquo;<B>QEF Election</B>&rdquo;)&nbsp;or makes a mark-to-market election under&nbsp;Section&nbsp;1296
of the Code (a &ldquo;<B>Mark-to-Market Election</B>&rdquo;) with respect to common shares. A U.S. Holder that does not make either
a QEF Election or a Mark-to-Market Election (a &ldquo;<B>Non-Electing U.S. Holder</B>&rdquo;) will be taxable as described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A Non-Electing
U.S. Holder will be subject to the rules of Section&nbsp;1291 of the Code with respect to&nbsp;(a)&nbsp;any gain recognized on
the sale or other taxable disposition of common shares and&nbsp;(b)&nbsp;any excess distribution received on the common shares.
A distribution generally will be an &ldquo;excess distribution&rdquo; to the extent that such distribution (together with all other
distributions received in the current tax year) exceeds 125% of the average distributions received during the three preceding tax
years (or during a U.S. Holder&rsquo;s holding period for the common shares, if shorter).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Under Section&nbsp;1291
of the Code,&nbsp;any&nbsp;gain recognized on the sale or other taxable disposition of common shares of a PFIC (including an indirect
disposition of shares of a Subsidiary PFIC), and any excess distribution received on such common shares (or a distribution by a
Subsidiary PFIC to its shareholder that is deemed to be received by a U.S. Holder) must be ratably allocated to each day in a Non-Electing
U.S. Holder&rsquo;s holding period for the common shares. The amount of any such gain or excess distribution allocated to the tax
year of disposition or distribution of the excess distribution and to years before the entity became a PFIC, if any, would be taxed
as ordinary income (and not eligible for certain preferential tax rates, as discussed below). The amounts allocated to any other
tax year would be subject to U.S. federal income tax at the highest tax rate applicable to ordinary income in each such year, and
an interest charge would be imposed on the tax liability for each such year, calculated as if such tax liability had been due in
each such year. A Non-Electing U.S. Holder that is not a corporation must treat any such interest paid as &ldquo;personal interest,&rdquo;
which is not deductible.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If we are a PFIC
for any tax year during which a Non-Electing U.S. Holder holds common shares, we will continue to be treated as a PFIC with respect
to such Non-Electing U.S. Holder, regardless of whether we cease to be a PFIC in one or more subsequent tax years. If we cease
to be a PFIC, a Non-Electing U.S. Holder may terminate&nbsp;this&nbsp;deemed PFIC status with respect to common shares by electing
to recognize gain (which will be taxed under the rules of Section&nbsp;1291 of the Code, as discussed above) as if such common
shares were sold on the last day of the last tax year for which we were a PFIC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><U>QEF Election</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A U.S. Holder
that makes a QEF Election for the first tax year in which its holding period of its common shares begins generally will not be
subject to the rules of Section&nbsp;1291 of the Code discussed above with respect to its common shares. However, a U.S. Holder
that makes a QEF Election will be subject to U.S. federal income tax on such U.S. Holder&rsquo;s pro rata share of&nbsp;(a)&nbsp;our
net capital gain, which will be taxed as long-term capital gain to such U.S. Holder, and&nbsp;(b)&nbsp;our ordinary earnings, which
will be taxed as ordinary income to such U.S. Holder. Generally, &ldquo;net capital gain&rdquo; is the excess of (a) net long-term
capital gain over (b) net short-term capital loss, and &ldquo;ordinary earnings&rdquo; are the excess of (a) &ldquo;earnings and
profits&rdquo; over (b) net capital gain. A U.S. Holder that makes a QEF Election will be subject to U.S. federal income tax on
such amounts for each tax year in which we are a PFIC, regardless of whether such amounts are actually distributed to such U.S.
Holder by us. However, for any tax year in which we are a PFIC and have no net income or gain, U.S. Holders that have made a QEF
Election would not have any income inclusions as a result of the QEF Election. If a U.S. Holder that made a QEF Election has an
income inclusion, such a U.S. Holder may, subject to certain limitations, elect to defer payment of current U.S. federal income
tax on such amounts, subject to an interest charge. If such U.S. Holder is not a corporation, any such interest paid will be treated
as &ldquo;personal interest,&rdquo; which is not deductible.&nbsp;&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A U.S. Holder
that makes a timely QEF Election generally&nbsp;(a)&nbsp;may receive a tax-free distribution from us to the extent that such distribution
represents &ldquo;earnings and profits&rdquo; that were previously included in income by the U.S. Holder because of such QEF Election
and&nbsp;(b)&nbsp;will adjust such U.S. Holder&rsquo;s tax basis in the common shares to reflect the amount included in income
or allowed&nbsp;as&nbsp;a tax-free distribution because of such&nbsp;QEF Election. In addition, a U.S. Holder that makes a QEF
Election generally will recognize capital gain or loss on the sale or other taxable disposition of common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The procedure
for making a QEF Election, and the U.S.&nbsp;federal&nbsp;income tax consequences of making a QEF Election, will depend on whether
such QEF Election is timely. A QEF Election will be treated as &ldquo;timely&rdquo; for purposes of avoiding the default PFIC rules
discussed above if such QEF Election is made for the first year in the U.S. Holder&rsquo;s holding period for the common shares
in which we were a PFIC. A U.S. Holder may make a timely QEF Election by filing the appropriate QEF Election documents at the time
such U.S. Holder files a U.S. federal income tax return for such year. If a U.S. Holder owns PFIC stock indirectly through another
PFIC, separate QEF Elections must be made for the PFIC in which the U.S. Holder is a direct shareholder and the Subsidiary PFIC
for the QEF rules to apply to both PFICs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A QEF Election
will apply to the tax year for which such QEF Election is made and to all subsequent tax years, unless such QEF Election is invalidated
or terminated or the IRS consents to revocation of such QEF Election. If a U.S. Holder makes a QEF Election and, in a subsequent
tax year, we cease to be a PFIC, the QEF Election will remain in effect (although it will not be applicable) during those tax years
in which we are not a PFIC. Accordingly, if we become a&nbsp;PFIC&nbsp;in another subsequent tax year, the QEF Election will be
effective and the U.S. Holder will be subject to the QEF rules described above during any subsequent tax year in which we qualify
as a PFIC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">U.S. Holders should be aware that there
can be no assurances that we will satisfy the record keeping requirements that apply to a QEF, or that we will supply U.S. Holders
with a PFIC Annual Information Statement or other information that such U.S. Holders are required to report under the QEF rules,
in the event that we are a PFIC. Thus, U.S. Holders may not be able to make a QEF Election with respect to their common shares.
Each U.S. Holder should consult its own tax advisors regarding the availability of, and procedure for making, a QEF Election. &nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A U.S. Holder
makes a QEF Election by attaching a completed IRS Form&nbsp;8621, including a PFIC Annual Information Statement, to a timely filed
U.S. federal income tax return. However, if we do not provide the required information with regard to us or any of our Subsidiary
PFICs, U.S. Holders will not be able to make a QEF Election for such entity and will continue to be subject to the rules of Section&nbsp;1291
of the Code, discussed above, that apply to Non-Electing U.S. Holders with respect to the taxation of gains and excess distributions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><U>Mark-to-Market
Election</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A U.S. Holder
may make a Mark-to-Market Election with respect to common shares only if the common shares are marketable stock. The common shares
generally will be &ldquo;marketable stock&rdquo; if the common shares are regularly traded on&nbsp;(a)&nbsp;a national securities
exchange that is registered with the SEC,&nbsp;(b)&nbsp;the national market system established pursuant to Section&nbsp;11A of
the&nbsp;U.S. Exchange Act or&nbsp;(c)&nbsp;a foreign securities exchange that is regulated or supervised by a governmental authority
of the country in which the market is located, provided that&nbsp;(i)&nbsp;such foreign exchange has trading volume, listing, financial
disclosure, and other requirements and the laws of the country in which such foreign exchange is located, together with the rules
of such foreign exchange, ensure that such requirements are actually enforced and&nbsp;(ii)&nbsp;the rules of such foreign exchange
ensure active trading of listed stocks. If such stock is traded on such a qualified exchange or other market, such stock generally
will be considered &ldquo;regularly traded&rdquo; for any calendar year during which such stock is traded, other than in&nbsp;<I>de
minimis</I>&nbsp;quantities, on at least 15&nbsp;days during each calendar quarter. Provided that the common shares are &ldquo;regularly
traded&rdquo; as described in the preceding sentence, the common shares are expected to be marketable stock. There can be no assurance
that the common shares will be &ldquo;regularly traded&rdquo; in the current or any subsequent calendar quarters. U.S. Holders
should consult their own tax advisors regarding the marketable stock rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A U.S. Holder
that makes a Mark-to-Market Election with respect to its common shares generally will not be subject to the rules of Section&nbsp;1291
of the Code discussed above with respect to such common shares. However, if a U.S. Holder does not make a Mark-to-Market Election
beginning in the first tax year of such U.S. Holder&rsquo;s holding period for the common shares and such U.S. Holder has not made
a timely QEF Election, the rules of Section&nbsp;1291 of the Code discussed above will apply to certain dispositions of, and distributions
on, the common shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A U.S. Holder
that makes a Mark-to-Market Election will include in ordinary income, for each tax year in which we are a PFIC, an amount equal
to the excess, if any, of&nbsp;(a)&nbsp;the fair market value of the common shares, as of the close of such tax year over&nbsp;(b)&nbsp;such
U.S. Holder&rsquo;s tax basis in the common shares. A U.S. Holder that makes a Mark-to-Market Election will be allowed a deduction
in an amount equal to the excess, if any, of&nbsp;(i)&nbsp;such U.S. Holder&rsquo;s adjusted tax basis in the common shares, over&nbsp;(ii)&nbsp;the
fair market value of&nbsp;such&nbsp;common shares (but only to the extent of the net amount of previously included income (as reduced
by the amounts previously allowed as deductions) as a result of the Mark-to-Market Election for prior tax years).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A U.S. Holder
that makes a Mark-to-Market Election generally also will adjust such U.S. Holder&rsquo;s tax basis in the common shares to reflect
the amount included in gross income or allowed as a deduction because of such Mark-to-Market Election. In addition, upon a sale
or other taxable disposition of common shares, a U.S. Holder that makes a Mark-to-Market Election will recognize ordinary income
or ordinary loss (not to exceed the excess, if any, of&nbsp;(a)&nbsp;the amount included in ordinary income because of such Mark-to-Market
Election for prior tax years over&nbsp;(b)&nbsp;the amount allowed as a deduction because of such Mark-to-Market Election for prior
tax years).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A U.S. Holder
makes a Mark-to-Market Election by attaching a completed IRS Form&nbsp;8621 to a timely filed U.S. federal income tax return. A
timely Mark-to-Market Election applies to the tax year in which such Mark-to-Market Election is made and to each subsequent tax
year, unless the common shares cease to be &ldquo;marketable stock&rdquo; or the IRS consents to revocation of such election. Each
U.S. Holder should consult its own tax advisor regarding the availability of, and procedure for&nbsp;making, a Mark-to-Market Election.&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Although a U.S.
Holder may be eligible to make a Mark-to-Market Election with respect to the common shares, no such election may be made with&nbsp;respect&nbsp;to
the stock of any Subsidiary PFIC that a U.S. Holder is treated as owning because such stock is not marketable. Hence, the Mark-to-Market
Election will not be effective to eliminate the interest charge and other income inclusion rules described above with respect to
deemed dispositions of Subsidiary PFIC stock or distributions from a Subsidiary PFIC to its shareholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><U>Other PFIC
Rules</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Under Section&nbsp;1291(f)
of the Code, the IRS has issued proposed Treasury Regulations that, subject to certain exceptions, would cause a U.S. Holder that
has not&nbsp;made&nbsp;a timely QEF Election to recognize gain (but not loss) upon certain transfers of common shares that would
otherwise be tax-deferred (e.g., gifts and exchanges pursuant to corporate reorganizations). However, the specific U.S. federal
income tax consequences to a U.S. Holder may vary based on the manner in which common shares are transferred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If finalized in
their current form, the proposed Treasury Regulations applicable to PFICs would be effective for transactions occurring on or after
April&nbsp;1, 1992. Because the proposed Treasury Regulations have not yet been adopted in final form, they are not currently effective,
and there is no assurance that they will be adopted in the form and with the effective date proposed. Nevertheless, the IRS has
announced that, in the absence of final Treasury Regulations, taxpayers may apply reasonable&nbsp;interpretations&nbsp;of the Code
provisions applicable to PFICs and that it considers the rules set forth in the proposed Treasury Regulations to be reasonable
interpretations of those Code provisions. The PFIC rules are complex, and the implementation of certain aspects of the PFIC rules
requires the issuance of Treasury Regulations which in many instances have not been promulgated and which, when promulgated, may
have retroactive effect. U.S. Holders should consult their own tax advisors about the potential applicability of the proposed Treasury
Regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Certain additional
adverse rules will apply with respect to a U.S. Holder if we are a PFIC, regardless of whether such U.S. Holder makes a QEF Election.
For&nbsp;example&nbsp;under Section&nbsp;1298(b)(6) of the Code, a U.S. Holder that uses common shares as security for a loan will,
except as may be provided in Treasury Regulations, be treated as having made a taxable disposition of such common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In addition, a U.S. Holder who acquires
common shares from a decedent will not receive a &ldquo;step up&rdquo; in tax basis of such common shares to fair market value.&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Special rules
also apply to the amount of foreign tax credit that a U.S. Holder may claim on a distribution from a PFIC. Subject to such special
rules, foreign taxes paid with respect to any distribution in respect of stock in a PFIC are generally eligible for the foreign&nbsp;tax&nbsp;credit.
The rules relating to distributions by a PFIC and their eligibility for the foreign tax credit are complicated, and a U.S. Holder
should consult with their own tax advisor regarding the availability of the foreign tax credit with respect to distributions by
a PFIC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The PFIC rules
are complex, and each U.S. Holder should consult its own tax advisor regarding the PFIC rules (including the applicability and
advisability of a QEF Election and Mark-to-Market Election) and how the PFIC rules may affect the U.S. federal income tax consequences
of the acquisition, ownership, and disposition of common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>General Rules
Applicable to U.S. Federal Income Tax Consequences of the Acquisition, Ownership, and Disposition of Common Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following
discussion describes the general rules applicable to the ownership and disposition of the common shares but is subject in its entirety
to the special rules described above under the heading &ldquo;Passive Foreign Investment Company Rules.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><U>Distributions
on Common Shares</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A U.S. Holder
that receives a distribution, including a constructive distribution, with respect to a common share&nbsp;will be required to include
the amount of such distribution in gross income as a dividend (without reduction for any Canadian income tax withheld from such
distribution) to the extent of our current and accumulated &ldquo;earnings and profits&rdquo;, as computed under U.S. federal income
tax principles. A dividend generally will be taxed to a U.S. Holder at ordinary income tax rates if we are a PFIC for the tax year
of such distribution or the preceding tax year. To the extent that a distribution exceeds our current and accumulated &ldquo;earnings
and profits&rdquo;, such distribution will be treated first as a tax-free return of capital to the extent of a U.S. Holder&rsquo;s
tax basis in the common shares and thereafter as gain from the sale or exchange of such common shares (see &ldquo;Sale or Other
Taxable Disposition of Common Shares&rdquo; below). However, we may not maintain the calculations of earnings and profits in accordance
with U.S. federal income tax principles, and each U.S. Holder may be required to assume that any distribution by us with respect
to the common shares will constitute ordinary dividend income. Dividends received on common shares generally will not be eligible
for the &ldquo;dividends received deduction&rdquo; generally applicable to corporations.&nbsp;Subject to applicable limitations
and provided we are eligible for the benefits of the Convention Between Canada and the United States of America with Respect to
Taxes on Income and on Capital, signed September&nbsp;26, 1980, as amended, or the common shares are readily tradable on a United
States securities market, dividends paid by us to non-corporate U.S. Holders, including individuals, generally will be eligible
for the preferential tax rates applicable to long-term capital gains for dividends, provided certain holding period and other conditions
are satisfied, including that we are not classified as a PFIC in the tax year of distribution or in the preceding tax year.&nbsp;The
dividend rules are complex, and each U.S. Holder should consult its own tax advisor regarding the application of such rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><U>Sale or Other
Taxable Disposition of Common Shares</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Upon the sale
or other taxable disposition of common shares, a U.S. Holder generally will recognize capital gain or loss in an amount equal to
the difference between&nbsp;(a)&nbsp;the amount of cash plus the fair market value of any property received and&nbsp;(b)&nbsp;such
U.S. Holder&rsquo;s tax basis in such common shares sold or otherwise disposed of. Gain or loss recognized on such sale or other
taxable disposition generally will be long-term capital gain or loss if, at the time of the sale or other taxable disposition,
the common shares have been held for more than one year. Preferential tax rates may apply to long-term capital gain of a U.S. Holder
that is an individual, estate, or trust. There are no preferential tax rates for long-term capital gain of a U.S. Holder that is
a corporation. Deductions for capital losses are subject to significant limitations under the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Additional
Tax Considerations</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><U>Receipt of
Foreign Currency</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The amount of
any distribution paid to a U.S.&nbsp;Holder&nbsp;in foreign currency or on the sale, exchange or other taxable disposition of common
shares generally will be equal to the U.S. dollar value of such foreign currency based on the exchange rate applicable on the date
of receipt (regardless of whether such foreign currency is converted into U.S. dollars at that time). If the foreign currency received
is not converted into U.S. dollars on the date of receipt, a U.S. Holder will have a tax basis in the foreign currency equal to
its U.S. dollar value on the date of receipt. Any U.S. Holder who receives payment in foreign currency and engages in a subsequent
conversion or other disposition of the foreign currency may have a foreign currency exchange gain or loss that would be treated
as ordinary income or loss, and generally will be U.S. source income or loss for foreign tax credit purposes. Different rules apply
to U.S. Holders who use the accrual method of tax accounting. Each U.S. Holder should consult its own U.S. tax advisor regarding
the U.S. federal income tax consequences of receiving, owning, and disposing of foreign currency.&nbsp;&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><U>Foreign Tax
Credit</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Subject to the
PFIC rules discussed above, a U.S. Holder that pays (whether directly or through withholding) Canadian income tax with respect
to dividends paid on the common shares generally will be entitled, at the election of such U.S. Holder, to receive either a deduction
or a credit for such Canadian income tax paid. Generally, a credit will reduce a U.S. Holder&rsquo;s U.S. federal income tax liability
on a dollar-for-dollar basis, whereas a deduction will reduce a U.S. Holder&rsquo;s income subject to U.S. federal income tax.
This election is made on a year-by-year basis and applies to all foreign taxes paid or accrued (whether directly or through withholding)
by a U.S. Holder during a year. The foreign tax credit rules are complex and involve the application of rules that depend on a
U.S. Holder&rsquo;s particular circumstances. Accordingly, each U.S. Holder should consult its own tax advisor regarding the foreign
tax credit rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><U>Information Reporting; Backup Withholding
Tax</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Under U.S. federal
income tax laws certain categories of U.S. Holders must file information returns with respect to their investment in, or involvement
in, a foreign corporation. For example, U.S. return disclosure obligations (and related penalties) are imposed on U.S. Holders
that hold certain specified foreign financial assets in excess of certain threshold&nbsp;amounts. The definition of specified foreign
financial assets includes not only financial accounts maintained in foreign financial institutions, but also, unless held in accounts
maintained by a financial institution, any stock or security issued by a non-U.S. person. U. S. Holders may be subject to these
reporting requirements unless their common shares are held in an account at certain financial institutions. Penalties for failure
to file certain of these&nbsp;information&nbsp;returns are&nbsp;substantial. U.S. Holders should consult their own tax advisors
regarding the requirements of filing information returns, including the requirement to file IRS Form&nbsp;8938.&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Payments made
within the U.S., or by a U.S. payor or U.S. middleman, of dividends on, and proceeds arising from the sale or other taxable disposition
of the common shares generally may be subject to information reporting and backup withholding tax,&nbsp;currently&nbsp;at the rate
of 24%, if a U.S. Holder&nbsp;(a)&nbsp;fails to furnish its correct U.S. taxpayer identification number (generally on Form W-9),&nbsp;(b)&nbsp;furnishes
an incorrect U.S. taxpayer identification number,&nbsp;(c)&nbsp;is notified by the IRS that such U.S. Holder has previously failed
to properly report items subject to backup withholding tax, or&nbsp;(d)&nbsp;fails to certify, under penalty of perjury, that it
has furnished its correct U.S. taxpayer identification number and that the IRS has not notified such U.S. Holder that it is subject
to backup withholding tax. However, certain exempt persons, such as U.S. Holders that are corporations, generally are excluded
from these information reporting and backup withholding tax rules. Any amounts withheld under the U.S. backup withholding tax rules
will be allowed as a credit against a U.S. Holder&rsquo;s U.S. federal income tax liability, if any, or will be refunded, if such
U.S. Holder furnishes required information to the IRS in a timely manner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The discussion
of reporting requirements set forth above is not intended to constitute a complete description of all reporting requirements that
may apply to a U.S. Holder. A failure to satisfy certain reporting requirements may result in an&nbsp;extension&nbsp;of the time
period during which the IRS can assess a tax and, under certain circumstances, such an extension may apply to assessments of amounts
unrelated to any unsatisfied reporting requirement. Each U.S. Holder should consult its own tax advisors regarding the information
reporting and backup withholding rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>THE ABOVE SUMMARY
IS NOT INTENDED TO CONSTITUTE A COMPLETE ANALYSIS OF ALL TAX CONSIDERATIONS APPLICABLE TO U.S. HOLDERS WITH RESPECT TO THE ACQUISITION,
OWNERSHIP, AND DISPOSITION OF COMMON SHARES. U.S. HOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE TAX CONSIDERATIONS APPLICABLE
TO THEM IN THEIR OWN PARTICULAR CIRCUMSTANCES.</B></P>

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

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

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