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NEITHER THIS NOTE NOR THE SECURITIES INTO WHICH THIS NOTE
IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE U.S. SECURITIES
ACT), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE U.S. SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS.

CONVERTIBLE PROMISSORY NOTE

|Principal Amount: $150,000 USD | Original Issue Date: April 6, 2011
|------------------------------ | ----------------------------------
|Due Date: April 6, 2012        |                                   

For value received the undersigned PARK PLACE ENERGY INC. (the
Borrower or the Company), at Suite 1220  666 Burrard Street,
Vancouver, British Columbia, V6C 2X8, promises to pay to the order of Pikka
Asset Management Ltd, (the Lender or the Holder), at 38
Herford St., London, England, (or at such other place as the Lender may
designate in writing) the sum of $150,000 USD with interest from March 29, 2011
on the unpaid principal at the rate of 10.0% per annum.

1. Unpaid principal after the Due Date shown below shall accrue
interest at a rate of 10.0% annually until paid.

2. The unpaid principal and accrued interest shall be payable
in full on March 29, 2012. The note may be prepaid at anytime without
penalty.

3. If any payment obligation under this Note is not paid when
due, the remaining unpaid principal balance and any accrued interest shall
become due immediately at the option of the Lender.

4. If any payment obligation under this Note is not paid when
due, the Borrower promises to pay all costs of collection, including reasonable
attorney fees, whether or not a lawsuit is commenced as part of the collection
process.

5. If any of the following events of default occur, this Note
and any other obligations of the Borrower to the Lender shall become due
immediately, without demand or notice:

| | (a) | The failure of the Borrower to pay the principal and any
      accrued interest in full on or before the Due Date;
| | --- | ------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                   
| | (b) | The filing of bankruptcy proceedings involving the
      Borrower as a debtor;                                    
| |     |                                                                                                                   
| | (c) | The application for the appointment of a receiver for the
      Borrower;                                         
| |     |                                                                                                                   
| | (d) | The making of a general assignment for the benefit of the
      Borrower's creditors;                             
| |     |                                                                                                                   
| | (e) | The insolvency of the Borrower;                                                                                   

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6. If any one or more of the provisions of this Note are
determined to be unenforceable, in whole or in part, for any reason, the
remaining provisions shall remain fully operative.

7. All payments of principal and interest on this Note shall be
paid in the legal currency of the United States. The Borrower waives presentment
for payment, protest, and notice of protest and nonpayment of this Note.

8. The unpaid principal and accrued interest outstanding under
this Note (together, the Loan Amount) shall be convertible, in whole
and not in part, at the option of the Lender at any time prior to the Due Date
by notice to the Company into shares of the Companys common stock (each a
Common Share) at the conversion price (the Conversion Price)
per Common Share equal to $0.04, subject to adjustment in accordance with this
Note.

Conversion Rights granted to Lender

9. Common Shares shall be issued to the Holder upon conversion
in an amount equal to a fraction, the numerator of which is the Loan Amount so
converted, and the denominator of which is the Conversion Price. All Common
Shares so issued shall be deemed to have been issued as fully paid and
non-assessable at the applicable Conversion Price.

10. The Holder may convert the Loan Amount by surrendering this
Note to the Company at the Companys head office, together with a conversion
notice in the form attached hereto or any other written notice in a form
satisfactory to the Company (the Conversion Notice), in either case
duly executed by the Holder or his legal representative or attorney duly
appointed by an instrument in writing. Thereupon the Holder shall be entitled to
be entered in the books of the Company as the holder of the number of the
underlying Common Shares into which this Note is convertible in accordance with
its terms. As soon as practicable thereafter, the Company shall deliver to the
Holder and, subject as aforesaid, his nominee(s) or assignee(s), a certificate
or certificates for the Common Shares into which this Note is converted.

11. The date (the Conversion Date) on which this Note
shall be deemed to be surrendered for conversion shall be the 3rdbusiness day following the receipt of the Conversion Notice from the
Holder. If the Conversion Date is a day on which the register of the Companys
Common Shares is closed, the person or persons entitled to receive Common Shares
shall become the holder or holders of record of such Common Shares as at the
date on which such register is next reopened.

12. The Company will give to the Holder notice of the record
date for a declaration of dividends, a rights offering or other distribution to
the holders of Common Shares not less than ten business days before any such
record date. If this Note is surrendered for conversion in accordance with this
section, the Holder shall not be entitled to participate as a holder of the
Common Shares issuable upon conversion if the record date for the distribution
is prior to the Conversion Date.

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13. Conversion of the Loan Amount under this Note in accordance
herewith shall operate to discharge the Companys obligations with respect to
repayment of the Loan Amount so converted, provided that delivery of the
appropriate number of Common Shares issued upon such conversion is made by the
Company. The Company shall not be bound to enquire into the title of the Holder,
save as ordered by a court of competent jurisdiction or as required by statute.
The Company shall not be bound to see to the execution of any trust affecting
the ownership of this Note nor be charged with notice of any equity that may be
subsisting in respect thereof, unless the Company has actual notice thereof.
Upon conversion of this Note pursuant to the provisions hereof, this Note shall
be forthwith delivered to and cancelled by the Company.

14. The Company shall not be required to issue fractional
Common Shares upon the conversion of this Note. If any fractional interest in
Common Shares would, except for the provisions hereof, be issuable upon the
conversion of this Note, the number of Common Shares issued upon such conversion
shall be rounded down to the next whole number of Common Shares and the Company
shall not be required to make any payment in lieu of delivering any certificates
of such fractional interest.

15. The Company covenants and agrees that during the period
within which the conversion rights represented by this Note may be exercised,
the Company shall at all times have authorized and reserved, a sufficient number
of Common Shares to provide for the exercise of the conversion rights
represented by this Note. The Company also covenants and agrees to issue and
submit to its registrar and transfer agent as soon as practicable and, in any
event, within three business days following receipt by the Company of the
Conversion Notice, a Treasury Order directing the issuance of Common Shares in
accordance with such Conversion Notice.

16. The Note and the Common Shares issuable upon exercise of
the conversion rights hereunder (together, the Subject Securities) have
not been, and will not be, registered under the United States Securities Act of
1933 (the U.S. Securities Act), as amended, or under any state
securities laws, and will be restricted securities as defined in Rule
144(a)(3) under the U.S. Securities Act. Subject to certain exceptions, none of
the Subject Securities nor any rights thereto or interest therein may be offered
for purchase or sale, sold, transferred or otherwise disposed of, directly or
indirectly, in the United States, its territories or possessions, or to or for
the account or benefit of any U.S. person as that term is defined in
Regulation S under the U.S. Securities Act.

17. The Holder understands and acknowledges that this Note may
not be converted in the United States, or by or on behalf of a U.S. person or a
person in the United States, unless an exemption is available from the
registration requirements of the U.S. Securities Act and the securities laws of
all applicable states, and the Holder has furnished an opinion of counsel of
recognized standing in form and substance satisfactory to the Company to such
effect; provided that the Holder will not be required to deliver an opinion of
counsel at a time when the Holder is an accredited investor as defined
in Rule 501(a) of Regulation D under the U.S. Securities Act (which definition,
as it applies to certain natural persons, has been amended by the Dodd-Frank
Wall Street Reform and Consumer Protection Act) in connection with its exercise
for his own account of the conversion rights under this Note.

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18. In addition to the legend noted on the Conversion Notice
attached to this Note, if required by applicable securities laws or regulations
of any stock exchange or other applicable regulatory authority, the certificates
for the Common Shares to be issued upon conversion of this Note shall bear such
forms of legend as may be necessary to comply with all applicable laws and
regulations.

Conversion price adjustment

19. The Conversion Price shall be subject to adjustment from
time to time in the events and in the manner provided in section 20, as
follows:

| | (a) | if during the Adjustment Period (as hereinafter defined)
      the Company shall:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |     | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |     | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |     | (iii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |     | (any of such events being herein called a Common
      Share Reorganization), the Conversion Price shall be adjusted
      effective immediately after the record date at which the holders of Common
      Shares are determined for the purposes of the Common Share Reorganization
      to a number which is the product of (1) the Conversion Price in effect on
      such record date and (2) a fraction:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |     | (iv)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |     | (v)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (b) | if during the Adjustment Period the Company shall issue
      or distribute to all or substantially all the holders of Common Shares,
      (i) shares of any class other than Common Shares, or (ii) rights, options
      or warrants (other than pursuant to a stock option plan or employee share
      purchase plan adopted by the shareholders of the Company at a general
      meeting of shareholders of the Company), or (iii) evidences of
      indebtedness, or (iv) any other assets (excluding cash dividends paid in
      the ordinary course) and such issuance or distribution does not constitute
      a Common Share Reorganization (any of such events being herein called a
      Special Distribution), the Conversion Price shall be adjusted
      effective immediately after the record date at
which the holders of Common Shares are determined for purposes of the Special
Distribution to a price which is the product of (1) the Conversion Price in
effect on such record date and (2) a fraction:

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| | (i)  | the numerator of which shall be the difference
      between:                                                                                                                                   
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |      |                                                                                                                                                                                                 
| |      | (I)                                                                                                                                                                                             
| |      |                                                                                                                                                                                                 
| |      | (II)                                                                                                                                                                                            
| |      |                                                                                                                                                                                                 
| | (ii) | the denominator of which shall be the product of (A) the
      number of Common Shares outstanding on such record date and (B) the
      Current Market Price of the Common Shares on such
date.

| |     | Any Common Shares owned by or held for the account of the
      Company shall be deemed not to be outstanding for the purpose of any such
      computation. To the extent that such distribution of shares, rights,
      options, warrants, evidences of indebtedness or assets is not so made or
      to the extent that any rights, options or warrants so distributed are not
      exercised, the Conversion Price shall be readjusted to the Conversion
      Price which would then be in effect based upon such shares, rights,
      options, warrants, evidences of indebtedness or assets actually
      distributed or based upon the number of Common Shares or Convertible
      Securities actually delivered upon the exercise of such rights, options or
      warrants, as the case may be, but subject to any other adjustment required
      hereunder by reason of any event arising after such record date;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (c) | if during the Adjustment Period there is a reorganization
      of the Company not otherwise provided for in subsection 19(a) or a
      consolidation or merger or amalgamation of the Company with or into
      another body corporate including a transaction whereby all or
      substantially all of the Companys undertaking and assets become the
      property of any other corporation (any such event being herein called a
      Capital Reorganization), the Holder, if he has not converted the
      entire Loan Amount prior to the effective date of such Capital
      Reorganization, shall be entitled to receive and shall accept, upon the
      exercise of such right of conversion at any time after the effective date
      of such Capital Reorganization, in lieu of the number of Common Shares to
      which he was theretofore entitled upon conversion of this Note, the
      aggregate number of shares or other securities or property of the Company,
      or such continuing, successor or purchasing corporation, as the case may be,
      under the Capital Reorganization that the Holder would have been entitled
      to receive as a result of such Capital Reorganization if, on the effective
      date thereof, he had been the holder of the number of Common Shares to
      which immediately before such transaction he was entitled upon conversion
      of this Note. No such Capital Reorganization shall be carried into effect
      unless all necessary steps shall have been taken so that the Holder shall
      thereafter be entitled to receive such number of shares or other
      securities or property of the Company, or of such continuing successor or
      purchasing corporation, as the case may be, under the Capital
      Reorganization, subject to adjustment thereafter in accordance with
      provisions the same, as nearly as may be possible, as those contained in
  this section 0 or section 20;

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| | (d) | if the Company reclassifies or otherwise changes the
      outstanding Common Shares, the conversion right shall be adjusted
      effective immediately upon such reclassification becoming effective so
      that Holder shall be entitled to receive such Common Shares as he would
      have received had the principal amount of this Note been converted
      immediately prior to such effective date, subject to adjustment thereafter
      in accordance with provisions of this Note, as nearly as may be possible
      as those contained in this section 0 or section
20.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

20. The following rules and procedures are applicable to
adjustments made pursuant to section 0:

| | (a) | the adjustments and readjustments provided for in herein
      are cumulative and, subject to subsection 20(b), apply (without
      duplication) to successive issues, subdivisions, combinations,
      consolidations, distributions and any other events which require
      adjustment of the Conversion Price or the number or kind of shares or
      securities issuable hereunder;                               
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (b) | no adjustment in the Conversion Price shall be required
      unless such adjustment would result in a change of at least 1% in the
      Conversion Price then in effect, provided however, that any adjustments
      which, except for the provisions of this subsection 20(b) would otherwise
      have been required to be made, shall be carried forward and taken into
      account in any subsequent adjustment;
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (c) | no adjustment in the Conversion Price shall be made in
      respect of any event described in subsections 19(a)(i), 19(b) or 19(c) if
      the Holder is entitled to participate in such event on the same terms,
      mutatis mutandis, as if the Holder had converted the entire Loan
      Amount immediately prior to the effective date or record date of such
      event;                                       
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (d) | no adjustment in the Conversion Price shall be made
      pursuant to subsection 0 in respect of the issue of Common Shares pursuant
      to:                                                                                                                                                                                                                                                                            
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                           
| |     | this Note; or                                                                                                                                                                                                                                                                                                                                                                                                             

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| | (B) | any stock option or purchase plan for officers, employees
      or directors of the Company outstanding or in existence as at the date
      hereof or any amendment to such plan;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |     | and any such issue shall be deemed not to be a Common
      Share Reorganization or a Special Distribution.                                                                                                                                                                                                                                                                                                                                                                     
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | (e) | if a dispute arises with respect to adjustments of the
      Conversion Price, such dispute shall be conclusively determined by the
      auditors of the Company or if they are unable or unwilling to act, by such
      firm of independent public accountants as may be selected by the board of
      directors of the Company and acceptable to the Holder and any such
      determination shall be binding upon the Company and the Holder;                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | (f) | if the Company sets a record date to determine the
      holders of Common Shares for the purpose of entitling them to receive any
      dividend or distribution or any subscription or purchase rights and shall
      thereafter legally abandon its plans to pay or deliver such dividend,
      distribution or subscription or purchase rights, then no adjustment in the
      Conversion Price shall be required by reason of the setting of such record
      date; and
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | (g) | notwithstanding the provisions of section 0 the maximum
      adjustment in the Conversion Price resulting from any adjustment described
      in section 19(a) shall be limited to an increase or decrease of the
      Conversion Price by 250% of the original Conversion
  Price.                                                                                                                                                                                           

21. In any case where the application of the foregoing
provisions results in a decrease of the Conversion Price taking effect
immediately after the record date for a specific event, if the Loan Amount is
converted after that record date and prior to completion of the event, the
Company may postpone the issuance to the Holder of the Common Shares to which
the Holder is entitled by reason of the decrease of the Conversion Price, but
such Common Shares shall be so issued and delivered to the Holder upon
completion of that event with the number of such Common Shares calculated on the
basis of the Conversion Price on the exercise date adjusted for completion of
that event. The Company shall deliver to the person or persons in whose name or
names the Common Shares are to be issued an appropriate instrument evidencing
his or their right to receive such Common Shares.

22. Subject to any requirement for a longer notice period
pursuant to applicable securities legislation or stock exchange policy, at least
10 business days prior to the effective date or record date, as the case may be,
of any event referred to in sections 0 or 20, whether or not the event requires
or might require an adjustment in the conversion rights pursuant hereto, the
Company shall give notice to the Holder of the particulars of such event and, if
determinable, any adjustment. Such notice need only set forth such particulars
as shall have been determined at the date that notice is given.

23. In case any adjustment for which a notice in section 22 has
been given is not then determinable, the Company shall promptly after such
adjustment is determinable give notice to the Holder of the adjustment.

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24. As used in this Note, the following terms, unless the
context otherwise requires, shall have the following meanings:

| | (a) | Adjustment Period means the period from and
      including the date hereof to and including the last business day prior to
      the Due Date;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (b) | business day means any day which is not a
      Saturday, Sunday, or statutory holiday in the City of Vancouver;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (c) | Convertible Security means a security of the
      Company convertible into or exchangeable for or otherwise carrying the
      right to acquire Common Shares;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (d) | Current Market Price means, with reference to
      Common Shares, the average of the VWAPs for the 30 trading days
      immediately preceding the applicable date for determination of the Current
      Market Price;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (e) | effective date and record date shall
      mean the close of business on the relevant date;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (f) | VWAP means, for any date, the price determined by
      the first of the following clauses that applies: (a) if the Common Shares
      are then listed or quoted on the NYSE Amex Equities exchange, the daily
      volume weighted average price of the Common Shares for such date (or the
      nearest preceding date) as reported by Bloomberg L.P. (based on a trading
      day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time);
      (b) if the Common Shares are not then traded on NYSE Amex Equities
      Exchange, the volume weighted average price of the Common Shares for such
      date (or the nearest preceding date) on the OTC Bulletin Board; (c) if the
      Common Shares are not then quoted for trading on the OTC Bulletin Board
      and if prices for the Common Shares are then reported in the Pink Sheets
      published by Pink OTC Markets Inc. (or a similar organization or agency
      succeeding to its functions of reporting prices), the most recent bid
      price per Common Share so reported; or (d) in all other cases, the fair
      market value of a share of Common Shares as determined by an independent
      appraiser selected in good faith by the Holder and reasonably acceptable
      to the Company, the fees and expenses of which shall be paid by the
      Company.

Security

25. As security for the indebtedness, liabilities and
obligations of the Borrower to the Lender under this Agreement, upon the Lender
delivering the Loan funds to the Borrower, the Borrower shall issue and deliver
to the Lender 5,000,000 shares of restricted common stock in its capital (the
Shares or Share Collateral), deliverable proportionately to delivery of
funds; provided, that, upon the initial delivery of funds totalling $50,000 by
Lender, Borrower shall deliver to Lender, in addition to the certificate or
certificates representing the 1,500,000 Shares that collateralize such $50,000,
a certificate or certificates representing the additional 3,500,000 Shares (the
Advance Collateral Shares) that are to collateralize the additional
$100,000.00 principal amount of the Loan and that will bear an appropriate legend to the effect that such Shares are issued
subject to the terms of this Agreement.

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To the extent the Advance Collateral
Shares held by the Lender are not allocated to collateralize further
Installments of the Loan pursuant to this Agreement, the Lender hereby agrees
that the Borrower, without any further consent of the Lender, may cancel,
pursuant to Nevada Revised Statutes 78.250, the certificate or certificates
representing such outstanding Advance Collateral Shares that are not so
allocated to collateralize the Loan hereunder and the Lender will forthwith
redeliver the certificates representing such Advance Collateral Shares to
Borrower or Borrowers transfer agent, as requested. The Shares shall be
represented by stock certificates issued by the Borrowers registrar and
transfer agent in the name of the Lender, to be held in escrow by the Lender.
26. The Share Collateral shall have customary anti-dilution protection for
forward stock splits, stock dividends and major corporate transactions. In the
event of a reverse stock split or combination of shares, the number of shares of
common stock constituting the Share Collateral will, immediately following such
reverse stock split or combination of shares, be increased by a new issuance of
common stock of the Company to that number of shares constituting the Share
Collateral immediately prior to such reverse stock split or combination of
shares. The certificates representing any share dividends that the Borrower pays
during the term of the Loan with respect to the Shares being held in escrow
shall be credited and delivered to the Lender and held by the Lender pursuant to
the terms of this Agreement.

27. After the Note and all accrued Interest thereon are repaid
in full, the Lender shall deliver the Shares that are the designated collateral
for such Note to the Borrower for return to Borrowers treasury. In such
circumstances, the Lender shall provide the Borrower with such documentation as
it may reasonably require for the cancellation and return to treasury of such
Shares.

Disposal of Shares

28. The Lender shall not have the right to dispose of all or
part of its interest in the Shares, except in accordance with the provisions of
paragraph 30 of this Agreement upon the occurrence of an Event of Default.

Voting Rights

29. Unless a voting trust is signed, the Lender shall vote the
Shares held by it in escrow.

Default

30. Any one or more of the following events will constitute an
Event of Default, whether any such Event of Default is voluntary or involuntary
or effected by operation of law or pursuant to or in compliance with any
judgment, decree, or order of any court or any order, rule, or regulation of any
administrative or governmental body:

31.

| | (a) | default by the Borrower in the due payment of any amount
      payable under this Agreement or in the due and complete observance
    or performance of any other condition, covenant, or
  provision of this Agreement;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Page 9 of 12

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| | (b) | the occurrence of a material adverse change in the
      financial position of the Borrower or in the value of the security held by
      the Lender for the Loan;                                                                                                                                                                                                                                                         
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (c) | any action by the Borrower that constitutes a denial of
      the Lender's rights set forth in this Agreement;                                                                                                                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (d) | an order is made or a petition is filed for the
      bankruptcy of the Borrower;                                                                                                                                                                                                                                                                                                                                          
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (e) | the Borrower commits an act of bankruptcy or makes a
      general assignment for the benefit of its creditors or otherwise
      acknowledges its insolvency;                                                                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (f) | the appointment of a receiver, receiver-manager, or
      receiver and manager of any part of the properties or assets of the
      Borrower;                                                                                                                                                                                                                                                                              
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (g) | the enforceability of any execution, or any other process
      of any court against the Borrower, or the levy of a distress or analogous
      process upon the properties or assets or any part thereof of the
      Borrower;                                                                                                                                                                                           
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (h) | default by the Borrower in the performance of any
      contractual obligation to the Lender under any other agreement or legal
      instrument, whether or not collateral or supplemental to this
      Agreement;                                                                                                                                                                                                       
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (i) | the holder of any mortgage, charge, or encumbrance on any
      of the properties or assets or any part thereof of the Borrower does
      anything to enforce or realize on such mortgage, charge, or
      encumbrance;                                                                                                                                                                                                  
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (j) | if, at any time during the term of this Agreement, the
      Borrower is subject to a change of control. For the purposes of this
      subparagraph, a "change of control" shall be deemed to occur if:                                                                                                                                                                                                                   
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                            
| |     | 1)                                                                                                                                                                                                                                                                                                                                                                                                                         
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                            
| |     | 2)                                                                                                                                                                                                                                                                                                                                                                                                                         
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (k) | any representation or warranty made in writing to the
      Lender by the Borrower made in this Agreement or in any certificate or
      other instrument delivered or to be delivered by or on behalf of the
      Borrower to the Lender in contemplation of this Agreement is incorrect in
      any material respect on the date as of which such representation or
      warranty was made or purported to be made; or

Page 10 of 12

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| | (l) | trading in the shares of common stock of the Borrower is
      suspended for more than 30 days by a regulatory
  authority.
| | --- | ---------------------------------------------------------------------------------------------------------------------------

Remedies on Default

32. After any Event of Default has occurred and continues for
seven (7) days and at any time thereafter, provided that the Borrower has not
theretofore remedied all outstanding Events of Default, the Lender may, in its
discretion, declare this Agreement to be in default. At any time thereafter
while the Borrower has not remedied all outstanding Events of Default, the
Lender may, at its discretion and subject to compliance with any mandatory
requirements of applicable law then in effect, exercise one or more of the
following remedies:

| | (a) | declare the then outstanding balance of the Loan,
      Interest, costs, and all money owing by the Borrower to be immediately due
      and payable and such funds and liabilities will forthwith become due and
      payable without presentment, demand, protest, or other notice of any kind
      to the Borrower, all of which are hereby expressly waived;
and/or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (b) | as Lenders sole recourse, take possession of the Shares
      designated as collateral for the principal amount of the Loan that is in
      default for its sole benefit; provided, that, in the event of a trading
      halt in the common stock of Borrower or upon the occurrence of an Event of
      Default under Section 8.1 (d), (e), (f) or (l), the Loan shall be full
      recourse, and the Lender shall have all remedies available under
      applicable laws to enforce payment of amounts due under this Agreement,
      including a first security interest in all of the assets of Borrower. Upon
      the occurrence of any Event of Default, the Lender shall be deemed to be
      the registered and beneficial owner of a 100% right, interest and title to
      the Shares free of all charges, liens and encumbrances, other than any
      resale or other restrictions imposed by law.

Notices

33. Any notice required or permitted to be given hereunder
shall be given by facsimile transmission or by personal delivery to the party
for whom it is intended, addressed as follows:

| | (a) | to the Company at:                                                                        
| | --- | ------------------------------------------------------------------------------------------
| |     |                                                                                           
| |     | Suite 1220-666 Burrard Street                                                             
| |     | Vancouver, British Columbia                                                               
| |     | V6C 2X8                                                                                   
| |     |                                                                                           
| |     | Attention:                                                                                
| |     |                                                                                           
| |     |                                                                                           
| | (b) | to the Holder at its registered
      address as it appears in the records of the Company.

Page 11 of 12

---

34. Any notice given pursuant to section 33 shall be deemed to
have been given and received on the date of delivery or, in the case of a
facsimile transmission, at the time indicated on the transmission report. The
Company or the Holder may, from time to time, notify the other in writing of a
change of address which thereafter, until changed by like notice, shall be the
address of the Company or the Holder, as the case may be, for all purposes of
this Note.

35. No renewal or extension of this Note, delay in enforcing
any right of the Lender under this Note, or assignment by Lender of this Note
shall affect the liability or the obligations of the Borrower. All rights of the
Lender under this Note are cumulative and may be exercised concurrently or
consecutively at the Lender's option.

This Note shall be construed in accordance with the laws of the
State of Nevada.

Signed this ______day of April 6, 2011.

Borrower:

PARK PLACE ENERGY INC.. Suite 1220-666 Burrard Street
Vancouver, British Columbia V6C 2X8

|By: |                                             | 
|--- | ------------------------------------------- | 
|    | DAVID JOHNSON                               | 
|    | President and Chief Executive
      Officer | 

Lender:

PIKKA ASSET MANAGEMENT LTD. 38 Herford Street London
England

|By: |                      | 
|--- | -------------------- | 
|    | Authorized Signatory | 

Page 12 of 12

---

SCHEDULE A TO NOTE CERTIFICATE

CONVERSION FORM

|TO: | PARK PLACE ENERGY INC. (the
      Corporation)
|--- | ------------------------------------------------

1.          
The undersigned registered holder of the within Note hereby irrevocably elects
to convert the said Note into Common Shares of the Corporation in accordance
with the terms of the Note.

2.          
The Common Shares are to be registered as follows:

| | Name:            |                
| | ---------------- | ---------------
| |                  | (print clearly)
| |                  |                
| | Address in full: |                

3.          
Certificates representing the Common Shares are to be sent by courier to:

| | Name:            |                
| | ---------------- | ---------------
| |                  | (print clearly)
| |                  |                
| | Address in full: |                

Note: In the absence of instructions to the contrary, the
securities will be issued in the name of or to the Holder and will be sent by
first class mail to the last address of the Holder appearing in the records
maintained by the Corporation.

4.          
The undersigned represents, warrants and certifies as follows (one of the
following must be checked):

|(a) [ ] | the undersigned holder at the time of conversion of the
      Note is not in the United States, is not a U.S. person as defined in
      Regulation S under the United States Securities Act of 1933, as amended
      (the U.S. Securities Act) and is not converting the Note on
      behalf of, or for the account or benefit of a U.S. person or a person in
      the United States and did not execute or deliver this Conversion Form in
      the United States;                                                                                                                                                                                                                                                         
|------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(b) [ ] | the undersigned holder is resident in the United States
      or is a U.S. person who is a resident of the jurisdiction referred to in
      the address appearing above, and is a U.S. Accredited Investor and has
      completed the U.S. Accredited Investor Status Certificate in the form
      attached to this Conversion Form; or                                                                                                                                                                                                                                                                                                                                                                                            
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(c) [ ] | if the undersigned holder is resident in the United
      States or is a U.S. Person, the undersigned holder has delivered to the
      Corporation and the Corporations transfer agent an opinion of counsel
      (which will not be sufficient unless it is in form and substance
  satisfactory to the Corporation) or
such other evidence satisfactory to the Corporation to the effect that with
respect to the securities to be delivered upon conversion of the Note, the
issuance of such securities has been registered under the U.S. Securities Act
and applicable state securities laws or an exemption from the registration
requirements of the U.S. Securities Act and applicable state securities laws is
available.

---

- 2 -

United States and U.S. person are as defined
in Regulation S under the U.S. Securities Act.

Note: Certificates representing Common Shares will not be
registered or delivered to an address in the United States unless Box 4(b) or
4(c) above is checked.

5.      If the undersigned has
indicated that the undersigned is a U.S. Accredited Investor by marking
alternative 4(b) above, the undersigned represents and warrants to the
Corporation that:

|(a) | the undersigned has such knowledge and experience in
      financial and business matters as to be capable of evaluating the merits
      and risks of an investment in the Common Shares, and the undersigned is
      able to bear the economic risk of loss of his or her entire
    investment;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(b) | the undersigned is: (i) acquiring the Common Shares for
      his or her own account or for the account of one or more U.S. Accredited
      Investors with respect to which the undersigned is exercising sole
      investment discretion, and not on behalf of any other person; (ii) is
      purchasing the Common Shares for investment purposes only and not with a
      view to resale, distribution or other disposition in violation of United
      States federal or state securities laws; and (iii) in the case of the
      acquisition by the undersigned of the Common Shares as agent or trustee
      for any other person or persons (each a Beneficial Owner), the
      undersigned holder has due and proper authority to act as agent or trustee
      for and on behalf of each such Beneficial Owner in connection with the
      transactions contemplated hereby; provided that: (x) if the undersigned
      holder, or any Beneficial Owner, is a corporation or a partnership,
      syndicate, trust or other form of unincorporated organization, the
      undersigned holder or each such Beneficial Owner was not incorporated or
      created solely, nor is it being used primarily to permit purchases without
      a prospectus or registration statement under applicable law; and (y) each
      Beneficial Owner, if any, is a U.S. Accredited Investor; and
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(c) | the undersigned has not converted the Note as a result of
      any form of general solicitation or general advertising, including
      advertisements, articles, notices or other communications published in any
      newspaper, magazine or similar media or broadcast over radio, television
      or other form of telecommunications, or any seminar or meeting whose
      attendees have been invited by general solicitation or general
      advertising.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

6.         
 If the undersigned has marked alternative 4(b) or 4(c) above, the
undersigned also acknowledges and agrees that:

|(a) | if the undersigned decides to offer, sell or otherwise
      transfer any of the Common Shares, the undersigned must not, and will not,
      offer, sell or otherwise transfer any of such securities directly or
      indirectly, unless:
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

- 3 -

|    | (i) the sale is to the Corporation;                                                                                                                                                                                                                                                                                                                                                                              
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (ii) the sale is made outside the United States in a
      transaction meeting the requirements of Rule 904 of Regulation S under the
      U.S. Securities Act and in compliance with applicable local laws and
      regulations;                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (iii) the sale is made pursuant to the exemption from the
      registration requirements under the U.S. Securities Act provided by Rule
      144 thereunder and in accordance with any applicable state securities or
      blue sky laws; or                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (iv) such securities are sold in a transaction that does
      not require registration under the U.S. Securities Act or any applicable
      state laws and regulations governing the offer and sale of securities, and
      it has prior to such sale furnished to the Corporation an opinion of
      counsel reasonably satisfactory to the Corporation;                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|(b) | the Common Shares are restricted securities
      under applicable federal securities laws and that the U.S. Securities Act
      and the rules of the United States Securities and Exchange Commission
      provide in substance that the undersigned may dispose of the securities
      only pursuant to an effective registration statement under the U.S.
      Securities Act or an exemption therefrom;
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|(c) | the Corporation has no obligation to register any of the
      Common Shares or to take action so as to permit sales pursuant to the U.S.
      Securities Act (including Rule 144 thereunder);                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|(d) | the Corporation may make a notation on its records or
      giving instructions to any transfer agent of the Corporation in order to
      implement the restrictions on transfer set forth and described in this
      Conversion Form;                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|(e) | upon the issuance thereof, and until such time as the
      same is no longer required under the applicable requirements of the U.S.
      Securities Act or applicable U.S. state laws and regulations, the
      certificates representing the Common Shares, and all securities issued in
      exchange therefor or in substitution thereof, will bear a legend in
      substantially the following form:   

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE U.S. SECURITIES ACT) OR APPLICABLE STATE SECURITIES LAWS. THESE
SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS
THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT AND
SUCH LAWS COVERING SUCH SECURITIES, OR THE COMPANY RECEIVES AN OPINION OF
COUNSEL ACCEPTABLE TO THE COMPANY STATING THAT SUCH OFFER, SALE, PLEDGE OR OTHER
TRANSFER IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF
THE U.S. SECURITIES ACT AND SUCH LAWS. THE SECURITIES REPRESENTED BY THE
CERTIFICATE CANNOT BE THE SUBJECT OF HEDGING TRANSACTIONS UNLESS SUCH
TRANSACTIONS ARE CONDUCTED IN COMPLIANCE WITH THE U.S. SECURITIES ACT.;

---

- 4 -

DATED the __________day of ________________, 20___.

|If a Corporation, Partnership or Other Entity: |  | If an Individual: 
|---------------------------------------------- |  | ------------------
|                                               |  |                   
|                                               |  |                   
|Name of Entity                                 |  | Signature         
|                                               |  |                   
|                                               |  |                   
|Type of Entity                                 |  | Print or Type Name
|                                               |  |                   
|                                               |  |                   
|Signature of Person Signing                    |  |                   
|                                               |  |                   
|                                               |  |                   
|Print or Type Name and Title of Person Signing |  |                   

Instructions:

1. The registered Holder may exercise its right to receive
Common Shares by completing this form and surrendering this form and the Note to
the Corporation at its principal office at Suite 1220-666 Burrard Street,
Vancouver, British Columbia, V6C 2X8, Attention: President and Chief Executive
Officer, and such other documents as the Corporation may reasonably require.

2. If Box 4(c) is checked, any opinion tendered must be from
counsel of recognized standing in form and substance reasonably satisfactory to
the Corporation. Holders planning to deliver an opinion of counsel in connection
with the conversion of the Note should contact the Corporation in advance to
determine whether any opinion tendered will be acceptable to the
Corporation.

---

- 5 -

|U.S. ACCREDITED INVESTOR STATUS
      CERTIFICATE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|In connection with the conversion of a Note of PARK PLACE
      ENERGY INC. (the Corporation) by the holder, the holder hereby
      represents and warrants to the Corporation that the holder, and each
      beneficial owner (each a Beneficial Owner), if any, on whose behalf the
      holder is exercising such warrants, satisfies one or more of the following
      categories of Accredited Investor (please write W/H for the
      undersigned holder, and B/O for each beneficial owner, if any, on each
      line that applies):
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|______                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|______                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|______                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|______                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|______                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|______                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

---