Document:

Exhibit 4.4

	
	MANAGEMENT
PROXY CIRCULAR
Triple Flag Precious Metals Corp.
Annual Meeting of Shareholders
May 11, 2022
This document contains:
Notice of Annual Meeting of Shareholders
Management Proxy Circular

	
	

	
	ڗ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

LETTER FROM THE CHAIR

 ŰÿŲÿŃĪŰĪŲƸܹƫ

 ŰÿŲÿŃĪŰĪŲƸ

 ǝŏƸŊƸŊĪěĪƫƸ

 ŃĪż-܉ĪŰŏŲŏŲŃ

 ÿƫÿƫƫĪŰěŧĪģ

parties.

 ŰŏƫƫŏżŲƫżłżǀƣ

 on neutrality

 ģǜŏƫŏżŲ܏SÿŰ

communities.” Letter from the Chair

  positive force in our host

  sustainable investment and

 these issues that make us a

 of engagement surrounding

  by and proud of the high level

 SÿŰĪŲĜżǀƣÿŃĪģ܉šżǀƣŲĪǣƫżłÿƣ

 “ ƫSƣĪǵŧĪĜƸěÿĜŤżŲ1⁄4ƣŏƠŧĪFŧÿŃܹƫ

Director and Chair

 Dawn Whittaker

Thank you all.

 Triple Flag continues its development as a publicly listed company.

 ŰĪŲƸƸĪÿŰÿƣĪĜżŰŰŏƸƸĪģƸżǝżƣŤŏŲŃłżƣżǀƣłĪŧŧżǝƫŊÿƣĪŊżŧģĪƣƫÿƫ

 żÿƣģ ÿŲģ ŰÿŲÿŃĪ- Ƹż żǀƣ ŲĪǝ ƠǀěŧŏĜ ƫŊÿƣĪŊżŧģĪƣƫ܏ 1⁄4ŊĪ 1⁄4ƣŏƠŧĪ FŧÿŃ

 1⁄4ƣŏƠŧĪFŧÿŃܹƫěǀƫŏŲĪƫƫ܏SǝżǀŧģŧŏŤĪƸżĜŧżƫĪěǣŃŏǜŏŲŃŰǣƫŏŲĜĪƣĪƸŊÿŲŤƫ

 ǀƠģÿƸŏŲŃ żǀƣ ƫƸÿŤĪŊżŧģĪƣƫ żŲ żǀƣ ƠƣżŃƣĪƫƫ ÿƫ ǝĪ ƫǀƫƸÿŏŲÿěŧǣ Ńƣżǝ

 ÿĜĜƣĪƸŏǜĪŃƣżǝƸŊÿƫÿƠǀěŧŏĜĜżŰƠÿŲǣ܏àĪŧżżŤłżƣǝÿƣģƸż܉ƠƣżǿƸÿěŧĪ

 ǝĪ ÿƣĪ ĜżŲǿģĪŲƸ ƸŊÿƸ ǝĪ ĜÿŲ ĜżŲƸŏŲǀĪ 1⁄4ƣŏƠŧĪ FŧÿŃܹƫ ƸƣÿĜŤ ƣĪĜżƣģżł

 ŲĪǝŏŲǜĪƫƸżƣƫƸżšżŏŲƸŊĪ1⁄4ƣŏƠŧĪFŧÿŃšżǀƣŲĪǣ܏1⁄4ŊĪłǀƸǀƣĪŏƫěƣŏŃŊƸÿŲģ

 ǝĪǝĪŧĜżŰĪģ܉ڍڎڌڎÃƠżŲżǀƣƫǀĜĜĪƫƫłǀŧŏŲŏƸŏÿŧƠǀěŧŏĜżdzłĪƣŏŲŃŏŲrÿǣżł

 ܏ŏŲƸĪƣĪƫƸƫǝŏƸŊƸŊżƫĪżłżǀƣƫŊÿƣĪŊżŧģĪƣƫ

 ģŏƣĪĜƸŧǣÿŧŏŃŲŏŲŃŰÿŲÿŃĪŰĪŲƸܹƫ܉żł1⁄4ƣŏƠŧĪFŧÿŃܹƫĪƢǀŏƸǣބڐƸĪÿŰżǝŲƫ

 żǀƣŰÿŲÿŃĪŰĪŲƸ܉ŏŲƸŊĪƫĪĜƸżƣÿŲģģƣŏǜĪƠƣżǿƸÿěŧĪŃƣżǝƸŊ܏rżƣĪżǜĪƣ

 ĜżŰŰĪƣĜŏÿŧÿŲģǿŲÿŲĜŏÿŧĪǢƠĪƣƸŏƫĪƸżĜżŰƠĪƸĪǝŏƸŊƸŊĪěĪƫƸ܉ŧżŃŏĜÿŧ

 ŃĪż-܉ƫƠĪĜŏÿŧŏǭĪģÿŲģÿŃŏŧĪƸĪÿŰǝŏƸŊƸŊĪŰŏŲŏŲŃ܉ÿŊŏŃŊŧǣĪǢƠĪƣŏĪŲĜĪģ

 ÿŲģŊÿƫÿƫƫĪŰěŧĪģڒڍڌڎłżǀŲģĪģ1⁄4ƣŏƠŧĪFŧÿŃŏŲ܉ŊÿǀŲÃƫŰÿƣ®܉/ ǀƣ

attributable portion of metals production of our counterparties.

 ŃƣĪĪŲŊżǀƫĪŃÿƫĪŰŏƫƫŏżŲƫżłżǀƣڏŏŲĜŧǀģŏŲŃƸŊĪ®ĜżƠĪ܉łƣżŰŏŲĜĪƠƸŏżŲ

 particularly pleased that Triple Flag has achieved carbon neutrality

 ÿŲģƫĪƸƸŏŲŃżǀƸżǀƣǝŏģĪƣ/®GƫƸƣÿƸĪŃǣÿŲģǜŏƫŏżŲ܏SÿŰ܉ƠĪƣłżƣŰÿŲĜĪ

 ƫÿłĪƸǣÿŲģƫżĜŏÿŧ܉ĪŲǜŏƣżŲŰĪŲƸÿŧ܉ŊŏŃŊŧŏŃŊƸŏŲŃżǀƣŃżǜĪƣŲÿŲĜĪ܉¦ĪƠżƣƸ

 ǝĪ ƠǀěŧŏƫŊĪģ żǀƣ ŏŲÿǀŃǀƣÿŧ ®ǀƫƸÿŏŲÿěŏŧŏƸǣ ܉ڍڎڌڎ ĜżŰŰǀŲŏƸŏĪƫ܏ SŲ

 that make us a sustainable investment and positive force in our host

 and proud of the high level of engagement surrounding these issues

S ÿŰ ĪŲĜżǀƣÿŃĪģ ěǣ ܉ƫ S ƣĪǵŧĪĜƸ ěÿĜŤ żŲ 1⁄4ƣŏƠŧĪ FŧÿŃܹƫ šżǀƣŲĪǣ ƫż łÿƣ

our portfolio.

 ěǣƫǀƠƠżƣƸŏŲŃƣĪƫƠżŲƫŏěŧĪÿŲģƫǀƫƸÿŏŲÿěŧĪŏŲǜĪƫƸŰĪŲƸƫÿĜƣżƫƫ܉ŏƸŏĪƫ

 ŏŲĜŧǀģŏŲŃ ŧżĜÿŧ ĜżŰŰǀŲ- ܉ƠǀƣƠżƫĪ łżƣ ƸŊĪ ǝŏģĪƣ ƫĪƸ żł ƫƸÿŤĪŊżŧģĪƣƫ

 and ESG support. This mission intrinsically requires a strong sense of

 ĜÿƠÿěŏŧŏƸŏĪƫ܉ǜŏÿżǀƣŲĪƸǝżƣŤƫ܉żdzłĪƣŏŲŃǜÿŧǀĪěĪǣżŲģĜÿƠŏƸÿŧÿƫƠÿƣƸŲĪƣƫ

 ǝŊŏŧĪ܉ĜǣĜŧĪěǣƠƣżǜŏģŏŲŃĜǀƫƸżŰŏǭĪģƫƸƣĪÿŰŏŲŃÿŲģƣżǣÿŧƸǣǿŲÿŲĜŏŲŃ

 funding partner to mining companies throughout the commodity

 as a publicly listed company. Triple Flag's mission is to be a preferred

 It gives me great pleasure to look back at Triple Flag’s inaugural period

Letter from the Chair

	
	ژ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏ƸŊĪǜżƸŏŲŃģĪÿģŧŏŲĪÿŲģrĪĪƸŏŲŃģÿƸĪ

 ŲŲǀÿŧ¦ĪƠżƣƸŏŲÿģǜÿŲĜĪżłڍڎڌڎżƣƸŊĪܕŧŏŤĪƸżƣĪĜĪŏǜĪƸŊĪ ŏƣĜǀŧÿƣÿŲģ

 ŏłǣżǀǝżǀŧģܡǿĪģŏŲǣżǀƣǜżƸŏŲŃŏŲƫƸƣǀĜƸŏżŲłżƣŰÿƫƸŊĪǜżƸŏŲŃģĪÿģŧŏŲĪ

 ÿƸŧĪÿƫƸƫĪǜĪŲěǀƫŏŲĪƫƫģÿǣƫŏŲÿģǜÿŲĜĪżłƸŊĪģÿƸĪÿŲģƸŏŰĪƫƠĪĜŏ-܉ŏ܏Ī܏ܠ

 ڎڎڌڎ ܉ڎ ƣĪƢǀĪƫƸ ŰǀƫƸ ěĪ ƣĪĜĪŏǜĪģ ěǣ rÿǣ  ܏ܡFƣĪŲĜŊܠ ڒڌڏڕܫڎڒڑܫڏڌڏ

 żƣܡŲŃŧŏƫŊ/ܠ ڑڌڏڕܫڎڒڑܫڏڌڏ ÿƸ ܉żǀƸƫŏģĪ  ÿŲÿģÿ ÿŲģ ƸŊĪ ÃŲŏƸĪģ ®ƸÿƸĪƫ

 żƣ ܉ڏڐڒړܫړڌڕܫړړڔܫڍ ÿƸ ܡ”Broadridge“ܠ  żŰŰǀŲŏĜÿƸŏżŲƫ  żƣƠżƣÿƸŏżŲ

 ƣżÿģƣŏģŃĪSŲǜĪƫƸżƣǣżǀŰÿǣƫǀěŰŏƸÿƣĪƢǀĪƫƸěǣĜÿŧŧŏŲŃ܉ŧƸĪƣŲÿƸŏǜĪŧǣ

 ܏żŲǣżǀƣǜżƸŏŲŃŏŲƫƸƣǀĜƸŏżŲłżƣŰÿŲģłżŧŧżǝŏŲŃƸŊĪŏŲƫƸƣǀĜƸŏżŲƫƠƣżǜŏģĪģ

 ģŏŃŏƸĜżŲƸƣżŧŲǀŰěĪƣŧżĜÿƸĪģܫڒڍƸżǝǝǝ܏ƠƣżǢǣǜżƸĪ܏ĜżŰÿŲģĪŲƸĪƣŏŲŃƸŊĪ

 ÿƣĪƢǀĪƫƸŰÿǣěĪŰÿģĪěǣŃżŏŲŃ܉ƣĪŃŏƫƸĪƣĪģƫŊÿƣĪŊżŧģĪƣܫSłǣżǀÿƣĪÿŲżŲ

 ܏łƣżŰƸŊĪģÿƸĪƸŊÿƸƸŊĪ ŏƣĜǀŧÿƣǝÿƫǿŧĪģżŲ®/'¦

 the 2021 Annual Report be mailed to them at no cost for up to one year

 żƣܕŧŧƫŊÿƣĪŊżŧģĪƣƫŰÿǣƣĪƢǀĪƫƸƸŊÿƸƠÿƠĪƣĜżƠŏĪƫżłƸŊĪ ŏƣĜǀŧÿƣÿŲģ

HOW TO OBTAIN PAPER COPIES OF THE MEETING MATERIALS

 ܏żƣ'¦®ƫƸÿƸĪŰĪŲƸܡƫܠÿƠƠĪÿƣƫģŏƣĪĜƸŧǣżŲƸŊĪƫŊÿƣĪĜĪƣƸŏǿĜÿƸĪ

 ƫƸÿƸĪŰĪŲƸÿŲģǣżǀƣŲÿŰĪܡ®¦'ܠĜÿƸĪżƣÿģŏƣĪĜƸƣĪŃŏƫƸƣÿƸŏżŲƫǣƫƸĪŰ

 æżǀÿƣĪÿƣĪŃŏƫƸĪƣĪģƫŊÿƣĪŊżŧģĪƣŏłǣżǀŊżŧģÿƠÿƠĪƣƫŊÿƣĪĜĪƣƸŏǿ- ށ

..of any type

 shareholder if your Common Shares are held in a brokerage account

 ƣĪŃŏƫƸĪƣĪģܫǣżǀÿƣĪÿŲżŲ܉ěƣżŤĪƣżƣżƸŊĪƣŏŲƸĪƣŰĪģŏÿƣǣ܏FżƣĪǢÿŰƠŧĪ

 ܉ƸƣǀƫƸĜżŰƠÿŲǣ܉ żŰŰżŲ®ŊÿƣĪƫÿƣĪƣĪŃŏƫƸĪƣĪģŏŲƸŊĪŲÿŰĪżłÿěÿŲŤ

 ŏł ǣżǀ żǝŲ  żŰŰżŲ ®ŊÿƣĪƫ ŏŲģŏƣĪĜƸŧǣ ÿŲģ ǣżǀƣ ܡĜŏÿŧ ƫŊÿƣĪŊżŧģĪƣ

 ÿŧƫż ŤŲżǝŲ ÿƫ ÿ ěĪŲĪǿ-ܠ ƣĪŃŏƫƸĪƣĪģ ƫŊÿƣĪŊżŧģĪƣܫæżǀ ÿƣĪ ÿ ŲżŲ ށ

 ܏ÿƣĪŃŏƫƸĪƣĪģƫŊÿƣĪŊżŧģĪƣܡŏŏܠżƣܔƫŊÿƣĪŊżŧģĪƣ

 ƣĪŃŏƫƸĪƣĪģܫÿŲżŲܡŏܠ܈ǣżǀƫŊżǀŧģǿƣƫƸģĪƸĪƣŰŏŲĪǝŊĪƸŊĪƣǣżǀÿƣĪ܉¦ĪƠżƣƸ

 ŲŲǀÿŧڍڎڌڎżƣƸŊĪܕSłǣżǀǝżǀŧģŧŏŤĪÿƠÿƠĪƣĜżƠǣżłƸŊĪ ŏƣĜǀŧÿƣÿŲģ

ttܰ¦/GS®1⁄4/¦/'t'¦/GS®1⁄4/¦/'®N¦/Nh'/¦®

 ܏ǝǝǝ܏ƫĪģÿƣ܏ĜżŰ

 żƣǀŲģĪƣƸŊĪ żŰƠÿŲǣܹƫ®/'¦ƠƣżǿŧĪÿƸ܉ǝǝǝ܏ƸƣŏƠŧĪǵŧÿŃƠŰ܏ĜżŰ܉ƫŏƸĪ

 1⁄4ŊĪrĪĪƸŏŲŃrÿƸĪƣŏÿŧƫĜÿŲěĪǜŏĪǝĪģżŲŧŏŲĪżŲƸŊĪ żŰƠÿŲǣܹƫǝĪě-

WEBSITES WHERE THE MEETING MATERIALS ARE POSTED

noticeandaccess.

 ܕǝǝǝ܏ĜżŰƠǀƸĪƣƫŊÿƣĪ܏ĜżŰ܈żƣěǣŃżŏŲŃƸżڎڕڐڌܫڐڒڕܫڒڒڔܫڍƸżŧŧłƣĪĪÿƸ

 Computershare”)“ܠ ĜÿŲ Ĝÿŧŧ  żŰƠǀƸĪƣƫŊÿƣĪ SŲǜĪƫƸżƣ ®ĪƣǜŏĜĪƫ SŲĜ܏

 ®ŊÿƣĪŊżŧģĪƣƫ ǝŏƸŊ ƢǀĪƫƸŏżŲƫ ÿěżǀƸ ƸŊĪ ŲżƸŏĜĪ ÿŲģ ÿĜĜĪƫƫ ƠƣżĜĪģǀƣĪ

 ܏ĜĜĪƫƫܷŏŲƸŊĪ ŏƣĜǀŧÿƣłżƣÿģģŏƸŏżŲÿŧģĪƸÿŏŧƫ

 ÿŧŧŏŲłżƣŰÿƸŏżŲĜżŲƸÿŏŲĪģŏŲƸŊĪ ŏƣĜǀŧÿƣěĪłżƣĪǜżƸŏŲŃ܏®ĪĪܶtżƸŏĜĪÿŲģ

 ŰÿƸƸĪƣƫƸżěĪģĪÿŧƸǝŏƸŊÿƸƸŊĪrĪĪƸŏŲŃ܏æżǀƫŊżǀŧģÿĜĜĪƫƫÿŲģƣĪǜŏĪǝ

 “Common Shares”) provide additional information concerning the

 ƸŊĪܠłżƣƸŊĪĜżŰŰżŲƫŊÿƣĪƫżłƸŊĪ żŰƠÿŲǣܡǜżƸŏŲŃŏŲƫƸƣǀĜƸŏżŲłżƣŰ

 żƣܠżłrĪĪƸŏŲŃŏŲÿŲĪŧĪĜƸƣżŲŏĜłżƣŰÿƸ܏1⁄4ŊĪ ŏƣĜǀŧÿƣÿŲģłżƣŰżłƠƣżǢǣ

 ĜżŲƫĪŲƸĪģƸżĪŧĪĜƸƣżŲŏĜģĪŧŏǜĪƣǣżłŰÿƸĪƣŏÿŧƫÿƣĪƣĪĜĪŏǜŏŲŃƸŊŏƫtżƸŏĜĪ

 ƠÿƠĪƣĜżƠŏĪƫżłģżĜǀŰĪŲƸƫŏŲŧÿƣŃĪƢǀÿŲƸŏƸŏĪƫ܏®ŊÿƣĪŊżŧģĪƣƫǝŊżŊÿǜĪ

 costs and the environmental impact of producing and distributing

 1⁄4ŊĪƠƣŏŲĜŏƠÿŧěĪŲĪǿƸżłƸŊĪŲżƸŏĜĪÿŲģÿĜĜĪƫƫƠƣżĜĪģǀƣĪŏƫƸŊÿƸŏƸƣĪģǀĜĪƫ

 ܏ŏŲłżƣŰÿƸŏżŲÿěżǀƸŊżǝƸżÿĜĜĪƫƫƸŊĪrĪĪƸŏŲŃrÿƸĪƣŏÿŧƫĪŧĪĜƸƣżŲŏĜÿŧŧǣ

 ǣżǀÿƣĪƣĪĜĪŏǜŏŲŃƸŊŏƫtżƸŏĜĪżłrĪĪƸŏŲŃǝŊŏĜŊĜżŲƸÿŏŲƫ܉ŏŲŃrÿƸĪƣŏÿŧƫ

 ŏŲƫƸĪÿģżłƣĪĜĪŏǜŏŲŃƠÿƠĪƣĜżƠŏĪƫżłƸŊĪrĪĪƸ-܉ÿƸƸŊĪrĪĪƸŏŲŃ܏NżǝĪǜĪƣ

 ĪŲÿěŧŏŲŃǣżǀƸżǜżƸĪܡżƣǜżƸŏŲŃŏŲƫƸƣǀĜƸŏżŲłżƣŰܠƣĪĜĪŏǜĪÿłżƣŰżłƠƣżǢǣ

 ǣżǀÿƣĪƫƸŏŧŧĪŲƸŏƸŧĪģƸż܉ÃŲģĪƣƸŊĪŲżƸŏĜĪÿŲģÿĜĜĪƫƫƠƣżĜĪģǀƣĪ܏ܡ”rials

 ƸŊĪ “Meeting Mate- ܉Annual Report” ÿŲģ ƸżŃĪƸŊĪƣ ǝŏƸŊ ƸŊĪ  ŏƣĜǀŧÿƣ

 ƸŊĪ“2021ܠڍڎڌڎ܉ڍڏģŏƫĜǀƫƫŏżŲÿŲģÿŲÿŧǣƫŏƫłżƣƸŊĪǣĪÿƣĪŲģĪģ'ĪĜĪŰěĪƣ

 ÿŲģƸŊĪÿŲŲǀÿŧĜżŲƫżŧŏģÿƸĪģǿŲÿŲĜŏÿŧƫƸÿƸĪŰĪŲƸƫÿŲģŰÿŲÿŃĪŰĪŲƸܹƫ

 the Canadian Securities Administrators for the delivery of the Circular

 1⁄4ŊĪܶ żŰƠÿŲǣŏƫǀƫŏŲŃƸŊĪܶŲżƸŏĜĪÿŲģÿĜĜĪƫƫܷƠƣżĜĪģǀƣĪÿģżƠƸĪģěǣ

NOTICE AND ACCESS

 ܏ƸŊĪrĪĪƸŏŲŃ

 ŏŲƸŊĪ ŏƣĜǀŧÿƣłżƣģĪƸÿŏŧĪģŏŲƫƸƣǀĜƸŏżŲƫżŲŊżǝƸżÿƸƸĪŲģÿŲģǜżƸĪÿƸ

 ܷܐĜĪģǀƣĪƫ܏®ĪĪܶNżǝģżSÿƸƸĪŲģÿŲģƠÿƣƸŏĜŏƠÿƸĪŏŲƸŊĪǜŏƣƸǀÿŧrĪĪƸŏŲŃ

 šżŏŲƸŊĪrĪĪƸŏŲŃƸżĜŊĪĜŤĜżŰƠÿƸŏěŏŧŏƸǣÿŲģĜżŰƠŧĪƸĪƸŊĪƣĪŧÿƸĪģƠƣż-

 æżǀƫŊżǀŧģÿŧŧżǝÿŰƠŧĪƸŏŰĪƸż܏ڐæNڎڕrܕŰĪĪƸŲżǝ܏Ńŧżěÿŧܕܕ܈ÿƸŊƸƸƠƫ

 æżǀ ĜÿŲ ÿƸƸĪŲģ ƸŊĪ rĪĪƸŏŲŃ ěǣ šżŏŲŏŲŃ ƸŊĪ ŧŏǜĪ ǝĪěĜÿƫƸ żŲŧŏŲĪ ÿƸ

platform.

 ěÿƫĪģܫƸŏĜŏƠÿƸĪŏŲÿŲģǜżƸĪÿƸƸŊĪrĪĪƸŏŲŃŏŲƣĪÿŧƸŏŰĪƸŊƣżǀŃŊÿǝĪě

 Ơÿƣ-܉ǜŏƣƸǀÿŧŰĪĪƸŏŲŃłżƣŰÿƸżŲŧǣ܏®ŊÿƣĪŊżŧģĪƣƫǝŏŧŧěĪÿěŧĪƸżŧŏƫƸĪŲƸż

 ƸŊĪrĪĪƸŏŲŃǝŏŧŧěĪŊĪŧģŏŲÿ܉ƠÿŲģĪŰŏĜڕڍܫ''ǀĪƸżƸŊĪżŲŃżŏŲŃ ßS

 ܏ǝŏŧŧěĪĪŲƸŏƸŧĪģƸżǜżƸĪÿƸƸŊĪrĪĪƸŏŲŃ

 ڎڎڌڎ܉ڌڏŲŧǣƫŊÿƣĪŊżŧģĪƣƫżłƣĪĜżƣģÿƸƸŊĪĜŧżƫĪżłěǀƫŏŲĪƫƫżŲrÿƣĜŊ

 ܏ƸŊĪrĪĪƸŏŲŃżƣÿŲǣÿģšżǀƣŲŰĪŲƸżƣƠżƫƸƠżŲĪŰĪŲƸƸŊĪƣĪżł

 to transact such other business as may properly be brought before    ށ

 ÿŲģܔĜżŰƠĪŲƫÿƸŏżŲ

 to vote on the advisory resolution on the approach to executive    ށ

 ܔܡÿģģŏƸŏżŲÿŧģĪƸÿŏŧƫ

 ƫĪĪ ܶƠƠżŏŲƸŰĪŲƸ żł ƸŊĪ ǀģŏƸżƣܷ ŏŲ ƸŊĪ  ŏƣĜǀŧÿƣ łżƣܠ ŲĪƣÿƸŏżŲ

 ܫÿŲģƸżÿǀƸŊżƣŏǭĪƸŊĪģŏƣĪĜƸżƣƫƸżǿǢƸŊĪÿǀģŏƸżƣܹƫƣĪŰǀڎڎڌڎłżƣ

  PwC”) as our auditor“ܠ Ƹż ÿƠƠżŏŲƸ ƣŏĜĪǝÿƸĪƣŊżǀƫĪ żżƠĪƣƫ hh ށ

 ܔܡłżƣÿģģŏƸŏżŲÿŧģĪƸÿŏŧƫܡ”ƸŊĪ“CircularܠrÿŲÿŃĪŰĪŲƸƣżǢǣ ŏƣĜǀŧÿƣ

 żÿƣģżł'ŏƣĪĜƸżƣƫܷŏŲƸŊĪƫĪĪܶ/ŧĪĜƸŏżŲżłƸŊĪܠƸżĪŧĪĜƸƸŊĪģŏƣĪĜƸżƣƫ ށ

 ܔÿŲģƸŊĪÿǀģŏƸżƣܹƫƣĪƠżƣƸƸŊĪƣĪżŲ܉ڍڎڌڎ܉ڍڏǣĪÿƣĪŲģĪģ'ĪĜĪŰěĪƣ

 Ƹż ƣĪĜĪŏǜĪ ƸŊĪ ĜżŲƫżŧŏģÿƸĪģ ǿŲÿŲĜŏÿŧ ƫƸÿƸĪŰĪŲƸƫ łżƣ ƸŊĪ ǿŲÿŲĜŏÿŧ ށ

 ܈łżƣƸŊĪłżŧŧżǝŏŲŃƠǀƣƠżƫĪƫܡÿƫƸĪƣŲ1⁄4ŏŰĪ/ܠÿ܏Ű܏ڌڍÿƸ܉ڎڎڌڎ܉ڍڍrÿǣ܉ģÿǣ

 ǝŏŧŧěĪŊĪŧģżŲàĪģŲĪƫ-ܡ”ƸŊĪ“CompanyܠFŧÿŃƣĪĜŏżǀƫrĪƸÿŧƫ żƣƠ܏

 ƸŊĪ “Meeting”) of Tripleܠ ŲŲǀÿŧ rĪĪƸŏŲŃ żł ®ŊÿƣĪŊżŧģĪƣƫ ڍڎڌڎ 1⁄4ŊĪ

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

ABOUT THE MEETING

About the Meeting

	
	ڙ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ŲƸÿƣŏż܉żƣżŲƸż1⁄4

 ڎڎڌڎ܉ڌڏrÿƣĜŊ

 ŊŏĪłFŏŲÿŲĜŏÿŧdzǿĜĪƣ

Sheldon Vanderkooy

 ܉®¦1⁄4 /¦¦'F'Sæ¦'/¦F1⁄4N/

Circular for additional details.

 ŏŲƸŊĪܷܐrĪĪƸŏŲŃ܏®ĪĪܶNżǝģżSǜżƸĪŏłSÿŰÿƣĪŃŏƫƸĪƣĪģƫŊÿƣĪŊżŧģĪƣ

 ěĪłżƣĪ ƸŊĪ ģÿƸĪ żł ƸŊĪ ÿģšżǀƣŲĪģ żƣ ƠżƫƸƠżŲĪģ ܡƫƸÿƸǀƸżƣǣ Ŋżŧŏģÿǣƫ

 ǀŲģÿǣƫÿŲģ®܉ĪǢĜŧǀģŏŲŃ®ÿƸǀƣģÿǣƫܠŊżǀƣƫڔڐ܉ÿģšżǀƣŲĪģżƣƠżƫƸƠżŲĪģ

 ŏł ƸŊĪ rĪĪƸŏŲŃ ŏƫ܉żƣ ڎڎڌڎ ܉ڕ żŲ rÿǣ ܡÿƫƸĪƣŲ 1⁄4ŏŰĪ/ܠ ÿ܏Ű܏ ڌڌ܈ڌڍ ƸŊÿŲ

 on the form. Computershare must receive completed proxies no later

 ŏŲÿĜĜżƣģÿŲĜĪǝŏƸŊƸŊĪģŏƣĪĜƸŏżŲƫ܉ǜżƸŏŲŃŏŲÿģǜÿŲĜĪǜŏÿƸŊĪŏŲƸĪƣŲĪƸ

 żƣ܉ĜŏƫĪƸŊĪŏƣƣŏŃŊƸƸżǜżƸĪěǣƫŏŃŲŏŲŃÿŲģƣĪƸǀƣŲŏŲŃƸŊĪłżƣŰżłƠƣżǢǣ

 ƫŊÿƣĪŊżŧģĪƣƫ ǝŊż ÿƣĪ ǀŲÿěŧĪ Ƹż ÿƸƸĪŲģ ƸŊĪ rĪĪƸŏŲŃ ƫŊżǀŧģ ĪǢĪƣ-

rĪĪƸŏŲŃěǣżŲŧŏŲĪěÿŧŧżƸƸŊƣżǀŃŊƸŊĪŧŏǜĪǝĪěĜÿƫƸƠŧÿƸłżƣŰ܏¦ĪŃŏƫƸĪƣĪģ

 Registered shareholders are entitled to vote by proxy or during the

Registered shareholders

 ܏ŏŲƸŊĪ ŏƣĜǀŧÿƣłżƣÿģģŏƸŏżŲÿŧģĪƸÿŏŧƫܷܐƣĪŃŏƫƸĪƣĪģƫŊÿƣĪŊżŧģĪƣܫŲżŲ

 ǝŏŧŧŲżƸěĪÿěŧĪƸżÿƫŤƢǀĪƫƸŏżŲƫżƣǜżƸĪ܏®ĪĪܶNżǝģżSǜżƸĪŏłSÿŰÿ

rĪĪƸŏŲŃÿƫÿŃǀĪƫƸ܏GǀĪƫƸƫǝŏŧŧěĪÿěŧĪƸżŧŏƫƸĪŲƸżƸŊĪrĪĪƸŏŲŃěǀƸ

 ŏŲƸŊĪrĪĪƸŏŲŃÿŲģƫǀĜŊƠƣżǢǣŊżŧģĪƣǝżǀŧģżŲŧǣěĪÿěŧĪƸżÿƸƸĪŲģƸŊĪ

 result in such proxyholder not receiving a control number to participate

 ǣżǀŊÿǜĪģĪƫŏŃŲÿƸĪģƸżÿƸƸĪŲģƸŊĪrĪĪƸŏŲŃǝŏƸŊ żŰƠǀƸĪƣƫŊÿƣĪǝŏŧŧ

 proxy or voting instruction form. Failure to register the proxyholder

 ÿǽƸĪƣƫǀěŰŏƸƸŏŲŃƸŊĪłżƣŰżł܉żŰƠǀƸĪƣƫŊÿƣĪ ܉ǝŏƸŊżǀƣƸƣÿŲƫłĪƣÿŃĪŲƸ

 ܡĪŏƸŊĪƣǣżǀƣƫĪŧłżƣƸŊĪƠĪƣƫżŲǣżǀģĪƫŏŃŲÿƸĪģƸżÿƸƸĪŲģżŲǣżǀƣěĪŊÿŧłܠ

 żłƣĪŃŏƫƸĪƣŏŲŃƸŊĪƠĪƣƫżŲǣżǀŊÿǜĪģĪƫŏŃŲÿƸĪģƸżÿƸƸĪŲģƸŊĪrĪĪƸŏŲŃ

 instructions provided. These instructions include the additional step

 ŰǀƫƸ ĜżŰƠŧĪƸĪ ƸŊĪ ǜżƸŏŲŃ ŏŲƫƸƣǀĜƸŏżŲ łżƣŰ ŏŲ ÿĜĜżƣģÿŲĜĪ ǝŏƸŊ ƸŊĪ

 ǣżǀ܉ܡżƣŊÿǜĪÿŲżƸŊĪƣƠĪƣƫżŲÿƸƸĪŲģÿŲģǜżƸĪżŲǣżǀƣěĪŊÿŧłܠrĪĪƸŏŲŃ

 ƣĪŃŏƫƸĪƣĪģ ƫŊÿƣĪŊżŧģĪƣ ÿŲģ ǣżǀ ǝŏƫŊ Ƹż ÿƸƸĪŲģ ÿŲģ ǜżƸĪ ÿƸ ƸŊĪܫŲżŲ

 deposit date noted on your voting instruction form. If you are a

 voting instructions at least one business day in advance of the proxy

 ŰǀƫƸ ƣĪĜĪŏǜĪ ǣżǀƣ ܉ÿƫ ÿƠƠŧŏĜÿěŧĪ ܉ƣżÿģƣŏģŃĪ żƣ ǣżǀƣ ŏŲƸĪƣŰĪģŏÿƣǣ

 ڕðڕ¦ڏŲƸÿƣŏżh܉rÿƣŤŊÿŰ

 ܉t܏St'Ã®1⁄4¦Sh¦f1⁄4®܉ڌڌړڏżǢ܏܏

 ܉ÿƸÿƣżĜĪƫƫŏŲŃ ĪŲƸƣĪ' ܈rSh

 ܡFƣĪŲĜŊܠڍڌڑړܫڐړڐܫڌڌڔܫڍ

 żƣܡŲŃŧŏƫŊ/ܠڏڕڐړܫڐړڐܫڌڌڔܫڍ ܈/1⁄4/h/Nt

 ǝǝǝ܏ƠƣżǢǣǜżƸĪ܏ĜżŰ ܈1⁄4/St1⁄4/¦t

 ܈ƣĪƸǀƣŲĪģÿƫłżŧŧżǝƫ

 ƣżÿģƣŏģŃĪżƣǣżǀƣŏŲƸĪƣŰĪģŏÿƣǣ܏ßżƸŏŲŃŏŲƫƸƣǀĜƸŏżŲłżƣŰƫŰÿǣěĪěǣ

 ǜżƸŏŲŃ ŏŲƫƸƣǀĜƸŏżŲ łżƣŰ܏ ßżƸŏŲŃ ŏŲƫƸƣǀĜƸŏżŲ łżƣŰƫ ǝŏŧŧ ěĪ ƠƣżǜŏģĪģ

 ÿƫŏŲģŏĜÿƸĪģżŲƸŊĪŏƣ܉ÿƫÿƠƠŧŏĜÿěŧĪ܉ƣżÿģƣŏģŃĪżƣƸŊĪŏƣŏŲƸĪƣŰĪģŏÿƣǣ

 ĪƣƫƫŊżǀŧģĪǢĪƣĜŏƫĪƸŊĪŏƣƣŏŃŊƸƸżǜżƸĪěǣłżŧŧżǝŏŲŃƸŊĪŏŲƫƸƣǀĜƸŏżŲƫżł

 ƣĪŃŏƫƸĪƣĪģ ƫŊÿƣĪŊżŧģ-ܫěÿŧŧżƸ ƸŊƣżǀŃŊ ƸŊĪ ŧŏǜĪ ǝĪěĜÿƫƸ ƠŧÿƸłżƣŰ܏ tżŲ

 żƣģǀƣŏŲŃƸŊĪrĪĪƸŏŲŃěǣżŲŧŏŲĪ܉ÿƫÿƠƠŧŏĜÿěŧĪ܉żƣƸŊĪŏƣŏŲƸĪƣŰĪģŏÿƣǣ

 ƣżÿģƣŏģŃĪƣĪŃŏƫƸĪƣĪģƫŊÿƣĪŊżŧģĪƣƫÿƣĪĪŲƸŏƸŧĪģƸżǜżƸĪƸŊƣżǀŃŊܫtżŲ

Non-registered shareholders

VOTING

 ܏ģĪÿģŧŏŲĪÿŲģrĪĪƸŏŲŃģÿƸĪ

 ŲŲǀÿŧ¦ĪƠżƣƸŏŲÿģǜÿŲĜĪżłƸŊĪǜżƸŏŲŃڍڎڌڎżƣƸŊĪܕƸŊĪ ŏƣĜǀŧÿƣÿŲģ

 ŏłǣżǀǝżǀŧģŧŏŤĪƸżƣĪĜĪŏǜĪܡŏŲǣżǀƣƠƣżǢǣłżƣŰÿƫƸŊĪǜżƸŏŲŃģĪÿģŧŏŲĪ

 ŧĪÿƫƸ ƫĪǜĪŲ ěǀƫŏŲĪƫƫ ģÿǣƫ ŏŲ ÿģǜÿŲĜĪ żł ƸŊĪ ģÿƸĪ ÿŲģ ƸŏŰĪ ƫƠĪĜŏǿĪģ

 ÿƸ܉ŏ܏Ī܏ܠڎڎڌڎ܉ڎƣĪƢǀĪƫƸŰǀƫƸěĪƣĪĜĪŏǜĪģěǣrÿǣ܏ڏڑڎڒܫڐڒڑܫڌڌڔܫڍÿƸ

 ƸŊĪ ģÿƸĪ ƸŊĪ  ŏƣĜǀŧÿƣ ǝÿƫ ǿŧĪģ żŲ ®/'¦ ěǣ ĜÿŧŧŏŲŃ  żŰƠǀƸĪƣƫŊÿƣĪ

 ÿǽƸĪƣƸŊĪrĪĪƸŏŲŃģÿƸĪÿŲģǝŏƸŊŏŲżŲĪǣĪÿƣłƣżŰܡŏŏܠżƣܔڔڕڐڌܫڎڒڕܫڒڒڔܫڍ

 ƸŊĪ ǜżƸŏŲŃ ģĪÿģŧŏŲĪ ÿŲģ rĪĪƸŏŲŃ ģÿƸĪ ěǣ ĜÿŧŧŏŲŃ  żŰƠǀƸĪƣƫŊÿƣĪ ÿƸ

 ŏŲ ÿģǜÿŲĜĪ żł ܡŏܠ ܈ŲŲǀÿŧ ¦ĪƠżƣƸ ڍڎڌڎ żƣ ƸŊĪܕżł ƸŊĪ  ŏƣĜǀŧÿƣ ÿŲģ

 ǣżǀ ĜÿŲ ƣĪƢǀĪƫƸ ƠÿƠĪƣ ĜżƠŏĪƫ ܉Sł ǣżǀ ÿƣĪ ÿ ƣĪŃŏƫƸĪƣĪģ ƫŊÿƣĪŊżŧģĪƣ

About the Meeting

	
	TABLE OF CONTENTS

 żÿƣģżł'ŏƣĪĜƸżƣƫrÿŲģÿƸĪ  66  APPENDIX  A:

 żÿƣģƠƠƣżǜÿŧ    65

 żÿƣģżł'ŏƣĪĜƸżƣƫ 65    żŲƸÿĜƸŏŲŃƸŊĪ

 65   Additional Information

SF¦®FŏŲÿŲĜŏÿŧrĪÿƫǀƣĪƫܫ 65   tżŲ

 ŏģ 64   tżƣŰÿŧ żǀƣƫĪSƫƫǀĪƣ

 63   SŲģĪěƸĪģŲĪƫƫżł'ŏƣĪĜƸżƣƫÿŲģdzǿĜĪƣƫ

 ŏŲrÿƸƸĪƣƫƸżěĪĜƸĪģÃƠżŲ

   63     Interests of Certain Persons or Companies

rÿƸĪƣŏÿŧ1⁄4ƣÿŲƫÿĜƸŏżŲƫ

  63     SŲƸĪƣĪƫƸżłrÿŲÿŃĪŰĪŲƸÿŲģƸŊĪƣƫŏŲ

 63   'ŏƣĪĜƸżƣÿŲģdzǿĜĪƣhŏÿěŏŧŏƸǣSŲƫǀƣÿŲĜĪ

N/¦StF¦r1⁄4St1⁄4 ܏ڛ ڙڜ

 61   'ŏƣĪĜƸżƣ®ŊÿƣĪǝŲĪƣƫŊŏƠGǀŏģĪŧŏŲĪƫ

 60   Director Compensation

AND EQUITY OWNERSHIP

 t'S¦/ 1⁄4¦ r/t®1⁄4St1⁄4¦/¦ ܏ښ ږڜ

 ĪŲĪǿƸƫ 58   1⁄4ĪƣŰŏŲÿƸŏżŲÿŲģ ŊÿŲŃĪżł żŲƸƣżŧ

 Earned During the Year

 ßÿŧǀĪßĪƫƸĪģżƣܨ 56     SŲĜĪŲƸŏǜĪŧÿŲǝÿƣģƫ

 ÿƫĪģǝÿƣģƫܫƠƸŏżŲ

 ÿƫĪģǝÿƣģƫÿŲģܫ 56     ǀƸƫƸÿŲģŏŲŃ®ŊÿƣĪ

 55   Summary Compensation Table

  55   Compensation Recovery Policy

 54   /ǢĪĜǀƸŏǜĪ®ŊÿƣĪǝŲĪƣƫŊŏƠGǀŏģĪŧŏŲĪƫ

 44   Components of Compensation

 41   Compensation-Setting Process

 39   Pay Policies and Practices

 39   2021 Executive Pay for Performance

 żŰƠÿŲǣFŏŲÿŲĜŏÿŧĪƣłżƣŰÿŲĜĪNŏŃŊŧŏŃŊƸƫ ڍڎڌڎ    36

 35   Risk and Executive Compensation

/ƢǀŏƸǣǝŲĪƣƫŊŏƠ

   34     Report on Executive Compensation and

AND ANALYSIS

 r/t®1⁄4St'S® Ã®®St  ܏ڙ ڙڙ

 32   Climate Strategy

  32   Environmental Policy

 32   NǀŰÿŲ¦ŏŃŊƸƫżŧŏĜǣ

 31   Diversity and Inclusion

  31   Community Investment Strategy

 30   Community Involvement

 28   ESG

 28   Orientation and Continuing Education

 żÿƣģ 28   rÿŲģÿƸĪżłżǀƣ

 żÿƣģ¦ĪŲĪǝÿŧżł

  28     'ŏƣĪĜƸżƣ1⁄4ĪƣŰhŏŰŏƸƫÿŲģƸŊĪƣrĪĜŊÿŲŏƫŰƫ

 27   tżŰŏŲÿƸŏżŲ¦ŏŃŊƸƫ

 27   rÿšżƣŏƸǣßżƸŏŲŃżŧŏĜǣ

 27   rĪĪƸŏŲŃƫżłSŲģĪƠĪŲģĪŲƸ'ŏƣĪĜƸżƣƫ

 27   Director Independence

 żÿƣģ 24    żŰŰŏƸƸĪĪƫżłżǀƣ

 żÿƣģ żŰŰŏƸƸĪĪƫżÿƣģÿŲģ 24    żŰƠżƫŏƸŏżŲżłżǀƣ

 23   àŊŏƫƸŧĪěŧżǝĪƣżŧŏĜǣ

 23   Code of Ethics

NĪģŃŏŲŃżŧŏĜǣܫ 23   SŲƫŏģĪƣ1⁄4ƣÿģŏŲŃÿŲģŲƸŏ

 żƣƣǀƠƸŏżŲ żŰƠŧŏÿŲĜĪżŧŏĜǣ ܫƣŏěĪƣǣÿŲģŲƸŏܫ 23   ŲƸŏ

 23   Disclosure Policy

 20   Corporate Governance

GOVERNANCE PRACTICES

 r/t1⁄4F ¦¦1⁄4//1⁄41⁄4® ܏ژ ږژ

Executive Compensation

   19     Advisory Resolution on Approach to

 19   Appointment of the Auditor

 żÿƣģżł'ŏƣĪĜƸżƣƫ 9   /ŧĪĜƸŏżŲżłƸŊĪ

 9   Receive the Financial Statements

  9    Business to be Transacted at the Meeting

 8   Share Capital and Principal Shareholders

 8   General Information

 5   tżƸŏĜĪÿŲģĜĜĪƫƫ

 5   ěżǀƸ1⁄4Ŋŏƫ ŏƣĜǀŧÿƣÿŲģ¦ĪŧÿƸĪģƣżǢǣrÿƸĪƣŏÿŧƫ

 5    Voting Information

 2   tżƸŏĜĪżłŲŲǀÿŧrĪĪƸŏŲŃżł®ŊÿƣĪŊżŧģĪƣƫ

 Ã1⁄41⁄4N/r//1⁄4StG ܏ڗ ژ

Letter from the Chair   1 

	
	ڛ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

to check compatibility and complete the related procedures.

 łżƣƸŊĪrĪĪƸŏŲŃ܏æżǀƫŊżǀŧģÿŧŧżǝÿŰƠŧĪƸŏŰĪƸżšżŏŲƸŊĪrĪĪƸŏŲŃ

 ŧĪÿƫĪģżŲżƸǀƫĪSŲƸĪƣŲĪƸ/ǢƠŧżƣĪƣÿƫŏƸŏƫŲżƸÿƫǀƠƠżƣƸĪģěƣżǝƫĪƣ

 ܏rŏĜƣżƫżǽƸ/ģŃĪżƣFŏƣĪłżǢ܉ÿłÿƣŏ®܉ŲĪĪģƸŊĪŧÿƸĪƫƸǜĪƣƫŏżŲżł ŊƣżŰĪ

 æżǀǝŏŧŧ܏ڐæNڎڕrܕŰĪĪƸŲżǝ܏Ńŧżěÿŧܕܕ܈Step 1:hżŃŏŲżŲŧŏŲĪÿƸŊƸƸƠƫ

 ܏ŰǀƫƸŧżŃŏŲżŲŧŏŲĪÿƫƫĪƸżǀƸěĪŧżǝܡŊżŧģĪƣ

 ƫŊÿƣĪŊżŧģĪƣƫǝŊżŊÿǜĪŲżƸģǀŧǣÿƠƠżŏŲƸĪģƸŊĪŰƫĪŧǜĪƫÿƫƠƣżǢǣ-

 ƣĪŃŏƫƸĪƣĪģܫŏŲĜŧǀģŏŲŃ ŲżŲܠ ÿŲģ ŃǀĪƫƸƫ ܡƫĪŧǜĪƫ ÿƫ ƠƣżǢǣŊżŧģĪƣ

 ƣĪŃŏƫƸĪƣĪģ ƫŊÿƣĪŊżŧģĪƣƫ ǝŊż ŊÿǜĪ ģǀŧǣ ÿƠƠżŏŲƸĪģ ƸŊĪŰ-ܫŲżŲ

 ŏŲĜŧǀģŏŲŃܠģǀŧǣÿƠƠżŏŲƸĪģƠƣżǢǣŊżŧģĪƣƫ܉ƣĪŃŏƫƸĪƣĪģƫŊÿƣĪŊżŧģĪƣƫ

 ܉ěĪŧżǝƸŊÿƸÿƣĪÿƠƠŧŏĜÿěŧĪƸżǣżǀ܏SŲżƣģĪƣƸżÿƸƸĪŲģƸŊĪrĪĪƸŏŲŃ

  non-registered shareholder. Please read the voting instructions

 A:  Nżǝ ǣżǀ ǜżƸĪ ģĪƠĪŲģƫ żŲ ǝŊĪƸŊĪƣ ǣżǀ ÿƣĪ ÿ ƣĪŃŏƫƸĪƣĪģ żƣ ÿ

Q:   How do I attend and participate in the virtual Meeting?

tions or vote.

 ěĪÿěŧĪƸżŧŏƫƸĪŲƸżƸŊĪrĪĪƸŏŲŃěǀƸǝŏŧŧŲżƸěĪÿěŧĪƸżÿƫŤƢǀĪƫ-

 ƠƣżǜŏģĪģ ƸŊÿƸ ƸŊĪǣ ÿƣĪ ĜżŲŲĪĜƸĪģ Ƹż ƸŊĪ ŏŲƸĪƣŲĪƸ܏ GǀĪƫƸƫ ǝŏŧŧ

 ܉ƫĪŧǜĪƫÿƫƠƣżǢǣŊżŧģĪƣǝŏŧŧěĪÿěŧĪƸżÿƸƸĪŲģƸŊĪrĪĪƸŏŲŃÿƫŃǀĪƫƸƫ

 ƣĪŃŏƫƸĪƣĪģƫŊÿƣĪŊżŧģĪƣƫǝŊżŊÿǜĪŲżƸģǀŧǣÿƠƠżŏŲƸĪģƸŊĪŰ-ܫtżŲ

 ܏rĪĪƸŏŲŃÿƫÿŃǀĪƫƸ

rĪĪƸŏŲŃÿŲģƫǀĜŊƠƣżǢǣŊżŧģĪƣǝżǀŧģżŲŧǣěĪÿěŧĪƸżÿƸƸĪŲģƸŊĪ

 proxyholder not receiving a control number to participate in the

 ǝŏƸŊ żŰƠǀƸĪƣƫŊÿƣĪǝŏŧŧƣĪƫǀŧƸŏŲƸŊÿƸܡǣżǀƣƫĪŧłżƣÿŲżƸŊĪƣƠĪƣƫżŲ

 ǝŊżĜżǀŧģěĪ܉ƠĪƣƫżŲǣżǀŊÿǜĪģĪƫŏŃŲÿƸĪģƸżÿƸƸĪŲģƸŊĪrĪĪƸŏŲŃ

 ƸŊĪܠ ÿƫ ģĪƫĜƣŏěĪģ ěĪŧżǝ܏ FÿŏŧǀƣĪ Ƹż ƣĪŃŏƫƸĪƣ ƸŊĪ ƠƣżǢǣŊżŧģĪƣ

 ܡżŰƠǀƸĪƣƫŊÿƣĪܷ ܶܠżŰƠǀƸĪƣƫŊÿƣĪSŲǜĪƫƸżƣ®ĪƣǜŏĜĪƫSŲĜ܏ ܉ÿŃĪŲƸ

 the proxyholder with the Company’s registrar and transfer

 duly completed proxy or voting instruction form AND register

 attend, participate in and vote at the Meeting) must submit their

 shareholders who wish to appoint themselves as proxyholder to

 to represent them at the Meeting (including non-registered

 in this Circular. Shareholders who wish to appoint a proxyholder

 ÿƣĪĜżŲŲĪĜƸĪģƸżƸŊĪŏŲƸĪƣŲĪƸÿŲģłżŧŧżǝƸŊĪŏŲƫƸƣǀĜƸŏżŲƫƫĪƸżǀƸ

 ƠƣżǜŏģĪģƸŊÿƸƸŊĪǣ܉ěÿƫĪģƠŧÿƸłżƣŰܫƫĪĜǀƣĪŧǣǜżƸĪƸŊƣżǀŃŊÿǝĪě

 ÿƫŤƢǀĪƫƸŏżŲƫÿŲģ܉ŧżŃŏŲƸżƸŊĪrĪĪƸŏŲŃżŲŧŏŲĪǝŏŧŧěĪÿěŧĪƸżŧŏƫƸĪŲ

A:  ¦ĪŃŏƫƸĪƣĪģ ƫŊÿƣĪŊżŧģĪƣƫ ÿŲģ ģǀŧǣ ÿƠƠżŏŲƸĪģ ƠƣżǢǣŊżŧģĪƣƫ ǝŊż

Q:    Who can attend and vote at the virtual Meeting?

 ܏ěÿƫĪģƠŧÿƸłżƣŰŏŲƫƸĪÿģżłÿƸƸĪŲģŏŲŃƸŊĪŰĪĪƸŏŲŃŏŲƠĪƣƫżŲܫÿǝĪě

 ƠÿƣƸŏĜŏƠÿƸĪŏŲÿŲģǜżƸĪÿƸƸŊĪŰĪĪƸŏŲŃŏŲƣĪÿŧƸŏŰĪƸŊƣżǀŃŊ܉ŧŏƫƸĪŲ

 ěǣǝÿǣżłÿŧŏǜĪǝĪěĜÿƫƸ܏®ŊÿƣĪŊżŧģĪƣƫǝŏŧŧěĪÿěŧĪƸż܉łżƣŰÿƸżŲŧǣ

 ƸŊĪrĪĪƸŏŲŃǝŏŧŧěĪŊĪŧģŏŲÿǜŏƣƸǀÿŧŰĪĪƸŏŲŃ܉ěƣżÿģĪƣĜżŰŰǀŲŏƸǣ

 ĜżŧŧĪÿŃǀĪƫÿŲģƸŊĪ܉żłƸŊĪŊĪÿŧƸŊÿŲģƫÿłĪƸǣżłżǀƣƫŊÿƣĪŊżŧģĪƣƫ

 A:  Due to the ongoing COVID-19 pandemic and in consideration

Q:   Why will the Meeting be completely virtual?

QUESTIONS AND ANSWERS ON THE VIRTUAL MEETING

 ܏ŲŲǀÿŧ¦ĪƠżƣƸڍڎڌڎżƣƸŊĪܕÿƠÿƠĪƣĜżƠǣżłƸŊŏƫ ŏƣĜǀŧÿƣÿŲģ

 ÿŲģĪǢƠŧÿŏŲƫŊżǝƸżżěƸÿŏŲ܉ƸŏżŲƫżŲŊżǝƸżÿĜĜĪƫƫƸŊĪƠƣżǢǣŰÿƸĪƣŏÿŧƫ

 ŏŲƫƸƣǀĜ-܉ŏŲłżƣŰÿƸŏżŲÿěżǀƸƸŊĪrĪĪƸŏŲŃÿŲģƸŊĪŰÿƸƸĪƣƫƸżěĪǜżƸĪģżŲ

 ŊĪ tżƸŏĜĪ żł rĪĪƸŏŲŃ ĜżŲƸÿŏŲƫ ěÿƫŏĜ1⁄4 ܏ܡżƣ ÿ ǜżƸŏŲŃ ŏŲƫƸƣǀĜƸŏżŲ łżƣŰ

 ÿłżƣŰżłƠƣżǢǣܠtżƸŏĜĪżłrĪĪƸŏŲŃÿŲģƸŊĪƣĪŧĪǜÿŲƸǜżƸŏŲŃģżĜǀŰĪŲƸ

 ƸŊĪ  żŰƠÿŲǣ ǝŏŧŧ ƫĪŲģ ƫŊÿƣĪŊżŧģĪƣƫ ƸŊĪ ܉ڎڎڌڎ ܉ڑ Ų żƣ ÿěżǀƸ Ơƣŏŧ

 ܏ƠżƫƸĪģżŲƸŊĪ żŰƠÿŲǣܹƫǝĪěƫŏƸĪÿŲģĪǢƠŧÿŏŲŏŲŃŊżǝƸżÿĜĜĪƫƫƸŊĪŰ

 ƣĪŧÿƸĪģŰÿƸĪƣŏÿŧƫŊÿǜĪěĪĪŲܫŲŲǀÿŧ¦ĪƠżƣƸÿŲģƠƣżǢǣڍڎڌڎƸŊĪ܉ ŏƣĜǀŧÿƣ

 Common Shares”) that thisܶܠŊżŧģĪƣƫżłĜżŰŰżŲƫŊÿƣĪƫżłƸŊĪ żŰƠÿŲǣ

 ƫĪŲģŏŲŃƸŊĪtżƸŏĜĪżłrĪĪƸŏŲŃŏŲłżƣŰŏŲŃܡŏŏܠÿŲģܔǝǝǝ܏ƸƣŏƠŧĪǵŧÿŃƠŰ܏ĜżŰ

 ܉żŲŏƸƫǝĪěƫŏƸĪܡƣĪŧÿƸĪģŰÿƸĪƣŏÿŧƫܫÿŲģżƸŊĪƣƠƣżǢǣܠŲŲǀÿŧ¦ĪƠżƣƸڍڎڌڎ

 ƠżƫƸŏŲŃ ƸŊŏƫ  ŏƣĜǀŧÿƣ ÿŲģ ƸŊĪ ܡŏܠ ܈ģĪŧŏǜĪƣ ƠƣżǢǣ ƣĪŧÿƸĪģ ŰÿƸĪƣŏÿŧƫ ěǣ

 ƸŊĪ  żŰƠÿŲǣ ǝŏŧŧ ܉ŊżŧģĪƣƫ܏ ÃŲģĪƣ ƸŊĪ ŲżƸŏĜĪ ÿŲģ ÿĜĜĪƫƫ ƠƣżĜĪģǀƣĪ

 żǜĪƣ ƸŊĪ ŏŲƸĪƣŲĪƸ ŏŲƫƸĪÿģ żł ŰÿŏŧŏŲŃ ƠÿƠĪƣ ĜżƠŏĪƫ Ƹż ƫŊÿƣĪ- ܉ܡ”Report

 ƸŊĪ“2021 Annualܠڍڎڌڎ܉ڍڏÿŲģÿŲÿŧǣƫŏƫłżƣƸŊĪǣĪÿƣĪŲģĪģ'ĪĜĪŰěĪƣ

 ĜżŲƫżŧŏģÿƸĪģ ǿŲÿŲĜŏÿŧ ƫƸÿƸĪŰĪŲƸƫ ÿŲģ ŰÿŲÿŃĪŰĪŲƸܹƫ ģŏƫĜǀƫƫŏżŲ

 ǝŊŏĜŊ ŏŲĜŧǀģĪƫ ƸŊĪ ÿŲŲǀÿŧ ܉ƸŊĪ  żŰƠÿŲǣ Ƹż łǀƣŲŏƫŊ ƠƣżǢǣ ŰÿƸĪƣŏÿŧƫ

 1⁄4ŊĪ  żŰƠÿŲǣ ŏƫ ǀƫŏŲŃ ƸŊĪ ŲżƸŏĜĪ ÿŲģ ÿĜĜĪƫƫ ƠƣżĜĪģǀƣĪ ƸŊÿƸ ÿŧŧżǝƫ

NOTICE AND ACCESS

 ܏ǀŲŧĪƫƫżƸŊĪƣǝŏƫĪƫƸÿƸĪģ܉®ƸÿƸĪƫģżŧŧÿƣƫ

 ÿŲģÿŧŧģżŧŧÿƣÿŰżǀŲƸƫǀƫĪģÿƣĪŏŲÃŲŏƸĪģڎڎڌڎ܉ڌڏŏƫŃŏǜĪŲÿƫżłrÿƣĜŊ

 ƸŊĪŏŲłżƣŰÿƸŏżŲĜżŲƸÿŏŲĪģŏŲƸŊŏƫ ŏƣĜǀŧÿƣ܉ÃŲŧĪƫƫżƸŊĪƣǝŏƫĪŏŲģŏĜÿƸĪģ

 ܏ƸŊĪrĪĪƸŏŲŃ

 ǝŊĪƸŊĪƣ żƣ ŲżƸ ǣżǀ ģĪĜŏģĪ Ƹż ÿƸƸĪŲģ ܉ěĪ ĜżŲƫŏģĪƣĪģ ÿƸ ƸŊĪ rĪĪƸŏŲŃ

 ƸŏżŲěĪŧżǝłżƣÿŲĪǢƠŧÿŲÿƸŏżŲżłŊżǝǣżǀĜÿŲǜżƸĪżŲƸŊĪŰÿƸƸĪƣƫƸż

 ŧĪÿƫĪ ƫĪĪ ƸŊĪ ܶ¥ǀĪƫƸŏżŲƫ ÿŲģ ŲƫǝĪƣƫ żŲ ƸŊĪ ßżƸŏŲŃ ƣżĜĪƫƫܷ ƫĪĜ-

ces and other relevant matters.

 ƸŊĪ żŰƠÿŲǣܹƫĜżƣƠżƣÿƸĪŃżǜĪƣŲÿŲĜĪƠƣÿĜƸŏ-܉ĪǢĪĜǀƸŏǜĪĜżŰƠĪŲƫÿƸŏżŲ

 ÿŲģ ƠƣżǜŏģĪƫ ŏŲłżƣŰÿƸŏżŲ ÿěżǀƸ ģŏƣĪĜƸżƣ ÿŲģ ܉ÿƫ ƸŊĪ ǜżƸŏŲŃ ƠƣżĜĪƫƫ

 1⁄4Ŋŏƫ ŏƣĜǀŧÿƣģĪƫĜƣŏěĪƫƸŊĪŏƸĪŰƫƸżěĪǜżƸĪģżŲÿƸƸŊĪrĪĪƸŏŲŃÿƫǝĪŧŧ

 ܏ěÿƫĪģƠŧÿƸłżƣŰܫǝĪě

 ƠÿƣƸŏĜŏƠÿƸĪÿŲģǜżƸĪÿƸƸŊĪŰĪĪƸŏŲŃŏŲƣĪÿŧƸŏŰĪƸŊƣżǀŃŊÿ܉ƸżŧŏƫƸĪŲ

 ěǣǝÿǣżłÿŧŏǜĪǝĪěĜÿƫƸ܏®ŊÿƣĪŊżŧģĪƣƫǝŏŧŧěĪÿěŧĪ܉ŰĪĪƸŏŲŃłżƣŰÿƸżŲŧǣ

 ƸŊĪrĪĪƸŏŲŃǝŏŧŧěĪŊĪŧģŏŲÿǜŏƣƸǀÿŧ܉ƠÿŲģĪŰŏĜڕڍܫ'ƸŊĪżŲŃżŏŲŃ ßS

 ǀĪ Ƹż' ܏ܡÿƫƸĪƣŲ 1⁄4ŏŰĪ/ܠ ÿ܏Ű܏ ڌڌ܈ڌڍ ÿƸ ܉ڎڎڌڎ ܉ڍڍ rÿǣ ܉żŲ àĪģŲĪƫģÿǣ

 ƸŊĪ“Meeting”) of the Company to be heldܠrĪĪƸŏŲŃżł®ŊÿƣĪŊżŧģĪƣƫ

 ŲŲǀÿŧ ڎڎڌڎ ÿŲģ żƸŊĪƣ ƠƣżǢǣ ŰÿƸĪƣŏÿŧƫ ŏŲ ĜżŲŲĪĜƸŏżŲ ǝŏƸŊ ƸŊĪ

 ƸŊŏƫ“Circular”)ܠ ƠƣżǜŏģŏŲŃ ǣżǀ ǝŏƸŊ ƸŊŏƫ rÿŲÿŃĪŰĪŲƸ ƣżǢǣ  ŏƣĜǀŧÿƣ

 ƸŊĪ“Company” or “Triple Flag”) isܠ1⁄4ƣŏƠŧĪFŧÿŃƣĪĜŏżǀƫrĪƸÿŧƫ żƣƠ܏

PROXY MATERIALS

  ABOUT THIS CIRCULAR AND RELATED

VOTING INFORMATION

About the Meeting

	
	ڜ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ÿƸ ǝǝǝ܏ŏŲǜĪƫƸżƣǜżƸĪ܏ĜżŰ܏ æżǀ Űÿǣ ÿǀƸŊżƣŏǭĪ ƸŊĪ ŰÿŲÿŃĪŰĪŲƸ

 żƣ ěǣ ŃżŏŲŃ żŲŧŏŲĪ ܔ żŰƠǀƸĪƣƫŊÿƣĪ ÿƸ ƸŊĪ ÿģģƣĪƫƫ ŧŏƫƸĪģ ěĪŧżǝ

 ĜżǀƣŏĪƣżƣěǣŊÿŲģƸż܉ěǣŰÿŏŧ܈ěǣĪŏƸŊĪƣżłƸŊĪłżŧŧżǝŏŲŃŰĪÿŲƫ

 ÿŲģ ƣĪƸǀƣŲ ŏƸ ܡÿŧƫż ÿǜÿŏŧÿěŧĪ żŲŧŏŲĪ ÿƸ ǝǝǝ܏ŏŲǜĪƫƸżƣǜżƸĪ܏ĜżŰܠ

 ƠŧĪÿƫĪ ĜżŰƠŧĪƸĪ ƸŊĪ ĪŲĜŧżƫĪģ łżƣŰ żł ƠƣżǢǣ ܉1⁄4ż ǜżƸĪ ěǣ ƠƣżǢǣ

 ܏æżǀĜÿŲǜżƸĪěǣƠƣżǢǣǝŊĪƸŊĪƣżƣŲżƸǣżǀÿƸƸĪŲģƸŊĪrĪĪƸŏŲŃ

Voting by Proxy

platform.

 ěĪƸÿŤĪŲÿŲģĜżǀŲƸĪģÿƸƸŊĪrĪĪƸŏŲŃƸŊƣżǀŃŊƸŊĪŧŏǜĪǝĪěĜÿƫƸ

 ĜżŰƠŧĪƸĪżƣƣĪƸǀƣŲƸŊĪłżƣŰżłƠƣżǢǣƫĪŲƸƸżǣżǀ܏æżǀƣǜżƸĪǝŏŧŧ

 ģżŲżƸ܉SłǣżǀǝŏƫŊƸżǜżƸĪǣżǀƣ żŰŰżŲ®ŊÿƣĪƫÿƸƸŊĪrĪĪƸŏŲŃ

Voting at the Meeting

 ܏ƸŊĪŧŏǜĪǝĪěĜÿƫƸƠŧÿƸłżƣŰ

 ®ŊÿƣĪƫěǣƠƣżǢǣżƣģǀƣŏŲŃƸŊĪrĪĪƸŏŲŃěǣżŲŧŏŲĪěÿŧŧżƸƸŊƣżǀŃŊ

 ǣżǀŰÿǣǜżƸĪǣżǀƣ żŰŰżŲ܉A:  SłǣżǀÿƣĪÿƣĪŃŏƫƸĪƣĪģƫŊÿƣĪŊżŧģĪƣ

Q:   How do I vote if I am a registered shareholder?

non-registered shareholders.

 an intermediary to deliver the proxy-related materials to all

 Investor Communications Company). The Company pays for

 ƣżÿģƣŏģŃĪ ƫǀĜŊ ÿƫܠ ƫŊÿƣĪŊżŧģĪƣƫ ƸŊƣżǀŃŊ ÿ ƫĪƣǜŏĜĪ ĜżŰƠÿŲǣ

 ƣĪŃŏƫƸĪƣĪģܫSŲƸĪƣŰĪģŏÿƣŏĪƫ żǽƸĪŲ łżƣǝÿƣģ ƸŊĪ ŰÿƸĪƣŏÿŧƫ Ƹż ŲżŲ

 may distribute the materials to the non-registered shareholders.

 ŏŲ ĜżŲŲĪĜƸŏżŲ ǝŏƸŊ ƸŊĪ rĪĪƸŏŲŃ Ƹż ŏŲƸĪƣŰĪģŏÿƣŏĪƫ ƫż ƸŊÿƸ ƸŊĪǣ

 The Company distributes copies of the proxy-related materials

your Common Shares.

 ěĪŏŲŃ ƸŊĪ ŏŲƸĪƣŰĪģŏÿƣǣ żƣ ģĪƠżƫŏƸżƣǣ ƸŊƣżǀŃŊ ǝŊŏĜŊ ǣżǀ żǝŲ

 ƫŊÿƣĪƣĪŃŏƫƸĪƣƫŊżǝƫƸŊĪƫŊÿƣĪŊżŧģĪƣżłǣżǀƣ żŰŰżŲ®ŊÿƣĪƫÿƫ

 ƸŊĪ żŰƠÿŲǣܹƫ܉ěǣ żŰƠǀƸĪƣƫŊÿƣĪÿƫěĪŏŲŃÿƫŊÿƣĪŊżŧģĪƣ܏SŲƫƸĪÿģ

 ǣżǀÿƣĪŲżƸŏģĪŲƸŏǿĪģżŲƸŊĪƫŊÿƣĪƣĪŃŏƫƸĪƣŰÿŏŲƸÿŏŲĪģ܉ƫƫǀĜŊ

 interest in Common Shares is recorded in an electronic system.

 ěǀƸ ǣżǀƣ żǝŲĪƣƫŊŏƠ ܉ żŰŰżŲ ®ŊÿƣĪƫ ƣĪŃŏƫƸĪƣĪģ ŏŲ ǣżǀƣ ŲÿŰĪ

 ǣżǀģżŲżƸŊÿǜĪ܉ƣĪŃŏƫƸĪƣĪģƫŊÿƣĪŊżŧģĪƣܫƸƣǀƫƸĜżŰƠÿŲǣ܏ƫÿŲżŲ

 ěƣżŤĪƣżƣ܉ƫǀĜŊÿƫÿěÿŲŤ܉ÿĜĜżǀŲƸŏŲƸŊĪŲÿŰĪżłÿŲŏŲƸĪƣŰĪģŏÿƣǣ

 non-registered shareholder if your Common Shares are held in an

 A:  rost shareholders are non-registered shareholders. You are a

 ܐƣĪŃŏƫƸĪƣĪģżƣěĪŲĪǿĜŏÿŧƫŊÿƣĪŊżŧģĪƣܫQ: ŰSÿŲżŲ

as being a shareholder.

 ܉ŏģĪŲƸŏǿĪģ żŲ ƸŊĪ ƫŊÿƣĪ ƣĪŃŏƫƸĪƣ ŰÿŏŲƸÿŏŲĪģ ěǣ  żŰƠǀƸĪƣƫŊÿƣĪ

 ǣżǀÿƣĪ܉ƫƸÿƸĪŰĪŲƸ܏ƫÿƣĪŃŏƫƸĪƣĪģƫŊÿƣĪŊżŧģĪƣܡ®¦'ܠƸŏżŲƫǣƫƸĪŰ

 ǣżǀƣżǝŲŲÿŰĪÿŲģǣżǀŊÿǜĪÿƫŊÿƣĪĜĪƣƸŏǿĜÿƸĪżƣģŏƣĪĜƸƣĪŃŏƫƸƣÿ-

 A: You are a registered shareholder if you hold Common Shares in

Q:   Am I a registered shareholder?

 ܏ěĪŧżǝƸŊÿƸÿƣĪÿƠƠŧŏĜÿěŧĪƸżǣżǀ

 non-registered shareholder. Please read the voting instructions

A:  Nżǝ ǣżǀ ǜżƸĪ ģĪƠĪŲģƫ żŲ ǝŊĪƸŊĪƣ ǣżǀ ÿƣĪ ÿ ƣĪŃŏƫƸĪƣĪģ żƣ ÿ

Q:   How do I vote?

 ܏ģÿƸĪżłƸŊĪrĪĪƸŏŲŃ܏/ÿĜŊ żŰŰżŲ®ŊÿƣĪŏƫĪŲƸŏƸŧĪģƸżżŲĪǜżƸĪ

 ǝŊŏĜŊŏƫƸŊĪƣĪĜżƣģ܉ڎڎڌڎ܉ڌڏÿƫÿƸƸŊĪĜŧżƫĪżłěǀƫŏŲĪƫƫżŲrÿƣĜŊ

A:  æżǀÿƣĪĪŲƸŏƸŧĪģƸżǜżƸĪŏłǣżǀǝĪƣĪÿŊżŧģĪƣżł żŰŰżŲ®ŊÿƣĪƫ

Q:   Am I entitled to vote?

thereof.

 ěĪłżƣĪ ƸŊĪ rĪĪƸŏŲŃ żƣ ÿŲǣ ÿģšżǀƣŲŰĪŲƸ żƣ ƠżƫƸƠżŲĪŰĪŲƸ

 • to transact such other business as may properly be brought

 ÿŲģܔĜżŰƠĪŲƫÿƸŏżŲ

 to vote on the advisory resolution on the approach to executive •

 ܔܡżłƸŊĪǀģŏƸżƣܷłżƣÿģģŏƸŏżŲÿŧģĪƸÿŏŧƫ

 ƫĪĪܶƠƠżŏŲƸŰĪŲƸܠģŏƣĪĜƸżƣƫƸżǿǢƸŊĪÿǀģŏƸżƣܹƫƣĪŰǀŲĪƣÿƸŏżŲ

 ÿŲģƸżÿǀƸŊżƣŏǭĪƸŊĪڎڎڌڎƸżÿƠƠżŏŲƸǝ ÿƫżǀƣÿǀģŏƸżƣłżƣ •

 ܔܡłżƣÿģģŏƸŏżŲÿŧģĪƸÿŏŧƫ

 żÿƣģżł'ŏƣĪĜƸżƣƫܷƫĪĪܶ/ŧĪĜƸŏżŲżłƸŊĪܠƸżĪŧĪĜƸƸŊĪģŏƣĪĜƸżƣƫ •

 ܈A:  YżǀǝŏŧŧěĪǜżƸŏŲŃ

Q:   What items of business am I voting on?

QUESTIONS AND ANSWERS ON THE VOTING PROCESS

 ܏ǝŏŧŧŲżƸěĪƠĪƣŰŏƸƸĪģƸżÿƫŤƢǀĪƫƸŏżŲƫżƣǜżƸĪÿƸƸŊĪrĪĪƸŏŲŃ

 ƫĪŧǜĪƫÿƫƠƣżǢǣŊżŧģĪƣƫŰÿǣŧŏƫƸĪŲƸżƸŊĪrĪĪƸŏŲŃÿƫŃǀĪƫƸƫ܏GǀĪƫƸƫ

 ƣĪŃŏƫƸĪƣĪģƫŊÿƣĪŊżŧģĪƣƫǝŊżŊÿǜĪŲżƸģǀŧǣÿƠƠżŏŲƸĪģƸŊĪŰ-ܫtżŲ

 ܏ŏŲƠƣżĜĪģǀƣĪƫܫrĪĪƸŏŲŃżŲŧŏŲĪÿŲģĜżŰƠŧĪƸĪƸŊĪĜŊĪĜŤ

 ÿƸŏżŲżłƸŊĪrĪĪƸŏŲŃ܏æżǀƫŊżǀŧģÿŧŧżǝÿŰƠŧĪƸŏŰĪƸżŧżŃŏŲƸżƸŊĪ

It is your responsibility to ensure internet connectivity for the dur-

 ܏ģǀƣŏŲŃƸŊĪrĪĪƸŏŲŃŏŲżƣģĪƣƸżǜżƸĪǝŊĪŲěÿŧŧżƸŏŲŃĜżŰŰĪŲĜĪƫ

 is important that you are connected to the internet at all times

 ŏƸ܉żŲŧŏŲĪģǀƣŏŲŃƸŊĪrĪĪƸŏŲŃ܏SłǣżǀƠŧÿŲƸżǜżƸĪÿƸƸŊĪrĪĪƸŏŲŃ

 ÿƫŤ ƢǀĪƫƸŏżŲƫ ÿƸ ƸŊĪ rĪĪƸŏŲŃ ÿŲģ ǜżƸĪ ěǣ ĜżŰƠŧĪƸŏŲŃ ÿ ěÿŧŧżƸ

 Registered shareholders and duly appointed proxyholders may

 ܏Guests: ŧŏĜŤܶGǀĪƫƸܷÿŲģƸŊĪŲĜżŰƠŧĪƸĪƸŊĪżŲŧŏŲĪłżƣŰ

voting deadline has passed.

 ƣĪĜĪŏǜĪÿŲŏŲǜŏƸĪĜżģĪěǣĪŰÿŏŧłƣżŰ żŰƠǀƸĪƣƫŊÿƣĪÿǽƸĪƣƸŊĪƠƣżǢǣ

 ƣĪŃŏƫƸĪƣĪģ ǝŏƸŊ  żŰƠǀƸĪƣƫŊÿƣĪ ÿƫ ģĪƫĜƣŏěĪģ ŏŲ ƸŊŏƫ  ŏƣĜǀŧÿƣ ǝŏŧŧ

 ǣżǀƣܶŏŲǜŏƸĪĜżģĪܷ܏ƣżǢǣŊżŧģĪƣƫǝŊżŊÿǜĪěĪĪŲģǀŧǣÿƠƠżŏŲƸĪģÿŲģ

Duly appointed proxyholders:  ŧŏĜŤ ܶSŲǜŏƸÿƸŏżŲܷ ÿŲģ ƸŊĪŲ ĪŲƸĪƣ

 ܏ǣżǀƫŊżǀŧģŲżƸǜżƸĪÿƸƸŊĪrĪĪƸŏŲŃ܉ƠƣżǢǣ

 ƫǀěŰŏƸƸĪģ܏SłǣżǀģżŲżƸǝŏƫŊƸżƣĪǜżŤĪÿƠƣĪǜŏżǀƫŧǣƫǀěŰŏƸƸĪģ

 ǜżƸĪǣżǀĜÿƫƸÿƸƸŊĪrĪĪƸŏŲŃǝŏŧŧƣĪǜżŤĪÿŲǣƠƣżǢǣǣżǀƠƣĪǜŏżǀƫŧǣ

 ÿŲǣ܉ƠƣżǢǣ܏SłǣżǀǀƫĪǣżǀƣĜżŲƸƣżŧŲǀŰěĪƣƸżŧżŃŏŲƸżƸŊĪrĪĪƸŏŲŃ

 ܶĜżŲƸƣżŧŲǀŰěĪƣܷ܏1⁄4ŊĪĜżŲƸƣżŧŲǀŰěĪƣŏƫŧżĜÿƸĪģżŲƸŊĪłżƣŰżł

Registered Shareholders: ŧŏĜŤܶ®ŊÿƣĪŊżŧģĪƣܷÿŲģƸŊĪŲĪŲƸĪƣǣżǀƣ

 ܈Step 2:FżŧŧżǝƸŊĪŏŲƫƸƣǀĜƸŏżŲƫěĪŧżǝ

About the Meeting

	
	ڝ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏ƠƣżǢǣŊżŧģĪƣǝżǀŧģżŲŧǣěĪÿěŧĪƸżÿƸƸĪŲģÿƫÿŃǀĪƫƸ

 ŲżƸƣĪĜĪŏǜŏŲŃÿŲŏŲǜŏƸĪĜżģĪƸżƠÿƣƸŏĜŏƠÿƸĪŏŲƸŊĪrĪĪƸŏŲŃÿŲģƫǀĜŊ

 ǣżǀƣ ěĪŊÿŧł ǝŏƸŊ  żŰƠǀƸĪƣƫŊÿƣĪ ǝŏŧŧ ƣĪƫǀŧƸ ŏŲ ƸŊĪ ƠƣżǢǣŊżŧģĪƣ

 ƸŊĪ ƠƣżǢǣŊżŧģĪƣ ǣżǀ ŊÿǜĪ ģĪƫŏŃŲÿƸĪģ Ƹż ÿƸƸĪŲģ ƸŊĪ rĪĪƸŏŲŃ żŲ

 ģÿƸĪżłƸŊĪÿģšżǀƣŲĪģżƣƠżƫƸƠżŲĪģrĪĪƸŏŲŃ܏FÿŏŧǀƣĪƸżƣĪŃŏƫƸĪƣ

 ěĪłżƣĪƸŊĪܡǀŲģÿǣƫÿŲģƫƸÿƸǀƸżƣǣŊżŧŏģÿǣƫ®܉ĪǢĜŧǀģŏŲŃ®ÿƸǀƣģÿǣƫܠ

 Ŋżǀƣƫڔڐ܉ŏłƸŊĪrĪĪƸŏŲŃŏƫÿģšżǀƣŲĪģżƣƠżƫƸƠżŲĪģ܉żƣ܉ڎڎڌڎ܉ڕrÿǣ

 żŲܡÿƫƸĪƣŲ1⁄4ŏŰĪ/ܠÿ܏Ű܏ڌڌ܈ڌڍƣŏƠŧĪFŧÿŃěǣŲżŧÿƸĪƣƸŊÿŲ1⁄4ܕƫŊÿƣĪ܏ĜżŰ

 ƣĪŃŏƫƸĪƣǣżǀƣƠƣżǢǣŊżŧģĪƣǝŏƸŊ żŰƠǀƸĪƣƫŊÿƣĪÿƸǝǝǝ܏ĜżŰƠǀƸĪƣ-

 ǣżǀƣ ƠƣżǢǣŊżŧģĪƣ ǝŏŧŧ ěĪ ǜżƸŏŲŃ ÿƸ ƸŊĪ rĪĪƸŏŲŃ܏ æżǀ ŰǀƫƸ ÿŧƫż

 ÿƫ܉ƠĪƣƫżŲÿƫƠƣżǢǣŊżŧģĪƣ܏'żŲżƸżƸŊĪƣǝŏƫĪĜżŰƠŧĪƸĪƸŊĪłżƣŰ

 ǣżǀ ÿƣĪ ŏŲƫƸƣǀĜƸŏŲŃ ǣżǀƣ ŏŲƸĪƣŰĪģŏÿƣǣ Ƹż ÿƠƠżŏŲƸ ƸŊÿƸ ܉ģżŏŲŃ ƫż

 ǣ ܏ÿŲģ ƣĪƸǀƣŲ ŏƸ ŏŲ ÿĜĜżƣģÿŲĜĪ ǝŏƸŊ ƸŊĪ ŏŲƫƸƣǀĜƸŏżŲƫ ƠƣżǜŏģĪģ

 instruction form provided to you by your intermediary and sign

 insert that person’s name in the space provided on the voting

 ǣżǀƫŊżǀŧģ܉ƸżǜżƸĪłżƣǣżǀ܏SłǣżǀǝŏƫŊƸżÿƠƠżŏŲƸÿƠƣżǢǣŊżŧģĪƣ

 ŊĪżƣƫŊĪŰǀƫƸÿƸƸĪŲģƸŊĪrĪĪƸŏŲŃ܉SłǣżǀÿƠƠżŏŲƸƫżŰĪżŲĪĪŧƫĪ

 a shareholder of the Company) to vote for you as a proxyholder.

 ŏŲĜŧǀģŏŲŃ ƫżŰĪżŲĪ ǝŊż ŏƫ ŲżƸܠ æżǀ ĜÿŲ ĜŊżżƫĪ ÿŲżƸŊĪƣ ƠĪƣƫżŲ

Designate another person to be appointed as your proxyholder

 ܏ÿŲģǣżǀǝżǀŧģżŲŧǣěĪÿěŧĪƸżÿƸƸĪŲģƸŊĪrĪĪƸŏŲŃÿƫÿŃǀĪƫƸ

 ŏŲǣżǀŲżƸƣĪĜĪŏǜŏŲŃÿŲŏŲǜŏƸĪĜżģĪƸżƠÿƣƸŏĜŏƠÿƸĪŏŲƸŊĪrĪĪƸŏŲŃ

 ƣĪŃŏƫƸĪƣǣżǀƣƫĪŧłÿƫÿƠƣżǢǣŊżŧģĪƣǝŏƸŊ żŰƠǀƸĪƣƫŊÿƣĪǝŏŧŧƣĪƫǀŧƸ

 ěĪłżƣĪƸŊĪģÿƸĪżłƸŊĪÿģšżǀƣŲĪģżƣƠżƫƸƠżŲĪģrĪĪƸŏŲŃ܏FÿŏŧǀƣĪƸż

 ܡǀŲģÿǣƫÿŲģƫƸÿƸǀƸżƣǣŊżŧŏģÿǣƫ®܉ĪǢĜŧǀģŏŲŃ®ÿƸǀƣģÿǣƫܠŊżǀƣƫڔڐ

 ܉ŏł ƸŊĪ rĪĪƸŏŲŃ ŏƫ ÿģšżǀƣŲĪģ żƣ ƠżƫƸƠżŲĪģ ܉żƣ ܉ڎڎڌڎ ܉ڕ rÿǣ

 ÿƫƸĪƣŲ 1⁄4ŏŰĪ żŲ/ܠ ÿ܏Ű܏ ڌڌ܈ڌڍ ƣŏƠŧĪFŧÿŃ ěǣ Ųż ŧÿƸĪƣ ƸŊÿŲ1⁄4ܕ܏ĜżŰ

 Step 2:¦ĪŃŏƫƸĪƣǣżǀƣƫĪŧłÿƫÿƠƣżǢǣŊżŧģĪƣÿƸǝǝǝ܏ĜżŰƠǀƸĪƣƫŊÿƣĪ

 ܏ÿƸƸŊĪrĪĪƸŏŲŃ

 ÿƫǣżǀǝŏŧŧěĪǜżƸŏŲŃ܉ŊżŧģĪƣ܏'żŲżƸżƸŊĪƣǝŏƫĪĜżŰƠŧĪƸĪƸŊĪłżƣŰ

 ǣżǀÿƣĪŏŲƫƸƣǀĜƸŏŲŃǣżǀƣŏŲƸĪƣŰĪģŏÿƣǣƸżÿƠƠżŏŲƸǣżǀÿƫƠƣżǢǣ-܉ƫż

 ǣģżŏŲŃ܏ƣĪƸǀƣŲŏƸŏŲÿĜĜżƣģÿŲĜĪǝŏƸŊƸŊĪŏŲƫƸƣǀĜƸŏżŲƫƠƣżǜŏģĪģ

 instruction form provided by your intermediary and sign and

 Step 1: Insert your name in the space provided on the voting

 ܈ƸŊĪƫĪƫƸĪƠƫ

 ǣżǀƫŊżǀŧģƸÿŤĪ܉żŲŧŏŲĪěÿŧŧżƸƸŊƣżǀŃŊƸŊĪŧŏǜĪǝĪěĜÿƫƸƠŧÿƸłżƣŰ

SłǣżǀǝŏƫŊƸżǜżƸĪǣżǀƣ żŰŰżŲ®ŊÿƣĪƫģǀƣŏŲŃƸŊĪrĪĪƸŏŲŃěǣ

Attend the Meeting

provided on the voting instruction form.

 żŲ Ŋżǝ Ƹż ǜżƸĪ żŲ ǣżǀƣ ěĪŊÿŧł܏ ŧĪÿƫĪ łżŧŧżǝ ƸŊĪ ŏŲƫƸƣǀĜƸŏżŲƫ

 to you. The purpose of this form is to instruct your intermediary

 ǜżƸŏŲŃŏŲƫƸƣǀĜƸŏżŲłżƣŰǝŏŧŧěĪŏŲĜŧǀģĪģǝŏƸŊƸŊĪŰÿƸĪƣŏÿŧƫƫĪŲƸ

Through your intermediary

 ܈®ŊÿƣĪƫŏŲżŲĪżłƸŊĪłżŧŧżǝŏŲŃǝÿǣƫ

 ǣżǀŰÿǣǜżƸĪǣżǀƣ żŰŰżŲ܉ƣĪŃŏƫƸĪƣĪģƫŊÿƣĪŊżŧģĪƣܫA:  SłǣżǀÿƣĪÿŲżŲ

Q:  How do I vote if I am a non-registered shareholder?

remuneration.

 ÿŲģ ƸŊĪ ÿǀƸŊżƣŏǭÿƸŏżŲ żł ƸŊĪ ģŏƣĪĜƸżƣƫ Ƹż ǿǢ ƸŊĪ ÿǀģŏƸżƣܹƫ

 ÿƠƠżŏŲƸŰĪŲƸżłǝ ÿƫƸŊĪÿǀģŏƸżƣżłƸŊĪ żŰƠÿŲǣܫ• F¦ƸŊĪƣĪ

 ÿŲģܔF¦ƸŊĪĪŧĪĜƸŏżŲżłƸŊĪģŏƣĪĜƸżƣƫ •

 ܈ǝŏŧŧěĪǜżƸĪģ

 sented by proxies appointing management as the proxyholder

 żŰŰżŲ®ŊÿƣĪƫƣĪƠƣĪ- ܉ÃŲŧĪƫƫĜżŲƸƣÿƣǣŏŲƫƸƣǀĜƸŏżŲƫÿƣĪƠƣżǜŏģĪģ

 ܏ŊżŧģĪƣĜÿŲǜżƸĪǣżǀƣ żŰŰżŲ®ŊÿƣĪƫÿƫŊĪżƣƫŊĪƫĪĪƫǿƸ

 ƸŊĪŲǣżǀƣƠƣżǢǣ-܉ żŰŰżŲ®ŊÿƣĪƫƸżěĪǜżƸĪģżŲÿƠÿƣƸŏĜǀŧÿƣŏƫƫǀĪ

 ǣżǀŊÿǜĪŲżƸƫƠĪĜŏǿĪģżŲƸŊĪłżƣŰżłƠƣżǢǣŊżǝǣżǀǝÿŲƸǣżǀƣ

 your proxyholder must vote your Common Shares accordingly. If

 ƸŊĪŲ܉ܡÿƫÿƠƠŧŏĜÿěŧĪ܉'GSt®1⁄4żƣàS1⁄4NNh܉¦ěǣŰÿƣŤŏŲŃFܠ

 ǣżǀǝÿŲƸǣżǀƣ żŰŰżŲ®ŊÿƣĪƫƸżěĪǜżƸĪģżŲÿƠÿƣƸŏĜǀŧÿƣŏƫƫǀĪ

 ģĪĜŏģĪ łżƣ ǣżǀ܏ Sł ǣżǀ ŊÿǜĪ ƫƠĪĜŏǿĪģ żŲ ƸŊĪ łżƣŰ żł ƠƣżǢǣ Ŋżǝ

 holder to vote your Common Shares or you can let your proxyholder

 ǣżǀĜÿŲŏŲģŏĜÿƸĪŊżǝǣżǀǝÿŲƸǣżǀƣƠƣżǢǣ-܉A:  OŲƸŊĪłżƣŰżłƠƣżǢǣ

Q:   How will my shares be voted?

 ܏ƠżƫƸƠżŲĪģrĪĪƸŏŲŃ

 ěĪłżƣĪƸŊĪģÿƸĪżłƸŊĪÿģšżǀƣŲĪģżƣܡģÿǣƫÿŲģƫƸÿƸǀƸżƣǣŊżŧŏģÿǣƫ

 ǀŲ-®܉ĪǢĜŧǀģŏŲŃ®ÿƸǀƣģÿǣƫܠŊżǀƣƫڔڐ܉ŏƫÿģšżǀƣŲĪģżƣƠżƫƸƠżŲĪģ

 ŏł ƸŊĪ rĪĪƸŏŲŃ ܉żƣ ܉ڎڎڌڎ ܉ڕ żŲ rÿǣ ܡÿƫƸĪƣŲ 1⁄4ŏŰĪ/ܠ ÿ܏Ű܏ ڌڌ܈ڌڍ

 żƣ żŲŧŏŲĪ ěǣ Ųż ŧÿƸĪƣ ƸŊÿŲ ڍæڎ dڑŲƸÿƣŏż r ܉żƣżŲƸż1⁄4 ܉ƸŊ Fŧżżƣڔ

 ܉ÃŲŏǜĪƣƫŏƸǣ ǜĪŲǀĪ ڌڌڍ ŰǀƫƸ ěĪ ƣĪĜĪŏǜĪģ ěǣ  żŰƠǀƸĪƣƫŊÿƣĪ ÿƸ

 ǣżǀƣƠƣżǢǣ܉ŧĪÿƫĪŲżƸĪƸŊÿƸŏŲżƣģĪƣłżƣǣżǀƣǜżƸĪƸżěĪƣĪĜżƣģĪģ

 ܏rĪĪƸŏŲŃÿƫÿŃǀĪƫƸ

rĪĪƸŏŲŃÿŲģƫǀĜŊƠƣżǢǣŊżŧģĪƣǝżǀŧģżŲŧǣěĪÿěŧĪƸżÿƸƸĪŲģƸŊĪ

 the proxyholder not receiving an invite code to participate in the

 Ƹż ƣĪŃŏƫƸĪƣ ƸŊĪ ƠƣżǢǣŊżŧģĪƣ ǝŏƸŊ  żŰƠǀƸĪƣƫŊÿƣĪ ǝŏŧŧ ƣĪƫǀŧƸ ŏŲ

 ƣŏƠŧĪFŧÿŃÿǽƸĪƣƫǀěŰŏƸƸŏŲŃǣżǀƣłżƣŰżłƠƣżǢǣ܏FÿŏŧǀƣĪ1⁄4ܕƫŊÿƣĪ܏ĜżŰ

 ǝǝǝ܏ĜżŰƠǀƸĪƣ-ܕܕ܈ƫǀĜŊƠƣżǢǣŊżŧģĪƣǝŏƸŊ żŰƠǀƸĪƣƫŊÿƣĪÿƸŊƸƸƠ

 ǣżǀŰǀƫƸĜżŰƠŧĪƸĪƸŊĪÿģģŏƸŏżŲÿŧƫƸĪƠżłƣĪŃŏƫƸĪƣŏŲŃ܉ƠƣżǢǣŊżŧģĪƣ

 Sł ǣżǀ ǝŏƫŊ Ƹż ÿƠƠżŏŲƸ ÿŲżƸŊĪƣ ƠĪƣƫżŲ żƣ ĜżŰƠÿŲǣ Ƹż ěĪ ǣżǀƣ

 ܏ƸŊÿŲƸŊĪżŲĪŏŲĜŧǀģĪģǝŏƸŊƸŊĪŰÿƸĪƣŏÿŧƫƫĪŲƸƸżǣżǀ

 ÿĜƸÿƫǣżǀƣƠƣżǢǣŊżŧģĪƣ܏æżǀŰÿǣÿŧƫżǀƫĪÿģŏdzłĪƣĪŲƸłżƣŰżłƠƣżǢǣ

 the management representatives named above are appointed to

 ܉ǝĪěĜÿƫƸƠŧÿƸłżƣŰ܏SłǣżǀģżŲżƸŏŲƫĪƣƸÿŲÿŰĪŏŲƸŊĪěŧÿŲŤƫƠÿĜĪ

 to vote your Common Shares by online ballot through the live

 ƫƠÿĜĪƠƣżǜŏģĪģ܏1⁄4ŊÿƸƠĪƣƫżŲżƣĜżŰƠÿŲǣŰǀƫƸÿƸƸĪŲģƸŊĪrĪĪƸŏŲŃ

 you must insert the other person’s or company’s name in the blank

 ܉1⁄4żÿƠƠżŏŲƸÿŲżƸŊĪƣƠĪƣƫżŲżƣĜżŰƠÿŲǣƸżěĪǣżǀƣƠƣżǢǣŊżŧģĪƣ

 ܏ǜżƸĪǣżǀƣ żŰŰżŲ®ŊÿƣĪƫÿƸƸŊĪrĪĪƸŏŲŃ

 ǣżǀÿƣĪŃŏǜŏŲŃƸŊĪƫĪƠĪƣƫżŲƫƸŊĪÿǀƸŊżƣŏƸǣƸż܉ěĪǣżǀƣƠƣżǢǣŊżŧģĪƣ

 ƸŊĪ żŰƠÿŲǣ܏ÃŲŧĪƫƫǣżǀĜŊżżƫĪÿŲżƸŊĪƣƠĪƣƫżŲżƣĜżŰƠÿŲǣƸż

Fżł ܉ÿŲģ®ŊĪŧģżŲßÿŲģĪƣŤżżǣ/ ܉żłƠƣżǢǣÿƣĪ®ŊÿǀŲÃƫŰÿƣ

 to be your proxyholder. The names already inserted on the form

 żƣǣżǀŰÿǣÿƠƠżŏŲƸÿŲżƸŊĪƣƠĪƣƫżŲżƣĜżŰƠÿŲǣ܉ żŰŰżŲ®ŊÿƣĪƫ

 representatives named in the enclosed proxy form to vote your

About the Meeting

	
	ڞ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

of the outstanding Common Shares.

 żƣŰżƣĪބڌڍżƣĪǢĪƣĜŏƫĪƫĜżŲƸƣżŧżƣģŏƣĪĜƸŏżŲżǜĪƣ܉ģŏƣĪĜƸŧǣżƣŏŲģŏƣĪĜƸŧǣ

 ܉ŲżżƸŊĪƣƠĪƣƫżŲěĪŲĪǿĜŏÿŧŧǣżǝŲƫ܉1⁄4żƸŊĪŤŲżǝŧĪģŃĪżłƸŊĪ żŰƠÿŲǣ

 ܏łǀŲģƫÿģǜŏƫĪģěǣ/ŧŧŏżƸƸSŲǜĪƫƸŰĪŲƸrÿŲÿŃĪŰĪŲƸh܏܏ÿŲģŏƸƫÿdzǿŧŏÿƸĪƫ

 Principal Shareholders are indirectly controlled by certain investment

 żł ƸŊĪ żǀƸƫƸÿŲģŏŲŃ  żŰŰżŲ ®ŊÿƣĪƫ܏ 1⁄4ŊĪ ބڐڔ ®ŊÿƣĪƫ ƣĪƠƣĪƫĪŲƸŏŲŃ

 żŰŰżŲ  ڒڏڎ܉ڍڌڒ܉ڍڏڍ żǝŲ ÿ ƸżƸÿŧ żł ܉ܡ”Principal Shareholders“ܠ ƸŊĪ

 ܉SŲǜĪƫƸ hǀǢĜżܫSŲǜĪƫƸ h ÿŲģ  żܫƸżŃĪƸŊĪƣ ǝŏƸŊ  ż ܉ÿŲģ ܡ”Aggregator“ܠ

 ܏ÿŲģ1⁄4ƣŏƠŧĪFŧÿŃrŏŲŏŲŃŃŃƣĪŃÿƸżƣ®܏đƣ܏ŧܡ’’Co-Invest Luxco‘‘ܠƠÿŲǣ®܏đƣ܏ŧ܏

SŲǜĪƫƸhǀǢĪŰěżǀƣŃSŲǜĪƫƸŰĪŲƸ żŰ-ܫƣŏƠŧĪFŧÿŃ ż1⁄4܉ܡ’’Co-Invest LP‘‘ܠ

SŲǜĪƫƸhܫƣŏƠŧĪFŧÿŃrŏŲŏŲŃ/ŧŧŏżƸƸÿŲģrÿŲÿŃĪŰĪŲƸ ż1⁄4܉ƫŊÿƣĪŊżŧģĪƣƫ

 żŰŰżŲ ®ŊÿƣĪƫ ŏƫƫǀĪģ ÿŲģ żǀƸƫƸÿŲģŏŲŃ܏ ǀƣ ƠƣŏŲĜŏƠÿŧ  ړڐڍ܉ڔڍڌ܉ڒڑڍ

 ƸŊĪƣĪ ǝĪƣĪ ܉ƸŊĪ ƣĪĜżƣģ ģÿƸĪ łżƣ ƸŊĪ rĪĪƸŏŲŃ ܉ڎڎڌڎ ܉ڌڏ ƫ żł rÿƣĜŊ

SHARE CAPITAL AND PRINCIPAL SHAREHOLDERS

 ܏łżƣłǀƣƸŊĪƣŏŲłżƣŰÿƸŏżŲڏڑڎڒܫڐڒڑܫڌڌڔܫڍ

 ǣżǀ Űÿǣ Ĝÿŧŧ  żŰƠǀƸĪƣƫŊÿƣĪ ÿƸ ܉A:  Sł ǣżǀ ŊÿǜĪ ÿŲǣ ƢǀĪƫƸŏżŲƫ

Q:   Who do I contact if I have questions?

 ܏®/'¦ƠƣżǿŧĪÿƸǝǝǝ܏ƫĪģÿƣ܏ĜżŰ

 żŲŏƸƫǝĪěƫŏƸĪÿƸǝǝǝ܏ƸƣŏƠŧĪǵŧÿŃƠŰ܏ĜżŰżƣǀŲģĪƣƸŊĪ żŰƠÿŲǣܹƫ

 ÿƣĪÿǜÿŏŧÿěŧĪłżƣƣĪǜŏĪǝ܉ܡ”AIF“ܠÿŲģƸŊĪŲŲǀÿŧSŲłżƣŰÿƸŏżŲFżƣŰ

 ƸŊŏƫ ŏƣĜǀŧÿƣ܉ڍڎڌڎ܉ڍڏÿŲģÿŲÿŧǣƫŏƫłżƣƸŊĪǣĪÿƣĪŲģĪģ'ĪĜĪŰěĪƣ

 ǿŲÿŲĜŏÿŧ ƫƸÿƸĪŰĪŲƸƫ ÿŲģ ŲżƸĪƫ ÿŲģ ŰÿŲÿŃĪŰĪŲƸܹƫ ģŏƫĜǀƫƫŏżŲ

 ǝŊŏĜŊ ŏŲĜŧǀģĪƫ ŏƸƫ ÿŲŲǀÿŧ ܉ŲŲǀÿŧ ¦ĪƠżƣƸ ڍڎڌڎ A:  1⁄4ŊĪ  żŰƠÿŲǣܹƫ

Q:   Can I access the annual disclosure documents electronically?

of management of the Company.

 1⁄4ŊĪ żŰƠÿŲǣǝŏŧŧěĪÿƣƸŊĪĜżƫƸżłÿŧŧƠƣżǢǣƫżŧŏĜŏƸÿƸŏżŲƫżŲěĪŊÿŧł

ing proxy materials to non-registered shareholders.

 ƣĪŏŰěǀƣƫĪģłżƣƸŊĪŏƣƣĪÿƫżŲÿěŧĪĜŊÿƣŃĪƫÿŲģĪǢƠĪŲƫĪƫŏŲłżƣǝÿƣģ-

 żŰƠÿŲǣŰÿǣÿŧƫżǀƫĪĪŧĪĜƸƣżŲŏĜŰĪÿŲƫ܏SŲƸĪƣŰĪģŏÿƣŏĪƫǝŏŧŧěĪ

 ěǀƸĪŰƠŧżǣĪĪƫÿŲģÿŃĪŲƸƫżłƸŊĪ܉ěĪƫżŧŏĜŏƸĪģƠƣŏŰÿƣŏŧǣěǣŰÿŏŧ

A:  rÿŲÿŃĪŰĪŲƸżłƸŊĪ żŰƠÿŲǣŏƫƫżŧŏĜŏƸŏŲŃǣżǀƣƠƣżǢǣ܏ƣżǢŏĪƫǝŏŧŧ

Q:   Who is soliciting my proxy?

 ܏ƸŊĪrĪĪƸŏŲŃ

 ƸŏǜĪƫżł żŰƠǀƸĪƣƫŊÿƣĪǝŊżǝŏŧŧěĪÿƠƠżŏŲƸĪģÿƫƫĜƣǀƸŏŲĪĪƣƫÿƸ

 ƸŊƣżǀŃŊƸŊĪŧŏǜĪǝĪěĜÿƫƸƠŧÿƸłżƣŰǝŏŧŧěĪĜżǀŲƸĪģěǣƣĪƠƣĪƫĪŲƸÿ-

A:  ßżƸĪƫĜÿƫƸŏŲÿģǜÿŲĜĪěǣǝÿǣżłƠƣżǢǣÿŲģǜżƸĪƫĜÿƫƸÿƸƸŊĪrĪĪƸŏŲŃ

Q:   Who counts the vote?

 ܏ŰÿƸƸĪƣƸżěĪǜżƸĪģǀƠżŲÿƸƸŊĪrĪĪƸŏŲŃ

 outstanding. Each Common Share is entitled to one vote on each

 żŰŰżŲ ®ŊÿƣĪƫ  ړڐڍ܉ڔڍڌ܉ڒڑڍ ƸŊĪƣĪ ǝĪƣĪ ܉ڎڎڌڎ ܉ڌڏ A:  ƫ żł rÿƣĜŊ

Q:   How many shares are entitled to be voted?

GENERAL INFORMATION

 ܏ǣżǀƫŊżǀŧģŲżƸǜżƸĪģǀƣŏŲŃƸŊĪrĪĪƸŏŲŃ܉ƫǀěŰŏƸƸĪģƠƣżǢǣ

 ƠƣĪǜŏżǀƫŧǣƫǀěŰŏƸƸĪģ܏SłǣżǀģżŲżƸǝŏƫŊƸżƣĪǜżŤĪÿƠƣĪǜŏżǀƫŧǣ

 ƸŊÿƸǣżǀĜÿƫƸÿƸƸŊĪrĪĪƸŏŲŃǝŏŧŧƣĪǜżŤĪÿŲǣƠƣżǢǣƸŊÿƸǣżǀ

 ÿŲǣǜżƸĪ܉ŰĪĪƸŏŲŃÿŲģǣżǀÿĜĜĪƠƸƸŊĪƸĪƣŰƫÿŲģĜżŲģŏƸŏżŲƫ

 • If you use your control number as a username to log into the

 ܏ŏŲÿŲǣżƸŊĪƣŰÿŲŲĪƣƠĪƣŰŏƸƸĪģěǣŧÿǝ ܨ

 żƣܔƸżƸŊĪ ŊÿŏƣżłƸŊĪrĪĪƸŏŲŃěĪłżƣĪƸŊĪrĪĪƸŏŲŃƫƸÿƣƸƫ ܨ

 ܔÿģšżǀƣŲĪģżƣƠżƫƸƠżŲĪģrĪĪƸŏŲŃ

 Sundays and statutory holidays) before the date of the

 ܉ĪǢĜŧǀģŏŲŃ®ÿƸǀƣģÿǣƫܠŊżǀƣƫڔڐ܉ŏƫÿģšżǀƣŲĪģżƣƠżƫƸƠżŲĪģ

 ŏłƸŊĪrĪĪƸŏŲŃ܉żƣڎڎڌڎ܉ڕżŲrÿǣܡÿƫƸĪƣŲ1⁄4ŏŰĪ/ܠÿ܏Ű܏ڌڌ܈ڌڍ

 Ƹż ƸŊĪ żdzǿĜĪƫ żł  żŰƠǀƸĪƣƫŊÿƣĪ ÿƸ ÿŲǣ ƸŏŰĪ ěĪłżƣĪ ܨ

 ܈ÿŲģģĪŧŏǜĪƣŏŲŃŏƸ

 ܉ǝŊŏĜŊŏƫƫŏŃŲĪģěǣǣżǀżƣǣżǀƣÿƸƸżƣŲĪǣÿǀƸŊżƣŏǭĪģŏŲǝƣŏƸŏŲŃ

 ܉ǣĜżŰƠŧĪƸŏŲŃÿǝƣŏƸƸĪŲƫƸÿƸĪŰĪŲƸƣĪǜżŤŏŲŃǣżǀƣŏŲƫƸƣǀĜƸŏżŲƫ •

 ܔÿģšżǀƣŲĪģżƣƠżƫƸƠżŲĪģrĪĪƸŏŲŃ

 ěĪłżƣĪƸŊĪģÿƸĪżłÿŲǣܡǀŲģÿǣƫÿŲģƫƸÿƸǀƸżƣǣŊżŧŏģÿǣƫ®܉ģÿǣƫ

 ĪǢĜŧǀģŏŲŃ®ÿƸǀƣ-ܠŊżǀƣƫڔڐƸŊĪģĪÿģŧŏŲĪǝŏŧŧěĪŲżŧÿƸĪƣƸŊÿŲ

 ܉Sł ƸŊĪ rĪĪƸŏŲŃ ŏƫ ÿģšżǀƣŲĪģ żƣ ƠżƫƸƠżŲĪģ ܏ڎڎڌڎ ܉ڕ żŲ rÿǣ

 ܡÿƫƸĪƣŲ1⁄4ŏŰĪ/ܠÿ܏Ű܏ڌڌ܈ڌڍ żŰƠǀƸĪƣƫŊÿƣĪÿƸÿŲǣƸŏŰĪěĪłżƣĪ

 ÿŲģģĪŧŏǜĪƣŏŲŃŏƸƸż܉ƸŊĪƠƣżǢǣłżƣŰǣżǀƠƣĪǜŏżǀƫŧǣƣĪƸǀƣŲĪģ

 ǣĜżŰƠŧĪƸŏŲŃÿŲģƫŏŃŲŏŲŃÿƠƣżǢǣłżƣŰǝŏƸŊÿŧÿƸĪƣģÿƸĪƸŊÿŲ •

 ܈łżŧŧżǝŏŲŃǝÿǣƫ

  You may revoke your proxy or voting instructions in any of the

Registered shareholders

 ܏ǣżǀƣŏŲƸĪƣŰĪģŏÿƣǣŏƫŲżƸƣĪƢǀŏƣĪģƸżÿĜƸżŲŏƸ܉ƸŏŰĪ

 revocation to Computershare. If your revocation is not received in

 intermediary). This gives your intermediary time to submit the

 żƣÿƫżƸŊĪƣǝŏƫĪŏŲƫƸƣǀĜƸĪģěǣǣżǀƣܠƫĪǜĪŲģÿǣƫěĪłżƣĪƸŊĪrĪĪƸŏŲŃ

 ƫżŧżŲŃÿƫƸŊĪŏŲƸĪƣŰĪģŏÿƣǣƣĪĜĪŏǜĪƫǣżǀƣŲżƸŏĜĪÿƸŧĪÿƫƸ܉ŰĪģŏÿƣǣ

 æżǀŰÿǣƣĪǜżŤĪǣżǀƣƠƣżǢǣěǣƫĪŲģŏŲŃǝƣŏƸƸĪŲŲżƸŏĜĪƸżǣżǀƣŏŲƸĪƣ-

Non-registered shareholders

 ܈A:  ƣżǢŏĪƫŰÿǣěĪƣĪǜżŤĪģŏŲƸŊĪłżŧŧżǝŏŲŃǝÿǣƫ

 voting instructions?

  Q:   If I change my mind, how do I revoke my proxy or

uslegalproxy@computershare.com.

 żƣěǣĪŰÿŏŧƸżڍæڎdڑrܔŲƸÿƣŏż܉żƣżŲƸż1⁄4ܔƸŊFŧżżƣڔܔƫŏƸǣǜĪŲǀĪ

 ÃŲŏǜĪƣ- ڌڌڍ ܉ƣĪŃŏƫƸƣÿƸŏżŲ ƫŊżǀŧģ ěĪ ģŏƣĪĜƸĪģ Ƹż  żŰƠǀƸĪƣƫŊÿƣĪ

 submit a copy of your legal proxy to Computershare. Requests for

 ǣżǀŰǀƫƸ܉ƸżƸŊĪŲƣĪŃŏƫƸĪƣƸżÿƸƸĪŲģƸŊĪrĪĪƸŏŲŃ܉żƣżƸŊĪƣÿŃĪŲƸ

 ěÿŲŤ܉ǿƣƫƸ żěƸÿŏŲŏŲŃ ÿ ǜÿŧŏģ ŧĪŃÿŧ ƠƣżǢǣ łżƣŰ łƣżŰ ǣżǀƣ ěƣżŤĪƣ

 ĜżŲƸÿĜƸǣżǀƣěƣżŤĪƣżƣěÿŲŤƸżƣĪƢǀĪƫƸÿŧĪŃÿŧƠƣżǢǣłżƣŰ܏ǽƸĪƣ

 żƣ܉łƣżŰǣżǀƣěƣżŤĪƣżƣěÿŲŤŏŲĜŧǀģĪģǝŏƸŊƸŊĪƫĪƠƣżǢǣŰÿƸĪƣŏÿŧƫ

 ƣĪŃŏƫƸĪƣŏŲÿģǜÿŲĜĪƸżÿƸƸĪŲģƸŊĪrĪĪƸŏŲŃ܏FżŧŧżǝƸŊĪŏŲƫƸƣǀĜƸŏżŲƫ

 ěÿŲŤżƣżƸŊĪƣÿŃĪŲƸÿŲģƸŊĪŲ܉ǜÿŧŏģŧĪŃÿŧƠƣżǢǣłƣżŰǣżǀƣěƣżŤĪƣ

 ǣżǀŰǀƫƸǿƣƫƸżěƸÿŏŲÿ܉1⁄4żÿƸƸĪŲģÿŲģǜżƸĪÿƸƸŊĪǜŏƣƸǀÿŧrĪĪƸŏŲŃ

 United States non-registered shareholders

About the Meeting

	
	ڟ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ences and diversity of perspectives.

complement each other in respect of their respective skills and experi-

 ƸŊĪ ģŏƣĪĜƸżƣ ŲżŰŏŲĪĪƫ ܉ żŰƠÿŲǣܹƫ ěǀƫŏŲĪƫƫ ÿŲģ ÿdzłÿŏƣƫ܏ ƫ ÿ ŃƣżǀƠ

 żÿƣģ ĜżŲƫŏģĪƣƫ ǝŊĪŲ żǜĪƣƫĪĪŏŲŃ ƸŊĪ ƸŊĪ ěƣżÿģ ƣÿŲŃĪ żł ŏƫƫǀĪƫ ƸŊĪ

 ship and professional reputation and their collective ability to address

The director nominees have been selected based on their sound leader-

 ܏ĪǢƠĪƣƸŏƫĪÿŲģǿŲÿŲĜŏÿŧÿŲģěǀƫŏŲĪƫƫÿĜǀŰĪŲ

 ÿŲģ ƸŊżƫĪ ǝŊż ŊÿǜĪ ƸĪĜŊŲŏĜÿŧ ÿŲģ żƠĪƣÿƸŏŲŃ ܉ŏƸƫ ŧŏĜĪŲƫĪ Ƹż żƠĪƣÿƸĪ

 have skills and experience necessary to ensure our business can secure

 żÿƣģŲżŰŏŲĪĪƫŰǀƫƸƫƸƣŏŤĪƸŊĪƣŏŃŊƸěÿŧÿŲĜĪěĪƸǝĪĪŲƸŊżƫĪǝŊżżǀƣ

 ÿŲģÿŲǣżƸŊĪƣƠǀěŧŏĜĜżŰƠÿŲǣěżÿƣģƫƸŊĪǣƫŏƸżŲ܏àĪěĪŧŏĪǜĪ܉ żŰƠÿŲǣ

 ŏŲĜŧǀģŏŲŃŊżǝŰǀĜŊĪƢǀŏƸǣƸŊĪǣżǝŲŏŲƸŊĪ܉ŏŲłżƣŰÿƸŏżŲƸżĜżŲƫŏģĪƣ

 tell you about each director nominee’s experience and other important

 ܉ƠƣżǜŏģĪģěĪŧżǝǀŲģĪƣܶ'ŏƣĪĜƸżƣƣżǿŧĪƫܷ܉1⁄4ŊĪģŏƣĪĜƸżƣŲżŰŏŲĪĪƠƣżǿŧĪƫ

 ܏ƫǀĜŊżdzǿĜĪŏƫĪÿƣŧŏĪƣǜÿĜÿƸĪģ

 ƸżŊżŧģżdzǿĜĪǀŲƸŏŧƸŊĪŲĪǢƸÿŲŲǀÿŧŰĪĪƸŏŲŃżłƫŊÿƣĪŊżŧģĪƣƫżƣǀŲƸŏŧ

 łżƣƸŊĪĪŧĪĜƸŏżŲżłƸŊĪģŏƣĪĜƸżƣŲżŰŏŲĪĪƫ܏/ÿĜŊģŏƣĪĜƸżƣǝŏŧŧěĪĪŧĪĜƸĪģ

 closed.  The persons named in the enclosed form of proxy intend to vote

 ƸŊĪ ǜżƸŏŲŃ ƣĪƫǀŧƸƫ łżƣ ĪÿĜŊ ŲżŰŏŲĪĪ ǝŏŧŧ ěĪ ƠǀěŧŏĜŧǣ ģŏƫ- ܉ŧĪŃŏƫŧÿƸŏżŲ

 ÿŲģŏŲÿĜĜżƣģÿŲĜĪǝŏƸŊÿƠƠŧŏĜÿěŧĪ ÿŲÿģŏÿŲƫĪĜǀƣŏƸŏĪƫ܉żŲŏŲģŏǜŏģǀÿŧŧǣ

 ƸŊĪŲżŰŏŲĪĪƫǝŏŧŧěĪǜżƸĪģ܉ƠƣżǢǣŊżŧģĪƣܹƫģŏƫĜƣĪƸŏżŲ܏ƸƸŊĪrĪĪƸŏŲŃ

 ƸŊĪ ƠƣżǢǣŊżŧģĪƣ Űÿǣ ǜżƸĪ łżƣ ÿŲżƸŊĪƣ ŲżŰŏŲĪĪ ÿƸ ƸŊĪ ܉ƸŊĪ rĪĪƸŏŲŃ

 ěǀƸŏłƸŊÿƸƫŊżǀŧģżĜĜǀƣłżƣÿŲǣƣĪÿƫżŲƠƣŏżƣƸż܉ƸżƫĪƣǜĪÿƫÿģŏƣĪĜƸżƣ

rÿŲÿŃĪŰĪŲƸģżĪƫŲżƸěĪŧŏĪǜĪƸŊÿƸÿŲǣżłƸŊĪŲżŰŏŲĪĪƫǝŏŧŧěĪǀŲÿěŧĪ

 ܏żÿƣģ łżƣ ƸŊĪ ŲĪǢƸ ÿŲŲǀÿŧ ƸĪƣŰ ŏƸǣ ÿŲģ ǝŏŧŧŏŲŃŲĪƫƫ Ƹż ƫĪƣǜĪ żŲ ƸŊĪ

the Company and all of the nominees have established their eligibil-

 ĪŧĪĜƸĪģÿƸƸŊĪrĪĪƸŏŲŃ܏ŧŧƫĪǜĪŲŲżŰŏŲĪĪƫÿƣĪĜǀƣƣĪŲƸŧǣģŏƣĪĜƸżƣƫżł

 żÿƣģ Ŋÿƫ ģĪƸĪƣŰŏŲĪģ ƸŊÿƸ ƫĪǜĪŲ ģŏƣĪĜƸżƣ ŲżŰŏŲĪĪƫ ǝŏŧŧ ěĪ 1⁄4ŊĪ

ELECTION OF THE BOARD OF DIRECTORS

 ܏ǝĪěƫŏƸĪÿƸǝǝǝ܏ƸƣŏƠŧĪǵŧÿŃƠŰ܏ĜżŰ

 ƸŊĪ żŰƠÿŲǣܹƫ®/'¦ƠƣżǿŧĪÿƸǝǝǝ܏ƫĪģÿƣ܏ĜżŰżƣżŲƸŊĪ żŰƠÿŲǣܹƫ

  request. The 2021 Annual Report in English is also available under

 in English may be obtained from the Secretary of the Company upon

 Company’s 2021 Annual Report. Copies of the 2021 Annual Report

 ƫŊÿƣĪŊżŧģĪƣƫ ÿƸ ƸŊĪ rĪĪƸŏŲŃ܏ 1⁄4ŊĪƫĪ ģżĜǀŰĪŲƸƫ ÿƣĪ ŏŲĜŧǀģĪģ ŏŲ ƸŊĪ

 ƸżŃĪƸŊĪƣ ǝŏƸŊ ƸŊĪ ÿǀģŏƸżƣܹƫ ƣĪƠżƣƸ ƸŊĪƣĪżŲ ǝŏŧŧ ěĪ ƠŧÿĜĪģ ěĪłżƣĪ ƸŊĪ

 ڍڎڌڎ܉ڍڏŰĪŲƸܹƫģŏƫĜǀƫƫŏżŲÿŲģÿŲÿŧǣƫŏƫłżƣƸŊĪǣĪÿƣĪŲģĪģ'ĪĜĪŰěĪƣ

 1⁄4ŊĪ żŰƠÿŲǣܹƫÿǀģŏƸĪģĜżŲƫżŧŏģÿƸĪģǿŲÿŲĜŏÿŧƫƸÿƸĪŰĪŲƸƫÿŲģŰÿŲÿŃĪ-

RECEIVE THE FINANCIAL STATEMENTS

 ܏żŲƠƠƣżÿĜŊƸż/ǢĪĜǀƸŏǜĪ żŰƠĪŲƫÿƸŏżŲܷƫĪĜƸŏżŲżłƸŊŏƫ ŏƣĜǀŧÿƣ

 ÿƫģŏƫĜǀƫƫĪģŏŲŰżƣĪģĪƸÿŏŧǀŲģĪƣƸŊĪܶģǜŏƫżƣǣ¦ĪƫżŧǀƸŏżŲ܉ƸŏżŲ

resolution on the Company’s approach to executive compensa-

 ŊÿƣĪŊżŧģĪƣƫ żƣ ƸŊĪŏƣ ƠƣżǢǣŊżŧģĪƣƫ ǝŏŧŧ ǜżte on the advisory® ܨ

EXECUTIVE COMPENSATION

  ADVISORY RESOLUTION ON APPROACH TO ܚ

..auditor’s remuneration

 żÿƣģƸżǿǢƸŊĪŰĪŲƸżłƸŊĪÿǀģŏƸżƣÿŲģƸŊĪÿǀƸŊżƣŏǭÿƸŏżŲżłƸŊĪ

 ÿƠƠżŏŲƸ-ܫŊÿƣĪŊżŧģĪƣƫżƣƸŊĪŏƣƠƣżǢǣŊżŧģĪƣƫǝŏŧŧǜżƸĪżŲƸŊĪƣĪ® ܨ

APPOINTMENT OF THE AUDITOR ܚ

 ܏ƠƣżǢǣŊżŧģĪƣƫǝŏŧŧǜżƸĪżŲƸŊĪĪŧĪĜƸŏżŲżłƸŊĪģŏƣĪĜƸżƣƫ

 ƸŊĪ“Board”). Shareholders or theirܠżłģŏƣĪĜƸżƣƫżłƸŊĪ żŰƠÿŲǣ

 Seven director nominees are proposed for election to the board ܨ

ELECTION OF THE BOARD OF DIRECTORS ܚ

 ܏ĜŏÿŧƣĪƫǀŧƸƫǝŏƸŊŰÿŲÿŃĪŰĪŲƸ

 ƠƣżǢǣŊżŧģĪƣƫǝŏŧŧěĪŃŏǜĪŲÿŲżƠƠżƣƸǀŲŏƸǣƸżģŏƫĜǀƫƫƸŊĪǿŲÿŲ-

 ǿŲÿŲĜŏÿŧƫƸÿƸĪŰĪŲƸƫÿƸƸŊĪrĪĪƸŏŲŃÿŲģƫŊÿƣĪŊżŧģĪƣƫżƣƸŊĪŏƣ

rÿŲÿŃĪŰĪŲƸ ǝŏŧŧ ƠƣĪƫĪŲƸ ƸŊĪ ÿŲŲǀÿŧ ÿǀģŏƸĪģ ĜżŲƫżŧŏģÿƸĪģ ܨ

RECEIVE THE FINANCIAL STATEMENTS ܚ

 ܈1⁄4ŊĪłżŧŧżǝŏŲŃěǀƫŏŲĪƫƫǝŏŧŧěĪƸƣÿŲƫÿĜƸĪģÿƸƸŊĪrĪĪƸŏŲŃ

BUSINESS TO BE TRANSACTED AT THE MEETING

About the Meeting

	
	ږڗ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏ģżŧŧÿƣƫÿŲģƣĪłĪƣĪŲĜĪƫƸżܶݕܷÿƣĪƸżǀƫƸƣÿŧŏÿŲģżŧŧÿƣƫ

 ƣĪłĪƣĪŲĜĪƫƸżܶ ݕܷÿƣĪƸż ÿŲÿģŏÿŲ܉ܶģżŧŧÿƣƫܷÿƣĪƸżÃŲŏƸĪģ®ƸÿƸĪƫģżŧŧÿƣƫ

 ݕܷ żƣܶ ܉ŏŲ Ã܏®܏ ģżŧŧÿƣƫ ǀŲŧĪƫƫ żƸŊĪƣǝŏƫĪ ŏŲģŏĜÿƸĪģ܏ ¦ĪłĪƣĪŲĜĪƫ Ƹż ܶÃ®ݕܷ

 żł ƸŊŏƫ  ŏƣĜǀŧÿƣ܏ ŧŧ ÿŰżǀŲƸƫ ŏŲ ƸŊŏƫ rÿŲÿŃĪŰĪŲƸ ƣżǢǣ  ŏƣĜǀŧÿƣÿƣĪ

 żÿƣģܷÿŲģܶ żŰŰŏƸƸĪĪƫżłżǀƣ܉ żŰƠĪŲƫÿƸŏżŲÿŲģ/ƢǀŏƸǣǝŲĪƣƫŊŏƠܷ

 ŧŧ żƸŊĪƣ ģŏƣĪĜƸżƣ ŏŲłżƣŰÿƸŏżŲ ĜÿŲ ěĪ łżǀŲģ ŏŲ ܶ¦ĪƠżƣƸ żŲ 'ŏƣĪĜƸżƣ

the Company.

  any of the nominees has been nominated for election as a director of

 ƠǀƣƫǀÿŲƸ ƸżǝŊŏĜŊ ܉żƣ ÿŲǣ żƸŊĪƣ ƠĪƣƫżŲ܉ģŏƣĪĜƸżƣ żƣ ĪǢĪĜǀƸŏǜĪ żdzǿĜĪƣ

 żƣ ǀŲģĪƣƫƸÿŲģŏŲŃƫ ěĪƸǝĪĪŲ ÿŲǣ ܉ÿƣƣÿŲŃĪŰĪŲƸƫ ܉ÿƣĪ Ųż ĜżŲƸƣÿĜƸƫ

 ƸŊĪƣĪ܉ܡÿƫģĪǿŲĪģŊĪƣĪŏŲܠƸŊĪƣƸŊÿŲƸŊĪSŲǜĪƫƸżƣ¦ŏŃŊƸƫŃƣĪĪŰĪŲƸ

number of directors to be elected.

 ǝŊĪƣĪ ƸŊĪ ŲǀŰěĪƣ żł ŲżŰŏŲĪĪƫ łżƣ ģŏƣĪĜƸżƣ ƫŊÿŧŧ ěĪ ĪƢǀÿŧ Ƹż ƸŊĪ

 ÿŲ ܶǀŲĜżŲƸĪƫƸĪģ ĪŧĪĜƸŏżŲܷ ŰĪÿŲƫ ÿŲ ĪŧĪĜƸŏżŲ ܉ŰÿšżƣŏƸǣ ǜżƸŏŲŃ ƠżŧŏĜǣ

 żÿƣģ܏ Fżƣ ƸŊĪ ƠǀƣƠżƫĪƫ żłżǀƣ ģŏƣĪĜƸżƣ Ƹż ĜżŲƸŏŲǀĪ Ƹż ƫĪƣǜĪ żŲ ƸŊĪ

 ÿěƫĪŲƸĪǢĜĪƠƸŏżŲÿŧĜŏƣĜǀŰƫƸÿŲĜĪƫƸŊÿƸǝżǀŧģǝÿƣƣÿŲƸƸŊĪÿƠƠŧŏĜÿěŧĪ

 żÿƣģ ÿĜĜĪƠƸ ƸŊĪ ƣĪƫŏŃŲÿƸŏżŲ  żŰŰŏƸƸĪĪ ƫŊÿŧŧ ƣĪĜżŰŰĪŲģ ƸŊÿƸ ƸŊĪ

G®/ ޠ żÿƣģ ǝŊĪƸŊĪƣ żƣ ŲżƸ Ƹż ÿĜĜĪƠƸ ŏƸ܏ 1⁄4ŊĪ  żŰƠĪŲƫÿƸŏżŲ Ƹż ƸŊĪ

 ĜżŲƫŏģĪƣƸŊĪƣĪƫŏŃŲÿƸŏżŲżdzłĪƣÿŲģƫŊÿŧŧƣĪĜżŰŰĪŲģ܉ƸŊĪƣĪƫŏŃŲÿƸŏżŲ

 ƠƣżŰƠƸŧǣłżŧŧżǝŏŲŃ܉G żŰŰŏƸƸĪĪƫŊÿŧŧ®/ޠÿƸŏżŲ܏1⁄4ŊĪ żŰƠĪŲƫÿƸŏżŲ

promptly referred to the Compensation & ESG Committee for consider-

 & ESG Committee. Any resignation received by the Chair shall be

 ƸżĪÿĜŊŰĪŰěĪƣżłƸŊĪ żŰƠÿŲǣܹƫ żŰƠĪŲƫÿƸŏżŲ܉ģŏƣĪĜƸżƣŏƫƸŊĪ Ŋÿŏƣ

 ŏłƸŊĪÿdzłĪĜƸĪģ܉żÿƣģłżŧŧżǝŏŲŃƸŊĪŰĪĪƸŏŲŃżƣƸŏżŲƸżƸŊĪ ŊÿŏƣżłƸŊĪ

 ܶǝŏƸŊŊĪŧģܷłƣżŰƫǀĜŊĪŧĪĜƸŏżŲƫŊÿŧŧƠƣżŰƠƸŧǣƸĪŲģĪƣŊŏƫżƣŊĪƣƣĪƫŏŃŲÿ-

 ŲżƸƣĪĜĪŏǜĪÿŃƣĪÿƸĪƣŲǀŰěĪƣżłǜżƸĪƫܶłżƣܷŊŏƫżƣŊĪƣĪŧĪĜƸŏżŲƸŊÿŲǜżƸĪƫ

 ÿŲǣŲżŰŏŲĪĪłżƣģŏƣĪĜƸżƣǝŊżģżĪƫ܉ǀŲĜżŲƸĪƫƸĪģĪŧĪĜƸŏżŲżłģŏƣĪĜƸżƣƫ

 ÿŲģ ěǣ ŰÿšżƣŏƸǣ ǜżƸĪ܏ ǀƣ ŰÿšżƣŏƸǣ ǜżƸŏŲŃ ƠżŧŏĜǣ ƠƣżǜŏģĪƫ ƸŊÿƸŏŲ ÿŲ

 ܉ŏŲģŏǜŏģǀÿŧŧǣ܉łżƣĪŧĪĜƸŏżŲÿƫģŏƣĪĜƸżƣ܏ǀƣģŏƣĪĜƸżƣƫÿƣĪĪŧĪĜƸĪģÿŲŲǀÿŧŧǣ

 1⁄4ŊĪłżŧŧżǝŏŲŃƠƣżǿŧĪƫƠƣĪƫĪŲƸŏŲłżƣŰÿƸŏżŲÿěżǀƸĪÿĜŊżłƸŊĪŲżŰŏŲĪĪƫ

 DIRECTOR PROFILES

 ܏tżŰŏŲĪĪżłżǀƣƣŏŲĜŏƠÿŧ®ŊÿƣĪŊżŧģĪƣƫ܏®ĪĪܶtżŰŏŲÿƸŏżŲ¦ŏŃŊƸƫܷ ڑ

 ܏ŏƣĪĜƸżƣSŲģĪƠĪŲģĪŲĜĪܷ'ܧ®ĪĪܶ®ƸÿƸĪŰĪŲƸżł żƣƠżƣÿƸĪGżǜĪƣŲÿŲĜĪƣÿĜƸŏĜĪƫ

 NI 58-101”) of the Canadian Securities Administrators.“ܠ żƣƠżƣÿƸĪGżǜĪƣŲÿŲĜĪƣÿĜƸŏĜĪƫ

 ŏƫĜŧżƫǀƣĪżł'ܧڍڌڍܫڔڑSŲģĪƠĪŲģĪŲƸģŏƣĪĜƸżƣłżƣƸŊĪƠǀƣƠżƫĪƫżłtÿƸŏżŲÿŧSŲƫƸƣǀŰĪŲƸ ڐ

 ܏G żŰŰŏƸƸĪĪ®/ޠrĪŰěĪƣżłżǀƣ żŰƠĪŲƫÿƸŏżŲ ڏ

 ܏rĪŰěĪƣżłżǀƣǀģŏƸ żŰŰŏƸƸĪĪ 2

 ܏ڍڎڌڎ܉ړÿŲģĪƸĪƣܹNÿŃÿŲǝÿƫĪŧĪĜƸĪģżŲrÿǣ܉ÿŤĪƣŏŰ1⁄4܉ŏƣrŏĜŊÿĪŧ'ÿǜŏƫ®܉ǀƫÿŲŧŧĪŲ®

 ܉ÿĜŊżł'ÿǝŲàŊŏƸƸÿŤĪƣ/܏ڕڍڌڎ܉ڌڍ1  rÿƣŤ ŏĜŏƣĪŧŧŏÿŲģ®ŊÿǀŲÃƫŰÿƣǝĪƣĪĪŧĪĜƸĪģżŲĜƸżěĪƣ

 ŊŏĪł/ǢĪĜǀƸŏǜĪdzǿĜĪƣ

  Director and

Ontario, Canada

 ®ŊÿǀŲÃƫŰÿƣ

 Director

New York, United States

 ڑ܉ڐ܉ڏ܉ڎĪƸĪƣܹNÿŃÿŲ

Director

New York, United States

 ڑrÿƣŤ ŏĜŏƣĪŧŧŏ

Director

British Columbia, Canada

 ڑ܉ڐ܉ڏ ÿŤĪƣ1⁄4ŏŰ

ESG Committee Chair

  Director and Compensation &

London, United Kingdom

 ڐ܉ڏ®ŏƣrŏĜŊÿĪŧ'ÿǜŏƫ

Audit Committee Chair

  Director and

Ontario, Canada

 ڑ܉ڐ܉ڎSusan Allen

 żÿƣģ Ŋÿŏƣ'ŏƣĪĜƸżƣÿŲģ

Ontario, Canada

 ڐ܉ڎ'ÿǝŲàŊŏƸƸÿŤĪƣ

Name and Place of Residence Principal Position/Title1

 ܏ǀŲŧĪƫƫƸŊĪŏƣżdzǿĜĪŏƫĪÿƣŧŏĪƣǜÿĜÿƸĪģ܉ÿƠƠżŏŲƸĪģ

 annual meeting of shareholders or until their successors are elected or

 ěĪŧżǝ ǀŲģĪƣ ܶ'ŏƣĪĜƸżƣ ƣżǿŧĪƫܷ܏ 'ŏƣĪĜƸżƣƫ ǝŏŧŧ ƫĪƣǜĪ ǀŲƸŏŧ ƸŊĪ ŲĪǢƸ

 Additional biographical information for each individual is provided

 ܏żÿƣģƣĪĜżŰŰĪŲģƫÿǜżƸĪF¦ÿŧŧŲżŰŏŲĪĪƫŧŏƫƸĪģěĪŧżǝ1⁄4ŊĪ

About the Meeting

	
	ڗڗ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏żÿƣģ ŊÿŏƣłĪĪŏƫÿŧŧżĜÿƸĪģŏŲ'®Ãƫ2 ŲŲǀÿŧ

 ܏łżƣƠÿƣƸŏÿŧǣĪÿƣƫĪƣǜŏĜĪłƣżŰSŏŲrÿǣڍڎڌڎƣÿƸĪģŏŲܫƠƣżڌڌڌ܉ڌڐŲŲǀÿŧ'ŏƣĪĜƸżƣ ÿƫŊ¦ĪƸÿŏŲĪƣŏƫÃ®ݕ 1

 ڌڎڌڎܨڔڍڌڎ Detour Gold Corporation

 ƠƣĪƫĪŲƸܨڎڎڌڎ®ŏĪƣƣÿrĪƸÿŧƫSŲĜ܏ FĪěƣǀÿƣǣ

Other Public Boards During the Past Five Years

Exceeds Director share ownership requirement

 ڌڌڌ܉ڍڎ Ãƫ®'

 ڌڌڌ܉ڏڎ Common Shares

Securities Held as at March 2, 2022

 ބڌڌڍ Overall attendance

2ڌڌڌ܉ڌڌڍ Ã®ݕ ڑܕڑ żÿƣģ Ŋÿŏƣ

 ڌڌڌ܉ڌڒڍ Ã®ݕ 1ڌڌڌ܉ڌڏ Ã®ݕ ڑܕڑ żÿƣģżł'ŏƣĪĜƸżƣƫ

Board and Committee Membership Attendance Cash Retainer DSUs

  2021

 ܏܏łƣżŰ¥ǀĪĪŲܹƫÃŲŏǜĪƣƫŏƸǣ܏ÿŲģÿŲhhܡNżŲżǀƣƫܠ

 ÿĜŊĪŧżƣ żł ƣƸƫ ®ŊĪ Ŋÿƫ ƣĪĜĪŏǜĪģ ƸŊĪ tÿƸŏżŲÿŧ ƫƫżĜŏÿƸŏżŲ żł  żƣƠżƣÿƸĪ 'ŏƣĪĜƸżƣƫ ĜĪƣƸŏłŏĜÿƸŏżŲ ÿŲģ Ŋżŧģƫ ÿ

 the Continuous Disclosure Advisory Committee of the Ontario Securities Commission.

rƫ܏àŊŏƸƸÿŤĪƣÿŧƫżƠƣĪǜŏżǀƫŧǣƫĪƣǜĪģżŲ܏ړڍڌڎƸżڐڍڌڎłƣżŰܡěżÿƣģܠżłƸŊĪłŏƣŰܹƫ ÿŲÿģŏÿŲÿƣƸŲĪƣƫŊŏƠ żŰŰŏƸƸĪĪ

 ÿŲģÿŰĪŰěĪƣڑڍڌڎƸżڎڍڌڎǝÿƫƸŊĪŲÿƸŏżŲÿŧŧĪÿģĪƣżłƸŊĪłŏƣŰܹƫrŏŲŏŲŃÿŲģ żŰŰżģŏƸŏĪƫ1⁄4ĪÿŰŏŲ ÿŲÿģÿłƣżŰ

 ǝŊĪƣĪƫŊĪ܉ÿŃŧżěÿŧŧÿǝłŏƣŰ܉ƫŊĪǝÿƫÿƫĪŲŏżƣƠÿƣƸŲĪƣÿƸtżƣƸżŲ¦żƫĪFǀŧěƣŏŃŊƸ܉ڔڍڌڎƣŏżƣƸżŊĪƣƣĪƸŏƣĪŰĪŲƸŏŲ

 ܏ŲƸÿƣŏż'ŏǜŏƫŏżŲ܉żÿƣģżł'ŏƣĪĜƸżƣƫżłƸŊĪ ÿŲÿģŏÿŲrĪŲƸÿŧNĪÿŧƸŊƫƫżĜŏÿƸŏżŲłżƣŰĪƣŰĪŰěĪƣżłƸŊĪ

 ÿģŰŏŲƸżŲÿŲģ¦ÿĜƢǀĪƸ ŧǀěżł1⁄4żƣżŲƸżÿŲģÿżÿƣģżł'ŏƣĪĜƸżƣƫżł1⁄4ŊĪ®ŊĪŏƫĜǀƣƣĪŲƸŧǣƸŊĪßŏĜĪƣĪƫŏģĪŲƸżłƸŊĪ

 ܏żłfŏƣŤŧÿŲģhÿŤĪGżŧģܹƫ®ƠĪĜŏÿŧ żŰŰŏƸƸĪĪŏŲĜżŲŲĪĜƸŏżŲǝŏƸŊƸŊĪĜżŰƠÿŲǣܹƫŰĪƣŃĪƣǝŏƸŊtĪǝŰÿƣŤĪƸGżŧģSŲĜ

 ÿŲģÿŰĪŰěĪƣżłƸŊĪǀģŏƸ żŰŰŏƸƸĪĪÿŲģƸŊĪ żŰƠĪŲƫÿƸŏżŲ żŰŰŏƸƸĪĪ܏rƫ܏àŊŏƸƸÿŤĪƣǝÿƫÿŧƫżƸŊĪ Ŋÿŏƣ

 ܉ŏƫÿłżƣŰĪƣģŏƣĪĜƸżƣżłfŏƣŤŧÿŲģhÿŤĪGżŧģǝŊĪƣĪƫŊĪǝÿƫƸŊĪ ŊÿŏƣżłƸŊĪ żƣƠżƣÿƸĪGżǜĪƣŲÿŲĜĪ żŰŰŏƸƸĪĪ

 ÿƫÿŰĪŰěĪƣżłƸŊĪNǀŰÿŲ¦ĪƫżǀƣĜĪƫÿŲģ żŰƠĪŲƫÿƸŏżŲ żŰŰŏƸƸĪĪÿŲģƸŊĪǀģŏƸ żŰŰŏƸƸĪĪ܏rƫ܏àŊŏƸƸÿŤĪƣ

 ÿƫǝĪŧŧ܉żÿƣģÿŲģÿƫÿŲŏŲƸĪƣŏŰ ŊÿŏƣżłƸŊĪ܉ÿƫ ŊÿŏƣżłƸŊĪ żƣƠżƣÿƸĪGżǜĪƣŲÿŲĜĪÿŲģtżŰŏŲÿƸŏŲŃ żŰŰŏƸƸĪĪ

 ǝŊĪƣĪƫŊĪƫĪƣǜĪģ܉żÿƣģżł'ŏƣĪĜƸżƣƫÿƸ'ĪƸżǀƣGżŧģ żƣƠżƣÿƸŏżŲ®ŏĪƣƣÿrĪƸÿŧƫSŲĜ܏ÿŲģŏƫÿłżƣŰĪƣŰĪŰěĪƣżłƸŊĪ

 żÿƣģżł'ŏƣĪĜƸżƣƫżłĜżƣƠżƣÿƸĪłŏŲÿŲĜĪÿŲģĜżƣƠżƣÿƸĪŃżǜĪƣŲÿŲĜĪ܏®ŊĪŏƫĜǀƣƣĪŲƸŧǣÿŰĪŰěĪƣżłƸŊĪ܉ÿĜƢǀŏƫŏƸŏżŲƫ

 ǣĪÿƣƫ żł ĪǢƠĪƣŏĪŲĜĪ ŏŲ ŰĪƣŃĪƣƫ ÿŲģ ڌڏ rƫ܏ àŊŏƸƸÿŤĪƣ ŏƫ ÿ ƫĪÿƫżŲĪģ ĜÿƠŏƸÿŧ ŰÿƣŤĪƸƫ ŧÿǝǣĪƣ ǝŏƸŊ ŰżƣĪ ƸŊÿŲ

Legal & Compliance

 żŰƠĪŲƫÿƸŏżŲ ܕ¦N

 ŏƫŤrŏƸŏŃÿƸŏżŲ¦ܕżÿƣģܕGżǜĪƣŲÿŲĜĪ

 ĜĜżǀŲƸŏŲŃܕFŏŲÿŲĜŏÿŧhŏƸĪƣÿĜǣ

 ޠrܕÿŲŤŏŲŃSŲǜĪƫƸŰĪŲƸ

Areas of Expertise

  Nationality: Canadian

 ÿŲÿģÿ ܉ŲƸÿƣŏż܈Residence

 ڍڒ:Age

 ڍڎڌڎDirector since:rÿǣ

DAWN WHITTAKER  Independent Director and Chair of the Board

About the Meeting

	
	ژڗ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏łżƣƠÿƣƸŏÿŧǣĪÿƣƫĪƣǜŏĜĪłƣżŰSŏŲrÿǣڍڎڌڎƣÿƸĪģŏŲܫƠƣżڌڌڌ܉ڌڐ1 ŲŲǀÿŧ'ŏƣĪĜƸżƣ ÿƫŊ¦ĪƸÿŏŲĪƣŏƫÃ®ݕ

 ƠƣĪƫĪŲƸܨڔڍڌڎ .EcoSynthetix Inc

 ƠƣĪƫĪŲƸܨڔڍڌڎ Richards Packaging Income Trust

Other Public Boards During the Past Five Years

Exceeds Director share ownership requirement

 ڏڎڕ܉ڎڍ Ãƫ®'

 ڌڐړ܉ڌڏ Common Shares

Securities Held as at March 2, 2022

 ބڌڌڍ Overall attendance

 ڌڌڌ܉ڑڎ Ã®ݕ ڑܕڑ Audit Committee Chair

 ڌڌڌ܉ڌڒڍ Ã®ݕ 1ڌڌڌ܉ڌڏ Ã®ݕ ڑܕڑ żÿƣģżł'ŏƣĪĜƸżƣƫ

Board and Committee Membership Attendance Cash Retainer DSUs

  2021

 ܏ģĪƫŏŃŲÿƸŏżŲƫܡ Fܠ ÿŲģ ÿŲÿģŏÿŲF

 ÿĜŊĪŧżƣżłƣƸƫģĪŃƣĪĪÿŲģŊżŧģƫěżƸŊŊĪƣÃ܏®܏ ǝŏƸŊÿ܉rƫ܏ŧŧĪŲŏƫÿŃƣÿģǀÿƸĪżłƸŊĪÃŲŏǜĪƣƫŏƸǣżł1⁄4żƣżŲƸż

 ܏ÿŲģǝĪěƫŏƸĪ

 ƸƣÿŏŲŏŲŃŰÿƸĪƣŏÿŧƫ܉ƫŊĪÿģǜŏƫĪģżŲÿƣĪłƣĪƫŊżłŏƸƫĜżŲƸĪŲƸ܉®ƸĪĪƣŏŲŃ żŰŰŏƸƸĪĪłżƣŏƸƫGŧżěÿŧ żģĪżł żŲģǀĜƸ

 ŃżŏŲŃƠǀěŧŏĜÿŲģŏŲƸĪƣŲÿŧĜżŲƸƣżŧƫǣƫƸĪŰƫ܏ƫÿŰĪŰěĪƣżłǝ ܹƫGŧżěÿŧ܉żǀƸƫܫĜÿƣǜĪ܉ÿĜƢǀŏƫŏƸŏżŲƫ܉żŲǜÿŧǀÿƸŏżŲƫ

 ÿŲģÿĜƣżƫƫŰÿŲǣŏŲģǀƫƸƣŏĪƫ܏®ŊĪŊÿƫÿģǜŏƫĪģĜżŰƠÿŲŏĪƫ܉ǀƣżƠĪÿŲģƫŏÿ/܉ƸŊĪÃŲŏƸĪģ®ƸÿƸĪƫ܉żłǝ ŏŲ ÿŲÿģÿ

 ƫŊĪŊÿƫǝżƣŤĪģǝŏƸŊĜŧŏĪŲƸƫÿŲģŰĪŰěĪƣłŏƣŰƫ܉ǣĪÿƣƫܹĪǢƠĪƣŏĪŲĜĪڐڏƫÿłżƣŰĪƣǝ ÿƫƫǀƣÿŲĜĪƠÿƣƸŲĪƣǝŏƸŊ

 ܏rƫ܏ŧŧĪŲŊÿƫÿŧƫżƫĪƣǜĪģżŲŲǀŰĪƣżǀƫěżÿƣģĜżŰŰŏƸƸĪĪƫ

 ܉ŊÿŰƠŏżŲģŏƫƸŏŲĜƸŏżŲÿŲģƸŊĪS '܏'ģĪƫŏŃŲÿƸŏżŲ ܹڌڑǣĪÿƣƸĪƣŰ܏àŏƸŊěżƸŊƸŊĪàåtܸ'ŏǜĪƣƫŏƸǣܫڔƫŊĪƫĪƣǜĪģÿŲ

 łżƣ ǝŊŏĜŊ ܉żÿƣģ żł ǝ   ÿŲÿģÿ ŏŲ ÿģģŏƸŏżŲ Ƹż ŊĪƣ ĪŧĪĜƸĪģ ƠżƫŏƸŏżŲ żŲ ƸŊĪ ܉ǣĪÿƣ ƸĪƣŰܫڐ ǝŊĪƣĪ ƫŊĪ ƫĪƣǜĪģ ÿ

 żÿƣģżłǝÿŲģǝÿƫƸŊĪłŏƣƫƸǝżŰÿŲĪŧĪĜƸĪģƸżƸŊĪGŧżěÿŧ܉ƠƣżłŏƸĪŲƸŏƸŏĪƫܫłżƣܫěżÿƣģƣżŧĪƫŊĪŧģŏŲǜÿƣŏżǀƫŲżƸ

 ǣĪÿƣƫܹĪǢƠĪƣŏĪŲĜĪǝŏƸŊĪǢĪĜǀƸŏǜĪڌڍSŲĜ܏ÿŲģÿŧƫżƫĪƣǜĪƫÿƫÿģŏƣĪĜƸżƣżł żŲÿǜŏrĪģŏĜÿŧSŲĜ܏rƫ܏ŧŧĪŲŊÿƫżǜĪƣ

 ܉rƫ܏ŧŧĪŲƫĪƣǜĪƫÿƫǀģŏƸ żŰŰŏƸƸĪĪ ŊÿŏƣżŲƸŊĪěżÿƣģƫżł¦ŏĜŊÿƣģƫÿĜŤÿŃŏŲŃSŲĜżŰĪ1⁄4ƣǀƫƸÿŲģ/Ĝż®ǣŲƸŊĪƸŏǢ

Legal & Compliance

 żŰƠĪŲƫÿƸŏżŲ ܕ¦N

 ŏƫŤrŏƸŏŃÿƸŏżŲ¦ܕżÿƣģܕGżǜĪƣŲÿŲĜĪ

 ĜĜżǀŲƸŏŲŃܕFŏŲÿŲĜŏÿŧhŏƸĪƣÿĜǣ

International

rÿŲÿŃŏŲŃżƣhĪÿģŏŲŃGƣżǝƸŊ

Areas of Expertise

  Nationality: Canadian

 ÿŲÿģÿ ܉ŲƸÿƣŏż܈Residence

 ڐڒ:Age

 ڍڎڌڎDirector since:rÿǣ

SUSAN ALLEN  Independent Director and Chair of Audit Committee

About the Meeting

	
	ڙڗ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏ŧǀĪ¦ĪƫżǀƣĜĪƫ2 SŲǜĪƫƸĪĪĜżŰƠÿŲŏĪƫżłßŏƫŏżŲ

 ܏łżƣƠÿƣƸŏÿŧǣĪÿƣƫĪƣǜŏĜĪłƣżŰSŏŲrÿǣڍڎڌڎƣÿƸĪģŏŲܫƠƣżڌڌڌ܉ڌڐ1 ŲŲǀÿŧ'ŏƣĪĜƸżƣ ÿƫŊ¦ĪƸÿŏŲĪƣŏƫÃ®ݕ

 ƠƣĪƫĪŲƸܨڍڎڌڎ /®rĜƢǀŏƫŏƸŏżŲ żƣƠżƣÿƸŏżŲ2

 ƠƣĪƫĪŲƸܨڍڎڌڎ tĪǢƸƫżǀƣĜĪrÿƸĪƣŏÿŧƫSŲĜ܏2

 ƠƣĪƫĪŲƸܨڍڎڌڎ Ferroalloy Resources Plc2

 ƠƣĪƫĪŲƸܨڌڎڌڎ Coronado Global Resources

 ƠƣĪƫĪŲƸܨڔڍڌڎ .Dangote Cement Plc

Other Public Boards During the Past Five Years

Has until 2026 to meet Director share ownership requirement

 ڏڎڕ܉ڎڍ '®Ãƫ

Common Shares t

Securities Held as at March 2, 2022

 ބڌڌڍ Overall attendance

 ڌڌڌ܉ڑڎ Ã®ݕ ڑܕڑ Compensation & ESG Committee Chair

 ڌڌڌ܉ڌڒڍ Ã®ݕ 1ڌڌڌ܉ڌڏ Ã®ݕ ڑܕڑ żÿƣģżł'ŏƣĪĜƸżƣƫ

Board and Committee Membership Attendance Cash Retainer DSUs

  2021

 ܏ÿƣSŧÿŲÃŲŏǜĪƣƫŏƸǣłƣżŰ

 ģĪŃƣĪĪłƣżŰ¦ŊżģĪƫÃŲŏǜĪƣƫŏƸǣÿŲģÿŲNżŲżƣÿƣǣ'żĜƸżƣÿƸĪܡNżŲżǀƣƫܠÿĜŊĪŧżƣżł żŰŰĪƣĜĪ®ŏƣrŏĜŊÿĪŧŊżŧģƫÿ

 ܏łƣŏĜÿܹƫŧĪÿģŏŲŃĜĪŰĪŲƸƠƣżģǀĜĪƣ܉N®/ żŰŰŏƸƸĪĪżł'ÿŲŃżƸĪ ĪŰĪŲƸŧĜ܏

 ÿƫǝĪŧŧÿƫÿ'ŏƣĪĜƸżƣÿŲģ ŊÿŏƣżłƸŊĪ܉ÿŧĪÿģŏŲŃƫƸĪĪŧƸƣÿģŏŲŃÿŲģƫŊŏƠƠŏŲŃĜżŰƠÿŲǣ܉żłrÿĜƫƸĪĪŧSŲƸĪƣŲÿƸŏżŲÿŧ

 żÿŧ żƣƠżƣÿƸŏżŲhƸģ܏ŏŲ®żǀƸŊłƣŏĜÿÿŲģƫĪƣǜĪģÿƫƸŊĪĜżŰƠÿŲǣܹƫ/ǢĪĜǀƸŏǜĪ ŊÿŏƣŰÿŲ܏NĪŏƫĜǀƣƣĪŲƸŧǣ ŊÿŏƣŰÿŲ

 ŏŧŧŏƸżŲƸżĜƣĪÿƸĪƸŊĪǝżƣŧģܹƫŧÿƣŃĪƫƸģŏǜĪƣƫŏłŏĪģŰŏŲŏŲŃĜżŰƠÿŲǣ܏NĪÿŧƫżƠÿƣƸŏĜŏƠÿƸĪģŏŲƸŊĪĜƣĪÿƸŏżŲżłƸŊĪSŲŃǝĪ

NÿŲģÿƫǝĪŧŧÿƫƸŊĪŰĪƣŃĪƣżł܉ŏŧŧŏƸżŲżŲƸŊĪhżŲģżŲ®ƸżĜŤ/ǢĜŊÿŲŃĪƠŧÿǣĪģÿĜĪŲƸƣÿŧƣżŧĪŏŲƸŊĪŧŏƫƸŏŲŃżł

 ŏƣrŏĜŊÿĪŧ®܏ܡ”Billiton“ܠŏŧŧŏƸżŲƠŧĜŊĪǝÿƫ/ǢĪĜǀƸŏǜĪ'ŏƣĪĜƸżƣÿŲģ ŊŏĪłFŏŲÿŲĜŏÿŧłłŏĜĪƣżł܉ƣŏżƣƸżšżŏŲŏŲŃåƫƸƣÿƸÿ

 ܏ڏڍڌڎŏŲܡ”Glencore“ܠŰĪƣŃŏŲŃǝŏƸŊGŧĪŲĜżƣĪSŲƸĪƣŲÿƸŏżŲÿŧŧĜ

 ܉åƫƸƣÿƸÿ ŃƣĪǝ Ƹż ěĪĜżŰĪ żŲĪ żł ƸŊĪ ǝżƣŧģܹƫ ŧÿƣŃĪƫƸ ģŏǜĪƣƫŏłŏĪģ ŰŏŲŏŲŃ ÿŲģ ŰĪƸÿŧ ĜżŰƠÿŲŏĪƫ ܉Ŋŏƫ ŧĪÿģĪƣƫŊŏƠ

 ÃŲģĪƣ܏ܡ”Xstrata“ܠŊĪǝÿƫƸŊĪ ŊŏĪł/ǢĪĜǀƸŏǜĪłłŏĜĪƣżłåƫƸƣÿƸÿŧĜ܉ڏڍڌڎǀŲƸŏŧڍڌڌڎŧǀĪ¦ĪƫżǀƣĜĪƫ܏FƣżŰßŏƫŏżŲ

 ®ŏƣrŏĜŊÿĪŧŏƫżŲĪżłƸŊĪǝżƣŧģܹƫŰżƫƸÿĜĜżŰƠŧŏƫŊĪģŰŏŲŏŲŃĪǢĪĜǀƸŏǜĪƫ܏NĪŏƫĜǀƣƣĪŲƸŧǣƸŊĪFżǀŲģĪƣÿŲģ /żł

rÿƣŤĪƸŏŲŃޠǀƫŏŲĪƫƫ'ĪǜĪŧżƠŰĪŲƸ

Government Relations

 żŰƠĪŲƫÿƸŏżŲ ܕ¦N

 ŏƫŤrŏƸŏŃÿƸŏżŲ¦ܕżÿƣģܕGżǜĪƣŲÿŲĜĪ

 ĪƠǀƸÿƸŏżŲ¦ܕ®ޠ/®N

 ĜĜżǀŲƸŏŲŃܕFŏŲÿŲĜŏÿŧhŏƸĪƣÿĜǣ

 ޠrܕÿŲŤŏŲŃSŲǜĪƫƸŰĪŲƸ

rŏŲŏŲŃܕSŲģǀƫƸƣǣ/ǢƠĪƣƸŏƫĪܕƠĪƣÿƸŏżŲƫ

GĪŲĪƣÿŧrÿŲÿŃĪŰĪŲƸܕƣĪƫŏģĪŲƸܕ/

International

rÿŲÿŃŏŲŃżƣhĪÿģŏŲŃGƣżǝƸŊ

Areas of Expertise

SƫƣÿĪŧŏܕƣŏƸŏƫŊNationality:

 Ãf܉hżŲģżŲ܈Residence

 ڐڒ:Age

 ڍڎڌڎDirector since:rÿǣ

SIR MICHAEL “MICK” DAVIS  Independent Director and Chair of Compensation & ESG Committee

About the Meeting

	
	ښڗ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏łżƣƠÿƣƸŏÿŧǣĪÿƣƫĪƣǜŏĜĪłƣżŰSŏŲrÿǣڍڎڌڎƣÿƸĪģŏŲܫƠƣżڌڌڌ܉ڌڐŲŲǀÿŧ'ŏƣĪĜƸżƣ ÿƫŊ¦ĪƸÿŏŲĪƣŏƫÃ®ݕ 1

 ڔڍڌڎܨڒڍڌڎ .Rye Patch Gold Corp

Alio Gold Inc. 2019

 ڌڎڌڎܨڍڍڌڎ Antofagasta PLC

 ڍڎڌڎܨڐڍڌڎ Sherritt International Corporation

 ڎڎڌڎdÿŲǀÿƣǣܨڏڍڌڎ .Golden Star Resources Ltd

 ƠƣĪƫĪŲƸܨڍڎڌڎ .RCF Acquisition Corp

 ƠƣĪƫĪŲƸܨڍڎڌڎ rG®ŏŧǜĪƣ żƣƠ܏

Other Public Boards During the Past Five Years

Has until 2026 to meet Director share ownership requirement

 ڏڎڕ܉ڎڍ Ãƫ®'

 ڌڑڔ܉ڎ Common Shares

Securities Held as at March 2, 2022

 ބڌڌڍ Overall attendance

 ڑܕڑ Compensation & ESG Committee

 ڌڌڌ܉ڌڒڍ Ã®ݕ 1ڌڌڌ܉ڌڏ Ã®ݕ ڑܕڑ żÿƣģżł'ŏƣĪĜƸżƣƫ

Board and Committee Membership Attendance Cash Retainer DSUs

  2021

 ܏ÿĜŊĪŧżƣżł®ĜŏĪŲĜĪŏŲŃĪżŧżŃǣłƣżŰ/ģŏŲěǀƣŃŊÃŲŏǜĪƣƫŏƸǣNĪŊżŧģƫÿ

 ܏ڌڎڌڎƸżrÿǣڍڍڌڎrÿƣĜŊ

 ÿŲģŲƸżłÿŃÿƫƸÿh łƣżŰڕڍڌڎƸżdǀŲĪڕڍڌڎŧŏżGżŧģSŲĜ܏łƣżŰrÿǣ܉ڔڍڌڎƸżrÿǣڒڍڌڎ żƣƠ܏łƣżŰ'ĪĜĪŰěĪƣ

 ǣĪÿƸĜŊGżŧģ¦܉ڏڍڌڎƸżtżǜĪŰěĪƣڎڍڌڎÿĜŏłŏĜ¦ŏŰrŏŲŏŲŃ żƣƠ܏łƣżŰrÿƣĜŊ܉ڎڍڌڎƸż'ĪĜĪŰěĪƣڍڍڌڎłƣżŰrÿǣ

 ŧģżƣÿģż Gżŧģ  żƣƠżƣÿƸŏżŲ/ ܉ڐڍڌڎ Ƹż ®ĪƠƸĪŰěĪƣ ڔڌڌڎ ǀŃǀƫƸÿ ¦ĪƫżǀƣĜĪƫ  żƣƠżƣÿƸŏżŲ łƣżŰ ®ĪƠƸĪŰěĪƣ ܉ڍڎڌڎ

 ƸżFĪěƣǀÿƣǣڐڍڌڎÿŲģƠƣĪǜŏżǀƫŧǣƫĪƣǜĪģÿƫÿŲŏŲģĪƠĪŲģĪŲƸģŏƣĪĜƸżƣżł®ŊĪƣƣŏƸƸSŲƸĪƣŲÿƸŏżŲÿŧ żƣƠżƣÿƸŏżŲłƣżŰrÿǣ

 ܉ÿŤĪƣĜǀƣƣĪŲƸŧǣƫĪƣǜĪƫÿƫÿŲŏŲģĪƠĪŲģĪŲƸģŏƣĪĜƸżƣżłrG®ŏŧǜĪƣ żƣƠ܏ÿŲģ¦ FĜƢǀŏƫŏƸŏżŲ żƣƠ܏܏¦ĪƠǀěŧŏĜ܏rƣ

 łƣŏĜÿÿŲģƸŊĪ'żŰŏŲŏĜÿŲ܉ƸŊĪÃŲŏƸĪģ®ƸÿƸĪƫ܉NŏƫĪǢƠĪƣŏĪŲĜĪŏŲĜŧǀģĪƫżƠĪƣÿƸŏŲŃŰŏŲĪƫÿŲģƠƣżšĪĜƸƫŏŲ ŊŏŧĪ

 ܏ڌڍڌڎƸżtżǜĪŰěĪƣڒڌڌڎfŏŲƣżƫƫGżŧģ żƣƠżƣÿƸŏżŲłƣżŰdǀŲĪ

 ŊĪƫĪƣǜĪģÿƫƸŊĪ ŊŏĪłƠĪƣÿƸŏŲŃłłŏĜĪƣÿŲģ/ǢĪĜǀƸŏǜĪßŏĜĪƣĪƫŏģĪŲƸżł܉żÿƣģżłGżŧģĪŲ®Ƹÿƣ¦ĪƫżǀƣĜĪƫhƸģ܏ƸŊĪ

 ǢĪĜǀƸŏǜĪ ŊÿŏƣŰÿŲżłGżŧģĪŲ®Ƹÿƣ¦ĪƫżǀƣĜĪƫhƸģ܏ěĪłżƣĪŏƸƫÿĜƢǀŏƫŏƸŏżŲěǣ ŊŏłĪŲŃdŏŧżŲŃGżŧģ܏ƣŏżƣƸżšżŏŲŏŲŃ/

 ܫĪǢĪĜǀƸŏǜĪÿŲģěżÿƣģƣżŧĪƫÿƸƫżŰĪżłƸŊĪǝżƣŧģܹƫŧÿƣŃĪƫƸŃżŧģÿŲģĜżƠƠĪƣƠƣżģǀĜĪƣƫ܏NĪƠƣĪǜŏżǀƫŧǣƫĪƣǜĪģÿƫŲżŲ

 ǣĪÿƣƫżłŃŧżěÿŧŰŏŲŏŲŃƠƣżšĪĜƸģĪǜĪŧżƠŰĪŲƸÿŲģżƠĪƣÿƸŏżŲÿŧĪǢƠĪƣŏĪŲĜĪÿŲģŊÿƫŊĪŧģڌڏÿŤĪƣŊÿƫżǜĪƣ܏rƣ

 żŰƠĪŲƫÿƸŏżŲ ܕ¦N

 ŏƫŤrŏƸŏŃÿƸŏżŲ¦ܕżÿƣģܕGżǜĪƣŲÿŲĜĪ

 ĪƠǀƸÿƸŏżŲ¦ܕ®ޠ/®N

rŏŲŏŲŃܕSŲģǀƫƸƣǣ/ǢƠĪƣƸŏƫĪܕƠĪƣÿƸŏżŲƫ

GĪŲĪƣÿŧrÿŲÿŃĪŰĪŲƸܕƣĪƫŏģĪŲƸܕ/

International

rÿŲÿŃŏŲŃżƣhĪÿģŏŲŃGƣżǝƸŊ

Areas of Expertise

  Nationality: Canadian

 Canada

 ܉ƣŏƸŏƫŊ żŧǀŰěŏÿ܈Residence

Age: 70

 ڍڎڌڎDirector since:rÿǣ

TIMOTHY BAKER  Independent Director

About the Meeting

	
	ڛڗ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏żÿƣģƣĪĜĪŏǜĪÿŲǣĜżŰƠĪŲƫÿƸŏżŲłżƣŊŏƫƣżŧĪżŲƸŊĪ

 ģżĪƫŲżƸ܉ÿƫƫǀĜŊ܉rƣ܏ ŏĜŏƣĪŧŧŏŏƫÿŲĪŰƠŧżǣĪĪżłÿŲÿdzǿŧŏÿƸĪģĪŲƸŏƸǣżłƸŊĪƣŏŲĜŏƠÿŧ®ŊÿƣĪŊżŧģĪƣƫÿŲģ܉ƫłǀƣƸŊĪƣģĪƫĜƣŏěĪģŏŲƸŊĪ¦ĪƠżƣƸżŲ'ŏƣĪĜƸżƣ żŰƠĪŲƫÿƸŏżŲÿŲģ/ƢǀŏƸǣǝŲĪƣƫŊŏƠ 1

 ڕڍڌڎܨڎڍڌڎ ÿŲŤƠǀƫ

Other Public Boards During the Past Five Years

'®Ãƫ t

Common Shares t

Securities Held as at March 2, 2022

 ބڌڌڍ Overall attendance

t t ڑܕڑ żÿƣģżł'ŏƣĪĜƸżƣƫ

Board and Committee Membership Attendance Cash Retainer DSUs

  20211

 ܏ǀƫŏŲĪƫƫģŰŏŲŏƫƸƣÿƸŏżŲǝŏƸŊÿrÿƫƸĪƣżł

 ÿŲģłƣżŰNÿƣǜÿƣģ܉ÿĜŊĪŧżƣżłƣƸƫŏŲŃżǜĪƣŲŰĪŲƸÿŲģĪĜżŲżŰŏĜƫrƣ܏ ŏĜŏƣĪŧŧŏŃƣÿģǀÿƸĪģłƣżŰ'ÿƣƸŰżǀƸŊǝŏƸŊÿ

 ܏ƠƣżłŏƸŧŧ®ƸÿƣƫƣżšĪĜƸܫżÿƣģżłƸŊĪŲżŲ ÿƠŏƸÿŧrÿŲÿŃĪŰĪŲƸÿŲģƸŊĪtĪǝæżƣŤ

 żŰƠÿŲǣ܏rƣ܏ ŏĜŏƣĪŧŧŏŏƫ'ŏƣĪĜƸżƣżłƸŊĪƣżƫƠĪƣŏƸǣhŏłĪSŲƫǀƣÿŲĜĪGƣżǀƠÿŲģÿŧƫżƫĪƣǜĪƫżŲƸŊĪěżÿƣģżłĪżŧǀƫ

 ޠÿŲģÿƸd܏܏rżƣŃÿŲ܉ÿƠƣŏǜÿƸĪĪƢǀŏƸǣłǀŲģ܉ƣĪǜŏżǀƫŧǣŊĪǝżƣŤĪģÿƸ1⁄4NhĪĪǀƸŲÿŰßĪŲƸǀƣĪƫ܏ڑڌڌڎšżŏŲĪģŏŲ

 ǝŊŏĜŊŊĪ܉܏rƣ܏ ŏĜŏƣĪŧŧŏŏƫÿżƣƸłżŧŏżrÿŲÿŃĪƣÿŲģÃ܏®܏NĪÿģżłSŲƫǀƣÿŲĜĪÿƸ/ŧŧŏżƸƸSŲǜĪƫƸŰĪŲƸrÿŲÿŃĪŰĪŲƸh܏

 żŰƠĪŲƫÿƸŏżŲ ܕ¦N

 ŏƫŤrŏƸŏŃÿƸŏżŲ¦ܕżÿƣģܕGżǜĪƣŲÿŲĜĪ

 ĜĜżǀŲƸŏŲŃܕFŏŲÿŲĜŏÿŧhŏƸĪƣÿĜǣ

 ޠrܕÿŲŤŏŲŃSŲǜĪƫƸŰĪŲƸ

Areas of Expertise

  Nationality: American

 Ã®܉tĪǝæżƣŤ܈Residence

 ړڐ:Age

Director since: October 2019

MARK CICIRELLI  Non-Independent Director

About the Meeting

	
	ڜڗ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏łżƣƠÿƣƸŏÿŧǣĪÿƣƫĪƣǜŏĜĪłƣżŰSŏŲrÿǣڍڎڌڎƣÿƸĪģŏŲܫƠƣżڌڌڌ܉ڌڐŲŲǀÿŧ'ŏƣĪĜƸżƣ ÿƫŊ¦ĪƸÿŏŲĪƣŏƫÃ®ݕ 1

 ړڍڌڎܨڑڍڌڎ ®ƸŏŧŧǝÿƸĪƣrŏŲŏŲŃ

 ƠƣĪƫĪŲƸܨڍڎڌڎRigel Resource Acquisition Corp. tżǜĪŰěĪƣ

 ƠƣĪƫĪŲƸܨڎڎڌڎIrGh' Corporation rÿƣĜŊ

Other Public Boards During the Past Five Years

Exceeds Director share ownership requirement

 ڏڎڕ܉ڎڍ Ãƫ®'

 ڌڌڌ܉ڌڎ Common Shares

Securities Held as at March 2, 2022

 ބڌڌڍ Overall attendance

 ڑܕڑ Audit Committee

 ڑܕڑ Compensation & ESG Committee

 ڌڌڌ܉ڌڒڍ Ã®ݕ 1ڌڌڌ܉ڌڏ Ã®ݕ ڑܕڑ żÿƣģżł'ŏƣĪĜƸżƣƫ

Board and Committee Membership Attendance Cash Retainer DSUs

  2021

 ܏ÿŊÿƣÿŲłƣŏĜÿ®ܫÿƫżĜŏÿŧĪŲƸĪƣƠƣŏƫĪżƠĪƣÿƸŏŲŃŏŲƫǀě܉ŏĜǣĜŧĪ¦ĪŧŏĪł®S®ÿŲģŏƫÿěżÿƣģŰĪŰěĪƣżłàżƣŧģ

NĪƫĪƣǜĪƫżŲƸŊĪÿģǜŏƫżƣǣěżÿƣģżłdżŊŲƫNżƠŤŏŲƫ܏ܡ®S®ܠÃŲŏǜĪƣƫŏƸǣ®ĜŊżżŧżłģǜÿŲĜĪģSŲƸĪƣŲÿƸŏżŲÿŧ®ƸǀģŏĪƫ

 ÿŲģŊżŧģƫÿŲrłƣżŰƸŊĪdżŊŲƫNżƠŤŏŲƫܡܠƣŏŲŏƸǣ żŧŧĪŃĪ1⁄4܉NĪŏƫÿŃƣÿģǀÿƸĪżłƸŊĪÃŲŏǜĪƣƫŏƸǣżł1⁄4żƣżŲƸż

 ܏ڎڎڌڎÿƠƠżŏŲƸĪģƸżƸŊĪěżÿƣģżłSrGh'ŏŲrÿƣĜŊ

 ÿŲģƫǀěƫĪƢǀĪŲƸŧǣ܉ڍڎڌڎrƣ܏ܹNÿŃÿŲǝÿƫÿƠƠżŏŲƸĪģƸżƸŊĪěżÿƣģżł¦ŏŃĪŧ¦ĪƫżǀƣĜĪĜƢǀŏƫŏƸŏżŲ żƣƠ܏ŏŲtżǜĪŰěĪƣ

 ܏ÿěżÿƣģŰĪŰěĪƣÿŲģ ŊÿŏƣżłƸŊĪ żŰƠĪŲƫÿƸŏżŲ żŰŰŏƸƸĪĪżł®ƸŏŧŧǝÿƸĪƣrŏŲŏŲŃǀŲƸŏŧŏƸƫƫÿŧĪƸż®ŏěÿŲǣĪGżŧģ

rƣ܏ܹNÿŃÿŲǝÿƫ܉ړڍڌڎƸżڑڍڌڎż܏ŏŲƸŊĪ/ŲĪƣŃǣÿŲģ¦ĪÿŧƫƫĪƸƫŃƣżǀƠ܏FƣżŰ ޠ¦ǝÿƫÿŲżƠĪƣÿƸŏŲŃÿģǜŏƫżƣÿƸff

 ŊĪ܉ƣĪŧÿƸĪģŏŲǜĪƫƸŰĪŲƸƫǝŏƸŊŏŲƸŊĪ/ƢǀŏƸǣƠƠżƣƸǀŲŏƸǣFǀŲģ܏SŰŰĪģŏÿƸĪŧǣƠƣŏżƣƸżšżŏŲŏŲŃ ÿƣŧǣŧĪܫĜżŰŰżģŏƸǣ

 ÿŃŧżěÿŧŏŲǜĪƫƸŰĪŲƸłŏƣŰǝŊĪƣĪŊĪłżĜǀƫĪģżŲŏŲģǀƫƸƣŏÿŧÿŲģ܉ǝÿƫÿrÿŲÿŃŏŲŃ'ŏƣĪĜƸżƣÿƸ1⁄4ŊĪ ÿƣŧǣŧĪGƣżǀƠ

rƣ܏ܹNÿŃÿŲ܉ڕڍڌڎƸżڒڍڌڎƸƣÿģŏŲŃÿŲģŏŲǜĪƫƸŏŲŃěǀƫŏŲĪƫƫ܏FƣżŰ܉ŊĪÿģżłƸŊĪĜżŰŰżģŏƸŏĪƫƫÿŧĪƫܫŰżƫƸƣĪĜĪŲƸŧǣĜż

 ÿŲģڏڍڌڎܨڎڌڌڎǝŊĪƣĪŊĪǝÿƫÿƠÿƣƸŲĪƣłƣżŰ܉ڏڍڌڎƸżڍڕڕڍNĪǝżƣŤĪģÿƸGżŧģŰÿŲ®ÿĜŊƫłƣżŰ܏ړڔڕڍÿƸŊŏěƣżŏŲ

 ěĪŃŏŲŲŏŲŃ܉ǣĪÿƣƫŏŲĜżŰŰżģŏƸŏĪƫÿŲģŲÿƸǀƣÿŧƣĪƫżǀƣĜĪŏŲǜĪƫƸŏŲŃÿŲģżƠĪƣÿƸŏżŲƫڌڏrƣ܏ܹNÿŃÿŲܹƫĜÿƣĪĪƣƫƠÿŲƫżǜĪƣ

rÿƣŤĪƸŏŲŃޠǀƫŏŲĪƫƫ'ĪǜĪŧżƠŰĪŲƸ

 żŰƠĪŲƫÿƸŏżŲ ܕ¦N

 ŏƫŤrŏƸŏŃÿƸŏżŲ¦ܕżÿƣģܕGżǜĪƣŲÿŲĜĪ

 ĜĜżǀŲƸŏŲŃܕFŏŲÿŲĜŏÿŧhŏƸĪƣÿĜǣ

 ޠrܕÿŲŤŏŲŃSŲǜĪƫƸŰĪŲƸ

International

rÿŲÿŃŏŲŃżƣhĪÿģŏŲŃGƣżǝƸŊ

Areas of Expertise

  Nationality: American

 Ã®܉tĪǝæżƣŤ܈Residence

 ڕڑ:Age

 ڍڎڌڎDirector since:rÿǣ

PETER O’HAGAN  Independent Director

About the Meeting

	
	ڝڗ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏żÿƣģÿģģŏƸŏżŲÿŧĜżŰƠĪŲƫÿƸŏżŲłżƣŊŏƫƣżŧĪżŲƸŊĪ

 ǝŊŏĜŊŏƫģĪƫĜƣŏěĪģŏŲƸŊĪ żŰƠĪŲƫÿƸŏżŲ'ŏƫĜǀƫƫŏżŲÿŲģŲÿŧǣƫŏƫƫĪĜƸŏżŲżłƸŊŏƫ ŏƣĜǀŧÿƣ܏rƣ܏ÃƫŰÿƣģżĪƫŲżƸƣĪĜĪŏǜĪ܉rƣ܏ÃƫŰÿƣƣĪĜĪŏǜĪƫĜżŰƠĪŲƫÿƸŏżŲłżƣŊŏƫƣżŧĪÿƫ /żłƸŊĪ żŰƠÿŲǣ 1

 ڕڍڌڎܨړڍڌڎ Peabody Energy

Other Public Boards During the Past Five Years

 Exceeds Chief Executive Officer share ownership requirement

 ڍڒڒ܉ڌڌڔ Stock Options

 ڍڒڔ܉ڒڏ Ãƫ®¦

 ړڐڔ܉ڒړڐ܉ڎ Common Shares

Securities Held as at March 2, 2022

 ބڌڌڍ Overall attendance

t t ڑܕڑ żÿƣģżł'ŏƣĪĜƸżƣƫ

Board and Committee Membership Attendance Cash Retainer DSUs

  20211

distinction.

 ěżƸŊǝŏƸŊ܉łƣżŰƸŊĪfĪŧŧżŃŃ®ĜŊżżŧżłrÿŲÿŃĪŰĪŲƸÿƸtżƣƸŊǝĪƫƸĪƣŲÃŲŏǜĪƣƫŏƸǣÿŲģÿŲr܉ŏŲ®żǀƸŊłƣŏĜÿ

 ÿĜŊĪŧżƣżł®ĜŏĪŲĜĪ/ŲŃŏŲĪĪƣŏŲŃŏŲrĪƸÿŧŧǀƣŃǣÿŲģrÿƸĪƣŏÿŧƫłƣżŰƸŊĪÃŲŏǜĪƣƫŏƸǣżłàŏƸǝÿƸĪƣƫƣÿŲģNĪŊżŧģƫÿ

 ܏àŏƫŊ ÿŲÿģÿܫܫŊÿŏƣżłrÿŤĪ ܫßŏĜĪ

 ĜÿƣĪĪƣŏŲŰŏŲŏŲŃŏŲżƠĪƣÿƸŏżŲƫŏŲƸŊĪƫƸĪĪŧÿŲģÿŧǀŰŏŲǀŰŏŲģǀƫƸƣŏĪƫÿƫÿƠƣżģǀĜƸŏżŲĪŲŃŏŲĪĪƣ܏rƣ܏ÃƫŰÿƣŏƫƸŊĪ

 ÿŲģ ƫƸÿƣƸĪģ Ŋŏƫ ܉ŏŧŧŏƸżŲ ŏŲ  żƣƠżƣÿƸĪ FŏŲÿŲĜĪ ŏŲ hżŲģżŲ N rƣ܏ ÃƫŰÿƣ ǝżƣŤĪģ ÿƸ ܉ƣŏżƣ Ƹż šżŏŲŏŲŃ åƫƸƣÿƸÿ

 ܏ÿŲģ ŊŏĪłFŏŲÿŲĜŏÿŧłłŏĜĪƣżłåƫƸƣÿƸÿܹƫŃŧżěÿŧtŏĜŤĪŧěǀƫŏŲĪƫƫŏŲ ÿŲÿģÿ܉ŧŧżǣƫěǀƫŏŲĪƫƫŏŲ®żǀƸŊłƣŏĜÿܫFĪƣƣż

 ŊŏĪłFŏŲÿŲĜŏÿŧłłŏĜĪƣżłåƫƸƣÿƸÿܹƫŃŧżěÿŧ ܉ǀƫŏŲĪƫƫ'ĪǜĪŧżƠŰĪŲƸŏŲhżŲģżŲåƫƸƣÿƸÿŏŲĜŧǀģĪģGĪŲĪƣÿŧrÿŲÿŃĪƣżł

NŏƫƣżŧĪƫÿƸ܏ڏڍڌڎŏŲƸżżŲĪżłƸŊĪǝżƣŧģܹƫŧÿƣŃĪƫƸģŏǜĪƣƫŏłŏĪģŰŏŲĪƣƫÿƸƸŊĪƸŏŰĪżłŏƸƫÿĜƢǀŏƫŏƸŏżŲěǣGŧĪŲĜżƣĪŏŲ

 ÿƫÿŲĪÿƣŧǣƫĪŲŏżƣĪǢĪĜǀƸŏǜĪŰĪŰěĪƣżłƸŊĪŰÿŲÿŃĪŰĪŲƸƸĪÿŰƸŊÿƸŃƣĪǝƸŊĪĜżŰƠÿŲǣڎڌڌڎNĪšżŏŲĪģåƫƸƣÿƸÿŏŲ

 ܏ǝŊĪƣĪŊĪŊĪŧƠĪģƣĪƫƸƣǀĜƸǀƣĪƸŊĪĜżŰƠÿŲǣ܉ڒڍڌڎƸżڐڍڌڎłƣżŰ܉ÿƣƣŏĜŤGżŧģ żƣƠżƣÿƸŏżŲłłŏĜĪƣżł

rƣ܏ÃƫŰÿƣƫĪƣǜĪģÿƫ®ĪŲŏżƣ/ǢĪĜǀƸŏǜĪßŏĜĪƣĪƫŏģĪŲƸÿŲģ ŊŏĪłFŏŲÿŲĜŏÿŧ܉ĜżŰƠÿŲŏĪƫ܏ƣŏżƣƸżłżǀŲģŏŲŃ1⁄4ƣŏƠŧĪFŧÿŃ

 łŏŲÿŲĜŏÿŧÿŲģĪǢĪĜǀƸŏǜĪŧĪÿģĪƣƫŊŏƠƣżŧĪƫŏŲƫżŰĪżłƸŊĪǝżƣŧģܹƫŧÿƣŃĪƫƸÿŲģłÿƫƸĪƫƸŃƣżǝŏŲŃŰŏŲŏŲŃ܉żƠĪƣÿƸŏżŲÿŧ

 ǣĪÿƣƫżłĪǢƠĪƣŏĪŲĜĪǝżƣŤŏŲŃÿƣżǀŲģƸŊĪŃŧżěĪŏŲڑڎrƣ܏ÃƫŰÿƣŏƫÿŲŏŲƸĪƣŲÿƸŏżŲÿŧŰŏŲŏŲŃĪǢĪĜǀƸŏǜĪǝŏƸŊżǜĪƣ

Government Relations

 żŰƠĪŲƫÿƸŏżŲ ܕ¦N

 ŏƫŤrŏƸŏŃÿƸŏżŲ¦ܕżÿƣģܕGżǜĪƣŲÿŲĜĪ

rÿƣŤĪƸŏŲŃޠǀƫŏŲĪƫƫ'ĪǜĪŧżƠŰĪŲƸ

 ĪƠǀƸÿƸŏżŲ¦ܕ®ޠ/®N

 ĜĜżǀŲƸŏŲŃܕFŏŲÿŲĜŏÿŧhŏƸĪƣÿĜǣ

 ޠrܕÿŲŤŏŲŃSŲǜĪƫƸŰĪŲƸ

rŏŲŏŲŃܕSŲģǀƫƸƣǣ/ǢƠĪƣƸŏƫĪܕƠĪƣÿƸŏżŲƫ

GĪŲĪƣÿŧrÿŲÿŃĪŰĪŲƸܕƣĪƫŏģĪŲƸܕ/

International

rÿŲÿŃŏŲŃżƣhĪÿģŏŲŃGƣżǝƸŊ

Areas of Expertise

  Nationality: South African

 ÿŲÿģÿ ܉ŲƸÿƣŏż܈Residence

 ڎڑ:Age

Director since: October 2019

SHAUN USMAR  Founder, CEO and Non-Independent Director

About the Meeting

	
	ڞڗ ¦rtG/r/t1⁄4¦åæ S¦ ÃhڗژږژSh/FhG¦1⁄4

 ށށށ rÿƣŤĪƸŏŲŃޠǀƫŏŲĪƫƫ'ĪǜĪŧżƠŰĪŲƸ

 ށށ Legal & Compliance

 ށށ Government Relations

 ށށށށށށ żŰƠĪŲƫÿƸŏżŲ ܕ¦N

 ށށށށށށށ ŏƫŤrŏƸŏŃÿƸŏżŲ¦ܕżÿƣģܕGżǜĪƣŲÿŲĜĪ

 ށ ށށ ĪƠǀƸÿƸŏżŲ¦ܕ®ޠ/®N

 ށށށ ށށށ ĜĜżǀŲƸŏŲŃܕFŏŲÿŲĜŏÿŧhŏƸĪƣÿĜǣ

 ށށށ ށ ށ ޠrܕÿŲŤŏŲŃSŲǜĪƫƸŰĪŲƸ

 ށ ށށ rŏŲŏŲŃܕSŲģǀƫƸƣǣ/ǢƠĪƣƸŏƫĪܕƠĪƣÿƸŏżŲƫ

 ށ ށށ GĪŲĪƣÿŧrÿŲÿŃĪŰĪŲƸܕƣĪƫŏģĪŲƸܕ/

 ށށ ށށށ International

 ށށ ށށށ rÿŲÿŃŏŲŃżƣhĪÿģŏŲŃGƣżǝƸŊ

 ÿŤĪƣ r܏ ŏĜŏƣĪŧŧŏ ܏ܹNÿŃÿŲ ®܏ÃƫŰÿƣ܏Skill/Director '܏àŊŏƸƸÿŤĪƣ ®܏ŧŧĪŲ r܏'ÿǜŏƫ 1⁄4

 ܈żÿƣģƸżƸŊĪ

 ǀƸŧŏŲĪģěĪŧżǝÿƣĪƸŊĪŏŲģŏǜŏģǀÿŧÿƸƸƣŏěǀƸĪƫƸŊÿƸĪÿĜŊģŏƣĪĜƸżƣěƣŏŲŃƫ

 ܏ƫƸƣÿƸĪŃŏĜżěšĪĜƸŏǜĪƫÿŲģĪdzłĪĜƸŏǜĪĜżƣƠżƣÿƸĪŃżǜĪƣŲÿŲĜĪÿŲģżǜĪƣƫŏŃŊƸ

 and experience to successfully promote achievement of the Company’s

 ŤŲżǝŧĪģŃĪ܉ŏƫģĪƫŏŃŲĪģƸżěƣŏŲŃÿŲżƠƸŏŰÿŧěÿŧÿŲĜĪżłĜżŰƠĪƸĪŲĜŏĪƫ

 żÿƣģÿŲģƸǝżżłǝŊżŰÿƣĪŲżƸŏŲģĪƠĪŲģĪŲƸ܏1⁄4ŊĪĜżŰƠżƫŏƸŏżŲżłƸŊĪ

 ǿǜĪżłǝŊżŰÿƣĪŏŲģĪƠĪŲģĪŲƸ܉żÿƣģĜżŰƠƣŏƫĪƫƫĪǜĪŲģŏƣĪĜƸżƣƫ1⁄4ŊĪ

DIRECTOR QUALIFICATIONS

another public company.

 ěĪłżƣĪ ÿĜĜĪƠƸŏŲŃ ÿŲ ŏŲǜŏƸÿƸŏżŲ Ƹż ƫĪƣǜĪ żŲ ƸŊĪ ěżÿƣģżł ܉ żŰŰŏƸƸĪĪ

G®/ޠ  ǝŊż ŰǀƫƸ ƣĪĜĪŏǜĪ Ơƣŏżƣ ǝƣŏƸƸĪŲ ÿƠƠƣżǜÿŧ żł ƸŊĪ܉żł ƸŊĪ  Ŋÿŏƣ

 ĪǢĜĪƠƸ ŏŲ ƸŊĪ ĜÿƫĪ܉żÿƣģ  Ŋÿŏƣ ƣĪĜĪŏǜĪ Ơƣŏżƣ ǝƣŏƸƸĪŲ ÿƠƠƣżǜÿŧ żł ƸŊĪ

 ܉ŊżǝĪǜĪƣ܉żÿƣģ܏'ŏƣĪĜƸżƣƫŰǀƫƸłǀŧǿŧŧƸŊĪŏƣģǀƸŏĪƫÿƫÿŰĪŰěĪƣżłżǀƣ

 ƸŊĪŏƣÿěŏŧŏƸǣƸż܉ŰÿƸĪƣŏÿŧŧǣŏŲƸĪƣłĪƣĪǝŏƸŊżƣÿƣĪŲżƸŏŲĜżŰƠÿƸŏěŧĪǝŏƸŊ

 public or private companies so long as their commitments do not

 Our directors are not restricted from serving on the boards of other

PUBLIC COMPANY BOARD MEMBERSHIPS

About the Meeting

	
	ڟڗ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏ģĪŧŏǜĪƣĪģŏŲÿģǜÿŲĜĪżłƸŊĪrĪĪƸŏŲŃ

 ܉ƸŊĪ ÿƠƠƣżÿĜŊ Ƹż ĪǢĪĜǀƸŏǜĪ ĜżŰƠĪŲƫÿƸŏżŲ ģŏƫĜŧżƫĪģ ŏŲ ƸŊĪ  ŏƣĜǀŧÿƣ

 ƸŊĪƫŊÿƣĪŊżŧģĪƣƫÿĜĜĪƠƸ܉żÿƣģżł'ŏƣĪĜƸżƣƫÿŲģƣĪƫƠżŲƫŏěŏŧŏƸŏĪƫżłƸŊĪ

S1⁄4¦/®hß/'1⁄4N1⁄4żŲÿŲÿģǜŏƫżƣǣěÿƫŏƫÿŲģŲżƸƸżģŏŰŏŲŏƫŊƸŊĪƣżŧĪ/

 ܈ŏƫƫĪƸłżƣƸŊěĪŧżǝ܉ŰÿǣěĪÿƠƠƣżǜĪģÿƸƸŊĪrĪĪƸŏŲŃ

 ǜÿƣŏÿƸŏżŲƫżƣÿģģŏƸŏżŲƫÿƫ܉ƫǀěšĪĜƸƸżƫǀĜŊÿŰĪŲģŰĪŲƸƫ܉ÿƸƸŊĪrĪĪƸŏŲŃ

 The form of Say on Pay Resolution to be submitted to the shareholders

philosophy.

 ƫŏģĪƣÿƸŏżŲ ǝŊĪŲ ƣĪǜŏĪǝŏŲŃ ƸŊĪ  żŰƠÿŲǣܹƫ ĪǢĪĜǀƸŏǜĪ ĜżŰƠĪŲƫÿƸŏżŲ

 ǝŏŧŧƣĪǜŏĪǝÿŲģÿŲÿŧǣǭĪƸŊĪƣĪƫǀŧƸƫżłƸŊĪǜżƸĪÿŲģƸÿŤĪƸŊĪŰŏŲƸżĜżŲ-

 ƸŊĪ GżǜĪƣŲÿŲĜĪ  żŰŰŏƸƸĪĪ ܉żÿƣģ żƣ ƸŊĪ  żŰƠÿŲǣ܏NżǝĪǜĪƣ żŲ ƸŊĪ

 ßżƸĪƫżŲƸŊĪ®ÿǣżŲÿǣ¦ĪƫżŧǀƸŏżŲÿƣĪÿģǜŏƫżƣǣÿŲģǝŏŧŧŲżƸěĪěŏŲģŏŲŃ

vote FOR the adoption of the Say on Pay Resolution.

 tion. The persons named in the accompanying form of proxy intend to

shareholders vote FOR the adoption of the advisory Say on Pay Resolu-

 żÿƣģ ÿŲģ ŰÿŲÿŃĪŰĪŲƸ żł ƸŊĪ  żŰƠÿŲǣ ƣĪĜżŰŰĪŲģ ƸŊÿƸ ƸŊĪ 1⁄4ŊĪ

 ܏ǝŊżǝŏŧŧěĪŰżƸŏǜÿƸĪģƸżĜƣĪÿƸĪǜÿŧǀĪłżƣƫŊÿƣĪŊżŧģĪƣƫ

 enables the Company to attract and retain high-performing executives

 ĪǢĪĜǀƸŏǜĪƫǝŏƸŊƸŊżƫĪżłŏƸƫƫŊÿƣĪŊżŧģĪƣƫ܏1⁄4ŊŏƫĜżŰƠĪŲƫÿƸŏżŲƠŊŏŧżƫżƠŊǣ

 ǝŊŏĜŊŏƫŏŲƸĪŲģĪģƸżÿŧŏŃŲƸŊĪŏŲƸĪƣĪƫƸƫżłƸŊĪ żŰƠÿŲǣܹƫ܉ƠŊŏŧżƫżƠŊǣ

 Pay for performance is a cornerstone of the Company’s compensation

 ܏ƫĪĜƸŏżŲżłƸŊŏƫ ŏƣĜǀŧÿƣĪŲƸŏƸŧĪģܶ żŰƠĪŲƫÿƸŏżŲ'ŏƫĜǀƫƫŏżŲÿŲģŲÿŧǣƫŏƫܷ

 ǝŊŏĜŊŏƫģĪƫĜƣŏěĪģŏŲģĪƸÿŏŧŏŲƸŊĪ܉ÿƠƠƣżÿĜŊƸżĪǢĪĜǀƸŏǜĪĜżŰƠĪŲƫÿƸŏżŲ

 ƸŊĪ“Say on Pay Resolution”) regarding the Company’sܠżƣǣƣĪƫżŧǀƸŏżŲ

 ƸŊĪ ƫŊÿƣĪŊżŧģĪƣƫ ǝŏŧŧ ěĪ ÿƫŤĪģ Ƹż ĜżŲƫŏģĪƣ ÿŲ ÿģǜŏƫ- ܉Ƹ ƸŊĪ rĪĪƸŏŲŃ

TO EXECUTIVE COMPENSATION

  ADVISORY RESOLUTION ON APPROACH

The auditor is required to report directly to the Audit Committee.

  services are approved in advance by the Chair of the Audit Committee.

 ing non-audit services to the Company or its subsidiaries unless the

Committee has adopted a policy prohibiting the auditor from provid-

 ƸŊĪ ǀģŏƸ ܉ƫ ƠÿƣƸ żł ƸŊĪ  żŰƠÿŲǣܹƫ ĜżƣƠżƣÿƸĪ ŃżǜĪƣŲÿŲĜĪ ƠƣÿĜƸŏĜĪƫ

 ܏ǝ ŏŲƣĪŧÿƸŏżŲƸżĜĪƣƸÿŏŲƣĪƢǀŏƣĪģƠƣżĜĪģǀƣĪƫǀŲģĪƣƸÿŤĪŲŏŲĜżŲŲĪĜƸŏżŲǝŏƸŊżǀƣS

 ǝŊŏĜŊĜżŰƠƣŏƫĪŰÿŏŲŧǣƠƣżƫƠĪĜƸǀƫÿŲģƸƣÿŲƫŧÿƸŏżŲƣĪŧÿƸĪģƫĪƣǜŏĜĪƫŏŲĜǀƣƣĪģěǣ܉ÿěżǜĪ

 Other fees are the aggregate fees paid for products and services other than those reported   ڏ

..2   Tax fees related to tax compliance services

 ܏ĪŲģǿŲÿŲĜŏÿŧƫƸÿƸĪŰĪŲƸƫܫǀģŏƸłĪĪƫŏŲĜŧǀģĪƸŊĪÿǀģŏƸżłƸŊĪǣĪÿƣ 1

 ڴڴڸ܉ڷڸڸ ݕ ںڼں܉ڻڷں $ Total

 ڴڽڵ܉ڹڶڵ ڵڶڷ܉ںڶڵ ڏAll other fees

 ںڻڵ܉ڷڽڵ ڸڽڻ܉ڽں Tax Fees2

 ڸڷڴ܉ڹڶڵ ݕ ڻڵڹ܉ڵڸڸ $ Audit Fees1

2020 2021

 ܈ƣĪƫƠĪĜƸŏǜĪŧǣ܉ڌڎڌڎÿŲģڍڎڌڎłżƣƸŊĪǿƫĜÿŧǣĪÿƣƫ܉ ǝ

 forth the aggregate fees billed for professional services rendered by

 ÿǀģŏƸ ƫĪƣǜŏĜĪƫ܏ 1⁄4ŊĪ łżŧŧżǝŏŲŃ ƸÿěŧĪ ƫĪƸƫܫłżƣ ÿǀģŏƸ ÿŲģ ŲżŲ ܉ ǝ ܉ŏƸżƣ

The Audit Committee oversees the fees paid to the independent aud-

AUDIT AND OTHER SERVICE FEES

  as the auditor of the Company and its predecessor since 2018.

 ÿǀģŏƸżƣǀŲƸŏŧƸŊĪŲĪǢƸÿŲŲǀÿŧŰĪĪƸŏŲŃżłƫŊÿƣĪŊżŧģĪƣƫ܏ǝ ŊÿƫƫĪƣǜĪģ

 żłƠƣżǢǣŏŲƸĪŲģƸżǜżƸĪF¦ƸŊĪÿƠƠżŏŲƸŰĪŲƸżłǝ ÿƫƸŊĪ żŰƠÿŲǣܹƫ

 ǿǢǝ ܹƫƣĪŰǀŲĪƣÿƸŏżŲ܏1⁄4ŊĪƠĪƣƫżŲƫŲÿŰĪģŏŲƸŊĪÿĜĜżŰƠÿŲǣŏŲŃłżƣŰ

 of shareholders of the Company and that the directors be authorized to

 ƸŊĪÿǀģŏƸżƣżłƸŊĪ żŰƠÿŲǣƸżŊżŧģżdzǿĜĪǀŲƸŏŧƸŊĪŲĪǢƸÿŲŲǀÿŧŰĪĪƸŏŲŃ

 ƣĪĜżŰŰĪŲģƫƸŊÿƸǝ ěĪƣĪÿƠƠżŏŲƸĪģÿƫ܉ƸŏżŲżłƸŊĪǀģŏƸ żŰŰŏƸƸĪĪ

 żŲƸŊĪƣĪĜżŰŰĪŲģÿ-܉żÿƣģ1⁄4ŊĪÿǀģŏƸżƣżłƸŊĪ żŰƠÿŲǣŏƫǝ ܏1⁄4ŊĪ

APPOINTMENT OF THE AUDITOR

About the Meeting

	
	ږژ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

payments received

 the excess annual bonus payments and incentive

 ƸŊĪĪǢĪĜǀƸŏǜĪŰǀƫƸƣĪƠÿǣ܉SłÿƣĪĜżǜĪƣǣŏƫƸƣŏŃŃĪƣĪģ

 żłǿŲÿŲĜŏÿŧƫ

  restatement

 and serious misconduct  that results in

 embezzlement or other similar intentional

 ܉ƸŊĪǽƸ܉żłƸŊĪ ŏƣĜǀŧÿƣ 'ĪƸĪƣƣĪŲƸƸżĪǢĪĜǀƸŏǜĪƫÿŃÿŏŲƫƸłƣÿǀģڹڹƫĪĪƠ܏

Recovery Policy

  Compensation

GĪŲĪƣÿŧrĪĪƸŏŲŃżłƸŊĪ żŰƠÿŲǣ

 ģǜŏƫżƣǣǜżƸĪǝŏŧŧěĪŊĪŧģÿŲŲǀÿŧŧǣÿƸƸŊĪŲŲǀÿŧ

approach to executive compensation

 to cast advisory votes on the Company’s

 żłƸŊĪ ŏƣĜǀŧÿƣ ƣżǜŏģŏŲŃ®ŊÿƣĪŊżŧģĪƣƫǝŏƸŊÿŲżƠƠżƣƸǀŲŏƸǣڽڵƫĪĪƠ܏

 ܡÿǣżŲÿǣ®ܠ

 Executive Compensation

  Advisory Vote on

 ǝŏƸŊżŲŧǣƸŊĪŏŲģĪƠĪŲģĪŲƸģŏƣĪĜƸżƣƫ

 ܉Each meeting agenda includes in-cameraƫĪƫƫŏżŲƫ

 ŏŲģĪƠĪŲģĪŲƸšǀģŃŰĪŲƸ

 independent directors to facilitate

 żłƸŊĪ ŏƣĜǀŧÿƣ Open and candid discussion amongڻڶƫĪĪƠ܏

Directors

rĪĪƸŏŲŃżłSŲģĪƠĪŲģĪŲƸ

 ڵڶڴڶŏŲ

 ƣĪŧÿƸĪģƠÿƣƸǣƸƣÿŲƫÿĜƸŏżŲƫڴǀģŏƸ żŰŰŏƸƸĪĪżǜĪƣƫÿǝŲ

to the Audit Committee

 ¥ǀÿƣƸĪƣŧǣƣĪƠżƣƸƫżŲƣĪŧÿƸĪģƠÿƣƸǣƸƣÿŲƫÿĜƸŏżŲƫƠƣżǜŏģĪģ

transactions

 ƣĪǜŏĪǝƫÿŲģÿƠƠƣżǜĪƫƫŏŃŲŏǿĜÿŲƸƣĪŧÿƸĪģƠÿƣƸǣ

 ܉ƸŊƣżǀŃŊƸŊĪǀģŏƸ żŰŰŏƸƸĪĪ܉żÿƣģ1⁄4ŊĪ

 ǝŏƸŊƸŊĪǀģŏƸ żŰŰŏƸƸĪĪ

 żłƸŊĪ ŏƣĜǀŧÿƣ Oversight of related party transactions restsںڶRelated Party Transactions ƫĪĪƠ܏

among the Directors

 1⁄4ŊĪƣĪÿƣĪŲżĪǢŏƫƸŏŲŃƠżƸĪŲƸÿŧĜżŲǵŧŏĜƸƫżłŏŲƸĪƣĪƫƸ

interlocking Directors

G żŰŰŏƸƸĪĪƣĪǜŏĪǝƫ®/ޠ żŰƠĪŲƫÿƸŏżŲ

 ƸŊĪ żŰƠÿŲǣÿŲģƸżģŏƫĜŧżƫĪÿŲǣĜżŲǵŧŏĜƸƫ

 all times in good faith and in the interest of

 żłƸŊĪ ŏƣĜǀŧÿƣ 'ŏƣĪĜƸżƣƫÿŲģżdzǿĜĪƣƫÿƣĪżěŧŏŃÿƸĪģƸżÿĜƸÿƸڸں żŲǵŧŏĜƸƫżłSŲƸĪƣĪƫƸ ƫĪĪƠ܏

tżƸǀƣŲżǜĪƣƫŏŲĜĪŏŲĜĪƠƸŏżŲ

 ǣƣƫڷܨڴżł'ŏƣĪĜƸżƣƫŊÿǜĪƸĪŲǀƣĪބڴڴڵ

 żƣżƸŊĪƣÿǀƸżŰÿƸŏĜŰĪĜŊÿŲŏƫŰƫżłěżÿƣģƣĪŲĪǝÿŧ

 ŰÿŲģÿƸżƣǣƣĪƸŏƣĪŰĪŲƸÿŃĪ܉żÿƣģŰĪŰěĪƣƫŊŏƠ tż'ŏƣĪĜƸżƣƸĪƣŰŧŏŰŏƸƫżłƸŊĪ ŏƣĜǀŧÿƣ 1⁄4żƫǀƠƠżƣƸÿ'ŏǜĪƣƫĪڼڶƫĪĪƠ܏

 żÿƣģ¦ĪŲĪǝÿŧ

 ƸŊĪƣrĪĜŊÿŲŏƫŰƫżł

 Director Term Limits &

 ڵڶڴڶżÿƣģŏŲƸżƸŊĪ

 ŏƣĪĜƸżƣ'ĪǜĪŧżƠŰĪŲƸƫĪƫƫŏżŲǝÿƫżdzłĪƣĪģ'ڵ

sessions are provided to Directors

 żłƸŊĪ ŏƣĜǀŧÿƣ Ensuring relevant continuing educationڼڶƫĪĪƠ܏

Continuing Education

  Orientation &

 ŧŧt/ƫƫÿƸŏƫłǣƸŊĪƣĪƢǀŏƣĪģŧĪǜĪŧżłƫŊÿƣĪżǝŲĪƣƫŊŏƠ

 ƸżĜżŰƠŧǣںڶڴڶƠƣżĜĪƫƫÿŲģŊÿǜĪǀŲƸŏŧrÿǣ

 ƸŊĪƣĪŰÿŏŲŏŲŃ'ŏƣĪĜƸżƣƫÿƣĪŏŲܔżłƫŊÿƣĪżǝŲĪƣƫŊŏƠ

 SŲģĪƠĪŲģĪŲƸ'ŏƣĪĜƸżƣƫƫÿƸŏƫłǣƸŊĪƣĪƢǀŏƣĪģŧĪǜĪŧڹżłڷ

the SVP level and higher

  Applies to each Director and executive at

 ĪǢĪĜǀƸŏǜĪƫǝŏƸŊƸŊżƫĪżł®ŊÿƣĪŊżŧģĪƣƫ

 Aligns the interests of Directors and

 ƸŊĪ1⁄4ƣŏƠŧĪFŧÿŃǝĪěƫŏƸĪ

 Full guidelines posted on

 żłƸŊĪ ŏƣĜǀŧÿƣڸڹƫĪĪƠ܏

Guidelines

 ®ŊÿƣĪǝŲĪƣƫŊŏƠ

 żÿƣģżǜĪƣƫŏŃŊƸ

  Independent Chair to provide strong independent

 żÿƣģÿŲģŏƸƫ żŰŰŏƸƸĪĪƫÿŲģ ŊÿŏƣƫżłƸŊĪ

 ŲŲǀÿŧƣĪǜŏĪǝżłƸŊĪĪdzłĪĜƸŏǜĪŲĪƫƫÿŲģƠĪƣłżƣŰÿŲĜĪ

are functioning at optimal levels

 żÿƣģÿŲģŏƸƫ żŰŰŏƸƸĪĪƫżłƸŊĪ ŏƣĜǀŧÿƣ /ŲƫǀƣĪƸŊÿƸƸŊĪڼڶżÿƣģ/dzłĪĜƸŏǜĪŲĪƫƫ ƫĪĪƠ܏

be independent Directors

 żÿƣģÿƣĪģĪĪŰĪģƸżżłƸŊĪ1⁄4ƣŏƠŧĪFŧÿŃބڶڻ

 żÿƣģŰĪŰěĪƣƫ

  żłƸŊĪ ŏƣĜǀŧÿƣ Determination of independence ofڻڶDirector Independence ƫĪĪƠ܏

election vote

 ǝŏŧŧěĪƸŊĪ żŰƠÿŲǣܹƫǿƣƫƸģŏƣĪĜƸżƣڶڶڴڶ

 żÿƣģƸżƸŊĪ

  resignation and makes recommendation

G żŰŰŏƸƸĪĪƣĪǜŏĪǝƫ®/ޠ żŰƠĪŲƫÿƸŏżŲ

 żłǜżƸĪƫǝŏƸŊŊĪŧģŰǀƫƸƸĪŲģĪƣƣĪƫŏŃŲÿƸŏżŲ

 Ųǣ'ŏƣĪĜƸżƣǝŊżƣĪĜĪŏǜĪƫÿŃƣĪÿƸĪƣŲǀŰěĪƣ

Annual election of Directors by Shareholders

 ƸŊĪ1⁄4ƣŏƠŧĪFŧÿŃǝĪěƫŏƸĪ

  Full policy posted on

 żłƸŊĪ ŏƣĜǀŧÿƣڻڶrÿšżƣŏƸǣßżƸŏŲŃżŧŏĜǣ ƫĪĪƠ܏

Guidance Reference Overview Application

GOVERNANCE

 ܈żłǝŊŏĜŊÿƣĪżǀƸŧŏŲĪģěĪŧżǝ

 ƫżŰĪ܉GżǜĪƣŲÿŲĜĪGǀŏģĪŧŏŲĪƫ܏1⁄4ŊĪ żŰƠÿŲǣܹƫƫƸƣżŲŃŃżǜĪƣŲÿŲĜĪƠƣÿĜƸŏĜĪƫÿƣĪƣĪǵŧĪĜƸĪģŏŲŏƸƫÿƠƠƣżÿĜŊÿŲģÿƠƠŧŏĜÿƸŏżŲżłƠżŧŏĜŏĪƫÿŲģƠƣÿĜƸŏĜĪƫ

 ƸĪƣŰŃƣżǝƸŊÿŲģĜżŰƠŧǣŏŲŃǝŏƸŊƸŊĪ ÿŲÿģŏÿŲ®ĪĜǀƣŏƸŏĪƫģŰŏŲŏƫƸƣÿƸżƣƫܹ żƣƠżƣÿƸĪܫŏŲƸĪŃƣŏƸǣÿŲģĪƸŊŏĜƫǝŊŏŧĪƠƣżŰżƸŏŲŃŧżŲŃ܉ÿĜĜżǀŲƸÿěŏŧŏƸǣ

 ܉żÿƣģÿŲģŰÿŲÿŃĪŰĪŲƸÿƣĪģĪģŏĜÿƸĪģƸżƫƸƣżŲŃĜżƣƠżƣÿƸĪŃżǜĪƣŲÿŲĜĪƠƣÿĜƸŏĜĪƫģĪƫŏŃŲĪģƸżŰÿŏŲƸÿŏŲŊŏŃŊƫƸÿŲģÿƣģƫżłżǜĪƣƫŏŃŊƸ1⁄4ŊĪ żŰƠÿŲǣܹƫ

CORPORATE GOVERNANCE

STATEMENT OF CORPORATE GOVERNANCE PRACTICES

Statement of Corporate Governance Practices

	
	ڗژ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

business are prohibited

 ģŏƣĪĜƸŧǣżƣŏŲģŏƣĪĜƸŧǣƸżŃżǜĪƣŲŰĪŲƸżdzǿĜŏÿŧƫƸżŏŲǵŧǀĪŲĜĪ

 ŤŏĜŤěÿĜŤƫżƣżƸŊĪƣƢǀĪƫƸŏżŲÿěŧĪŏŲģǀĜĪŰĪŲƸƫ܉ƣŏěĪƫ

Sets out strategies to mitigate bribery and corruption risk

and ethically

  representatives) to conduct business legally

 ÿŲģŏƸƫܠŧĪŃŏƫŧÿƸŏżŲÿŲģŃżǜĪƣŲƫƸŊĪ żŰƠÿŲǣ

 żƣƣǀƠƸŏżŲ ܫĜżŰƠŧǣłǀŧŧǣǝŏƸŊƣĪŧĪǜÿŲƸŲƸŏ

 żłƸŊĪ ŏƣĜǀŧÿƣ Established the Company’s commitment toڷڶƫĪĪƠ܏

Compliance Policy

 Anti-Corruption

 ޠƣŏěĪƣǣܫŲƸŏ

to release

 ¦ĪǜŏĪǝĪģÿŲģÿƠƠƣżǜĪģÿŧŧƠǀěŧŏĜģŏƫĜŧżƫǀƣĪƠƣŏżƣ

the disclosure processes and practices

  Responsible for overseeing and monitoring

administration of the Disclosure Policy

 is responsible for the implementation and

 żłƸŊĪ ŏƣĜǀŧÿƣ The management Disclosure CommitteeڷڶDisclosure Policy ƫĪĪƠ܏

 ǜÿƣŏÿěŧĪłżƣǝÿƣģĜżŲƸƣÿĜƸƫÿŲģĪƢǀŏƸǣƫǝÿƠƫ

 ƠƣĪƠÿŏģ܉Ĝÿŧŧƫ܉ƠǀƸƫ܉ƫǀĜŊÿƫƫŊżƣƸƫÿŧĪƫ܉ƸŊĪ żŰƠÿŲǣ

  types of hedging transactions involving securities of

 Insiders are also prohibited from entering into certain

trade in the Company's securities

 ŲŧǣģǀƣŏŲŃƠƣĪƫĜƣŏěĪģƸƣÿģŏŲŃǝŏŲģżǝƫĜÿŲŏŲƫŏģĪƣƫ

 ĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫÿƣĪģĪĪŰĪģŏŲƫŏģĪƣƫ

 ŏŲĜŧǀģŏŲŃƸŊĪŲÿŰĪģ܉ŧŧģŏƣĪĜƸżƣÿŲģĪŰƠŧżǣĪĪƫ

information about the Company

  in possession of material undisclosed

 żłƸŊĪ ŏƣĜǀŧÿƣ ƣżŊŏěŏƸƫƸƣÿģŏŲŃŏŲżǀƣƫĪĜǀƣŏƸŏĪƫǝŊŏŧĪڷڶƫĪĪƠ܏

NĪģŃŏŲŃżŧŏĜǣܫŲƸŏ

  Insider Trading and

 ǝŊŏƫƸŧĪěŧżǝĪƣŏŲĜŏģĪŲƸƫƣĪƠżƣƸĪģƸżģÿƸĪڴt

from retaliation

  Protects those that act in good faith

alleged violations or complaints

 the Audit Committee Chair to report any

 ƸżܡŊżƸŧŏŲĪżƣĪŰÿŏŧܠżłƸŊĪ ŏƣĜǀŧÿƣ  żŲǿģĪŲƸŏÿŧÿĜĜĪƫƫڷڶàŊŏƫƸŧĪěŧżǝĪƣ ƫĪĪƠ܏

trust and respect

 ܉ƣżǜŏģĪƫŃǀŏģĪŧŏŲĪƫłżƣŰÿŏŲƸÿŏŲŏŲŃŏŲƸĪŃƣŏƸǣ

 żÿƣģ żŰŰŏƸƸĪĪżłƸŊĪ

  Oversight by the Compensation & ESG

 of Triple Flag

  contractors and agents acting on behalf

 ܉ĪŰƠŧżǣĪĪƫ܉ģŏƣĪĜƸżƣƫ܉żłƸŊĪ ŏƣĜǀŧÿƣ ƠƠŧŏĪƫƸżÿŧŧżdzǿĜĪƣƫڷڶƫĪĪƠ܏

 & Ethics

 ǀƫŏŲĪƫƫ żŲģǀĜƸ żģĪżł

Guidance Reference Overview Application

COMPLIANCE & ETHICS

Statement of Corporate Governance Practices

	
	ژژ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

cyber security to the committee

 ܕrÿŲÿŃĪŰĪŲƸģĪŧŏǜĪƣƫƣĪŃǀŧÿƣƣĪƠżƣƸƫżŲŏŲłżƣŰÿƸŏżŲ

management focus

 for the board and ongoing comprehensive risk

  Good controls and regular reporting on risk register

risks and other globally relevant risks

 ŃĪżƠżŧŏƸŏĜÿŧ܉ڽڵܫ'ƣŏƫŤƫƣĪŧÿƸĪģƸż ßS܉ƫĪĜǀƣŏƸǣƣŏƫŤƫ

 ǜĪƣƫÿǝŰżŲŏƸżƣŏŲŃÿŲģŰŏƸŏŃÿƸŏżŲżłŏŲłżƣŰÿƸŏżŲ

and reports

 żÿƣģÿƠƠƣżǜÿŧżłǿŲÿŲĜŏÿŧƫŲŲǀÿŧƣĪǜŏĪǝłżƣ

disclosure controls

 ǜĪƣƫĪĪƫƸŊĪǿŲÿŲĜŏÿŧƣĪƠżƣƸŏŲŃÿŲģ

 and compliance

 oversight of enterprise risk management

 żÿƣģŏŲŏƸƫżłƸŊĪ ŏƣĜǀŧÿƣ ǀģŏƸ żŰŰŏƸƸĪĪÿƫƫŏƫƸƫƸŊĪںڶƫĪĪƠ܏

Committee

rÿŲģÿƸĪżłƸŊĪǀģŏƸ

Guidance Reference Overview Application

ENTERPRISE RISK MANAGEMENT

 ÿƫǝżŰĪŲބڵڷƫżĜŏÿŧŃƣżǀƠƫÿŲģ

 ƣĪƠƣĪƫĪŲƸĪģܫżłƸżƸÿŧǝżƣŤłżƣĜĪŏģĪŲƸŏłǣÿƫǀŲģĪƣބںڸ

 ÿƫǝżŰĪŲ

 ބڽڶƣĪƠƣĪƫĪŲƸĪģƫżĜŏÿŧŃƣżǀƠƫÿŲģܫżłǀŲģĪƣ

 żłĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫŏģĪŲƸŏłǣÿƫŰĪŰěĪƣƫބڷڸ

of under-represented social groups

 żłĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫŏģĪŲƸŏłǣÿƫŰĪŰěĪƣƫބڽڶ

 ÿƫǝżŰĪŲ

 ŏģĪŲƸŏłǣܡżÿƣģÿŲģǀģŏƸ żŰŰŏƸƸĪĪܠŊÿŏƣƫ ڷżłڶ

 ÿƫǝżŰĪŲ

 żÿƣģ'ŏƣĪĜƸżƣƫŏģĪŲƸŏłǣżłŏŲģĪƠĪŲģĪŲƸބڴڸ

 ģŏǜĪƣƫĪěÿĜŤŃƣżǀŲģƫ܉ŃĪŲģĪƣ

 ܉ƣÿĜĪ܉ĪƸŊŲŏĜŏƸǣ܉ÿŃĪ܉ĪģǀĜÿƸŏżŲ܉ƠĪƣƫƠĪĜƸŏǜĪ

 ܉ĪǢƠĪƣŏĪŲĜĪ܉żłƸŊĪ ŏƣĜǀŧÿƣ ßÿŧǀĪģŏǜĪƣƫŏƸǣżłÿěŏŧŏƸŏĪƫڵڷƫĪĪƠ܏

Policy

 Diversity & Inclusion

headquarters in Canada

 represented groups near producing assets and

 ܫŤŏŲƫƠĪĜŏǿĜŏŲŏƸŏÿƸŏǜĪƫƫǀƠƠżƣƸŏŲŃǀŲģĪƣڴڴڹǜĪƣݕ

 ƠƣĪǜŏżǀƫǿǜĪǣĪÿƣƫƸżĜżŰŰǀŲŏƸǣŏŲǜĪƫƸŰĪŲƸŏŲŏƸŏÿƸŏǜĪƫ

 żłÿǜĪƣÿŃĪŲĪƸŏŲĜżŰĪżǜĪƣބڶ żŰŰŏƸŰĪŲƸƸżÿŧŧżĜÿƸĪ

counterparty  communities

 ěĪŏŲŃżłŧżĜÿŧÿŲģܫÿŲģĪĜżŲżŰŏĜǝĪŧŧ

 ܉ĪŲǜŏƣżŲŰĪŲƸÿŧ܉żłƸŊĪ ŏƣĜǀŧÿƣ 1⁄4żĜżŲƸƣŏěǀƸĪƸżƸŊĪƫżĜŏÿŧڵڷƫĪĪƠ܏

Strategy

 Community Investment

 żÿƣģěǣƸŊĪ

/ƫƸÿěŧŏƫŊĪģÿŲ/ŲǜŏƣżŲŰĪŲƸÿŧżŧŏĜǣƸŊÿƸǝÿƫÿƠƠƣżǜĪģ

 environmentally responsible manner

 żłƸŊĪ ŏƣĜǀŧÿƣ Commits the Company to acting in anڶڷEnvironmental Policy ƫĪĪƠ܏

 żÿƣģƸŊĪ

 /ƫƸÿěŧŏƫŊĪģÿ ŧŏŰÿƸĪ®ƸƣÿƸĪŃǣƸŊÿƸǝÿƫÿƠƠƣżǜĪģěǣ

 ÿĜĜƣĪģŏƸĪģżdzłƫĪƸƫƸżĪŲƫǀƣĪżŲŃżŏŲŃĜÿƣěżŲŲĪǀƸƣÿŧŏƸǣ

 ĪŰŏƫƫŏżŲƫŏŲǜĪƫƸŏŲŃŏŲڷÿŲģڶ܉ڵŏŲĜŧǀģŏŲŃ®ĜżƠĪ܉żdzłƫĪƸ

 ڶ Ƹżłڴڴڴ܉ڹڶżǜĪƣ܉ÿƣěżŲŲĪǀƸƣÿŧƫŏŲĜĪŏŲĜĪƠƸŏżŲ

 ܡ'F 1⁄4ܠFŏŲÿŲĜŏÿŧ'ŏƫĜŧżƫǀƣĪƫ

  the Task Force on Climate-related

  żłƸŊĪ ŏƣĜǀŧÿƣ Informed by the recommendations ofڶڷClimate Strategy ƫĪĪƠ܏

 żÿƣģěǣƸŊĪ

 /ƫƸÿěŧŏƫŊĪģÿNǀŰÿŲ¦ŏŃŊƸƫżŧŏĜǣƸŊÿƸǝÿƫÿƠƠƣżǜĪģ

modern slavery

 łżƣĜĪģŧÿěżƣżƣ܉àŏŧŧŲżƸƸżŧĪƣÿƸĪĜŊŏŧģŧÿěżƣ

stakeholders

 ƸżƣĪƫƠĪĜƸƸŊĪNǀŰÿŲ¦ŏŃŊƸƫżłÿŧŧ

  żłƸŊĪ ŏƣĜǀŧÿƣ Establishes the Company’s commitmentڶڷNǀŰÿŲ¦ŏŃŊƸƫżŧŏĜǣ ƫĪĪƠ܏

 ǝŏŧŧěĪÿŲÿŲŲǀÿŧƠǀěŧŏĜÿƸŏżŲŃżŏŲŃłżƣǝÿƣģ

 ܔڵڶڴڶǀěŧŏƫŊĪģŏŲÿǀŃǀƣÿŧ®ǀƫƸÿŏŲÿěŏŧŏƸǣ¦ĪƠżƣƸŏŲ

easy-to-understand report

 ܉®ǀƫƸÿŏŲÿěŏŧŏƸǣŏŲŏƸŏÿƸŏǜĪƫŏŲÿƫŏŲŃŧĪ

 demonstration of the Company’s

 żłƸŊĪ ŏƣĜǀŧÿƣ Provides context and meaningfulڽڶSustainability Report ƫĪĪƠ܏

 żÿƣģ/ƫƸÿěŧŏƫŊĪģÿŲ/®GżŧŏĜǣƸŊÿƸǝÿƫÿƠƠƣżǜĪģěǣƸŊĪ

to a responsible and sustainable mining ecosystem

 ĜżŲƸƣŏěǀƸŏŲŃܡڶěǣĜżŲģǀĜƸŏŲŃƣŏŃżƣżǀƫģǀĪģŏŧŏŃĪŲĜĪÿŲģ

 ĪŲƫǀƣŏŲŃƠżƣƸłżŧŏżƢǀÿŧŏƸǣܡڵ܈ƠƣżŲŃĪģÿƠƠƣżÿĜŊܫ1⁄4ǝż

are aligned

 ǝŊĪƣĪżƠĪƣÿƸŏŲŃƠÿƣƸŲĪƣƫǜÿŧǀĪƫ

   żłƸŊĪ ŏƣĜǀŧÿƣ To continue to invest in opportunitiesڼڶESG Policy ƫĪĪƠ܏

 żÿƣģǝŏƸŊƣĪŃǀŧÿƣƣĪƠżƣƸŏŲŃƸżƸŊĪ

 ܉ǀƫƸÿŏŲÿěŏŧŏƸǣƣĪŧÿƸĪģŏŲŏƸŏÿƸŏǜĪƫ®ޠƣĪŧĪǜÿŲƸ1⁄4ÿŧĪŲƸ

 żŰŰŏƸƸĪĪŰĪĪƸƫƫĪǜĪƣÿŧƸŏŰĪƫƠĪƣǣĪÿƣƸżƣĪǜŏĪǝ

and outcomes

 ŏŲŏƸŏÿƸŏǜĪƫܡG®/ܠ®ǀƫƸÿŏŲÿěŏŧŏƸǣ

 żłƸŊĪ ŏƣĜǀŧÿƣ Oversight of Executive Talent andڹڶƫĪĪƠ܏

Committee

 Compensation & ESG

rÿŲģÿƸĪżłƸŊĪ

Guidance Reference Overview Application

ESG

Statement of Corporate Governance Practices

	
	ڙژ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏żÿƣģÿĜĜżƣģŏŲŃŧǣÿŲģƣĪƠżƣƸĪģƸżƸŊĪ

 ÿĜƸŏżŲĪģ܉ŊżƸŧŏŲĪÿƣĪŰżŲŏƸżƣĪģěǣƸŊĪ ŊÿŏƣżłƸŊĪǀģŏƸ żŰŰŏƸƸĪĪ

 ĜżŰÿŲģÿŧŧĜżŰƠŧÿŏŲƸƫƣĪĜĪŏǜĪģƸŊƣżǀŃŊƸŊĪǝŊŏƫƸŧĪěŧżǝĪƣĜżŲĜĪƣŲƫ

 ܏ĜżŲģǀĜƸ܏1⁄4ŊĪģĪƸÿŏŧƫżłƸŊĪŊżƸŧŏŲĪÿƣĪÿǜÿŏŧÿěŧĪÿƸǝǝǝ܏ƸƣŏƠŧĪǵŧÿŃƠŰ

 ǜŏżŧÿƸĪƫƸŊĪ żģĪżł/ƸŊŏĜƫżƣżƸŊĪƣǝŏƫĪĜżŲƫƸŏƸǀƸĪƫłƣÿǀģżƣǀŲĪƸŊŏĜÿŧ

 supplier or director may use the hotline to report conduct that they feel

 ܉ÿĜĜĪƫƫŏěŧĪ ěǣ ĪŰÿŏŧ ÿŲģ ěǣ ƠŊżŲĪ܏ Ųǣ ĪŰƠŧżǣĪĪ ܉ěŧżǝĪƣ ĜżŲĜĪƣŲƫ

 ǜŏżŧÿƸŏżŲƫżłƸŊĪ żģĪżł/ƸŊŏĜƫÿŲģŊÿƫĪƫƸÿěŧŏƫŊĪģÿŊżƸŧŏŲĪłżƣǝŊŏƫƸŧĪ-

 The Company encourages the reporting of violations and potential

WHISTLEBLOWER POLICY

 ܏ÿƸǝǝǝ܏ƸƣŏƠŧĪǵŧÿŃƠŰ܏ĜżŰ

 ®/'¦ƠƣżǿŧĪÿƸǝǝǝ܏ƫĪģÿƣ܏ĜżŰÿŲģŏƫÿŧƫżÿǜÿŏŧÿěŧĪżŲżǀƣǝĪěƫŏƸĪ

 ƸŊĪ żģĪżł/ƸŊŏĜƫŊÿƫěĪĪŲǿŧĪģżŲżǀƣ܉ڍڌڍܫڔڑÿĜĜżƣģÿŲĜĪǝŏƸŊtS

 ƣĪƫƠżŲƫŏěŏŧŏƸǣ łżƣ ŰżŲŏƸżƣŏŲŃ ĜżŰƠŧŏÿŲĜĪ ǝŏƸŊ ƸŊĪ  żģĪ żł /ƸŊŏĜƫ܏ SŲ

 żÿƣģ Ŋÿƫ ǀŧƸŏŰÿƸĪ ǀƣ ܏ܡżÿƣģ ÿƫ ÿ ǝŊżŧĪ ƫǀěšĪĜƸ Ƹż ƣĪǜŏĪǝ ěǣ żǀƣ

 ǝŊŏĜŊÿƣĪ ܉ǝÿŏǜĪƣƫ ÿƠƠŧŏĜÿěŧĪ Ƹż żǀƣ ģŏƣĪĜƸżƣƫ żƣ ĪǢĪĜǀƸŏǜĪ żdzǿĜĪƣƫ

 żƣ܉ǝŊŏĜŊÿƣĪĜżŲƫŏģĪƣĪģěǣƸŊĪǀģŏƸ żŰŰŏƸƸĪĪ܉G żŰŰŏƸƸĪĪ®/ޠ

 żƸŊĪƣƸŊÿŲǝÿŏǜĪƣƫÿƠƠŧŏĜÿěŧĪƸżŰĪŰěĪƣƫżłƸŊĪ żŰƠĪŲƫÿƸŏżŲܠ/ƸŊŏĜƫ

 ÿŲģŏƫƣĪƫƠżŲƫŏěŧĪłżƣĜżŲƫŏģĪƣŏŲŃÿŲǣǝÿŏǜĪƣƫżłƸŊĪ żģĪżł܉/ƸŊŏĜƫ

 żÿƣģǝŏƸŊƸŊĪŰżŲŏƸżƣŏŲŃżłĜżŰƠŧŏÿŲĜĪǝŏƸŊƸŊĪ żģĪżłÿƫƫŏƫƸƫƸŊĪ

G  żŰŰŏƸƸĪĪ®/ ޠ żÿƣģ łżƣ ĜżŲƫŏģĪƣÿƸŏżŲ܏ 1⁄4ŊĪ  żŰƠĪŲƫÿƸŏżŲ żǀƣ

  annually and recommends any necessary or appropriate changes to

 ŏƫƣĪƫƠżŲƫŏěŧĪłżƣƣĪǜŏĪǝŏŲŃÿŲģĪǜÿŧǀÿƸŏŲŃƸŊĪ żģĪżł/ƸŊŏĜƫÿƸŧĪÿƫƸ

 set forth in the Code of Ethics. The Compensation & ESG Committee

 ÿǝÿƣĪƸżÿŲǣżŲĪżłƸŊĪ żŰƠÿŲǣܹƫĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫżƣÿƫżƸŊĪƣǝŏƫĪ

 ƣĪŃǀŧÿƸŏżŲżƣżłƸŊĪ żģĪżł/ƸŊŏĜƫżłǝŊŏĜŊƸŊĪǣěĪĜżŰĪ܉ƸŏżŲƫżłŧÿǝ

 ŲǣƠĪƣƫżŲƫǀěšĪĜƸƸżƸŊĪ żģĪżł/ƸŊŏĜƫŏƫƣĪƢǀŏƣĪģƸżƣĪƠżƣƸÿŧŧǜŏżŧÿ-

 ܏ÿƣĪƣĪƢǀŏƣĪģƸżƣĪǜŏĪǝÿŲģÿĜŤŲżǝŧĪģŃĪƸŊĪ żģĪżł/ƸŊŏĜƫĪÿĜŊǣĪÿƣ

 fair compensation. Company Personnel receive annual training and

 ƣĪÿƫżŲÿěŧĪǝżƣŤŏŲŃŊżǀƣƫÿŲģ܉żłÿƫƫżĜŏÿƸŏżŲÿŲģĜżŧŧĪĜƸŏǜĪěÿƣŃÿŏŲŏŲŃ

 ŏŲĜŧǀģŏŲŃłƣĪĪģżŰ܉ÿŲģĜżŰŰŏƸŰĪŲƸƫƸżłǀŲģÿŰĪŲƸÿŧłƣĪĪģżŰƫ܉ŰĪŲƸ

included restrictions and requirements relating to political involve-

 ÿģģŏƸŏżŲƫƸżƸŊĪ żģĪżł/ƸŊŏĜƫ܉ڍڎڌڎƣĪŃǀŧÿƸŏżŲżƣƸŊĪ żģĪżł/ƸŊŏĜƫ܏SŲ

 ܉ƠżŧŏƸŏĜÿŧÿŲģĜŊÿƣŏƸÿěŧĪÿĜƸŏǜŏƸŏĪƫÿŲģƣĪƠżƣƸŏŲŃÿŲǣǜŏżŧÿƸŏżŲƫżłŧÿǝ

 ܉ǀƫĪżł żŰƠÿŲǣĜżŰƠǀƸĪƣƫÿŲģƸŊĪŏŲƸĪƣŲĪƸ܉ƠƣŏǜÿĜǣ܉ÿŲģŊÿƣÿƫƫŰĪŲƸ

 ĪƢǀÿŧĪŰƠŧżǣŰĪŲƸżƠƠżƣƸǀŲŏƸŏĪƫ܉ŏŧŧĪŃÿŧƠÿǣŰĪŲƸƫ܉ģǀĪģŏŧŏŃĪŲĜĪ܉ƸŏżŲ

 łÿŏƣĜżŰƠĪƸŏ-܉łÿŏƣģĪÿŧŏŲŃ܉ĜżŰŰǀŲŏĜÿƸŏżŲƫ܉ƠƣżƠĪƣǀƫĪżłżǀƣÿƫƫĪƸƫ

 ƠƣżƸĪĜƸŏżŲ ÿŲģ ܉ŏŲƸĪƣŲÿŧ ĜżŲƸƣżŧƫ ÿŲģ ģŏƫĜŧżƫǀƣĪ ܉Ĝŏÿŧ ŏŲłżƣŰÿƸŏżŲ

 ǿŲÿŲ- ܉ƠƣĪłĪƣĪŲƸŏÿŧ ƸƣĪÿƸŰĪŲƸ ܉ĜżŰŰŏƸŰĪŲƸ ܉ĜżŲǿģĪŲƸŏÿŧŏƸǣ ܉ŏŲƸĪƣĪƫƸ

 ĜżŲǵŧŏĜƸƫ żł ܉ƣǀŧĪƫ ÿŲģ ƣĪŃǀŧÿƸŏżŲƫ ܉ÿģģƣĪƫƫĪƫ ĜżŰƠŧŏÿŲĜĪ ǝŏƸŊ ŧÿǝƫ

 ƸƣǀƫƸÿŲģƣĪƫƠĪĜƸ܏1⁄4ŊĪ żģĪżł/ƸŊŏĜƫ܉żǀƣÿŲģżǀƣƫǀěƫŏģŏÿƣŏĪƫܹŏŲƸĪŃƣŏƸǣ

 żěšĪĜƸŏǜĪżłƸŊĪ żģĪżł/ƸŊŏĜƫŏƫƸżƠƣżǜŏģĪŃǀŏģĪŧŏŲĪƫłżƣŰÿŏŲƸÿŏŲŏŲŃ

 ƸŊĪ “Code of Ethics”) that applies to the Company Personnel. Theܠ

 żÿƣģŊÿƫÿģżƠƸĪģÿǝƣŏƸƸĪŲĜżģĪżłěǀƫŏŲĪƫƫĜżŲģǀĜƸÿŲģĪƸŊŏĜƫǀƣ

 CODE OF ETHICS

 ܏żŲŧǣ ģǀƣŏŲŃ ƠƣĪƫĜƣŏěĪģ ƸƣÿģŏŲŃ ǝŏŲģżǝƫ ܉ĪǢĪƣĜŏƫĪ żł ƫƸżĜŤ żƠƸŏżŲƫ

 ŏŲĜŧǀģŏŲŃthe܉ƸżƣƫÿŲģĪŰƠŧżǣĪĪƫƸżƸƣÿģĪŏŲƸŊĪ żŰƠÿŲǣܹƫƫĪĜǀƣŏƸŏĪƫ

including the exercise of stock options. The Company permits direc-

 ܉ƠĪƣŰŏƸģŏƣĪĜƸżƣƫÿŲģĪŰƠŧżǣĪĪƫƸżƸƣÿģĪŏŲƸŊĪ żŰƠÿŲǣܹƫƫĪĜǀƣŏƸŏĪƫ

 ƫǝÿƠƫ܏ Ųŧǣ ģǀƣŏŲŃ ƠƣĪƫĜƣŏěĪģ ƸƣÿģŏŲŃ ǝŏŲģżǝƫ ǝŏŧŧ ƸŊĪ  żŰƠÿŲǣ

 ƠƣĪƠÿŏģǜÿƣŏÿěŧĪłżƣǝÿƣģĜżŲƸƣÿĜƸƫÿŲģĪƢǀŏƸǣ܉Ĝÿŧŧƫ܉ƠǀƸƫ܉ÿƫƫŊżƣƸƫÿŧĪƫ

 ƫǀĜŊ܉żłŊĪģŃŏŲŃƸƣÿŲƫÿĜƸŏżŲƫŏŲǜżŧǜŏŲŃƸŊĪƫĪĜǀƣŏƸŏĪƫżłƸŊĪ żŰƠÿŲǣ

 tors and employees are also prohibited from entering into certain types

 ģŏƣĪĜ-܉ǀŲģŏƫĜŧżƫĪģŏŲłżƣŰÿƸŏżŲÿěżǀƸƸŊĪ żŰƠÿŲǣ܏ÃŲģĪƣƸŊŏƫƠżŧŏĜǣ

 ƠżŧŏĜǣƠƣżŊŏěŏƸƫƸƣÿģŏŲŃŏŲżǀƣƫĪĜǀƣŏƸŏĪƫǝŊŏŧĪŏŲƠżƫƫĪƫƫŏżŲżłŰÿƸĪƣŏÿŧ

 Ŋŏƫ1⁄4 ܏ܡÿ ƣĪƫǀŧƸ żł żǀƣ ĜżŰƠÿĜƸ ƸĪÿŰ ƫŏǭĪ ÿŲģ ĜżŊĪƫŏǜĪ ǝżƣŤ ƠƣÿĜƸŏĜĪƫ

 ÿƫܠŊĪģŃŏŲŃƠżŧŏĜǣܫÿƣĪƫǀěšĪĜƸƸżżǀƣŏŲƫŏģĪƣƸƣÿģŏŲŃÿŲģÿŲƸŏ܉ܡ”NEOs“ܠ

 ŏŲĜŧǀģŏŲŃƸŊĪŲÿŰĪģĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫ܉ŧŧżǀƣģŏƣĪĜƸżƣƫÿŲģĪŰƠŧżǣĪĪƫ

St®S'/¦1⁄4¦'StGt't1⁄4SܰN/'GStGhS æ

investigations of reported violations.

 ƣŏěĪƣǣżŧŏĜǣÿŲģŏŲŏƸŏÿƸŏŲŃܫłżƣŰżŲŏƸżƣŏŲŃĜżŰƠŧŏÿŲĜĪǝŏƸŊƸŊĪŲƸŏ

 żÿƣģŏƫƣĪƫƠżŲƫŏěŧĪÿģżƠƸƸżŰŏƸŏŃÿƸĪěƣŏěĪƣǣÿŲģĜżƣƣǀƠƸŏżŲƣŏƫŤ܏1⁄4ŊĪ

 ƣŏěĪƣǣ żŧŏĜǣ ÿŧƫż ƫĪƸƫ żǀƸ ƫƸƣÿƸĪŃŏĪƫ ǝĪܫĜżŰƠŧŏÿŲĜĪ܏ 1⁄4ŊĪ ŲƸŏܫŲżŲ

 ÿƫ ǝĪŧŧ ÿƫ ƸŊĪ ĜżŲƫĪƢǀĪŲĜĪƫżł ܉ÿ ŃǀŏģĪŧŏŲĪ żł ƠƣżŊŏěŏƸĪģ ƠÿǣŰĪŲƸƫ

 ƣŏěĪƣǣżŧŏĜǣƠƣżǜŏģĪƫܫŃżǜĪƣŲŰĪŲƸżdzǿĜŏÿŧƫÿƣĪƠƣżŊŏěŏƸĪģ܏1⁄4ŊĪŲƸŏ

 ģŏƣĪĜƸŧǣżƣŏŲģŏƣĪĜƸŧǣƸż܉żƣżƸŊĪƣƢǀĪƫƸŏżŲÿěŧĪŏŲģǀĜĪŰĪŲƸƫ܉ŤŏĜŤěÿĜŤƫ

 ܉ěƣŏěĪƫ܉żƣ żdzłĪƣŏŲŃƫ żł ÿŲǣƸŊŏŲŃ Ƹż ŏŲǵŧǀĪŲĜĪ ƫÿŧĪƫ żƣ żƸŊĪƣ ěǀƫŏŲĪƫƫ

 ƠÿǣŰĪŲƸƫ܉ĜżŲģǀĜƸƸŊĪ żŰƠÿŲǣܹƫěǀƫŏŲĪƫƫŧĪŃÿŧŧǣÿŲģĪƸŊŏĜÿŧŧǣ܏GŏǽƸƫ

 ģżŰĪƫƸŏĜÿŲģłżƣĪŏŃŲżdzǿĜŏÿŧƫ܏ŧŧ żŰƠÿŲǣĪƣƫżŲŲĪŧÿƣĪƣĪƢǀŏƣĪģƸż

 ƣĪƢǀŏƣĪģ Ƹż ĜżŰƠŧǣ ǝŏƸŊ ÿŧŧ ŧÿǝƫ ƠƣżŊŏěŏƸŏŲŃ ŏŰƠƣżƠĪƣ ƠÿǣŰĪŲƸƫ Ƹż

 Company Personnel”) are“ܠÿŃĪŲƸƫÿĜƸŏŲŃżŲěĪŊÿŧłżłƸŊĪ żŰƠÿŲǣ

 ĜżŲƸƣÿĜƸżƣƫÿŲģ܉ĪŰƠŧżǣĪĪƫ܉ģŏƣĪĜƸżƣƫ܉ěĪÿƠƠŧŏĜÿěŧĪ܏ŧŧżłƸŊĪżdzǿĜĪƣƫ

 ĜżƣƣǀƠƸŏżŲŧÿǝƫÿŲģƣĪŃǀŧÿƸŏżŲƫƸŊÿƸŰÿǣܫěƣŏěĪƣǣżƣÿŲƸŏܫłżƣĪŏŃŲÿŲƸŏ

 ÿŲģ ƸŊĪ ÃŲŏƸĪģ ®ƸÿƸĪƫFżƣĪŏŃŲ  żƣƣǀƠƸ ƣÿĜƸŏĜĪƫ ĜƸ and any local and

 Ƹż ĜżŰƠŧǣ łǀŧŧǣ ǝŏƸŊ  ÿŲÿģÿܹƫ żƣƣǀƠƸŏżŲ żł FżƣĪŏŃŲ ǀěŧŏĜ DzǾĜŏÿŧƫ ĜƸ

 ǝŊŏĜŊĪƫƸÿěŧŏƫŊĪƫżǀƣĜżŰŰŏƸŰĪŲƸܡ”ƸŊĪ“Anti-Bribery PolicyܠƠżŧŏĜǣ

 ĜżƣƣǀƠƸŏżŲĜżŰƠŧŏÿŲĜĪܫěƣŏěĪƣǣÿŲģÿŲƸŏܫżÿƣģŊÿƫÿģżƠƸĪģÿŲÿŲƸŏǀƣ

COMPLIANCE POLICY

/¦æt't1⁄4Sܰ ¦¦Ã1⁄4St¦St1⁄4Sܰ

 ܏ÿĜĜǀƣÿƸĪÿŲģěÿŧÿŲĜĪģ܉ƸŏŰĪŧǣ

 standards for the disclosure of material information to ensure it is

 żÿƣģŊÿƫĪƫƸÿěŧŏƫŊĪģƠżŧŏĜŏĪƫÿŲģżÿƣģ܏1⁄4ŊĪǀģŏƸ żŰŰŏƸƸĪĪÿŲģ

 ģŏƫĜŧżƫǀƣĪģżĜǀŰĪŲƸƫěĪłżƣĪƸŊĪǣÿƣĪƣĪǜŏĪǝĪģÿŲģÿƠƠƣżǜĪģěǣƸŊĪ

 ŰÿƸƸĪƣƫ܏1⁄4ŊĪģŏƫĜŧżƫǀƣĪĜżŰŰŏƸƸĪĪƣĪǜŏĪǝƫÿŧŧŰÿƸĪƣŏÿŧŏŲłżƣŰÿƸŏżŲŏŲ

 senior management and reports to the Audit Committee on disclosure

 żł1⁄4ƣŏƠŧĪFŧÿŃܹƫģŏƫĜŧżƫǀƣĪƠżŧŏĜǣ܏SƸŏƫŰÿģĪǀƠżłŰĪŰěĪƣƫżł܉ƸżƸŏŰĪ

 łƣżŰƸŏŰĪ܉ŏŲĜŧǀģŏŲŃƸŊĪƣĪǜŏĪǝ܉ƸŊĪģŏƫĜŧżƫǀƣĪƠƣżĜĪƫƫĪƫÿŲģƠƣÿĜƸŏĜĪƫ

 The disclosure committee is responsible for overseeing and monitoring

 ܏ĜżŲłĪƣĪŲĜĪĜÿŧŧƫÿŲģģŏƫĜŧżƫǀƣĪżłŰÿƸĪƣŏÿŧŏŲłżƣŰÿƸŏżŲ܉ŲĪǝƫƣĪŧĪÿƫĪƫ

 ܉ģÿƣģƫÿŲģƠƣżĜĪģǀƣĪƫƣĪŧÿƸŏŲŃƸżĜżŲƸÿĜƸƫǝŏƸŊÿŲÿŧǣƫƸƫÿŲģŏŲǜĪƫƸżƣƫ

 żÿƣģ Ŋÿƫ ÿƠƠƣżǜĪģ ÿ 'ŏƫĜŧżƫǀƣĪ żŧŏĜǣ ǝŊŏĜŊ ĪƫƸÿěŧŏƫŊĪƫ ƫƸÿŲ- 1⁄4ŊĪ

DISCLOSURE POLICY

Statement of Corporate Governance Practices

	
	ښژ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏ƫĪĪܶ'ŏƣĪĜƸżƣƣżǿŧĪƫܷ܉ŏŲŃƸŊĪģŏƣĪĜƸĪǢƠĪƣŏĪŲĜĪƸŊÿƸŏƫƣĪŧĪǜÿŲƸƸżĪÿĜŊĜżŰŰŏƸƸĪĪŰĪŰěĪƣܹƫƣĪƫƠżŲƫŏěŏŧŏƸŏĪƫŏŲĪǢĪĜǀƸŏǜĪĜżŰƠĪŲƫÿƸŏżŲ

 ŏŲĜŧǀģ-܉G żŰŰŏƸƸĪĪ®/ޠĪŲƸŏƸŏĪƫ܏FżƣÿģģŏƸŏżŲÿŧģĪƸÿŏŧƫƣĪŃÿƣģŏŲŃƸŊĪƣĪŧĪǜÿŲƸĪģǀĜÿƸŏżŲÿŲģĪǢƠĪƣŏĪŲĜĪżłĪÿĜŊŰĪŰěĪƣżłżǀƣ żŰƠĪŲƫÿƸŏżŲ

 ledge and experience as current and former senior executives of large and complex organizations and on the boards of other publicly traded

G żŰŰŏƸƸĪĪŊÿǜĪƫǀěƫƸÿŲƸŏÿŧŤŲżǝ-®/ޠƸżłǀŧǿŧŧƸŊĪĜżŰŰŏƸƸĪĪܹƫŰÿŲģÿƸĪ܏ŧŧŰĪŰěĪƣƫżłƸŊĪ żŰƠĪŲƫÿƸŏżŲ܉ÿŲģŃĪŲĪƣÿŧěǀƫŏŲĪƫƫŧĪÿģĪƣƫŊŏƠ

GŏƫƫǀĪƫ®/܉ĪǢĪĜǀƸŏǜĪĜżŰƠĪŲƫÿƸŏżŲŰÿƸƸĪƣƫ܉ŏŲĜŧǀģŏŲŃŊǀŰÿŲƣĪƫżǀƣĜĪŰÿŲÿŃĪŰĪŲƸ܉ÿŲģĪǢƠĪƣŏĪŲĜĪŏŲŃżǜĪƣŲÿŲĜĪÿŲģĜżŰƠĪŲƫÿƸŏżŲŰÿƸƸĪƣƫ

 ƫŤŏŧŧ܉G żŰŰŏƸƸĪĪŏŲģŏǜŏģǀÿŧŧǣÿŲģĜżŧŧĪĜƸŏǜĪŧǣƠżƫƫĪƫƫƸŊĪƣĪƢǀŏƫŏƸĪŤŲżǝŧĪģŃĪ®/ޠżÿƣģěĪŧŏĪǜĪƫƸŊÿƸƸŊĪŰĪŰěĪƣƫżłƸŊĪ żŰƠĪŲƫÿƸŏżŲǀƣ

 Committee Chair

 Compensation & ESG

 “Mick” Davis

  Sir Michael

Baker

 Timothy

O’Hagan

  Peter

 ܏ŏŲÿŲżěšĪĜƸŏǜĪŰÿŲŲĪƣ

G żŰŰŏƸƸĪĪŏƫÿěŧĪƸżĜżŲģǀĜƸŏƸƫÿĜƸŏǜŏƸŏĪƫ®/ޠżÿƣģěĪŧŏĪǜĪƫƸŊÿƸżǀƣ żŰƠĪŲƫÿƸŏżŲÿŤĪƣ܏ǀƣĪƸĪƣܹNÿŃÿŲÿŲģ1⁄4ŏŰ܉ĜŊÿŏƣżłƸŊĪĜżŰŰŏƸƸĪĪ

 ǝŊżÿĜƸƫÿƫ܉G żŰŰŏƸƸĪĪĜżŰƠƣŏƫĪƫ®ŏƣrŏĜŊÿĪŧ'ÿǜŏƫ®/ޠżÿƣģƸżěĪŏŲģĪƠĪŲģĪŲƸģŏƣĪĜƸżƣƫ܏ǀƣ żŰƠĪŲƫÿƸŏżŲÿƣĪƠĪƣƫżŲƫģĪƸĪƣŰŏŲĪģěǣżǀƣ

 ÿŧŧżłǝŊżŰ܉ܡŏŲĜŧǀģŏŲŃƸŊĪĜżŰŰŏƸƸĪĪĜŊÿŏƣܠG żŰŰŏƸƸĪĪĜżŰƠƣŏƫĪƫƸŊƣĪĪģŏƣĪĜƸżƣƫ®/ޠŏŲÿƸŏŲŃƠżŧŏĜŏĪƫÿŲģżǀƣ/®GżŧŏĜǣ܏1⁄4ŊĪ żŰƠĪŲƫÿƸŏżŲ

 ĜżƣƠżƣÿƸĪŃżǜĪƣŲÿŲĜĪÿŲģŲżŰ-܉żǜĪƣƫĪĪŏŲŃÿŲģĪǜÿŧǀÿƸŏŲŃżǀƣĜżŰƠĪŲƫÿƸŏżŲ܉G żŰŰŏƸƸĪĪŏƫĜŊÿƣŃĪģǝŏƸŊƣĪǜŏĪǝŏŲŃ®/ޠǀƣ żŰƠĪŲƫÿƸŏżŲ

Composition of Compensation & ESG Committee

COMPENSATION & ESG COMMITTEE

 ܏G żŰŰŏƸƸĪĪÿŲģƸŊĪǀģŏƸ żŰŰŏƸƸĪĪ®/ޠƸŊĪ żŰƠĪŲƫÿƸŏżŲ܈żÿƣģŊÿƫĪƫƸÿěŧŏƫŊĪģƸǝżĜżŰŰŏƸƸĪĪƫǀƣ

 COMMITTEES OF OUR BOARD

 ܏G żŰŰŏƸƸĪĪܷ®/ޠܶ żŰƠĪŲƫÿƸŏżŲ

 Agreement and the Compensation & ESG Committee charter. See also

 ƸŊĪ SŲǜĪƫƸżƣ ¦ŏŃŊƸƫ ܉ǝŏƸŊ ƸŊĪ ƠƣżǜŏƫŏżŲƫ żł ÿƠƠŧŏĜÿěŧĪ ĜżƣƠżƣÿƸĪ ŧÿǝ

 are determined by our Compensation & ESG Committee in accordance

 ÿƸŏżŲ¦ŏŃŊƸƫܷ܏1⁄4ŊĪŲżŰŏŲĪĪƫłżƣĪŧĪĜƸŏżŲěǣƫŊÿƣĪŊżŧģĪƣƫÿƫģŏƣĪĜƸżƣƫ

 ŃżǜĪƣŲĪģěǣƸŊĪƸĪƣŰƫżłƸŊĪSŲǜĪƫƸżƣ¦ŏŃŊƸƫŃƣĪĪŰĪŲƸ܏®ĪĪܶtżŰŏŲ-

 żÿƣģÿƣĪ ĪƣƸÿŏŲÿƫƠĪĜƸƫżłƸŊĪĜżŰƠżƫŏƸŏżŲÿŲģłǀŲĜƸŏżŲŏŲŃżłżǀƣ

meeting of shareholders.

 one-third of the number of directors elected at the previous annual

 but the number of additional directors may not at any time exceed

 ܉ƸŊĪģŏƣĪĜƸżƣƫŰÿǣÿƠƠżŏŲƸżŲĪżƣŰżƣĪÿģģŏƸŏżŲÿŧģŏƣĪĜƸżƣƫ܉ŊżŧģĪƣƫ

 ěĪƸǝĪĪŲÿŲŲǀÿŧŃĪŲĪƣÿŧŰĪĪƸŏŲŃƫżłƫŊÿƣĪ-܉ǀƣƣƸŏĜŧĪƫƠƣżǜŏģĪƸŊÿƸ

 meeting or until their respective successors are elected or appointed.

 ƸżƣƫǝŏŧŧŊżŧģżdzǿĜĪłżƣÿƸĪƣŰĪǢƠŏƣŏŲŃÿƸƸŊĪĜŧżƫĪżłƸŊĪŲĪǢƸÿŲŲǀÿŧ

 ÿŲģÿŧŧģŏƣĪĜ-܉ěǣƫŊÿƣĪŊżŧģĪƣƫÿƸĪÿĜŊÿŲŲǀÿŧŰĪĪƸŏŲŃżłƫŊÿƣĪŊżŧģĪƣƫ

 żłƫŊÿƣĪŊżŧģĪƣƫÿŲģǝŊżÿƣĪĪŲƸŏƸŧĪģƸżǜżƸĪ܏1⁄4ŊĪģŏƣĪĜƸżƣƫÿƣĪĪŧĪĜƸĪģ

 votes cast by shareholders present in person or by proxy at a meeting

 żƣǝŏƸŊżǀƸĜÿǀƫĪěǣÿƣĪƫżŧǀƸŏżŲƠÿƫƫĪģěǣÿŲżƣģŏŲÿƣǣŰÿšżƣŏƸǣżłƸŊĪ

 ÿģŏƣĪĜƸżƣŰÿǣěĪƣĪŰżǜĪģǝŏƸŊ܉ܡ”ƸŊĪ“CBCAܠǀƫŏŲĪƫƫ żƣƠżƣÿƸŏżŲƫĜƸ

 ěĪ ŏŲģĪƠĪŲģĪŲƸǀŲģĪƣ  ÿŲÿģŏÿŲ ƫĪĜǀƣŏƸŏĪƫ ŧÿǝƫ܏ ÃŲģĪƣ ƸŊĪCanada

 ƸŊĪŰÿšżƣŏƸǣżłǝŊżŰÿƣĪĜżŲƫŏģĪƣĪģƸż܉ĜżŲƫŏƫƸƫżłƫĪǜĪŲģŏƣĪĜƸżƣƫ

 żÿƣģĜǀƣƣĪŲƸŧǣģĪƸĪƣŰŏŲĪģłƣżŰƸŏŰĪƸżƸŏŰĪěǣƸŊĪģŏƣĪĜƸżƣƫ܏ǀƣ

 ÿƫ ܉ģŏƣĪĜƸżƣƫ ڌڍ ĜżŲƫŏƫƸ żł ÿ ŰŏŲŏŰǀŰ żł ƸŊƣĪĪ ÿŲģ ÿ ŰÿǢŏŰǀŰ żł

 żÿƣģƫŊÿŧŧżǀƣ܉ܡ”ƸŊĪ“ArticlesܠƫƠĪƣżǀƣÿƣƸŏĜŧĪƫżłÿŰÿŧŃÿŰÿƸŏżŲ

AND BOARD COMMITTEES

  COMPOSITION OF OUR BOARD

Statement of Corporate Governance Practices

	
	ڛژ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏ żŰƠĪŲƫÿƸŏżŲܷ

 ĪǢĪĜǀƸŏǜĪ żdzǿĜĪƣƫ ǝŏŧŧ ěĪ ģĪƸĪƣŰŏŲĪģ ŏƫ ƠƣżǜŏģĪģ ǀŲģĪƣ ܶ/ǢĪĜǀƸŏǜĪ

FǀƣƸŊĪƣ ƠÿƣƸŏĜǀŧÿƣƫ żł ƸŊĪ ƠƣżĜĪƫƫ ěǣ ǝŊŏĜŊ ĜżŰƠĪŲƫÿƸŏżŲ łżƣ żǀƣ

 ܏ żŰƠĪŲƫÿƸŏżŲ1⁄4ÿěŧĪܷ

 ǿƣƫƸǿƫĜÿŧǣĪÿƣÿƫÿƠǀěŧŏĜĜżŰƠÿŲǣŏƫƫĪƸłżƣƸŊěĪŧżǝŏŲƸŊĪܶ®ǀŰŰÿƣǣ

 ŏŲĜŧǀģŏŲŃƸŊĪt/ƫ܏1⁄4ŊĪĜżŰƠĪŲƫÿƸŏżŲƠÿŏģƸżżǀƣt/ƫłżƣżǀƣ܉ŰĪŲƸ

 ƸŊĪĜżŰƠĪŲƫÿƸŏżŲżłżǀƣżƸŊĪƣƫĪŲŏżƣŰÿŲÿŃĪ-܉ ŊŏĪł/ǢĪĜǀƸŏǜĪdzǿĜĪƣ

 ěÿƫĪģ żŲ ƸŊĪ ƣĪĜżŰŰĪŲģÿƸŏżŲƫ żł ƸŊĪ ܉ÿƫ ǝĪŧŧ ÿƫ ܉/ǢĪĜǀƸŏǜĪ dzǿĜĪƣ

 żÿƣģŏƫƣĪƫƠżŲƫŏěŧĪłżƣÿƠƠƣżǜŏŲŃƸŊĪĜżŰƠĪŲƫÿƸŏżŲżłżǀƣ ŊŏĪłǀƣ

 ܏ żŲƸŏŲǀŏŲŃ/ģǀĜÿƸŏżŲܷ

 ŏŲŃ ĪģǀĜÿƸŏżŲ ƠƣżŃƣÿŰƫ łżƣ żǀƣ ģŏƣĪĜƸżƣƫ܏ ®ĪĪ ÿŧƫż ܶƣŏĪŲƸÿƸŏżŲ ÿŲģ

 & ESG Committee is also responsible for orientation and continu-

 may ultimately determine the boardroom dynamic. Our Compensation

 ÿƫƸŊĪƫĪ܉żÿƣģÿƫÿŃƣżǀƠĜżŲƫŏģĪƣŏŲŃżǀƣ܉ĪǢŏƫƸŏŲŃģŏƣĪĜƸżƣƠżƫƫĪƫƫĪƫ

 ƫŊżǀŧģƠżƫƫĪƫƫÿŲģÿƫƫĪƫƫǝŊÿƸĜżŰƠĪƸĪŲĜŏĪƫÿŲģƫŤŏŧŧƫĪÿĜŊ܉ÿǝŊżŧĪ

 ÿƫ܉żÿƣģG żŰŰŏƸƸĪĪĜżŲƫŏģĪƣǝŊÿƸĜżŰƠĪƸĪŲĜŏĪƫÿŲģƫŤŏŧŧƫżǀƣ®/ޠ

 ƸŊĪ żŰƠĪŲƫÿƸŏżŲ܉żÿƣģĜŊÿŏƣƫ܏SŲŏģĪŲƸŏłǣŏŲŃŲĪǝĜÿŲģŏģÿƸĪƫłżƣżǀƣ

 żǀƣ  Ŋÿŏƣ ÿŲģ ĜżŰŰŏƸƸĪĪ ܉żÿƣģ ŰĪŰěĪƣƫ ŏŲģŏǜŏģǀÿŧ ܉żÿƣģ żł żǀƣ

 ĜżŰŰŏƸƸĪĪƫ܉żÿƣģÿƸŏżŲżłƸŊĪƠĪƣłżƣŰÿŲĜĪÿŲģĪdzłĪĜƸŏǜĪŲĪƫƫżłżǀƣ

Compensation & ESG Committee regarding the results of the evalu-

 żÿƣģ ƣĪĜĪŏǜĪƫ ÿŲģ ĜżŲƫŏģĪƣƫ ƸŊĪ ƣĪĜżŰŰĪŲģÿƸŏżŲƫ łƣżŰ żǀƣ ǀƣ

 ܏ÿŲģŏŲģŏǜŏģǀÿŧģŏƣĪĜƸżƣǿŲÿŲĜŏÿŧŧŏƸĪƣÿĜǣ܉żÿƣģƫŤŏŧŧƫĪĜƸżƣÿŲģżǜĪƣÿŧŧ

 ŏŲģŏǜŏģǀÿŧģŏƣ-܉ŏŲģŏǜŏģǀÿŧģŏƣĪĜƸżƣŏŲģĪƠĪŲģĪŲĜĪ܉ÿŰżŲŃżƸŊĪƣƸŊŏŲŃƫ

 ܉żǀƣ ŊÿŏƣÿŲģĜżŰŰŏƸƸĪĪĜŊÿŏƣƫ܏1⁄4ŊĪÿƫƫĪƫƫŰĪŲƸÿģģƣĪƫƫĪƫ܉ŰĪŰěĪƣƫ

 żÿƣģŏŲģŏǜŏģǀÿŧ܉żÿƣģĜżŰŰŏƸƸĪĪƫżłżǀƣ܉żÿƣģĪdzłĪĜƸŏǜĪŲĪƫƫżłżǀƣ

 ģŏƣĪĜƸżƣƫܹ ƠĪƣłżƣŰÿŲĜĪ ÿŲģ ܉żŲ ÿŲ ÿŲŲǀÿŧ ěÿƫŏƫ ܉ĪǜÿŧǀÿƸĪ ÿŲģ ÿƫƫĪƫƫ

 Our Compensation & ESG Committee takes reasonable steps to

 ܏żÿƣģĜżŰŰŏƸƸĪĪƫżǀƣ

 żÿƣģÿŲģżł• ĪǜÿŧǀÿƸŏŲŃƸŊĪƠĪƣłżƣŰÿŲĜĪÿŲģĪdzłĪĜƸŏǜĪŲĪƫƫżłżǀƣ

 ÿŲģܔĜżŰŰŏƸƸĪĪƫ

 żÿƣģ ĜżŰƠżƫŏƸŏżŲ ÿŲģ ŰÿŲģÿƸĪ żł ܉ƣĪǜŏĪǝŏŲŃ ƸŊĪ ƫƸƣǀĜƸǀƣĪ •

 ܔƸŏŃÿƸŏżŲƫżłƣĪƠżƣƸĪģǜŏżŧÿƸŏżŲƫƸŊĪƣĪżł

 ŰżŲŏƸżƣŏŲŃĜżŰƠŧŏÿŲĜĪǝŏƸŊƸŊĪ żģĪżł/ƸŊŏĜƫÿŲģŏŲŏƸŏÿƸŏŲŃŏŲǜĪƫ- •

 ܔżÿƣģƸżěĪŲżŰŏŲÿƸĪģÿƫŰĪŰěĪƣƫżłżǀƣ

 ŏģĪŲƸŏłǣŏŲŃÿŲģżǜĪƣƫĪĪŏŲŃƸŊĪƣĪĜƣǀŏƸŰĪŲƸżłĜÿŲģŏģÿƸĪƫƢǀÿŧŏǿĪģ •

 ܔżł/®GŏƫƫǀĪƫ

 ĪŲŃÿŃŏŲŃǝŏƸŊżǀƣƫŊÿƣĪŊżŧģĪƣƫÿŲģżƸŊĪƣƫƸÿŤĪŊżŧģĪƣƫŏŲƣĪƫƠĪĜƸ •

 ܔƫżĜŏÿŧŏƫƫǀĪƫ

 ÿƫƫĪƫƫ ÿŲģ ŰÿŲÿŃĪ ƣŏƫŤ ƣĪŧÿƸĪģ ĪŲǜŏƣżŲŰĪŲƸÿŧ ÿŲģ ܉Ƹż ŰżŲŏƸżƣ

  delegating to the Audit Committee the responsibility and authority •

 ܔģÿƣģƫżƣŏŲŏƸŏÿƸŏǜĪƫ

overseeing and approving the adoption of any ESG-related stan- •

 ܔżÿƣģżŲƸŊĪ/®GƠĪƣłżƣŰÿŲĜĪżłżǀƣƠżƣƸłżŧŏżżłŏŲǜĪƫƸŰĪŲƸƫ

 ÿŲģƣĪƠżƣƸŏŲŃƸżƸŊĪ܉ŏŲĜŧǀģŏŲŃÿŲǣĜŊÿŲŃĪƫƸżƸŊĪ/®GżŧŏĜǣ܉ŏƫƫǀĪƫ

 żÿƣģżǀƣÿƠƠƣżÿĜŊƸż/®GģĪǜĪŧżƠŏŲŃÿŲģƣĪĜżŰŰĪŲģŏŲŃƸżƸŊĪ •

 ܔƠƣżǜŏģŏŲŃǀƫǝŏƸŊŃżǜĪƣŲÿŲĜĪŧĪÿģĪƣƫŊŏƠ

 developing our corporate governance guidelines and principles and •

 ܔÿƫƫĪƫƫŏŲŃƸŊĪĜżŰƠĪŲƫÿƸŏżŲżłżǀƣģŏƣĪĜƸżƣƫ •

 ܔÿŲǣģǀƸŏĪƫŏŰƠżƫĪģżŲƸŊĪĜżŰŰŏƸƸĪĪěǣÿŲǣƫǀĜŊÿƣƣÿŲŃĪŰĪŲƸƫ

 ÿŲģżǜĪƣƫĪĪŏŲŃƸŊĪŏƣÿģŰŏŲŏƫƸƣÿƸŏżŲÿŲģģŏƫĜŊÿƣŃŏŲŃ܉ܡƸŊĪƣĪǀŲģĪƣ

 aggregate number of Common Shares to be reserved for issuance

 ÿŲģƸŊĪܠěÿƫĪģĜżŰƠĪŲƫÿƸŏżŲÿƣƣÿŲŃĪŰĪŲƸƫܫŏŲĜĪŲƸŏǜĪżƣĪƢǀŏƸǣ

 ÿŰĪŲģŰĪŲƸ żƣ ƸĪƣŰŏŲÿƸŏżŲ żł żǀƣ ܉ÿƠƠƣżǜÿŧ żł ÿŲǣ ÿģżƠƸŏżŲ

 żÿƣģ ƸŊĪ ƣĪĜżŰŰĪŲģŏŲŃ Ƹż ƸŊĪ ܉ŏł ÿƠƠƣżƠƣŏÿƸĪ ܉ƣĪǜŏĪǝŏŲŃ ÿŲģ •

 ܔŃÿƸĪƣŏƫŤƫÿƫƫżĜŏÿƸĪģǝŏƸŊżǀƣĜżŰƠĪŲƫÿƸŏżŲƠżŧŏĜŏĪƫÿŲģƠƣÿĜƸŏĜĪƫ

establishing policies and procedures designed to identify and miti- •

 ܔƫĪŲŏżƣŰÿŲÿŃĪŰĪŲƸ

 ƣĪŧÿƸĪģŃżÿŧƫÿŲģżěšĪĜƸŏǜĪƫƣĪŧĪǜÿŲƸƸżƸŊĪĜżŰƠĪŲƫÿƸŏżŲżłżǀƣ

 ܫĪƫƸÿěŧŏƫŊŏŲŃ /®G ܉ǝŊĪŲ ÿƠƠƣżƠƣŏÿƸĪ ܉ƠĪƣŏżģŏĜÿŧŧǣ ƣĪǜŏĪǝŏŲŃ ÿŲģ •

 ܔěÿƫĪģÿǝÿƣģƫܫƠŧÿŲƫŏŲǜżŧǜŏŲŃƫŊÿƣĪŏƫƫǀÿŲĜĪƫÿŲģżƸŊĪƣƫŊÿƣĪ

 ƸĪƣŰŏŲĜĪŲƸŏǜĪƠŧÿŲƫŏŲĜŧǀģŏŲŃܫÿŲŲǀÿŧÿŲģŧżŲŃ܉ŏŲĜŧǀģŏŲŃƫÿŧÿƣŏĪƫ

 developing a compensation structure for our senior management •

 ܔÿŲģƠƣżĜĪƫƫĪƫƣĪŧÿƸŏŲŃƸżżǀƣƫĪŲŏżƣŰÿŲÿŃĪŰĪŲƸ

 maintaining talent management and succession planning systems •

 ܔŰÿŲÿŃĪŰĪŲƸ

 ģĪǜĪŧżƠŰĪŲƸ ÿŲģ ƣĪƸĪŲƸŏżŲ żł żǀƣ ƫĪŲŏżƣ ܉ƸŊĪ ƣĪĜƣǀŏƸŰĪŲƸ •

 ܔżǀƣƫĪŲŏżƣŰÿŲÿŃĪŰĪŲƸ

 ĪǜÿŧǀÿƸŏżŲ ÿŲģ ĜżŰƠĪŲƫÿƸŏżŲ żł ܉ƠĪƣłżƣŰÿŲĜĪ ܉ƸŊĪ ÿƠƠżŏŲƸŰĪŲƸ •

 ܈żÿƣģŏŲŏƫƸżÿƫƫŏƫƸżǀƣ

G żŰŰŏƸƸĪĪܹƫƠǀƣƠżƫĪ®/ޠƠżƫƸĪģżŲżǀƣǝĪěƫŏƸĪ܏ǀƣ żŰƠĪŲƫÿƸŏżŲ

 our ESG Policy. A copy of our Compensation & ESG Committee charter is

 żŰŰŏƸƸĪĪĜżŲƫŏƫƸĪŲƸǝŏƸŊżǀƣ żƣƠżƣÿƸĪGżǜĪƣŲÿŲĜĪGǀŏģĪŧŏŲĪƫÿŲģ

G®/ޠÿǀƸŊżƣŏƸǣÿŲģƣĪƫƠżŲƫŏěŏŧŏƸǣżłżǀƣ żŰƠĪŲƫÿƸŏżŲ܉ĜżŰƠżƫŏƸŏżŲ

 ܉ǝŊŏĜŊƫĪƸƫłżƣƸŊƸŊĪƠǀƣƠżƫĪ܉żÿƣģŊÿƫÿģżƠƸĪģÿǝƣŏƸƸĪŲĜŊÿƣƸĪƣǀƣ

Compensation & ESG Committee Charter

Statement of Corporate Governance Practices

	
	ڜژ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

mendations to the board of directors regarding the adequacy of the Company’s risk management policies and procedures.

 1⁄4ŊĪǀģŏƸ żŰŰŏƸƸĪĪƠĪƣłżƣŰƫŏƸƫƣŏƫŤŰÿŲÿŃĪŰĪŲƸżǜĪƣƫŏŃŊƸƸŊƣżǀŃŊƣĪǜŏĪǝżłƸŊĪ żŰƠÿŲǣܹƫŰÿšżƣǿŲÿŲĜŏÿŧƣŏƫŤĪǢƠżƫǀƣĪƫÿŲģŰÿŤŏŲŃƣĪĜżŰ-

 ܏ĪŲƫǀƣĪƫ¦ŏƫŤrÿŲÿŃĪŰĪŲƸżǜĪƣƫŏŃŊƸŏƫƠĪƣłżƣŰĪģěǣƸŊĪǀģŏƸ żŰŰŏƸƸĪĪ܉ǝŊŏĜŊŏƫÿǜÿŏŧÿěŧĪżŲżǀƣǝĪěƫŏƸĪ܉1⁄4ŊĪǀģŏƸ żŰŰŏƸƸĪĪĜŊÿƣƸĪƣ

Audit Committee Charter

Whittaker

  Dawn

O’Hagan

  Peter

 Chair

  Audit Committee

Allen

 Susan

 ܏ żŰŰŏƸƸĪĪSŲłżƣŰÿƸŏżŲܷŏŲƸŊĪSFłżƣłǀƣƸŊĪƣŏŲłżƣŰÿƸŏżŲżŲƸŊĪǀģŏƸ żŰŰŏƸƸĪĪ

 ÿƫǝĪŧŧÿƫÿŲǀŲģĪƣƫƸÿŲģŏŲŃżłƸŊĪŏŲƸĪƣŲÿŧĜżŲƸƣżŧƫÿŲģƠƣżĜĪģǀƣĪƫŲĪĜĪƫƫÿƣǣłżƣǿŲÿŲĜŏÿŧƣĪƠżƣƸŏŲŃ܏®ĪĪܶǀģŏƸ܉ƸŏżŲżłƫǀĜŊÿĜĜżǀŲƸŏŲŃƠƣŏŲĜŏƠŧĪƫ

 ŰĪŰěĪƣƫŊÿƫÿŲǀŲģĪƣƫƸÿŲģŏŲŃżłƸŊĪÿĜĜżǀŲƸŏŲŃƠƣŏŲĜŏƠŧĪƫǀƫĪģƸżƠƣĪƠÿƣĪǿŲÿŲĜŏÿŧƫƸÿƸĪŰĪŲƸƫÿŲģǜÿƣŏĪģĪǢƠĪƣŏĪŲĜĪÿƫƸżƸŊĪŃĪŲĪƣÿŧÿƠƠŧŏĜÿ-

 ÿĜŊżłżǀƣǀģŏƸ żŰŰŏƸƸĪĪ/܏ڌڍڍܫڎڑżÿƣģƸżěĪěżƸŊŏŲģĪƠĪŲģĪŲƸģŏƣĪĜƸżƣƫÿŲģǿŲÿŲĜŏÿŧŧǣŧŏƸĪƣÿƸĪǝŏƸŊŏŲƸŊĪŰĪÿŲŏŲŃżłtSģĪƸĪƣŰŏŲĪģěǣżǀƣ

 ÿŧŧżłǝŊżŰÿƣĪƠĪƣƫżŲƫ܉ÿǝŲàŊŏƸƸÿŤĪƣÿŲģĪƸĪƣܹNÿŃÿŲ'܉ǀƫÿŲŧŧĪŲ®܈1⁄4ŊĪǀģŏƸ żŰŰŏƸƸĪĪŏƫĜżŰƠżƫĪģżłƸŊĪłżŧŧżǝŏŲŃƸŊƣĪĪģŏƣĪĜƸżƣƫ

Composition of the Audit Committee

 ܏ŧĪŃÿŧÿŲģƣĪŃǀŧÿƸżƣǣƣĪƢǀŏƣĪŰĪŲƸƫÿŲģƸŊĪƠĪƣłżƣŰÿŲĜĪżłƸŊĪ żŰƠÿŲǣܹƫǿŲÿŲĜĪłǀŲĜƸŏżŲƫ

 ƸŊĪ żŰƠÿŲǣܹƫĜżŰƠŧŏÿŲĜĪǝŏƸŊ܉ƢǀÿŧŏǿĜÿƸŏżŲƫÿŲģŏŲģĪƠĪŲģĪŲĜĪżłƸŊĪŏŲģĪƠĪŲģĪŲƸÿǀģŏƸżƣ܉ƸŊĪƠĪƣłżƣŰÿŲĜĪ܉ŰĪŲƸÿŲģĜżŰƠŧŏÿŲĜĪƠƣÿĜƸŏĜĪƫ

 ƸŊĪĪdzłĪĜƸŏǜĪŲĪƫƫżłƸŊĪ żŰƠÿŲǣܹƫƣŏƫŤŰÿŲÿŃĪ-܉ƸŊĪĪdzłĪĜƸŏǜĪŲĪƫƫżłƸŊĪ żŰƠÿŲǣܹƫŏŲƸĪƣŲÿŧĜżŲƸƣżŧżǜĪƣǿŲÿŲĜŏÿŧƣĪƠżƣƸŏŲŃ܉ǿŲÿŲĜŏÿŧŏŲłżƣŰÿƸŏżŲ

 żÿƣģŏŲŏƸƫżǜĪƣƫŏŃŊƸƣżŧĪǝŏƸŊƣĪƫƠĪĜƸƸżƸŊĪƢǀÿŧŏƸǣÿŲģŏŲƸĪŃƣŏƸǣżłżÿƣģŊÿƫłżƣŰĪģÿŲǀģŏƸ żŰŰŏƸƸĪĪƸŊÿƸŏƫĜŊÿƣŃĪģǝŏƸŊÿƫƫŏƫƸŏŲŃƸŊĪǀƣ

AUDIT COMMITTEE

Statement of Corporate Governance Practices

	
	ڝژ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

of the Company.

 ƠƣżǜŏģĪģƸŊÿƸƫǀĜŊģŏƣĪĜƸżƣŲżŰŏŲĪĪŏƫŲżƸÿŲżdzǿĜĪƣܔǀģŏƸ żŰŰŏƸƸĪĪ

 żƸŊĪƣƸŊÿŲƸŊĪ܉żÿƣģżŲĪģŏƣĪĜƸżƣƸżƫĪƣǜĪżŲĪÿĜŊĜżŰŰŏƸƸĪĪżłƸŊĪ

 ®ŊÿƣĪŊżŧģĪƣƫÿŲģƸŊĪŏƣƠĪƣŰŏƸƸĪģÿdzǿŧŏÿƸĪƫǝŏŧŧěĪĪŲƸŏƸŧĪģƸżŲżŰŏŲÿƸĪ

 ƸŊĪ ƣŏŲĜŏƠÿŧ ܉ܡģŏŧǀƸĪģ ěÿƫŏƫܫżŲ ÿ ŲżŲܠ żǀƸƫƸÿŲģŏŲŃ  żŰŰżŲ ®ŊÿƣĪƫ

 żłżǀƣބڌڍĜżŲƸƣżŧżƣģŏƣĪĜƸŲżƸŧĪƫƫƸŊÿŲ܉żǝŲ܉ÿƫÿŃƣżǀƠ܉ƸĪģÿdzǿŧŏÿƸĪƫ

 łżƣƫżŧżŲŃÿƫƸŊĪƣŏŲĜŏƠÿŧ®ŊÿƣĪŊżŧģĪƣƫÿŲģƸŊĪŏƣƠĪƣŰŏƸ-܉SŲÿģģŏƸŏżŲ

 ܏ģŏģÿƸĪÿƫÿģŏƣĪĜƸżƣÿƫƫżżŲÿƫƠżƫƫŏěŧĪÿǽƸĪƣŊŏƫżƣŊĪƣŲżŰŏŲÿƸŏżŲ

 żÿƣģǝŏŧŧÿƠƠżŏŲƸƸŊÿƸƣĪƠŧÿĜĪŰĪŲƸĜÿŲ-ÿŲģƸŊĪ܉ģĪƠÿƣƸŏŲŃģŏƣĪĜƸżƣ

 ǝŊŏĜŊĪǜĪƣ ŲżŰŏŲÿƸĪģ ƸŊĪ ܉G  żŰŰŏƸƸĪĪ®/ ޠ żƣ ƸŊĪ  żŰƠĪŲƫÿƸŏżŲ

 ܡŏŲĜŧǀģŏŲŃ ƸŊĪŏƣ ƠĪƣŰŏƸƸĪģ ÿdzǿŧŏÿƸĪƫܠ ěǣ ƸŊĪ ƣŏŲĜŏƠÿŧ ®ŊÿƣĪŊżŧģĪƣƫ

 ƸŊĪŲÿƣĪƠŧÿĜĪŰĪŲƸǝŏŧŧěĪŲżŰŏŲÿƸĪģ܉żÿƣģÿƣŏƫĪƫSłÿǜÿĜÿŲĜǣżŲƸŊĪ

diluted basis).

 ܫżŲ ÿ ŲżŲܠ żł żǀƣ żǀƸƫƸÿŲģŏŲŃ  żŰŰżŲ ®ŊÿƣĪƫ ބڌڍ ŧĪƫƫ ƸŊÿŲ

 ĜżŲƸƣżŧ żƣ ģŏƣĪĜƸ ܉żǝŲ ܉ÿƫ ÿ ŃƣżǀƠ ܉ÿŲģ ƸŊĪŏƣ ƠĪƣŰŏƸƸĪģ ÿdzǿŧŏÿƸĪƫ

 • none of the Company’s directors once the Principal Shareholders

 ÿŲģܔܡěÿƫŏƫ

 ģŏŧǀƸĪģܫżŲÿŲżŲܠżłżǀƣżǀƸƫƸÿŲģŏŲŃ żŰŰżŲ®ŊÿƣĪƫބڌڍŧĪƫƫƸŊÿŲ

 ěǀƸŲżƸބڌڎĜżŲƸƣżŧżƣģŏƣĪĜƸŧĪƫƫƸŊÿŲ܉żǝŲ܉ÿƫÿŃƣżǀƠ܉ÿdzǿŧŏÿƸĪƫ

  director) once the Principal Shareholders and their permitted

 ƣżǀŲģĪģ ǀƠ Ƹż ƸŊĪ ŲĪǢƸ ǝŊżŧĪܠ żł ƸŊĪ  żŰƠÿŲǣܹƫ ģŏƣĪĜƸżƣƫ ބڌڍ •

 ܔܡģŏŧǀƸĪģěÿƫŏƫ

 ܫżŲ ÿ ŲżŲܠ żł żǀƣ żǀƸƫƸÿŲģŏŲŃ  żŰŰżŲ ®ŊÿƣĪƫ ބڌڎ ŧĪƫƫ ƸŊÿŲ

 ěǀƸŲżƸބڌڏĜżŲƸƣżŧżƣģŏƣĪĜƸŧĪƫƫƸŊÿŲ܉żǝŲ܉ÿƫÿŃƣżǀƠ܉ÿdzǿŧŏÿƸĪƫ

  director) once the Principal Shareholders and their permitted

 ƣżǀŲģĪģ ǀƠ Ƹż ƸŊĪ ŲĪǢƸ ǝŊżŧĪܠ żł ƸŊĪ  żŰƠÿŲǣܹƫ ģŏƣĪĜƸżƣƫ ބڌڎ •

 ܔܡģŏŧǀƸĪģěÿƫŏƫ

 ܫżŲÿŲżŲܠżłżǀƣżǀƸƫƸÿŲģŏŲŃ żŰŰżŲ®ŊÿƣĪƫބڌڏŲżƸŧĪƫƫƸŊÿŲ

 ěǀƸ ބڌڐ ĜżŲƸƣżŧ żƣ ģŏƣĪĜƸ ŧĪƫƫ ƸŊÿŲ ܉żǝŲ ܉ÿƫ ÿ ŃƣżǀƠ ܉ÿdzǿŧŏÿƸĪƫ

  director) once the Principal Shareholders and their permitted

 ƣżǀŲģĪģ ǀƠ Ƹż ƸŊĪ ŲĪǢƸ ǝŊżŧĪܠ żł ƸŊĪ  żŰƠÿŲǣܹƫ ģŏƣĪĜƸżƣƫ ބڌڏ •

 ܔܡģŏŧǀƸĪģěÿƫŏƫ

 ܫżŲ ÿ ŲżŲܠ żł żǀƣ żǀƸƫƸÿŲģŏŲŃ  żŰŰżŲ ®ŊÿƣĪƫ ބڌڐ ŧĪƫƫ ƸŊÿŲ

 ěǀƸŲżƸބڌڑĜżŲƸƣżŧżƣģŏƣĪĜƸŧĪƫƫƸŊÿŲ܉żǝŲ܉ÿƫÿŃƣżǀƠ܉ÿdzǿŧŏÿƸĪƫ

  director) once the Principal Shareholders and their permitted

 ƣżǀŲģĪģ ǀƠ Ƹż ƸŊĪ ŲĪǢƸ ǝŊżŧĪܠ żł ƸŊĪ  żŰƠÿŲǣܹƫ ģŏƣĪĜƸżƣƫ ބڌڐ •

 ܈ƠƣżǜŏģĪģƸŊÿƸƸŊŏƫƠĪƣĜĪŲƸÿŃĪǝŏŧŧěĪƣĪģǀĜĪģƸż

 ܉ܡģŏŧǀƸĪģěÿƫŏƫܫżŲÿŲżŲܠƸŊĪ żŰƠÿŲǣܹƫżǀƸƫƸÿŲģŏŲŃ żŰŰżŲ®ŊÿƣĪƫ

 żłބڌڑĜżŲƸƣżŧżƣģŏƣĪĜƸÿƸŧĪÿƫƸ܉żǝŲ܉ÿƫÿŃƣżǀƠ܉ƠĪƣŰŏƸƸĪģÿdzǿŧŏÿƸĪƫ

 ƫżŧżŲŃÿƫƸŊĪƣŏŲĜŏƠÿŧ®ŊÿƣĪŊżŧģĪƣƫÿŲģƸŊĪŏƣܡƸŊĪŲĪǢƸǝŊżŧĪŲǀŰěĪƣ

 ƣżǀŲģĪģǀƠƸżܠżłƸŊĪ żŰƠÿŲǣܹƫģŏƣĪĜƸżƣƫބڌڑƸŊĪƣŏŃŊƸƸżŲżŰŏŲÿƸĪ

 ƠƣżǜŏģĪƫƸŊĪƣŏŲĜŏƠÿŧ®ŊÿƣĪŊżŧģĪƣƫÿŲģƸŊĪŏƣƠĪƣŰŏƸƸĪģÿdzǿŧŏÿƸĪƫǝŏƸŊ

 Investor Rights Agreement”)“ܠ ƠÿŲǣ ÿŲģ ƸŊĪ ƣŏŲĜŏƠÿŧ ®ŊÿƣĪŊżŧģĪƣƫ

 ěĪƸǝĪĪŲƸŊĪ żŰ-ڍڎڌڎ܉ڒڎ1⁄4ŊĪŏŲǜĪƫƸżƣƣŏŃŊƸƫÿŃƣĪĪŰĪŲƸģÿƸĪģrÿǣ

NOMINATION RIGHTS

resignation is considered.

G żŰŰŏƸƸĪĪÿƸǝŊŏĜŊƸŊĪ®/ޠżÿƣģżƣżǀƣ żŰƠĪŲƫÿƸŏżŲŏŲŃżłżǀƣ

 ƠǀƣƫǀÿŲƸƸżƸŊĪrÿšżƣŏƸǣßżƸŏŲŃżŧŏĜǣǝŏŧŧŲżƸƠÿƣƸŏĜŏƠÿƸĪŏŲÿŲǣŰĪĪƸ-

 ƸŊĪŰĪĪƸŏŲŃżłżǀƣƫŊÿƣĪŊżŧģĪƣƫ܏ģŏƣĪĜƸżƣǝŊżƸĪŲģĪƣƫÿƣĪƫŏŃŲÿƸŏżŲ

 ģÿǣƫłżŧŧżǝŏŲŃڌڕģĪĜŏƫŏżŲÿŲģÿŲŲżǀŲĜĪŏƸŏŲÿƠƣĪƫƫƣĪŧĪÿƫĪǝŏƸŊŏŲ

 żÿƣģǝŏŧŧŰÿŤĪŏƸƫÿŲĜĪżłƸŊĪƣĪƫŏŃŲÿƸŏżŲżƣšǀƫƸŏłǣƣĪšĪĜƸŏŲŃŏƸ܏ǀƣ

that there are exceptional circumstances that should delay the accept-

 ܉G żŰŰŏƸƸĪĪ®/ޠŏŲĜżŲƫǀŧƸÿƸŏżŲǝŏƸŊżǀƣ żŰƠĪŲƫÿƸŏżŲ܉ģĪƸĪƣŰŏŲĪƫ

 żÿƣģǝŏŧŧƠƣżŰƠƸŧǣÿĜĜĪƠƸƸŊĪƣĪƫŏŃŲÿƸŏżŲǀŲŧĪƫƫŏƸƸżÿĜĜĪƠƸŏƸ܏ǀƣ

 żÿƣģǝŊĪƸŊĪƣżƣŲżƸƫǀĜŊżdzłĪƣÿŲģŰÿŤĪÿƣĪĜżŰŰĪŲģÿƸŏżŲƸżżǀƣ

G żŰŰŏƸƸĪĪǝŏŧŧĜżŲƫŏģĪƣ®/ޠG żŰŰŏƸƸĪĪ܏ǀƣ żŰƠĪŲƫÿƸŏżŲ®/ޠ

 ƣĪĜĪŏǜĪģěǣƸŊĪ ŊÿŏƣǝŏŧŧěĪƠƣżŰƠƸŧǣƣĪłĪƣƣĪģƸżƸŊĪ żŰƠĪŲƫÿƸŏżŲ

 żł ƫŊÿƣĪŊżŧģĪƣƫ ÿƸ ǝŊŏĜŊ ƸŊĪ ģŏƣĪĜƸżƣ ǝÿƫ ĪŧĪĜƸĪģ܏ Ųǣ ƣĪƫŏŃŲÿƸŏżŲ

 Ŋŏƫ żƣ ŊĪƣ ƣĪƫŏŃŲÿƸŏżŲ Ƹż ƸŊĪ  Ŋÿŏƣ ƠƣżŰƠƸŧǣ łżŧŧżǝŏŲŃ ƸŊĪ ŰĪĪƸŏŲŃ

 ƸŊĪ ŲżŰŏŲĪĪ ƫŊÿŧŧ ƸĪŲģĪƣ ܉ƸŊĪ ĪŧĪĜƸŏżŲ żł ģŏƣĪĜƸżƣƫ ěǣ ƫŊÿƣĪŊżŧģĪƣƫ

 ÿŃƣĪÿƸĪƣŲǀŰěĪƣżłǜżƸĪƫܶłżƣܷƸŊÿŲǜżƸĪƫܶǝŏƸŊŊĪŧģܷǝŏƸŊƣĪƫƠĪĜƸƸż

 provides that if a nominee for election as a director does not receive

 ǝŊŏĜŊܡ”ƸŊĪ“Majority Voting PolicyܠÿģżƠƸĪģÿŰÿšżƣŏƸǣǜżƸŏŲŃƠżŧŏĜǣ

 żÿƣģŊÿƫƸŊĪ܉ǿģĪŲĜĪÿŲģƫǀƠƠżƣƸżłżǀƣƫŊÿƣĪŊżŧģĪƣƫ܏1⁄4żƸŊŏƫĪŲģ

 żÿƣģ ěĪŧŏĪǜĪƫ ƸŊÿƸ ĪÿĜŊ żł ŏƸƫ ŰĪŰěĪƣƫ ƫŊżǀŧģ Ĝÿƣƣǣ ƸŊĪ ĜżŲ- ǀƣ

MAJORITY VOTING POLICY

 ܏żÿƣģƣĪŧÿƸŏǜĪŧǣƫŰÿŧŧƫŏǭĪżłƸŊĪ

  discussion among the independent directors is facilitated by the

 three such meetings of independent directors in 2021. Open and candid

 żÿƣģŰĪĪƸŏŲŃ܏1⁄4ŊĪƣĪǝĪƣĪÿƸĪÿĜŊƣĪŃǀŧÿƣŧǣƫĜŊĪģǀŧĪģ܉ƸżƣƫƠƣĪƫĪŲƸ

 ŏŲģĪƠĪŲģĪŲƸ ģŏƣĪĜ-ܫǝŏƸŊżǀƸ ŰĪŰěĪƣƫ żł ŰÿŲÿŃĪŰĪŲƸ ÿŲģ ƸŊĪ ŲżŲ

 żÿƣģŊĪŧģin camera meetingsƸŊĪŏŲģĪƠĪŲģĪŲƸŰĪŰěĪƣƫżłżǀƣ܉ŰĪŲƸ

 ĜżŲƸŏŲǀĪƸżģżƫżŃżŏŲŃłżƣǝÿƣģ܏1⁄4żĪŲŊÿŲĜĪƫǀĜŊŏŲģĪƠĪŲģĪŲƸšǀģŃ-

 ŏŲģĪƠĪŲģĪŲƸ šǀģŃŰĪŲƸ ŏŲ ĜÿƣƣǣŏŲŃ żǀƸ ŏƸƫ ƣĪƫƠżŲƫŏěŏŧŏƸŏĪƫ ÿŲģ ǝŏŧŧ

 ŏƸŏƫÿěŧĪƸżłÿĜŏŧŏƸÿƸĪ܉ƸŊÿƸÿŰÿšżƣŏƸǣżłżǀƣģŏƣĪĜƸżƣƫÿƣĪŏŲģĪƠĪŲģĪŲƸ

 ŏŲĜŧǀģŏŲŃƸŊĪłÿĜƸ܉żÿƣģěĪŧŏĪǜĪƫƸŊÿƸŃŏǜĪŲŏƸƫƫŏǭĪÿŲģƫƸƣǀĜƸǀƣĪǀƣ

 MEETINGS OF INDEPENDENT DIRECTORS

 ܏ڌڍڍܫڎڑżłtSڐ܏ڍŏƫŏŲģĪƠĪŲģĪŲƸǝŏƸŊŏŲƸŊĪŰĪÿŲŏŲŃżłƫĪĜƸŏżŲ

 ÿǝŲàŊŏƸƸÿŤĪƣ'܉żÿƣģĜżŲƫŏģĪƣĪģƸżěĪŏŲģĪƠĪŲģĪŲƸ܏1⁄4ŊĪ Ŋÿŏƣżłżǀƣ

 żÿƣģŊÿƫģĪƸĪƣŰŏŲĪģƸŊÿƸrÿƣŤ ŏĜŏƣĪŧŧŏǝŏŧŧŲżƸěĪżǀƣ܉®ŊÿƣĪŊżŧģĪƣƫ

 ÿŲģrÿƣŤ ŏĜŏƣĪŧŧŏŏƫÿŲĪŰƠŧżǣĪĪżłÿŲÿdzǿŧŏÿƸĪģĪŲƸŏƸǣżłƸŊĪƣŏŲĜŏƠÿŧ

 ƸŊĪƣŏŲĜŏƠÿŧ®ŊÿƣĪŊżŧģĪƣƫŊżŧģÿŰÿšżƣŏƸǣżłżǀƣżǀƸƫƸÿŲģŏŲŃƫŊÿƣĪƫ

 ĪĜÿǀƫĪ ܏żÿƣģ ÿƫ ŊĪ ŏƫ ƸŊĪ  ŊŏĪł /ǢĪĜǀƸŏǜĪ dzǿĜĪƣ żł ƸŊĪ  żŰƠÿŲǣ

 ǝŏƸŊ ǀƫ܏ ®ŊÿǀŲ ÃƫŰÿƣ ŏƫ ŲżƸ ĜżŲƫŏģĪƣĪģ Ƹż ěĪ ŏŲģĪƠĪŲģĪŲƸ ěǣ ƸŊĪ

 ÿƠƠŧŏĜÿěŧĪƫĪĜǀƣŏƸŏĪƫŧÿǝƫÿƫÿƣĪƫǀŧƸżłƸŊĪŏƣƣĪƫƠĪĜƸŏǜĪƣĪŧÿƸŏżŲƫŊŏƠƫ

rÿƣŤ ŏĜŏƣĪŧŧŏÿƣĪŲżƸĜżŲƫŏģĪƣĪģܶŏŲģĪƠĪŲģĪŲƸܷǝŏƸŊŏŲƸŊĪŰĪÿŲŏŲŃżł

 ŊÿǀŲÃƫŰÿƣÿŲģ®܉żÿƣģżłƸŊĪƫĪǜĪŲģŏƣĪĜƸżƣƫżŲżǀƣ܉ģĪƸĪƣŰŏŲĪģƸŊÿƸ

 żÿƣģ Ŋÿƫ żǀƣ ܉żƣ ŊĪƣ ěÿĜŤŃƣżǀŲģ ÿŲģ ĪŰƠŧżǣŰĪŲƸ ÿŲģ ÿdzǿŧŏÿƸŏżŲƫ

 ÿƫĪģżŲŏŲłżƣŰÿƸŏżŲƠƣżǜŏģĪģěǣĪÿĜŊģŏƣĪĜƸżƣĜżŲĜĪƣŲŏŲŃŊŏƫ܏ŰĪŲƸ

 ƣĪÿƫżŲÿěŧǣĪǢƠĪĜƸĪģƸżŏŲƸĪƣłĪƣĪǝŏƸŊÿģŏƣĪĜƸżƣܹƫŏŲģĪƠĪŲģĪŲƸšǀģŃ-

 ěĪ܉żÿƣģŏŲƸŊĪǜŏĪǝżłżǀƣ܉ģŏƣĪĜƸżƣŏŲģŏƣĪĜƸƣĪŧÿƸŏżŲƫŊŏƠǝŊŏĜŊĜżǀŧģ

 ÿŲŏŲģĪƠĪŲģĪŲƸģŏƣĪĜƸżƣŏƫÿģŏƣĪĜƸżƣǝŊżŏƫłƣĪĪłƣżŰÿŲǣ܉ڌڍڍܫڎڑżłtS

 ڐ܏ڍǀƣƫǀÿŲƸƸżƫĪĜƸŏżŲ܏ܡ”NI 52-110“ܠǀģŏƸ żŰŰŏƸƸĪĪƫܨڌڍڍܫڎڑŰĪŲƸ

 żłtÿƸŏżŲÿŧSŲƫƸƣǀ-ڐ܏ڍŏƫŏŲģĪƠĪŲģĪŲƸǝŏƸŊŏŲƸŊĪŰĪÿŲŏŲŃżłƫĪĜƸŏżŲ

 ÿģŏƣĪĜƸżƣŏƫĜżŲƫŏģĪƣĪģƸżěĪŏŲģĪƠĪŲģĪŲƸŏłŊĪżƣƫŊĪ܉ڍڌڍܫڔڑÃŲģĪƣtS

 DIRECTOR INDEPENDENCE

Statement of Corporate Governance Practices

	
	ڞژ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏ƫÿłĪŃǀÿƣģƫǝŊĪƣĪŲĪĜĪƫƫÿƣǣƸżƠƣżƸĪĜƸżǀƣŏŲǜĪƫƸŰĪŲƸƫÿŲģƣĪƠǀƸÿƸŏżŲ

 into Triple Flag-originated investment agreements and exercise those

 ÿŲģŏŲĜżƣƠżƣÿƸĪ/®GƫÿłĪŃǀÿƣģƫܔŰÿŤŏŲŃƠƣżĜĪƫƫܫŏŲǜĪƫƸŰĪŲƸģĪĜŏƫŏżŲ

 ŏŲƸĪŃƣÿƸĪ ƸŊĪ ƣĪƫǀŧƸƫ żł ƸŊĪ /®G ģǀĪ ģŏŧŏŃĪŲĜĪ ŏŲƸż żǀƣ ܔܡܡ”UNGC“ܠ

 ĜżŰŰŏƸŰĪŲƸ ÿƫ ÿ ƫŏŃŲÿƸżƣǣ Ƹż ƸŊĪ ÃŲŏƸĪģ tÿƸŏżŲƫ Gŧżěÿŧ  żŰƠÿĜƸ

 ÿƫŏƫĪƫƸÿěŧŏƫŊĪģłǀƣƸŊĪƣƸżżǀƣܠżǀƣ®ǀƫƸÿŏŲÿěŧĪ'ĪǜĪŧżƠŰĪŲƸGżÿŧƫ

 ĪǜÿŧǀÿƸĪ ǝŊĪƸŊĪƣ ĜżǀŲƸĪƣƠÿƣƸǣ ÿĜƸŏżŲƫ ÿƣĪ ŏŲ ƫǀƠƠżƣƸ żł ÿĜŊŏĪǜŏŲŃ

 ܔÿĜƢǀŏƫŏƸŏżŲ ģǀĪ ģŏŧŏŃĪŲĜĪ żŲ ÿ ƣÿŲŃĪ żł /®G ÿƫƠĪĜƸƫܫŏŲƸĪŲƫŏǜĪ ƠƣĪ

 ƠĪƣłżƣŰ܈ǝŏƸŊżǀƣżǝŲ܏1⁄4ŊĪ/®GżŧŏĜǣĪƫƸÿěŧŏƫŊĪƫżǀƣĜżŰŰŏƸŰĪŲƸƸż

 ŏŲǜĪƫƸŏŲżƠƠżƣƸǀŲŏƸŏĪƫǝŊĪƣĪżǀƣżƠĪƣÿƸŏŲŃƠÿƣƸŲĪƣƫܹǜÿŧǀĪƫÿƣĪÿŧŏŃŲĪģ

 żÿƣģ Ŋÿƫ ÿģżƠƸĪģ ÿŲ /®G ƠżŧŏĜǣ Ƹż ĪŲƫǀƣĪ ƸŊÿƸ ǝĪ ĜżŲƸŏŲǀĪƸż żǀƣ

 ܉ƸżŧżĜÿŧĜżŰŰǀŲŏƸŏĪƫÿŲģÿěƣżÿģƣÿŲŃĪżłƫƸÿŤĪŊżŧģĪƣƫ܏1⁄4żƸŊÿƸĪŲģ

 ÿŲģěĪŲĪǿƸƫÿĜĜƣǀĪܔŊǀŰÿŲƣŏŃŊƸƫÿƣĪƣĪƫƠĪĜƸĪģܔÿŃĪģÿŲģŰŏƸŏŃÿƸĪģ

 ŰÿŲ-܉ƫżĜŏÿŧŏŰƠÿĜƸƫÿƣĪŏģĪŲƸŏǿĪģܔƫÿłĪƸǣÿŲģƸŊĪĪŲǜŏƣżŲŰĪŲƸ܉ŊĪÿŧƸŊ

 ŏŲǜĪƫƸ ŏŲ ÿƣĪ ģĪǜĪŧżƠĪģ ÿŲģ żƠĪƣÿƸĪģ ƣĪƫƠżŲƫŏěŧǣ Ƹż ƠƣżƸĪĜƸ ǝżƣŤĪƣ

 ƠĪƣłżƣŰÿŲĜĪ ŊĪŧƠƫ ĪŲƫǀƣĪ ƸŊÿƸ ƸŊĪ ŰŏŲĪƫ ÿŲģ ƠƣżšĪĜƸƫ ǝĪ ܡ”ESG“ܠ

 żĜŏÿŧÿŲģGżǜĪƣŲÿŲĜĪ®܉ŏƸŏĪƫ܏àĪěĪŧŏĪǜĪƸŊÿƸżƠƸŏŰÿŧ/ŲǜŏƣżŲŰĪŲƸÿŧ

 ƸŊĪŰŏŲŏŲŃŏŲģǀƫƸƣǣÿŲģŊżƫƸĜżŰŰǀŲ-܉ƫǀĜĜĪƫƫżłżǀƣżƣŃÿŲŏǭÿƸŏżŲ

 ƸĪƣŰܫàĪěĪŧŏĪǜĪƫƸƣżŲŃƫǀƫƸÿŏŲÿěŧĪƠĪƣłżƣŰÿŲĜĪŏƫĜƣŏƸŏĜÿŧƸżƸŊĪŧżŲŃ

ESG

grams relating to the committee’s mandate.

for coordinating orientation and continuing director development pro-

 business remains current. The chair of each committee is responsible

 ģŏƣĪĜƸżƣƫÿŲģƸżĪŲƫǀƣĪƸŊÿƸƸŊĪŏƣŤŲżǝŧĪģŃĪÿŲģǀŲģĪƣƫƸÿŲģŏŲŃżłżǀƣ

 cation designed to maintain or enhance the skills and abilities of the

 żÿƣģŏƫƣĪƫƠżŲƫŏěŧĪłżƣżǜĪƣƫĪĪŏŲŃģŏƣĪĜƸżƣĜżŲƸŏŲǀŏŲŃĪģǀ-ŰÿŤĪ܏ǀƣ

 ÿŲģƸŊĪĜżŲƸƣŏěǀƸŏżŲƸŊÿƸÿŲŏŲģŏǜŏģǀÿŧģŏƣĪĜƸżƣŏƫĪǢƠĪĜƸĪģƸż܉ŰŏƸƸĪĪƫ

 żÿƣģÿŲģŏƸƫĜżŰ-ƸŊĪƣżŧĪżłżǀƣ܉żłƸŊĪ żŰƠÿŲǣÿŲģżǀƣěǀƫŏŲĪƫƫ

 prehensive orientation and education as to the nature and operation

 ŰÿŲÿŃĪŰĪŲƸÿŲģżǀƣƫĪĜƣĪƸÿƣǣ܏tĪǝģŏƣĪĜƸżƣƫÿƣĪƠƣżǜŏģĪģǝŏƸŊĜżŰ-

 ŰĪŰěĪƣƫ żł ƫĪŲŏżƣ܉ǀŲģĪƣ ǝŊŏĜŊ ŲĪǝ ģŏƣĪĜƸżƣƫ ŰĪĪƸ ǝŏƸŊ ƸŊĪ  Ŋÿŏƣ

 ǀƣěżÿƣģŊÿƫŏŰƠŧĪŰĪŲƸĪģÿŲżƣŏĪŲƸÿƸŏżŲƠƣżŃƣÿŰłżƣŲĪǝģŏƣĪĜƸżƣƫ

ORIENTATION AND CONTINUING EDUCATION

 ܏ĜÿƸŏŲŃǝŏƸŊżǀƣƫŊÿƣĪŊżŧģĪƣƫÿŲģƣĪŃǀŧÿƸżƣƫ

consideration and supervising day-to-day management and communi-

 żÿƣģłżƣƠżƣƸƫƸŊĪƫƸƣÿƸĪŃŏĜƠŧÿŲÿŲģƣĪĜżŰŰĪŲģŏŲŃƫǀĜŊƠŧÿŲƸżżǀƣ

the development of an annual corporate plan and budget that sup-

 ĪŲƫǀƣŏŲŃ܉żÿƣģłżƣĜżŲƫŏģĪƣÿƸŏżŲÿŲģƣĪĜżŰŰĪŲģŏŲŃƫǀĜŊƠŧÿŲƸżżǀƣ

 ĪŲƫǀƣŏŲŃ ƸŊĪ ģĪǜĪŧżƠŰĪŲƸ żł ÿ ƫƸƣÿƸĪŃŏĜ ƠŧÿŲ ܉ŏŲŃ żǜĪƣÿŧŧ ŧĪÿģĪƣƫŊŏƠ

 ÿŰżŲŃżƸŊĪƣģǀƸŏĪƫŏŲƣĪŧÿƸŏżŲƸżƠƣżǜŏģ-܉ŏŲĜŧǀģŏŲŃ܉/ǢĪĜǀƸŏǜĪdzǿĜĪƣ

/ǢĪĜǀƸŏǜĪdzǿĜĪƣǝŊŏĜŊƫĪƸƫżǀƸƸŊĪŤĪǣƣĪƫƠżŲƫŏěŏŧŏƸŏĪƫżłżǀƣ ŊŏĪł

 żÿƣģ Ŋÿƫ ÿģżƠƸĪģ ÿ ǝƣŏƸƸĪŲ ƠżƫŏƸŏżŲ ģĪƫĜƣŏƠƸŏżŲ łżƣ żǀƣ  ŊŏĪł ǀƣ

 ܏ƸŊĪĪdzłĪĜƸŏǜĪłǀŲĜƸŏżŲŏŲŃżłƸŊĪĜżŰŰŏƸƸĪĪ܉ŃƣĪÿƸĪƫƸĪǢƸĪŲƸƠżƫƫŏěŧĪ

 ƸżƸŊĪ܉ŏŲŃǝŏƸŊƸŊĪƣĪƫƠĪĜƸŏǜĪĜżŰŰŏƸƸĪĪÿŲģŰÿŲÿŃĪŰĪŲƸƸżĪŲƫǀƣĪ

 ĜŊÿŏƣŏŲŃĜżŰŰŏƸƸĪĪŰĪĪƸŏŲŃƫÿŲģǝżƣŤ-܉ĜżŰŰŏƸƸĪĪŰĪĪƸŏŲŃÿŃĪŲģÿƫ

 ģǀƸŏĪƫ ƣĪŧÿƸŏŲŃ Ƹż ƫĪƸƸŏŲŃ ܉ÿŰżŲŃ żƸŊĪƣƫ ܉ŏŲĜŧǀģŏŲŃ ܉ƣĪƫƠżŲƫŏěŏŧŏƸŏĪƫ

 ĜżŰŰŏƸƸĪĪ ĜŊÿŏƣƫ ǝŊŏĜŊ ƫĪƸƫ żǀƸ ĪÿĜŊ żł ƸŊĪ ĜżŰŰŏƸƸĪĪ ĜŊÿŏƣܹƫ ŤĪǣ

 żÿƣģŊÿƫÿģżƠƸĪģÿǝƣŏƸƸĪŲƠżƫŏƸŏżŲģĪƫĜƣŏƠƸŏżŲłżƣĪÿĜŊżłżǀƣǀƣ

 ܏żǀƣƫŊÿƣĪŊżŧģĪƣƫÿŲģƣĪŃǀŧÿƸżƣƫ܏®ĪĪܶ żŲǵŧŏĜƸƫżłSŲƸĪƣĪƫƸܷ

 ģŏƣĪĜƸżƣģĪǜĪŧżƠŰĪŲƸÿŲģĜżŰŰǀŲŏĜÿƸŏŲŃǝŏƸŊ܉ƫŊÿƣĪŊżŧģĪƣŰĪĪƸŏŲŃƫ

 żÿƣģÿŲģĜŊÿŏƣŏŲŃ܉żÿƣģŰĪĪƸŏŲŃÿŃĪŲģÿƫģǀƸŏĪƫƣĪŧÿƸŏŲŃƸżƫĪƸƸŏŲŃ

 ܉ÿŰżŲŃżƸŊĪƣƫ܉ŏŲĜŧǀģŏŲŃ܉ǝŊŏĜŊƫĪƸƫżǀƸƸŊĪ ŊÿŏƣܹƫŤĪǣƣĪƫƠżŲƫŏěŏŧŏƸŏĪƫ

 ܉żÿƣģ Ŋÿƫ ÿģżƠƸĪģ ÿ ǝƣŏƸƸĪŲ ƠżƫŏƸŏżŲ ģĪƫĜƣŏƠƸŏżŲ łżƣ ƸŊĪ  Ŋÿŏƣ ǀƣ

 ܏ƠĪƣŰŏƸƫŊÿƣĪŊżŧģĪƣłĪĪģěÿĜŤżŲŰÿƸĪƣŏÿŧŏƫƫǀĪƫܡŏŏŏܠ

 ÿŲģ ܉ƸŊÿƸ żǀƣ ěǀƫŏŲĪƫƫ ŏƫ ĜżŲģǀĜƸĪģ ĪƸŊŏĜÿŧŧǣ ÿŲģ ǝŏƸŊ ŊżŲĪƫƸǣ

 ĪŲƫǀƣĪܡŏŏܠ܉ĪŲƫǀƣĪĜżŰƠŧŏÿŲĜĪǝŏƸŊÿƠƠŧŏĜÿěŧĪŧÿǝƫܡŏܠģĪƫŏŃŲĪģƸż

 • ÿģżƠƸŏŲŃ ÿŲģ ƠĪƣŏżģŏĜÿŧŧǣ ƣĪǜŏĪǝŏŲŃ ƠżŧŏĜŏĪƫ ÿŲģ ƠƣżĜĪģǀƣĪƫ

 ÿŲģܔÿƠƠƣżǜŏŲŃĜĪƣƸÿŏŲƣĪŃǀŧÿƸżƣǣǿŧŏŲŃƫ •

 ܔÿŲģƠƣżĜĪģǀƣĪƫ

 ŏŲƸĪƣŲÿŧ ĜżŲƸƣżŧƫ żǜĪƣ ǿŲÿŲĜŏÿŧ ƣĪƠżƣƸŏŲŃ ÿŲģ ģŏƫĜŧżƫǀƣĪ ĜżŲƸƣżŧƫ

 ŰżŲŏƸżƣŏŲŃ ƸŊĪ ÿģĪƢǀÿĜǣ ÿŲģ ĪdzłĪĜƸŏǜĪŲĪƫƫ żł żǀƣ ƫǣƫƸĪŰ żł •

 ܔŰÿŲÿŃĪŰĪŲƸÿŲģƫǀĜĜĪƫƫŏżŲƠŧÿŲŲŏŲŃ

 ĪǜÿŧǀÿƸŏżŲÿŲģģĪǜĪŧżƠŰĪŲƸżłƫĪŲŏżƣ܉ƫǀƠĪƣǜŏƫŏżŲ܉ÿƠƠżŏŲƸŰĪŲƸ •

 ܔŰÿŲÿŃĪŰĪŲƸƠżŧŏĜŏĪƫÿŲģƠƣżĜĪģǀƣĪƫ

 adopting a strategic planning process and implementing risk •

 ܔÿƠƠżŏŲƸŏŲŃƸŊĪ ŊŏĪł/ǢĪĜǀƸŏǜĪdzǿĜĪƣ •

 ܈ƸŊÿƸŏŲĜŧǀģĪƫƸŊĪłżŧŧżǝŏŲŃģǀƸŏĪƫÿŲģżěŧŏŃÿƸŏżŲƫ܉ƠƠĪŲģŏǢ

 ƫĪƸłżƣƸŊŏŲ܉żÿƣģŊÿƫÿģżƠƸĪģÿłżƣŰÿŧŰÿŲģÿƸĪƸżŰÿŲÿŃĪŰĪŲƸ܏ǀƣ

 ŏŲĜŧǀģŏŲŃƠƣżǜŏģŏŲŃŃǀŏģÿŲĜĪÿŲģƫƸƣÿƸĪŃŏĜżǜĪƣƫŏŃŊƸ܉ŲĪƫƫÿŲģÿdzłÿŏƣƫ

 żÿƣģŏƫƣĪƫƠżŲƫŏěŧĪłżƣƫǀƠĪƣǜŏƫŏŲŃƸŊĪŰÿŲÿŃĪŰĪŲƸżłżǀƣěǀƫŏ-ǀƣ

 MANDATE OF OUR BOARD

 ܏żÿƣģ܏®ĪĪÿŧƫżܶ'ŏǜĪƣƫŏƸǣܷÿŲģƣĪƠżƣƸƫĪǜÿŧǀÿƸŏżŲƣĪƫǀŧƸƫƸżżǀƣ

 ܉ŊĪƣżƣŏƸƫĪdzłĪĜƸŏǜĪŲĪƫƫÿŲģƠĪƣłżƣŰÿŲĜĪ܉ĪÿĜŊģŏƣĪĜƸżƣƣĪŃÿƣģŏŲŃŊŏƫ

 ĪÿĜŊĜżŰŰŏƸƸĪĪÿŲģ܉żÿƣģģǀĜƸƫÿƠƣżĜĪƫƫłżƣƸŊĪÿƫƫĪƫƫŰĪŲƸżłżǀƣ

G  żŰŰŏƸƸĪĪ ÿŧƫż ĜżŲ-®/ ޠ żǜĪƣÿŧŧ ƫƸĪǝÿƣģƫŊŏƠ܏ ǀƣ  żŰƠĪŲƫÿƸŏżŲ

 ƸŊĪěĪƫƸŰŏǢżłƫŤŏŧŧƫÿŲģĪǢƠĪƣŏĪŲĜĪƸżƠƣżǜŏģĪłżƣżǀƣ܉żÿƣģżłżǀƣ

 ŏŲƸŊĪšǀģŃŰĪŲƸ܉żÿƣģŏŲÿǝÿǣƸŊÿƸƠƣżǜŏģĪƫƸŊĪĜżŰƠżƫŏƸŏżŲżłżǀƣ

 żÿƣģƫĪĪŤƫƸżŰÿŏŲƸÿŏŲG żŰŰŏƸƸĪĪżłżǀƣ®/ޠƸŊĪ żŰƠĪŲƫÿƸŏżŲ

 ܉ƣĪŧÿƸĪģƣĪƸŏƣĪŰĪŲƸƠżŧŏĜŏĪƫÿŲģżƸŊĪƣŰĪĜŊÿŲŏƫŰƫżłěżÿƣģƣĪŲĪǝÿŧ

 ܫŰÿŲģÿƸżƣǣ ÿŃĪ ܉ƣĪŲĪǝÿŧ܏ ¦ÿƸŊĪƣ ƸŊÿŲ ÿģżƠƸŏŲŃ łżƣŰÿŧ ƸĪƣŰ ŧŏŰŏƸƫ

 mandatory retirement ages or other automatic mechanisms of board

 ܉ģŏƣĪĜƸżƣƸĪƣŰŧŏŰŏƸƫ܉ŲżƣģżĪƫŏƸĜǀƣƣĪŲƸŧǣĜżŲƫŏģĪƣŏƸŲĪĜĪƫƫÿƣǣƸżÿģżƠƸ

 ܉żÿƣģŊÿƫŲżƸÿģżƠƸĪģżǀƣ܉ÿŃĪÿŲģŃĪŲģĪƣ܏ĜĜżƣģŏŲŃŧǣ܉ŏƸǣŏŲƸĪŲǀƣĪ

 ĪǜŏģĪŲĜŏŲŃģŏǜĪƣƫ-܉ƫŤŏŧŧƫÿŲģĪǢƠĪƣƸŏƫĪ܉ĪǢƠĪƣŏĪŲĜĪ܉ŰŏǢżłěÿĜŤŃƣżǀŲģ

 żÿƣģŏƫĜżŰƠżƫĪģżłÿģŏǜĪƣƫĪƣÿŲŃĪżłŏŲģŏǜŏģǀÿŧƫǝŊżƣĪƠƣĪƫĪŲƸÿǀƣ

MECHANISMS OF BOARD RENEWAL

 DIRECTOR TERM LIMITS AND OTHER

Statement of Corporate Governance Practices

	
	ڟژ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏rĪƸÿŧƫÿŲģrŏŲŏŲŃ®ƸÿŲģÿƣģܨܡ®®ܠżÿƣģ

 ǝĪÿŧŏŃŲĪģżǀƣģŏƫĜŧżƫǀƣĪƫǝŏƸŊƸŊĪ®ǀƫƸÿŏŲÿěŏŧŏƸǣĜĜżǀŲƸŏŲŃ®ƸÿŲģÿƣģƫ

 ܉ŏŲƫǀƠƠżƣƸżłƸŊĪ®ǀƫƸÿŏŲÿěŧĪ'ĪǜĪŧżƠŰĪŲƸGżÿŧƫ܏àŊĪƣĪǝĪǝĪƣĪÿěŧĪ

 żǀƣ żŰŰǀŲŏĜÿƸŏżŲżŲƣżŃƣĪƫƫłżƣƸŊĪÃŲŏƸĪģtÿƸŏżŲƫGŧżěÿŧ żŰƠÿĜƸ

 ÿŲģƫĪƣǜĪƫÿƫ܉żƣĪżƠƸŏżŲ ܈ƸÿŲģÿƣģƫ®ܡG¦SܠGŧżěÿŧ¦ĪƠżƣƸŏŲŃSŲŏƸŏÿƸŏǜĪ

 ÿŲģ ƠĪƣłżƣŰÿŲĜĪ܏ 1⁄4ŊĪ ƣĪƠżƣƸ ǝÿƫ ƠƣĪƠÿƣĪģ ŏŲ ÿĜĜżƣģÿŲĜĪ ǝŏƸŊ ƸŊĪ

 future plans to continue to strengthen our sustainability management

 ÿŲģ܉ģÿƸÿÿŲģŏŲłżƣŰÿƸŏżŲżŲżǀƣƠƣŏżƣŏƸǣƫǀƫƸÿŏŲÿěŏŧŏƸǣÿƣĪÿƫżłłżĜǀƫ

 ÿƠƠƣżÿĜŊÿŲģŃżǜĪƣŲÿŲĜĪłżŧŧżǝŏŲŃżǀƣS܏SƸŏŲĜŧǀģĪƫƠĪƣłżƣŰÿŲĜĪ

 Sustainability Report presents information on our sustainability

 ÿŲģ ǝŏŧŧ ĜżŲƸŏŲǀĪ Ƹż ģż ƫż żŲ ÿŲ ÿŲŲǀÿŧ ěÿƫŏƫ ŃżŏŲŃ łżƣǝÿƣģ܏ ǀƣ

 ڍڎڌڎàĪƠǀěŧŏƫŊĪģżǀƣŏŲÿǀŃǀƣÿŧ®ǀƫƸÿŏŲÿěŏŧŏƸǣ¦ĪƠżƣƸŏŲ®ĪƠƸĪŰěĪƣ

 party investments annually to our shareholders and other stakeholders.

 ǝŏŧŧƣĪƠżƣƸżŲżǀƣŏŲƸĪƣŲÿŧ/®GƠĪƣłżƣŰÿŲĜĪÿŲģƸŊÿƸżłżǀƣĜżǀŲƸĪƣ-

 ÿŲģǝĪ܉żÿƣģG żŰŰŏƸƸĪĪÿŲģƸŊĪ®/ޠŰĪŲƸƫƸżƸŊĪ żŰƠĪŲƫÿƸŏżŲ

 àĪƣĪƠżƣƸƣĪŃǀŧÿƣŧǣżŲƸŊĪ/®GƠĪƣłżƣŰÿŲĜĪżłżǀƣƠżƣƸłżŧŏżżłŏŲǜĪƫƸ-

 processes are also critical elements of our risk management approach.

 philosophy to our balance sheet and our robust investment due diligence

 ƸĪƣŰ ǿŲÿŲĜŏÿŧ ŧĪǜĪƣÿŃĪܫŧżŲŃ ܉ÿĜƸŏǜĪ ƠżƣƸłżŧŏż ŰÿŲÿŃĪŰĪŲƸ ܉ƠżƣƸłżŧŏż

 tribute and derive value through meaningful engagement. Our diverse

 żƣŃÿŲŏǭÿƸŏżŲƫÿŲģŏŲģǀƫƸƣǣÿƫƫżĜŏÿƸŏżŲƫƸżƫĪĪǝŊĪƣĪǝĪĜÿŲěĪƫƸĜżŲ-

 ŧĪÿģĪƣƫŊŏƠ܉ǝĪÿƣĪƣĪǜŏĪǝŏŲŃÿŲǀŰěĪƣżłŏŲƸĪƣŲÿƸŏżŲÿŧ/®GŏŲŏƸŏÿƸŏǜĪƫ

 ܉ƫƸƣĪŲŃƸŊĪŲ żǀƣ /®G ŲĪƸǝżƣŤƫ ÿŲģ ƫƸÿŤĪŊżŧģĪƣ ĪŲŃÿŃĪŰĪŲƸ ƠƣÿĜƸŏĜĪƫ

 àĪ ÿƣĪ ÿŲ ÿĜƸŏǜĪ ŰĪŰěĪƣ żł ƸŊĪ ÃtG ܏ SŲ ĜżŲƸŏŲǀŏŲŃ Ƹż ƫĪĪŤ Ƹż

 ܏łżƣŏŰƠƣżǜĪŰĪŲƸÿŲģǝŊĪƸŊĪƣŲĪǝżƣĪǜżŧǜŏŲŃ/®GŏƫƫǀĪƫŊÿǜĪÿƣŏƫĪŲ

 żƠƠżƣƸǀŲŏƸŏĪƫ܉żł/®GÿƫƠĪĜƸƫƸżĪǜÿŧǀÿƸĪŊżǝƸŊĪǣÿƣĪěĪŏŲŃŰÿŲÿŃĪģ

 itor ESG performance and engage in constructive dialogue on a range

 ǝĪǝżƣŤĜżŧŧÿěżƣÿƸŏǜĪŧǣǝŏƸŊĜżǀŲƸĪƣƠÿƣƸŏĪƫƸżŰżŲ-܉ÿĜƢǀŏƫŏƸŏżŲܫżƫƸ

community relations.

 ĜżƣƣǀƠƸ ěǀƫŏŲĪƫƫ ƠƣÿĜƸŏĜĪƫ ÿŲģ ܉ŧÿƣŧǣ ŏŲ ƸŊĪ ÿƣĪÿƫ żł ƸÿŏŧŏŲŃƫ ƫƸżƣÿŃĪ

 ƠÿƣƸŏĜǀ-܉ǝŊĪƣĪżǀƣģǀĪģŏŧŏŃĪŲĜĪŏģĪŲƸŏǿĪƫǀŲÿĜĜĪƠƸÿěŧĪŧĪǜĪŧƫżłƣŏƫŤ

 ǝŊĪƣĪǝĪŊÿǜĪģĪĜŧŏŲĪģÿŲģǝŏŧŧĜżŲƸŏŲǀĪƸżģĪĜŧŏŲĪƸżěŏģŏŲƠƣżĜĪƫƫĪƫ

 ěǀƸƸŊĪƣĪÿƣĪŰÿŲǣƫŏƸǀÿƸŏżŲƫ܉ŰÿŤŏŲŃĜƣŏƸĪƣŏÿܫÿƫżǀƣƫƸƣŏĜƸĪƫƸģĪĜŏƫŏżŲ

 ĜŊŏŧģŧÿěżƣżƣłżƣĜĪģŧÿěżƣ܉ŏƸŏĪƫƸŊÿƸŏŲǜżŧǜĪƣŏǜĪƣŏŲĪƸÿŏŧŏŲŃƫģŏƫƠżƫÿŧ

 ǝĪģżŲżƸŏŲǜĪƫƸŏŲÿŲǣżƠƠżƣƸǀŲ-܉ÿŲģŧżĜÿŧƫƸÿŤĪŊżŧģĪƣƫ܏FżƣĪǢÿŰƠŧĪ

 ĜÿŲÿǜżŏģŏŲǜĪƫƸŏŲŃŏŲƠƣżšĪĜƸƫƸŊÿƸÿģǜĪƣƫĪŧǣŏŰƠÿĜƸƸŊĪĪŲǜŏƣżŲŰĪŲƸ

 ƸĪƣŰƣŏƫŤƫƫżƸŊÿƸǝĪܫÿŲģŧżŲŃܫÿěżǀƸƸŊĪƠżƸĪŲƸŏÿŧŰÿƸĪƣŏÿŧŏƸǣżłƫŊżƣƸ

 ǝŊżǀŲģĪƣƫƸÿŲģÿŲģĜÿŲÿƠƠŧǣƫżǀŲģšǀģŃŰĪŲƸ܉ĜÿƠÿěŏŧŏƸŏĪƫŏŲƸŊŏƫÿƣĪÿ

 practitioners that complement our considerable team experience and

 ǝĪ ĪŲŃÿŃĪ ǝŏƸŊ ĪǢƠĪƣŏĪŲĜĪģ /®G ܉àŊĪŲ ĜżŲģǀĜƸŏŲŃ ģǀĪ ģŏŧŏŃĪŲĜĪ

engagement and social performance.

 ŊĪÿŧƸŊÿŲģƫÿłĪƸǣŰÿŲÿŃĪŰĪŲƸƠƣÿĜƸŏĜĪƫÿŲģŧżĜÿŧƫƸÿŤĪŊżŧģĪƣ܉ŰĪŲƸÿŧ

 ĪŲǜŏƣżŲ- ܉ÿŲ ĪǢƸĪŲƫŏǜĪ ÿƫƫĪƫƫŰĪŲƸ żł żǀƣ ĜżǀŲƸĪƣƠÿƣƸŏĪƫܹ ŃżǜĪƣŲÿŲĜĪ

 by our counterparties. Our investment due diligence process includes

 ÿŲģ ƠƣżšĪĜƸƫ ǝŊĪƣĪ /®G ŏƫ ƠƣŏżƣŏƸŏǭĪģ ÿŲģ ŰÿŲÿŃĪģ ĜżŲƫĜŏĪŲƸŏżǀƫŧǣ

 providers to the sector by investing in streams and royalties on mines

 ǝĪ ěĪŧŏĪǜĪ ǝĪ ĜÿŲ ŰÿŤĪ ÿ ƠżƫŏƸŏǜĪ ŏŰƠÿĜƸ ÿƫ ĜÿƠŏƸÿŧ ܉ŰŏŲŏŲŃ ÿƫƫĪƸƫ

 łżƣƸŊĪŃƣĪĪŲĪĜżŲżŰǣżłżǀƣłǀƸǀƣĪ܏ŧƸŊżǀŃŊǝĪģżŲżƸżƠĪƣÿƸĪÿŲǣ

 ƣĪŧÿƸĪģŰĪƸÿŧƫƸŊÿƸǝŏŧŧĜƣĪÿƸĪƸŊĪĪŧĪĜƸƣŏǿĜÿƸŏżŲŏŲłƣÿƫƸƣǀĜƸǀƣĪŲĪĪģĪģ

 ŲŏĜŤĪŧÿŲģ܉ƠƣĪĜŏżǀƫŰĪƸÿŧÿĜƸŏǜŏƸŏĪƫŏŲŃƣĪĪŲŰĪƸÿŧƫŧŏŤĪĜżƠƠĪƣܫŲżŲ

 ܉ĜżƣĪܫÿŲģǝĪƠƣŏżƣŏƸŏǭĪżǀƣŲżŲ܉àĪģżŲżƸŏŲǜĪƫƸŏŲżŏŧÿŲģŃÿƫżƣĜżÿŧ

and to our streaming and royalty interests.

 tion of our carbon footprint relating to our direct corporate activities

 ěÿƫĪģÿƠƠƣżÿĜŊƸżƸŊĪƢǀÿŲƸŏǿĜÿ-ܫÿŲģƫĜŏĪŲĜĪ܉ǜĪƣŏǿÿěŧĪ܉ÿĜżŲƫŏƫƸĪŲƸ

 ŰĪƸÿŧƫÿŲģŰŏŲŏŲŃ/®GƣĪƫĪÿƣĜŊĜżŰƠÿŲǣ܏ǀƣżěšĪĜƸŏǜĪŏƫƸżÿĜŊŏĪǜĪ

 ÿ܉ƠÿƣƸǣģÿƸÿƠƣżǜŏģĪģěǣ®ŤÿƣŲƫƫżĜŏÿƸĪƫܫƣżǣÿŧƸǣŏŲƸĪƣĪƫƸƫÿŲģƸŊŏƣģ

 ƫǀƣĪěǣƸŊĪżǝŲĪƣƫżƣżƠĪƣÿƸżƣƫżłŰŏŲĪƫŏŲǝŊŏĜŊǝĪŊÿǜĪƫƸƣĪÿŰÿŲģ

Such third-party emissions are calculated annually based on disclo-

 ܏ܡǀƫŏŲĪƫƫ żǀŲĜŏŧłżƣ®ǀƫƸÿŏŲÿěŧĪ'ĪǜĪŧżƠŰĪŲƸƣżƸżĜżŧżłƸŊĪàżƣŧģ

 żłƸŊĪGNGڑڍÿŲģړ܉ڒģĪǿŲĪģÿƫĜÿƸĪŃżƣŏĪƫܠڏÿŲģڎ܉ڍǀŲģĪƣ®ĜżƠĪ

 Ƹż ƸŊĪ ƠżŏŲƸ żł ƫÿŧĪÿěŧĪ ŰĪƸÿŧƫ܏ àĪ ģĪƸĪƣŰŏŲĪ ƫǀĜŊ ĪŰŏƫƫŏżŲƫ ܉ƸŏĪƫ

production of our attributable metals production by our counterpar-

 ěǀƸÿŧƫżŏŲĜŧǀģŏŲŃżǀƣƫŊÿƣĪżłƸŊĪĪŰŏƫƫŏżŲƫÿƫƫżĜŏÿƸĪģǝŏƸŊ܉ÿĜƸŏǜŏƸŏĪƫ

 żŲŧǣƸŊĪŃƣĪĪŲŊżǀƫĪŃÿƫĪŰŏƫƫŏżŲƫÿƫƫżĜŏÿƸĪģǝŏƸŊżǀƣģŏƣĪĜƸěǀƫŏŲĪƫƫ

 ¦ĪƠżƣƸ܏àĪģĪǿŲĪżǀƣĜÿƣěżŲłżżƸƠƣŏŲƸěƣżÿģŧǣÿƫĜżŲƫŏƫƸŏŲŃżłŲżƸ

 ĜżǀŲƸĪƣƠÿƣƸŏĪƫÿŲģǝŏŧŧěĪģŏƫĜŧżƫĪģŏŲżǀƣǀƠĜżŰŏŲŃ®ǀƫƸÿŏŲÿěŏŧŏƸǣ

 tions can be completed based on data received from our operating

 ĜÿŧĜǀŧÿ-ڏŊĪƫĪǝŏŧŧěĪƣĪĜżŲĜŏŧĪģǝŊĪŲǿŲÿŧƫĜżƠĪ1⁄4܏ڍڎڌڎżdzłƫĪƸƫłżƣ

 ÿŲģŊÿǜĪƠƣĪŧŏŰŏŲÿƣŏŧǣƠǀƣĜŊÿƫĪģ܉ڌڎڌڎÿŲģڒڍڌڎĪÿĜŊǣĪÿƣěĪƸǝĪĪŲ

 ǝĪŊÿǜĪƠǀƣĜŊÿƫĪģǜĪƣŏǿĪģĜÿƣěżŲżdzłƫĪƸƫłżƣ܉ƠƣżšĪĜƸƫ܏ŲƸŊŏƫěÿƫŏƫ

 ƠÿƣƸǣĜÿƣěżŲżdzłƫĪƸƸŏŲŃܫƸŊŏƣģ܉ƸŊƣżǀŃŊƸŊĪƠǀƣĜŊÿƫĪżłÿĜĜƣĪģŏƸĪģ܉ģÿƸĪ

 ƸƸżڌڌڌ܉ڑڎŲĪÿƣŧǣ܉ěǣżdzłƫĪƸƸŏŲŃżǀƣÿŲŲǀÿŧĜÿƣěżŲłżżƸƠƣŏŲƸڒڍڌڎƸŏżŲŏŲ

 łżżƸƠƣŏŲƸ܏àĪŊÿǜĪĜŊżƫĪŲƸżÿĜŊŏĪǜĪĜÿƣěżŲŲĪǀƸƣÿŧŏƸǣƫŏŲĜĪżǀƣŏŲĜĪƠ-

 ƠǀƣĜŊÿƫŏŲŃÿĜĜƣĪģŏƸĪģÿŲģǜĪƣŏǿĪģĜÿƣěżŲżdzłƫĪƸƫƸżżdzłƫĪƸżǀƣĜÿƣěżŲ

 omy and are committed to maintaining carbon neutral operations by

 àĪƫǀƠƠżƣƸģĪĜÿƣěżŲŏǭÿƸŏżŲÿŲģƸŊĪƸƣÿŲƫŏƸŏżŲƸżÿŧżǝĜÿƣěżŲĪĜżŲ-

 ܏ĪǢƠĪƣŏĪŲĜĪÿŲģŲĪƸǝżƣŤƫƸżƫǀƠƠżƣƸƫǀƫƸÿŏŲÿěŧĪŰŏŲŏŲŃ

 ŰŏŲŏŲŃĪĜżƫǣƫƸĪŰ܏àĪÿŏŰƸżŧĪÿģěǣĪǢÿŰƠŧĪÿŲģƸżƫŊÿƣĪżǀƣ

 ÿŲģ ěǣ ĪǢĪƣƸŏŲŃ ŏŲǵŧǀĪŲĜĪ ÿĜƣżƫƫ żǀƣ ƠżƣƸłżŧŏż ÿŲģ ƸŊĪ ěƣżÿģĪƣ

 ܉ÿĜƸŏżŲƫ ÿŲģ ĜżŰŰǀŲŏƸǣ ŏŲǜĪƫƸŰĪŲƸƫ ܉ƸŊƣżǀŃŊ żǀƣ żǝŲ ƠƣÿĜƸŏĜĪƫ

 àĪĜżŲƸƣŏěǀƸĪƸżÿƣĪƫƠżŲƫŏěŧĪÿŲģƫǀƫƸÿŏŲÿěŧĪŰŏŲŏŲŃĪĜżƫǣƫƸĪŰ ܏ڎ

..business and shareholders

 ǝŊŏĜŊƠƣżƸĪĜƸƫżǀƣ܉ŰǀŲŏƸŏĪƫÿŲģŃżǜĪƣŲŰĪŲƸƫżǜĪƣƸŊĪŧżŲŃƸĪƣŰ

 żǀƣŏŲǜĪƫƸŰĪŲƸƫĪŲšżǣƸŊĪƠƣŏǜŏŧĪŃĪƸżżƠĪƣÿƸĪǝŏƸŊƸŊĪŏƣŊżƫƸĜżŰ-

 formance. Strong ESG performance by our partners helps ensure

our counterparties demonstrate strong ESG management and per-

 żŲ ŰŏŲĪƫ ÿŲģ ƠƣżšĪĜƸƫ ǝŊĪƣĪ żǀƣ ģǀĪ ģŏŧŏŃĪŲĜĪ ģĪƸĪƣŰŏŲĪƫ ƸŊÿƸ

 àĪĪŲƫǀƣĪƠżƣƸłżŧŏżƢǀÿŧŏƸǣěǣŏŲǜĪƫƸŏŲŃŏŲƫƸƣĪÿŰƫÿŲģƣżǣÿŧƸŏĪƫ ܏ڍ

 ܈ƠƣżŲŃĪģܫǀƣ/®GÿƠƠƣżÿĜŊŏƫƸǝż

Statement of Corporate Governance Practices

	
	ږڙ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏ƫĜŊżżŧÿģšÿĜĪŲƸƸżƸŊĪŰŏŲĪƠƣżƠĪƣƸǣ

 ŲĪǝƫĜŊżżŧƫǀƠƠŧŏĪƫƸżěĪģŏƫƸƣŏěǀƸĪģÿƸƸŊĪĪŧĪŰĪŲƸÿƣǣܫłǀŧŧżłěƣÿŲģ

 ěÿĜŤƠÿĜŤƫڑړżǀƣĪŰƠŧżǣĪĪƫÿŧƫżƠÿƣƸŏĜŏƠÿƸĪģŏŲƠÿĜŤŏŲŃ܉ŰÿƣŤƸŊĪģÿǣ

 ƸżƫƸǀģĪŲƸƫǝŊżŊÿǜĪƠÿƣƸŏĜǀŧÿƣŧǣģŏƫƸŏŲŃǀŏƫŊĪģƸŊĪŰƫĪŧǜĪƫ܏1⁄4żłǀƣƸŊĪƣ

FŏǜĪƫĜŊżŧÿƣƫŊŏƠƫǝŏŧŧěĪÿǝÿƣģĪģÿƸƸŊĪĪŲģżłƸŊĪƫĜŊżżŧǣĪÿƣ܏ܡƫĜŊżżŧ

 ŊŏŃŊܠłżƣƫƸǀģĪŲƸƫÿƸƸŊĪŧżĜÿŧßżǣÿŃĪǀƣrĪŰżƣŏÿŧ®ĜŊżżŧżłrŏƫƸŏƫƫŏŲŏ

 ŰŏŲĪ ŏŲ tżƣƸŊĪƣŲ ¥ǀĪěĪĜ Ƹż ÿŲŲżǀŲĜĪ ÿ ŲĪǝ ƫĜŊżŧÿƣƫŊŏƠ ƠƣżŃƣÿŰ

 Stornoway”) Renard“ܠ ŲĪƣĪģ ǝŏƸŊ ®ƸżƣŲżǝÿǣ 'ŏÿŰżŲģ  żƣƠżƣÿƸŏżŲܹƫ

 ǝĪ ƠÿƣƸ- ܉ÿŲģ ĜżŰŰǀŲŏƸŏĪƫ ÿdzłĪĜƸĪģ ěǣ ƣĪƫŏģĪŲƸŏÿŧ ƫĜŊżżŧƫ ܉łÿŰŏŧŏĪƫ

 ܉ƫǀƣǜŏǜżƣƫ܉ŏŲƫƸŏƸǀƸĪģƸżŊżŲżƣƸŊĪĜŊŏŧģƣĪŲܡڌڏĪƠƸĪŰěĪƣ®ܠŏŲ ÿŲÿģÿ

 1⁄4żĜżŰŰĪŰżƣÿƸĪƸŊĪŲĪǝtÿƸŏżŲÿŧ'ÿǣłżƣ1⁄4ƣǀƸŊÿŲģ¦ĪĜżŲĜŏŧŏÿƸŏżŲ

 ܏ƸŊĪÿģǜÿŲĜĪŰĪŲƸżłǝżŰĪŲܹƫŊĪÿŧƸŊÿŲģŊĪÿŧƸŊĪƢǀŏƸǣłżƣĪǜĪƣǣżŲĪ

 ƣĪŏŰÿŃŏŲŏŲŃ܈ĜÿƸĪģƸżěƣĪÿŤŏŲŃģżǝŲěÿƣƣŏĪƣƫƸżĜÿƣĪłżƣÿŧŧǝżŰĪŲ

 ģĪģŏ-܉• ¦ĪĜǀƣƣŏŲŃ®ǀƠƠżƣƸĪƣżłàżŰĪŲłżƣàżŰĪŲܹƫ żŧŧĪŃĪNżƫƠŏƸÿŧ

 ÿŲģܔŰÿŤŏŲŃĜżŰŰǀŲŏƸǣĪǜĪŲƸƫÿĜĜĪƫƫŏěŧĪ܉FżƣěĪƫ®ŊŏƣĪƫ

 ƸǝżłżƣĪÿĜŊżłÿƣŤĪƫÿŲģ܉ƠżƣƸÿěŧĪŃƣÿŲģƫƸÿŲģƫڐƸŊĪƠǀƣĜŊÿƫĪżł

 ƸżƫǀƠƠżƣƸڌڌڌ܉ڎڎżǀƣĜżŰŰǀŲŏƸǣŏŲǜĪƫƸŰĪŲƸŏŲŏƸŏÿƸŏǜĪŃƣÿŲƸƸżݕ

 ®ŊŏƣĪƫƫǀƣƣżǀŲģŏŲŃƸŊĪtżƣƸŊƠÿƣŤĪƫŰŏŲĪÿŲģŰżƣĪƸŊÿŲģżǀěŧŏŲŃ

 ŲĪƫƫĪƫłżƣģŏƫƸƣŏěǀƸŏżŲƸżłƣżŲƸŧŏŲĪǝżƣŤĪƣƫŏŲƸŊĪÿƣŤĪƫÿŲģFżƣěĪƫ

 Ƹż ƠǀƣĜŊÿƫĪ ĜżdzłĪĪ ǜżǀĜŊĪƣƫ łƣżŰ ŧżĜÿŧ ěǀƫŏ- ڌڌڑ܉ڎƣżǜŏģŏŲŃ ݕ •

 ܔàŏƫŊ ÿŲÿģÿ1⁄4ƣĪĪƫżłdżǣ/ǜĪŲƸܫܫrÿŤĪ

 Donating and participating in a leadership capacity to the Children’s •

 ܔŃƣÿŰƸŊÿƸǝŏŧŧżǀƸŧÿƫƸƸŊĪƠÿŲģĪŰŏĜ

 ŧĪÿƣŲŏŲŃƫÿłĪŧǣ܏àĪěĪŧŏĪǜĪƸŊÿƸƸŊŏƫŏƫÿƣżěǀƫƸÿŲģƸŊżƣżǀŃŊƠƣż-

 ĪƢǀŏƠŰĪŲƸÿŲģżŲŃżŏŲŃƫǀƠƠżƣƸƸżĜżŲƸŏŲǀĪ܉Ƹżżŧƫ܉ŏŲłƣÿƫƸƣǀĜƸǀƣĪ

 ƠƣżǜŏģŏŲŃƸŊĪ܉ƫƸǀģĪŲƸƫÿŲģƸĪÿĜŊĪƣƫڌڌړěĪŲĪǿƸƸŏŲŃżǜĪƣ܉łƣŏĜÿ

 create a remote learning initiative in rural communities in South

 ŏŲżƣģĪƣƸż܉ÿƫƫŏƫƸÿŲĜĪłżƣƸŊĪŏƣĜżŰŰǀŲŏƸŏĪƫģǀƣŏŲŃƸŊĪƠÿŲģĪŰŏĜ

 ŧÿƸ ÿƫ ƫƠĪĜŏÿŧżł ÿģģŏƸŏżŲÿŧ łǀŲģŏŲŃ Ƹż ¦ ڌڌڌ܉ڌڌڎƣżǜŏģŏŲŃ ݕ •

 ܔƸżŧżĜÿŧĜŊÿƣŏƸŏĪƫ

 ܉żÿƣģŰĪŰěĪƣƫÿŧżŲŃǝŏƸŊżǀƣĪŰƠŧżǣĪĪƫÿŲģ܉ƣżǜŏģŏŲŃƫǀƠƠżƣƸ •

 ܔłżƣƸŊĪģǀƣÿƸŏżŲ

 łǀƣŲŏƫŊŏŲŃƫÿŲģƫĪƣǜŏĜĪƫƸżĜżŰłżƣƸÿěŧǣǝżƣŤƣĪŰżƸĪŧǣ܉ĪƢǀŏƠŰĪŲƸ

 ܉ÿŲģƠƣżǜŏģŏŲŃĪÿƫǣÿĜĜĪƫƫƸżÿŧŧƸŊĪƸżżŧƫ܉ܡ/ܠÿƫƫŏƫƸÿŲĜĪƠƣżŃƣÿŰ

 ŏŲƸƣżģǀĜŏŲŃÿŲĪǝĪŰƠŧżǣĪĪ܉ĪŰƠŧżǣŰĪŲƸĪŲŃÿŃĪŰĪŲƸŏŲŏƸŏÿƸŏǜĪƫ

 żŲŃżŏŲŃ ܉ƢǀÿŧŏƸǣ ŊĪÿŧƸŊ ƫĪƣǜŏĜĪƫܫÿĜĜĪƫƫ łżƣ ÿŧŧ ĪŰƠŧżǣĪĪƫ Ƹż ŊŏŃŊ

 żdzłĪƣŏŲŃ ܔƸĪÿŰܹƫ ŊĪÿŧƸŊ ÿŲģ ǝĪŧŧěĪŏŲŃ ƠƣżŃƣÿŰƫ ÿŲģ żdzłĪƣŏŲŃƫ

 ŰżŲŏƸżƣŏŲŃ ÿŲģ ƫǀƠƠŧĪŰĪŲƸŏŲŃ żǀƣ żǝŲ ܉ƣżÿĜƸŏǜĪŧǣ ÿƫƫĪƫƫŏŲŃ •

 ܔĜżŰƠÿŲǣƠÿƣƸŏĜŏƠÿŲƸƫĪÿƣŧǣżŲÿŲģƸŊƣżǀŃŊżǀƸƸŊĪƠÿŲģĪŰŏĜ

 ěĪƫƸ ƠƣÿĜƸŏĜĪƫ ÿŰżŲŃ ƠżƣƸłżŧŏżܕFÿĜŏŧŏƸÿƸĪģ ƫŊÿƣŏŲŃ żł ŏŲłżƣŰÿƸŏżŲ •

 ܈łƣŏĜÿÿŲģǀƫƸƣÿŧŏÿ

 ƫƠĪĜŏǿĜÿŧŧǣŏŲ®żǀƸŊ܉ƸŊżƫĪĜżŰŰǀŲŏƸŏĪƫÿƣżǀŲģżǀƣŰŏŲŏŲŃƠÿƣƸŲĪƣƫ

 ěǀƸ ÿŧƫż łżƣ żǀƣ ŧżĜÿŧ ĜżŰŰǀŲŏƸŏĪƫÿŲģ ܉ŲżƸ żŲŧǣ łżƣ żǀƣ ĪŰƠŧżǣĪĪƫ

 ǝĪƫżǀŃŊƸżǀƸżƸŊĪƣżƠƠżƣƸǀŲŏƸŏĪƫƸżĪdzłĪĜƸƠżƫŏƸŏǜĪĜŊÿŲŃĪ܉ڍڎڌڎÿŲģ

 ڌڎڌڎƠÿŲģĪŰŏĜÿŧƸĪƣŏŲŃƸŊĪŧÿŲģƫĜÿƠĪłżƣŰǀĜŊżłڕڍܫ'àŏƸŊƸŊĪ ßS

led by a panel of community and company representatives.

 ŏƸŏĪƫÿŲģÿƣĪÿǝÿƣģĪģłżŧŧżǝŏŲŃÿŲÿƠƠŧŏĜÿƸŏżŲÿŲģƫĪŧĪĜƸŏżŲƠƣżĜĪƫƫ

 ŏŲǜĪƫƸŰĪŲƸƫÿƣĪÿŧŏŃŲĪģǝŏƸŊƠƣŏżƣŏƸŏĪƫŏģĪŲƸŏǿĪģěǣƸŊĪƫĪĜżŰŰǀŲ-

 sports programs in the communities surrounding the mine. These

 ÿŲģ ƣĪĜƣĪÿƸŏżŲÿŧ ܉ĜżŰŰǀŲŏƸǣ ŏŲŏƸŏÿƸŏǜĪƫ ܉ܡڍڎڌڎ ĪÿĜŊ ǣĪÿƣ ƫƸÿƣƸŏŲŃ ŏŲ

 łżǀƣܠ ÿŲŲǀÿŧŧǣ łżƣ ƫĜŊżŧÿƣƫŊŏƠƫ ڌڌڌ܉ڌڑǝŏƸŊ tżƣƸŊƠÿƣŤĪƫ Ƹż ŏŲǜĪƫƸ ݕ

 ŏŲǜĪƫƸŰĪŲƸƫÿƣżǀŲģƸŊĪtżƣƸŊƠÿƣŤĪƫŰŏŲĪ܏àĪƣĪÿĜŊĪģÿŲÿŃƣĪĪŰĪŲƸ

 ǝĪ ĜżŰŰŏƸƸĪģ Ƹż ƠƣżǜŏģĪ ĜżŰŰǀŲŏƸǣ ܉ÿŲģ ƫŏŧǜĪƣ ƫƸƣĪÿŰ ÿŃƣĪĪŰĪŲƸ

 ŏŲĜżŲŲĪĜƸŏżŲǝŏƸŊƸŊĪĪǢĪĜǀƸŏżŲżłƸŊĪtżƣƸŊƠÿƣŤĪƫŃżŧģ܉SŲǀƫƸƣÿŧŏÿ

 ܏ŲĪǝƫƸǀģĪŲƸƫ

 ŏŲÿģģŏƸŏżŲƸżÿłǀƣƸŊĪƣŏŲƸÿŤĪżłƫĪǜĪŲ܉ڎڎڌڎĜżŲƸŏŲǀĪƸŊĪŏƣƫƸǀģŏĪƫŏŲ

 żŲĪŊÿƫƣĪĜĪŲƸŧǣŃƣÿģǀÿƸĪģÿŲģƸŊĪƣĪŰÿŏŲŏŲŃĪŏŃŊƸǝŏŧŧܔģĪŰŏĜƫƸǀģŏĪƫ

 ǝĪƫǀƠƠżƣƸĪģŲŏŲĪƫƸǀģĪŲƸƫƸŊƣżǀŃŊƸŊĪŏƣÿĜÿ-܉ڍڎڌڎ®ƸǣŧģƣŏǽƸŰŏŲĪ܏SŲ

 ŧÿƸÿƸƸŊĪƸǝżŊÿǜĪÿĜĜĪƠƸĪģƠżƫŏƸŏżŲƫǝŏƸŊ¦܉żłƸŊĪÿĜÿģĪŰŏĜǣĪÿƣ

 their academic studies. Of the four students that graduated at the end

 ǝĪƫǀƠƠżƣƸĪģƫŏǢƫƸǀģĪŲƸƫƸŊƣżǀŃŊ܉ŏŲÿǀŃǀƣÿŧǣĪÿƣڌڎڌڎŃƣÿŰ܏SŲƸŊĪ

the mine site during school breaks and upon completion of their pro-

 ÿŧƫżƠƣżǜŏģĪƸŊĪŰǝŏƸŊƸŊĪƠżƸĪŲƸŏÿŧłżƣĪŰƠŧżǣŰĪŲƸÿƸ܉ŏŲŰÿŲǣĜÿƫĪƫ

 ܉Ŋŏƫǝŏŧŧ1⁄4܏ڌڑĪǢƠĪĜƸƸŊĪƸżƸÿŧŲǀŰěĪƣżłƫƸǀģĪŲƸƫƫǀƠƠżƣƸĪģǝŏŧŧĪǢĜĪĪģ

 ǝĪ܉ŧÿƸżƠĪƣÿƸŏżŲƫ܏ǜĪƣƸŊĪŧŏłĪżłƸŊĪƠƣżŃƣÿŰŏƸŏĪƫÿģšÿĜĪŲƸƸżƸŊĪ¦

across the varied geology and engineering disciplines from commun-

 year to fully support the education of eight post-secondary students

 ĪÿĜŊڌڌڌ܉ڌڌڍÿŧŧżĜÿƸŏŲŃݕ܉ĪƫƸÿěŧŏƫŊŏŲŃÿŲÿŲŲǀÿŧƫĜŊżŧÿƣƫŊŏƠƠƣżŃƣÿŰ

 ŧÿƸܹƫěǀƣƫÿƣǣƠƣżŃƣÿŰƫěǣǝĪĜżŰƠŧĪŰĪŲƸĪģ¦܉ƫƸƣĪÿŰÿŃƣĪĪŰĪŲƸ

 ŧÿƸŰŏǭĪƸŊĪŏƣÿěŏŧŏƸŏĪƫÿŲģƸÿŧĪŲƸƫ܏ żŲĜǀƣƣĪŲƸǝŏƸŊĪǢĪĜǀƸŏżŲżłƸŊĪ¦

 łÿĜŏŧŏƸŏĪƫÿŲģĪŰƠŧżǣŰĪŲƸżƠƠżƣƸǀŲŏƸŏĪƫƸŊÿƸǝŏŧŧÿŧŧżǝƸŊĪŰƸżŰÿǢŏ-

 ĪģǀĜÿƸŏżŲÿŲģƣĪĜƣĪÿƸŏżŲ܉ÿŲģŊÿǜĪÿĜĜĪƫƫƸżŊĪÿŧƸŊ܉ŧŏǜĪǝŏƸŊģŏŃŲŏƸǣ

rÿƫƸĪƣŧÿŲ܏1⁄4ŊŏƫÿŏŰƫƸżĜƣĪÿƸĪÿŲĪŲǜŏƣżŲŰĪŲƸŏŲǝŊŏĜŊƠĪżƠŧĪĜÿŲ

 ǣĪÿƣܫڌڏ ÿłżŤĪŲŃ tÿƸŏżŲ ŲżŰŏĜ ǜÿŧǀĪ ƸŊÿƸ ŏƫ ÿŧŏŃŲĪģ Ƹż ƸŊĪ ¦żǣÿŧ

 ŧÿƸܹƫƫƸÿƸĪģżěšĪĜƸŏǜĪƫŏŲĜŧǀģĪŧĪÿǜŏŲŃÿŧĪŃÿĜǣżłĪĜż-/ǢĜŊÿŲŃĪ܏¦

 żǝŲĪģĜżŰƠÿŲǣƸżěĪŧŏƫƸĪģżŲƸŊĪdżŊÿŲŲĪƫěǀƣŃ®ƸżĜŤܫĜżŰŰǀŲŏƸǣ

 ǝÿƫ ƸŊĪ ǿƣƫƸ ܡ”RBPlat“ܠ ÿłżŤĪŲŃ ŧÿƸŏŲǀŰ żǣÿŧ¦ ܉SŲ ®żǀƸŊ łƣŏĜÿ

COMMUNITY INVOLVEMENT

Statement of Corporate Governance Practices

	
	ڗڙ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏ǝǝǝ܏ƸƣŏƠŧĪǵŧÿŃƠŰ܏ĜżŰ

 1⁄4ŊĪ 'ŏǜĪƣƫŏƸǣ ÿŲģ SŲĜŧǀƫŏżŲ żŧŏĜǣ ŏƫ ÿǜÿŏŧÿěŧĪ żŲ żǀƣ ǝĪěƫŏƸĪ ÿƸ

 opportunities to further the diversity of the team.

 ǝĪĜżŲƸŏŲǀĪƸżŰżŲŏƸżƣżǀƣŧŏŰŏƸĪģ܉ڏڍżŲÿƸżƸÿŧĜǀƣƣĪŲƸǝżƣŤłżƣĜĪżł

 ބڌڍǝŊŏĜŊƸżŰÿŤĪƸŊĪŏƣÿƠƠżŏŲƸŰĪŲƸƫ܏àŏƸŊÿŲŲǀÿŧƸǀƣŲżǜĪƣěĪŧżǝ

 variety of candidates from a cross section of diverse backgrounds from

 ƣŏƠŧĪ FŧÿŃ ŏŲĜŧǀģĪƫ ÿ1⁄4 ܉ÿŲģ ÿŧŧ żƸŊĪƣ ǜÿĜÿŲĜŏĪƫ ÿĜƣżƫƫ ƸŊĪ ǝżƣŤłżƣĜĪ

 żÿƣģ ܉ŰÿŲÿŃĪŰĪŲƸ ĜÿŲģŏģÿƸĪƫ܏ àŊĪŲ ƣĪĜƣǀŏƸŏŲŃ łżƣ ŰÿŲÿŃĪŰĪŲƸ

 żÿƣģÿŲģƫĪŲŏżƣƸŊÿƸŏƫƸÿŤĪŲŏŲƸżÿĜĜżǀŲƸǝŊĪŲŏģĪŲƸŏłǣŏŲŃƠżƸĪŲƸŏÿŧ

 ģŏǜĪƣƫŏƸǣǝŏŧŧĜżŲƸŏŲǀĪƸżěĪżŲĪżłƫĪǜĪƣÿŧłÿĜƸżƣƫ܉ŰĪŲƸ܏'ĪƫƠŏƸĪƸŊŏƫ

the need to consider a balance of criteria for each individual appoint-

 żÿƣģżƣƫĪŲŏżƣŰÿŲÿŃĪŰĪŲƸƠżƫŏƸŏżŲƫģǀĪƸżƣĪƠƣĪƫĪŲƸÿƸŏżŲłżƣżǀƣ

 àĪ ŊÿǜĪ ŲżƸ ÿģżƠƸĪģ łżƣŰÿŧ ƸÿƣŃĪƸƫ łżƣ ŃĪŲģĪƣ żƣ żƸŊĪƣ ģŏǜĪƣƫŏƸǣ

 ܏ÿŲěżƣŏŃŏŲÿŧƠĪƣƫżŲżƣƠĪƣƫżŲǝŏƸŊÿģŏƫÿěŏŧŏƸǣ

 ŏģĪŲƸŏłǣÿƫǜŏƫŏěŧĪŰŏŲżƣŏƸŏĪƫÿŲģŲżŰĪŰěĪƣƫŏģĪŲƸŏłǣÿƫܡބڕڎܠړżłڎ

 ܉ŏģĪŲƸŏłǣÿƫǝżŰĪŲܡބڕڎܠړżłڎ܉łżǀƣŰĪŰěĪƣƫżłƫĪŲŏżƣŰÿŲÿŃĪŰĪŲƸ

 ܏ěżƣŏŃŏŲÿŧ ĪƣƫżŲ żƣ ƠĪƣƫżŲ ǝŏƸŊ ÿ ģŏƫÿěŏŧŏƸǣ ܉ÿƫ ÿ ǜŏƫŏěŧĪ ŰŏŲżƣŏƸǣ

 żÿƣģŏģĪŲƸŏǿĪƫƸŊĪ ŊÿŏƣżłƸŊĪǀģŏƸ żŰŰŏƸƸĪĪ܏tżŰĪŰěĪƣżłƸŊĪ

 żÿƣģÿŲģƸŊĪ ŊÿŏƣżłƸŊĪܨŏŲĜŧǀģŏŲŃƸǝżżłƸŊƣĪĪƠƣżŰŏŲĪŲƸƠżƫŏƸŏżŲƫ

 ܉ÿƣĪǝżŰĪŲ܉żłżǀƣŏŲģĪƠĪŲģĪŲƸģŏƣĪĜƸżƣƫބڌڐÿŲģ܉ބڕڎÿƠƠƣżǢŏŰÿƸĪŧǣ

 żƣ ܉żÿƣģ Ƹǝż żł ƫĪǜĪŲ ŰĪŰěĪƣƫ żŲ żǀƣ ܉ڎڎڌڎ ܉ڌڏ ƫ żł rÿƣĜŊ

diverse candidates.

 ÿŲģĜżŲƸŏŲǀŏŲŃƸżěƣżÿģĪŲƣĪĜƣǀŏƸŏŲŃĪdzłżƣƸƫƸżÿƸƸƣÿĜƸÿŲģŏŲƸĪƣǜŏĪǝ

 żÿƣģÿŲģŏŲƫĪŲŏżƣŰÿŲÿŃĪŰĪŲƸƠżƫŏƸŏżŲƫŧĪǜĪŧżłģŏǜĪƣƫŏƸǣżŲżǀƣ

 ŰżŲŏƸżƣŏŲŃƸŊĪ܉ŲżŰŏŲÿƸŏżŲƫÿŲģƫĪŲŏżƣŰÿŲÿŃĪŰĪŲƸÿƠƠżŏŲƸŰĪŲƸƫ

 żÿƣģĪŲƫǀƣŏŲŃƸŊÿƸģŏǜĪƣƫŏƸǣĜżŲƫŏģĪƣÿƸŏżŲƫÿƣĪƸÿŤĪŲŏŲƸżÿĜĜżǀŲƸŏŲ

 ܉ÿŰżŲŃżƸŊĪƣƸŊŏŲŃƫ܉'ŏǜĪƣƫŏƸǣÿŲģSŲĜŧǀƫŏżŲżŧŏĜǣ܏1⁄4ŊŏƫŏƫÿĜŊŏĪǜĪģěǣ

 & ESG Committee but also diversity characteristics outlined in the

 not only by the selection criteria established by our Compensation

 żÿƣģÿŲģƫĪŲŏżƣŰÿŲÿŃĪŰĪŲƸƸĪÿŰŏƫƫŊÿƠĪģ1⁄4ŊĪĜżŰƠżƫŏƸŏżŲżłżǀƣ

 a diverse candidate pool for future hires.

 ŏģĪŲƸŏǿĪƫÿƫÿǜŏƫŏěŧĪŰŏŲżƣŏƸǣ܏1⁄4ƣŏƠŧĪFŧÿŃǝŏŧŧĜżŲƸŏŲǀĪƸżĪŲƫǀƣĪܡބڏڏܠ

 ŏģĪŲƸŏǿĪƫÿƫÿǝżŰÿŲÿŲģżŲĪܡބڏڏܠżŲĪ܉ڍڎڌڎÿŲģڌڎڌڎƸŊƣĪĪŊŏƣĪƫŏŲ

 żÿƣģżŲƸŊĪ żŰƠÿŲǣܹƫƠƣżŃƣĪƫƫ܏ł1⁄4ƣŏƠŧĪFŧÿŃܹƫƣĪŃǀŧÿƣǀƠģÿƸĪƫƸżƸŊĪ

 the implementation of the Diversity and Inclusion Policy and providing

GŏƫƣĪƫƠżŲƫŏěŧĪłżƣżǜĪƣƫĪĪŏŲŃ®/ޠÿŧĪŲƸ1⁄4܉ƸŊĪßŏĜĪƣĪƫŏģĪŲƸ܉FǀƣƸŊĪƣ

 formance of the Company against its Diversity and Inclusion Policy.

The Compensation & ESG Committee regularly monitors the per-

and Inclusion Policy.

 employees are expected to adhere to the requirements of the Diversity

 ƫĪŲŏżƣ ŰÿŲÿŃĪŰĪŲƸ ÿŲģ ÿŧŧ żǀƣ ܉żÿƣģ ŰĪŲƸ ŏŲ żǀƣ ǝżƣŤƠŧÿĜĪ܏ 1⁄4ŊĪ

demonstrate zero tolerance for any form of discrimination or harass-

 ƫǀƫƠĪĜƸĪģ ŏŲĜŏģĪŲƸƫ żł ǀŲŧÿǝłǀŧ ģŏƫĜƣŏŰŏŲÿƸŏżŲ ÿŲģ ŊÿƣÿƫƫŰĪŲƸ ÿŲģ

 ƸÿŏŲ ĜżŲǿģĪŲƸŏÿŧ ŰĪĜŊÿŲŏƫŰƫ łżƣ żǀƣ ĪŰƠŧżǣĪĪƫ Ƹż ƣĪƠżƣƸ ÿĜƸǀÿŧ żƣ

 ƫƸƣŏǜĪƫ Ƹż ŏŰƠƣżǜĪ żǀƣ ģŏǜĪƣƫŏƸǣ ÿŲģ ŏŲĜŧǀƫŏżŲ ƠƣÿĜƸŏĜĪƫ܏ àĪ ŰÿŏŲ-

 ÿŲģĜżŲƸŏŲǀżǀƫŧǣ܉żłģŏǜĪƣƫŏƸǣÿŲģŏŲĜŧǀƫŏǜŏƸǣŏƫƫǀĪƫÿŲģěĪƫƸƠƣÿĜƸŏĜĪƫ

 ǝŏƸŊĪŰƠŧżǣĪĪƫÿŲģĪǢƸĪƣŲÿŧŲĪƸǝżƣŤƫƸżŃÿŏŲÿěĪƸƸĪƣǀŲģĪƣƫƸÿŲģŏŲŃ

 ÿŲģƠƣżłĪƫƫŏżŲÿŧģĪǜĪŧżƠŰĪŲƸ܏1⁄4ŊĪ żŰƠÿŲǣƣĪŃǀŧÿƣŧǣĪŲŃÿŃĪƫ܉ŰĪŲƸ

 ÿƫƫĪƫƫ-܉ÿŲģŏŲłżƣŰƫżǀƣģĪĜŏƫŏżŲƫżŲƣĪĜƣǀŏƸŰĪŲƸ܉ŰÿŲÿŃĪŰĪŲƸŧĪǜĪŧƫ

 żÿƣģÿŲģƫĪŲŏżƣŏŲĜŧǀģŏŲŃÿƸƸŊĪ܉ÿĜƣżƫƫÿŧŧŧĪǜĪŧƫżłżǀƣżƣŃÿŲŏǭÿƸŏżŲ

 1⁄4ŊĪ'ŏǜĪƣƫŏƸǣÿŲģSŲĜŧǀƫŏżŲżŧŏĜǣĪŲƫǀƣĪƫƸŊÿƸǝĪƠƣżŰżƸĪģŏǜĪƣƫŏƸǣ

 management and other employees of the Company.

 ÿŲģ ÿŰżŲŃ ŰĪŰěĪƣƫ żł ƫĪŲŏżƣ ܉żÿƣģ ŰÿŏŲƸÿŏŲŏŲŃ ģŏǜĪƣƫŏƸǣ żŲ ƸŊĪ

 ǝŊŏĜŊ żǀƸŧŏŲĪƫ ƸŊĪ  żŰƠÿŲǣܹƫ ÿƠƠƣżÿĜŊ Ƹż ÿĜŊŏĪǜŏŲŃ ÿŲģ ܡ”Policy

 ƸŊĪ“Diversity and InclusionܠÿǝƣŏƸƸĪŲģŏǜĪƣƫŏƸǣÿŲģŏŲĜŧǀƫŏżŲƠżŧŏĜǣ

 żÿƣģŊÿƫÿģżƠƸĪģƸŊĪ܉ĪģǀĜÿƸŏżŲÿŲģěĪŧŏĪłƫ܏ĜĜżƣģŏŲŃŧǣ܉ŲÿƸŏżŲÿŧŏƸǣ

 ܉ƠŊǣƫŏĜÿŧÿƸƸƣŏěǀƸĪƫ܉ģŏƫÿěŏŧŏƸǣ܉ĪĜżŲżŰŏĜěÿĜŤŃƣżǀŲģܫƫżĜŏż܉ŧÿŲŃǀÿŃĪ

 ܉ÿŃĪ܉ƣĪŧŏŃŏżŲ܉ƫĪǢǀÿŧżƣŏĪŲƸÿƸŏżŲ܉ŃĪŲģĪƣŏģĪŲƸŏƸǣ܉ŃĪŲģĪƣ܉żƣŊĪƣŏƸÿŃĪ

SŲģŏŃĪŲżǀƫżƣŏŃŏŲ܉ĪƸŊŲŏĜŏƸǣ܉ƣÿĜĪ܉ěǀƸŲżƸŧŏŰŏƸĪģƸż܉ŏŲĜŧǀģŏŲŃ܉ģŏǜĪƣƫŏƸǣ

 ƸŊĪ żŰƠÿŲǣܹƫƠĪƣłżƣŰÿŲĜĪ܏àĪƣĪƫƠĪĜƸÿŲģƣĪĜżŃŲŏǭĪÿŧŧÿƫƠĪĜƸƫżł

 ƸĪÿŰ ĜÿŲ żdzłĪƣ ÿ ěƣĪÿģƸŊ ÿŲģ ģĪƠƸŊ żł ƠĪƣƫƠĪĜƸŏǜĪƫ ƸŊÿƸ ĪŲŊÿŲĜĪ

 żÿƣģÿŲģƫĪŲŏżƣŰÿŲÿŃĪŰĪŲƸģÿƣģƫ܏àĪěĪŧŏĪǜĪƸŊÿƸŊÿǜŏŲŃÿģŏǜĪƣƫĪ

 ŏŲĜŧǀƫŏżŲÿŲģŊŏŃŊĪƸŊŏĜÿŧƫƸÿŲ-܉àĪÿƣĪŊŏŃŊŧǣĜżŰŰŏƸƸĪģƸżģŏǜĪƣƫŏƸǣ

DIVERSITY AND INCLUSION

 ܏ÿŰŏŲŏŰǀŰĪǜĪƣǣǿǜĪǣĪÿƣƫ

 ÿŲģÿƸ܉żƣƫĜżƠĪżłżǀƣÿĜƸŏǜŏƸŏĪƫ܉ƫĜÿŧĪ܉ƫŏŃŲŏǿĜÿŲƸĜŊÿŲŃĪŏŲƸŊĪŲÿƸǀƣĪ

SŲǜĪƫƸŰĪŲƸ®ƸƣÿƸĪŃǣǝŏŧŧěĪƣĪǜŏĪǝĪģÿŲģǀƠģÿƸĪģǝŊĪŲĪǜĪƣƸŊĪƣĪŏƫÿ

 żǜĪƣƸŊĪƠƣĪǜŏżǀƫǿǜĪǣĪÿƣƫƸżěĪģĪƠŧżǣĪģÿŲŲǀÿŧŧǣ܏1⁄4ŊĪ żŰŰǀŲŏƸǣ

 żłÿǜĪƣÿŃĪŲĪƸŏŲĜżŰĪބڎŧŏƫŊĪģÿĜżŰŰǀŲŏƸǣŏŲǜĪƫƸŰĪŲƸƸÿƣŃĪƸżł

 ÿŲģ  ŧŏŰÿƸĪ ĜƸŏżŲ܏ àĪ ŊÿǜĪ ĪƫƸÿě- ܔàżƣŤ ÿŲģ /ĜżŲżŰŏĜ GƣżǝƸŊ

 ĪĜĪŲƸ'ܔGĪŲģĪƣ/ƢǀÿŧŏƸǣܔǀÿŧŏƸǣ/ģǀĜÿƸŏżŲ¥܈ÿěŧĪ'ĪǜĪŧżƠŰĪŲƸGżÿŧƫ

measure and communicate the results regarding four key Sustain-

 ŧżĜÿŧŏŲŏƸŏÿƸŏǜĪƫǝŊĪƣĪǝĪŊÿǜĪĜżƣƠżƣÿƸĪżdzǿĜĪƫ܏1⁄4ŊĪƫĪłżĜǀƫżŲÿŲģ

 ƸŊÿƸ ƫǀƠƠżƣƸƫ ƠÿƣƸŲĪƣ ŏŲŏƸŏÿƸŏǜĪƫ ŏŲ ƸŊĪŏƣ ƣĪƫƠĪĜƸŏǜĪ šǀƣŏƫģŏĜƸŏżŲƫ ÿŲģ

 àĪĪŰƠŧżǣÿŊǣěƣŏģÿƠƠƣżÿĜŊ܏ڍڎڌڎƠƣżģǀĜŏŲŃŰŏŲĪƫŏŲżǀƣƠżƣƸłżŧŏżŏŲ

 ڑڍÿŲģĜżŰŰǀŲŏƸǣŏŲǜĪƫƸŰĪŲƸƫŏģĪŲƸŏǿĪģěǣƸŊĪ܉ƫƸÿŤĪŊżŧģĪƣŃƣżǀƠƫ

 ܉ÿĜƣżƫƫżǀƣƠżƣƸłżŧŏż܏1⁄4ŊĪ®ƸƣÿƸĪŃǣǝÿƫŏŲłżƣŰĪģěǣƸŊĪŰÿƸĪƣŏÿŧŏƫƫǀĪƫ

 ěǣƫǀƠƠżƣƸŏŲŃƣĪƫƠżŲƫŏěŧĪÿŲģƫǀƫƸÿŏŲÿěŧĪŏŲǜĪƫƸŰĪŲƸƫ܉ŏƸŏĪƫżłŏŲƸĪƣĪƫƸ

 ěĪŏŲŃżłżǀƣĜżŰŰǀŲ-ܫÿŲģĪĜżŲżŰŏĜǝĪŧŧ܉ĪŲǜŏƣżŲŰĪŲƸÿŧ܉ƸżƸŊĪƫżĜŏÿŧ

 żÿƣģŊÿƫÿģżƠƸĪģÿ żŰŰǀŲŏƸǣSŲǜĪƫƸŰĪŲƸ®ƸƣÿƸĪŃǣƸżĜżŲƸƣŏěǀƸĪǀƣ

 COMMUNITY INVESTMENT STRATEGY

Statement of Corporate Governance Practices

	
	ژڙ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏ÿŲģƠǀěŧŏĜŧǣģŏƫĜŧżƫŏŲŃÿŲŲǀÿŧƣĪƫǀŧƸƫ܉ŏŰƠŧĪŰĪŲƸÿƸŏżŲ

 mitted to transparently monitoring and reporting on the progress of

 ŲĪǀƸƣÿŧŏƸǣżłżǀƣěǀƫŏŲĪƫƫÿŲģƠƣżƠżƣƸŏżŲÿŧŏŲǜĪƫƸŰĪŲƸƫ܏àĪÿƣĪĜżŰ-

 ÿŲģŰÿŏŲƸÿŏŲƸŊĪĜÿƣěżŲܔƸżǝÿƣģƫģĪĜÿƣěżŲŏǭÿƸŏżŲÿĜƣżƫƫżǀƣƠżƣƸłżŧŏż

 ĜÿƸÿŧǣǭĪÿĜƸŏżŲܔÿŲģƠĪƣłżƣŰÿŲĜĪŏŲżǀƣŏŲǜĪƫƸŰĪŲƸƫƸƣÿƸĪŃǣ܉ƸǀŲŏƸŏĪƫ

 żƠƠżƣ-܉ĜżŲƫŏģĪƣĜŧŏŰÿƸĪƣŏƫŤƫܔĜŧŏŰÿƸĪĜżŲƫŏģĪƣÿƸŏżŲƫŏŲƸżżǀƣěǀƫŏŲĪƫƫ

 ÿŲģ rĪƸƣŏĜƫ ÿŲģ 1⁄4ÿƣŃĪƸƫ܏ àĪ ŏŲƸĪŃƣÿƸĪ ܉ŏƫŤ rÿŲÿŃĪŰĪŲƸ¦ ܉ƸƣÿƸĪŃǣ®

 ܉'ŏƫĜŧżƫǀƣĪƫ ÿŲģ ŏŲĜŧǀģĪƫ ĜżŰŰŏƸŰĪŲƸƫ ƣĪŧÿƸĪģ Ƹż GżǜĪƣŲÿŲĜĪ

 recommendations of the Task Force on Climate-related Financial

 żÿƣģ Ŋÿƫ ÿģżƠƸĪģ ÿ  ŧŏŰÿƸĪ ®ƸƣÿƸĪŃǣ ƸŊÿƸ ŏƫ ŏŲłżƣŰĪģ ěǣ ƸŊĪ ǀƣ

 CLIMATE STRATEGY

 ported by our Climate Strategy and Community Investment Strategy.

 ŏŲŏƸŏÿƸŏǜĪƫƸŊÿƸÿŧŏŃŲǝŏƸŊżǀƣƠƣŏżƣŏƸŏĪƫ܏1⁄4Ŋŏƫ/ŲǜŏƣżŲŰĪŲƸÿŧżŧŏĜǣŏƫƫǀƠ-

 understand their environmental concerns and support environmental

 ǝĪĪŲŃÿŃĪǝŏƸŊŤĪǣƫƸÿŤĪŊżŧģĪƣƫƸż܉ŰĪŲƸƫ܏1⁄4ŊƣżǀŃŊżǀƸƸŊĪƫĪĪdzłżƣƸƫ

 ÿŲģǝĪŰÿŏŲƸÿŏŲƸŊĪĜÿƣěżŲŲĪǀƸƣÿŧŏƸǣżłżǀƣŏŲǜĪƫƸ-܉ÿŲģƠĪƣłżƣŰÿŲĜĪ

 żƠƠżƣƸǀŲŏƸŏĪƫ܉ŏŲĜŧǀģŏŲŃĜŧŏŰÿƸĪƣŏƫŤƫ܉ÿƣĪŏŲƸĪŃƣÿƸĪģŏŲƸżżǀƣěǀƫŏŲĪƫƫ

 ÿŲģ ƫŊÿƣĪ ŧĪÿƣŲŏŲŃƫ ǝŏƸŊ żǀƣ ĜżǀŲƸĪƣƠÿƣƸŏĪƫ܏  ŧŏŰÿƸĪ ĜżŲƫŏģĪƣÿƸŏżŲƫ

 ÿŲģƣĪŃǀŧÿƣŧǣŰżŲŏƸżƣ܉ÿŲģĜżŲƸƣÿĜƸżƣƫżŲĪŲǜŏƣżŲŰĪŲƸÿŧƠĪƣłżƣŰÿŲĜĪ

 ƣĪŧÿƸĪģƣŏƫŤƫ܏àĪĪģǀĜÿƸĪżǀƣĪŰƠŧżǣĪĪƫܫÿŲģƸÿŏŧŏŲŃƫ܉ǝÿƫƸĪŃĪŲĪƣÿƸŏżŲ

 ܉ěŏżģŏǜĪƣƫŏƸǣ ŧżƫƫ ܉ǝÿƸĪƣ ǀƫĪ ܉ŃƣĪĪŲŊżǀƫĪ Ńÿƫ ĪŰŏƫƫŏżŲƫ ܉ĪŲĪƣŃǣ ǀƫĪ

 implement appropriate management plans and programs to reduce

 ĜżŰƠŧǣ ǝŏƸŊ ÿŧŧ ÿƠƠŧŏĜÿěŧĪ ĪŲǜŏƣżŲŰĪŲƸÿŧ ŧĪŃÿŧ ƣĪƢǀŏƣĪŰĪŲƸƫ ÿŲģ

 żŰƠÿŲǣ Ƹż ÿĜƸŏŲŃ ŏŲ ÿŲ ĪŲǜŏƣżŲŰĪŲƸÿŧŧǣ ƣĪƫƠżŲƫŏěŧĪ ŰÿŲŲĪƣ܏ àĪ

 ǀƣ ěżÿƣģ Ŋÿƫ ÿģżƠƸĪģ ÿŲ /ŲǜŏƣżŲŰĪŲƸÿŧ żŧŏĜǣ ǝŊŏĜŊ ĜżŰŰŏƸƫ ƸŊĪ

ENVIRONMENTAL POLICY

 ܏G żŰŰŏƸƸĪĪ®/ޠÿŲģŏƫƣĪǜŏĪǝĪģÿŲŲǀÿŧŧǣěǣƸŊĪ żŰƠĪŲƫÿƸŏżŲ

 ܉żÿƣģÿŲģÿŧŧĪŰƠŧżǣĪĪƫÿŲģĜżŲƸƣÿĜƸżƣƫżłƸŊĪ żŰƠÿŲǣÿƠƠŧŏĪƫƸżƸŊĪ

 ǀƫŏŲŃƸŊĪ żŰƠÿŲǣܹƫàŊŏƫƸŧĪěŧżǝĪƣżŧŏĜǣ܏1⁄4ŊĪNǀŰÿŲ¦ŏŃŊƸƫżŧŏĜǣ

 żƣÿŲżŲǣŰżǀƫŧǣ܉G®/ޠĜÿŲěĪƣĪƠżƣƸĪģƸżƸŊĪßŏĜĪƣĪƫŏģĪŲƸżł1⁄4ÿŧĪŲƸ

 łżƣƣĪƠżƣƸŏŲŃŤŲżǝŲżƣƫǀƫƠĪĜƸĪģŊǀŰÿŲƣŏŃŊƸƫǜŏżŧÿƸŏżŲƫ܏ßŏżŧÿƸŏżŲƫ

 ÿŲģ ŊÿǜĪ ĪƫƸÿěŧŏƫŊĪģ ŃƣŏĪǜÿŲĜĪ ŰĪĜŊÿŲŏƫŰƫ ܉ƣĪŰĪģŏÿƸŏżŲ ƠƣżĜĪƫƫĪƫ

 żƠĪƣÿƸĪŏŲܫǝĪǝŏŧŧƠƣżǜŏģĪłżƣżƣĜż܉ƸżÿģǜĪƣƫĪŊǀŰÿŲƣŏŃŊƸƫŏŰƠÿĜƸƫ

 ÿŲģ ƣĪƠżƣƸ żŲ ŊǀŰÿŲ ƣŏŃŊƸƫ ŏŰƠÿĜƸƫ܏ àŊĪƣĪ ǝĪ ĜÿǀƫĪ żƣ ĜżŲƸƣŏěǀƸĪ

 ÿŲģŰżŲŏƸżƣ܉ģǀĜƸƣĪŃǀŧÿƣÿŲģƣĪÿƫżŲÿěŧĪŊǀŰÿŲƣŏŃŊƸƫģǀĪģŏŧŏŃĪŲĜĪ

 ÿŲģǝĪĜżŲ-܉żƣŰżģĪƣŲƫŧÿǜĪƣǣ܉łżƣĜĪģŧÿěżƣ܉ŲżƸƸżŧĪƣÿƸĪĜŊŏŧģŧÿěżƣ

 ƣĪŃǀŧÿƸŏżŲƫ ÿŲģ ŏŲƸĪƣŲÿƸŏżŲÿŧ ƫƸÿŲģÿƣģƫ܏ àĪ ģż ܉ŊǀŰÿŲ ƣŏŃŊƸƫ ŧÿǝƫ

 ÿŲģĜżŰƠŧǣǝŏƸŊÿƠƠŧŏĜÿěŧĪ܉ÿƣĪŲżƸĜżŰƠŧŏĜŏƸŏŲŊǀŰÿŲƣŏŃŊƸƫÿěǀƫĪƫ

 ƫƸƣŏǜĪƸżĪŲƫǀƣĪƸŊÿƸǝĪ܉ŊǀŰÿŲƣŏŃŊƸƫÿŲģƸÿŤĪÿĜƸŏżŲƸżÿģģƣĪƫƫƸŊĪŰ

 ƫƠĪĜŏǿĜܫǝżƣŤƫ ÿŲģ ƣĪƢǀŏƣĪŰĪŲƸƫ܏ àĪ ƠĪƣŏżģŏĜÿŧŧǣ ƣĪǜŏĪǝ ŏŲģǀƫƸƣǣ

 żƠĪƣÿƸŏŲŃ ŏŲ ÿ ŰÿŲŲĪƣ ĜżŲƫŏƫƸĪŲƸ ǝŏƸŊ ŧĪÿģŏŲŃ ŏŲƸĪƣŲÿƸŏżŲÿŧ łƣÿŰĪ-

 ܉ĜżŰŰŏƸŰĪŲƸƸżƣĪƫƠĪĜƸƸŊĪŊǀŰÿŲƣŏŃŊƸƫżłÿŧŧżłżǀƣƫƸÿŤĪŊżŧģĪƣƫ

 żÿƣģŊÿƫÿģżƠƸĪģÿNǀŰÿŲ¦ŏŃŊƸƫżŧŏĜǣǝŊŏĜŊĪƫƸÿěŧŏƫŊĪƫżǀƣǀƣ

HUMAN RIGHTS POLICY

Statement of Corporate Governance Practices

	
	ڙڙ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

Compensation & ESG Committee Chair

Sir Michael “Mick” Davis

 ܉®ŏŲĜĪƣĪŧǣ

continued support.

 ƫǀĜĜĪƫƫ ŏŲ ÿŧŏŃŲŰĪŲƸ ǝŏƸŊ ƫŊÿƣĪŊżŧģĪƣ ŏŲƸĪƣĪƫƸƫ܏ 1⁄4ŊÿŲŤ ǣżǀ łżƣǣżǀƣ

 ƸĪƣŰǜŏĪǝżł żŰƠÿŲǣܫěǣĪŲĜżǀƣÿŃŏŲŃżǀƣĪǢĪĜǀƸŏǜĪƫƸżƸÿŤĪÿŧżŲŃ

 sation programs and sustainability initiatives that support the strategy

 ƸŊĪ żŰŰŏƸƸĪĪǝŏŧŧĜżŲƸŏŲǀĪƸżżǜĪƣƫĪĪżǀƣĜżŰƠĪŲ-܉ƠǀěŧŏĜĜżŰƠÿŲǣ

 Looking ahead: As Triple Flag implements its business strategy as a

our sustainability approach.

 ĜżŰŰŏƸŰĪŲƸƸżƸƣÿŲƫƠÿƣĪŲĜǣÿŲģŊÿǜĪǀŲģĪƣƸÿŤĪŲÿƫƸƣÿƸĪŃŏĜƣĪǜŏĪǝżł

 ǝŊŏĜŊģĪŰżŲƫƸƣÿƸĪƫżǀƣ܉FŧÿŃܹƫŏŲÿǀŃǀƣÿŧÿŲŲǀÿŧ®ǀƫƸÿŏŲÿěŏŧŏƸǣ¦ĪƠżƣƸ

 ǝĪƫǀƠƠżƣƸĪģƸŊĪƠǀěŧŏĜÿƸŏżŲżł1⁄4ƣŏƠŧĪ܉ƸĪƣŰƫƸÿŤĪŊżŧģĪƣǜÿŧǀĪ܏hÿƫƸǣĪÿƣ

 ܫƸĪÿŰƸżǀŲģĪƣƫƸÿŲģŊżǝǝĪĜÿŲĜżŲƸŏŲǀĪƸżƠƣŏżƣŏƸŏǭĪ/®GƸżĜƣĪÿƸĪŧżŲŃ

 ƸŊĪ żŰŰŏƸƸĪĪƣĪŃǀŧÿƣŧǣĪŲŃÿŃĪƫǝŏƸŊżǀƣŰÿŲÿŃĪŰĪŲƸ܉ĜżŰŰŏƸŰĪŲƸƫ

 ĪŲƫǀƣĪǝĪżƠĪƣÿƸĪŏŲÿŰÿŲŲĪƣƸŊÿƸŏƫĜżŲƫŏƫƸĪŲƸǝŏƸŊżǀƣƫǀƫƸÿŏŲÿěŏŧŏƸǣ

 ŃżżģÿŲģǝĪĜżŲģǀĜƸżǀƣƫĪŧǜĪƫŏŲŧŏŲĪǝŏƸŊƸŊŏƫłǀŲģÿŰĪŲƸÿŧǜÿŧǀĪ܏1⁄4ż

 cated on the belief that business must create or be a force for public

 żǀƣÿƠƠƣżÿĜŊƸż/®GŏƫƠƣĪģŏ-܈ŰŏŲŏŲŃŏŲģǀƫƸƣǣÿŲģŊżƫƸĜżŰŰǀŲŏƸŏĪƫ

 ƸŊĪ܉ƸĪƣŰƫǀĜĜĪƫƫżłżǀƣżƣŃÿŲŏǭÿƸŏżŲܫƠĪƣłżƣŰÿŲĜĪŏƫĜƣŏƸŏĜÿŧƸżƸŊĪŧżŲŃ

 ŏŲǜĪƫƸĪĪĜżŰƠÿŲŏĪƫÿŲģĜżŰŰǀŲŏƸŏĪƫ܏àĪěĪŧŏĪǜĪƫƸƣżŲŃƫǀƫƸÿŏŲÿěŏŧŏƸǣ

 ܉ŏŲĜŧǀģŏŲŃżǀƣĪŰƠŧżǣĪĪƫ܉ƸŏǜĪĪŲŃÿŃĪŰĪŲƸǝŏƸŊÿŧŧżǀƣƫƸÿŤĪŊżŧģĪƣƫ

 ŊżǝżǀƣŰÿŲÿŃĪŰĪŲƸƸĪÿŰģĪŰżŲƫƸƣÿƸĪƫŧĪÿģĪƣƫŊŏƠÿŲģłżƫƸĪƣƫƠżƫŏ-

 sible for overseeing the performance of Triple Flag on sustainability and

Taking a strategic approach to sustainability: The Committee is respon-

 ܏ÿŧŏŃŲǝŏƸŊŰÿƣŤĪƸƠƣÿĜƸŏĜĪ

 and qualitative measures of corporate and individual performance to

 ÿǝÿƣģƫǝŏŧŧěĪģĪƸĪƣŰŏŲĪģǀƫŏŲŃÿěÿŧÿŲĜĪģƫĜżƣĪĜÿƣģżłƢǀÿŲƸŏƸÿƸŏǜĪ

 ÿŲŲǀÿŧŏŲĜĪŲƸŏǜĪ܉ڎڎڌڎĪŃŏŲŲŏŲŃŏŲ܏ěÿƫĪģżŲŏŲģŏǜŏģǀÿŧƠĪƣłżƣŰÿŲĜĪ

 ƸǣŏŲŃĪǢĪĜǀƸŏǜĪƠÿǣƸżĪǢĜĪƠƸŏżŲÿŧƠĪƣłżƣŰÿŲĜĪÿŲģģŏdzłĪƣĪŲƸŏÿƸŏŲŃƠÿǣ

 ŃƣÿŰƣĪǝÿƣģƫĪǢĪĜǀƸŏǜĪƫłżƣƸŊĪǜÿŧǀĪƸŊĪǣěƣŏŲŃƸżƸŊĪ żŰƠÿŲǣěǣ

be variable and depend on performance results. Triple Flag’s pay pro-

 ƫŊżǀŧģ܉ŏŲĜŧǀģŏŲŃżǀƣĪǢĪĜǀƸŏǜĪƸĪÿŰ܉ƸŊĪĪÿƣŲŏŲŃƫżłƸŊĪƫĪĪŰƠŧżǣĪĪƫ

 equity performance and contribution to society. A greater proportion of

 ܉ŃƣżǝƸŊÿŲģƣŏƫŤƠƣżǿŧĪ܉żǀƸƠǀƸƫģŏƣĪĜƸŧǣŏŰƠÿĜƸżǀƣĜżƣƠżƣÿƸĪĪÿƣŲŏŲŃƫ

 ǝĪǿƣƫƸŏģĪŲƸŏłǣƸŊżƫĪĪŰƠŧżǣĪĪƫǝŊżƫĪ܉ƫŏƫƸĪŲƸǝŏƸŊƸŊŏƫƠŊŏŧżƫżƠŊǣ

 ÿŧŏŃŲĪǢĪĜǀƸŏǜĪƠÿǣǝŏƸŊ żŰƠÿŲǣÿŲģŏŲģŏǜŏģǀÿŧƠĪƣłżƣŰÿŲĜĪ܏ żŲ-

 Aligning pay with performance: Our compensation philosophy is to

performance philosophy.

 ܫłżƣܫĜżŲƫŏƫƸĪŲƸ ǝŏƸŊ żǀƣ Ơÿǣ ܉ƣĪƫǀŧƸƫ ǝŏƸŊżǀƸ ƸÿŤŏŲŃ ĪǢĜĪƫƫŏǜĪ ƣŏƫŤƫ

 ǝĪ ŧŏŲŤ ÿ ƫŏŃŲŏǿĜÿŲƸ ƠżƣƸŏżŲ żł ƸŊĪŏƣ Ơÿǣ Ƹż ÿĜŊŏĪǜŏŲŃ ƠĪƣłżƣŰÿŲĜĪ

 ܉ƸĪƣŰ żěšĪĜƸŏǜĪƫܫ1⁄4ż ĪŲƫǀƣĪ żǀƣ ĪǢĪĜǀƸŏǜĪƫ ÿƣĪ ÿŧŏŃŲĪģ ǝŏƸŊ żǀƣ ŧżŲŃ

 ܏ƸĪÿŰłżƣÿĜŊŏĪǜŏŲŃǿŲÿŲĜŏÿŧÿŲģżƠĪƣÿƸŏżŲÿŧƠĪƣłżƣŰÿŲĜĪŰŏŧĪƫƸżŲĪƫ

 ĜżŰƠĪƸŏƸŏǜĪ ĜżŰƠĪŲƫÿƸŏżŲ żƠƠżƣƸǀŲŏƸŏĪƫ ƸŊÿƸ ƣĪǝÿƣģ żǀƣܫŰÿƣŤĪƸ

 ƸŊĪ  żŰŰŏƸƸĪĪ ƣĪĜżŃŲŏǭĪƫ ǝĪ ŰǀƫƸ ƠƣżǜŏģĪ ܉ĜƣŏƸŏĜÿŧ Ƹż żǀƣ ƫǀĜĜĪƫƫ

 ƫŤŏŧŧƫÿŲģƠĪƣłżƣŰÿŲĜĪÿƣĪ܉żǀƣƸÿŧĪŲƸĪģĪǢĪĜǀƸŏǜĪƫǝŊżƫĪŤŲżǝŧĪģŃĪ

 forming and experienced management team. To retain and motivate

 ƠĪƣ-ܫŏŲĜŧǀģŏŲŃ ÿ ŊŏŃŊ ܉ƢǀÿƣƸŏŧĪ ĪŰƠŧżǣĪĪƫܫƣĪƸÿŏŲ ÿŲģ ŰżƸŏǜÿƸĪ ƸżƠ

 ܉ǝĪŲĪĪģƸżěĪÿěŧĪƸżÿƸƸƣÿĜƸ܉żěšĪĜƸŏǜĪƫ܏1⁄4żÿĜŊŏĪǜĪƸŊĪƫĪżěšĪĜƸŏǜĪƫ

 ǝĪŰǀƫƸǿƣƫƸłżĜǀƫżŲżǀƣƫƸƣÿƸĪŃŏĜěǀƫŏŲĪƫƫżěšĪĜƸŏǜĪƫÿŲģǿŲÿŲĜŏÿŧ

 ܉ƸĪƣŰƫǀĜĜĪƫƫÿŲģƫǀƫƸÿŏŲÿěŏŧŏƸǣܫAttracting top-quartile talent:FżƣŧżŲŃ

 ܏ÿŲģƫǀƠƠżƣƸƫżǀƣĜżŰŰŏƸŰĪŲƸƸżƫǀƫƸÿŏŲÿěŏŧŏƸǣ܉ƠĪƣłżƣŰÿŲĜĪ

 ŏƫÿŧŏŃŲĪģǝŏƸŊ żŰƠÿŲǣÿŲģŏŲģŏǜŏģǀÿŧ܉ĜÿŧŏěĪƣƸÿŧĪŲƸܫÿŲģƣĪƸÿŏŲŊŏŃŊ

 changes to our executive pay program to ensure it continues to attract

 ǝĪ ŰÿģĪ ܉ƫǀĜĜĪƫƫ܏ ƫ 1⁄4ƣŏƠŧĪ FŧÿŃ ƸƣÿŲƫŏƸŏżŲĪģ Ƹż ÿ ƠǀěŧŏĜ ĜżŰƠÿŲǣ

 our management team is motivated to support Triple Flag’s long-term

 ŏŲƸĪƣĪƫƸƫżłżǀƣĪǢĪĜǀƸŏǜĪƫǝŏƸŊƸŊżƫĪżłżǀƣƫŊÿƣĪŊżŧģĪƣƫǝŏŧŧĪŲƫǀƣĪ

 Our compensation program is built on the principle that aligning the

 holder interests.

 ěǀƫŏŲĪƫƫ ƫƸƣÿƸĪŃǣ ÿŲģ ÿŧŏŃŲ ǝŏƸŊ  żŰƠÿŲǣ ƠĪƣłżƣŰÿŲĜĪ ÿŲģ ƫŊÿƣĪ-

 sustainability programs to ensure they support our core values and

 our executive and director compensation programs and the strategic

G żŰŰŏƸƸĪĪżǜĪƣƫĪĪƫ®/ޠŲĪǝŧǣƠǀěŧŏĜĜżŰƠÿŲǣ܏1⁄4ŊĪ żŰƠĪŲƫÿƸŏżŲ

 ŲÿŧǣƫŏƫÿƫÿޠƸżƫŊÿƣĪǝŏƸŊǣżǀżǀƣǿƣƫƸ żŰƠĪŲƫÿƸŏżŲ'ŏƫĜǀƫƫŏżŲ

SÿŰƠŧĪÿƫĪģ܉ŲěĪŊÿŧłżłŰǣƫĪŧłÿŲģŰǣłĪŧŧżǝ żŰŰŏƸƸĪĪŰĪŰěĪƣƫ

 ܉'Īÿƣ®ŊÿƣĪŊżŧģĪƣƫ

COMPENSATION DISCUSSION AND ANALYSIS

Compensation Discussion and Analysis

	
	ښڙ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏æżǀŲŃhhޠrƣ܏ßÿŲģĪƣŤżżǣǝÿƫÿ ŊÿƣƸĪƣĪģĜĜżǀŲƸÿŲƸÿƸ/ƣŲƫƸ

 ܉ěżƸŊŏŲ ÿŲÿģÿ܏ƣŏżƣƸżÿƸƸĪŲģŏŲŃŧÿǝƫĜŊżżŧ܉łƣżŰ¥ǀĪĪŲܹƫÃŲŏǜĪƣƫŏƸǣ

 ܡNżŲżǀƣƫܠÿĜŊĪŧżƣżł żŰŰĪƣĜĪÿŲģܡGżŧģrĪģÿŧŏƫƸܠàĪƫƸĪƣŲŲƸÿƣŏż

 ŧÿŤĪƫ܏rƣ܏ßÿŲģĪƣŤżżǣŊżŧģƫÿŧÿǝģĪŃƣĪĪłƣżŰƸŊĪÃŲŏǜĪƣƫŏƸǣżłÿƸ

rƣ܏ßÿŲģĪƣŤżżǣěĪŃÿŲŊŏƫŧĪŃÿŧĜÿƣĪĪƣƠƣÿĜƸŏĜŏŲŃƸÿǢŧÿǝ܉ÿƸĪƠƣÿĜƸŏĜĪ

 ÿŲÿģÿ܏ƣŏżƣƸżƫƸÿƣƸŏŲŃŊŏƫĜżƣƠżƣ- ܉ŏŲ1⁄4żƣżŲƸżܡ”Blakes“ܠGƣÿǣģżŲhh

 ޠÿƫƫĪŧƫ ܉ŧÿŤĪŊĪǝÿƫÿĜżƣƠżƣÿƸĪƠÿƣƸŲĪƣÿƸ܉ƣŏżƣƸżšżŏŲŏŲŃSŲŰĪƸ

 ܏hĪŃÿŧ dzłÿŏƣƫ ÿƸ SŲŰĪƸ rŏŲŏŲŃ  żƣƠżƣÿƸŏżŲ ܉hƸģ܏ ÿŲģ ®ĪŲŏżƣ 'ŏƣĪĜƸżƣ

 ŊĪ ǝÿƫ ƫƫŏƫƸÿŲƸ GĪŲĪƣÿŧ  żǀŲƫĪŧ ÿƸ FŏƣƫƸ ¥ǀÿŲƸǀŰ rŏŲĪƣÿŧƫ ܉FŧÿŃ

 ݬǣĪÿƣƫżłĪǢƠĪƣŏĪŲĜĪŏŲƸŊĪŰŏŲŏŲŃƫĪĜƸżƣ܏ƣŏżƣƸż1⁄4ƣŏƠŧĪڌڎǝŏƸŊ܉ƸĪÿŰ

rƣ܏ßÿŲģĪƣŤżżǣŏƫÿłżǀŲģŏŲŃŰĪŰěĪƣżłƸŊĪ1⁄4ƣŏƠŧĪFŧÿŃŰÿŲÿŃĪŰĪŲƸ

 ܏ڒڍڌڎdżŏŲĪģrÿǣ

CFO

 Sheldon Vanderkooy,

 ܏ěżƸŊǝŏƸŊģŏƫƸŏŲĜƸŏżŲ܉tżƣƸŊǝĪƫƸĪƣŲÃŲŏǜĪƣƫŏƸǣ

 łƣżŰƸŊĪfĪŧŧżŃŃ®ĜŊżżŧżłrÿŲÿŃĪŰĪŲƸÿƸÿŲģÿŲr܉®żǀƸŊłƣŏĜÿ

 ŏŲrĪƸÿŧŧǀƣŃǣÿŲģrÿƸĪƣŏÿŧƫłƣżŰƸŊĪÃŲŏǜĪƣƫŏƸǣżłàŏƸǝÿƸĪƣƫƣÿŲģŏŲ

 ÿĜŊĪŧżƣżł®ĜŏĪŲĜĪ/ŲŃŏŲĪĪƣŏŲŃàŏƫŊ ÿŲÿģÿ܏NĪŊżŧģƫÿܫܫżłrÿŤĪ

 Ŋÿŏƣ ܫŏŲǀŰŏŲģǀƫƸƣŏĪƫÿƫÿƠƣżģǀĜƸŏżŲĪŲŃŏŲĪĪƣ܏rƣ܏ÃƫŰÿƣŏƫƸŊĪßŏĜĪ

and started his career in mining operations in the steel and alum-

 ܉ŏŧŧŏƸżŲ ŏŲ  żƣƠżƣÿƸĪ FŏŲÿŲĜĪ ŏŲ hżŲģżŲ N rƣ܏ ÃƫŰÿƣ ǝżƣŤĪģ ÿƸ

 ܉żłåƫƸƣÿƸÿܹƫŃŧżěÿŧtŏĜŤĪŧěǀƫŏŲĪƫƫŏŲ ÿŲÿģÿ܏ƣŏżƣƸżšżŏŲŏŲŃåƫƸƣÿƸÿ

 ÿŲģ ŊŏĪłFŏŲÿŲĜŏÿŧdzǿĜĪƣ܉ŧŧżǣƫěǀƫŏŲĪƫƫŏŲ®żǀƸŊłƣŏĜÿܫŃŧżěÿŧFĪƣƣż

 ŊŏĪłFŏŲÿŲĜŏÿŧdzǿĜĪƣżłåƫƸƣÿƸÿܹƫ ܉ǀƫŏŲĪƫƫ'ĪǜĪŧżƠŰĪŲƸŏŲhżŲģżŲ

NŏƫƣżŧĪƫÿƸåƫƸƣÿƸÿŏŲĜŧǀģĪģGĪŲĪƣÿŧrÿŲÿŃĪƣżł܏ڏڍڌڎěǣGŧĪŲĜżƣĪŏŲ

 żłƸŊĪǝżƣŧģܹƫŧÿƣŃĪƫƸģŏǜĪƣƫŏǿĪģŰŏŲĪƣƫÿƸƸŊĪƸŏŰĪżłŏƸƫÿĜƢǀŏƫŏƸŏżŲ

 ŰĪŰěĪƣżłƸŊĪŰÿŲÿŃĪŰĪŲƸƸĪÿŰƸŊÿƸŃƣĪǝƸŊĪĜżŰƠÿŲǣŏŲƸżżŲĪ

 ÿƫÿŲĪÿƣŧǣƫĪŲŏżƣĪǢĪĜǀƸŏǜĪڎڌڌڎƸǀƣĪƸŊĪĜżŰƠÿŲǣ܏NĪšżŏŲĪģåƫƸƣÿƸÿŏŲ

 ǝŊĪƣĪŊĪŊĪŧƠĪģƣĪƫƸƣǀĜ-܉ڒڍڌڎƸżڐڍڌڎłƣżŰ܉ÿƣƣŏĜŤGżŧģ żƣƠżƣÿƸŏżŲ

 ƫĪƣǜĪģÿƫ®ĪŲŏżƣ/ǢĪĜǀƸŏǜĪßŏĜĪƣĪƫŏģĪŲƸÿŲģ ŊŏĪłFŏŲÿŲĜŏÿŧdzǿĜĪƣżł

rƣ܏ÃƫŰÿƣ܉ŃƣżǝŏŲŃŰŏŲŏŲŃĜżŰƠÿŲŏĪƫ܏ƣŏżƣƸżłżǀŲģŏŲŃ1⁄4ƣŏƠŧĪFŧÿŃ

 ĪǢĪĜǀƸŏǜĪŧĪÿģĪƣƫŊŏƠƣżŧĪƫłżƣƫżŰĪżłƸŊĪǝżƣŧģܹƫŧÿƣŃĪƫƸÿŲģłÿƫƸĪƫƸ

 ǿŲÿŲĜŏÿŧ ÿŲģ ܉ĪǢƠĪƣŏĪŲĜĪ ǝżƣŤŏŲŃ ÿƣżǀŲģ ƸŊĪ ŃŧżěĪ ŏŲ żƠĪƣÿƸŏżŲÿŧ

 ǣĪÿƣƫżłڑڎrƣ܏ÃƫŰÿƣŏƫÿŲŏŲƸĪƣŲÿƸŏżŲÿŧŰŏŲŏŲŃĪǢĪĜǀƸŏǜĪǝŏƸŊżǜĪƣ

 ܏ڒڍڌڎrÿǣ

 Founded the Company

Director and CEO

Shaun Usmar,

G®/ޠÿŧĪŲƸ1⁄4܉żÿƣģ ßŏĜĪƣĪƫŏģĪŲƸrƫ܏fÿƸǣ

FŏŲÿŲĜĪ܉ÿƣŏ ßŏĜĪƣĪƫŏģĪŲƸrƣ܏/ěÿŲ

SŲǜĪƫƸżƣ¦ĪŧÿƸŏżŲƫޠǜÿŧǀÿƸŏżŲƫ/܉rƣ܏dÿŰĪƫ'ĪŲģŧĪ ßŏĜĪƣĪƫŏģĪŲƸ

rƣ܏®ŊĪŧģżŲßÿŲģĪƣŤżżǣ  ŊŏĪłFŏŲÿŲĜŏÿŧdzǿĜĪƣ

rƣ܏®ŊÿǀŲÃƫŰÿƣ  ŊŏĪł/ǢĪĜǀƸŏǜĪdzǿĜĪƣ

tÿŰĪģ/ǢĪĜǀƸŏǜĪdzǿĜĪƣ Position

 ܈żǀƣt/ƫÿƣĪ܉ڍڎڌڎ1⁄4ŊĪłżŧŧżǝŏŲŃģŏƫĜǀƫƫŏżŲżǀƸŧŏŲĪƫƸŊĪƫŏŃŲŏǿĜÿŲƸĪŧĪŰĪŲƸƫżłƸŊĪĜżŰƠĪŲƫÿƸŏżŲƠƣżŃƣÿŰłżƣthe Company’s NEOs܏FżƣǿƫĜÿŧ

INTRODUCTION

REPORT ON EXECUTIVE COMPENSATION AND EQUITY OWNERSHIP

Compensation Discussion and Analysis

	
	ڛڙ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏ŏŲĜżƣƠżƣÿƸĪģŏŲƸżżǀƣĜżŰƠĪŲƫÿƸŏżŲƠƣżŃƣÿŰÿƣĪģŏƫĜǀƫƫĪģěĪŧżǝ

 ŰŏƸŏŃÿƸŏŲŃƠƣÿĜƸŏĜĪƫƸŊÿƸǝĪŊÿǜĪܫƸŊĪŤĪǣƣŏƫŤ܉żŧŏĜǣģŏƫĜǀƫƫĪģÿěżǜĪ

NĪģŃŏŲŃܫżŲƸŊĪĜżŰƠÿŲǣ܏SŲÿģģŏƸŏżŲƸżżǀƣSŲƫŏģĪƣ1⁄4ƣÿģŏŲŃÿŲģŲƸŏ

 ÿŲǣ ƣŏƫŤƫ ƸŊÿƸ ÿƣĪ ƣĪÿƫżŲÿěŧǣ ŧŏŤĪŧǣ Ƹż ŊÿǜĪ ÿ ŰÿƸĪƣŏÿŧ ÿģǜĪƣƫĪ ĪdzłĪĜƸ

G  żŰŰŏƸƸĪĪ Ŋÿƫ ŲżƸ ŏģĪŲƸŏǿĪģ®/ ޠ ǀƸŏǜĪ ƸĪÿŰ܏ 1⁄4ŊĪ  żŰƠĪŲƫÿƸŏżŲ

practices do not encourage excessive risk-taking behavior by the exec-

 tion & ESG Committee also seeks to ensure the Company’s compensation

 ƣĪǝÿƣģĜżŲƫŏƫƸĪŲƸǝŏƸŊƸŊĪƣŏƫŤƠƣżǿŧĪżłƸŊĪ żŰƠÿŲǣ܏1⁄4ŊĪ żŰƠĪŲƫÿ-

 tive compensation program provides an appropriate balance of risk and

G żŰŰŏƸƸĪĪƫĪĪŤƫƸżĪŲƫǀƣĪƸŊĪĪǢĪĜǀ-®/ޠƸŊĪ żŰƠĪŲƫÿƸŏżŲ܉ǣĪÿƣ

SŲƣĪǜŏĪǝŏŲŃƸŊĪ żŰƠÿŲǣܹƫĜżŰƠĪŲƫÿƸŏżŲƠżŧŏĜŏĪƫÿŲģƠƣÿĜƸŏĜĪƫĪÿĜŊ

RISK AND EXECUTIVE COMPENSATION

 ܏ŏŲƸŊĪÃŲŏƸĪģ®ƸÿƸĪƫܡƸĪƣŲƫ®ܨtæÃܠÃŲŏǜĪƣƫŏƸǣ

 ÿŲģŊżŧģƫÿ ĪƣƸŏǿĜÿƸĪŏŲ żƣƠżƣÿƸĪ®ǀƫƸÿŏŲÿěŏŧŏƸǣłƣżŰtĪǝæżƣŤܡ¦Gܠ

 ÿGŧżěÿŧ¦ĪŰǀŲĪƣÿƸŏżŲƣżłĪƫƫŏżŲÿŧ܉ܡ  ܠ żŰƠĪŲƫÿƸŏżŲƣżłĪƫƫŏżŲÿŧ

 ŏƫÿ ĪƣƸŏǿĪģ܉ÿĜŊĪŧżƣżł żŰŰĪƣĜĪłƣżŰ¦ǣĪƣƫżŲÃŲŏǜĪƣƫŏƸǣŏŲ ÿŲÿģÿ

 żÿƣģ Ŋżŧģƫ ÿ ܏ŏŲ ěżƸŊ ƸŊĪ ƠŊÿƣŰÿĜĪǀƸŏĜÿŧ ÿŲģ ŊżƸĪŧ ŏŲģǀƫƸƣŏĪƫ܏ rƫ

 żÿƣģ Ŋÿƫ ÿŧƫż ŊĪŧģ ǜÿƣŏżǀƫ ĜżƣƠżƣÿƸĪ ƠżƫŏƸŏżŲƫ ܏1⁄4żƸÿŧ ¦Īǝÿƣģƫ܏ rƫ

Gŧżěÿŧ܉ÿƣƣŏĜŤÿƫßŏĜĪƣĪƫŏģĪŲƸǣĪÿƣƫÿƸڌڍŏŲŏƸŏÿƸŏǜĪƫ܏®ŊĪÿŧƫżƫƠĪŲƸ

GżǜĪƣŲÿŲĜĪ ÿŲģ 'ŏƫĜŧżƫǀƣĪ ܉ĪǢĪĜǀƸŏǜĪƫ żŲ /ǢĪĜǀƸŏǜĪ  żŰƠĪŲƫÿƸŏżŲ

 ÿģǜŏƫŏŲŃÿŲģƠƣżǜŏģŏŲŃŏŲƫŏŃŊƸƸżěżƸŊěżÿƣģÿŲģܔŰŏŲŏŲŃĜżŰƠÿŲŏĪƫ

 ĜÿƠܫżÿƣģĜżŲƫǀŧƸĪģƸżǜÿƣŏżǀƫƫŰÿŧŧÿŲģŧÿƣŃĪ܏rƫ܉šżŏŲŏŲŃ1⁄4ƣŏƠŧĪFŧÿŃ

 ŰżƣĪƸŊÿŲÿģżǭĪŲżłǝŊŏĜŊÿƣĪŏŲƸŊĪŰŏŲŏŲŃŏŲģǀƫƸƣǣ܏ƣŏżƣƸż܉ĪŲĜĪ

 ǣĪÿƣƫżłĪǢƠĪƣŏ-ڌڎżÿƣģŏƫÿŊǀŰÿŲƣĪƫżǀƣĜĪƫƠƣżłĪƫƫŏżŲÿŧǝŏƸŊ܏rƫ

 ܏ڕڍڌڎdżŏŲĪģǀŃǀƫƸ

VP, Talent & ESG

 Katy Board,

 ܏łƣżŰƸŊĪÃŲŏǜĪƣƫŏƸǣżł1⁄4żƣżŲƸżŏŲ ÿŲÿģÿܡNżŲżǀƣƫܠżł żŰŰĪƣĜĪ

 ÿĜŊĪŧżƣÿƣŏŊżŧģƫÿ܏rƣ܏ܡSŧŧŏŲżŏƫܠ ÿŲÿģÿÿƫǝĪŧŧÿƫŏŲƸŊĪÃŲŏƸĪģ®ƸÿƸĪƫ

 ÿƫ®ĪŲŏżƣ'ŏƣĪĜƸżƣFŏŲÿŲĜŏÿŧ¦ĪƠżƣƸŏŲŃ܏NĪŊżŧģƫÿ ģĪƫŏŃŲÿƸŏżŲŏŲ

 ÿƣƣŏĜŤÿŲģŰżƫƸƣĪĜĪŲƸŧǣŊĪƫƠĪŲƸŲŏŲĪǣĪÿƣƫÿƸ܉ƸżšżŏŲŏŲŃ1⁄4ƣŏƠŧĪFŧÿŃ

 ŏŲǿŲÿŲĜŏÿŧƣĪƠżƣƸŏŲŃÿĜƣżƫƫĜżŰƠŧĪǢŰǀŧƸŏŲÿƸŏżŲÿŧżƣŃÿŲŏǭÿƸŏżŲƫ܏ƣŏżƣ

 ǣĪÿƣƫżłĪǢƠĪƣŏĪŲĜĪڌڎÿƣŏŏƫÿƫĪŲŏżƣǿŲÿŲĜĪƠƣżłĪƫƫŏżŲÿŧǝŏƸŊżǜĪƣ܏rƣ

 ܏ڔڍڌڎdżŏŲĪģ®ĪƠƸĪŰěĪƣ

VP, Finance

  Eban Bari,

is a Chartered Geologist of the Geological Society of London.

 ÿŲģ܉ÿŰěżƣŲĪ®ĜŊżżŧżłrŏŲĪƫŏŲƸŊĪÃf ܉łƣżŰƸŊĪÃŲŏǜĪƣƫŏƸǣżł/ǢĪƸĪƣ

 ܡŏƫƸŏŲĜƸŏżŲ'ܠÿŲģÿrÿƫƸĪƣżł®ĜŏĪŲĜĪŏŲrŏŲŏŲŃGĪżŧżŃǣܡ ŧÿƫƫNżŲżǀƣƫ

 ƫƸڍܠÿĜŊĪŧżƣżł®ĜŏĪŲĜĪŏŲƠƠŧŏĪģGĪżŧżŃǣ żƣƠ܏rƣ܏'ĪŲģŧĪŊżŧģƫÿ

NĪŏƫÿŧƫżÿŰĪŰěĪƣżłƸŊĪěżÿƣģżłģŏƣĪĜƸżƣƫżłGżŧģ®ƠżƸ'ŏƫĜżǜĪƣŏĪƫ

 ܏ÿĜƣżƫƫƠƣĪģżŰŏŲÿŲƸŧǣěÿƫĪÿŲģƠƣĪĜŏżǀƫŰĪƸÿŧƫ܉ĪǢƠŧżƣÿƸŏżŲƠƣżšĪĜƸƫ

 ģĪǜĪŧżƠŰĪŲƸÿŲģ܉ǝżƣŤŏŲŃŃŧżěÿŧŧǣżŲÿǝŏģĪƣÿŲŃĪżłżƠĪƣÿƸŏŲŃŰŏŲĪƫ

 ܉hŏŰŏƸĪģܡÃfܠŊĪǝÿƫÿ®ĪŲŏżƣ żŲƫǀŧƸÿŲƸÿƸ®¦f żŲƫǀŧƸŏŲŃ܉1⁄4ƣŏƠŧĪFŧÿŃ

 ŰǀŧƸŏģŏƫĜŏƠŧŏŲÿƣǣģǀĪģŏŧŏŃĪŲĜĪÿŲģƸĪĜŊŲŏĜÿŧƫƸǀģŏĪƫ܏ƣŏżƣƸżšżŏŲŏŲŃ

 ܉ěƣżÿģěÿĜŤŃƣżǀŲģŏŲĪƫƸŏŰÿƸŏŲŃÿŲģÿǀģŏƸŏŲŃƣĪƫżǀƣĜĪƫÿŲģƣĪƫĪƣǜĪƫ

 ĪŲĜĪŏŲěżƸŊƸŊĪƠƣŏǜÿƸĪƫĪĜƸżƣÿŲģŏŲĜżŲƫǀŧƸÿŲĜǣƫĪƣǜŏĜĪƫ܏NĪŊÿƫÿ

 ǣĪÿƣƫ żł Ńŧżěÿŧ ĪǢƠĪƣŏ- ڌڍ rƣ܏'ĪŲģŧĪ ŏƫ ÿ ŃĪżŧżŃŏƫƸ ǝŏƸŊ ŰżƣĪ ƸŊÿŲ

 ܏ړڍڌڎdżŏŲĪģrÿǣ

Investor Relations

VP, Evaluations &

 James Dendle,

Compensation Discussion and Analysis

	
	ڜڙ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏ÿŲģǝŊŏĜŊģŏƫĜŧżƫǀƣĪƫÿƣĪŏŲĜżƣƠżƣÿƸĪģěǣƣĪłĪƣĪŲĜĪŊĪƣĪŏŲ

 ܉ŲŲǀÿŧ¦ĪƠżƣƸǝŊŏĜŊŏƫÿǜÿŏŧÿěŧĪżŲżǀƣ®/'¦ƠƣżǿŧĪÿƸǝǝǝ܏ƫĪģÿƣ܏ĜżŰڍڎڌڎŲÿŧǣƫŏƫżłƸŊĪ żŰƠÿŲǣܹƫޠƫĪĜƸŏżŲŏŲĜŧǀģĪģŏŲƸŊĪrÿŲÿŃĪŰĪŲƸܹƫ'ŏƫĜǀƫƫŏżŲܷܡܷ®/Gܶܠ/ƢǀŏǜÿŧĪŲƸǀŲĜĪƫ

GżŧģܨSF¦®FŏŲÿŲĜŏÿŧĪƣłżƣŰÿŲĜĪrĪÿƫǀƣĪƫܫƠŧĪÿƫĪƫĪĪƸŊĪܶtżŲ܉ŏƫƫǀĪƣƫ܏FżƣłǀƣƸŊĪƣŏŲłżƣŰÿƸŏżŲÿŲģÿģĪƸÿŏŧĪģƣĪĜżŲĜŏŧŏÿƸŏżŲżłG/ƫƸżƸŊĪŰżƫƸģŏƣĪĜƸŧǣĜżŰƠÿƣÿěŧĪSF¦®ŰĪÿƫǀƣĪ

SF¦®ǿŲÿŲĜŏÿŧƠĪƣłżƣŰÿŲĜĪŰĪÿƫǀƣĪǝŏƸŊŲżƫƸÿŲģÿƣģŏǭĪģŰĪÿŲŏŲŃǀŲģĪƣSF¦®ÿŲģƸŊĪƣĪłżƣĪŰÿǣŲżƸěĪĜżŰƠÿƣÿěŧĪƸżƫŏŰŏŧÿƣŰĪÿƫǀƣĪƫƠƣĪƫĪŲƸĪģěǣżƸŊĪƣܫ1 G/ƫÿƫƠƣĪƫĪŲƸĪģŏƫÿŲżŲ

 carbon neutrality throughout our investment activities.

 ÿŲģ ŰÿŏŲƸÿŏŲŏŲŃ ܉ƫǀƠƠżƣƸ ƸŊĪŏƣ ƫǀƫƸÿŏŲÿěŏŧŏƸǣ ŏŲǜĪƫƸŰĪŲƸ ƠƣŏżƣŏƸŏĪƫ

 ŏŲǜĪƫƸŏŲŃ ÿŧżŲŃƫŏģĪ żǀƣ ŰŏŲŏŲŃ ƠÿƣƸŲĪƣƫ Ƹż ܉ƠżƣƸłżŧŏż ŰÿŲÿŃĪŰĪŲƸ

 żŲŃżŏŲŃ܉ŏŲĜŧǀģŏŲŃƸŊƣżǀŃŊģĪƸÿŏŧĪģģǀĪģŏŧŏŃĪŲĜĪ܉ƸÿŏŲÿěŧĪŏŲǜĪƫƸŏŲŃ

lightly. This strategy is supported by a fundamental approach to sus-

 tize per-share metrics as our equity is precious and dilution is not taken

 ÿŲģǝĪƠƣŏżƣŏ-܉ǀŲģĪƣƠŏŲŲĪģěǣƠƣǀģĪŲƸĜÿƠŏƸÿŧƫƸƣǀĜƸǀƣĪŰÿŲÿŃĪŰĪŲƸ

 Ŋŏƫŏƫ1⁄4܏ܡƫŊÿƣĪěÿƫŏƫܫÿŧŧżŲÿƠĪƣܠƣĪƫĪƣǜĪƫÿŲģżƠƸŏżŲÿŧŏƸǣ܉łƣĪĪĜÿƫŊǵŧżǝ

 ܉ģĪŧŏǜĪƣŏŲŃŃƣżǝƸŊŏŲǜÿŧǀĪƠĪƣƫŊÿƣĪżǜĪƣƸŏŰĪěǣŃƣżǝŏŲŃżǀƣG/ƫ

 ŃƣżǝƸŊƠżƣƸłżŧŏżżłƠƣĪĜŏżǀƫŰĪƸÿŧƫƫƸƣĪÿŰƫÿŲģƣżǣÿŧƸŏĪƫ܏àĪłżĜǀƫżŲ

 ܫŊŏŃŊ ܉ƢǀÿŧŏƸǣܫàĪ ĜƣĪÿƸĪ ǜÿŧǀĪ łżƣ żǀƣ ŏŲǜĪƫƸżƣƫ ěǣ ěǀŏŧģŏŲŃ ÿ ŊŏŃŊ

and strengthen our role as a leader in sustainable business practices.

 àĪŊÿǜĪÿĜŊŏĪǜĪģÿŲģǝŏŧŧĜżŲƸŏŲǀĪƸżŰÿŏŲƸÿŏŲżǀƣĜÿƣěżŲŲĪǀƸƣÿŧŏƸǣ

 ܏ÿŲģŲżĜżŰŰŏƸŰĪŲƸƫłżƣƸŊĪłżƣĪƫĪĪÿěŧĪłǀƸǀƣĪ܉ÿĜĜżƣģŏżŲÿǜÿŏŧÿěŧĪ

 ŰŏŧŧŏżŲڌڌڍŰŏŧŧŏżŲǝŏƸŊÿŲÿģģŏƸŏżŲÿŧݕڌڌڑǀŲģƣÿǝŲĜƣĪģŏƸłÿĜŏŧŏƸǣżłݕ

 ÿŲ܉ŰŏŧŧŏżŲ ڍڐǝŏƸŊ ŲĪƸ ĜÿƫŊ żł żǜĪƣ ݕ ܉łƣĪĪܫàĪ ĪŲģĪģ ƸŊĪ ǣĪÿƣ ģĪěƸ

 ܏ƸŏĪƣšǀƣŏƫģŏĜƸŏżŲƫƸżƸŊĪƠżƣƸłżŧŏżܫƠƣŏŰÿƣŏŧǣƸżƠ

 ŊŏŃŊŧǣƠƣżƫƠĪĜƸŏǜĪĪǢƠŧżƣÿƸŏżŲƣżǣÿŧƸŏĪƫŏŲړڏ1⁄4ŊĪƫĪÿĜƢǀŏƫŏƸŏżŲƫÿģģĪģ

 ܏ŰŏŧŧŏżŲڑłżƣݕ܉ÿƠƣŏǜÿƸĪĜżŰƠÿŲǣ܉ƠƣżšĪĜƸłƣżŰǭǀłƣĪƫƸÿĜÿŰÿ® r

 łżŧŏżĜżǜĪƣŏŲŃĜŧÿŏŰƫƠƣżǢŏŰÿŧƸżGżŧģFŏĪŧģƫhŏŰŏƸĪģܹƫ®ÿŧÿƣĪƫtżƣƸĪ

 ǝĪÿĜƢǀŏƣĪģÿ ŊŏŧĪÿŲƣżǣÿŧƸǣƠżƣƸ-܉ڍڎڌڎŏŲ'ĪĜĪŰěĪƣ܉ŰŏŧŧŏżŲÿŲģڒڐݕ

 ƸŊĪÿĜƢǀŏƫŏƸŏżŲżłÿƣżǣÿŧƸǣƠżƣƸłżŧŏżłƣżŰSrGh' żƣƠżƣÿƸŏżŲłżƣ

 ǝĪ ĜŧżƫĪģ ܉ڍڎڌڎ ǜŏƫŏƸƫ ÿŲģ ŃĪŲĪƣÿƸŏŲŃ ŏŲǜĪƫƸŰĪŲƸ ƠƣżƠżƫÿŧƫ܏ /ÿƣŧǣ ŏŲ

 ĜżżƣģŏŲÿƸŏŲŃ ģǀĪ ģŏŧŏŃĪŲĜĪ ƫŏƸĪ ܉ƫǀěŰŏƸƸŏŲŃ żdzłĪƣƫ ܉żƠƠżƣƸǀŲŏƸŏĪƫ

 żǀƣĪǢĪĜǀƸŏǜĪƸĪÿŰǝÿƫĪǢƸƣĪŰĪŧǣÿĜƸŏǜĪƣĪǜŏĪǝŏŲŃŲĪǝģĪÿŧ܉ƸŊĪS

 ŲĪǝ ŃƣżǝƸŊ żƠƠżƣƸǀŲŏƸŏĪƫ ƸŊƣżǀŃŊ ÿĜĜƣĪƸŏǜĪ ģĪÿŧƫ܏ tżƸǝŏƸŊƫƸÿŲģŏŲŃ

 ǝŊŏĜŊǝŏŧŧŊĪŧƠłǀŲģ܉ǝŏƸŊƫŏŃŲŏǿĜÿŲƸŧŏƢǀŏģŏƸǣÿŲģŲżŲĪƸģĪěƸ܉łǀƸǀƣĪ

 ěƣżÿģĪŲĪģ żǀƣ żǝŲĪƣƫŊŏƠ ěÿƫĪ ÿŲģ ƫƸƣÿƸĪŃŏĜ ÿŧƸĪƣŲÿƸŏǜĪƫ łżƣ ƸŊĪ

 ǝŊŏĜŊ ܉ģĪǜżƸĪģ ĜżŲƫŏģĪƣÿěŧĪ ƣĪƫżǀƣĜĪƫ Ƹż ģĪŧŏǜĪƣ żǀƣ ƫǀĜĜĪƫƫłǀŧ S

 ƸŊĪ ƸĪÿŰ ܉żŲ ƸŊĪ ĜżƣƠżƣÿƸĪ ģĪǜĪŧżƠŰĪŲƸ ƫŏģĪ ܉FŏƣƫƸ ÿŲģ łżƣĪŰżƫƸ

 additional investment.

 ǝŊŏĜŊ ÿģģĪģ ŰżƣĪ ƸŊÿŲ ÿ ģĪĜÿģĪ żł ŰŏŲĪ ŧŏłĪ żŲ ƸŊŏƫ ÿƫƫĪƸ łżƣ Ųż

 ܉ڍڎڌڎłƣĪƫŊƣżĜŤƠƣżšĪĜƸŏŲĜƸżěĪƣżłܡ”ATO“ܠƸŊĪŧƸÿŲ1⁄4ƫÿŃÿÿŲǜżż

 ǝÿƫ ƸŊĪ ƠǀěŧŏƫŊŏŲŃ ěǣ ®ƸĪƠƠĪ Gżŧģ hƸģ܏ żł ƸŊĪ łĪÿƫŏěŏŧŏƸǣ ƫƸǀģǣżŲ

 ŊĪŰżƫƸŰÿƸĪƣŏÿŧƠżƫŏƸŏǜĪĜŊÿŲŃĪƸżƸŊĪƠżƣƸłżŧŏż1⁄4܏ܡŰŏŧŧŏżŲڐڔݕܠǵŧżǝ

 ÿŲģ żƠĪƣÿƸŏŲŃ ĜÿƫŊ ܡƣĪƫƠĪĜƸŏǜĪŧǣ ܉G/ƫ1 ڕڑڌ܉ڏڒ ŰŏŧŧŏżŲ ÿŲģ ڒ܏ڎڍڍݕܠ

 ǜĪƣƫǀƫƸŊĪƠƣŏżƣǣĪÿƣܹƫƣĪĜżƣģƣĪǜĪŲǀĪÿŲģƫÿŧĪƫǜżŧǀŰĪƫܡŰŏŧŧŏżŲڌڎڍݕܠ

 ÿŲģ żƠĪƣÿƸŏŲŃ ĜÿƫŊ ǵŧżǝ ܡƣĪƫƠĪĜƸŏǜĪŧǣ ܉ĪƢǀŏǜÿŧĪŲƸ żǀŲĜĪƫ ܶG/ƫܷ1

 Ńżŧģ ڎڌڒ܉ڏڔ ŰŏŧŧŏżŲ ÿŲģ ڐ܏ڌڑڍݕܠ ǣĪÿƣŧǣ ƣĪǜĪŲǀĪ ÿŲģ ƫÿŧĪƫ ǜżŧǀŰĪƫ

 ǀŲĜĪƣƸÿŏŲƸǣ ÿŲģ ƫǀƠƠŧǣ ĜŊÿŏŲ ģŏƫƣǀƠƸŏżŲƫ܏ àĪ Ŋÿģ ƣĪĜżƣģ ڕڍܫ' ßS

 żǀƣƠżƣƸłżŧŏżƠĪƣłżƣŰĪģǝĪŧŧģĪƫƠŏƸĪƸŊĪěÿĜŤģƣżƠżłżŲŃżŏŲŃ܉ڍڎڌڎSŲ

PERFORMANCE HIGHLIGHTS

 rtæFStt Sh ڗژږژ

 ܏ƠżƫŏƸŏżŲĪģÿƫǝĪŧżżŤƸżƸŊĪłǀƸǀƣĪ

 ǝĪěĪŧŏĪǜĪƸŊÿƸ1⁄4ƣŏƠŧĪFŧÿŃŏƫǝĪŧŧ܉ŏƸŏżŲÿŧŊÿǜĪŲ܏àŏƸŊƸŊŏƫěÿĜŤģƣżƠ

 ǀŲĜĪƣƸÿŏŲƸŏĪƫŊÿǜĪÿŧƫżŃĪŲĪƣÿƸĪģƣĪŲĪǝĪģŏŲƸĪƣĪƫƸŏŲŃżŧģÿƫÿƸƣÿģ-

 cost escalation and subsequent margin compression. Persistent global

 ěǀƸŏŲƫǀŧÿƸĪģłƣżŰżƠĪƣÿƸŏŲŃÿŲģĜÿƠŏƸÿŧ܉ƸżƸżƠŧŏŲĪƣĪǜĪŲǀĪŃƣżǝƸŊ

 ǝŏƸŊĪǢƠżƫǀƣĪ܉ŲĪƫƫŰżģĪŧŏƫŏģĪÿŧŧǣƫŏƸǀÿƸĪģŏŲƫǀĜŊÿŲĪŲǜŏƣżŲŰĪŲƸ

 ŏŲĜŧǀģŏŲŃƸŊĪŰŏŲŏŲŃƫĪĜƸżƣ܏1⁄4ŊĪƫƸƣĪÿŰŏŲŃÿŲģƣżǣÿŧƸǣěǀƫŏ-܉ĪĜżŲżŰǣ

 pressures have become increasingly prevalent throughout the global

 ĜżƫƸ܉ƫĪĜƸżƣŊÿƫƠĪƣłżƣŰĪģƫƸƣżŲŃŧǣ܏ǽƸĪƣÿģĪĜÿģĪżłěĪŲŏŃŲŏŲǵŧÿƸŏżŲ

 ƸŊĪŰŏŲŏŲŃ܉ڕڍܫ''ĪƫƠŏƸĪƸŊĪżŲŃżŏŲŃǀŲĜĪƣƸÿŏŲƸŏĪƫƫǀƣƣżǀŲģŏŲŃ ßS

 metals IPO globally since 2008.

 ÿŲģƸŊĪŧÿƣŃĪƫƸƠƣĪĜŏżǀƫ܉ڎڍڌڎƸŊĪŧÿƣŃĪƫƸŰŏŲŏŲŃSżŲƸŊĪ1⁄4®åƫŏŲĜĪ

 TSX”) listed publicly traded company in“ܠ ÿ 1⁄4żƣżŲƸż ®ƸżĜŤ /ǢĜŊÿŲŃĪ

 łżƣŰÿƸŏżŲÿŧłżƣ1⁄4ƣŏƠŧĪFŧÿŃ܏àĪƸƣÿŲƫŏƸŏżŲĪģłƣżŰÿƠƣŏǜÿƸĪĜżŰƠÿŲǣƸż

 ǝÿƫƸƣÿŲƫ-ڍڎڌڎ܉SŲÿǣĪÿƣǿŧŧĪģǝŏƸŊŲĪǝĜŊÿŧŧĪŲŃĪƫÿŲģżƠƠżƣƸǀŲŏƸŏĪƫ

 ß/¦ßS/àڗژږژ

Compensation Discussion and Analysis

	
	ڝڙ ¦rtG/r/t1⁄4¦åæ S¦ ÃhڗژږژSh/FhG¦1⁄4

 ڌڎڌڎżǀŲĜĪƫŏŲڕڑڌ܉ڏڒ

 łƣżŰ܉żǀŲĜĪƫڎڌڒ܉ڏڔ  %ڙڙ

 ڗGEOs SOLD

 ܏ÿŲģǝŊŏĜŊģŏƫĜŧżƫǀƣĪƫÿƣĪŏŲĜżƣƠżƣÿƸĪģěǣƣĪłĪƣĪŲĜĪŊĪƣĪŏŲ܉ǝŊŏĜŊŏƫÿǜÿŏŧÿěŧĪżŲżǀƣ®/'¦ƠƣżǿŧĪÿƸǝǝǝ܏ƫĪģÿƣ܏ĜżŰ܉¦ĪƠżƣƸ

 ŲŲǀÿŧڍڎڌڎŲÿŧǣƫŏƫżłƸŊĪ żŰƠÿŲǣܹƫޠSF¦®FŏŲÿŲĜŏÿŧĪƣłżƣŰÿŲĜĪrĪÿƫǀƣĪƫܷƫĪĜƸŏżŲŏŲĜŧǀģĪģŏŲƸŊĪrÿŲÿŃĪŰĪŲƸܹƫ'ŏƫĜǀƫƫŏżŲܫƠŧĪÿƫĪƫĪĪƸŊĪܶtżŲ܉ĜżŰƠÿƣÿěŧĪSF¦®ŰĪÿƫǀƣĪƫ

SF¦®ǿŲÿŲĜŏÿŧƠĪƣłżƣŰÿŲĜĪŰĪÿƫǀƣĪƫƸżƸŊĪŰżƫƸģŏƣĪĜƸŧǣܫĜżŰƠÿƣÿěŧĪƸżƫŏŰŏŧÿƣŰĪÿƫǀƣĪƫƠƣĪƫĪŲƸĪģěǣżƸŊĪƣŏƫƫǀĪƣƫ܏FżƣłǀƣƸŊĪƣŏŲłżƣŰÿƸŏżŲÿŲģÿģĪƸÿŏŧĪģƣĪĜżŲĜŏŧŏÿƸŏżŲżłƸŊĪƫĪŲżŲ

SF¦®ǿŲÿŲĜŏÿŧƠĪƣłżƣŰÿŲĜĪŰĪÿƫǀƣĪƫǝŏƸŊŲżƫƸÿŲģÿƣģŏǭĪģŰĪÿŲŏŲŃǀŲģĪƣSF¦®ÿŲģƸŊĪƣĪłżƣĪŰÿǣŲżƸěĪܫS1⁄4'ÿƫƠƣĪƫĪŲƸĪģÿƣĪŲżŲÿŲģģšǀƫƸĪģ/܉ģšǀƫƸĪģtĪƸ/ÿƣŲŏŲŃƫ܉G/ƫ 1

 ڌڎڌڎŰŏŧŧŏżŲŏŲڎ܏ڒڕݕ

 łƣżŰ܉ŰŏŧŧŏżŲڑ܏ڏڎڍݕ  %ڞژ

 ڗADJUSTED EBITDA

 ڌڎڌڎŏŲܡƫŊÿƣĪܕڍڎ܏ڌݕܠ

 ŰŏŧŧŏżŲڐ܏ڐڎłƣżŰݕ

 ܉ܡƫŊÿƣĪܕڕڏ܏ڌݕܠŰŏŧŧŏżŲڒ܏ړڑݕ  %ڜڙڗ

 ڗADJUSTED NET EARNINGS

in 2020

 ƫŊÿƣĪܕڔڐ܏ڌݕܠŰŏŧŧŏżŲڒ܏ڑڑݕ

 ĜżŰƠÿƣĪģƸż܉ܡƫŊÿƣĪܕڍڏ܏ڌݕܠ  Mڛ܏ڛښ ݕ

NET EARNINGS

 ڌڎڌڎŰŏŧŧŏżŲŏŲڐ܏ڐڔݕ

 łƣżŰ܉ŰŏŧŧŏżŲڌ܏ڌڎڍݕ  %ژښ

OPERATING CASH FLOW

 ڌڎڌڎŰŏŧŧŏżŲŏŲڒ܏ڎڍڍݕ

 łƣżŰ܉ŰŏŧŧŏżŲڐ܏ڌڑڍݕ %ښڙ

REVENUE

 ܈ŏŲĜŧǀģĪƸŊĪłżŧŧżǝŏŲŃڍڎڌڎFŏŲÿŲĜŏÿŧŊŏŃŊŧŏŃŊƸƫłżƣ

Compensation Discussion and Analysis

	
	ڞڙ ¦rtG/r/t1⁄4¦åæ S¦ ÃhڗژږژSh/FhG¦1⁄4

 ܡݕrܠ

 ڗܦ®®hܠ®/¦tStG

  ADJUSTED NET

 ܡݕrܠ

 ܦ®®hܠ®t/1⁄4/¦tStG

 ܡݕrܠ

 ڗADJUSTED EBITDA

57.6$

24.4$

(2.4$)

(8.6$)

(7.4$)

 ڗژږژ

 ږژږژ

 ڟڗږژ

 ڞڗږژ

 ڝڗږژ

60

45

30

15

0

15-

45.5$

55.6$

(29.0$)

0$

(13.8$)

 ڗژږژ

 ږژږژ

 ڟڗږژ

 ڞڗږژ

 ڝڗږژ

60

45

30

15

0

15-

123.5$

96.2$

48.3$

34.4$ 31.8$

 ڗژږژ

 ږژږژ

 ڟڗږژ

 ڞڗږژ

 ڝڗږژ

120

90

60

30

0

 ܡƫڌڌڌܠ

 ڗGEOs

 ܡݕrܠ

OPERATING CASH FLOW

 ܡݕrܠ

REVENUE

83.6

63.1

42.4

34.3 32.7

 ڗژږژ

 ږژږژ

 ڟڗږژ

 ڞڗږژ

 ڝڗږژ

80

60

40

20

0

120.0$

84.4$

39.7$

27.9$ 27.1$

 ڗژږژ

 ږژږژ

 ڟڗږژ

 ڞڗږژ

 ڝڗږژ

120

90

60

30

0

150.4$

112.6$

59.1$

43.0$ 41.0$

 ڗژږژ

 ږژږژ

 ڟڗږژ

 ڞڗږژ

 ڝڗږژ

150

120

90

60

30

0

 ܏ÿŲģǝŊŏĜŊģŏƫĜŧżƫǀƣĪƫÿƣĪŏŲĜżƣƠżƣÿƸĪģěǣƣĪłĪƣĪŲĜĪŊĪƣĪŏŲ܉ǝŊŏĜŊŏƫÿǜÿŏŧÿěŧĪżŲżǀƣ®/'¦ƠƣżǿŧĪÿƸǝǝǝ܏ƫĪģÿƣ܏ĜżŰ܉¦ĪƠżƣƸ

 ŲŲǀÿŧڍڎڌڎŲÿŧǣƫŏƫżłƸŊĪ żŰƠÿŲǣܹƫޠSF¦®FŏŲÿŲĜŏÿŧĪƣłżƣŰÿŲĜĪrĪÿƫǀƣĪƫܷƫĪĜƸŏżŲŏŲĜŧǀģĪģŏŲƸŊĪrÿŲÿŃĪŰĪŲƸܹƫ'ŏƫĜǀƫƫŏżŲܫƠŧĪÿƫĪƫĪĪƸŊĪܶtżŲ܉ĜżŰƠÿƣÿěŧĪSF¦®ŰĪÿƫǀƣĪƫ

SF¦®ǿŲÿŲĜŏÿŧƠĪƣłżƣŰÿŲĜĪŰĪÿƫǀƣĪƫƸżƸŊĪŰżƫƸģŏƣĪĜƸŧǣܫĜżŰƠÿƣÿěŧĪƸżƫŏŰŏŧÿƣŰĪÿƫǀƣĪƫƠƣĪƫĪŲƸĪģěǣżƸŊĪƣŏƫƫǀĪƣƫ܏FżƣłǀƣƸŊĪƣŏŲłżƣŰÿƸŏżŲÿŲģÿģĪƸÿŏŧĪģƣĪĜżŲĜŏŧŏÿƸŏżŲżłƸŊĪƫĪŲżŲ

SF¦®ǿŲÿŲĜŏÿŧƠĪƣłżƣŰÿŲĜĪŰĪÿƫǀƣĪƫǝŏƸŊŲżƫƸÿŲģÿƣģŏǭĪģŰĪÿŲŏŲŃǀŲģĪƣSF¦®ÿŲģƸŊĪƣĪłżƣĪŰÿǣŲżƸěĪܫS1⁄4'ÿƫƠƣĪƫĪŲƸĪģÿƣĪŲżŲÿŲģģšǀƫƸĪģ/܉ģšǀƫƸĪģtĪƸ/ÿƣŲŏŲŃƫ܉1 G/ƫ

Compensation Discussion and Analysis

	
	ڟڙ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

Provide only limited perquisites ށ

short-term incentive plan

 ǀŲģĪƣżǀƣܡƠÿǣżǀƸŏƫƠżƫƫŏěŧĪڴݕܠƸĪƣŰŏŲĜĪŲƸŏǜĪƠŧÿŲ X GǀÿƣÿŲƸĪĪŰŏŲŏŰǀŰƠÿǣżǀƸƫܫNÿǜĪƸŊƣĪƫŊżŧģƫÿŲģŰÿǢŏŰǀŰƫżŲżǀƣƫŊżƣƸ ށ

to the Company

 X tżÿƫƠĪĜƸżłƸŊĪƠÿǣƠżŧŏĜŏĪƫżƣƠƣÿĜƸŏĜĪƫƠżƫĪŰÿƸĪƣŏÿŧÿģǜĪƣƫĪƣŏƫŤ

unearned incentive pay

 ƠżŧŏĜǣƸżƣĪĜÿƠƸǀƣĪܡĜŧÿǝěÿĜŤܠrÿŏŲƸÿŏŲÿĜżŰƠĪŲƫÿƸŏżŲƣĪĜżǜĪƣǣ ށ

 ĪƢǀŏƣĪĪǢĪĜǀƸŏǜĪƫƸżŰĪĪƸŰŏŲŏŰǀŰƫŊÿƣĪżǝŲĪƣƫŊŏƠƣĪƢǀŏƣĪŰĪŲƸƫ X Tax gross-ups¦ ށ

X ¦ĪƠƣŏĜŏŲŃƫżłǀŲģĪƣǝÿƸĪƣƫƸżĜŤżƠƸŏżŲƫ

relevant peer group companies

  Compare executive compensation and company performance to ށ

X GǀÿƣÿŲƸĪĪÿŲŲǀÿŧŏŲĜƣĪÿƫĪƫŏŲĜżŰƠĪŲƫÿƸŏżŲżƣŃƣÿŲƸƫżłŏŲĜĪŲƸŏǜĪÿǝÿƣģƫ

 ÿŲģǿǢĪģÿŲģǜÿƣŏÿěŧĪƠÿǣ

 ĜÿƫŊÿŲģĪƢǀŏƸǣ܉ƸĪƣŰŏŲĜĪŲƸŏǜĪƫܫÿŲģŧżŲŃܫÿŧÿŲĜĪÿŰżŲŃƫŊżƣƸ ށ

X Single-trigger change-in-control provisions

and long-term incentive plans

  Link executive pay to company performance through our annual ށ

What We Do What We Don’t Do

 ܈1⁄4ŊĪ żŰƠÿŲǣĪŰƠŧżǣƫƸŊĪłżŧŧżǝŏŲŃěĪƫƸƠÿǣƠƣÿĜƸŏĜĪƫƸŊÿƸƣĪǵŧĪĜƸƸŊĪ żŰƠÿŲǣܹƫĜżŰƠĪŲƫÿƸŏżŲƠŊŏŧżƫżƠŊǣ

PAY POLICIES AND PRACTICES

the market.

 ÿƫǝĪŧŧÿƫżƸŊĪƣłÿĜƸżƣƫǝŊŏĜŊŰÿǣěĪĜżŰĪƣĪŧĪǜÿŲƸÿƫǝĪĜżŰƠĪƸĪŏŲ

 ܉ěÿƫŏƫÿŲģÿƣĪŃǀŏģĪģěǣƸŊĪƠŊŏŧżƫżƠŊǣÿŲģżěšĪĜƸŏǜĪƫżǀƸŧŏŲĪģÿěżǜĪ

 ƸĪÿŰ܏àĪƣĪǜŏĪǝƸŊĪĜżŰƠĪŲƫÿƸŏżŲżłżǀƣĪǢĪĜǀƸŏǜĪƸĪÿŰżŲÿŲÿŲŲǀÿŧ

 providing competitive compensation opportunities for our executive

 ǝŏŧŧĜżŲƸŏŲǀĪĪǜÿŧǀÿƸŏŲŃżǀƣĜżŰƠĪŲƫÿƸŏżŲƠƣÿĜƸŏĜĪƫƸżĪŲƫǀƣĪǝĪÿƣĪ

 ÿŲģǝĪ܉ŃƣÿŰŏƫģĪƫŏŃŲĪģƸżÿƸƸƣÿĜƸÿŲģƣĪƸÿŏŲĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƸÿŧĪŲƸ

 ŏŲƸĪƣĪƫƸƫżłżǀƣƫŊÿƣĪŊżŧģĪƣƫ܏ǀƣĪǢĪĜǀƸŏǜĪżdzǿĜĪƣĜżŰƠĪŲƫÿƸŏżŲƠƣż-

 ƸĪƣŰܫÿŲģÿŧƫżÿŧŏŃŲƸŊĪŏƣŏŲƸĪƣĪƫƸƫǝŏƸŊƸŊĪŧżŲŃ܉ǿŲÿŲĜŏÿŧżěšĪĜƸŏǜĪƫ

 ŰżƸŏǜÿƸĪżǀƣĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫƸżÿĜŊŏĪǜĪżǀƣƫƸƣÿƸĪŃŏĜěǀƫŏŲĪƫƫÿŲģ

 ěÿƫĪģĜżŰƠĪŲƫÿƸŏżŲÿǝÿƣģƫܫàĪěĪŧŏĪǜĪƸŊÿƸĪƢǀŏƸǣ܏ܡܹ’‘‘Omnibus Plan

 ƸŊĪܠ ǀŲģĪƣ żǀƣ żŰŲŏěǀƫ ĪƢǀŏƸǣ ŏŲĜĪŲƸŏǜĪ ƠŧÿŲ ܡܹ’RSUs‘ܸܠ ƫŊÿƣĪ ǀŲŏƸƫ

 ƸżżǀƣĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫǝŊŏĜŊĜżŲƫŏƫƸĪģżłƫƸżĜŤżƠƸŏżŲƫÿŲģƣĪƫƸƣŏĜƸĪģ

 ƸĪƣŰŏŲĜĪŲƸŏǜĪƫܫǝĪŃƣÿŲƸĪģŧżŲŃ܉ڍڎڌڎƫÿŧÿƣǣÿŲģÿŲÿŲŲǀÿŧěżŲǀƫ܏SŲ

 àĪżdzłĪƣżǀƣĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫĜÿƫŊĜżŰƠĪŲƫÿƸŏżŲŏŲƸŊĪłżƣŰżłěÿƫĪ

engaged talent acquisition and development in our organization.

 most obvious manifestation of the success of this approach to highly

 years from a position of obscurity and no foundational asset base is the

 ŧĪÿģŏŲŃ ŃƣżǝƸŊ żǜĪƣ ƸŊĪ ƠÿƫƸǿǜĪܫƸŊĪ ěĪƫƸ ŏŲ ƸŊĪ ƫĪĜƸżƣ܏ 1⁄4ŊĪ ƫĪĜƸżƣ

 ƫƠĪĜŏÿŧŏǭĪģÿŲģĪǢƸƣĪŰĪŧǣƠƣżģǀĜƸŏǜĪĪǢĪĜǀƸŏǜĪƸĪÿŰƸŊÿƸƣÿŲŤƫǝŏƸŊ

 ܉ÿƠƠƣżÿĜŊŊÿƫĪŲÿěŧĪģǀƫƸżÿƸƸƣÿĜƸÿŲģƣĪƸÿŏŲÿŊŏŃŊŧǣĪǢƠĪƣŏĪŲĜĪģ

 talent and compensation on a more static and incremental basis. This

 ÿŲĜŊżƣĪģ ÿƸ ÿ ƠżŏŲƸ ŏŲ ƸŏŰĪ ǝŏƸŊ ƫŏŰŏŧÿƣŧǣ ƫŏǭĪģ ƠĪĪƣƫ ÿŲģ ŃƣżǝŏŲŃ

 ƣÿƸŊĪƣƸŊÿŲ܉ŏƸǣŰÿšżƣƠƣĪĜŏżǀƫŰĪƸÿŧƫƫƸƣĪÿŰŏŲŃÿŲģƣżǣÿŧƸǣĜżŰƠÿŲǣ

talent has been aimed at delivering our ambition of being a high-qual-

 żǀƣƠŊŏŧżƫżƠŊǣżŲƸÿƣŃĪƸŏŲŃƸżƠ܉ڒڍڌڎFƣżŰƸŊĪƫƸÿƣƸżłżǀƣšżǀƣŲĪǣŏŲ

by our executive team.

 • provide incentives that encourage appropriate levels of risk-taking

 ÿŲģܔƠĪƣłżƣŰÿŲĜĪƣĪŧÿƸŏżŲƫŊŏƠܫłżƣܫĜƣĪÿƸĪÿƫƸƣżŲŃƠÿǣ •

 ܔÿěŏŧŏƸǣÿŲģĜżŰŰǀŲŏƸǣģĪǜĪŧżƠŰĪŲƸŏŲŏƸŏÿƸŏǜĪƫ

demonstrate leadership and foster positive engagement in sustain- •

 ܔƸĪƣŰǜÿŧǀĪÿŲģŃƣżǝƸŊżłżǀƣěǀƫŏŲĪƫƫܫƸŊĪŧżŲŃ

 ŊżŧģĪƣƫěǣƸǣŏŲŃÿƫŏŃŲŏǿĜÿŲƸƠżƣƸŏżŲżłĜżŰƠĪŲƫÿƸŏżŲģŏƣĪĜƸŧǣƸż

 ÿŧŏŃŲƸŊĪŏŲƸĪƣĪƫƸƫżłżǀƣĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫǝŏƸŊƸŊżƫĪżłżǀƣƫŊÿƣĪ- •

 ܔƸÿŏŲŏŲŃƫƸƣżŲŃǿŲÿŲĜŏÿŧĜÿƠÿĜŏƸǣƸżłǀŲģÿƫƫĪƸŃƣżǝƸŊ

 ÿŲģŰÿŏŲ-܉ĜżǀŧģŧĪÿģƸżłǀƸǀƣĪĜÿƫŊǵŧżǝŏŲŃƫƸƣĪÿŰƫÿŲģƣżǣÿŧƸŏĪƫ

 ƣżǣÿŧƸŏĪƫÿŲģŏŲǜĪƫƸŰĪŲƸƫƸŊÿƸ܉ĜƣĪÿƸŏżŲÿŲģÿĜƢǀŏƫŏƸŏżŲƫżłƫƸƣĪÿŰƫ

 ŏŲĜŧǀģŏŲŃŃƣżǝŏŲŃżǀƣÿƫƫĪƸěÿƫĪƸŊƣżǀŃŊƸŊĪ܉ǿŲÿŲĜŏÿŧżěšĪĜƸŏǜĪƫ

 motivate our executive team to achieve our strategic business and •

 ܔƫŤŏŧŧƫÿŲģƠĪƣłżƣŰÿŲĜĪÿƣĪĜƣŏƸŏĜÿŧƸżżǀƣƫǀĜĜĪƫƫ܉ǝŊżƫĪŤŲżǝŧĪģŃĪ

 ܉ƠĪƣłżƣŰŏŲŃÿŲģĪǢƠĪƣŏĪŲĜĪģĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫܫŊŏŃŊ܉ƣĪƸÿŏŲƸÿŧĪŲƸĪģ

 provide competitive compensation opportunities to attract and •

 ܈łżŧŧżǝŏŲŃżěšĪĜƸŏǜĪƫ

  Our executive compensation program is designed to achieve the

 ܏ƣĪƸÿŏŲÿŲģŰżƸŏǜÿƸĪÿŊŏŃŊŧǣƸÿŧĪŲƸĪģĪǢĪĜǀƸŏǜĪƸĪÿŰ܉ÿƸƸƣÿĜƸ

 ǝĪŲĪĪģƸż܉1⁄4żÿĜŊŏĪǜĪżǀƣƫƸƣÿƸĪŃŏĜěǀƫŏŲĪƫƫÿŲģǿŲÿŲĜŏÿŧżěšĪĜƸŏǜĪƫ

quality dimensions.

 ŰżƫƸǜÿŧǀÿěŧĪĜżŰƠĪƸŏƸżƣƫŏŲƸŊĪƫĪĜƸżƣżŲŤĪǣ܉ÿŧŏŃŲĪģǝŏƸŊƸŊĪŧÿƣŃĪƫƸ

 ǝŏƸŊƠżƣƸłżŧŏżĜŊÿƣÿĜƸĪƣŏƫƸŏĜƫ܉ÿŲģłƣĪĪĜÿƫŊǵŧżǝ܉ÿƸĪƫŏŲÿŲŲǀÿŧG/ƫ

 ĪƫƸÿěŧŏƫŊĪģŏŲƸĪƣŰĪģŏ-ܫƫǀƣƠÿƫƫŏŲŃǝĪŧŧ܉ڒڍڌڎŃƣżǝƸŊƫŏŲĜĪŏŲĜĪƠƸŏżŲŏŲ

 This experienced and diverse team has generated sector leading

 ܏ŰŏŲŏŲŃ ĜżŰƠÿŲŏĪƫ ǜŏÿ ƠƣĪĜŏżǀƫ ŰĪƸÿŧ ƫƸƣĪÿŰ ÿŲģ ƣżǣÿŧƸǣ ǿŲÿŲĜŏŲŃ

 łǀŲĜƸŏżŲŏŲŃĪǢĪĜǀƸŏǜĪƸĪÿŰÿŏŰĪģÿƸĪŲÿěŧŏŲŃǿŲÿŲĜŏŲŃƫżŧǀƸŏżŲƫłżƣ

 ܫŊŏŃŊ ܉ŰǀŧƸŏģŏƫĜŏƠŧŏŲÿƣǣ ܉1⁄4ƣŏƠŧĪ FŧÿŃ Ŋÿƫ ěĪĪŲ ěǀŏŧƸ ÿƣżǀŲģ ÿ ƫŰÿŧŧ

 å/ Ã1⁄4Sß/æF¦/¦F¦rt //ڗژږژ

Compensation Discussion and Analysis

	
	ږښ ¦rtG/r/t1⁄4¦åæ S¦ ÃhڗژږژSh/FhG¦1⁄4

 ܏ڍڎڌڎSǝŊŏĜŊǝÿƫŲżƸĪŧŏŃŏěŧĪłżƣŏŲĜŧǀƫŏżŲŏŲƸŊĪĜÿŧĜǀŧÿƸŏżŲżłŏŲĜĪŲƸŏǜĪĜżŰƠĪŲƫÿƸŏżŲłżƣܫ1   /ÿĜƸǀÿŧƠÿǣŰŏǢŏŲĜŧǀģĪƫŊŏŃŊĪƣǿǢĪģƠÿǣÿƫÿƣĪƫǀŧƸżłƸŊĪŊŏŃŊĪƣƫÿŧÿƣǣĪÿƣŲĪģƠƣĪ

1

Actual Pay Mix

base short-term mid-term long-term

stock options

26%

restricted shares

6%

bonus

34%

annual salary

33%

stock options

36%

restricted shares

9%

bonus

32%

annual salary

23%

stock options

46%

restricted shares

11%

bonus

15%

annual salary

27%

Actual VARIABLE pay: 77%

Executives

Other Named

Average of

Financial

Chief

Executive

Chief

Actual VARIABLE pay: 73%

Actual VARIABLE pay: 67%

Target Pay Mix

base short-term mid-term long-term

stock options

37%

restricted shares

9%

bonus

20%

annual salary

34%

stock options

41%

restricted shares

10%

bonus

23%

annual salary

26%

stock options

47%

restricted shares

12%

bonus

22%

annual salary

19%

Target VARIABLE pay: 74%

Executives

Other Named

Average of

Financial

Chief

Executive

Chief

Target VARIABLE pay: 81%

Target VARIABLE pay: 66%

 ܏FÿŲģƸŊĪÿǜĪƣÿŃĪŰŏǢżłƸŊĪżƸŊĪƣt/ƫÿƫÿŃƣżǀƠ ܉/ ŰŏǢłżƣƸŊĪ

 ÿĜƸǀÿŧƠÿǣڍڎڌڎƸÿƣŃĪƸƠÿǣŰŏǢÿŲģƸŊĪڍڎڌڎƸĪƣŰŃżÿŧƫżłƸŊĪ żŰƠÿŲǣ܏1⁄4ŊĪłżŧŧżǝŏŲŃĜŊÿƣƸƫģĪŰżŲƫƸƣÿƸĪƸŊĪܫƸżÿŧŏŃŲĪǢĪĜǀƸŏǜĪƠÿǣǝŏƸŊƸŊĪŧżŲŃ

 ƸĪƣŰŃżÿŧƫ܏ƫŏŃŲŏǿĜÿŲƸƠżƣƸŏżŲżłĪǢĪĜǀƸŏǜĪƠÿǣŏƫܶǜÿƣŏÿěŧĪܷżƣěÿƫĪģżŲŰĪĪƸŏŲŃƠĪƣłżƣŰÿŲĜĪŃżÿŧƫܫÿŲģŧżŲŃܫŰĪĪƸŏŲŃÿĜżŰěŏŲÿƸŏżŲżłƫŊżƣƸ

 ƸŊÿƸŏƫěÿƫĪģżŲܡƸĪƣŰŏŲĜĪŲƸŏǜĪƫܫÿŲŲǀÿŧÿŲģŧżŲŃܠÿŲģǜÿƣŏÿěŧĪƠÿǣܡěÿƫĪƫÿŧÿƣǣÿŲģěĪŲĪǿƸƫܠ/ǢĪĜǀƸŏǜĪƠÿǣŏŲĜŧǀģĪƫÿŰŏǢżłǿǢĪģĜżŰƠĪŲƫÿƸŏżŲ

PAY MIX

Compensation Discussion and Analysis

	
	ڗښ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 the organization.

 ƣĪǜŏĪǝƠƣżĜĪƫƫƸżŊĪŧƠŃǀŏģĪƠĪƣłżƣŰÿŲĜĪÿŲģÿŧŏŃŲżěšĪĜƸŏǜĪƫÿĜƣżƫƫ

 Ơÿǣ ƠÿĜŤÿŃĪ܏ 1⁄4ƣŏƠŧĪ FŧÿŃ ĪŲŃÿŃĪƫ ÿ ƸǝŏĜĪ ƠĪƣ ÿŲŲǀŰ ƠĪƣłżƣŰÿŲĜĪ

 ƣĪǝÿƣģƫ ĪǢĜĪƠƸŏżŲÿŧ ƠĪƣłżƣŰÿŲĜĪ ÿŲģ ģŏdzłĪƣĪŲƸŏÿƸĪƫ ŏƸƫ t/ƫ ÿĜƸǀÿŧ

 ěǀƸǀŧƸŏŰÿƸĪŧǣÿƠƠŧŏĪƫÿŰĪƣŏƸżĜƣÿƸŏĜƫǣƫƸĪŰƸŊÿƸ܉ƸŏǜĪĜżŰƠĪŲƫÿƸŏżŲ

 ƠĪƣłżƣŰÿŲĜĪƫǣƫƸĪŰƸŊÿƸŧżżŤƫƸżƠĪĪƣƫǝŊĪŲƫĪƸƸŏŲŃƸÿƣŃĪƸƫłżƣŏŲĜĪŲ-

 ƣŏƠŧĪFŧÿŃƫǀěƫĜƣŏěĪƫƸżÿƠÿǣłżƣ1⁄4܉ƸżƸżƠƢǀÿƣƸŏŧĪżłƠĪĪƣƫłżƣěÿƫĪƠÿǣ

 ƫÿƸŏżŲ żł ŏƸƫ ĪǢĪĜǀƸŏǜĪƫ܏ àŊŏŧĪ 1⁄4ƣŏƠŧĪ FŧÿŃ ÿĜŤŲżǝŧĪģŃĪƫ ƸŊĪ ŰĪģŏÿŲ

 ŃǀŏģÿŲĜĪǝŊĪŲĜżŲƸĪŰƠŧÿƸŏŲŃƸŊĪƸżƸÿŧĜÿƫŊÿŲģƸżƸÿŧģŏƣĪĜƸĜżŰƠĪŲ-

 ŊĪƠĪĪƣŃƣżǀƠŏƫÿŧƫżƣĪłĪƣĪŲĜĪģłżƣ1⁄4܏ڎڎڌڎƫĪƸƸŏŲŃ®1⁄4SŃżÿŧƫłżƣǿƫĜÿŧ

 ÿŲģŏŲ܉ڍڎڌڎŏŲłżƣŰÿƸŏżŲŏŲģĪƸĪƣŰŏŲŏŲŃ®1⁄4SÿŲģh1⁄4SƸÿƣŃĪƸƫłżƣǿƫĜÿŧ

 median to top quartile of the peer group and considered the peer group

 The Compensation & ESG Committee targeted base salaries at the

 ܏ƣżǣÿŧƸǣƠĪĪƣĜżŰƠÿŲŏĪƫŧŏƫƸĪģŏŲƸŊĪƸÿěŧĪěĪŧżǝޠƸŊĪǿǜĪƫƸƣĪÿŰŏŲŃ

 LTI”) plan designs based on public disclosure of“ܠƸĪƣŰŏŲĜĪŲƸŏǜĪܫŧżŲŃ

 STI”) and“ܠƸĪƣŰŏŲĜĪŲƸŏǜĪܫƫŊżƣƸ܉ƠƣżǜŏģĪģěǣrĪƣĜĪƣżŲěÿƫĪƫÿŧÿƣŏĪƫ

 The Compensation & ESG Committee considered market information

executive compensation program against market practice.

 Mercer”) to evaluate the Company’s“ܠhƸģ܏ܡÿŲÿģÿ ܠrĪƣĜĪƣ܉ĜżŲƫǀŧƸÿŲƸ

 sation & ESG Committee engaged an independent compensation

 ƸŊĪ żŰƠĪŲ-܉ÿŲŲǀÿŧƣĪǜŏĪǝżłt/ĜżŰƠĪŲƫÿƸŏżŲڍڎڌڎƫƠÿƣƸżłŏƸƫ

setting other relevant competitive analysis.

 ĪǜÿŧǀÿƸŏŲŃƣĪŧÿƸŏǜĪƠĪƣłżƣŰÿŲĜĪżƣ܉żłƫĪƸƸŏŲŃŧĪǜĪŧƫżłĜżŰƠĪŲƫÿƸŏżŲ

 ƸżƣƫÿŲģěĪŲĜŊŰÿƣŤĪģt/ƠÿǣǝŏƸŊƫƠĪĜŏǿĜƠĪĪƣŃƣżǀƠƫłżƣƠǀƣƠżƫĪƫ

the mining industry and the compensation programs of our competi-

 Committee considered compensation programs in relevant sectors of

G®/ޠƸŊĪ żŰƠĪŲƫÿƸŏżŲ܉ƠƣżšĪĜƸƫ܏SŲƫĪƸƸŏŲŃĪǢĪĜǀƸŏǜĪĜżŰƠĪŲƫÿƸŏżŲ

 ƫƸÿŃĪܫģĪǜĪŧżƠŰĪŲƸ ÿŲģ ĪǢƠŧżƣÿƸŏżŲ ڐڒ ƠƣżģǀĜŏŲŃ ŰŏŲĪƫ ÿŲģ ڑڍ ŏŲŃ

 ŏŲĜŧǀģ-܉ÿƣĪƸŏĪģƸżŰŏŲŏŲŃÿƫƫĪƸƫÿƸǜÿƣŏżǀƫƫƸÿŃĪƫżłƸŊĪŰŏŲĪŧŏłĪĜǣĜŧĪ

 ƣżǣÿŧƸŏĪƫ܏1⁄4ŊĪƫĪŏŲǜĪƫƸŰĪŲƸƫڌړƫƸƣĪÿŰƫÿŲģڕŏŲĜŧǀģŏŲŃ܉ÿƫƫĪƸƫڕړǝŏƸŊ

 ܉ǜŏģĪƫĪǢƠżƫǀƣĪƠƣŏŰÿƣŏŧǣƸżŃżŧģÿŲģƫŏŧǜĪƣŏŲƸŊĪŰĪƣŏĜÿƫÿŲģǀƫƸƣÿŧŏÿ

 àĪŰÿŏŲƸÿŏŲÿģŏǜĪƣƫŏǿĪģƠżƣƸłżŧŏżżłƫƸƣĪÿŰƫÿŲģƣżǣÿŧƸŏĪƫƸŊÿƸƠƣż-

 ܏ÿŲģƠÿƣƸŲĪƣǝŏƸŊŰŏŲŏŲŃĜżŰƠÿŲŏĪƫƸŊƣżǀŃŊżǀƸƸŊĪĜżŰŰżģŏƸǣĜǣĜŧĪ

 àĪżdzłĪƣěĪƫƠżŤĪǿŲÿŲĜŏŲŃƫżŧǀƸŏżŲƫƸżƸŊĪŰĪƸÿŧƫÿŲģŰŏŲŏŲŃŏŲģǀƫƸƣǣ

 ܏ƫǀƫƸÿŏŲÿěŏŧŏƸǣÿŲģƣŏƫŤŰÿŲÿŃĪŰĪŲƸ܉żƠƸŏżŲÿŧŏƸǣ܉ÿƣżǀŲģÿƫƫĪƸƢǀÿŧŏƸǣ

 ƣżǣÿŧƸŏĪƫƸŊÿƸŃĪŲĪƣÿƸĪƫƣżěǀƫƸłƣĪĪĜÿƫŊǵŧżǝƫ܏ǀƣěǀƫŏŲĪƫƫŏƫÿŲĜŊżƣĪģ

 ģŏǜĪƣƫŏǿĪģ ƠżƣƸłżŧŏż żł ƫƸƣĪÿŰƫ ÿŲģ ܉ŧŏłĪܫŏŲǜĪƫƸżƣƫ ĪǢƠżƫǀƣĪ Ƹż ÿ ŧżŲŃ

 ƠƣżǜŏģŏŲŃ܉łżĜǀƫĪģƫƸƣĪÿŰŏŲŃÿŲģƣżǣÿŧƸǣĜżŰƠÿŲǣܫ1⁄4ƣŏƠŧĪFŧÿŃŏƫÿŃżŧģ

PEER GROUP BENCHMARKING

 ܏ÿŲģżƸŊĪƣt/ƫ

 ÿƠƠƣżǜĪƫƸŊĪĜżŰƠĪŲƫÿƸŏżŲłżƣƸŊĪ /܉ÿŲģƫǀěšĪĜƸƸżÿŲǣĜŊÿŲŃĪƫ

G żŰŰŏƸƸĪĪƣĪǜŏĪǝƫ®/ޠƸŊĪ żŰƠĪŲƫÿƸŏżŲ܉t/ƫ܏FżŧŧżǝŏŲŃǝŊŏĜŊ

 ŰŏƸƸĪĪĪÿĜŊǣĪÿƣǝŏƸŊƣĪƫƠĪĜƸƸżƸŊĪĜżŰƠĪŲƫÿƸŏżŲłżƣĪÿĜŊżłƸŊĪżƸŊĪƣ

Our CEO makes recommendations to the Compensation & ESG Com-

 ܏G żŰŰŏƸƸĪĪܹܹ®/ޠܸܸ żŰƠĪŲƫÿƸŏżŲ

 ƸŊĪżěšĪĜƸŏǜĪƫÿŲģƠŊŏŧżƫżƠŊǣżłżǀƣĜżŰƠĪŲƫÿƸŏżŲƠƣżŃƣÿŰ܏®ĪĪÿŧƫż

 ƣĪÿƫżŲÿěŧĪÿŲģĜżŲƫŏƫƸĪŲƸǝŏƸŊ܉żƸŊĪƣŤĪǣżdzǿĜĪƣƫÿŲģŰÿŲÿŃĪƣƫŏƫłÿŏƣ

 ƠĪƣƫżŲŲĪŧ ǝŊż ƣĪƠżƣƸ ģŏƣĪĜƸŧǣ Ƹż żǀƣ  / ÿŲģ ǜÿƣŏżǀƫ ܉ǀƸŏǜĪ żdzǿĜĪƣƫ

performance and ensuring that total compensation paid to our exec-

 ĪǜÿŧǀÿƸŏŲŃ ܉G  żŰŰŏƸƸĪĪܹƫ żǜĪƣƫŏŃŊƸ ŏŲĜŧǀģĪƫ ƣĪǜŏĪǝŏŲŃ żěšĪĜƸŏǜĪƫ®/

 ޠƠÿǣÿěŧĪƸżżǀƣģŏƣĪĜƸżƣƫÿŲģĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫ܏ǀƣ żŰƠĪŲƫÿƸŏżŲ

 żÿƣģ ĜżŲĜĪƣŲŏŲŃ ƸŊĪ ŧĪǜĪŧ ÿŲģ ŲÿƸǀƣĪ żł ƸŊĪ ĜżŰƠĪŲƫÿƸŏżŲ Ƹż żǀƣ

 ƠĪŲƫÿƸŏżŲ ƠƣżŃƣÿŰƫ ÿŲģ ƣĪǜŏĪǝŏŲŃ ÿŲģ ŰÿŤŏŲŃ ƣĪĜżŰŰĪŲģÿƸŏżŲƫ

Committee setting out its responsibilities for administering our com-

G®/ޠżÿƣģŊÿƫÿģżƠƸĪģÿǝƣŏƸƸĪŲĜŊÿƣƸĪƣłżƣżǀƣ żŰƠĪŲƫÿƸŏżŲǀƣ

 ܏ĜżŲƫŏƫƸĪŲƸǝŏƸŊżǀƣƣŏƫŤƠƣżǿŧĪ

 ƠżŧŏĜŏĪƫÿŲģƠƣÿĜƸŏĜĪƫƠƣżǜŏģĪÿŲÿƠƠƣżƠƣŏÿƸĪěÿŧÿŲĜĪżłƣŏƫŤÿŲģƣĪǝÿƣģ

 Committee is also responsible for ensuring that our compensation

G®/ ޠ ÿŲģ ƠƣÿĜƸŏĜĪƫ܏ ǀƣ  żŰƠĪŲƫÿƸŏżŲ ܉ƠƣżĜĪƫƫĪƫ ܉ƫÿƸŏżŲ ƠżŧŏĜŏĪƫ

 ÿŲģĜżŰƠĪŲ-܉ƫǀĜĜĪƫƫŏżŲƠŧÿŲŲŏŲŃ܉żǜĪƣƫĪĪŏŲŃżǀƣŊǀŰÿŲƣĪƫżǀƣĜĪƫ

 ÿŲģ܉żÿƣģŏŲłǀŧǿŧŧŏŲŃŏƸƫŃżǜĪƣŲÿŲĜĪÿŲģƫǀƠĪƣǜŏƫżƣǣƣĪƫƠżŲƫŏěŏŧŏƸŏĪƫ

 Our Compensation & ESG Committee is responsible for assisting our

 r/t®1⁄4Stܰ®/1⁄41⁄4StG¦ /®®

Compensation Discussion and Analysis

	
	ژښ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

Excludes Triple Flag in calculation of percentiles.   ڏ

 ܏ܡڍڎڌڎ܉ڌڏĪǢĜĪƠƸłżƣFżƣƸǀŲÿÿŲģƣĪƸŏǀŰǝŊŏĜŊÿƣĪÿƫÿƸ®ĪƠƸĪŰěĪƣܠڍڎڌڎ܉ڍڏÿŲģŰżƫƸƣĪĜĪŲƸƸżƸÿŧÿƫƫĪƸƫÿƫÿƸ'ĪĜĪŰěĪƣ܉'1⁄4SÿģšǀƫƸĪģ/܉ŰżŲƸŊƸƣÿŏŧŏŲŃƣĪǜĪŲǀĪܫڎڍĪǵŧĪĜƸƫ¦ 2

 ܏ڍڎڌڎ܉ڍڏ1 ƸƠĪƣŏżģĪŲģŏŲŃ'ĪĜĪŰěĪƣ

 ÿƠŏƸÿŧS¥ ܈®żǀƣĜĪ

 ƸŊڽڶ ƫƸڵڷ ƸŊڹ ƸŊںڹ ڏPercentile rank

 ڷڴڷ܉ڵ $ ڷڶڵ $ ڴڹڵ $ ڹڻڼ܉ڵ $ ƣŏƠŧĪFŧÿŃƣĪĜŏżǀƫrĪƸÿŧƫ żƣƠ܏1⁄4

 ڴڸڶ܉ڵ ݕ ڽڴڵ ݕ ڶڵڶ ݕ ڼڷڵ܉ڵ ݕ ڏƸŊĪƣĜĪŲƸŏŧĪڑڎ

 ڶڴڴ܉ڶ ݕ ںڽڶ ݕ ڻڻں ݕ ڹڼڸ܉ڵ ݕ ڏƸŊĪƣĜĪŲƸŏŧĪڌڑ

 ڶڻڽ܉ڷ ݕ ڶڸڹ ݕ ڶڹڵ܉ڵ ݕ ڼڸڻ܉ڷ ݕ ڏƸŊĪƣĜĪŲƸŏŧĪڑړ

EBITDA2 Assets2

 Adjusted

 Capitalization1 Revenue2

Market

 ŧŧǜÿŧǀĪƫŏŲÃ®ݕŰŏŧŧŏżŲƫ

 ڎڎڌڎģǀĪƸżÿĜƢǀŏƫŏƸŏżŲěǣtĪǝĜƣĪƫƸŏŲdÿŲǀÿƣǣܨڎڎڌڎƸżěĪƣĪŰżǜĪģŏŲ܄

..Torex Gold Resources Inc

SrGh' żƣƠżƣÿƸŏżŲ

 ܏®ŏŧǜĪƣĜżƣƠrĪƸÿŧƫSŲĜ

 ܏Sandstorm Gold Ltd. FżƣƸǀŲÿ®ŏŧǜĪƣrŏŲĪƫSŲĜ

 ܏Osisko Gold Royalties Ltd. tĪǝGżŧģSŲĜ

 ܏SŲĜ܏ àĪƫģżŰĪGżŧģrŏŲĪƫhƸģ܉¦żǣÿŧGżŧģ

 àŊĪÿƸżŲƣĪĜŏżǀƫrĪƸÿŧƫ żƣƠ܏ Pretium Resources Inc.*

 ܏tĪǜÿģÿ żƣƠżƣÿƸŏżŲ ®®¦rŏŲŏŲŃSŲĜܫFƣÿŲĜż

Streaming & Royalty Mining

2021 and 2022 Peer Group

 aligned to that of Triple Flag.

 ǝŊŏĜŊÿƣĪƫŏŰŏŧÿƣŧǣ܉ƫŏŧǜĪƣłżĜǀƫܕƫƸƣǀĜƸǀƣĪÿŲģŃżŧģ܉ƸƣǣǝŏƸŊƸŊĪƫÿŰĪĜżŰŰżģŏƸǣĜǣĜŧĪƫ܏1⁄4ŊĪĜżŰƠÿŲŏĪƫŧŏƫƸĪģěĪŧżǝǝĪƣĪƫĪŧĪĜƸĪģłżƣƸŊĪŏƣƫŏǭĪ

 ƸŊĪǣÿƣĪǝżƣŤŏŲŃŏŲƸŊĪƫÿŰĪŰŏŲŏŲŃŏŲģǀƫ-܉ǝŊŏŧĪŲżƸÿŲĪǢÿĜƸǿƸżƠĪƣÿƸŏżŲÿŧŧǣ܉1⁄4ŊĪŰŏŲŏŲŃƠĪĪƣƫǝĪƣĪŏŲĜŧǀģĪģƸżƣżǀŲģżǀƸƸŊĪƠĪĪƣŃƣżǀƠƫŏŲĜĪ

 ܏ƸŊĪǣƣĪƠƣĪƫĪŲƸƸŊĪĜżŰƠÿŲŏĪƫŰżƫƸĜŧżƫĪŧǣÿŧŏŃŲĪģƸż1⁄4ƣŏƠŧĪFŧÿŃŏŲƸĪƣŰƫżłěǀƫŏŲĪƫƫƫƸƣÿƸĪŃǣÿŲģƸŊĪłǀŲģÿŰĪŲƸÿŧŰÿƣŤĪƸŏŲǝŊŏĜŊǝĪĜżŰƠĪƸĪ

 ÿƫ܉ƣżǣÿŧƸǣĜżŰƠÿŲŏĪƫǝĪƣĪƫĪŧĪĜƸĪģޠt/ĜżŰƠĪŲƫÿƸŏżŲ܏1⁄4ŊĪǿǜĪŧÿƣŃĪƫƸƫƸƣĪÿŰŏŲŃڎڎڌڎŰŏŲŏŲŃĜżŰƠÿŲŏĪƫ܏1⁄4ŊŏƫƠĪĪƣŃƣżǀƠǝÿƫÿŧƫżǀƫĪģƸżƫĪƸ

 ƠǀěŧŏĜŧǣƸƣÿģĪģڏڍÿƠƠƣżǜĪģƠĪĪƣŃƣżǀƠżłܫżÿƣģĜżŰƠĪŲƫÿƸŏżŲƣĪǜŏĪǝĜżŰƠÿƣĪģƸŊĪ żŰƠÿŲǣܹƫĜżŰƠĪŲƫÿƸŏżŲŧĪǜĪŧƫƣĪŧÿƸŏǜĪƸżƸŊĪڍڎڌڎrĪƣĜĪƣܹƫ

Peer Group

Compensation Discussion and Analysis

	
	ڙښ ¦rtG/r/t1⁄4¦åæ S¦ ÃhڗژږژSh/FhG¦1⁄4

 ܏ڍڎڌڎrĪƣĜĪƣǝÿƫŊŏƣĪģŏŲ܄

All other fees t tŏŧ

 ڴڶڷ܉ڻڻ Executive compensation-related fees t ݕ

Fees* 2021 Fees 2020

 ܈ڍڎڌڎÿŲģ

 ڌڎڌڎ rĪƣĜĪƣ ǝÿƫ Ơÿŏģ ƸŊĪ łżŧŧżǝŏŲŃ łĪĪƫ łżƣ ƠƣżłĪƫƫŏżŲÿŧ ƫĪƣǜŏĜĪƫ ŏŲ

 at each meeting.

 • attending each committee meeting including an in camera portion

 ÿŲģܔŲÿŧǣƫŏƫޠ'ŏƫĜǀƫƫŏżŲ

 ÿƫƫŏƫƸŏŲŃ ŏŲ ƸŊĪ ģĪǜĪŧżƠŰĪŲƸ ÿŲģ ƣĪǜŏĪǝ żł ƸŊĪ  żŰƠĪŲƫÿƸŏżŲ •

 ܔÿƫƫĪƫƫŏŲŃƸŊĪĜżŰƠĪƸŏƸŏǜĪŲĪƫƫżłżǀƣĜżŰƠĪŲƫÿƸŏżŲ •

 ܔěĪŲĜŊŰÿƣŤŏŲŃģŏƣĪĜƸżƣÿŲģżdzǿĜĪƣĜżŰƠĪŲƫÿƸŏżŲ

  providing guidance in establishing a relevant peer group for •

 ܔĜżŰƠĪŲƫÿƸŏżŲ

 ƠƣĪƠÿƣŏŲŃ ěĪŲĜŊŰÿƣŤ ŰÿƣŤĪƸ ģÿƸÿ łżƣ ģŏƣĪĜƸżƣ ÿŲģ żdzǿĜĪƣ •

 ܔƠƣĪƠÿƣŏŲŃŏŲłżƣŰÿƸŏżŲÿěżǀƸŰÿƣŤĪƸƸƣĪŲģƫÿŲģŏƫƫǀĪƫ •

 ܈ŏŲĜŧǀģĪģڍڎڌڎrĪƣĜĪƣܹƫŰÿŲģÿƸĪŏŲ

 ܏ƫĪƣǜŏĜĪƫƣĪŲģĪƣĪģǝŏƸŊŏŲƸŊĪƫĜżƠĪżłǝżƣŤ

 łżƣƫĪƣǜŏĜĪƫƸżěĪƠĪƣłżƣŰĪģěǣrĪƣĜĪƣƸŊÿƸŰÿŲÿŃĪŰĪŲƸŰÿǣƠÿǣłżƣ

 The Compensation & ESG Committee has pre-approved the budget

 performing no other services and earning no other fees from Triple Flag.

 ܉ŰŏƸƸĪĪ ÿƫ żǀƸŧŏŲĪģ ÿěżǜĪ ŏƫ ŏƸƫ ƫżŧĪ ĪŲŃÿŃĪŰĪŲƸ ǝŏƸŊ ƸŊĪ  żŰƠÿŲǣ

G żŰ-®/ޠrĪƣĜĪƣܹƫĜżŲƫǀŧƸŏŲŃÿƣƣÿŲŃĪŰĪŲƸǝŏƸŊƸŊĪ żŰƠĪŲƫÿƸŏżŲ

 ܉ڍڎڌڎ G  żŰŰŏƸƸĪĪܹƫ ƫÿƸŏƫłÿĜƸŏżŲ܏ SŲ®/ ޠ ĪŲĜĪ Ƹż ƸŊĪ  żŰƠĪŲƫÿƸŏżŲ

completed an independence test and demonstrated their independ-

 ěǀƸŏƸƫģĪĜŏƫŏżŲƫÿƣĪŏƸƫżǝŲƣĪƫƠżŲƫŏěŏŧŏƸǣ܏rĪƣĜĪƣŊÿƫ܉żŰŰĪŲģÿƸŏżŲƫ

G żŰŰŏƸƸĪĪĜżŲƫŏģĪƣƫrĪƣĜĪƣܹƫƣĪĜ-®/ޠƸżƣĪǜŏĪǝ܏1⁄4ŊĪ żŰƠĪŲƫÿƸŏżŲ

G żŰŰŏƸƸĪĪ®/ޠƸżƣĪǜŏĪǝżƣƠƣĪƠÿƣĪŰÿƸĪƣŏÿŧłżƣƸŊĪ żŰƠĪŲƫÿƸŏżŲ

 ǝżƣŤ ĜżżƠĪƣÿƸŏǜĪŧǣ ǝŏƸŊ ŰÿŲÿŃĪŰĪŲƸ ܉G  żŰŰŏƸƸĪĪܹƫ ģŏƣĪĜƸŏżŲ®/ ޠ

 ÿƸƸŊĪ żŰƠĪŲƫÿƸŏżŲ܉ěǀƸŰÿǣ܉G żŰŰŏƸƸĪĪ®/ޠƸŊĪ żŰƠĪŲƫÿƸŏżŲ

 ÿŲģƠƣżǜŏģĪżěšĪĜƸŏǜĪÿģǜŏĜĪ܏rĪƣĜĪƣƣĪƠżƣƸƫģŏƣĪĜƸŧǣÿŲģĪǢĜŧǀƫŏǜĪŧǣƸż

 ƣĪƸÿŏŲƫrĪƣĜĪƣƸżƣĪǜŏĪǝĪǢĪĜǀƸŏǜĪĜżŰƠĪŲƫÿƸŏżŲÿŲģěĪŲĪǿƸƠƣżŃƣÿŰƫ

 since August 2021 as its independent compensation consultant and

G żŰŰŏƸƸĪĪŊÿƫěĪĪŲǝżƣŤŏŲŃǝŏƸŊrĪƣĜĪƣ®/ޠ1⁄4ŊĪ żŰƠĪŲƫÿƸŏżŲ

Independent advice

Compensation Discussion and Analysis

	
	ښښ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ǜĪƣǣŧŏŰŏƸĪģŲǀŰěĪƣżłƠĪƣƫżŲÿŧěĪŲĪǿƸŏŲĜŧǀģŏŲŃƣĪŏŰěǀƣƫĪŰĪŲƸłżƣƠƣżłĪƫƫŏżŲÿŧģǀĪƫ

designations

 Perquisites rÿŏŲƸÿŏŲƠƣżłĪƫƫŏżŲÿŧ

 ĪŰƠŧżǣŰĪŲƸżƣżƸŊĪƣƣĪƸŏƣĪĪěĪŲĪǿƸƫܫƠżƫƸ܉àĪģżŲżƸżdzłĪƣƠĪŲƫŏżŲƫ

EǢĪĜǀƸŏǜĪƫƠÿƣƸŏĜŏƠÿƸĪŏŲÿŲŲǀÿŧĪǢĪĜǀƸŏǜĪŰĪģŏĜÿŧĪǢÿŰŏŲÿƸŏżŲƫƸŊƣżǀŃŊrĪģ ÿŲ

 ƸżÿNĪÿŧƸŊ®ƠĪŲģŏŲŃĜĜżǀŲƸ

 ŏŲÿģģŏƸŏżŲ܉ŧŏłĪÿŲģģŏƫÿěŏŧŏƸǣŏŲƫǀƣÿŲĜĪĜżǜĪƣÿŃĪ܉GƣżǀƠěĪŲĪǿƸƠŧÿŲƠƣżǜŏģĪƫłżƣŊĪÿŧƸŊ

of our management employees

 ĪŲĪǿƸƫ ®ǀƠƠżƣƸƸŊĪŊĪÿŧƸŊÿŲģǝĪŧŧŲĪƫƫ

are generally settled in cash

 ĜŧŏdzłǜĪƫƸŏŲłǀŧŧżŲƸŊĪƸŊŏƣģÿŲŲŏǜĪƣƫÿƣǣżłƸŊĪŏƣŃƣÿŲƸģÿƸĪÿŲģܡބڌڎǝĪŏŃŊƸĪģܠRSUs

grant date

 ƸŊŏƣģĪÿĜŊǣĪÿƣÿŲģĪǢƠŏƣĪƫĪǜĪŲǣĪÿƣƫÿǽƸĪƣƸŊĪܫǜĪƫƸżŲĪܡބڌڔǝĪŏŃŊƸĪģܠStock options

h1⁄4SÿǝÿƣģƫÿƣĪŃĪŲĪƣÿŧŧǣŃƣÿŲƸĪģżŲĜĪƠĪƣǣĪÿƣÿŲģŃżǜĪƣŲĪģěǣƸŊĪŰŲŏěǀƫŧÿŲ

company performance

 ƸĪƣŰܫƣĪƸĪŲƸŏżŲÿŲģƣĪǝÿƣģŧżŲŃ

 ĪŲĜżǀƣÿŃĪ܉ƸŊżƫĪżłƫŊÿƣĪŊżŧģĪƣƫ

 ŧŏŃŲŰÿŲÿŃĪŰĪŲƸŏŲƸĪƣĪƫƸƫǝŏƸŊ

Long- term Incentive Plan

  Awards under our

 żƣƠżƣÿƸĪƣŏżƣŏƸŏĪƫ ܡGhĪÿģĪƣƫŊŏƠÿŲģǜ®/ܡŏǜ܉ŏƫŤ¦ޠżƣƸłżŧŏż

 ƠƸŏŰŏǭĪܡŏŏŏ܉ǀƸƠĪƣłżƣŰܡŏŏ܉GƣżǝßÿŧǀĪܡŏ܈ŰĪƸƣŏĜƫڑ1⁄4ŊĪłƣÿŰĪǝżƣŤǝŏŧŧĜżŰƠƣŏƫĪ

measures of corporate and individual performance

 ƸŊĪ®1⁄4SƠŧÿŲǝŏŧŧěĪěÿƫĪģżŲÿłƣÿŰĪǝżƣŤżłƢǀÿŲƸŏƸÿƸŏǜĪÿŲģƢǀÿŧŏƸÿƸŏǜĪ܉ڎڎڌڎSŲ

mined by the Compensation & ESG Committee

 ÿƫ ģĪƸĪƣ- ܉ÿŲģ ŏŲģŏǜŏģǀÿŧ ƠĪƣłżƣŰÿŲĜĪ ܡÿŧĪŲƸ1⁄4 ޠ ŏŲĜŧǀģŏŲŃ ®ǀƫƸÿŏŲÿěŏŧŏƸǣܠ żěšĪĜƸŏǜĪƫ

 ģŏƫĜƣĪƸŏżŲÿƣǣĜÿƫŊƠÿǣŰĪŲƸƫżŲƸŊĪÿĜŊŏĪǜĪŰĪŲƸżłǿŲÿŲĜŏÿŧÿŲģżƠĪƣÿƸŏŲŃ܉ڍڎڌڎFżƣ

 żłƸŊĪłżŧŧżǝŏŲŃǣĪÿƣڍ¥ƠÿŏģŏŲ܉ǝÿƣģĪģÿŲŲǀÿŧŧǣ

range from zero to maximum depending on the position

 ƠÿǣżǀƸƫܨǝŏƸŊÿŰÿǢŏŰǀŰżƠƠżƣƸǀŲŏƸǣܡżłěÿƫĪƫÿŧÿƣǣބܠ/ÿĜŊt/ŊÿƫÿƸÿƣŃĪƸěżŲǀƫ

performance

  operational and individual

 ܉ƸĪƣŰǿŲÿŲĜŏÿŧܫ¦ĪǝÿƣģƫŊżƣƸ

Incentive Plan

 under our Short-term

  Annual Cash Bonuses

performance

 1⁄4ÿƣŃĪƸĪģÿƸƸŊĪŰĪģŏÿŲƸżƸżƠƢǀÿƣƸŏŧĪżłƸŊĪƠĪĪƣŃƣżǀƠǝŏƸŊÿģšǀƫƸŰĪŲƸƫłżƣŏŲģŏǜŏģǀÿŧ

 ĪǢƸĪƣŲÿŧĪƢǀŏƸǣܕŲÿŧ

 ܫŏŲƸĪƣ܉ŰÿƣŤĪƸĜżŰƠĪƸŏƸŏǜĪŲĪƫƫ܉¦ĪǵŧĪĜƸƫƸŊĪĪǢĪĜǀƸŏǜĪܹƫĪǢƠĪƣŏĪŲĜĪÿŲģƣĪƫƠżŲƫŏěŏŧŏƸǣ

day-to-day responsibilities

  compensation for performing

Base salary ƣżǜŏģĪÿǿǢĪģŧĪǜĪŧżłĜÿƫŊ

Compensation Element  Objective Key Features

 ܏ƫŏŃŲŏǿĜÿŲƸĪŧĪŰĪŲƸżłĜżŰƠĪŲƫÿƸŏżŲłżƣżǀƣĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫ܏1⁄4ŊĪ żŰƠÿŲǣģżĪƫŲżƸĜǀƣƣĪŲƸŧǣżdzłĪƣÿƠĪŲƫŏżŲƠŧÿŲ

 ÿěŧĪŊŏƫƸżƣǣżłƠĪƣłżƣŰÿŲĜĪŊÿƫěĪĪŲĪƫƸÿěŧŏƫŊĪģƸżƫǀƠƠżƣƸƸŊĪÿĜŊŏĪǜĪŰĪŲƸżłƫƠĪĜŏǿĜƠĪƣłżƣŰÿŲĜĪŰĪƸƣŏĜƫ܏ĪƣƢǀŏƫŏƸĪƫÿŲģěĪŲĪǿƸƫÿƣĪŲżƸÿ

 ǝŊŏĜŊŰÿǣěĪǀƫĪģƸżŏŲĜĪŲƸŏǜŏǭĪżǀƣĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫżŲĜĪÿƣĪÿƫżŲ-܉ܡÃƫܷ®ܶܠ1⁄4ŊĪŰŲŏěǀƫŧÿŲÿŧƫżÿŧŧżǝƫǀƫƸżŃƣÿŲƸƠĪƣłżƣŰÿŲĜĪƫŊÿƣĪǀŲŏƸƫ

 ܏ÃƫżƣÿĜżŰěŏŲÿƸŏżŲƸŊĪƣĪżłŃƣÿŲƸĪģǀŲģĪƣƸŊĪŰŲŏěǀƫŧÿŲ®¦܉ĜżŲƫŏƫƸŏŲŃżłƫƸżĜŤżƠƸŏżŲƫ܉ƸĪƣŰĪƢǀŏƸǣŏŲĜĪŲƸŏǜĪƫܫŧżŲŃܡŏŏŏܠÿŲģܔĜÿƫŊěżŲǀƫ

 ĜżŲƫŏƫƸŏŲŃżłÿŲÿŲŲǀÿŧ܉ƸĪƣŰŏŲĜĪŲƸŏǜĪƫܫƫŊżƣƸܡŏŏܠܔěÿƫĪƫÿŧÿƣǣܡŏܠ܈1⁄4ŊĪĜżŰƠĪŲƫÿƸŏżŲżłżǀƣĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫŏŲĜŧǀģĪƫƸŊƣĪĪŰÿŏŲĜżŰƠżŲĪŲƸƫ

COMPONENTS OF COMPENSATION

Compensation Discussion and Analysis

	
	ڛښ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 discretionary).

 łżƣŰǀŧÿŏĜżƣ܉ŏ܏Ī܏ܠÿŲģżǜĪƣÿŧŧÿƠƠƣżÿĜŊ܉ƣżŧĪżłŏŲģŏǜŏģǀÿŧƠĪƣłżƣŰÿŲĜĪ

 ƸŊĪ܉ĜżƣƠżƣÿƸĪƠĪƣłżƣŰÿŲĜĪŰĪƸƣŏĜƫÿŲģǝĪŏŃŊƸŏŲŃƫ܉ÿŲģŰÿǢŏŰǀŰƫ

rĪƣĜĪƣܹƫƣĪǜŏĪǝŏŲĜŧǀģĪģ®1⁄4SƸÿƣŃĪƸƫ܏ܡĪŲĜŊŰÿƣŤŏŲŃܷƫĪĪܶĪĪƣGƣżǀƠܠ

 ڍڎڌڎ  żŰŰŏƸƸĪĪ ĜżŲƫŏģĪƣĪģ ŏŲ ģĪƸĪƣŰŏŲŏŲŃ ěżŲǀƫ ÿǝÿƣģƫ łżƣ ǿƫĜÿŧ

 Streaming & Royalty peer companies that the Compensation & ESG

rĪƣĜĪƣ ƠƣżǜŏģĪģ ŰÿƣŤĪƸ ŏŲłżƣŰÿƸŏżŲ żŲ ƸŊĪ ®1⁄4S ƠŧÿŲ ģĪƫŏŃŲƫ żł ǿǜĪ

 ܏ڌŰÿǣěĪݕ

 ƸŊĪěżŲǀƫ܉żŧģ żŰƠÿŲǣÿŲģŏŲģŏǜŏģǀÿŧƠĪƣłżƣŰÿŲĜĪǝÿƫŲżƸÿĜŊŏĪǜĪģ

 ŏłƸŊƣĪƫŊ-܉ǝŊŏĜŊǜÿƣŏĪƫģĪƠĪŲģŏŲŃżŲƸŊĪĪǢĪĜǀƸŏǜĪܹƫƠżƫŏƸŏżŲ܏hŏŤĪǝŏƫĪ

 ǀƠƸżƸŊĪŰÿǢŏŰǀŰƠÿǣżǀƸżƠƠżƣƸǀŲŏƸǣ܉ƠÿǣżǀƸÿƸÿěżǜĪƸÿƣŃĪƸŧĪǜĪŧƫ

 ěżŲǀƫÿǝÿƣģƫǝżǀŧģ܉ŏƫÿĜŊŏĪǜĪģżƣĪǢĜĪĪģĪģ܉ƸŊĪěĪŃŏŲŲŏŲŃżłƸŊĪǣĪÿƣ

 annual metrics approved by the Compensation & ESG Committee at

 ÿƫƫĪƸżǀƸŏŲƸŊĪ܉ĪŰƠŧżǣŰĪŲƸÿŃƣĪĪŰĪŲƸƫ܏SłŰÿǢŏŰǀŰƠĪƣłżƣŰÿŲĜĪ

 ÿŲģÿƣĪŏŲĜŧǀģĪģŏŲƸŊĪt/ƫܹڎڎڌڎ1⁄4ŊĪƫĪƸÿƣŃĪƸƫǝŏŧŧěĪŰÿŏŲƸÿŏŲĪģłżƣ

 ܏żłěÿƫĪƫÿŧÿƣǣބڑڍڍܨڌڑÿŲģƣÿŲŃĪģłƣżŰ܉żŲƸŊĪĪǢĪĜǀƸŏǜĪܹƫƠżƫŏƸŏżŲ

 ěÿƫĪģ ܉ÿŃĪ żł ĪÿĜŊ ĪǢĪĜǀƸŏǜĪ żdzǿĜĪƣܹƫ ěÿƫĪ ƫÿŧÿƣǣ܏1⁄4ŊĪ ƸÿƣŃĪƸƫ ǜÿƣŏĪģ

 ǝĪƣĪƫĪƸÿƫÿƠĪƣĜĪŲƸ-ڍڎڌڎ1⁄4ŊĪģŏƫĜƣĪƸŏżŲÿƣǣÿŲŲǀÿŧěżŲǀƫƸÿƣŃĪƸƫłżƣ

 based on company and individual performance.

 żǀƣt/ƫǝĪƣĪĪŧŏŃŏěŧĪƸżƣĪĜĪŏǜĪģŏƫĜƣĪƸŏżŲÿƣǣÿŲŲǀÿŧěżŲǀƫĪƫ܉ڍڎڌڎSŲ

N¦1⁄4ܰ1⁄4/¦rSt /t1⁄4Sß/ht®

 ܏ڍڎڌڎłżƣڌڌ܏ڍݰÃ®ݕڑڏڑڎ܏ڍěĪŏŲŃ ݕ܉ÿŲŤżł ÿŲÿģÿģÿŏŧǣÿǜĪƣÿŃĪƣÿƸĪłżƣƸŊĪƣĪŧĪǜÿŲƸǣĪÿƣłżƣĜǀƣƣĪŲĜǣĪǢĜŊÿŲŃĪŏŲƸżÃ®'żłƫÿŧÿƣǣŏƫƸŊĪ

 ÿŲŤżł ÿŲÿģÿģÿŏŧǣÿǜĪƣÿŃĪĪǢĜŊÿŲŃĪƣÿƸĪ܏1⁄4ŊĪƣÿƸĪǀƫĪģÿŲģƠÿŏģŏŲ ݕÿŲģĜżŲǜĪƣƸĪģƸżÃ®'łżƣƣĪƠżƣƸŏŲŃƠǀƣƠżƫĪƫǀƫŏŲŃƸŊĪܡƠǀěŧŏĜżdzłĪƣŏŲŃ

 ĪǢĜĪƠƸŏŲƸŊĪĜÿƫĪżłrƣ܏ÃƫŰÿƣǝŊżƫĪěÿƫĪƫÿŧÿƣǣǝÿƫģĪƸĪƣŰŏŲĪģŏŲÃ®'ƠƣŏżƣƸżƸŊĪŏŲŏƸŏÿŧܠŲŲǀÿŧƫÿŧÿƣŏĪƫŏŲƣĪƫƠĪĜƸżłƸŊĪt/ƫÿƣĪģĪƸĪƣŰŏŲĪģ

rżǜĪłƣżŰƠÿƣƸƸŏŰĪƸżłǀŧŧƸŏŰĪ

Increase scope ڶڸڹ܉ڷںڵ ݕ ڸڹڻ܉ڻڼ ݕ

G®/ޠÿŧĪŲƸ1⁄4܉ßŏĜĪƣĪƫŏģĪŲƸ

  Katy Board,

 ŏŲĜƣĪÿƫĪބڹ ڵڷڹ܉ڻںڵ ݕ ڷڹڹ܉ڽڹڵ ݕ

FŏŲÿŲĜĪ܉ßŏĜĪƣĪƫŏģĪŲƸ

  Eban Bari,

 ŏŲĜƣĪÿƫĪބڷ܏ڷڷ ڴڷڷ܉ڽڷڶ ݕ ڻڽڸ܉ڽڻڵ ݕ

SŲǜĪƫƸżƣ¦ĪŧÿƸŏżŲƫޠǜÿŧǀÿƸŏżŲƫ/܉ßŏĜĪƣĪƫŏģĪŲƸ

  James Dendle,

 ŏŲĜƣĪÿƫĪބڶ ڶڷڼ܉ڹڸڷ ݕ ڵڹڴ܉ڽڷڷ ݕ

 ŊŏĪłFŏŲÿŲĜŏÿŧdzǿĜĪƣ

  Sheldon Vanderkooy,

variable incentives

 ܕÃ /ƫÿŧÿƣǣÿŲģÿģģƠĪƣłżƣŰÿŲĜĪ'/¦

 ܉ĪģĪƫŏŃŲżł /ĜżŰƠĪŲƫÿƸŏżŲƠÿĜŤÿŃĪ¦ ڸڷڽ܉ڻڷڻ ݕ ڴڴڴ܉ڴڴڹ܉ڵ ݕ

 ŊŏĪł/ǢĪĜǀƸŏǜĪdzǿĜĪƣ

  Shaun Usmar,

Annual Salary Change

  2021

Annual Salary

  2020

Executive

NEO SALARY LEVELS

subsequently moved to full-time employment in December of 2021.

 ŏŲ żƣƠżƣÿƸĪ®ǀƫƸÿŏŲÿěŏŧŏƸǣÿŲģǝÿƫܡƸĪƣŲ®ܠƫĜżƠĪżłƸŊĪ/®GŰÿŲģÿƸĪłżŧŧżǝŏŲŃŊĪƣżěƸÿŏŲŏŲŃŊĪƣƢǀÿŧŏǿĜÿƸŏżŲłƣżŰtĪǝæżƣŤÃŲŏǜĪƣƫŏƸǣ

 łǀŲĜƸŏżŲÿŲģŧÿƸĪƣÿƫƫǀŰĪģƸŊĪěƣżÿģĪƣܡNǀŰÿŲ¦ĪƫżǀƣĜĪƫܠƸŏŰĪƸżŰÿŲÿŃĪƸŊĪ1⁄4ÿŧĪŲƸܫƠÿƣƸڌڎڌڎżÿƣģǝÿƫżƣŏŃŏŲÿŧŧǣŊŏƣĪģŏŲ܏rƫ܉ŰÿŲĜĪ܏ŧƫż

 ܫǝÿƫŏŲĜƣĪÿƫĪģƸżƣĪǵŧĪĜƸƸŊĪŏŲĜƣĪÿƫĪģƫĜżƠĪÿŲģƣĪƫƠżŲƫŏěŏŧŏƸǣżłŊŏƫżǀƸǝÿƣģŧǣłÿĜŏŲŃƣżŧĪÿŲģƸżÿĜŤŲżǝŧĪģŃĪŊŏƫĜżŲƸŏŲǀĪģƫǀƠĪƣŏżƣƠĪƣłżƣ

rƣ܏'ĪŲģŧĪܹƫƫÿŧÿƣǣ܉ڍڎڌڎŏŲĜĪŲƸŏǜĪĜżŰƠżŲĪŲƸŰżƣĪŏŲŧŏŲĪǝŏƸŊÿƸǣƠŏĜÿŧĜżŰƠĪŲƫÿƸŏżŲƫƸƣǀĜƸǀƣĪłżƣƸŊĪ /żłÿƠǀěŧŏĜŧǣƸƣÿģĪģĜżŰƠÿŲǣ܏SŲ

 ƸżÿŧŧżǝłżƣƸŊĪÿģģŏƸŏżŲżłÿĜżŰƠĪƸŏƸŏǜĪƠĪƣłżƣŰÿŲĜĪ܉ܡǝŊĪŲłÿĜƸżƣŏŲŃłżƣƸŊĪĪǢĜŊÿŲŃĪƣÿƸĪܠÃ®'Ƹż 'ÿŲģƣĪģǀĜĪģěǣŰżƣĪƸŊÿŲŊÿŧł

rƣ܏ÃƫŰÿƣܹƫÿŲŲǀÿŧěÿƫĪƫÿŧÿƣǣǝÿƫĜżŲǜĪƣƸĪģłƣżŰڍڎڌڎŏŲ܉ŏŲƸŊĪƫĜżƠĪżƣěƣĪÿģƸŊżłÿŲĪǢĪĜǀƸŏǜĪżdzǿĜĪƣܹƫƣżŧĪżƣƣĪƫƠżŲƫŏěŏŧŏƸŏĪƫ܏łŲżƸĪ

 ÿƫĪƫÿŧÿƣŏĪƫĜÿŲÿŧƫżěĪÿģšǀƫƸĪģǀƠǝÿƣģƫƸŊƣżǀŃŊżǀƸƸŊĪǣĪÿƣƸżƣĪǵŧĪĜƸƠƣżŰżƸŏżŲƫżƣżƸŊĪƣŏŲĜƣĪÿƫĪƫ܏ŰÿŏŲƸÿŏŲŰÿƣŤĪƸĜżŰƠĪƸŏƸŏǜĪŲĪƫƫ

 ŏłǝÿƣƣÿŲƸĪģżƣŲĪĜĪƫƫÿƣǣƸż܉ÿƣĪƣĪǜŏĪǝĪģÿŲŲǀÿŧŧǣÿŲģŰÿǣěĪŏŲĜƣĪÿƫĪģ܉ÿƫĪƫÿŧÿƣŏĪƫÿƣĪƸÿƣŃĪƸĪģÿƸƸŊĪƠĪĪƣŃƣżǀƠŰĪģŏÿŲƸżƸżƠƢǀÿƣƸŏŧĪ

 ܏ƸŊĪŏƣƠƣŏżƣĪǢƠĪƣŏĪŲĜĪÿŲģƸŊĪŏƣƠżƫŏƸŏżŲƣĪŧÿƸŏǜĪƸżƣĪŧĪǜÿŲƸƠĪĪƣƫŏŲƸŊĪŰÿƣŤĪƸ܉ŏŲƸżÿĜĜżǀŲƸƸŊĪƫĜżƠĪżłƸŊĪĪǢĪĜǀƸŏǜĪżdzǿĜĪƣܹƫƣĪƫƠżŲƫŏěŏŧŏƸŏĪƫ

 ÿƫĪƫÿŧÿƣŏĪƫÿƣĪģĪƸĪƣŰŏŲĪģżŲÿŲŏŲģŏǜŏģǀÿŧěÿƫŏƫƸÿŤŏŲŃ܏ÿƫĪƫÿŧÿƣǣŏƫƠƣżǜŏģĪģÿƫÿǿǢĪģƫżǀƣĜĪżłĜżŰƠĪŲƫÿƸŏżŲłżƣżǀƣĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫ

BASE SALARIES

Compensation Discussion and Analysis

	
	ڜښ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

ensuring adherence to strong internal controls.

 ÿŧŧǝŊŏŧĪ܉ܡ”NCIB“ܠƠƣżŃƣÿŰÿŲģŲżƣŰÿŧĜżǀƣƫĪŏƫƫǀĪƣěŏģܡ”DRIP“ܠƠŧÿŲ

 ÿŲģŏŰƠŧĪŰĪŲƸĪģÿģŏǜŏģĪŲģƣĪŏŲǜĪƫƸŰĪŲƸ܉łżƣĪĜÿƫƸŏŲŃÿŲģƣĪƠżƣƸŏŲŃ

 ǝżƣŤĪģĜŧżƫĪŧǣǝŏƸŊżǀƣŰŏŲŏŲŃƠÿƣƸŲĪƣƫƸżĜżżƣģŏŲÿƸĪ żŲ܉ģŏƫĜŧżƫǀƣĪ

 ƢǀÿŧŏƸǣܫłƣżŰ1⁄4ƣŏƠŧĪFŧÿŃ܏ǀƣǿŲÿŲĜĪƸĪÿŰĜżŲƸŏŲǀĪģƸżŃĪŲĪƣÿƸĪŊŏŃŊ

 ģĪģƠżƣƸłżŧŏżŃƣżǝƸŊÿŲģƸĪŲǀƣĪƸŊÿƸƣĪƢǀŏƣĪƫŧŏŰŏƸĪģłǀƸǀƣĪłǀŲģŏŲŃ

ten-year average annual GEOs1 guidance that demonstrates the embed-

 ÿŲģܫƠĪƣŏżģ܏àĪŊÿǜĪÿŧƫżƠƣżǜŏģĪģƸŊĪŰÿƣŤĪƸǝŏƸŊŲĪǝŧǣŏƫƫǀĪģǿǜĪ

 ÿŲģżǀƣĜÿƫŊǵŧżǝŊÿƫŰżƣĪƸŊÿŲƸƣŏƠŧĪģżǜĪƣƸŊŏƫ܉ܡG/ƫڎڌڒ܉ڏڔG/ƫƸż

 ڒڌڐ܉ڎڐܠڍڎڌڎƸżڕڍڌڎģĪŰżŲƫƸƣÿƸĪģěǣƸŊĪģżǀěŧŏŲŃżłżǀƣżǀŲĜĪƫłƣżŰ

 ŊĪŃƣżǝƸŊŏŲƸŊĪƠżƣƸłżŧŏżŏƫłǀƣƸŊĪƣ1⁄4܏ڍڎڌڎƸżړڍڌڎłƣżŰބڒڎ G¦żł

 ŏŲĜƣĪÿƫĪżŲƸŊĪƠƣŏżƣǣĪÿƣÿŲģĪƢǀÿƸĪģƸżÿބڏڏżǀŲĜĪƫƣĪƠƣĪƫĪŲƸĪģÿ

 ڎڌڒ܉ڏڔG/ƫƫÿŧĪƫłżƣƸŊĪǣĪÿƣżł܏ڌڎڌڎŰŏŧŧŏżŲŏŲڐ܏ڐڎĜżŰƠÿƣĪģƸżݕ

 ŰŏŧŧŏżŲ ڒ܏ړڑżł ݕ ڍڎڌڎ ǝĪ ÿŧƫż Ŋÿģ ƣĪĜżƣģ ÿģšǀƫƸĪģ ŲĪƸ ĪÿƣŲŏŲŃƫ2 ŏŲ

 ܉ÿŲģłÿŏƣǜÿŧǀĪÿģšǀƫƸŰĪŲƸƫڌڎڌڎƸŏŰĪŃÿŏŲŏŲܫģǀĪƸżÿżŲĪބڔڍģżǝŲ

 àŊŏŧĪ żǀƣ ŲĪƸ ĪÿƣŲŏŲŃƫ ǝĪƣĪ ܏ܡŰŏŧŧŏżŲ żƠĪƣÿƸŏŲŃ ĜÿƫŊ ǵŧżǝ ڐڔÿŲģ ݕ

 ܉G/ƫ ƫÿŧĪƫ ڕڑڌ܉ڏڒ ܉ŰŏŧŧŏżŲ ƣĪǜĪŲǀĪ ڒ܏ڎڍڍݕܠ Ơƣŏżƣ ǣĪÿƣܹƫ ƣĪĜżƣģ ƣĪƫǀŧƸƫ

 ǜĪƣƫǀƫ ƸŊĪ ܡŰŏŧŧŏżŲ ڌڎڍݕܠ ÿŲģ żƠĪƣÿƸŏŲŃ ĜÿƫŊ ǵŧżǝ ܡG/ƫ ڎڌڒ܉ڏڔ ÿŲģ

 ŰŏŧŧŏżŲڐ܏ڌڑڍݕܠconsecutive annual record of revenue and GEOs1ƫÿŧĪƫ

 ŃĪŲĪƣÿƸŏŲŃżǀƣǿǽƸŊ܉ǀŲĜĪƣƸÿŏŲƸǣÿŲģƫǀƠƠŧǣĜŊÿŏŲģŏƫƣǀƠƸŏżŲڕڍܫ' ßS

 1⁄4ŊĪ ěÿƫĪ ƠżƣƸłżŧŏż ƠĪƣłżƣŰĪģ ǝĪŧŧ ÿŃÿŏŲƫƸ ƸŊĪ ěÿĜŤģƣżƠ żł żŲŃżŏŲŃ

OUTPERFORM

similar to its large-cap streaming and royalty peers.

 Triple Flag is dedicated to the pursuit of achieving a premium valuation

 ܉ÿŧżŲŃǝŏƸŊÿģĪŰżŲƫƸƣÿƸĪģƠżƣƸłżŧŏżƢǀÿŧŏƸǣ܉ŰÿŤŏŲŃܫŃƣżǝƸŊÿŲģģĪÿŧ

 ƢǀÿŧŏƸǣƸĪÿŰĪǢĪĜǀƸŏżŲÿŲģƸƣÿĜŤƣĪĜżƣģżłƫǀĜĜĪƫƫłǀŧܫàŏƸŊżǀƣŊŏŃŊ

 ܏ܡǢڒ܏ڎܠżŲƫƸƣÿƸĪģěǣƸŊĪĪǢƸĪŲƸżłżǜĪƣƫǀěƫĜƣŏƠƸŏżŲ

 ÿƫģĪŰ-܉ƫƸÿŲģÿŧżŲĪĪǜĪŲƸǝÿƫǀŲģĪƣƠŏŲŲĪģěǣƸŊĪƢǀÿŧŏƸǣżłƸŊĪƸĪÿŰ

 ŃƣżǝŏŲŃǜÿŧǀĪƠĪƣƫŊÿƣĪłżƣżǀƣŏŲǜĪƫƸżƣƫ܏1⁄4ŊĪƫǀĜĜĪƫƫżłżǀƣSÿƫÿ

 commitments to running the business and doing deals in pursuit of

 many months of considerable team dedication alongside our ongoing

 ƣĪƢǀŏƣŏŲŃ܉ŊĪǝżƣŤŧżÿģƸżģĪŧŏǜĪƣżǀƣSǝÿƫŏŰŰĪŲƫĪ1⁄4܏ڔڌڌڎƫŏŲĜĪ

 ÿŲģŧÿƣŃĪƫƸƠƣĪĜŏżǀƫŰĪƸÿŧƫSŃŧżěÿŧŧǣ܉ڎڍڌڎSżŲƸŊĪ1⁄4®åƫŏŲĜĪ

 ĪŲŏŲŃ żǀƣ żǝŲĪƣƫŊŏƠ ěÿƫĪ܏ 1⁄4ƣŏƠŧĪ FŧÿŃ ģĪŧŏǜĪƣĪģ ƸŊĪ ŧÿƣŃĪƫƸ ŰŏŲŏŲŃ

 ŰŏŧŧŏżŲSěƣżÿģ-ڐڒڎǝŏƸŊżǀƣݕ܉ǿǜĪǣĪÿƣƫÿǽƸĪƣŏƸƫŏŲĜĪƠƸŏżŲ܉ڌڎrÿǣ

 ĜżŰƠĪƸŏƸżƣƫ ŏŲ ƸŊĪ ƫĪĜƸżƣ܏ 1⁄4ƣŏƠŧĪ FŧÿŃ ěĪŃÿŲ ƸƣÿģŏŲŃ żŲ ƸŊĪ 1⁄4®åżŲ

 Ƹż ƫǀĜĜĪƫƫłǀŧŧǣ ĜżŰƠĪƸĪ łżƣ ƸŊĪ ěĪƫƸ żƠƠżƣƸǀŲŏƸŏĪƫ ǝŏƸŊ ƸŊĪ ŧÿƣŃĪƫƸ

 ƸŏżŲĪģƸżÿƠǀěŧŏĜĜżŰƠÿŲǣÿǽƸĪƣƣĪÿĜŊŏŲŃƸŊĪĜƣŏƸŏĜÿŧŰÿƫƫŲĪĜĪƫƫÿƣǣ

 ƸŊĪǣĪÿƣǝĪƸƣÿŲƫŏ-ܨǝÿƫÿŤĪǣǣĪÿƣżłƸƣÿŲƫŏƸŏżŲłżƣ1⁄4ƣŏƠŧĪFŧÿŃڍڎڌڎ

CORPORATE PRIORITIES

 ܏ĪÿĜŊt/ƣĪĜĪŏǜĪģÿěżŲǀƫƸŊÿƸǝÿƫÿěżǜĪƸÿƣŃĪƸ܉ƣĪƫǀŧƸ

 ÿƫÿ܉ƸŊÿƸÿŧŧżłƸŊĪt/ƫŰĪƸÿŲģĪǢĜĪĪģĪģƸŊĪƣĪŧĪǜÿŲƸŰĪƸƣŏĜƫÿŲģ

 ܉ǝŏƸŊrĪƣĜĪƣܹƫŏŲƠǀƸ܉G żŰŰŏƸƸĪĪģĪƸĪƣŰŏŲĪģ®/ޠ1⁄4ŊĪ żŰƠĪŲƫÿƸŏżŲ

 ܏ÿŲģǝÿƫģĪƸĪƣŰŏŲĪģěÿƫĪģżŲƸŊĪłżŧŧżǝŏŲŃłƣÿŰĪǝżƣŤ܉żłƸŊĪ żŰƠÿŲǣ

 ŊŏŃŊŧŏŃŊƸĪģěǣƸŊĪƫǀĜĜĪƫƫłǀŧŏŲŏƸŏÿŧƠǀěŧŏĜżdzłĪƣŏŲŃ܉ÿŧŧƫǀĜĜĪƫƫŏŲƸŊĪǣĪÿƣ

 ǝÿƫǝĪŧŧƫǀƠƠżƣƸĪģěǣ1⁄4ƣŏƠŧĪFŧÿŃܹƫżǜĪƣ-܉ żŰŰŏƸƸĪĪǝŏƸŊrĪƣĜĪƣܹƫŏŲƠǀƸ

G®/ ޠ ÿƠƠƣżǜĪģ ěǣ ƸŊĪ  żŰƠĪŲƫÿƸŏżŲ ܉ģŏƫĜƣĪƸŏżŲÿƣǣ ěżŲǀƫ ڍڎڌڎ 1⁄4ŊĪ

 ܏ģĪƸĪƣŰŏŲÿƸŏżŲܡÿĜƸǀÿŧܠģŏƫĜƣĪƸŏżŲÿƣǣěżŲǀƫڍڎڌڎ2 ¦ĪłĪƣƸżƸŊĪłżŧŧżǝŏŲŃƫĪĜƸŏżŲłżƣÿŲĪǢƠŧÿŲÿƸŏżŲżłƸŊĪ

 ܏Sƫÿŧÿƣǣܫrƣ܏ÃƫŰÿƣܹƫěżŲǀƫŏƫĜÿŧĜǀŧÿƸĪģǀƫŏŲŃŊŏƫƠżƫƸ܉ڍڎڌڎFżƣ 1

 ڶڸڹ܉ڷںڵ ݕ ڵڻڻ܉ڵڼ ݕ ބڴڹ G®/ޠÿŧĪŲƸ1⁄4܉Katy Board, ßŏĜĪƣĪƫŏģĪŲƸ

 ڸڼڶ܉ڸڼڵ ݕ ڹںڻ܉ڷڼ ݕ ބڴڹ FŏŲÿŲĜĪ܉Eban Bari, ßŏĜĪƣĪƫŏģĪŲƸ

 ڴڷڷ܉ڽڷڶ ݕ ڻڽڸ܉ڽڻڵ ݕ ބڹڻ ¦SޠǜÿŧǀÿƸŏżŲƫ/܉James Dendle, ßŏĜĪƣĪƫŏģĪŲƸ

 ڸںڵ܉ڸڼڸ ݕ ڽڸڶ܉ڵڵڷ ݕ ބڴڽ Sheldon Vanderkooy,  ŊŏĪłFŏŲÿŲĜŏÿŧdzǿĜĪƣ

 ڷڶڵ܉ڵڼڹ ݕ ڵںڸ܉ڴڷڸ ݕ ބڹڵڵ Shaun Usmar,  ŊŏĪł/ǢĪĜǀƸŏǜĪdzǿĜĪƣ1

 ܡݕܠ

Actual2

 ܡݕܠ

 Target

 ܡބܠ

 Target

Executive

 ܈ǝÿƫƫĪƸÿƫÿƠĪƣĜĪŲƸÿŃĪżłĪÿĜŊt/ܹƫěÿƫĪƫÿŧÿƣǣÿƫłżŧŧżǝƫڍڎڌڎ1⁄4ŊĪÿǝÿƣģƸÿƣŃĪƸłżƣ

Compensation Discussion and Analysis

	
	ڝښ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ŊÿƫěĪĪŲƸŊĪƣĪŰÿƣŤÿěŧĪڍڎڌڎƸŊĪŏŰƠƣĪƫƫŏǜĪŃƣżǝƸŊżłƸŊĪěǀƫŏŲĪƫƫ܏

 ģÿǣżƠĪƣÿƸŏżŲƫƸżĜżŲƸŏŲǀĪܫƸżܫǝŊŏŧĪżǜĪƣƫĪĪŏŲŃƸŊĪĜżŲƸŏŲǀŏƸǣżłģÿǣ

 ܉ÿŲģ  żŰƠÿŲǣ ƸŊƣżǀŃŊ ƸŊĪ ƸƣÿŲƫŏƸŏżŲ Ƹż ÿ ƠǀěŧŏĜŧǣ ƸƣÿģĪģ ĜżŰƠÿŲǣ

 ƸŊĪģŏƫĜƣĪƸŏżŲÿƣǣěżŲǀƫÿǝÿƣģƫ܏rƣ܏ÃƫŰÿƣƫǀĜĜĪƫƫłǀŧŧǣŧĪģƸŊĪƸĪÿŰ

 considered by the Compensation & ESG Committee in determining

 ǝĪƣĪ ܉ĜżŰƠĪƸĪŲĜŏĪƫ ÿŲģ ƠĪƣƫżŲÿŧ ÿƸƸƣŏěǀƸĪƫ żł ĪÿĜŊ ƸĪÿŰ ŰĪŰěĪƣ

 ĜżŰěŏŲĪģ ǝŏƸŊ ƸŊĪ ŤĪǣ ěĪŊÿǜŏżƣÿŧ ܉ڕڍܫ'ŧĪŲŃĪƫ ƠƣĪƫĪŲƸĪģ ěǣ  ßS

 ƠÿƣƸŏĜǀŧÿƣŧǣÿŃÿŏŲƫƸƸŊĪżŲŃżŏŲŃĜŊÿŧ-܉ƫǀĜĜĪƫƫłǀŧǣĪÿƣłżƣ1⁄4ƣŏƠŧĪFŧÿŃ

 ܏ǝżƣŤłżƣĜĪģŏƫŧżĜÿƸŏżŲƫڕڍܫ'żłĜǀƣƣĪŲƸŏŲǵŧÿƸŏżŲÿƣǣƠƣĪƫƫǀƣĪƫÿŲģ ßS

 ƠÿƣƸŏĜǀŧÿƣŧǣÿŃÿŏŲƫƸƸŊĪěÿĜŤģƣżƠ܉ƣĪŃǀŧÿƸżƣƫÿŲģƸŊĪěżÿƣģ܉ÿŲÿŧǣƫƸƫ

 ĪƢǀŏƸǣƣĪƫĪÿƣĜŊ܉ŏŲĜŧǀģĪłżƫƸĪƣŏŲŃżǀƣƣĪŧÿƸŏżŲƫŊŏƠƫǝŏƸŊżǀƣŏŲǜĪƫƸżƣƫ

 budget on G&A. These additional obligations as a public company

 ÿŧŧ ǝŊŏŧĪ ĪŲģŏŲŃ ƸŊĪ ǣĪÿƣ ǀŲģĪƣ ܉ģĪŰÿŲģƫ żł ƠǀěŧŏĜ ĜżŰƠÿŲǣ ŧŏłĪ

 ÿŲģ ÿģÿƠƸŏŲŃ ĜÿƠÿěŧǣ Ƹż ƸŊĪ ܉ƢǀÿŧŏƸǣ ÿŲģ ĪdzǿĜŏĪŲƸ ŰÿŲŲĪƣܫÿ ŊŏŃŊ

 ģĪŧŏǜĪƣŏŲŃ ÿ ŊŏŃŊŧǣ ƫǀĜĜĪƫƫłǀŧ S ŏŲ ܉ƸŊĪ ƸĪÿŰ ƠĪƣłżƣŰĪģ ǝĪŧŧ ܉ƸŏǜĪ

Our team is our key competitive advantage. From a talent perspec-

 ܏ÿdzǿŧŏÿƸŏżŲǝĪƫƸƣżŲŃŧǣƫǀƠƠżƣƸ

 ÿŲ܉ܡ”UNGC“ܠÿĜƸŏǜĪŰĪŰěĪƣżłƸŊĪÃŲŏƸĪģtÿƸŏżŲƫGŧżěÿŧ żŰƠÿĜƸ

 ƫƸǀģĪŲƸƫŏŲtżƣƸŊĪƣŲ¥ǀĪěĪĜ܏àĪÿŧƫżĜżŲƸŏŲǀĪƸżěĪÿŲڑړƠÿĜŤƫƸż

 ÿŲģƠƣżǜŏģĪģƫĜŊżżŧƫǀƠƠŧŏĪƫÿŲģěÿĜŤ-܉ǀƫƸƣÿŧŏÿǝŏƸŊƫĜŊżŧÿƣƫŊŏƠƫ

 ƫƸǀģĪŲƸƫŏŲ®żǀƸŊłƣŏĜÿǝŏƸŊěǀƣƫÿƣŏĪƫÿŲģÿǝÿƣģĪģłżǀƣƫƸǀģĪŲƸƫŏŲ

 ƫƠżŲƫżƣĪģŲŏŲĪŰżƣĪĪŲŃŏŲĪĪƣŏŲŃ܉ĜÿƣěżŲŲĪǀƸƣÿŧŏƸǣƫŏŲĜĪŏŲĜĪƠƸŏżŲ

 ǝĪ ŰÿŏŲƸÿŏŲĪģ żǀƣ ܉ģĪŰżŲƫƸƣÿƸŏŲŃ żǀƣ /®G ŧĪÿģĪƣƫŊŏƠ ܉ÿģģŏƸŏżŲ

SŲ ܏ڍڎڌڎ àĪ ƠǀěŧŏƫŊĪģ żǀƣ ǿƣƫƸ ƫǀƫƸÿŏŲÿěŏŧŏƸǣ ƣĪƠżƣƸ ŏŲ ®ĪƠƸĪŰěĪƣ

 ESG LEADERSHIP & TALENT

 ܏ƠĪƣƫŊÿƣĪƠƣżǜŏģĪƫÿǣŏĪŧģƸŊÿƸƣÿŲŤƫǝŏƸŊƸŊĪěĪƫƸŏŲƸŊĪƫĪĜƸżƣ

 ڕڍ܏ڌÿŲģżǀƣÿŲŲǀÿŧŏǭĪģģŏǜŏģĪŲģżłÃ®ݕ܉ģŏǜŏģĪŲģƫƸżżǀƣƫŊÿƣĪŊżŧģĪƣƫ

 ÿǜÿŏŧÿěŧĪłżƣƸƣÿŲƫÿĜƸŏżŲƫ܏àĪŊÿǜĪÿŧƫżƠÿŏģżǀƣǿƣƫƸƸŊƣĪĪܡÿĜĜżƣģŏżŲ

 ŏŲĜŧǀģŏŲŃ ƸŊĪܠ ŰŏŧŧŏżŲ ڌڌڒÿŲģ ÿŲ ǀŲģƣÿǝŲ ĜƣĪģŏƸ łÿĜŏŧŏƸǣ żł ǀƠ Ƹż ݕ

 ŰŏŧŧŏżŲڍڐÿŲģǝŏƸŊŲĪƸĜÿƫŊżłżǜĪƣݕ܉ŰĪŲƸƫłżƣƸŊĪłżƣĪƫĪĪÿěŧĪłǀƸǀƣĪ

 ǝŏƸŊŲżĜżŰŰŏƸ-܉łƣĪĪܫŰÿǣěĪÿƣłƣǀŏƸ܏àĪĪŲģƸŊĪǣĪÿƣģĪěƸ܉ŃŏǜĪŲƸŏŰĪ

 ܉ĜżŲƸŏŲǀĪģƸżģĪǜĪŧżƠżǀƣƠƣĪłĪƣƣĪģěŏŧÿƸĪƣÿŧģĪÿŧżƠƠżƣƸǀŲŏƸŏĪƫǝŊŏĜŊ

 àĪ܏ڎڎڌڎڍ¥ÿģģĪģÿłǀƣƸŊĪƣģĪǜĪŧżƠŰĪŲƸƫƸÿŃĪÿƫƫĪƸƸżƸŊĪƠżƣƸłżŧŏżŏŲ

 ÿŲģ ܉ĜżżƣģŏŲÿƸĪģ ƫŏƸĪ ǜŏƫŏƸƫ ܉ěŏŲģŏŲŃ ÿŲģ ěŏŲģŏŲŃ żdzłĪƣƫܫŰǀŧƸŏƠŧĪ ŲżŲ

 ƫǀěŰŏƸƸĪģ܉ƸŊĪƸĪÿŰƣĪǜŏĪǝĪģŲǀŰĪƣżǀƫżƠƠżƣƸǀŲŏƸŏĪƫģǀƣŏŲŃƸŊĪǣĪÿƣ

 ܨÿĜżŲƸŏŲǀżǀƫŧǣÿĜƸŏǜĪǣĪÿƣǝŊĪŲǜŏĪǝĪģłƣżŰÿģĪÿŧǵŧżǝƠĪƣƫƠĪĜƸŏǜĪ

 ǝÿƫڍڎڌڎ܏ڍڎڌڎŰŏŧŧŏżŲŧÿƸĪƣŏŲڑGżŧģFŏĪŧģƫܹ®ÿŧÿƣĪƫtżƣƸĪƠƣżšĪĜƸłżƣݕ

 ÿŲģǝĪƫĪĜǀƣĪģƸŊƣĪĪÿģģŏƸŏżŲÿŧƣżǣÿŧƸŏĪƫƠƣżǢŏŰÿŧƸż܉ĪǢŏƫƸŏŲŃƠżƣƸłżŧŏż

 ĜżŰƠŧĪŰĪŲƸŏŲŃżǀƣ܉ŲĪǝƣżǣÿŧƸŏĪƫڐڏŰŏŧŧŏżŲÿģģĪģڒڐÿĜƢǀŏƫŏƸŏżŲłżƣݕ

 ƸŊĪĜŧżƫŏŲŃżłƸŊĪSrGh'ƣżǣÿŧƸǣƠżƣƸłżŧŏż܉ŰÿŤŏŲŃłƣżŲƸܫŲƸŊĪģĪÿŧ

GROW VALUE

 current value.

 ŏŲŏƸŏÿŧ ŏŲǜĪƫƸŰĪŲƸ ǝŊĪŲ ĜżŲƫŏģĪƣŏŲŃ ĜÿƫŊ ǵŧżǝ ƣĪĜĪŏǜĪģ Ƹż ģÿƸĪ ÿŲģ

 Ǣ żǀƣڑ ŃĪŲĪƣÿƸŏŲŃ ŰżƣĪ ƸŊÿŲ ܨ ěǀƫŏŲĪƫƫ ŰżģĪŧ ǝŊĪŲ ǝĪŧŧ ĪǢĪĜǀƸĪģ

 This demonstrated the embedded optionality and advantages of this

 ܏ÿģģŏƸŏżŲÿŧŏŲǜĪƫƸŰĪŲƸÿŲģǝÿƫƫƸƣżŲŃŧǣÿĜĜƣĪƸŏǜĪƸżżǀƣŲĪƸÿƫƫĪƸǜÿŧǀĪ

 ǝŊŏĜŊ ÿģģĪģ ŰżƣĪ ƸŊÿŲ ÿ ģĪĜÿģĪ żł ŰŏŲĪ ŧŏłĪ żŲ ƸŊŏƫ ÿƫƫĪƸ łżƣ Ųż

 ܉żłƸŊĪƣĪŧĪÿƫĪżłƸŊĪ1⁄4łƣĪƫŊƣżĜŤƠƣżšĪĜƸłĪÿƫŏěŏŧŏƸǣƫƸǀģǣŏŲĜƸżěĪƣ

 The most material positive change to the portfolio came in the form

 ܏NĪŲƸǣÿŲģ'ÿƣŃǀĪƫ܉'ÿǜŏģƫżŲ

 • Record production and exploration success demonstrated at Young-

 ÿŲģܔܡÿƣĪĜżƣģƫŏŲĜĪƸŊĪŰŏŲĪƫƸÿƣƸĪģƠƣżģǀĜƸŏżŲܠĜƸܕڍړڍƠƣŏĜĪżłÃ®ݕ

 ģŏÿŰżŲģƫÿŧĪŊÿǜŏŲŃÿƣĪÿŧŏǭĪģڎڎڌڎǝŏƸŊƸŊĪǿƣƫƸ܉ŰżŲģŰÿƣŤĪƸ

Renard:ƣĪǜĪƣƸĪģěÿĜŤƸżƠżƫŏƸŏǜĪĜÿƫŊǵŧżǝżŲÿŰżƣĪěǀżǣÿŲƸģŏÿ- •

 ܔǀƠĜżŲƸŏŲǀĪģÿƸ®ƸǣŧģƣŏǽƸܫƣÿŰƠ

 RBPlat: achieved record production levels during the year as the •

 ܔƸƠģڌڌڌ܉ڐƸƠģƸżڌڌڌ܉ڏĪǢƠÿŲģŏŲŃƸŊƣżǀŃŊƠǀƸłƣżŰ

Buritica: ÿĜŊŏĪǜĪģĜżŰŰĪƣĜŏÿŧƠƣżģǀĜƸŏżŲÿŲģŏƫǝĪŧŧÿģǜÿŲĜĪģŏŲ •

 ܔrƸƠÿڒ܏ړ

  Northparkes: continued to ramp up to its expanded capacity of •

 ܔNÿƣƣŏĪƣÿŲģ®ǝÿŲǭżŲĪƫ܉ ǣŃŲĪƸ

 ǝŏƸŊŲĪǝĪǢƠŧżƣÿƸŏżŲģŏƫĜżǜĪƣŏĪƫƠƣżŰŏƫŏŲŃŃżżģŧŏłĪĪǢƸĪŲƫŏżŲÿƸ

 ܉ŤżǭڌڌڑŤżǭÿŲģÿěżǜĪƣĪǜŏƫĪģŃǀŏģÿŲĜĪżłڑڎڐܨڌڌڐŃǀŏģÿŲĜĪżł

 łÿƣ ĪǢĜĪĪģŏŲŃ żƣŏŃŏŲÿŧ ܉Ťżǭ żł Ńżŧģ ڒ܏ڕڌڑ Fosterville: ƠƣżģǀĜĪģ •

 ܔڕÿŲģڑƣżěǀƫƸĪǢƠŧżƣÿƸŏżŲƣĪƫǀŧƸƫǝŏƸŊĪǢƸĪŲƫŏżŲżłǭżŲĪƫ

 ÿŲģ܉ڌڎڌڎŤżǭƫżŧģŏŲڌړړ܉ڍłƣżŰބڒڎǀƠ܉ڍڎڌڎƫƸƣĪÿŰĪģƫŏŧǜĪƣƫżŧģŏŲ

 Ťżǭ żł ڏڎڎ܉ڎ Cerro Lindo: ƫƸƣżŲŃ żƠĪƣÿƸŏŲŃ ƠĪƣłżƣŰÿŲĜĪ ǝŏƸŊ •

 ܈ŏŲĜŧǀģŏŲŃ

 ܉®ĪǜĪƣÿŧƫƸÿŲģżǀƸƠĪƣłżƣŰĪƣƫĪŰĪƣŃĪģŏŲƸŊĪƠżƣƸłżŧŏżģǀƣŏŲŃƸŊĪǣĪÿƣ

 OPTIMIZE PORTFOLIO

Compensation Discussion and Analysis

	
	ڞښ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ǀŲģĪƣƫƸÿŲģÿŲģŏŰƠŧĪŰĪŲƸ܉• ®ŏŰƠŧĪƸżĜżŰŰǀŲŏĜÿƸĪ

 • Produce reasonable and defensible pay and performance outcomes

 ĪǢĪĜǀƸŏǜĪƫƸżƸÿŤĪǀŲģǀĪƣŏƫŤƫƸżĪÿƣŲƣĪǝÿƣģƫ

 ÿŲģ ÿǜżŏģŏŲŃ ģĪƫŏŃŲ łĪÿƸǀƣĪƫ ƸŊÿƸ Űÿǣ ģƣŏǜĪ ܉ǝŏƸŊ ƣŏƫŤ ŊżƣŏǭżŲƫ

 • ¦ĪǵŧĪĜƸƸŊĪ żŰƠÿŲǣܹƫƣŏƫŤƠżƫƸǀƣĪěǣÿŧŏŃŲŏŲŃƠÿǣŰĪŲƸŊżƣŏǭżŲƫ

stretch goals

 Setting realistically achievable target goals and meaningful ܨ

 ŏŲǵŧǀĪŲĜĪ

 Focusing on performance measures that executives can directly ܨ

 ŰĪÿŲŏŲŃłǀŧƣĪǝÿƣģżƠƠżƣƸǀŲŏƸǣܕƣżǜŏģŏŲŃÿĜżŰƠĪƸŏƸŏǜĪ ܨ

 ܈ƠĪƣłżƣŰÿŲĜĪěǣ

 • rżƸŏǜÿƸĪ ĪǢĪĜǀƸŏǜĪƫ ÿŲģ żƸŊĪƣ ĪŰƠŧżǣĪĪƫ Ƹż ģƣŏǜĪ żƣŃÿŲŏǭÿƸŏżŲÿŧ

 ƣĪÿƸĪÿŧŏŃŲŰĪŲƸǝŏƸŊƸŊĪěǀƫŏŲĪƫƫƫƸƣÿƸĪŃǣ  •

 ܈ǝŊŏĜŊŏŲĜŧǀģĪ܉ƠŧÿŲģĪƫŏŃŲ

 ĜżŲƫŏģĪƣĪģƸŊĪŃĪŲĪƣÿŧƠƣŏŲĜŏƠŧĪƫłżƣĪdzłĪĜƸŏǜĪŏŲĜĪŲƸŏǜĪ܉łƣżŰrĪƣĜĪƣ

 ǝŏƸŊ ĜżŲƫǀŧƸÿƸŏżŲ ÿŲģ ŃǀŏģÿŲĜĪ ܉G  żŰŰŏƸƸĪĪ®/ ޠ  żŰƠĪŲƫÿƸŏżŲ

 ƸŊĪ܉ÿŲģěĪǣżŲģڎڎڌڎSŲģĪƫŏŃŲŏŲŃƸŊĪ®1⁄4SƠŧÿŲłƣÿŰĪǝżƣŤłżƣǿƫĜÿŧ

 ܏ŏŲĜŧǀģŏŲŃƸŊĪ /܉łżƣÿŧŧt/ÿŲŲǀÿŧŏŲĜĪŲƸŏǜĪƫ

SŲģŏǜŏģǀÿŧƠĪƣłżƣŰÿŲĜĪÿƫƸŊĪěÿƫŏƫބڑڎƠĪƣłżƣŰÿŲĜĪĜżŰěŏŲĪģǝŏƸŊ

 żŰƠÿŲǣ ބڑړżÿƣģŊÿƫÿƠƠƣżǜĪģÿǝĪŏŃŊƸŏŲŃżłżłŰÿŲÿŃĪŰĪŲƸ܏1⁄4ŊĪ

 żƣłÿĜƸżƣƫżǀƸƫŏģĪƸŊĪĜżŲƸƣżŧܡƠżƫŏƸŏǜĪżƣŲĪŃÿƸŏǜĪܠÿƣǣĜŏƣĜǀŰƫƸÿŲĜĪƫ

 ǝŊĪƣĪƣĪƫǀŧƸƫÿƣĪÿdzłĪĜƸĪģěǣĪǢƸƣÿżƣģŏŲ-܉ĪŏƸŊĪƣƠżƫŏƸŏǜĪŧǣżƣŲĪŃÿƸŏǜĪŧǣ

 ܉żǀƸĜżŰĪżłƸŊĪłƣÿŰĪǝżƣŤÿŲģŊÿƫƸŊĪżƠƠżƣƸǀŲŏƸǣƸżÿƠƠŧǣšǀģŃŰĪŲƸ

 żÿƣģƣĪǜŏĪǝƫƸŊĪŰĪÿƫǀƣĪżǀƣƠĪƣłżƣŰÿŲĜĪÿƸƸŊĪĪŲģżłƸŊĪǣĪÿƣ܏1⁄4ŊĪ

 ÿŲģƢǀÿŧŏƸÿƸŏǜĪƸÿƣŃĪƸƫÿƸƸŊĪƫƸÿƣƸżłƸŊĪǣĪÿƣÿŃÿŏŲƫƸǝŊŏĜŊǝĪǝŏŧŧ

 ǝĪ ǝŏŧŧ ǀƫĪ ÿ łƣÿŰĪǝżƣŤ ÿƠƠƣżÿĜŊ Ƹż ƫĪƸ ěżƸŊ ƢǀÿŲƸŏƸÿƸŏǜĪ ܉ڎڎڌڎ SŲ

 able performance targets and evaluation of individual contributions.

target amount depending on the level of achievement of the applic-

SŲģŏǜŏģǀÿŧÿŲŲǀÿŧŏŲĜĪŲƸŏǜĪƠÿǣżǀƸƫǝŏŧŧěĪŊŏŃŊĪƣżƣŧżǝĪƣƸŊÿŲƸŊĪ

operational performance targets.

 ŰżƣĪƫƠĪĜŏǿĜÿŧŧǣżǀƣÿŲŲǀÿŧǿŲÿŲĜŏÿŧÿŲģ܉ŲĪƫƫÿŲģǿŲÿŲĜŏÿŧżěšĪĜƸŏǜĪƫ

 ģĪƫŏŃŲĪģƸżŰżƸŏǜÿƸĪżǀƣĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫƸżŰĪĪƸżǀƣƫƸƣÿƸĪŃŏĜěǀƫŏ-

 ěÿƫĪģÿŲŲǀÿŧŏŲĜĪŲƸŏǜĪƠŧÿŲƸŊÿƸŏƫܫ1⁄4ŊĪŲĪǝ®1⁄4SŧÿŲŏƫÿƠĪƣłżƣŰÿŲĜĪ

 ܏ƸŊĪżƸŊĪƣt/ƫ

 łżŧŧżǝŏŲŃƣĪĜżŰŰĪŲģÿƸŏżŲƫłƣżŰƸŊĪ /ÿŲģ܉ƠŧÿŲģĪƫŏŃŲÿŲģÿǝÿƣģƫ

G żŰŰŏƸƸĪĪǝŏŧŧƣĪŰÿŏŲƣĪƫƠżŲƫŏěŧĪłżƣÿƠƠƣżǜŏŲŃƸŊĪ®/ޠƠĪŲƫÿƸŏżŲ

 ÿŲģżƠĪƣÿƸŏżŲÿŧżěšĪĜƸŏǜĪƫǝŊŏŧĪģĪŧŏǜĪƣŏŲŃ/®GƠĪƣłżƣŰÿŲĜĪ܏1⁄4ŊĪ żŰ-

 ǿŲÿŲĜŏÿŧ ܉ŏŲĜŧǀģŏŲŃ ƸŊĪ t/ƫ Ƹż ŰĪĪƸ ŃƣżǝƸŊ ܉ŏŲĜĪŲƸŏǜŏǭĪ ĪǢĪĜǀƸŏǜĪƫ

 ƸĪƣŰ ŏŲĜĪŲƸŏǜĪ ƠŧÿŲ ģĪƫŏŃŲĪģ ƸżܫěżŲǀƫ ǝŏŧŧ ěĪ ƣĪƠŧÿĜĪģ ǝŏƸŊ ÿ ƫŊżƣƸ

 ƸŊĪģŏƫĜƣĪƸŏżŲÿƣǣÿŲŲǀÿŧ܉żǀƣǿƣƫƸłǀŧŧǣĪÿƣÿƫÿƠǀěŧŏĜĜżŰƠÿŲǣ܉ڎڎڌڎFżƣ

 ژژږژ¦ NtG/®1⁄41⁄4N/®N¦1⁄4ܰ1⁄4/¦rSt /t1⁄4Sß/htF

innovation and creativity.

 ŏŲĜŧǀģŏŲŃ܉ÿŲģÿěŏŧŏƸǣƸżģƣŏǜĪżǀƣĜżŰƠĪƸŏƸŏǜĪĪģŃĪ܉ÿƸŏżŲǝŏƸŊżƸŊĪƣƫ

 ĪŲŃÿŃĪŰĪŲƸÿŲģĜżŧŧÿěżƣ-܉ŤŲżǝŧĪģŃĪÿŲģƫŤŏŧŧƫ܉ĪÿĜŊt/ܹƫĪǢƠĪƣƸŏƫĪ

G żŰŰŏƸƸĪĪłÿĜƸżƣĪģŏŲ®/ޠŰżǜŏŲŃǀƫłżƣǝÿƣģ܏1⁄4ŊĪ żŰƠĪŲƫÿƸŏżŲ

 ĪǢĪĜǀƸŏŲŃ żŲ żǀƣ ĜżŰŰŏƸŰĪŲƸƫ ÿŲģ ܨ żǀƣ ®ǀƫƸÿŏŲÿěŏŧŏƸǣ šżǀƣŲĪǣ

 żÿƣģŊÿƫŊĪŧƠĪģƫŊÿƠĪÿŲģƫŊÿƣĪ܏rƫ܉ÿŲģłżŧŧżǝŏŲŃżǀƣS܏FŏŲÿŧŧǣ

 ƫĪƸƸŏŲŃƸŊĪěÿƣŊŏŃŊŧĪÿģŏŲŃǀƠƸż܉ƸŊÿƸƣŏǜÿŧƫÿŲǣżłżǀƣŧÿƣŃĪƣƠĪĪƣƫ

 żǜĪƣƫĪĪŏŲŃƸŊĪģĪŧŏǜĪƣǣżłÿŧĪǜĪŧżłƠǀěŧŏĜģŏƫĜŧżƫǀƣĪ܉ǿŲÿŲĜĪłǀŲĜƸŏżŲ

 ÿƣŏŊÿƫƸƣÿŲƫłżƣŰĪģƸŊĪ܏ƸŏƠŧĪĪǢĪĜǀƸŏǜĪƫŏŲƫŏŰŏŧÿƣżƣŃÿŲŏǭÿƸŏżŲƫ܏rƣ

 ƫƠÿŲŲŏŲŃÿƣĪÿƫżłƣĪƫƠżŲƫŏěŏŧŏƸǣƸǣƠŏĜÿŧŧǣŊĪŧģěǣŰǀŧ-܉ŊŏŃŊƢǀÿŧŏƸǣ

 Ŋÿƫ ěĪĪŲ ƣĪŰÿƣŤÿěŧĪ ÿŲģ ܉ŏŲŃ Ŋŏƫ ŏŲǜĪƫƸżƣ ƣĪŧÿƸŏżŲƫ ƣĪƫƠżŲƫŏěŏŧŏƸŏĪƫ

supporting the ongoing business development activities and embrac-

 ÿŧŧǝŊŏŧĪ܉ÿŲģƣżÿģƫŊżǝƸŊŏƫǣĪÿƣ܉ģǀĪģŏŧŏŃĪŲĜĪ܉ƸŊĪSƠƣżƫƠĪĜƸǀƫ

 ěǀŏŧģŏŲŃ ĜÿƠÿěŏŧŏƸŏĪƫ܏ rƣ܏ 'ĪŲģŧĪܹƫ ĜżŲƫŏģĪƣÿěŧĪ ǝżƣŤ żŲܫÿŲģ ƸĪÿŰ

 ƠǀěŧŏĜ ĜżŰƠÿŲǣ܏ NĪ Ŋÿƫ ģĪŰżŲƫƸƣÿƸĪģ ƫƸƣżŲŃ ĜżŰŰĪƣĜŏÿŧ ÿĜǀŰĪŲ

 ŧĪŃÿŧÿŲģģŏƫĜŧżƫǀƣĪƣĪƢǀŏƣĪŰĪŲƸƫżłżƠĪƣÿƸŏŲŃÿ܉ŏƸǣżłƸŊĪǿŲÿŲĜŏÿŧ

rƣ܏ßÿŲģĪƣŤżżǣĪdzłĪĜƸŏǜĪŧǣŲÿǜŏŃÿƸĪģƸŊĪƸĪÿŰƸŊƣżǀŃŊƸŊĪĜżŰƠŧĪǢ-

 ܏ǝŊŏĜŊÿƣĪłżǀŲģÿƸŏżŲÿŧƸż1⁄4ƣŏƠŧĪFŧÿŃƫģŏƫƸŏŲĜƸŏǜĪěǀƫŏŲĪƫƫÿƠƠƣżÿĜŊ

 ܉ƸǀŲŏƸŏĪƫ ĜǀŧƸŏǜÿƸĪģ ƸŊƣżǀŃŊ ƠƣżłĪƫƫŏżŲÿŧ ŲĪƸǝżƣŤƫ ŏŲƸż ƠÿƣƸŲĪƣƫŊŏƠƫ

 ǵŧżǝÿŲģŧĪÿģŏŲŃƸƣÿŲƫÿĜƸŏżŲƫǝŏƸŊƸŊĪƸĪÿŰŏŲżƣģĪƣƸżĜżŲǜĪƣƸżƠƠżƣ-

 ÿŲģƢǀÿŧŏƸǣƸŊÿƸŊÿƫƣĪƫǀŧƸĪģ܏NĪƠŧÿǣƫÿŧĪÿģŏŲŃƣżŧĪŏŲƫżǀƣĜŏŲŃģĪÿŧ

 by the successful deal-making track record and portfolio performance

 ƸĪÿŰŊĪŊÿƫŊÿŲģƠŏĜŤĪģżǜĪƣƸŊĪƠÿƫƸŲĪÿƣŧǣƫŏǢǣĪÿƣƫŏƫĪǢĪŰƠŧŏǿĪģ

 ƫƸÿƣƸ܏rƣ܏ÃƫŰÿƣܹƫƢǀÿŧŏƸǣŧĪÿģĪƣƫŊŏƠÿŲģƸŊĪƫǀƫƸÿŏŲĪģģĪŧŏǜĪƣǣżłƸŊĪ

 emerging senior in the streaming and royalty sector from a standing

 ܉ƢǀÿŧŏƸǣܫĜǀŧŰŏŲÿƸŏżŲ żł ǿǜĪ ǣĪÿƣƫ żł ěǀŏŧģŏŲŃ 1⁄4ƣŏƠŧĪ FŧÿŃ ŏŲƸż ÿ ŊŏŃŊ

Compensation Discussion and Analysis

	
	ڟښ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ģŏŧǀƸŏżŲǝŊŏŧĪŃƣżǝŏŲŃŧŏƢǀŏģŏƸǣ

 • ŰÿŏŲƸÿŏŲŏŲŃÿŲĪdzłĪĜƸŏǜĪĜÿƠŏƸÿŧƫƸƣǀĜƸǀƣĪƸŊÿƸŧŏŰŏƸƫ

appropriate dividend

 • ÿŧŧżĜÿƸŏŲŃĜÿƠŏƸÿŧĪdzłĪĜƸŏǜĪŧǣŏŲĜŧǀģŏŲŃƠÿǣŏŲŃÿŲ

 • ƠżƣƸłżŧŏżżƠƸŏŰŏǭÿƸŏżŲǝŊŏŧĪĜżŲƸƣżŧŧŏŲŃĜżƫƸƫ

 • ƸÿŧĪŲƸÿŲģǿƣĪƠżǝĪƣƸżŃƣżǝǜÿŧǀĪ

sustained value creation

 żƠĪƣÿƸżƣŰŏŲģƫĪƸƸżƠǀƣƫǀĪܫǝŏƸŊżǝŲĪƣ

  Short and long term ongoing actions ބڌڎ Corporate Priorities

 • secure favorable external ratings

licence to operate

 • ĪŲŃÿŃĪÿŲģƠÿƣƸŲĪƣǝŏƸŊĜżǀŲƸĪƣƠÿƣƸŏĪƫƸżƫǀƠƠżƣƸ

 ƠÿƣƸǣĜĪƣƸŏǿĜÿƸŏżŲżłĜÿƣěżŲŲĪǀƸƣÿŧŏƸǣܫ• ƸŊŏƣģ

 ƫǀƠƠżƣƸ/®GŃżÿŧƫǝŏƸŊƠÿƣƸŲĪƣƫƣĪƠżƣƸŏŲŃ

 żŲŃżŏŲŃŏŲǜĪƫƸŰĪŲƸƸż܉ƠÿƣƸŲĪƣƫŊŏƠƫ

 dzłĪĜƸŏǜĪģǀĪģŏŧŏŃĪŲĜĪƸżÿǜżŏģŲĪŃÿƸŏǜĪ/ ބڑڍ ESG Leadership

 • ĪŲŊÿŲĜĪƠżƣƸłżŧŏżƢǀÿŧŏƸǣǝŏƸŊÿĜƢǀŏƫŏƸŏżŲƫÿŲģƫÿŧĪƫ

 • actively manage asset optimization and reporting

 ĪdzłĪĜƸŏǜĪƣŏƫŤŰÿŲÿŃĪŰĪŲƸƠƣżŃƣÿŰ •

 ܡƫĪŧŧޠěǀǣܠƸŊƣżǀŃŊģĪÿŧƫ

 decisions to improve portfolio quality

 ŰÿŏŲƸÿŏŲĪdzłĪĜƸŏǜĪ/¦rÿŲģżŲŃżŏŲŃ

 ܉rÿŲÿŃĪƠżƣƸłżŧŏżÿŲģěǀƫŏŲĪƫƫƣŏƫŤ ބڑڍ Optimize Portfolio & Risk

 • perform against guidance

 • outperform peers and benchmarks

budget & guidance

 streaming peers and performance against

 Relative share price performance versus ބڌڎ Outperform

and Resource

 ƣżģǀĜƸŏżŲ܈• ģĪŧŏǜĪƣŃƣżǝƸŊłƣżŰĪǢŏƫƸŏŲŃƠżƣƸłżŧŏż

 ÿŲģßÿŧǀĪƠĪƣƫŊÿƣĪŃƣżǝƸŊ

 ĪƫżǀƣĜĪ¦܉ƣżģǀĜƸŏżŲ܈• ĪǢĪĜǀƸĪǜÿŧǀĪÿģģĪģģĪÿŧƫ

organically via the existing portfolio

GƣżǝƸŊŏŲǜÿŧǀĪƸŊƣżǀŃŊģĪÿŧƫÿŲģ ބڌڏ GƣżǝßÿŧǀĪ

Value Driver Weight Description 2022 Objectives

 ®N¦1⁄4ܰ1⁄4/¦rSt /t1⁄4Sß/à¦'F¦r/à¦f

 ܏ÿŲŲǀÿŧŧǣƸżĪŲƫǀƣĪÿŧŏŃŲŰĪŲƸǝŊŏŧĪŰÿŏŲƸÿŏŲŏŲŃĜżŲƫŏƫƸĪŲĜǣÿĜƣżƫƫƸŊĪłƣÿŰĪǝżƣŤ

 żłƸŊĪ żŰƠÿŲǣܹƫżěšĪĜƸŏǜĪƫÿŲģÿŧŏŃŲǝŏƸŊƸŊĪƫƸƣÿƸĪŃǣ܏1⁄4ŊĪ®1⁄4SłƣÿŰĪǝżƣŤÿŧŧżǝƫłżƣƫǀdzǿĜŏĪŲƸǵŧĪǢŏěŏŧŏƸǣƸżÿģšǀƫƸƸŊĪǝĪŏŃŊƸŏŲŃƫÿŲģżěšĪĜƸŏǜĪƫ

G żŰŰŏƸƸĪĪŊÿƫÿŧƫżƣĪǜŏĪǝĪģÿŲģÿƠƠƣżǜĪģƸŊĪƠĪƣƫżŲÿŧżěšĪĜƸŏǜĪƫżłƸŊĪŰÿŲÿŃĪŰĪŲƸƸĪÿŰƸŊÿƸƫǀƠƠżƣƸƸŊĪÿĜŊŏĪǜĪŰĪŲƸ®/ޠ żŰƠĪŲƫÿƸŏżŲ

 ŊĪ1⁄4܏ڎڎڌڎG żŰŰŏƸƸĪĪŊÿƫÿƠƠƣżǜĪģƸŊĪłżŧŧżǝŏŲŃłƣÿŰĪǝżƣŤÿŲģƫĪƸżěšĪĜƸŏǜĪƫÿŧŏŃŲĪģƸżżǀƣ żŰƠÿŲǣƫƸƣÿƸĪŃǣłżƣ®/ޠ1⁄4ŊĪ żŰƠĪŲƫÿƸŏżŲ

2022 Short-Term Incentive Plan Framework

Compensation Discussion and Analysis

	
	ږڛ ¦rtG/r/t1⁄4¦åæ S¦ ÃhڗژږژSh/FhG¦1⁄4

 ܏ܡŏŏܠÿŲģܡŏܠżł

 ÿĜżŰěŏŲÿƸŏżŲܡŏŏŏܠżƣ܉ÿŲǣƸƣÿŲƫłĪƣĜżƫƸƫĜŊÿƣŃĪģěǣƸŊĪƫĪĜǀƣŏƸŏĪƫģĪÿŧĪƣ

 ÿŲǣÿƠƠŧŏĜÿěŧĪǝŏƸŊŊżŧģŏŲŃƸÿǢĪƫÿŲģ܉ƸżƸŊĪÿŃŃƣĪŃÿƸĪĪǢĪƣĜŏƫĪƠƣŏĜĪ

 dealer in the capital markets as required to realize cash proceeds equal

 ŰŏŲǀƫ ƸŊĪ ŲǀŰěĪƣ żł  żŰŰżŲ ®ŊÿƣĪƫ ƫżŧģ ěǣ ÿ ƫĪĜǀƣŏƸŏĪƫ ܉żƠƸŏżŲƫ

 that is equal to the number of Common Shares underlying the stock

 ÿŲÿŃŃƣĪŃÿƸĪŲǀŰěĪƣżł żŰŰżŲ®ŊÿƣĪƫܡŏŏܠ܉ěǣƸŊĪƫĪĜǀƣŏƸŏĪƫģĪÿŧĪƣ

 ÿŲǣÿƠƠŧŏĜÿěŧĪǝŏƸŊŊżŧģŏŲŃƸÿǢĪƫÿŲģÿŲǣƸƣÿŲƫłĪƣĜżƫƸƫĜŊÿƣŃĪģ܉ƠƣŏĜĪ

 ŧĪƫƫƸŊĪÿŃŃƣĪŃÿƸĪĪǢĪƣĜŏƫĪ܉ěǣÿƫĪĜǀƣŏƸŏĪƫģĪÿŧĪƣŏŲƸŊĪĜÿƠŏƸÿŧŰÿƣŤĪƸƫ

 ized upon the sale of the Common Shares underlying the stock options

 ÿŲÿŰżǀŲƸŏŲĜÿƫŊĪƢǀÿŧƸżƸŊĪĜÿƫŊƠƣżĜĪĪģƫƣĪÿŧ-ܡŏܠƸżƣĪĜĪŏǜĪܡģĪÿƸŊ

 his or her personal legal representative in the event of a participant’s

 żƣܠŊĪĜÿƫŊŧĪƫƫĪǢĪƣĜŏƫĪłĪÿƸǀƣĪƠĪƣŰŏƸƫÿƠÿƣƸŏĜŏƠÿŲƸ1⁄4܏ܡŰŲŏěǀƫŧÿŲ

 from the number of Common Shares available for issuance under the

 ǝŏƸŊ ÿ łǀŧŧ ģĪģǀĜƸŏżŲܠ ŰŲŏěǀƫ ŧÿŲ Ŋÿƫ ÿ ĜÿƫŊŧĪƫƫ ĪǢĪƣĜŏƫĪ łĪÿƸǀƣĪ

 ƸŊĪ܉1⁄4żłÿĜŏŧŏƸÿƸĪƸŊĪƠÿǣŰĪŲƸżłƸŊĪĪǢĪƣĜŏƫĪƠƣŏĜĪżłƸŊĪƫƸżĜŤżƠƸŏżŲƫ

termination of a participant’s employment.

 ŏŲĜŧǀģŏŲŃ ƸŊĪ ܉ƫƸżĜŤ żƠƸŏżŲƫ ǀƠżŲ ƸŊĪ żĜĜǀƣƣĪŲĜĪ żł ĜĪƣƸÿŏŲ ĪǜĪŲƸƫ

 ƠĪƣŏżģ܏ 1⁄4ŊĪ ŰŲŏěǀƫ ŧÿŲ ǝŏŧŧ ÿŧƫż ƠƣżǜŏģĪ łżƣ ĪÿƣŧŏĪƣ ĪǢƠŏƣÿƸŏżŲ żł

 ěǀƫŏŲĪƫƫģÿǣƫÿǽƸĪƣƸŊĪĪŲģżłƸŊĪěŧÿĜŤżǀƸڌڍŰÿƸŏĜÿŧŧǣĪǢƸĪŲģĪģǀŲƸŏŧ

 ƸŊĪĪǢƠŏƣǣģÿƸĪǝŏŧŧěĪÿǀƸż-܉ĪǢƠŏƣǣģÿƸĪłÿŧŧƫģǀƣŏŲŃÿěŧÿĜŤżǀƸƠĪƣŏżģ

 ƠƣżǜŏģĪģƸŊÿƸŏłƸŊĪ܉ŰÿǣŲżƸĪǢĜĪĪģƫĪǜĪŲǣĪÿƣƫłƣżŰƸŊĪģÿƸĪżłŃƣÿŲƸ

 żÿƣģƸŊÿƸ®ƸżĜŤżƠƸŏżŲƫŰǀƫƸěĪĪǢĪƣĜŏƫĪģǝŏƸŊŏŲÿƠĪƣŏżģǿǢĪģěǣżǀƣ

 ܏żŲĪÿĜŊżłƸŊĪǿƣƫƸƸŊƣĪĪÿŲŲŏǜĪƣƫÿƣŏĪƫżłƸŊĪŃƣÿŲƸģÿƸĪ

 ބڏڏ܏ڏڏƸżĜŤżƠƸŏżŲƫŃĪŲĪƣÿŧŧǣǜĪƫƸ®܏ܡǝŊŏĜŊƸŊĪƫƸżĜŤżƠƸŏżŲŏƫŃƣÿŲƸĪģ

 ƸŊĪ‘‘Market Value’’) onܠģÿǣŏŰŰĪģŏÿƸĪŧǣƠƣŏżƣƸżƸŊĪÿƠƠŧŏĜÿěŧĪģÿƸĪ

 ƸŊĪĜŧżƫŏŲŃƠƣŏĜĪżłÿ żŰŰżŲ®ŊÿƣĪżŲƸŊĪ1⁄4®åżŲƸŊĪŧÿƫƸƸƣÿģŏŲŃ

 ܉ŏ܏Ī܏ܠŰÿǣŲżƸěĪŧĪƫƫƸŊÿŲƸŊĪłÿŏƣŰÿƣŤĪƸǜÿŧǀĪżłÿ żŰŰżŲ®ŊÿƣĪ

 żÿƣģ ÿŲģ 1⁄4ŊĪ ĪǢĪƣĜŏƫĪ ƠƣŏĜĪ łżƣ ƫƸżĜŤ żƠƸŏżŲƫ ŏƫ ģĪƸĪƣŰŏŲĪģ ěǣ żǀƣ

Stock Options

 ڻڽں܉ڶ ڼڸڵ܉ڽڹ

G®/ޠÿŧĪŲƸ1⁄4܉ßŏĜĪƣĪƫŏģĪŲƸ

  Katy Board,

 ڷںڻ܉ڶ ڵڽڹ܉ڴں

FŏŲÿŲĜĪ܉ßŏĜĪƣĪƫŏģĪŲƸ

  Eban Bari,

 ڷڶں܉ڷ ڴںڸ܉ڽڻ

 ¦SޠǜÿŧǀÿƸŏżŲƫ/܉ßŏĜĪƣĪƫŏģĪŲƸ

  James Dendle,

 ڻڴڸ܉ڵڵ ڷڹڵ܉ڴڹڶ

 ŊŏĪłFŏŲÿŲĜŏÿŧdzǿĜĪƣ

  Sheldon Vanderkooy,

 ڴڵڹ܉ںڷ ڵںں܉ڴڴڼ

 ŊŏĪł/ǢĪĜǀƸŏǜĪdzǿĜĪƣ

  Shaun Usmar,

Executive Stock Options RSUs

 ܈ŏŲĜżŲŲĪĜƸŏżŲǝŏƸŊżǀƣSڍڎڌڎŃƣÿŲƸĪģƸżƸŊĪt/ƫŏŲ

 1⁄4ŊĪ łżŧŧżǝŏŲŃ ƸÿěŧĪ ƫŊżǝƫ ƸŊĪ ŲǀŰěĪƣ żł ƫƸżĜŤ żƠƸŏżŲƫ ÿŲģ ¦®Ãƫ

 ܏¦®ÃƫǜĪƫƸŏŲłǀŧŧżŲƸŊĪƸŊŏƣģÿŲŲŏǜĪƣƫÿƣǣżłƸŊĪŏƣŃƣÿŲƸģÿƸĪ

 ƸŊŏƣģżŲĪÿĜŊżłƸŊĪǿƣƫƸƸŊƣĪĪÿŲŲŏǜĪƣƫÿƣŏĪƫżłƸŊĪŏƣŃƣÿŲƸģÿƸĪƫÿŲģƸŊĪ

exercise price equal to the IPO price. The stock options vest as to one-

 1⁄4ŊĪƫƸżĜŤżƠƸŏżŲƫĪǢƠŏƣĪƫĪǜĪŲǣĪÿƣƫÿǽƸĪƣƸŊĪŃƣÿŲƸģÿƸĪÿŲģŊÿǜĪÿŲ

is relevant for the 2022 compensation year.

 żÿƣģܹƫƸÿƣŃĪƸ܏ÿƣŏÿŲģrƫŊĪŏŲĜƣĪÿƫĪƸżrĪƫƫƣƫ܏'ĪŲģŧĪÿŲģ1⁄4܏ڍڎڌڎŏŲ

 ŊÿǜĪƣĪĜĪŏǜĪģƸŊĪh1⁄4SÿǝÿƣģƫŏŲĜżŲŲĪĜƸŏżŲǝŏƸŊƸŊĪSłżƣƸŊĪŏƣĪdzłżƣƸƫ

 ƸŊĪt/ƫǝŏŧŧżŲŧǣܔڍڎڌڎżƣěĪĜÿŰĪƠÿǣÿěŧĪƸżƸŊĪt/ƫŏŲ܉ĪÿƣŲĪģěǣ

 ܉Ãƫ żƣ ƫƸżĜŤ żƠƸŏżŲƫ ǝĪƣĪ ÿǝÿƣģĪģ Ƹż® ܉ÿģģŏƸŏżŲÿŧ ŃƣÿŲƸƫ żł ¦®Ãƫ

 ƸŊĪƸÿƣŃĪƸh1⁄4SÿǝÿƣģŃƣÿŲƸĪģƸżt/ƫŏŲĜżŲŲĪĜƸŏżŲǝŏƸŊƸŊĪS܏tż

 ŏŲƸŊĪÿěżǜĪƸÿěŧĪŏƫƸŊĪƸÿƣŃĪƸƸŊÿƸǝÿƫǀƫĪģĪǢĜŧǀƫŏǜĪŧǣƸżģĪƸĪƣŰŏŲĪ

 ÿƣŃĪƸܷ1⁄4ڍڎڌڎƫŏŲƸĪƣĪƫƸƫǝŏƸŊƸŊżƫĪżłƫŊÿƣĪŊżŧģĪƣƫ܏1⁄4ŊĪܶܓŰÿŲÿŃĪŰĪŲƸ

 component of performance share units to even further strengthen

 ǝĪ ǝŏŧŧ ƸƣÿŲƫŏƸŏżŲ Ƹż ŏŲĜŧǀģĪ ÿ ܉ƫĪƸ ŰĪÿŲŏŲŃłǀŧ ƠĪƣłżƣŰÿŲĜĪ ŊǀƣģŧĪƫ

 ÿŲģłƣżŰǝŊŏĜŊǝĪǝŏŧŧěĪÿěŧĪƸż܉ƠĪƣłżƣŰÿŲĜĪŊŏƫƸżƣǣƸżƣĪŧǣǀƠżŲ

 ǝŏƸŊÿłĪǝǣĪÿƣƫżł܉ƠǀěŧŏĜĜżŰƠÿŲǣ܏SƸŏƫĪǢƠĪĜƸĪģƸŊÿƸŏŲƸŊĪłǀƸǀƣĪ

 ÿƫÿŲĪǝŧǣ܉ÿƫƸŊĪŧżŲŃĪƣƸŏŰĪŊżƣŏǭżŲƸŊÿƸƫƸżĜŤżƠƸŏżŲƫƠƣżǜŏģĪłżƣ

 żƠƸŏżŲƫ ÿŲģ ¦®Ãƫ łżƣ ŏƸƫ żǜĪƣÿŧŧ ƣĪŧÿƸŏżŲƫŊŏƠ Ƹż ƠĪƣłżƣŰÿŲĜĪ ÿƫ ǝĪŧŧ

 ŏŲ ¦®Ãƫ܏ 1⁄4ŊĪ  żŰƠÿŲǣ Ŋÿƫ ĜŊżƫĪŲ ƸŊŏƫ ÿŧŧżĜÿƸŏżŲ żł ƫƸżĜŤ ބڌڎ ÿŲģ

 ŏŲ ƫƸżĜŤ żƠƸŏżŲƫ ބڌڔ ÿŲģ ǝĪŏŃŊƸĪģ ܡƫĪƸ łżƣƸŊ ŏŲ ƸŊĪ ƸÿěŧĪ ÿěżǜĪܠ

 ƸĪƣŰŏŲĜĪŲƸŏǜĪƸÿƣŃĪƸܫS܏1⁄4ŊĪŃƣÿŲƸƫǝĪƣĪěÿƫĪģżŲĪÿĜŊt/ܹƫŧżŲŃ

t/ƫǀŲģĪƣƸŊĪŰŲŏěǀƫŧÿŲŏŲĜżŲŲĪĜƸŏżŲǝŏƸŊƸŊĪĜŧżƫŏŲŃżłżǀƣ

 ƸŊĪ żŰƠÿŲǣŃƣÿŲƸĪģƫƸżĜŤżƠƸŏżŲƫÿŲģ¦®ÃƫƸżĪÿĜŊżłƸŊĪ܉ڍڎڌڎSŲ

 ܏ڎڎڌڎ܉ڍĪdzłĪĜƸŏǜĪdÿŲǀÿƣǣބڑڎڍżÿƣģܹƫh1⁄4SƸÿƣŃĪƸŊÿƫěĪĪŲŏŲĜƣĪÿƫĪģƸż܏ÿƣŏÿŲģrƫ܏rƣ 2

 ܏ڍڎڌڎŏŲ'ĪĜĪŰěĪƣބڌڑڍÿŲģŊÿƫěĪĪŲŏŲĜƣĪÿƫĪģƸżބڌڎڍrƣ܏'ĪŲģŧĪܹƫh1⁄4SƸÿƣŃĪƸÿƸSǝÿƫ  1

 ڶڸڹ܉ڷںڵ ݕ ބڴڴڵ

G2®/ޠÿŧĪŲƸ1⁄4܉ßŏĜĪƣĪƫŏģĪŲƸ

  Katy Board,

 ڵڷڹ܉ڻںڵ ݕ ބڴڴڵ

FŏŲÿŲĜĪ2܉ßŏĜĪƣĪƫŏģĪŲƸ

  Eban Bari,

 ںڽڵ܉ڻڼڶ ݕ ބڴڶڵ

S¦1ޠǜÿŧǀÿƸŏżŲƫ/܉ßŏĜĪƣĪƫŏģĪŲƸ

  James Dendle,

 ڷںں܉ڵڽں ݕ ބڴڴڶ

 ŊŏĪłFŏŲÿŲĜŏÿŧdzǿĜĪƣ

  Sheldon Vanderkooy,

 ڵڴڼ܉ڷڵڶ܉ڶ ݕ ބڴڴڷ

 ŊŏĪł/ǢĪĜǀƸŏǜĪdzǿĜĪƣ

  Shaun Usmar,

 ܡݕܠ

 Target 2021

 ܡżłƫÿŧÿƣǣބÿƫÿܠ

 2021 Target

Executive

 ܏ÿƫƫĪƸłżƣƸŊŏŲƸŊĪƸÿěŧĪěĪŧżǝ܉ěĪŲĜŊŰÿƣŤƫÿŲģƠĪƣłżƣŰÿŲĜĪżěšĪĜƸŏǜĪƫ

 ĪƫƸÿěŧŏƫŊĪģƸÿƣŃĪƸÿǝÿƣģƫłżƣĪÿĜŊt/ǝŏƸŊƣĪłĪƣĪŲĜĪƸżÿƠƠŧŏĜÿěŧĪ

 żÿƣģ t/ƫ ǝĪƣĪ ŃƣÿŲƸĪģ ƫƸżĜŤ żƠƸŏżŲƫ ÿŲģ ¦®Ãƫ ÿŲģ ƸŊĪ ܉ڍڎڌڎ SŲ

 ܏ÿĜĜżƣģÿŲĜĪǝŏƸŊƸŊĪƸĪƣŰƫżłƸŊĪŰŲŏěǀƫŧÿŲ

 ant entities. This amendment did not require shareholder approval in

 ƸżƠĪƣŰŏƸŃƣÿŲƸƫƸżĜżŲƫǀŧƸ-ڍڎڌڎ1⁄4ŊĪŰŲŏěǀƫŧÿŲǝÿƫÿŰĪŲģĪģŏŲ

 Awards”).“܉ĜżŧŧĪĜƸŏǜĪŧǣܠÃƫÿŲģ®Ãƫ®¦܉ěĪŏŲƸŊĪłżƣŰżłƫƸżĜŤżƠƸŏżŲƫ

/ƢǀŏƸǣÿǝÿƣģƫÿƣĪŃƣÿŲƸĪģǀŲģĪƣƸŊĪ żŰƠÿŲǣܹƫŰŲŏěǀƫŧÿŲÿŲģŰÿǣ

htGܰ1⁄4/¦r/¥ÃS1⁄4æSt /t1⁄4Sß/ht®

Compensation Discussion and Analysis

	
	ڗڛ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

Common Shares.

 żłƸŊĪżǀƸƫƸÿŲģŏŲŃބڌڍĜÿŲŲżƸĪǢĜĪĪģ܉ĜżŰƠĪŲƫÿƸŏżŲÿƣƣÿŲŃĪŰĪŲƸƫ

 ěÿƫĪģܫżƣ ǝŊĪŲ ĜżŰěŏŲĪģ ǝŏƸŊ ÿŧŧ żł ƸŊĪ  żŰƠÿŲǣܹƫ żƸŊĪƣ ƫĪĜǀƣŏƸǣ

 ܉ǀŲģĪƣ ƸŊĪ ŰŲŏěǀƫ ŧÿŲ ÿŧżŲĪ ܉ŏŲ ĪÿĜŊ ĜÿƫĪ ܉ żŰƠÿŲǣ ÿƸ ÿŲǣ ƸŏŰĪ

 ŏƫƫǀÿěŧĪƸżŏŲƫŏģĪƣƫżłƸŊĪܡŏŏܠżƣ܉ǣĪÿƣƠĪƣŏżģܫ żŰƠÿŲǣǝŏƸŊŏŲÿŲǣżŲĪ

 ŏƫƫǀĪģƸżŏŲƫŏģĪƣƫżłƸŊĪܡŏܠŲǀŰěĪƣżł żŰŰżŲ®ŊÿƣĪƫƸŊÿƸŰÿǣěĪ

 compensation arrangements of the Company to any one person. The

 under the Omnibus Plan or pursuant to any other security-based

 żłƸŊĪżǀƸƫƸÿŲģŏŲŃ żŰŰżŲ®ŊÿƣĪƫŰÿǣěĪŏƫƫǀĪģބڑtżŰżƣĪƸŊÿŲ

 ܏żłƸŊĪŏƫƫǀĪģÿŲģżǀƸƫƸÿŲģŏŲŃ żŰŰżŲ®ŊÿƣĪƫÿƫżłƸŊÿƸģÿƸĪބڐ

 ƣĪƠƣĪƫĪŲƸŏŲŃÿƠƠƣżǢŏŰÿƸĪŧǣ܉łǀƸǀƣĪŏƫƫǀÿŲĜĪǀŲģĪƣƸŊĪŰŲŏěǀƫŧÿŲ

 żŰŰżŲ ®ŊÿƣĪƫ ƣĪŰÿŏŲ ÿǜÿŏŧÿěŧĪ łżƣ  ڔڕړ܉ڔڏڎ܉ڒ ܉ڍڎڌڎ ܉ڍڏ 'ĪĜĪŰěĪƣ

 of the issued and outstanding Common Shares as of that date. As of

 ބڍ ƣĪƠƣĪƫĪŲƸŏŲŃ ÿƠƠƣżǢŏŰÿƸĪŧǣ ܉ŃƣÿŲƸĪģ ǀŲģĪƣ ƸŊĪ ŰŲŏěǀƫ ŧÿŲ

 ÃƫŊÿģěĪĪŲ®¦ړڍڎ܉ڕڒƠƸŏżŲƫÿŲģڌڍڕ܉ړڍڑ܉ڍ܉ڍڎڌڎ܉ڍڏƫÿƸ'ĪĜĪŰěĪƣ

 ܏ƸŊƣĪĪǣĪÿƣƫłƣżŰÿŰÿšżƣŏƸǣżłƸŊĪǜżƸĪƫĜÿƫƸěǣƫŊÿƣĪŊżŧģĪƣƫ

 ĜÿƸĪģÿǝÿƣģƫǀŲģĪƣƸŊĪŰŲŏěǀƫŧÿŲěĪƫżǀŃŊƸěǣƸŊĪ żŰƠÿŲǣĪǜĪƣǣ

 ƸŊĪƣǀŧĪƫżłƸŊĪ1⁄4®å܏1⁄4ŊĪ1⁄4®åƣĪƢǀŏƣĪƫƸŊÿƸƸŊĪÿƠƠƣżǜÿŧżłÿŧŧǀŲÿŧŧż-

 ƸŊĪŰŲŏěǀƫŧÿŲŏƫĜżŲƫŏģĪƣĪģÿŲĪǜĪƣŃƣĪĪŲƠŧÿŲƠǀƣƫǀÿŲƸƸż܉ÿƣĪƫǀŧƸ

 become available for subsequent issuance under the Omnibus Plan. As

 żƣģŏƫƠżƫĪģżłżƣƸŊÿƸŊÿǜĪĪǢƠŏƣĪģżƣƸĪƣŰŏŲÿƸĪģłżƣÿŲǣƣĪÿƫżŲǝŏŧŧ

 żŰŰżŲ ®ŊÿƣĪƫ ǀŲģĪƣŧǣŏŲŃ ¦®Ãƫ ÿŲģ ®Ãƫ ƸŊÿƸ ŊÿǜĪ ěĪĪŲ ƫĪƸƸŧĪģ

 become available for subsequent issuance under the Omnibus Plan.

 żƣģŏƫƠżƫĪģżłżƣƸŊÿƸŊÿǜĪĪǢƠŏƣĪģżƣƸĪƣŰŏŲÿƸĪģłżƣÿŲǣƣĪÿƫżŲǝŏŧŧ

 Common Shares underlying stock options that have been exercised

 ܏żłƸŊĪŏƫƫǀĪģÿŲģżǀƸƫƸÿŲģŏŲŃ żŰŰżŲ®ŊÿƣĪƫłƣżŰƸŏŰĪƸżƸŏŰĪބڐ

 ®ŊÿƣĪƫƸŊÿƸŰÿǣěĪŏƫƫǀĪģƠǀƣƫǀÿŲƸƸż¦®ÃƫÿŲģ®ÃƫĜÿŲŲżƸĪǢĜĪĪģ

 ƸŊĪŰÿǢŏŰǀŰŲǀŰěĪƣżł żŰŰżŲ܉ƠƣżǜŏģĪģƸŊÿƸ܉łƣżŰƸŏŰĪƸżƸŏŰĪ

 żłƸŊĪŏƫƫǀĪģÿŲģżǀƸƫƸÿŲģŏŲŃ żŰŰżŲ®ŊÿƣĪƫބڑƸŊĪŰŲŏěǀƫŧÿŲŏƫ

 The maximum number of Common Shares available for issuance under

and Participation Limits

  Common Shares Subject to the Omnibus Plan

are not eligible to participate in the Omnibus Plan.

 ĪŰƠŧżǣĪĪģŏƣĪĜƸżƣƫܫĪŧŏŃŏěŧĪƸżƠÿƣƸŏĜŏƠÿƸĪŏŲƸŊĪŰŲŏěǀƫŧÿŲ܏tżŲ

 ÿŲģ ĜżŲƫǀŧƸÿŲƸƫ żł ƸŊĪ  żŰƠÿŲǣ ÿŲģ ŏƸƫ ģĪƫŏŃŲÿƸĪģ ÿdzǿŧŏÿƸĪƫ ÿƣĪ

 the Omnibus Plan to the Compensation & ESG Committee. Employees

 ģĪŧĪŃÿƸĪŏƸƫÿģŰŏŲŏƫƸƣÿƸŏǜĪƠżǝĪƣƫǀŲģĪƣ܉ŏŲŏƸƫģŏƫĜƣĪƸŏżŲ܉żÿƣģŰÿǣ

 ƠƣżǜŏģĪģ ƸŊÿƸ ƸŊĪ ܉żÿƣģ 1⁄4ŊĪ ŰŲŏěǀƫ ŧÿŲ ŏƫ ÿģŰŏŲŏƫƸĪƣĪģ ěǣ żǀƣ

Administration and Eligibility

 ܏ܡżƣ®ÃƫܠƸŊĪƣĪŧÿƸĪģ¦®Ãƫ

 ÿƠÿƣƸŏĜŏƠÿŲƸÿƣĪƫǀěšĪĜƸƸżƸŊĪƫÿŰĪǜĪƫƸŏŲŃĜżŲģŏƸŏżŲƫÿƠƠŧŏĜÿěŧĪƸż

 ŏǜŏģĪŲģ®ŊÿƣĪÃŲŏƸƫĜƣĪģŏƸĪģƸż'܏ܡÿƫÿƠƠŧŏĜÿěŧĪ܉żƣ®ÃƫܠłżƣŰżł¦®Ãƫ

 ®ŊÿƣĪƫżŲƸŊĪģŏǜŏģĪŲģƠÿǣŰĪŲƸģÿƸĪ܏'ŏǜŏģĪŲģ®ŊÿƣĪÃŲŏƸƫÿƣĪŏŲƸŊĪ

 ÿŲģƸŊĪŲģŏǜŏģĪģěǣƸŊĪrÿƣŤĪƸßÿŧǀĪżłƸŊĪ żŰŰżŲ܉ żŰŰżŲ®ŊÿƣĪ

 plied by the amount of the dividend paid by the Company on each

 ŊĪŧģěǣƸŊĪƠÿƣƸŏĜŏƠÿŲƸżŲƸŊĪƣĪŧĪǜÿŲƸƣĪĜżƣģģÿƸĪŰǀŧƸŏ-ܡÿŲģ®Ãƫܠ

 ěĪĜƣĪģŏƸĪģƸżÿƠÿƣƸŏĜŏƠÿŲƸŏƫĪƢǀÿŧƸżƸŊĪÿŃŃƣĪŃÿƸĪŲǀŰěĪƣżł¦®Ãƫ

 ƣĪĜżƣģģÿƸĪłżƣƫǀĜŊģŏǜŏģĪŲģƫ܏1⁄4ŊĪŲǀŰěĪƣżł'ŏǜŏģĪŲģ®ŊÿƣĪÃŲŏƸƫƸż

 żŲƸŊĪܡżƣ®ÃƫܠŰÿƸŏĜÿŧŧǣĜƣĪģŏƸĪģƸżĪÿĜŊƠÿƣƸŏĜŏƠÿŲƸǝŊżŊżŧģƫ¦®Ãƫ

 ǝŏŧŧěĪÿǀƸż-ܡ’’Dividend Share Units‘‘ܠÿģģŏƸŏżŲÿŧƫŊÿƣĪǀŲŏƸƫ܉®ŊÿƣĪƫ

 ÿƣĪ Ơÿŏģ żŲ  żŰŰżŲ ܡżƸŊĪƣ ƸŊÿŲ ƫƸżĜŤ ģŏǜŏģĪŲģƫܠ àŊĪŲ ģŏǜŏģĪŲģƫ

Dividend Share Units

 ܏ܡŏŏܠÿŲģܡŏܠÿĜżŰěŏŲÿƸŏżŲżłܡŏŏŏܠżƣ܉ƸŊĪƫĪƸƸŧĪŰĪŲƸģÿƸĪ

 ÿŲģƣĪŧÿƸĪģ'ŏǜŏģĪŲģ®ŊÿƣĪÃŲŏƸƫŰǀŧƸŏƠŧŏĪģěǣƸŊĪrÿƣŤĪƸßÿŧǀĪÿƫÿƸ

 ĪƢǀÿŧƸżƸŊĪŲǀŰěĪƣżł żŰŰżŲ®ŊÿƣĪƫĜżǜĪƣĪģěǣƸŊĪ¦®Ãƫżƣ®Ãƫ

 ܡŲĪƸżłÿƠƠŧŏĜÿěŧĪǝŏƸŊŊżŧģŏŲŃƸÿǢĪƫܠƸŊĪƠÿƣƸŏĜŏƠÿŲƸÿŲÿŰżǀŲƸŏŲĜÿƫŊ

 ģĪŧŏǜĪƣƸżܡŏŏܠżƣ܉ܡÿƫģĪǿŲĪģěĪŧżǝܠÿŲģƣĪŧÿƸĪģ'ŏǜŏģĪŲģ®ŊÿƣĪÃŲŏƸƫ

 ƸƣĪÿƫǀƣǣƸŊĪŲǀŰěĪƣżł żŰŰżŲ®ŊÿƣĪƫĜżǜĪƣĪģěǣƸŊĪ¦®Ãƫżƣ®Ãƫ

 ŏƫƫǀĪłƣżŰܡŏܠŏŲŏƸƫƫżŧĪģŏƫĜƣĪƸŏżŲ܉ƸŊĪ żŰƠÿŲǣǝŏŧŧĪŏƸŊĪƣ܉¦®Ãżƣ®Ã

 żŲƸŊĪƫĪƸƸŧĪŰĪŲƸģÿƸĪżłÿŲ܉ܡŏłÿƠƠŧŏĜÿěŧĪܠƣĪŧÿƸĪģĜżŲģŏƸŏżŲƫܫÿŲĜĪ

 ®ǀěšĪĜƸ Ƹż ƸŊĪ ÿĜŊŏĪǜĪŰĪŲƸ żł ƸŊĪ ÿƠƠŧŏĜÿěŧĪ ǜĪƫƸŏŲŃ ÿŲģ ƠĪƣłżƣŰ-

third calendar year from the date of the grant.

 ŃĪŲĪƣÿŧŧǣǀŲƸŏŧƸŊĪĪŲģżłƸŊĪ܉ÿƣĪŰĪÿƫǀƣĪģżǜĪƣÿƫƠĪĜŏǿĪģƠĪƣŏżģ

 ǝŊŏĜŊ܉żÿƣģłżƣŰÿŲĜĪĜƣŏƸĪƣŏÿżƣżƸŊĪƣĜƣŏƸĪƣŏÿÿƫģĪƸĪƣŰŏŲĪģěǣżǀƣ

 ŏŲģŏǜŏģǀÿŧƠĪƣ-܉ܡĪŏƸŊĪƣÿěƫżŧǀƸĪżƣƣĪŧÿƸŏǜĪżƣěżƸŊܠƫŊÿƣĪŊżŧģĪƣƣĪƸǀƣŲ

 ƸżƸÿŧ ܉ŏŲĜŧǀģĪ ǿŲÿŲĜŏÿŧ żƣ żƠĪƣÿƸŏżŲÿŧ ƠĪƣłżƣŰÿŲĜĪ żł ƸŊĪ  żŰƠÿŲǣ

 ƣĪŧÿƸĪģǜĪƫƸŏŲŃĜżŲģŏƸŏżŲƫŰÿǣܫƸŊĪƠĪƣłżƣŰÿŲĜĪ܉SŲƸŊĪĜÿƫĪżł®Ãƫ

 ܏ÿƣĪƫĪƸżǀƸŏŲƸŊĪƠÿƣƸŏĜŏƠÿŲƸܹƫŃƣÿŲƸÿŃƣĪĪŰĪŲƸ܉ÿǝÿƣģƫ

 ƫĪƸƸŧĪŰĪŲƸģÿƸĪÿŲģżƸŊĪƣƸĪƣŰƫÿŲģĜżŲģŏƸŏżŲƫǝŏƸŊƣĪƫƠĪĜƸƸżƸŊĪ

 ܉ǜĪƫƸŏŲŃƠĪƣŏżģƫ܉ǜĪƫƸŏŲŃĜżŲģŏƸŏżŲƫ܉ŃƣÿŲƸģÿƸĪ܉ƸǣƠĪżłÿǝÿƣģ܉ƢǀÿŲƸŏƸǣ

 ŏŲĜŧǀģŏŲŃƸŊĪ܉ܡÿŲģ®Ãƫܠ1⁄4ŊĪƸĪƣŰƫÿŲģĜżŲģŏƸŏżŲƫżłŃƣÿŲƸƫżł¦®Ãƫ

 RSUs and PSUs

Compensation Discussion and Analysis

	
	ژڛ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏ŰżŲƸŊƫłżŧŧżǝŏŲŃƸŊĪĜŊÿŲŃĪżłĜżŲƸƣżŧڎڍ1  /ŧŏŃŏěŧĪŏłƸĪƣŰŏŲÿƸŏżŲǝŏƸŊżǀƸĜÿǀƫĪżƣƣĪƫŏŃŲÿƸŏżŲłżƣŃżżģƣĪÿƫżŲżĜĜǀƣƫǝŏƸŊŏŲ

 • 1 year to exercise vested

 • Accelerated vesting of unvested

based on target performance

 ǜĪƫƸ܉ŰżŲƸŊƫƸŊƣżǀŃŊƠĪƣłżƣŰÿŲĜĪƠĪƣŏżģڎڍ

 ŏłŧĪƫƫƸŊÿŲܔǜĪƫƸěÿƫĪģżŲƠĪƣłżƣŰÿŲĜĪƸżģÿƸĪ

 ܉żƣŰżƣĪŰżŲƸŊƫƸŊƣżǀŃŊƠĪƣłżƣŰÿŲĜĪƠĪƣŏżģڎڍAccelerated vesting Sł

 ܡƸƣŏŃŃĪƣܫģżǀěŧĪܠ

Gżżģ¦ĪÿƫżŲܕ1⁄4ĪƣŰŏŲÿƸŏżŲ

 Change of Control1 &

 ģÿǣƫƸżĪǢĪƣĜŏƫĪǜĪƫƸĪģڌڏ •

For Cause Forfeit unvested Forfeit unvested • Forfeit unvested

 • 90 days to exercise vested

 ƸŊĪŲłżƣłĪŏƸƸŊĪƣĪÿǽƸĪƣ܉ƠĪƣŏżģ

 • Vest through applicable severance

 łżƣłĪŏƸǀŲǜĪƫƸĪģ܉ƸĪƣŰŏŲÿƸŏżŲģÿƸĪ

 18 months through performance period at

 ŏłŧĪƫƫƸŊÿŲܔƸżĪŲģżłÿƠƠŧŏĜÿěŧĪƫĪǜĪƣÿŲĜĪƠĪƣŏżģ

 ǜĪƫƸěÿƫĪģżŲƠĪƣłżƣŰÿŲĜĪ܉ÿƸƸĪƣŰŏŲÿƸŏżŲģÿƸĪ

  If 18 or more months through performance period

 łżƣłĪŏƸƸŊĪƣĪÿǽƸĪƣ

 ƸŊĪŲ܉ƫĪǜĪƣÿŲĜĪƠĪƣŏżģ

 tżƸłżƣ ÿǀƫĪ Vest through applicable

Involuntary Termination

vesting period

 Continued vesting over remaining vesting period • Continued vesting over remaining

remaining vesting period

 ŏƫÿěŏŧŏƸǣ Continued vesting over'ܕ¦ĪƸŏƣĪŰĪŲƸ

 • 1 year to exercise vested

 • Accelerated vesting of unvested

based on target performance

 ǜĪƫƸ܉ŰżŲƸŊƫƸŊƣżǀŃŊƠĪƣłżƣŰÿŲĜĪƠĪƣŏżģڎڍ

 ŏłŧĪƫƫƸŊÿŲܔǜĪƫƸěÿƫĪģżŲƠĪƣłżƣŰÿŲĜĪƸżģÿƸĪ

 ܉żƣŰżƣĪŰżŲƸŊƫƸŊƣżǀŃŊƠĪƣłżƣŰÿŲĜĪƠĪƣŏżģڎڍDeath Accelerated vesting Sł

 ģÿǣƫƸżĪǢĪƣĜŏƫĪǜĪƫƸĪģڌڒ •

Resignation Forfeit unvested Forfeit unvested • Forfeit unvested

Voluntary Termination

Termination Event RSUs PSUs Stock Options

 ܈ƸżƸŊĪƠÿƣƸŏĜŏƠÿŲƸǀŲģĪƣƸŊĪŰŲŏěǀƫŧÿŲƸŊÿƸÿƣĪǜĪƫƸĪģżƣǀŲǜĪƫƸĪģżŲƸŊĪƸĪƣŰŏŲÿƸŏżŲģÿƸĪǝŏŧŧěĪŊÿŲģŧĪģÿĜĜżƣģŏŲŃƸżƸŊĪłżŧŧżǝŏŲŃƸÿěŧĪ

 ƸŏƸŧĪÿŲģŏŲƸĪƣĪƫƸŏŲÿǝÿƣģƫŃƣÿŲƸĪģ܉ÿŧŧƣŏŃŊƸƫ܉ǀƠżŲÿŲĪŰƠŧżǣĪĪƠÿƣƸŏĜŏƠÿŲƸܹƫƸĪƣŰŏŲÿƸŏżŲżłĪŰƠŧżǣŰĪŲƸ܉żÿƣģÃŲŧĪƫƫżƸŊĪƣǝŏƫĪģĪƸĪƣŰŏŲĪģěǣżǀƣ

 1⁄4¦/1⁄4r/t1⁄4FhtGܰ1⁄4/¦r/¥ÃS1⁄4æSt /t1⁄4Sß/ht®t1⁄4/¦rSt1⁄4St

Compensation Discussion and Analysis

	
	ڙڛ ¦rtG/r/t1⁄4¦åæ S¦ ÃhڗژږژSh/FhG¦1⁄4

 ܔƠǀƣƫǀÿŲƸƸżÿŲģšǀƫƸŰĪŲƸ/ǜĪŲƸ

 ܉ŏŲĪÿĜŊĜÿƫĪ܉ĪǢĜĪƠƸ܉ƫŏģĪƣĪģÿƣĪƠƣŏĜŏŲŃǀŲģĪƣƸŊĪƣǀŧĪƫżłƸŊĪ1⁄4®å

 ǝŊŏĜŊǝżǀŧģěĪĜżŲ-܉ĜÿŲĜĪŧŧÿƸŏżŲÿŲģƣĪŏƫƫǀÿŲĜĪżłÿƫƸżĜŤżƠƸŏżŲ

 ƣĪģǀĜŏŲŃ ƸŊĪ ĪǢĪƣĜŏƫĪ ƠƣŏĜĪ żł ÿ ƫƸżĜŤ żƠƸŏżŲ żƣ ÿŧŧżǝŏŲŃ łżƣ ƸŊĪ •

 ܔƠÿƸŏżŲhŏŰŏƸƫܹܹ

 ǀŲģĪƣܸܸ żŰŰżŲ®ŊÿƣĪƫ®ǀěšĪĜƸƸżƸŊĪŰŲŏěǀƫŧÿŲÿŲģÿƣƸŏĜŏ-

 ƣĪŰżǜŏŲŃ żƣ ĪǢĜĪĪģŏŲŃ ƸŊĪ ŏŲƫŏģĪƣ ƠÿƣƸŏĜŏƠÿƸŏżŲ ŧŏŰŏƸ ƫƠĪĜŏǿĪģ •

 ܔĪŰƠŧżǣĪĪģŏƣĪĜƸżƣƠÿƣƸŏĜŏƠÿƸŏżŲܫŲżŲ

 amendment that increases the limits previously imposed on

 directors as eligible participants on a discretionary basis or any

 permitting the introduction or reintroduction of non-employee •

 ܔßÿŧǀĪżŲƸŊĪŃƣÿŲƸģÿƸĪ

 ĜÿǀƫŏŲŃ ƸŊĪ ĪǢĪƣĜŏƫĪ ƠƣŏĜĪ żł ÿ ƫƸżĜŤ żƠƸŏżŲ Ƹż ěĪ ěĪŧżǝ rÿƣŤĪƸ •

 ܔǝŊŏĜŊƫƸżĜŤżƠƸŏżŲƫŰÿǣěĪĪǢĪƣĜŏƫĪģ

 ŏŲĜƣĪÿƫŏŲŃƸŊĪŧĪŲŃƸŊżłƸŊĪƠĪƣŏżģÿǽƸĪƣÿěŧÿĜŤżǀƸƠĪƣŏżģģǀƣŏŲŃ •

 ܔǀŲģĪƣƸŊĪŰŲŏěǀƫŧÿŲ

 increasing the number of Common Shares available for issuance •

 ܈ǝŏƸŊżǀƸżěƸÿŏŲŏŲŃƫŊÿƣĪŊżŧģĪƣÿƠƠƣżǜÿŧ

 ŧÿŲ܏1⁄4ŊĪłżŧŧżǝŏŲŃƸǣƠĪƫżłÿŰĪŲģŰĪŲƸƫǝŏŧŧŲżƸěĪÿěŧĪƸżěĪŰÿģĪ

 ƸĪƣŰŏŲÿƸŏżŲ żƣ Īÿƣŧǣ ƸĪƣŰŏŲÿƸŏżŲ ƠƣżǜŏƫŏżŲƫ żł ƸŊĪ ŰŲŏěǀƫ ܉ǜĪƫƸŏŲŃ

 amendments to reduce or restrict participation or amendments to the

 ܉ŲĪĜĪƫƫÿƣǣ Ƹż ƣĪĜĪŏǜĪ łÿǜżƣÿěŧĪ ƸƣĪÿƸŰĪŲƸ ǀŲģĪƣ ÿƠƠŧŏĜÿěŧĪ ƸÿǢ ŧÿǝƫ

 ÿŰĪŲģŰĪŲƸƫ ܉ĜżŰƠŧǣ ǝŏƸŊ ÿƠƠŧŏĜÿěŧĪ ŧÿǝ żƣ ƫƸżĜŤ ĪǢĜŊÿŲŃĪ ƣǀŧĪƫ

 ÿŰĪŲģŰĪŲƸƫ Ƹż ܉ŏŲĜŧǀģŏŲŃ ŊżǀƫĪŤĪĪƠŏŲŃ ÿŰĪŲģŰĪŲƸƫ ܉ÿƠƠƣżǜÿŧ

 żƣƸżÿŲǣÿǝÿƣģżǀƸƫƸÿŲģŏŲŃƸŊĪƣĪǀŲģĪƣǝŏƸŊżǀƸƫĪĪŤŏŲŃƫŊÿƣĪŊżŧģĪƣ

 żÿƣģŏƫÿěŧĪƸżŰÿŤĪĜĪƣƸÿŏŲÿŰĪŲģŰĪŲƸƫƸżƸŊĪŰŲŏěǀƫŧÿŲǀƣ

 ܏ƠƣĪǜŏżǀƫŧǣŃƣÿŲƸĪģǝŏƸŊżǀƸƸŊĪĜżŲƫĪŲƸżłƫǀĜŊÿdzłĪĜƸĪģƠÿƣƸŏĜŏƠÿŲƸ

 ÿģǜĪƣƫĪŧǣÿŧƸĪƣƫżƣŏŰƠÿŏƣƫÿŲǣƣŏŃŊƸƫżłÿƠÿƣƸŏĜŏƠÿŲƸǀŲģĪƣÿŲǣÿǝÿƣģ

 ƠƣżǜŏģĪģƸŊÿƸŲżƫǀĜŊÿĜƸŏżŲŰÿǣěĪƸÿŤĪŲƸŊÿƸŰÿƸĪƣŏÿŧŧǣ܉Ƹżƣǣěżģǣ

requires the approval of shareholders or any governmental or regula-

 ƫǀěšĪĜƸƸżÿƠƠŧŏĜÿěŧĪŧÿǝÿŲģƫƸżĜŤĪǢĜŊÿŲŃĪƣǀŧĪƫƸŊÿƸ܉żƣÿŲǣÿǝÿƣģ

 ƫǀƫƠĪŲģżƣƸĪƣŰŏŲÿƸĪƸŊĪŰŲŏěǀƫŧÿŲ܉żÿƣģŏƫÿěŧĪƸżÿŰĪŲģǀƣ

AMENDMENT AND TERMINATION

tions of the participants under the Omnibus Plan.

 ŏŲżƣģĪƣƸżƠƣĪƫĪƣǜĪƠƣżƠżƣƸŏżŲÿƸĪŧǣƸŊĪƣŏŃŊƸƫÿŲģżěŧŏŃÿ-܉ÿƠÿƣƸŏĜŏƠÿŲƸ

 żǀƸƫƸÿŲģŏŲŃƫƸżĜŤżƠƸŏżŲƫÿŲģƸŊĪŲǀŰěĪƣżł¦®Ãƫżƣ®ÃƫĜƣĪģŏƸĪģƸż

 ƸŊĪĪǢĪƣĜŏƫĪƠƣŏĜĪżł܉żƣŤŏŲģżłƫĪĜǀƣŏƸŏĪƫƫǀěšĪĜƸƸżżǀƸƫƸÿŲģŏŲŃÿǝÿƣģƫ

 ŏƸģĪĪŰƫÿƠƠƣżƠƣŏÿƸĪƸżƣĪǵŧĪĜƸƫǀĜŊĜŊÿŲŃĪǝŏƸŊƣĪƫƠĪĜƸƸżƸŊĪŲǀŰěĪƣ

 ÿƫ܉ŏłÿŲǣ܉żÿƣģǝŏŧŧŰÿŤĪƫǀĜŊƠƣżƠżƣƸŏżŲÿƸĪÿģšǀƫƸŰĪŲƸƫżǀƣ܉ܡ/ǜĪŲƸƫܹܹ

 ģšǀƫƸŰĪŲƸܸܸ܉ĜżŧŧĪĜƸŏǜĪŧǣܠ żł ƸŊĪ  żŰƠÿŲǣ ÿdzłĪĜƸŏŲŃ  żŰŰżŲ ®ŊÿƣĪƫ

 żƣÿŲǣżƸŊĪƣĜŊÿŲŃĪŏŲƸŊĪĜÿƠŏƸÿŧ܉ żŰƠÿŲǣܹƫÿƫƫĪƸƫƸżƫŊÿƣĪŊżŧģĪƣƫ

 żł ƸŊĪ ܡżƸŊĪƣ ƸŊÿŲ ŲżƣŰÿŧ ĜÿƫŊ ģŏǜŏģĪŲģƫܠ żdzł żƣ żƸŊĪƣ ģŏƫƸƣŏěǀƸŏżŲ

 ܫƫƠŏŲ ܉ĜżŲƫżŧŏģÿƸŏżŲ ܉ÿƣƣÿŲŃĪŰĪŲƸ ܉ÿŰÿŧŃÿŰÿƸŏżŲ܉ŰĪƣŃĪƣ ܉żł ƫŊÿƣĪƫ

 ĜżŰěŏŲÿƸŏżŲżƣĪǢĜŊÿŲŃĪ܉ƫƸżĜŤƫƠŧŏƸ܉SŲƸŊĪĪǜĪŲƸżłÿŲǣƫƸżĜŤģŏǜŏģĪŲģ

ADJUSTMENTS

 ܏ÿŲģƸŊĪżƣŏŃŏŲÿŧƸĪƣŰƫÿƠƠŧŏĜÿěŧĪƸżƫǀĜŊÿǝÿƣģƫǝŏŧŧěĪƣĪŏŲƫƸÿƸĪģ

 ŰĪŲƸǝŏŧŧěĪƣĪŏŲƫƸÿƸĪģÿƫÿǀƸŊżƣŏǭĪģěǀƸǀŲŏƫƫǀĪģ żŰŰżŲ®ŊÿƣĪƫ

 ƸŊĪ żŰŰżŲ®ŊÿƣĪƫŏƫƫǀĪģżŲƫǀĜŊĪǢĪƣĜŏƫĪżƣƫĪƸƸŧĪ-܉ÿƫÿƠƠŧŏĜÿěŧĪ

 ܉ŏłĪǢĪƣĜŏƫĪģżƣƫĪƸƸŧĪģ܉ƣĪƸǀƣŲĪģěǣƸŊĪ żŰƠÿŲǣƸżƸŊĪƠÿƣƸŏĜŏƠÿŲƸÿŲģ

 ƸŊĪÿǝÿƣģƫǝŊŏĜŊǜĪƫƸǝŏŧŧěĪ܉ܡÿƫƸŊĪƫÿŰĪŰÿǣěĪĪǢƸĪŲģĪģܠƸŏŰĪ

 ĜżŲƸƣżŧ܏SłƸŊĪĜŊÿŲŃĪżłĜżŲƸƣżŧŏƫŲżƸĜżŰƠŧĪƸĪģǝŏƸŊŏŲƸŊĪƫƠĪĜŏǿĪģ

 łżŧŧżǝŏŲŃƫǀĜĜĪƫƫłǀŧĜżŰƠŧĪƸŏżŲżłƫǀĜŊĜŊÿŲŃĪżł܉ÿƫÿƠƠŧŏĜÿěŧĪ܉ƸŧĪģ

 ƸŊĪÿǝÿƣģƫŲżƸĪǢĪƣĜŏƫĪģżƣƫĪƸ-܉ĜżŲģŏƸŏżŲÿŧŧǣżƣżƸŊĪƣǝŏƫĪ܉ƸĪƣŰŏŲÿƸĪ

 ܡŏŏŏܠÿŲģܔÿŲģƸŊĪƣĪÿǽƸĪƣ܉ÿƣƣÿŲŃĪŰĪŲƸŧĪÿģŏŲŃƸżÿĜŊÿŲŃĪżłĜżŲƸƣżŧ

 ÿǝÿƣģƫƸżÿƫƫŏƫƸƸŊĪƠÿƣƸŏĜŏƠÿŲƸƫƸżƸĪŲģĪƣŏŲƸżÿƸÿŤĪżǜĪƣěŏģżƣżƸŊĪƣ

 żƸŊĪƣǝŏƫĪŰżģŏłǣƸŊĪƸĪƣŰƫżłƸŊĪܡŏŏܠܔŲżƸÿģǜĪƣƫĪƸżƸŊĪƠÿƣƸŏĜŏƠÿŲƸƫ

 ƠƣżǜŏģĪģƫǀĜŊĜŊÿŲŃĪƫÿƣĪ܉łÿŏƣÿŲģÿƠƠƣżƠƣŏÿƸĪŏŲƸŊĪĜŏƣĜǀŰƫƸÿŲĜĪƫ

 ŰÿŤĪƫǀĜŊżƸŊĪƣĜŊÿŲŃĪƫƸżƸŊĪƸĪƣŰƫżłƸŊĪÿǝÿƣģƫÿƫŏƸĜżŲƫŏģĪƣƫ

 ܡŏܠ ܈żÿƣģ Ŋÿƫ ƸŊĪ ƠżǝĪƣ Ƹż ƸŊĪ ܉SŲ ƸŊĪ ĪǜĪŲƸ żł ÿ ĜŊÿŲŃĪ żł ĜżŲƸƣżŧ

performance vesting conditions prior to the change of control.

 ŊÿǜŏŲŃ ƣĪŃÿƣģ Ƹż ƸŊĪ ŧĪǜĪŧ żł ÿĜŊŏĪǜĪŰĪŲƸ żł ƸŊĪ ÿƠƠŧŏĜÿěŧĪ ܉ĜƣĪƸŏżŲ

 ŏŲŏƸƫƫżŧĪģŏƫ-܉żÿƣģģĪĪŰĪģƸżěĪǜĪƫƸĪģǝŏŧŧěĪģĪƸĪƣŰŏŲĪģěǣƸŊĪ

 ƸĪƣŰŏŲÿƸŏżŲżłƸŊĪŰŲŏěǀƫŧÿŲ܏1⁄4ŊĪŲǀŰěĪƣżł®ÃƫǝŊŏĜŊǝŏŧŧěĪ

 ŏŰŰĪģŏÿƸĪŧǣƠƣŏżƣƸżƸŊĪ܉ěĪƫĪƸƸŧĪģ܉ǝŏƸŊƣĪƫƠĪĜƸƸż¦®ÃƫÿŲģ®Ãƫ܉żƣ

 ǝŏŧŧĪǢƠŏƣĪ܉żƣĜÿŲĜĪŧŧĪģƠƣŏżƣƸżƸŊĪƸĪƣŰŏŲÿƸŏżŲżłƸŊĪŰŲŏěǀƫŧÿŲ

 łżƣłĪŏƸĪģ܉ƫĪƸƸŧĪģ܉ǀŲŧĪƫƫżƸŊĪƣǝŏƫĪĪǢĪƣĜŏƫĪģ܉ģĪĪŰĪģƸżěĪǜĪƫƸĪģÿŲģ

 ǝŏŧŧěĪܡÿŲģƣĪŧÿƸĪģ'ŏǜŏģĪŲģ®ŊÿƣĪÃŲŏƸƫܠÿƫƠĪĜŏǿĪģŲǀŰěĪƣżł®Ãƫ

 ÿŲģܡÿŲģƣĪŧÿƸĪģ'ŏǜŏģĪŲģ®ŊÿƣĪÃŲŏƸƫܠÿŲģÿŧŧƫƸżĜŤżƠƸŏżŲƫÿŲģ¦®Ãƫ

 ǝŏŧŧěĪƸĪƣŰŏŲÿƸĪģĪdzłĪĜƸŏǜĪŏŰŰĪģŏÿƸĪŧǣƠƣŏżƣƸżƸŊĪĜŊÿŲŃĪżłĜżŲƸƣżŧ

 ŃŏǜĪǝƣŏƸƸĪŲŲżƸŏĜĪƸżÿŧŧƠÿƣƸŏĜŏƠÿŲƸƫÿģǜŏƫŏŲŃƸŊÿƸƸŊĪŰŲŏěǀƫŧÿŲ

 ƸŊĪ żŰƠÿŲǣǝŏŧŧ܉żÿƣģżƸŊĪƣǝŏƫĪģĪƸĪƣŰŏŲĪƫŏŲŏƸƫģŏƫĜƣĪƸŏżŲŏłƸŊĪ

 żƣ܉ÿƫÿƠƠŧŏĜÿěŧĪ܉ƫǀěƫƸŏƸǀƸĪƫŏŰŏŧÿƣÿǝÿƣģƫłżƣƸŊĪżǀƸƫƸÿŲģŏŲŃÿǝÿƣģƫ

 ĜĪƫƫżƣżƣÿĜƢǀŏƣŏŲŃĪŲƸŏƸǣģżĪƫŲżƸÿƫƫǀŰĪƸŊĪżǀƸƫƸÿŲģŏŲŃÿǝÿƣģƫżƣ

 ƫǀĜ-܉ÿƫÿƠƠŧŏĜÿěŧĪ܏SłƸŊĪƫǀƣǜŏǜŏŲŃ܉ÿǝÿƣģƫłżƣƸŊĪżǀƸƫƸÿŲģŏŲŃÿǝÿƣģƫ

 ŏŲŃĪŲƸŏƸǣŰÿǣÿƫƫǀŰĪÿŲǣżǀƸƫƸÿŲģŏŲŃÿǝÿƣģƫżƣƫǀěƫƸŏƸǀƸĪƫŏŰŏŧÿƣ

 ƫǀĜĜĪƫƫżƣżƣÿĜƢǀŏƣ-܉ƸŊĪƫǀƣǜŏǜŏŲŃ܉SŲƸŊĪĪǜĪŲƸżłÿĜŊÿŲŃĪżłĜżŲƸƣżŧ

CHANGES OF CONTROL

exercise any vested stock options.

 shorter period as is remaining in the term of the vested stock options to

 ģÿǣƫżƣƫǀĜŊڌڒƸŊĪĜżŲƫǀŧƸÿŲƸƠÿƣƸŏĜŏƠÿŲƸǝŏŧŧŊÿǜĪܡěܠÿŲģ܉żƣĪdzłĪĜƸ

 ŰŏŲÿƸŏżŲģÿƸĪǝŏŧŧÿǀƸżŰÿƸŏĜÿŧŧǣƸĪƣŰŏŲÿƸĪÿŲģěĪżłŲżłǀƣƸŊĪƣłżƣĜĪ

 ÿŧŧǀŲǜĪƫƸĪģÿǝÿƣģƫŊĪŧģěǣƸŊĪƠÿƣƸŏĜŏƠÿŲƸżŲƸŊĪƠÿƣƸŏĜŏƠÿŲƸܹƫƸĪƣ-ܡÿܠ

 ܉ÿĜżŲƫǀŧƸÿŲƸƠÿƣƸŏĜŏƠÿŲƸܹƫƫĪƣǜŏĜĪŏƫƸĪƣŰŏŲÿƸĪģłżƣÿŲǣżƸŊĪƣƣĪÿƫżŲ

 ŏłܡŏŏܠÿŲģ܉ÿǀƸżŰÿƸŏĜÿŧŧǣƸĪƣŰŏŲÿƸĪÿŲģěĪżłŲżłǀƣƸŊĪƣłżƣĜĪżƣĪdzłĪĜƸ

 ǝŏŧŧ܉ǝŊĪƸŊĪƣǜĪƫƸĪģżƣǀŲǜĪƫƸĪģ܉żŲƸŊĪƠÿƣƸŏĜŏƠÿŲƸܹƫƸĪƣŰŏŲÿƸŏżŲģÿƸĪ

 ÿŧŧÿǝÿƣģƫŊĪŧģěǣƸŊĪƠÿƣƸŏĜŏƠÿŲƸ܉ƠÿŲƸܹƫƫĪƣǜŏĜĪŏƫƸĪƣŰŏŲÿƸĪģłżƣĜÿǀƫĪ

 ŏłÿĜżŲƫǀŧƸÿŲƸƠÿƣƸŏĜŏ-ܡŏܠ܉żÿƣģÃŲŧĪƫƫżƸŊĪƣǝŏƫĪģĪƸĪƣŰŏŲĪģěǣżǀƣ

Compensation Discussion and Analysis

	
	ښڛ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

requirements.

 ®ŊÿƣĪƫżŲƸŊĪżƠĪŲŰÿƣŤĪƸƸżÿĜŊŏĪǜĪƸŊĪŰŏŲŏŰǀŰĪƢǀŏƸǣżǝŲĪƣƫŊŏƠ

 ƫĪƸƸŧĪŰĪŲƸżłƸŊĪÿǝÿƣģƫŰǀƫƸěĪÿƠƠŧŏĪģƸżƸŊĪƠǀƣĜŊÿƫĪżł żŰŰżŲ

 żƣƸŊĪŧĪƫƫĪƣÿŰżǀŲƸłƣżŰƸŊĪƠƣżĜĪĪģƫłƣżŰƸŊĪބڌڑÿƸŧĪÿƫƸ܉żƣ®Ãƫ

 żƣŏŲƸŊĪĪǜĪŲƸżłƸŊĪǜĪƫƸŏŲŃżł¦®Ãƫ܉ĪƢǀŏƸǣżǝŲĪƣƫŊŏƠƣĪƢǀŏƣĪŰĪŲƸƫ

 Shares issuable upon the exercise as required to achieve the minimum

 żƣƸŊĪŧĪƫƫĪƣŲǀŰěĪƣżłƸŊĪ żŰŰżŲބڌڑĜżŲƸŏŲǀĪƸżŊżŧģÿƸŧĪÿƫƸ

 ƸŊĪt/ŰǀƫƸ܉ÿƸƸŊĪƸŏŰĪÿŲǣƫƸżĜŤżƠƸŏżŲƫÿƣĪěĪŏŲŃĪǢĪƣĜŏƫĪģ܉ŰĪŲƸ

 ǝŏƸŊŏŲƸŊĪƠƣĪƫĜƣŏěĪģƸŏŰĪÿŧŧżƸ-܉ĪǢĪĜǀƸŏǜĪƫŊÿƣĪżǝŲĪƣƫŊŏƠŃǀŏģĪŧŏŲĪƫ

SłÿŲt/ŊÿƫŲżƸÿĜŊŏĪǜĪģƸŊĪŰŏŲŏŰǀŰĪƢǀŏƸǣŏŲǜĪƫƸŰĪŲƸǀŲģĪƣƸŊĪ

 ڴڵ܏ڴڵ Ǣڶ

G®/ޠÿŧĪŲƸ1⁄4܉ßŏĜĪƣĪƫŏģĪŲƸ

  Katy Board,

 ڶڹ܏ڼڵ Ǣڶ

FŏŲÿŲĜĪ܉ßŏĜĪƣĪƫŏģĪŲƸ

  Eban Bari,

 ڻڼ܏ڽڶ Ǣڶ

 ¦SޠǜÿŧǀÿƸŏżŲƫ/܉ßŏĜĪƣĪƫŏģĪŲƸ

  James Dendle,

 ڼں܏ںڹ Ǣڹ

 ŊŏĪłFŏŲÿŲĜŏÿŧdzǿĜĪƣ

  Sheldon Vanderkooy,

 ڼڼ܏ڴڸ Ǣڴڵ

 ŊŏĪł/ǢĪĜǀƸŏǜĪdzǿĜĪƣ

   Shaun Usmar,

Multiple

  Ownership

  Current

Multiple

  Base Salary

Executive

 ܈ŏŧŧǀƫƸƣÿƸĪģÿƫŰǀŧƸŏƠŧĪƫżłěÿƫĪƫÿŧÿƣǣ܉ƸŊĪŏƣĜǀƣƣĪŲƸżǝŲĪƣƫŊŏƠŧĪǜĪŧƫ

 1⁄4ŊĪłżŧŧżǝŏŲŃƸÿěŧĪƫŊżǝƫƸŊĪżǝŲĪƣƫŊŏƠŃǀŏģĪŧŏŲĪƫłżƣƸŊĪt/ƫÿŲģ

 ܏ŊĪŧģģŏƣĪĜƸŧǣżƣŏŲģŏƣĪĜƸŧǣěǣƸŊĪt/܉ŏŲĪÿĜŊĜÿƫĪ܉SŲǜĪƫƸhǀǢĜżܫ ż

 ƫŊÿƣĪƫżłÿŲģǀŲǜĪƫƸĪģ żŰŰżŲ®ŊÿƣĪƫǀŲģĪƣŧǣŏŲŃÿŲǣhǀǢĜż ŧÿƫƫ

 ƸŊĪǜĪƫƸĪģ܉SŲǜĪƫƸhǀǢĜżܫƸŊĪƸĪƣŰƫżłƸŊĪƫŊÿƣĪŊżŧģĪƣƫÿŃƣĪĪŰĪŲƸżł ż

 ƠƣŏżƣƸżƣĪģĪŰƠƸŏżŲŏŲÿĜĜżƣģÿŲĜĪǝŏƸŊܡŏǜܠÿŲģ܉żłƸŊĪģÿƸĪżłƸŊĪS

 ǣĪÿƣÿŲŲŏǜĪƣƫÿƣǣܫÃŲŏƸƫƠƣŏżƣƸżƸŊĪżŲĪƸŊĪƣĪģĪŰƠƸŏżŲżłƸŊĪ®ĪƣŏĪƫ

SŲǜĪƫƸhŏŲĜżŲƫŏģĪƣÿƸŏżŲłżƣܫƸŊĪ żŰŰżŲ®ŊÿƣĪƫƣĪĜĪŏǜĪģłƣżŰ żܡŏŏŏܠ

 ܉żÿƣģłƣżŰƸŏŰĪƸżƸŏŰĪěÿƫĪģŏŲĜĪŲƸŏǜĪƫÿƫģĪƸĪƣŰŏŲĪģěǣƸŊĪܫĪƢǀŏƸǣ

 ǜĪƫƸĪģÿŲģǀŲǜĪƫƸĪģ¦®ÃƫÿŲģƫǀĜŊżƸŊĪƣܡŏŏܠ܉żŰŰżŲ®ŊÿƣĪƫ ܡŏܠǜÿŧǀĪżł

 ƠżƫŏƸŏżŲ܏ 1⁄4ŊĪ ĪƢǀŏƸǣ żǝŲĪƣƫŊŏƠ ŏŲƸĪƣĪƫƸ Űÿǣ ěĪ ƫÿƸŏƫǿĪģ ƸŊƣżǀŃŊ ƸŊĪ

 ǣĪÿƣƫżłƸŊĪŧÿƸĪƣżłżǀƣSÿŲģƸŊĪģÿƸĪżłƸŊĪŏƣÿƠƠżŏŲƸŰĪŲƸƸżÿŲt/

t/ƫÿƣĪĪǢƠĪĜƸĪģƸżŰĪĪƸƸŊĪƠƣĪƫĜƣŏěĪģżǝŲĪƣƫŊŏƠŧĪǜĪŧƫǝŏƸŊŏŲǿǜĪ

 and their level of seniority.

 żǝŲĪƣƫŊŏƠŧĪǜĪŧƫłżƣżǀƣt/ƫěÿƫĪģżŲÿŰǀŧƸŏƠŧĪżłƸŊĪŏƣěÿƫĪƫÿŧÿƣǣ

 ĪǢĪĜǀƸŏǜĪ ƫŊÿƣĪ żǝŲĪƣƫŊŏƠ ŃǀŏģĪŧŏŲĪƫ ĪƫƸÿěŧŏƫŊ ŰŏŲŏŰǀŰ ĪƢǀŏƸǣ

 holders and mitigate against the likelihood of undue risk taking. The

 ƸżÿŧŏŃŲƸŊĪŏŲƸĪƣĪƫƸƫżłżǀƣt/ƫǝŏƸŊƸŊżƫĪżłƸŊĪ żŰƠÿŲǣܹƫƫŊÿƣĪ-

 1⁄4ŊĪ  żŰƠÿŲǣ Ŋÿƫ ĪƫƸÿěŧŏƫŊĪģ ĪǢĪĜǀƸŏǜĪ ƫŊÿƣĪ żǝŲĪƣƫŊŏƠ ŃǀŏģĪŧŏŲĪƫ

EXECUTIVE SHARE OWNERSHIP GUIDELINES

compensation program.

 1⁄4ŊĪ  żŰƠÿŲǣ ģżĪƫ ŲżƸ żdzłĪƣ ƫŏŃŲŏǿĜÿŲƸ ƠĪƣƢǀŏƫŏƸĪƫ ÿƫ ƠÿƣƸ żł ƸŊĪ

PERQUISITES

 ܏żƸŊĪƣƣĪƸŏƣĪŰĪŲƸěĪŲĪǿƸƫ

 The Company does not currently set aside any amounts for pension or

RETIREMENT PLANS

 ability of the Company.

 ěĪŏŲŃżłżǀƣĪǢĪĜǀƸŏǜĪƫÿŲģƸŊĪƫǀƫƸÿŏŲ-ܫƸżĪŲƫǀƣĪƸŊĪŊĪÿŧƸŊÿŲģǝĪŧŧ

 ƠÿƣƸŏÿŧŧǣłǀŲģĪģĪǢĪĜǀƸŏǜĪŰĪģŏĜÿŧĪǢÿŰŏŲÿƸŏżŲƫ܉ǀŲģĪƣŃżŰÿŲģÿƸżƣǣ

 ŰÿƣŤĪƸ ƠƣÿĜƸŏĜĪ܏ 1⁄4ŊĪ  żŰƠÿŲǣ ÿŧƫż ƣĪƢǀŏƣĪƫ ŏƸƫ ĪǢĪĜǀƸŏǜĪ żdzǿĜĪƣƫ Ƹż

 ƸŊĪ żŰƠÿŲǣ܏1⁄4ŊĪ żŰƠÿŲǣżdzłĪƣƫƸŊĪƫĪěĪŲĪǿƸƫĜżŲƫŏƫƸĪŲƸǝŏƸŊŧżĜÿŧ

 and travel insurance coverage on the same basis as other employees of

 ܉ܡŏŲĜŧǀģŏŲŃŰĪģŏĜÿŧÿŲģƠƣĪƫĜƣŏƠƸŏżŲģƣǀŃĜżǜĪƣÿŃĪܠŊĪÿŧƸŊ܉ģŏƫÿěŏŧŏƸǣ

 ƸĪƣŰܫƸĪƣŰ ÿŲģ ŧżŲŃܫƫŊżƣƸ ܉ŧŏłĪ ܉ǝŏƸŊ ÿ ŊĪÿŧƸŊ ĜÿƣĪ ƫƠĪŲģŏŲŃ ÿĜĜżǀŲƸ

 ܉ŏŲĜŧǀģŏŲŃ ƸŊĪ t/ƫ ܉1⁄4ŊĪ  żŰƠÿŲǣ ƠƣżǜŏģĪƫ ŏƸƫ ĪǢĪĜǀƸŏǜĪ żdzǿĜĪƣƫ

BENEFIT PLANS

 ބڵ àĪŏŃŊƸĪģÿǜĪƣÿŃĪŲǀŰěĪƣżł®ŊÿƣĪƫżǀƸƫƸÿŲģŏŲŃÿƸǣĪÿƣĪŲģ

 ܕtǀŰěĪƣżł¦®ÃƫÿŲģƠƸŏżŲƫŃƣÿŲƸĪģ

 ܡބܠ

 2021

Burn Rate

 ܈ŏƫƫĪƸłżƣƸŊŏŲƸŊĪłżŧŧżǝŏŲŃƸÿěŧĪ܉żǀƸƫƸÿŲģŏŲŃłżƣƸŊĪǿŲÿŲĜŏÿŧǣĪÿƣ

 ģǀƣŏŲŃ ƸŊĪ ǿŲÿŲĜŏÿŧ ǣĪÿƣ ěǣ ƸŊĪ ǝĪŏŃŊƸĪģ ÿǜĪƣÿŃĪ ŲǀŰěĪƣ żł ®ŊÿƣĪƫ

 ƠĪƣĜĪŲƸÿŃĪÿŲģĜÿŧĜǀŧÿƸĪģěǣģŏǜŏģŏŲŃƸŊĪŲǀŰěĪƣżłÿǝÿƣģƫŃƣÿŲƸĪģ

 ĪǢƠƣĪƫƫĪģ ÿƫ ÿ ܉ŰĪŲƸ łżƣ ƸŊĪ ŰżƫƸ ƣĪĜĪŲƸŧǣ ĜżŰƠŧĪƸĪģ ǿŲÿŲĜŏÿŧ ǣĪÿƣ

The annual burn rate for each security-based compensation arrange-

 BURN RATE

Plan are not transferable or assignable.

 ƸŊĪƣŏŃŊƸƫżłÿƠÿƣƸŏĜŏƠÿŲƸǀŲģĪƣƸŊĪŰŲŏěǀƫ܉/ǢĜĪƠƸÿƫƣĪƢǀŏƣĪģěǣŧÿǝ

ASSIGNMENT

are listed.

 1⁄4®å żƣ ÿŲǣ żƸŊĪƣ ƫƸżĜŤ ĪǢĜŊÿŲŃĪ żŲ ǝŊŏĜŊ ƸŊĪ  żŰŰżŲ ®ŊÿƣĪƫ

 ƣĪŃǀŧÿƸŏżŲƫÿŲģƠżŧŏĜŏĪƫżłƸŊĪ܉ǀŲģĪƣÿƠƠŧŏĜÿěŧĪŧÿǝżƣƸŊĪƣǀŧĪƫ

  • any other amendment required to be approved by security holders

 ÿŲģܔŰŲŏěǀƫŧÿŲ

 approval by shareholders under the amendment provision of the

 ģĪŧĪƸŏŲŃ żƣ ƣĪģǀĜŏŲŃ ƸŊĪ ƣÿŲŃĪ żł ÿŰĪŲģŰĪŲƸƫ ǝŊŏĜŊ ƣĪƢǀŏƣĪ •

 ܔŲżƣŰÿŧĪƫƸÿƸĪƫĪƸƸŧĪŰĪŲƸƠǀƣƠżƫĪƫ

 ƠĪƣŰŏƸƸŏŲŃ ÿǝÿƣģƫ Ƹż ěĪ ƸƣÿŲƫłĪƣƣĪģ żƣ ÿƫƫŏŃŲĪģ żƸŊĪƣ ƸŊÿŲ łżƣ •

 ܔěŧÿĜŤżǀƸƠĪƣŏżģ

 ĪǢƸĪŲƫŏżŲ żł ÿŲ ÿǝÿƣģ ƸŊÿƸ ĪǢƠŏƣĪƫ ģǀƣŏŲŃ żƣ ƫŊżƣƸŧǣ łżŧŧżǝŏŲŃ ÿ

 ĪǢĜĪƠƸ łżƣ ÿŲ ÿǀƸżŰÿƸŏĜ ܉• ĪǢƸĪŲģŏŲŃ ƸŊĪ ĪǢƠŏƣǣ ģÿƸĪ żł ÿŲ ÿǝÿƣģ

Compensation Discussion and Analysis

	
	ڛڛ ¦rtG/r/t1⁄4¦åæ S¦ ÃhڗژږژSh/FhG¦1⁄4

 ܏ڍڎڌڎłżƣڌڌ܏ڍݰݕڑڏڑڎ܏ڍěĪŏŲŃ ݕ܉ƸŊĪƣĪŧĪǜÿŲƸǣĪÿƣ

 ÿŲŤżł ÿŲÿģÿģÿŏŧǣÿǜĪƣÿŃĪƣÿƸĪłżƣÿŲŤżł ÿŲÿģÿģÿŏŧǣÿǜĪƣÿŃĪĪǢĜŊÿŲŃĪƣÿƸĪ܏1⁄4ŊĪƣÿƸĪǀƫĪģłżƣĜǀƣƣĪŲĜǣĪǢĜŊÿŲŃĪŏŲƸżÃ®'ŏƫƸŊĪĜżŲǜĪƣƸĪģƸżÃ®'łżƣƣĪƠżƣƸŏŲŃƠǀƣƠżƫĪƫǀƫŏŲŃƸŊĪ

 ÿŲģƠÿŏģŏŲ 'ÿŲģܡĪǢĜĪƠƸŏŲƸŊĪĜÿƫĪżłrƣ܏ÃƫŰÿƣǝŊżƫĪěÿƫĪƫÿŧÿƣǣǝÿƫģĪƸĪƣŰŏŲĪģŏŲÃ®'ƠƣŏżƣƸżƸŊĪŏŲŏƸŏÿŧƠǀěŧŏĜżdzłĪƣŏŲŃܠżŰƠĪŲƫÿƸŏżŲŏŲƣĪƫƠĪĜƸżłƸŊĪt/ƫŏƫģĪƸĪƣŰŏŲĪģ  ڐ

 ܏ƣÿƸĪģÿĜĜżƣģŏŲŃŧǣܫěżŲǀƫÿǝÿƣģǝÿƫƠƣżڍڎڌڎŊŏƫܔŏŲĜŧǀģĪĪŧŏŃŏěŏŧŏƸǣłżƣÿģŏƫĜƣĪƸŏżŲÿƣǣÿŲŲǀÿŧěżŲǀƫ

 ŊĪĪŰƠŧżǣŰĪŲƸÿŃƣĪĪŰĪŲƸŏŲƠŧÿĜĪłżƣrƣ܏ÃƫŰÿƣƠƣŏżƣƸżƸŊĪSģŏģŲżƸ1⁄4܏ڍڎڌڎĪƠƣĪƫĪŲƸƫģŏƫĜƣĪƸŏżŲÿƣǣÿŲŲǀÿŧěżŲǀƫĪƫƠÿŏģěǣƸŊĪ żŰƠÿŲǣƸżƸŊĪƣĪƫƠĪĜƸŏǜĪt/ƫŏŲƣĪƫƠĪĜƸżł¦ ڏ

 .exercise price

 ڌڌ܏ڏڍǝŏƸŊÿÃ®ݕ܉ŧÿĜŤ®ĜŊżŧĪƫŰżģĪŧ1⁄4ŊĪŃƣÿŲƸģÿƸĪłÿŏƣǜÿŧǀĪżłƸŊĪżƠƸŏżŲƫǝÿƫżěƸÿŏŲĪģěǣŰǀŧƸŏƠŧǣŏŲŃƸŊĪŲǀŰěĪƣżłżƠƸŏżŲƫŃƣÿŲƸĪģěǣƸŊĪŏƣǜÿŧǀĪĪƫƸÿěŧŏƫŊĪģÿĜĜżƣģŏŲŃƸżƸŊĪ

 ܏ƠĪƣ żŰŰżŲ®ŊÿƣĪڌڌ܏ڏڍěĪŏŲŃÃ®ݕ܉ĜżŰƠĪŲƫÿƸŏżŲƠƣżŃƣÿŰÿŲģŲżŃƣÿŲƸƫǝĪƣĪÿǝÿƣģĪģ܏1⁄4ŊĪŃƣÿŲƸģÿƸĪłÿŏƣǜÿŧǀĪżłƸŊĪ¦®ÃƫǝÿƫĜÿŧĜǀŧÿƸĪģǀƫŏŲŃƸŊĪSƠƣŏĜĪżłÿ żŰŰżŲ®ŊÿƣĪ

 ƸĪƣŰĪƢǀŏƸǣŏŲĜĪŲƸŏǜĪƠŧÿŲÿƫƠÿƣƸżłŏƸƫĪǢĪĜǀƸŏǜĪܫÿƫƠÿƣƸżłƸŊĪS܏ƣŏżƣƸżƸŊÿƸƸŊĪ żŰƠÿŲǣŊÿģŲżƸƠƣĪǜŏżǀƫŧǣĪƫƸÿěŧŏƫŊĪģÿŧżŲŃڍڎڌڎěÿƫĪģŃƣÿŲƸŏŲܫ2 ŧŧt/ƫƣĪĜĪŏǜĪģÿŲŏŲŏƸŏÿŧĪƢǀŏƸǣ

competitiveness.

 ƸżƣĪǵŧĪĜƸƸŊĪěƣżÿģĪƣƫĜżƠĪżłŊŏƫƣżŧĪÿŲģŰÿƣŤĪƸڍڎڌڎƣĪƠƣĪƫĪŲƸƫƸŊĪÿŰżǀŲƸƣĪĜĪŏǜĪģěÿƫĪģżŲƸŊĪƫÿŧÿƣǣƣÿƸĪƫŏŲĪdzłĪĜƸƠƣŏżƣƸżÿŲģłżŧŧżǝŏŲŃƸŊĪS܏rƣ܏'ĪŲģŧĪܹƫƫÿŧÿƣǣǝÿƫƣÿŏƫĪģŏŲ

rƣ܏ÃƫŰÿƣܹƫƫÿŧÿƣǣ܉żłƸŊĪŏƣěÿƫĪƫÿŧÿƣǣ܏ģģŏƸŏżŲÿŧŧǣބڌڍżƣżǜĪƣڌڌڌ܉ڌڑÿƣĪǝżƣƸŊżǜĪƣݕ܉ŏŲÿŃŃƣĪŃÿƸĪ܉tżŲĪżłƸŊĪt/ƫÿƣĪĪŲƸŏƸŧĪģƸżƠĪƣƢǀŏƫŏƸĪƫżƣżƸŊĪƣƠĪƣƫżŲÿŧěĪŲĪǿƸƫǝŊŏĜŊ 1

 ܈tżƸĪƫ

 ںڶں܉ڴڽڸ ݕ ڶڸڹ܉ڷںڵ ݕ ڸڷڼ܉ڴڷڵ ݕ ڼڴڻ܉ڶڷ ݕ ڶڸڹ܉ڷںڵ ݕ ڵڶڴڶ

G®/ޠÿŧĪŲƸ1⁄4܉ß

 Katy Board

 ںڸڷ܉ڽڵڹ ݕ ڸڼڶ܉ڸڼڵ ݕ ڹڶڴ܉ڸڷڵ ݕ ںڴڹ܉ڷڷ ݕ ڵڷڹ܉ڻںڵ ݕ ڵڶڴڶ

FŏŲÿŲĜĪ܉ß

 Eban Bari

 ڹںڷ܉ڼڽں ݕ ڴڷڷ܉ڽڷڶ ݕ ڸںڻ܉ڹڻڵ ݕ ڵڸڽ܉ڷڸ ݕ ڴڷڷ܉ڽڷڶ ݕ ڵڶڴڶ

 ¦SޠǜÿŧǀÿƸŏżŲƫ/܉ß

 James Dendle

 ڽڹں܉ڵڶڹ܉ڵ ݕ ڸںڵ܉ڸڼڸ ݕ ڵڷڷ܉ڷڹڹ ݕ ڷڷڷ܉ڼڷڵ ݕ ڶڷڼ܉ڹڸڷ ݕ ڵڶڴڶ

 ŊŏĪłFŏŲÿŲĜŏÿŧdzǿĜĪƣ

 Sheldon Vanderkooy

 ںڼڷ܉ڴڹڼ܉ڷ ݕ ڷڶڵ܉ڵڼڹ ݕ ڵڸڴ܉ڵڻڻ܉ڵ ݕ ڴںڻ܉ڶڸڸ ݕ ڵںڸ܉ڹڹڴ܉ڵ ݕ ڵڶڴڶ

 ŊŏĪł/ǢĪĜǀƸŏǜĪdzǿĜĪƣ

 Shaun Usmar

Incentive Plans3 Total4

 Annual

Awards2

 Option-based

Awards2

 Share-based

Name Year Base Salary1

 ܏ģĪŲżƸĪģŏŲÃ®'܉żƣÿǝÿƣģĪģƸżƸŊĪt/ƫ܉ƠÿŏģƸż܉ĜżŰƠĪŲƫÿƸŏżŲĪÿƣŲĪģěǣڍڎڌڎ1⁄4ŊĪłżŧŧżǝŏŲŃƸÿěŧĪƫĪƸƫżǀƸŏŲłżƣŰÿƸŏżŲĜżŲĜĪƣŲŏŲŃƸŊĪǿƫĜÿŧ

SUMMARY COMPENSATION TABLE

payments and incentive payments received.

 ƸŊĪĪǢĪĜǀƸŏǜĪŰǀƫƸƣĪƠÿǣƸŊĪĪǢĜĪƫƫÿŲŲǀÿŧěżŲǀƫ܉ŰĪŲƸƫěĪĪŲƠƣżƠĪƣŧǣƣĪƠżƣƸĪģ܏1⁄4ŊĪ ŧÿǝěÿĜŤżŧŏĜǣƣĪƢǀŏƣĪƫƸŊÿƸǝŊĪŲƸŊĪƣĪĜżǜĪƣǣŏƫƸƣŏŃŃĪƣĪģ

 ƣĪĜĪŏǜĪģÿŲÿǝÿƣģĜÿŧĜǀŧÿƸĪģżŲƸŊĪěÿƫŏƫżłƸŊżƫĪǿŲÿŲĜŏÿŧƫƸÿƸĪŰĪŲƸƫÿŲģƸŊĪÿǝÿƣģƣĪĜĪŏǜĪģǝżǀŧģŊÿǜĪěĪĪŲŧżǝĪƣŊÿģƸŊĪǿŲÿŲĜŏÿŧƫƸÿƸĪ-

 żƣżƸŊĪƣƫŏŰŏŧÿƣŏŲƸĪŲƸŏżŲÿŧÿŲģƫĪƣŏżǀƫŰŏƫĜżŲģǀĜƸƸŊÿƸƣĪƫǀŧƸƫŏŲƸŊĪŲĪĪģƸżƣĪƫƸÿƸĪƸŊĪ żŰƠÿŲǣܹƫǿŲÿŲĜŏÿŧƫƸÿƸĪŰĪŲƸƫǝŊĪƣĪƸŊĪŏŲģŏǜŏģǀÿŧ

 ĪŰěĪǭǭŧĪŰĪŲƸ܉ƸŊĪǽƸ܉ŏŲĜŧǀģŏŲŃƸŊĪt/ƫ܏1⁄4ŊĪ ŧÿǝěÿĜŤżŧŏĜǣŰÿǣěĪƸƣŏŃŃĪƣĪģŏłÿŲĪǢĪĜǀƸŏǜĪĪŲŃÿŃĪƫŏŲłƣÿǀģ܉ƠĪŲƫÿƸŏżŲƠÿŏģƸżĪǢĪĜǀƸŏǜĪƫ

 ƣĪŧÿƸŏŲŃƸżÿŲŲǀÿŧěżŲǀƫƠÿǣŰĪŲƸƫÿŲģżƸŊĪƣŏŲĜĪŲƸŏǜĪĜżŰ-܉ܡ”Clawback Policy“ܠ1⁄4ŊĪ żŰƠÿŲǣŊÿƫÿģżƠƸĪģÿĜżŰƠĪŲƫÿƸŏżŲƣĪĜżǜĪƣǣƠżŧŏĜǣ

COMPENSATION RECOVERY POLICY

Compensation Discussion and Analysis

	
	ڜڛ ¦rtG/r/t1⁄4¦åæ S¦ ÃhڗژږژSh/FhG¦1⁄4

 ڶڸڹ܉ڷںڵ Katy Board tŏŧ tŏŧ ݕ

 ڸڼڶ܉ڸڼڵ Eban Bari tŏŧ tŏŧ ݕ

 ڴڷڷ܉ڽڷڶ James Dendle tŏŧ tŏŧ ݕ

 ڸںڵ܉ڸڼڸ Sheldon Vanderkooy tŏŧ tŏŧ ݕ

 ڷڶڵ܉ڵڼڹ Shaun Usmar tŏŧ tŏŧ ݕ

 ܡ®ݕÃܠ

 Value Earned During the Year

  Plan Compensation –

  Non-equity Incentive

Value Vested During the Year

  Share-based Awards –

Value Vested During the Year

  Option-based Awards –

Name

 ܏ģĪŲżƸĪģŏŲÃ®'܉łżƣĪÿĜŊŏŲĜĪŲƸŏǜĪƠŧÿŲÿǝÿƣģڍڎڌڎ1⁄4ŊĪłżŧŧżǝŏŲŃƸÿěŧĪƫĪƸƫłżƣƸŊģĪƸÿŏŧƫżłƸŊĪǜÿŧǀĪǜĪƫƸĪģżƣĪÿƣŲĪģģǀƣŏŲŃ

 ßhÃ/ß/®1⁄4/'¦/¦t/''Ã¦StG1⁄4N/æ/¦ܯ®'¦St /t1⁄4Sß/htà

tŏŧ ںڼڽ܉ڶڷ ݕ ڻڽں܉ڶ tŏŧ ڼڶڴڶ܉ںڶrÿǣ ڴڴ܏ڷڵ ݕ ڼڸڵ܉ڽڹ Katy Board

tŏŧ ڵڽڻ܉ڷڷ ݕ ڷںڻ܉ڶ tŏŧ ڼڶڴڶ܉ںڶrÿǣ ڴڴ܏ڷڵ ݕ ڵڽڹ܉ڴں Eban Bari

tŏŧ ڸڵڷ܉ڸڸ ݕ ڷڶں܉ڷ tŏŧ ڼڶڴڶ܉ںڶrÿǣ ڴڴ܏ڷڵ ݕ ڴںڸ܉ڽڻ James Dendle

tŏŧ ڻڴڹ܉ڽڷڵ ݕ ڻڴڸ܉ڵڵ tŏŧ ڼڶڴڶ܉ںڶrÿǣ ڴڴ܏ڷڵ ݕ ڷڹڵ܉ڴڹڶ Sheldon Vanderkooy

tŏŧ ڽڵڹ܉ںڸڸ ݕ ڴڵڹ܉ںڷ tŏŧ ڼڶڴڶ܉ںڶrÿǣ ڴڴ܏ڷڵ ݕ ڵںں܉ڴڴڼ Shaun Usmar

Out or Distributed

 Awards Not Paid

 Share-based

 Value of Vested

 Market or Payout

Vested

 that Have Not

 based Awards

 Value of Share-

 Market or Payout

Vested

 Have Not

 of Shares that

 Shares or Units

  Number of

Options

 In-the-money

 Unexercised

  Value of

Expiration Date

  Option

Price

  Exercise

  Option

Options

 Unexercised

  Underlying

 Securities

  Number of

Name

Option-based Awards Share-based Awards

prior to 2021.

 ŲżÿǝÿƣģƫǝĪƣĪŃƣÿŲƸĪģܔ'®ģĪŲżƸĪģŏŲÃܔڍڎڌڎ1⁄4ŊĪłżŧŧżǝŏŲŃƸÿěŧĪƫĪƸƫłżƣƸŊłżƣĪÿĜŊtÿŰĪģ/ǢĪĜǀƸŏǜĪdzǿĜĪƣÿŧŧÿǝÿƣģƫżǀƸƫƸÿŲģŏŲŃÿƸƸŊĪĪŲģżł

 ®/'à¦'®®/'à¦'®t'1⁄4StܰÃ1⁄4®1⁄4t'StG®N¦/ܰ

Compensation Discussion and Analysis

	
	ڝڛ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

of employment.

 ŰżŲƸŊƫłżŧŧżǝŏŲŃƸŊĪƸĪƣŰŏŲÿƸŏżŲڎڍģǀƣŏŲŃĪŰƠŧżǣŰĪŲƸÿŲģłżƣƸŊĪ

 ƫżŧŏĜŏƸÿƸŏżŲ ƠƣżǜŏƫŏżŲƫ ǝŊŏĜŊ ÿƣĪ ŏŲ ĪdzłĪĜƸܫĜżŰƠĪƸŏƸŏżŲ ÿŲģ ŲżŲܫŲżŲ

 ŏŲĜŧǀģŏŲŃ܉ĜżŲƸŏŲǀĪƸżÿƠƠŧǣłżŧŧżǝŏŲŃƸŊĪƸĪƣŰŏŲÿƸŏżŲżłĪŰƠŧżǣŰĪŲƸ

 ƠÿƣÿŃĪŰĪŲƸ ĜżǜĪŲÿŲƸƫ ÿŲģ ĜĪƣƸÿŏŲ ƣĪƫƸƣŏĜƸŏǜĪ ĜżǜĪŲÿŲƸƫ ƸŊÿƸ ǝŏŧŧ

 ģŏƫ-ܫŰĪŲƸÿŃƣĪĪŰĪŲƸƫÿŧƫżĜżŲƸÿŏŲĜǀƫƸżŰÿƣǣĜżŲǿģĪŲƸŏÿŧŏƸǣÿŲģŲżŲ

 żÿƣģܹƫĪŰƠŧżǣ-܏ÿƣŏÿŲģrƫĪŲģŧĪÿŲģ'܉ßÿŲģĪƣŤżżǣ܉rĪƫƫƣƫ܏ÃƫŰÿƣ

above for further details).

 ƸĪƣŰ /ƢǀŏƸǣ SŲĜĪŲƸŏǜĪ ŧÿŲܹܹܫhżŲŃ ܨ ܸܸ żŰƠżŲĪŲƸƫ żł  żŰƠĪŲƫÿƸŏżŲ

 ƫĪĪܠÿŲĜĪǝŏƸŊƸŊĪƸĪƣŰƫżłƸŊĪÿƠƠŧŏĜÿěŧĪƠŧÿŲÿŲģÿǝÿƣģÿŃƣĪĪŰĪŲƸƫ

 ƫŊÿŧŧěĪƸƣĪÿƸĪģŏŲÿĜĜżƣģ-܉ŏŲĜŧǀģŏŲŃǀŲģĪƣƸŊĪŰŲŏěǀƫŧÿŲ܉/t

 ƸĪƣŰÿǝÿƣģƫŊĪŧģěǣƸŊĪܫěÿƫĪģżƣżƸŊĪƣŧżŲŃܫŲǣżǀƸƫƸÿŲģŏŲŃĪƢǀŏƸǣ

a disability.

 ģĪÿƸŊżƣƸŊĪżĜĜǀƣƣĪŲĜĪżł܉ĪǜĪŲƸżłÿƸĪƣŰŏŲÿƸŏżŲģǀĪƸżƣĪƸŏƣĪŰĪŲƸ

 ÿŰżǀŲƸŏŲƣĪƫƠĪĜƸżłƸŊĪǣĪÿƣŏŲǝŊŏĜŊƸŊĪƸĪƣŰŏŲÿƸŏżŲżĜĜǀƣƣĪģŏŲƸŊĪ

 ƣÿƸĪģƸÿƣŃĪƸěżŲǀƫܫĪÿĜŊżłƸŊĪt/ƫŏƫÿŧƫżĪŲƸŏƸŧĪģƸżƣĪĜĪŏǜĪÿƠƣż

 ܉SŲÿģģŏƸŏżŲƸżƸŊĪŏƣÿĜĜƣǀĪģĜżŰƠĪŲƫÿƸŏżŲƸżƸŊĪģÿƸĪżłƸĪƣŰŏŲÿƸŏżŲ

 ܏ŰżŲƸŊƫڎڍĪƣŏżģǝŏŧŧěĪ

 ƸŊĪ®ĪǜĪƣÿŲĜĪ܉ŰżŲƸŊƫłżŧŧżǝŏŲŃÿĜŊÿŲŃĪżłĜżŲƸƣżŧżłƸŊĪ żŰƠÿŲǣڎڍ

 ǝŏƸŊŏŲ ܉ŏŲ ĪÿĜŊ ĜÿƫĪ ܉żǀƸ ĜÿǀƫĪ żƣ ƸŊĪ t/ ƣĪƫŏŃŲƫ łżƣ Ńżżģ ƣĪÿƫżŲ

 ŏŲ ƸŊĪ ĪǜĪŲƸ ƸŊĪ t/ܹƫ ĪŰƠŧżǣŰĪŲƸ ŏƫ ƸĪƣŰŏŲÿƸĪģ ǝŏƸŊ- ܉NżǝĪǜĪƣ

 ܏ŰżŲƸŊƫ ڎڍ ǀƠ Ƹż ÿŲ ÿŃŃƣĪŃÿƸĪ ŰÿǢŏŰǀŰ żł ܉ƠĪƣ ǣĪÿƣ żł ƫĪƣǜŏĜĪ

 żÿƣģܹƫĪŰƠŧżǣŰĪŲƸÿŃƣĪĪŰĪŲƸƫÿƫƫŏǢŰżŲƸŊƫƠŧǀƫżŲĪŰżŲƸŊ܏rƫ

 ÿƣŏ ÿŲģ 1⁄4ŊĪ ܸܸ®ĪǜĪƣÿŲĜĪ Īƣŏżģܹܹ ŏƫ ģĪǿŲĪģ ŏŲ rĪƫƫƣƫ܏ 'ĪŲģŧĪ ÿŲģ

respectively.

 ܉ŰżŲƸŊƫڔڍżƣڐڎƸŊĪ®ĪǜĪƣÿŲĜĪĪƣŏżģǝŏŧŧěĪ܉ĜżŲƸƣżŧżłƸŊĪ żŰƠÿŲǣ

 ŰżŲƸŊƫłżŧŧżǝŏŲŃÿĜŊÿŲŃĪżłڎڍǝŏƸŊŏŲ܉ŏŲĪÿĜŊĜÿƫĪ܉łżƣŃżżģƣĪÿƫżŲ

t/ܹƫĪŰƠŧżǣŰĪŲƸŏƫƸĪƣŰŏŲÿƸĪģǝŏƸŊżǀƸĜÿǀƫĪżƣƸŊĪt/ƣĪƫŏŃŲƫ

 ŏŲ ƸŊĪ ĪǜĪŲƸƸŊĪ ܉ƣĪƫƠĪĜƸŏǜĪŧǣ܏ NżǝĪǜĪƣ ܉ŰżŲƸŊƫ ڔڍ ŰżŲƸŊƫ żƣ ڐڎ żł

 ǀƠƸżÿŲÿŃŃƣĪŃÿƸĪŰÿǢŏŰǀŰ܉ƠĪƣǣĪÿƣżłƫĪƣǜŏĜĪ܉ƣĪƫƠĪĜƸŏǜĪŧǣ܉ŰżŲƸŊ

 ŰżŲƸŊƫ Ơŧǀƫ Ƹǝż ŰżŲƸŊƫ żƣ żŲĪ ڎڍ ĪŰƠŧżǣŰĪŲƸ ÿŃƣĪĪŰĪŲƸƫ ÿƫ

 1⁄4ŊĪܸܸ®ĪǜĪƣÿŲĜĪĪƣŏżģܹܹŏƫģĪǿŲĪģŏŲrĪƫƫƣƫ܏ÃƫŰÿƣÿŲģßÿŲģĪƣŤżżǣܹƫ

further details).

 ĪŲĪǿƸƫܹܹěĪŧżǝłżƣƫĪĪܸܸ1⁄4ĪƣŰŏŲÿƸŏżŲÿŲģ ŊÿŲŃĪżł żŲƸƣżŧܠ żŰƠÿŲǣ

 żŲ ƸŊĪ t/ ƫŏŃŲŏŲŃ ÿ łǀŧŧ ÿŲģ ǿŲÿŧ ƣĪŧĪÿƫĪ żł ĜŧÿŏŰƫ ŏŲ łÿǜżƣ żł ƸŊĪ

 under applicable employment standards legislation are conditional

 ŰĪŲƸƫÿŲģěĪŲĪǿƸƫƸŊÿƸÿƣĪŏŲĪǢĜĪƫƫżłƸŊĪŰŏŲŏŰǀŰƣĪƢǀŏƣĪŰĪŲƸƫ

and travel accident insurance coverage). Any such termination pay-

 ÿĜĜŏģĪŲƸÿŧģĪÿƸŊÿŲģģŏƫŰĪŰěĪƣŰĪŲƸ܉ģŏƫÿěŏŧŏƸǣ܉ŏŲĜŧǀģŏŲŃŧŏłĪܠƠĪƣŏżģ

 ŰżŲƸŊܫŰÿŏŲƸÿŏŲÿŲǣěĪŲĪǿƸƫƸŊÿƸĜÿŲŲżƸěĪĜżŲƸŏŲǀĪģłżƣƫǀĜŊłżǀƣ

 ƸżƸŊĪÿŃŃƣĪŃÿƸĪƠƣĪŰŏǀŰƸŊÿƸǝżǀŧģěĪŏŲĜǀƣƣĪģěǣƸŊĪ żŰƠÿŲǣƸż

 ƸŏŰĪŧǀŰƠƫǀŰƠÿǣŰĪŲƸĪƢǀÿŧܫŧżǝŏŲŃƸŊĪƸĪƣŰŏŲÿƸŏżŲģÿƸĪÿŲģÿżŲĪ

 ĜżŲƸŏŲǀĪģƠÿƣƸŏĜŏƠÿƸŏżŲŏŲƸŊĪŃƣżǀƠěĪŲĪǿƸƠŧÿŲƫłżƣłżǀƣŰżŲƸŊƫłżŧ-

 ܉ƫǀěšĪĜƸƸżƠŧÿŲƸĪƣŰƫܡŏǜܠÿŲģ܉ǣĪÿƣŏŲǝŊŏĜŊƸŊĪƸĪƣŰŏŲÿƸŏżŲżĜĜǀƣƣĪģ

 ƣÿƸĪģƸÿƣŃĪƸěżŲǀƫÿŰżǀŲƸŏŲƣĪƫƠĪĜƸżłƸŊĪܫÿƠƣżܡŏŏŏܠ܉ƸĪƣŰŏŲÿƸŏżŲģÿƸĪ

12ƸŊżłƸŊĪt/ܹƫƸÿƣŃĪƸěżŲǀƫŏŲĪdzłĪĜƸÿƫÿƸƸŊĪܕ1ܡěܠÿŲģ܉ÿƸŏżŲģÿƸĪ

12ƸŊżłƸŊĪt/ܹƫÿŲŲǀÿŧƫÿŧÿƣǣÿƸƸŊĪƣÿƸĪŏŲĪdzłĪĜƸÿƫÿƸƸŊĪƸĪƣŰŏŲ-ܕ1ܡÿܠ

 ŰǀŧƸŏƠŧŏĪģěǣƸŊĪƫǀŰżłܡÿƫģĪǿŲĪģěĪŧżǝܠŏŲƸŊĪ®ĪǜĪƣÿŲĜĪĪƣŏżģ

 in lieu of notice and severance pay calculated as the number of months

 Ơÿǣܡŏŏܠ܉ƸŊĪt/ܹƫÿĜĜƣǀĪģĜżŰƠĪŲƫÿƸŏżŲƸżƸŊĪģÿƸĪżłƸĪƣŰŏŲÿƸŏżŲܡŏܠ

 żÿƣģ ÿƣĪ ĪŲƸŏƸŧĪģ Ƹż ƣĪĜĪŏǜĪ ܏ÿƣŏ ÿŲģ rƫ ĪŲģŧĪ ÿŲģ' ܉ßÿŲģĪƣŤżżǣ

 ܉ĪÿĜŊ żł rĪƫƫƣƫ܏ ÃƫŰÿƣ ܉ĪŰƠŧżǣŰĪŲƸ ŏƫ ƸĪƣŰŏŲÿƸĪģ ǝŏƸŊżǀƸ ĜÿǀƫĪ

 ŏłĪŰƠŧżǣŰĪŲƸǝĪƣĪƸżěĪƸĪƣŰŏŲÿƸĪģ܏SŲƸŊĪĪǜĪŲƸƸŊÿƸ܉ŏŲŃƫĪǜĪƣÿŲĜĪ

 ŏŲĜŧǀģ-܉żÿƣģƫƠĪĜŏłǣƸŊĪÿŰżǀŲƸƫżƣěĪŲĪǿƸƫƠÿǣÿěŧĪ܏ÿƣŏÿŲģrƫÿŲģ

 ĪŲģŧĪ'܉ßÿŲģĪƣŤżżǣ܉1⁄4ŊĪĪŰƠŧżǣŰĪŲƸÿŃƣĪĪŰĪŲƸƫǝŏƸŊrĪƫƫƣƫ܏ÃƫŰÿƣ

pation in the Omnibus Plan.

 ěĪŲĪǿƸƫÿŲģƠÿƣƸŏĜŏ-܉ģŏƫĜƣĪƸŏżŲÿƣǣÿŲŲǀÿŧĜÿƫŊƠĪƣłżƣŰÿŲĜĪŏŲĜĪŲƸŏǜĪ

 ÿ܉ĪŲƸĪƣĪģŏŲƸżÿŲĪŰƠŧżǣŰĪŲƸÿŃƣĪĪŰĪŲƸƸŊÿƸƠƣżǜŏģĪƫłżƣěÿƫĪƫÿŧÿƣǣ

 żÿƣģŊÿƫ܏ÿƣŏÿŲģrƫĪŲģŧĪÿŲģ'܉ßÿŲģĪƣŤżżǣ܉/ÿĜŊżłrĪƫƫƣƫ܏ÃƫŰÿƣ

G®/ޤÿŧĪŲƸ1⁄4܍ßŏĜĪƣĪƫŏģĪŲƸ

  Relations, Eban Bari, Vice President, Finance and Katy Board,

SŲǜĪƫƸżƣޤǜÿŧǀÿƸŏżŲƫ/܍ßŏĜĪƣĪƫŏģĪŲƸ܍dÿŰĪƫ'ĪŲģŧĪ܍FŏŲÿŲĜŏÿŧDzǾĜĪƣ

 ŊŏĪł ܍ŊĪŧģżŲßÿŲģĪƣŤżżǣ®܍ŊŏĪł/ǢĪĜǀƸŏǜĪDzǾĜĪƣ ܍®ŊÿǀŲÃƫŰÿƣ

NEO EMPLOYMENT AGREEMENTS

Compensation Discussion and Analysis

	
	ڞڛ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏ŰżŲƸŊƫłżŧŧżǝŏŲŃƸŊĪĜŊÿŲŃĪżłĜżŲƸƣżŧڎڍ1  /ŧŏŃŏěŧĪŏłƸĪƣŰŏŲÿƸŏżŲǝŏƸŊżǀƸĜÿǀƫĪżƣƣĪƫŏŃŲÿƸŏżŲłżƣŃżżģƣĪÿƫżŲżĜĜǀƣƫǝŏƸŊŏŲ

 ŰżŲƸŊƫڐ

 pro-rata stub bonus for current year to termination date

 Ơŧǀƫ܉ěǣƸŊĪŲǀŰěĪƣżłŰżŲƸŊƫŏŲƸŊĪƫĪǜĪƣÿŲĜĪƠĪƣŏżģ

 ƸŊĪŲŰǀŧƸŏƠŧŏĪģ܉ڎڍ1⁄4ÿƣŃĪƸěżŲǀƫżƠƠżƣƸǀŲŏƸǣģŏǜŏģĪģěǣ

 ŰżŲƸŊƫڎڍ܈• ß

 ŰżŲƸŊƫڔڍ܈•  F

 ŰżŲƸŊƫڐڎ܈/  •

 ܡƸƣŏŃŃĪƣܫģżǀěŧĪܠGżżģ¦ĪÿƫżŲ

 ܕ1⁄4ĪƣŰŏŲÿƸŏżŲàŏƸŊżǀƸ ÿǀƫĪ

 Change of Control1 &

For Cause tżŲĪ tżŲĪ tżŲĪ

 ŰżŲƸŊƫڐ

pro-rata stub bonus for current year to termination date

 Ơŧǀƫ܉ěǣƸŊĪŲǀŰěĪƣżłŰżŲƸŊƫŏŲƸŊĪƫĪǜĪƣÿŲĜĪƠĪƣŏżģ

 ƸŊĪŲŰǀŧƸŏƠŧŏĪģ܉ڎڍÿƣŃĪƸěżŲǀƫżƠƠżƣƸǀŲŏƸǣģŏǜŏģĪģěǣ1⁄4

 ܡŰżŲƸŊƫڎڍŰÿǢܠżłƫĪƣǜŏĜĪ

 ǣĪÿƣܕŰżŲƸŊڍŰżŲƸŊƫݬڒ܈ß •

 ܡŰżŲƸŊƫڔڍŰÿǢܠżłƫĪƣǜŏĜĪ

 ǣĪÿƣܕŰżŲƸŊڍŰżŲƸŊƫݬڎڍ܈F  •

 ܡŰżŲƸŊƫڐڎŰÿǢܠżłƫĪƣǜŏĜĪ

 ǣĪÿƣܕŰżŲƸŊƫڎŰżŲƸŊƫݬڎڍ܈/  • tżƸłżƣ ÿǀƫĪ

Involuntary Termination

 ƠĪƣh1⁄4'ƠŧÿŲܕPro-rata stub bonus for current year to termination date tżŲĪ

statutory requirements)

 ÿƸŧĪÿƫƸŰŏŲŏŰǀŰܠĪƣh1⁄4'ƠŧÿŲܕŏƫÿěŏŧŏƸǣ tżŲĪ'ܕ¦ĪƸŏƣĪŰĪŲƸ

Death tżŲĪ Pro-rata stub bonus for current year to termination date 2 months

Resignation tżŲĪ tżŲĪ tżŲĪ

Voluntary Termination

 ĪŲĪǿƸƫ Termination Event Severance Bonus

 ܈1⁄4ŊĪƸÿěŧĪěĪŧżǝƫǀŰŰÿƣŏǭĪƫƸŊĪƸĪƣŰŏŲÿƸŏżŲÿŲģĜŊÿŲŃĪżłĜżŲƸƣżŧěĪŲĪǿƸƫƠƣżǜŏģĪģǀŲģĪƣƸŊĪt/ƫܹĪŰƠŧżǣŰĪŲƸÿŃƣĪĪŰĪŲƸƫ

 ܏ƸĪƣŰ/ƢǀŏƸǣSŲĜĪŲƸŏǜĪŧÿŲܹܹƫĪĜƸŏżŲÿěżǜĪܫhżŲŃܨƫÿƸŏżŲ

 ƠŧĪÿƫĪƣĪłĪƣƸżƸŊĪܸܸ żŰƠżŲĪŲƸƫżł żŰƠĪŲ-܉FżƣÿƫǀŰŰÿƣǣżłƸŊĪƸĪƣŰŏŲÿƸŏżŲÿŲģĜŊÿŲŃĪżłĜżŲƸƣżŧěĪŲĪǿƸƫƠƣżǜŏģĪģǀŲģĪƣƸŊĪŰŲŏěǀƫŧÿŲ

TERMINATION AND CHANGE OF CONTROL BENEFITS

Compensation Discussion and Analysis

	
	ڟڛ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏ĪƢǀŏƸǣǜÿŧǀĪÿƫ¦®ÃƫƣĪŰÿŏŲżǀƸƫƸÿŲģŏŲŃÿŲģĜżŲƸŏŲǀĪƸżǜĪƫƸÿĜĜżƣģŏŲŃƸżƸŊĪŲżƣŰÿŧǜĪƫƸŏŲŃƫĜŊĪģǀŧĪ܏1⁄4ŊĪƣĪŏƫŲżÿĜĜĪŧĪƣÿƸĪģǜĪƫƸŏŲŃŏŲĜżŲŲĪĜƸŏżŲǝŏƸŊƸŊŏƫƸĪƣŰŏŲÿƸŏżŲĪǜĪŲƸڌI ŲĜŧǀģĪƫݕ  ڐ

 ܏ǝŏƸŊƸŊŏƫƸĪƣŰŏŲÿƸŏżŲĪǜĪŲƸ

 ĪƢǀŏƸǣǜÿŧǀĪÿƫ¦®ÃƫƣĪŰÿŏŲżǀƸƫƸÿŲģŏŲŃÿŲģĜżŲƸŏŲǀĪƸżǜĪƫƸŏŲƸŊĪżƣģŏŲÿƣǣĜżǀƣƫĪƸŊƣżǀŃŊƸŊĪÿƠƠŧŏĜÿěŧĪƫĪǜĪƣÿŲĜĪƠĪƣŏżģ܏1⁄4ŊĪƣĪŏƫŲżÿĜĜĪŧĪƣÿƸĪģǜĪƫƸŏŲŃŏŲĜżŲŲĪĜƸŏżŲڌSŲĜŧǀģĪƫݕ ڏ

 ܏ǝŊĪƣĪÿƠƠŧŏĜÿěŧĪ܉2 SŲĜŧǀģĪƫĪǢƸĪŲģĪģŰĪģŏĜÿŧěĪŲĪǿƸƠƣĪŰŏǀŰƫ

purposes of this table.

 ƠƣĪƫĪŲƸǜÿŧǀĪłżƣƸŊĪڌŰżŲĪǣÿŲģÿƣĪģĪĪŰĪģƸżŊÿǜĪݕܫƸŊĪܫżłܫÿŧŧƫƸżĜŤżƠƸŏżŲƫǝĪƣĪżǀƸڍڎڌڎ܉ڍڏ1 SŲĜŧǀģĪƫƫƸżĜŤżƠƸŏżŲƫÿŲģ¦®ÃƫƠƣĪǜŏżǀƫŧǣÿǝÿƣģĪģƸżƸŊĪt/ƫ܏ƫÿƸ'ĪĜĪŰěĪƣ

 ܏ŧŧŏŲĜƣĪŰĪŲƸÿŧƠÿǣŰĪŲƸƫŏŲĜżŲŲĪĜƸŏżŲǝŏƸŊÿŲt/ܹƫƸĪƣŰŏŲÿƸŏżŲĪǜĪŲƸǝżǀŧģěĪƠÿŏģżǀƸŏŲ ݕÿŲģÿŰżǀŲƸƫŏŲƸŊŏƫƸÿěŧĪŊÿǜĪěĪĪŲĜżŲǜĪƣƸĪģƸżÃ®'

 ڶںڵ܉ڷڷ

 ڸںڷ܉ڶڷ

 ܨ

 ڸڸڴ܉ڵںڷ

 ڹڻڵ܉ڵڶڷ ݕ

 ڼڽڻ

 ܨ

 ܨ

 ںڽڹ܉ڵ

 ںڽڹ܉ڵ ݕ

 ڸںڷ܉ڶڷ

 ܨ

 ܨ

 ڸںڷ܉ڶڷ

 ܨݕ

 ܨ

 ܨ

 ܨ

 ڸڼڴ܉ڻڶڷ

 ڽڻڹ܉ڽڵڷ ݕ

Death

 ڸŏƫÿěŏŧŏƸǣ'ܕ¦ĪƸŏƣĪŰĪŲƸ

 Resignation

 Change of Control

 ڷtżƸłżƣ ÿǀƫĪ

G®/ޠÿŧĪŲƸ1⁄4܉ƣĪƫŏģĪŲƸܫßŏĜĪ

 Katy Board

 ڸڹڽ܉ڷڷ

 ںڹڵ܉ڷڷ

 ܨ

 ڷڵڼ܉ڽںڷ

 ڴڽڷ܉ڵڽڶ ݕ

 ڼڽڻ

 ܨ

 ܨ

 ںڽڹ܉ڵ

 ںڽڹ܉ڵ ݕ

 ںڹڵ܉ڷڷ

 ܨ

 ܨ

 ںڹڵ܉ڷڷ

 ܨݕ

 ܨ

 ܨ

 ܨ

 ڶںڴ܉ڹڷڷ

 ڸڽڻ܉ڽڼڶ ݕ

Death

 ڸŏƫÿěŏŧŏƸǣ'ܕ¦ĪƸŏƣĪŰĪŲƸ

 Resignation

 Change of Control

 ڷtżƸłżƣ ÿǀƫĪ

FŏŲÿŲĜĪ܉ßŏĜĪƣĪƫŏģĪŲƸ

 Eban Bari

 ڸڻڶ܉ڸڸ

 ںڻڸ܉ڷڸ

 ܨ

 ںڽڷ܉ڷڸں

 ڹڴڶ܉ڶڹڹ ݕ

 ڼڽڻ

 ܨ

 ܨ

 ںڽڹ܉ڵ

 ںڽڹ܉ڵ ݕ

 ںڻڸ܉ڷڸ

 ܨ

 ܨ

 ںڻڸ܉ڷڸ

 ܨݕ

 ܨ

 ܨ

 ܨ

 ڹڶڷ܉ڼڽڹ

 ڽڴں܉ڴڹڹ ݕ

Death

 ڸŏƫÿěŏŧŏƸǣ'ܕ¦ĪƸŏƣĪŰĪŲƸ

 Resignation

 Change of Control

 ڷtżƸłżƣ ÿǀƫĪ

 & Investor Relations

 ǜÿŧǀÿƸŏżŲƫ/܉ßŏĜĪƣĪƫŏģĪŲƸ

 James Dendle

 ڶڼں܉ڻڷڵ

 ڸڼڼ܉ںڷڵ

 ܨ

 ڼڸڷ܉ڹڷڸ܉ڵ

 ڶڵڶ܉ڼڻڶ܉ڵ ݕ

 ڼڽڻ

 ܨ

 ܨ

 ںڽڹ܉ڵ

 ںڽڹ܉ڵ ݕ

 ڸڼڼ܉ںڷڵ

 ܨ

 ܨ

 ڸڼڼ܉ںڷڵ

 ܨݕ

 ܨ

 ܨ

 ܨ

 ڽںڼ܉ںڽڶ܉ڵ

 ںڵں܉ںڻڶ܉ڵ ݕ

Death

 ڸŏƫÿěŏŧŏƸǣ'ܕ¦ĪƸŏƣĪŰĪŲƸ

 Resignation

 Change of Control

 ڷtżƸłżƣ ÿǀƫĪ

 ŊŏĪłFŏŲÿŲĜŏÿŧdzǿĜĪƣ

 Sheldon Vanderkooy

 ڼڵڽ܉ڼڷڸ

 ڴڶڵ܉ڼڷڸ

 ܨ

 ڵںڼ܉ڻڴڵ܉ڸ

 ڹڽڽ܉ڶڷڼ܉ڶ ݕ

 ڼڽڻ

 ܨ

 ܨ

 ںڽڹ܉ڵ

 ںڽڹ܉ڵ ݕ

 ڴڶڵ܉ڼڷڸ

 ܨ

 ܨ

 ڴڶڵ܉ڼڷڸ

 ܨݕ

 ܨ

 ܨ

 ܨ

 ںڸڵ܉ڼںں܉ڷ

 ڴڴڸ܉ڵڷڼ܉ڶ ݕ

Death

 ڸŏƫÿěŏŧŏƸǣ'ܕ¦ĪƸŏƣĪŰĪŲƸ

 Resignation

 Change of Control

 ڷtżƸłżƣ ÿǀƫĪ

 ŊŏĪł/ǢĪĜǀƸŏǜĪdzǿĜĪƣ

 Shaun Usmar

Payments2 Total

 Other

 & Bonus Equity1

  Severance

Executive Termination Event

 ܏ڍڎڌڎłżƣڌڌ܏ڍݰÃ®ݕڑڏڑڎڍ܏ڍݕ ܈ÿŲŤżł ÿŲÿģÿģÿŏŧǣÿǜĪƣÿŃĪƣÿƸĪłżƣƸŊĪƣĪŧĪǜÿŲƸǣĪÿƣǀƫĪģłżƣĜǀƣƣĪŲĜǣĪǢĜŊÿŲŃĪŏƫƸŊĪ

 ŊĪƣÿƸĪ1⁄4܏ڍڎڌڎ܉ڍڏŊÿģƸŊĪƸĪƣŰŏŲÿƸŏżŲżĜĜǀƣƣĪģ'ĪĜĪŰěĪƣ܉ŏŲĪÿĜŊĜÿƫĪ܉ƸŊĪt/ƠÿƫƫĪƫÿǝÿǣܡǜܠƸżĜżŲƸŏŲǀĪŏŲƸŊĪŏƣĜÿƠÿĜŏƸǣÿƫÿŲĪǢĪĜǀƸŏǜĪżƣ

 ƸŊĪt/ƣĪƸŏƣĪƫżƣěĪĜżŰĪƫģŏƫÿěŧĪģÿŲģǀŲÿěŧĪܡŏǜܠ܉ƸŊĪt/ƣĪƫŏŃŲƫłƣżŰƸŊĪ żŰƠÿŲǣǜżŧǀŲƸÿƣŏŧǣܡŏŏŏܠ܉ŰżŲƸŊƫłżŧŧżǝŏŲŃÿĜŊÿŲŃĪżłĜżŲƸƣżŧڎڍ

 ƸŊĪt/ǝÿƫƸĪƣŰŏŲÿƸĪģǝŏƸŊżǀƸĜÿǀƫĪżƣƣĪƫŏŃŲĪģǝŏƸŊŃżżģƣĪÿƫżŲǝŏƸŊŏŲܡŏŏܠ܉ƸŊĪt/ǝÿƫƸĪƣŰŏŲÿƸĪģǝŏƸŊżǀƸĜÿǀƫĪܡŏܠŊÿǜĪƣĪĜĪŏǜĪģŏł

 ÿŲģěĪŲĪǿƸƫƸŊÿƸƸŊĪt/ƫǝżǀŧģܡƸĪƣŰSŲĜĪŲƸŏǜĪŧÿŲƫĪĜƸŏżŲƫżłƸŊŏƫ ŏƣĜǀŧÿƣܫģŏƫĜŧżƫĪģŏŲƸŊĪ®ǀŰŰÿƣǣ żŰƠĪŲƫÿƸŏżŲ1⁄4ÿěŧĪÿŲģƸŊĪ®ŊżƣƸ

 ǝŊŏĜŊÿƣĪ܉ǀƫŏŲŃĪÿĜŊt/ܹƫěÿƫĪƫÿŧÿƣǣÿŲģÿŲŲǀÿŧŏŲĜĪŲƸŏǜĪƠŧÿŲƸÿƣŃĪƸܠ1⁄4ŊĪłżŧŧżǝŏŲŃƸÿěŧĪƫĪƸƫłżƣƸŊƸŊĪĪƫƸŏŰÿƸĪģŏŲĜƣĪŰĪŲƸÿŧƠÿǣŰĪŲƸƫ

Compensation Discussion and Analysis

	
	ږڜ ¦rtG/r/t1⁄4¦åæ S¦ ÃhڗژږژSh/FhG¦1⁄4

 ڴڴڴ܉ڹڶ Compensation & ESG Committee Chair ݕ

 ڴڴڴ܉ڹڶ Audit Committee Chair ݕ

 ڴڴڴ܉ڴںڶ ݕ ڴڴڴ܉ڴڸ żÿƣģ ݕŊÿŏƣżłƸŊĪ

 ڴڴڴ܉ں ݕ ڴڴڴ܉ڴںڵ ݕ ڴڴڴ܉ڴڸ żÿƣģrĪŰěĪƣ ݕ

Choosing

 Cause of their

 to Charitable

 Annual Donation

 Chair Fee

  Additional

DSU Grant

  Annual

Cash Retainer

  Annual

Board Role

 ܏ǢĪĜǀƸŏǜĪ'ŏƣĪĜƸżƣƫ܏ŧŧǜÿŧǀĪƫÿƣĪŏŲÃ®'/ܫŊĪĜŊÿƣƸěĪŧżǝżǀƸŧŏŲĪƫƸŊĪĜżŰƠĪŲƫÿƸŏżŲƠƣżŃƣÿŰłżƣżǀƣtżŲ1⁄4

 ܏ܡ ÿŲÿģŏÿŲŲĪǝƫŰÿŃÿǭŏŲĪ

 ŏŲģĪƠĪŲģĪŲƸ܉ƠƣżǿƸܫÿŲżŲܠÿŲÿģŏÿŲrĪŲƸÿŧNĪÿŧƸŊƫƫżĜŏÿƸŏżŲÿŲģ1⁄4ŊĪàÿŧƣǀƫ ܉ŊŏŧģƣĪŲܹƫàŏƫŊFżǀŲģÿƸŏżŲżł ÿŲÿģÿ ܉ŏŃhŏłĪFżǀŲģÿƸŏżŲ

 ܉żƣżŲƸż®ŏĜŤfŏģƫNżƫƠŏƸÿŧ1⁄4܉żƣģĪƣƫƸŊĪƫĪŏŲĜŧǀģĪģ'żĜƸżƣƫǝŏƸŊżǀƸܔģżŲÿƸĪģƸżÿŲǀŰěĪƣżłĜŊÿƣŏƸÿěŧĪĜÿǀƫĪƫÿƸƸŊĪěĪŊĪƫƸżłƸŊĪ'ŏƣĪĜƸżƣƫ

 ƣŏƠŧĪFŧÿŃ1⁄4܉ڍڎڌڎƠĪƣģŏƣĪĜƸżƣ܏SŲڌڌڑ܉ڍƣŏƠŧĪFŧÿŃżdzłĪƣƫÿƢǀÿƣƸĪƣŧǣĜŊÿƣŏƸÿěŧĪģżŲÿƸŏżŲżłݕ1⁄4܉ŏŲŧŏĪǀżłŰĪĪƸŏŲŃłĪĪƫ܉ŏŲŃÿƫģŏƣĪĜƸżƣƫ܏SŲÿģģŏƸŏżŲ

 ƠżĜŤĪƸĪǢƠĪŲƫĪƫŏŲĜǀƣƣĪģǝŊŏŧĪƫĪƣǜ-ܫżłܫƸżĪŧĪĜƸƸżƸÿŤĪƸŊĪŏƣÿŲŲǀÿŧĜÿƫŊƣĪƸÿŏŲĪƣŏŲ'®Ãƫ܏ŧŧģŏƣĪĜƸżƣƫÿƣĪƣĪŏŰěǀƣƫĪģłżƣƸŊĪŏƣƣĪÿƫżŲÿěŧĪżǀƸ

 ǢĪĜǀƸŏǜĪ 'ŏƣĪĜƸżƣƫ ÿŧƫż ŊÿǜĪ ƸŊĪ ÿěŏŧŏƸǣ/ܫtżŲ ܏ܡ’’DSUs‘‘ܠ ÿŲģģĪłĪƣƣĪģ ƫŊÿƣĪ ǀŲŏƸƫ ܡڍڎڌڎ ƠƣżƣÿƸĪģ łżƣܠ ƣĪƸÿŏŲĪƣ Ơÿŏģ ŏŲ ÿ ĜżŰěŏŲÿƸŏżŲ żł ĜÿƫŊ

 ǢĪĜǀƸŏǜĪ'ŏƣĪĜƸżƣƣĪĜĪŏǜĪƫÿŲÿŲŲǀÿŧ/ܫĪÿĜŊtżŲ܉żÿƣģǢĪĜǀƸŏǜĪ'ŏƣĪĜƸżƣƫܹĜżŰƠĪŲƫÿƸŏżŲÿƣƣÿŲŃĪŰĪŲƸƫ܏SŲĜżŲƫŏģĪƣÿƸŏżŲłżƣƫĪƣǜŏŲŃżŲżǀƣ/ܫtżŲ

 ŏƫƣĪƫƠżŲƫŏěŧĪłżƣƣĪǜŏĪǝŏŲŃÿŲģÿƠƠƣżǜŏŲŃÿŲǣĜŊÿŲŃĪƫƸżƸŊĪ܉G żŰŰŏƸƸĪĪ®/ޠżŲƸŊĪƣĪĜżŰŰĪŲģÿƸŏżŲżłżǀƣ żŰƠĪŲƫÿƸŏżŲ܉żÿƣģǀƣ

DIRECTOR COMPENSATION

 ܏ƸĪƣŰŏŲƸĪƣĪƫƸƫżłżǀƣƫŊÿƣĪŊżŧģĪƣƫܫƸżÿƸƸƣÿĜƸÿŲģƣĪƸÿŏŲĜżŰŰŏƸƸĪģÿŲģƢǀÿŧŏǿĪģģŏƣĪĜƸżƣƫÿŲģƸżÿŧŏŃŲƸŊĪŏƣĜżŰƠĪŲƫÿƸŏżŲǝŏƸŊƸŊĪŧżŲŃ

 ǢĪĜǀƸŏǜĪ'ŏƣĪĜƸżƣƫŏƫģĪƫŏŃŲĪģ/ܫżÿƣģ܏1⁄4ŊĪĜżŰƠĪŲƫÿƸŏżŲżłƸŊĪtżŲrƣ܏ ŏĜŏƣĪŧŧŏģżŲżƸƣĪĜĪŏǜĪÿŲǣÿģģŏƸŏżŲÿŧĜżŰƠĪŲƫÿƸŏżŲłżƣƸŊĪŏƣƣżŧĪƫżŲƸŊĪ

 ǢĪĜǀƸŏǜĪ'ŏƣĪĜƸżƣƫ܏1⁄4ŊĪ /ÿŲģ/ܫ1⁄4ŊĪłżŧŧżǝŏŲŃģŏƫĜǀƫƫŏżŲżǀƸŧŏŲĪƫƸŊĪƫŏŃŲŏǿĜÿŲƸĪŧĪŰĪŲƸƫżłƸŊĪĜżŰƠĪŲƫÿƸŏżŲƠƣżŃƣÿŰłżƣƸŊĪ żŰƠÿŲǣܹƫtżŲ

INTRODUCTION

REPORT ON DIRECTOR COMPENSATION AND EQUITY OWNERSHIP

Report on Director Compensation and Equity Ownership

	
	ڗڜ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏ƠŧĪÿƫĪƣĪłĪƣƸżƸŊĪt/®ǀŰŰÿƣǣ żŰƠĪŲƫÿƸŏżŲ1⁄4ÿěŧĪ܉ƫĜżŰƠĪŲƫÿƸŏżŲܓSŲģĪƠĪŲģĪŲƸģŏƣĪĜƸżƣƫÿƣĪŲżƸĪŧŏŃŏěŧĪłżƣ'ŏƣĪĜƸżƣĜżŰƠĪŲƫÿƸŏżŲ܏FżƣŰżƣĪŏŲłżƣŰÿƸŏżŲÿěżǀƸrƣ܏ÃƫŰÿƣܫtżŲ ڏ

 ܏ڍڎڌڎ܉ڍڏǝŏƸŊÿǜĪƫƸŏŲŃģÿƸĪżł'ĪĜĪŰěĪƣڍڎڌڎ2 ¦ĪƠƣĪƫĪŲƸƫ'®ÃƫĜƣĪģŏƸĪģŏŲ

 ܏1  ÿƫŊƣĪƸÿŏŲĪƣƠÿŏģƸżƸŊĪģŏƣĪĜƸżƣƫŏŲÃ®'

Shaun Usmar3 t t t t t t t

 ڴڴڴ܉ڴڽڵ ݕ ܨ ܨ ܨ ܨ ڴڴڴ܉ڴںڵ ݕ ڴڴڴ܉ڴڷ Peter O'Hagan ݕ

Mark Cicirelli3 t t t t t t t

 ڴڴڴ܉ڴڽڵ ݕ ܨ ܨ ܨ ܨ ڴڴڴ܉ڴںڵ ݕ ڴڴڴ܉ڴڷ Timothy Baker ݕ

 ڴڴڴ܉ڹڵڶ ݕ ܨ ܨ ܨ ܨ ڴڴڴ܉ڴںڵ ݕ ڴڴڴ܉ڹڹ Sir Michael “Mick” Davis ݕ

 ڴڴڴ܉ڹڵڶ ݕ ܨ ܨ ܨ ܨ ڴڴڴ܉ڴںڵ ݕ ڴڴڴ܉ڹڹ Susan Allen ݕ

 ڴڴڴ܉ڴڽڶ ݕ ܨ ܨ ܨ ܨ ڴڴڴ܉ڴںڶ ݕ ڴڴڴ܉ڴڷ Dawn Whittaker ݕ

Compensation Total

 All Other

Value

  Pension

Compensation

 Incentive Plan

 Non-equity

Awards

 Option-based

Awards2

 Share-based

Name Fees Earned1

 ܏żÿƣģżł'ŏƣĪĜƸżƣƫżƣÿǝÿƣģĪģƸżƸŊĪ܉ƠÿŏģƸż܉ĜżŰƠĪŲƫÿƸŏżŲĪÿƣŲĪģěǣڍڎڌڎ1⁄4ŊĪłżŧŧżǝŏŲŃƸÿěŧĪƫĪƸƫżǀƸŏŲłżƣŰÿƸŏżŲĜżŲĜĪƣŲŏŲŃƸŊĪǿƫĜÿŧ

 Director Compensation

 ܏ěÿƫĪģÿǝÿƣģƫÿƣĪŏŲĜŧǀģĪģŏŲģĪƸĪƣŰŏŲŏŲŃÿŲŏŲģŏǜŏģǀÿŧܹƫĪƢǀŏƸǣżǝŲĪƣƫŊŏƠǜÿŧǀĪܫ®ŊÿƣĪƫÿŲģƸŊĪǜÿŧǀĪżł'®ÃƫÿŲģżƸŊĪƣĪƢǀŏƸǣ

 żÿƣģ܏ żŰŰżŲƸŊĪģÿƸĪżłƸŊĪŏƣÿƠƠżŏŲƸŰĪŲƸƸżƸŊĪܡŏŏܠĜżŰƠŧĪƸŏżŲżłƸŊĪSÿŲģܡŏܠƠƣĪƫĜƣŏěĪģżǝŲĪƣƫŊŏƠŧĪǜĪŧƫǝŏƸŊŏŲǿǜĪǣĪÿƣƫżłƸŊĪŧÿƸĪƣżł

 ƸŏŰĪƫƸŊĪŏƣÿŲŲǀÿŧĜÿƫŊƣĪƸÿŏŲĪƣ܏'ŏƣĪĜƸżƣƫÿƣĪĪǢƠĪĜƸĪģƸżŰĪĪƸƸŊĪڌڍǝŊŏĜŊŏƫĜǀƣƣĪŲƸŧǣƫĪƸÿƸ܉ěÿƫĪģżŲÿŰǀŧƸŏƠŧĪżłƸŊĪŏƣÿŲŲǀÿŧĜÿƫŊƣĪƸÿŏŲĪƣ

 ǢĪĜǀƸŏǜĪ'ŏƣĪĜƸżƣ/ܫÿŃÿŏŲƫƸƸŊĪŧŏŤĪŧŏŊżżģżłǀŲģǀĪƣŏƫŤƸÿŤŏŲŃ܏1⁄4ŊĪżǝŲĪƣƫŊŏƠŃǀŏģĪŧŏŲĪƫĪƫƸÿěŧŏƫŊŰŏŲŏŰǀŰĪƢǀŏƸǣżǝŲĪƣƫŊŏƠŧĪǜĪŧƫłżƣĪÿĜŊtżŲ

 ǢĪĜǀƸŏǜĪ'ŏƣĪĜƸżƣƫƸżÿŧŏŃŲƸŊĪŏƣŏŲƸĪƣĪƫƸƫǝŏƸŊƸŊżƫĪżłżǀƣƫŊÿƣĪŊżŧģĪƣƫÿŲģŰŏƸŏŃÿƸĪ/ܫàĪŊÿǜĪĪƫƸÿěŧŏƫŊĪģƫŊÿƣĪżǝŲĪƣƫŊŏƠŃǀŏģĪŧŏŲĪƫłżƣtżŲ

DIRECTOR SHARE OWNERSHIP GUIDELINES

related entities.

 ƸŊĪ ģŏƣĪĜƸżƣ ĜĪÿƫĪƫ Ƹż Ŋżŧģ ÿŧŧ ƠżƫŏƸŏżŲƫ ǝŏƸŊ ƸŊĪ  żŰƠÿŲǣ ÿŲģ ŏƸƫ

 żłƸŊĪǣĪÿƣłżŧŧżǝŏŲŃƸŊĪǣĪÿƣŏŲǝŊŏĜŊڑڍŲżƸěĪŧÿƸĪƣƸŊÿŲ'ĪĜĪŰěĪƣ

 ŊżŧģÿŧŧƠżƫŏƸŏżŲƫǝŏƸŊƸŊĪ żŰƠÿŲǣÿŲģŏƸƫƣĪŧÿƸĪģĪŲƸŏƸŏĪƫÿŲģǝŏŧŧ

 ǝŏŧŧŲżƸěĪĪÿƣŧŏĪƣƸŊÿŲƸŊĪģÿƸĪƸŊĪģŏƣĪĜƸżƣĜĪÿƫĪƫƸżܡڐǀƠƸżܠģÿƸĪ

 director’s elected redemption date. Each director’s elected redemption

 ǜÿŧǀĪżłƸŊĪ żŰŰżŲ®ŊÿƣĪƫƣĪƠƣĪƫĪŲƸĪģěǣŊŏƫżƣŊĪƣ'®ÃƫżŲƸŊĪ

 ƸŊĪģŏƣĪĜƸżƣǝŏŧŧƣĪĜĪŏǜĪÿƠÿǣŰĪŲƸŏŲĜÿƫŊÿƸƸŊĪłÿŏƣŰÿƣŤĪƸ܉ĪŲƸŏƸŏĪƫ

 ģŏƣĪĜƸżƣŲżŧżŲŃĪƣŊżŧģƫÿƠżƫŏƸŏżŲǝŏƸŊƸŊĪ żŰƠÿŲǣÿŲģŏƸƫƣĪŧÿƸĪģ

 ǝŊżŊżŧģƫ'®ÃƫżŲƸŊĪƣĪĜżƣģģÿƸĪłżƣƸŊĪģŏǜŏģĪŲģƫ܏àŊĪŲÿŲĪŧŏŃŏěŧĪ

 ÿģģŏƸŏżŲÿŧ'®ÃƫǝŏŧŧÿǀƸżŰÿƸŏĜÿŧŧǣěĪŃƣÿŲƸĪģƸżĪÿĜŊģŏƣĪĜƸżƣ܉®ŊÿƣĪƫ

 ƸŊĪŲÿŰĪżłƸŊĪģŏƣĪĜƸżƣ܏àŊĪŲĜÿƫŊģŏǜŏģĪŲģƫÿƣĪƠÿŏģżŲ żŰŰżŲ

 ƸżÿŲÿĜĜżǀŲƸŏŲ܉ÿěżżŤŤĪĪƠŏŲŃĪŲƸƣǣŏŲƸŊĪěżżŤƫżłƸŊĪ żŰƠÿŲǣ

 ĜƣĪģŏƸĪģěǣ܉ĪƢǀŏǜÿŧĪŲƸŏŲǜÿŧǀĪƸżÿ żŰŰżŲ®ŊÿƣĪ܉'®ÃŏƫÿǀŲŏƸ

 is to apply.

 ƸŊĪĪŲģżłƸŊĪĜÿŧĪŲģÿƣǣĪÿƣƠƣĪĜĪģŏŲŃƸŊĪǣĪÿƣŏŲǝŊŏĜŊƸŊĪĪŧĪĜƸŏżŲ

 ƸŏżŲżłŊŏƫżƣŊĪƣÿŲŲǀÿŧ'®ÃŃƣÿŲƸŏŲĜÿƫŊŰǀƫƸģżƫżěǣŲżŧÿƸĪƣƸŊÿŲ

 ÿĜŊģŏƣĪĜƸżƣǝŏƫŊŏŲŃƸżŰÿŤĪÿŲĪŧĪĜƸŏżŲƸżƣĪĜĪŏǜĪÿƠżƣ-/܏ܡ'®Ãÿǝÿƣģ

 ƫǀěšĪĜƸƸżÿŰŏŲŏŰǀŰÿŲŲǀÿŧܠŊĪƣÿŲŲǀÿŧ'®ÃŃƣÿŲƸŏŲƸŊĪłżƣŰżłĜÿƫŊ

 ǢĪĜǀƸŏǜĪ'ŏƣĪĜƸżƣƫƸżĪŧĪĜƸƸżƸÿŤĪÿƠżƣƸŏżŲżłŊŏƫżƣ/ܫÿŧŧżǝƫżǀƣtżŲ

 ƸŊĪ '®Ã ŧÿŲ ÿŧƫż ܉ŲĜĪ ƫŊÿƣĪ żǝŲĪƣƫŊŏƠ ŃǀŏģĪŧŏŲĪƫ ÿƣĪ ÿĜŊŏĪǜĪģ

 ܏ƸŊĪĜÿŧĪŲģÿƣǣĪÿƣƠƣĪĜĪģŏŲŃƸŊĪǣĪÿƣŏŲǝŊŏĜŊƸŊĪĪŧĪĜƸŏżŲŏƫƸżÿƠƠŧǣ

 ŊĪƣÿŲŲǀÿŧĜÿƫŊƣĪƸÿŏŲĪƣŏŲ'®ÃƫŰǀƫƸģżƫżŲżŧÿƸĪƣƸŊÿŲƸŊĪĪŲģżł

 ģŏƣĪĜƸżƣǝŏƫŊŏŲŃƸżŰÿŤĪÿŲĪŧĪĜƸŏżŲƸżƣĪĜĪŏǜĪÿŧŧżƣÿƠżƣƸŏżŲżłŊŏƫżƣ

 ÿŧŧżƣÿƠżƣƸŏżŲżłƸŊĪŏƣÿŲŲǀÿŧĜÿƫŊƣĪƸÿŏŲĪƣŏŲƸŊĪłżƣŰżł'®Ãƫ܏/ÿĜŊ

 ǢĪĜǀƸŏǜĪ'ŏƣĪĜƸżƣƫƸżĪŧĪĜƸƸżƸÿŤĪ/ܫ1⁄4ŊĪ'®ÃŧÿŲÿŧƫżÿŧŧżǝƫżǀƣtżŲ

 ܏ÿŲŏŲŏƸŏÿŧ'®ÃŃƣÿŲƸÿƸƸŊĪƸŏŰĪżłżǀƣS

 ǢĪĜǀƸŏǜĪ'ŏƣĪĜƸżƣǝÿƫÿǝÿƣģĪģ/ܫĪÿĜŊtżŲ܉żÿƣģƫŊÿƣĪŊżŧģĪƣƫÿŲģƸŊĪ

 żĪŲƫǀƣĪÿŧŏŃŲŰĪŲƸěĪƸǝĪĪŲżǀƣ1⁄4܏ܡ’’ƸŊĪ‘‘DSU Planܠ®ŊÿƣĪÃŲŏƸŧÿŲ

 ěĪŃƣÿŲƸĪģ'®ÃƫǀŲģĪƣƸŊĪ'ŏƣĪĜƸżƣ'ĪłĪƣƣĪģ܉żÿƣģģŏƣĪĜƸŏżŲżłƸŊĪ

 ÿƸƸŊĪ܉ǢĪĜǀƸŏǜĪ'ŏƣĪĜƸżƣƫŰÿǣ/ܫtżŲ܉ƫƠÿƣƸżłƸŊĪŏƣÿŲŲǀÿŧƣĪƸÿŏŲĪƣ

DEFERRED SHARE UNIT PLAN

Report on Director Compensation and Equity Ownership

	
	ژڜ ¦rtG/r/t1⁄4¦åæ S¦ ÃhڗژږژSh/FhG¦1⁄4

 ںڻڴ܉ڹڹڵ żÿƣģrĪŰěĪƣ ݕ Peter O’Hagan

 ںڻڴ܉ڹڹڵ żÿƣģrĪŰěĪƣ ݕ Timothy Baker

 ںڻڴ܉ڹڹڵ Sir Michael "Mick" Davis Compensation & ESG Committee Chair ݕ

 ںڻڴ܉ڹڹڵ Susan Allen Audit Committee Chair ݕ

 ڴڴڴ܉ڶڹڶ żÿƣģ Ŋÿŏƣ ݕ Dawn Whittaker

Vested During the Year

 Share-based Awards –

Name Principal Position

 ܏ŏŲÃ®'܉ڍڎڌڎƸĪƣŰƫģǀƣŏŲŃǿƫĜÿŧ

 ěÿƫĪģÿǝÿƣģƫƸŊÿƸǜĪƫƸĪģŏŲÿĜĜżƣģÿŲĜĪǝŏƸŊƸŊĪŏƣܫƸŊĪǜÿŧǀĪżłƸŊĪƫŊÿƣĪ܉ǢĪĜǀƸŏǜĪ'ŏƣĪĜƸżƣƫ/ܫłżƣĪÿĜŊżłżǀƣtżŲ܉1⁄4ŊĪłżŧŧżǝŏŲŃƸÿěŧĪƫĪƸƫżǀƸ

Incentive Plan Awards Value Vested or Earned During the Year

 ܏ěÿƫĪģÿǝÿƣģƫܫżƠƸŏżŲ

 ǢĪĜǀƸŏǜĪ'ŏƣĪĜƸżƣƫĜǀƣƣĪŲƸŧǣŊżŧģÿŲǣ/ܫżŲÿƢǀÿƣƸĪƣŧǣěÿƫŏƫŏŲÿƣƣĪÿƣƫ܏tżŲĪżłżǀƣtżŲ܉ƸŊĪģģŏƸŏżŲÿŧ ŊÿŏƣFĪĪ܉żÿƣģÿŲģłżƣƸŊĪ ŊÿŏƣżłƸŊĪ

 ǜĪƫƸĪģ'®ÃƫǀŲģĪƣƸŊĪ'®ÃŧÿŲŏŲƣĪƫƠĪĜƸżłƸŊĪŏƣŲŲǀÿŧ'®ÃGƣÿŲƸܫǢĪĜǀƸŏǜĪ'ŏƣĪĜƸżƣƫǝŏŧŧěĪŃƣÿŲƸĪģłǀŧŧǣ/ܫƸŊĪtżŲ܉ڎڎڌڎĪŃŏŲŲŏŲŃŏŲǿƫĜÿŧ

 ܏ڌڌ܏ڎڍěĪŏŲŃݕ܉ڍڎڌڎ܉ڍڏŊĪǜÿŧǀĪżłƸŊĪ'®ÃƫŏƫĜÿŧĜǀŧÿƸĪģěÿƫĪģżŲƸŊĪĜŧżƫŏŲŃƠƣŏĜĪżłÿ żŰŰżŲ®ŊÿƣĪżŲ'ĪĜĪŰěĪƣ1⁄4 1

 ںڻڴ܉ڹڹڵ ݕ ܨ ڷڶڽ܉ڶڵ Peter O'Hagan

 ںڻڴ܉ڹڹڵ ݕ ܨ ڷڶڽ܉ڶڵ Timothy Baker

 ںڻڴ܉ڹڹڵ ݕ ܨ ڷڶڽ܉ڶڵ Sir Michael “Mick” Davis

 ںڻڴ܉ڹڹڵ ݕ ܨ ڷڶڽ܉ڶڵ Susan Allen

 ڴڴڴ܉ڶڹڶ ݕ ܨ ڴڴڴ܉ڵڶ Dawn Whittaker

 Not Paid Out or Distributed1

of Vested Share-based Awards

  Market or Payout Value

that Have Not Vested

  of Share-based Awards

  Market or Payout Value

Name Number of DSUs

 ܏ڍڎڌڎ܉ڍڏŏŲĜżŲŲĪĜƸŏżŲǝŏƸŊżǀƣS܏ŧŧƫǀĜŊ'®ÃƫǜĪƫƸĪģżŲ'ĪĜĪŰěĪƣ܉'®ŏŲÃ܉ƸŊĪģģŏƸŏżŲÿŧ ŊÿŏƣFĪĪ܉żÿƣģ ŊÿŏƣżłƸŊĪ

 ǢĪĜǀƸŏǜĪ'ŏƣĪĜƸżƣƫǀŲģĪƣƸŊĪ'®ÃŧÿŲŏŲƣĪƫƠĪĜƸżłƸŊĪŏƣŲŲǀÿŧ'®ÃGƣÿŲƸÿŲģłżƣƸŊĪ/ܫ1⁄4ŊĪłżŧŧżǝŏŲŃŃƣÿŲƸƫżł'®ÃƫǝĪƣĪÿǝÿƣģĪģƸżƸŊĪtżŲ

Outstanding Share-Based Awards

Report on Director Compensation and Equity Ownership

	
	ڙڜ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

appointed to hold its assets.

 ƣĪĜĪŏǜĪƣŰÿŲÿŃĪƣżƣƸƣǀƫƸĪĪ܉żƣŊÿģÿƣĪĜĪŏǜĪƣ܉ƠƣżŰŏƫĪǝŏƸŊĜƣĪģŏƸżƣƫ

 ÿƣƣÿŲŃĪŰĪŲƸżƣĜżŰ-܉ěĪĜżŰĪƫǀěšĪĜƸƸżżƣŏŲƫƸŏƸǀƸĪģÿŲǣƠƣżĜĪĪģŏŲŃƫ

 żƣ܉ƠƣżƠżƫÿŧǀŲģĪƣÿŲǣŧĪŃŏƫŧÿƸŏżŲƣĪŧÿƸŏŲŃƸżěÿŲŤƣǀƠƸĜǣżƣŏŲƫżŧǜĪŲĜǣ

 ŰÿģĪÿ܉ěĪĜżŰĪěÿŲŤƣǀƠƸܡěܠżƣ܉żƣƸƣǀƫƸĪĪÿƠƠżŏŲƸĪģƸżŊżŧģŏƸƫÿƫƫĪƸƫ

 ƣĪĜĪŏǜĪƣŰÿŲÿŃĪƣ܉ŰĪŲƸżƣĜżŰƠƣżŰŏƫĪǝŏƸŊĜƣĪģŏƸżƣƫżƣŊÿģÿƣĪĜĪŏǜĪƣ

 ÿƣƣÿŲŃĪ-܉żƣŏŲƫżŧǜĪŲĜǣżƣǝÿƫƫǀěšĪĜƸƸżżƣŏŲƫƸŏƸǀƸĪģÿŲǣƠƣżĜĪĪģŏŲŃƫ

 ŰÿģĪÿƠƣżƠżƫÿŧǀŲģĪƣÿŲǣŧĪŃŏƫŧÿƸŏżŲƣĪŧÿƸŏŲŃƸżěÿŲŤƣǀƠƸĜǣ܉ěÿŲŤƣǀƠƸ

 ěĪĜÿŰĪ܉żƣǝŏƸŊŏŲÿǣĪÿƣżłƸŊÿƸƠĪƣƫżŲĜĪÿƫŏŲŃƸżÿĜƸŏŲƸŊÿƸĜÿƠÿĜŏƸǣ

 ܉ǝŊŏŧĪƸŊÿƸƠĪƣƫżŲǝÿƫÿĜƸŏŲŃŏŲƸŊÿƸĜÿƠÿĜŏƸǣ܉ƸŊÿƸܡŏŲŃƸŊĪ żŰƠÿŲǣ

 ŏŲĜŧǀģ-ܠěĪĪŲÿģŏƣĪĜƸżƣżƣĪǢĪĜǀƸŏǜĪżdzǿĜĪƣżłÿŲǣĜżŰƠÿŲǣܡÿܠ ŏƣĜǀŧÿƣ

 ǣĪÿƣƫƠƣŏżƣƸżƸŊĪģÿƸĪżłƸŊŏƫڌڍǝŏƸŊŏŲƸŊĪ܉Ŋÿƫ܉ƸƣżŧżłƸŊĪ żŰƠÿŲǣ

 ŊżŧģŏŲŃÿƫǀdzǿĜŏĪŲƸŲǀŰěĪƣżłƫĪĜǀƣŏƸŏĪƫƸżÿdzłĪĜƸŰÿƸĪƣŏÿŧŧǣƸŊĪĜżŲ-

 ÿŲǣ ƫŊÿƣĪŊżŧģĪƣ ܉Ƹż ƸŊĪ  żŰƠÿŲǣܹƫ ŤŲżǝŧĪģŃĪ ܉Ųżƣ ܉żł ƸŊĪ  żŰƠÿŲǣ

 ŲżŲĪżłƸŊĪģŏƣĪĜƸżƣƫżƣĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫ܉ƸŊĪƣƸŊÿŲÿƫƫĪƸżǀƸěĪŧżǝ

BANKRUPTCIES

 ܏ĜżŲƫĪĜǀƸŏǜĪģÿǣƫڌڏżłŰżƣĪƸŊÿŲ

 ƸŊÿƸǝÿƫŏŲĪdzłĪĜƸłżƣÿƠĪƣŏżģ܉ŏŲĪÿĜŊĜÿƫĪ܉ǀŲģĪƣƫĪĜǀƣŏƸŏĪƫŧĪŃŏƫŧÿƸŏżŲ

 an order that denied the relevant company access to any exemption

 ÿŲżƣģĪƣƫŏŰŏŧÿƣƸżÿĜĪÿƫĪƸƣÿģĪżƣģĪƣżƣ܉ŰĪÿŲƫÿĜĪÿƫĪƸƣÿģĪżƣģĪƣ

 żƣģĪƣܷܶ܉ĜĪƣżƣĜŊŏĪłǿŲÿŲĜŏÿŧżdzǿĜĪƣ܏FżƣƸŊĪƠǀƣƠżƫĪƫżłƸŊŏƫƠÿƣÿŃƣÿƠŊ

 ĜŊŏĪłĪǢĪĜǀƸŏǜĪżdzǿ-܉ƸŊÿƸƠĪƣƫżŲǝÿƫÿĜƸŏŲŃŏŲƸŊĪĜÿƠÿĜŏƸǣÿƫģŏƣĪĜƸżƣ

 ǿŲÿŲĜŏÿŧżdzǿĜĪƣÿŲģǝŊŏĜŊƣĪƫǀŧƸĪģłƣżŰÿŲĪǜĪŲƸƸŊÿƸżĜĜǀƣƣĪģǝŊŏŧĪ

 ĜŊŏĪłĪǢĪĜǀƸŏǜĪżdzǿĜĪƣżƣĜŊŏĪł܉ĪǢĪĜǀƸŏǜĪżdzǿĜĪƣĜĪÿƫĪģƸżěĪÿģŏƣĪĜƸżƣ

 ǝÿƫƫǀěšĪĜƸƸżÿŲżƣģĪƣƸŊÿƸǝÿƫŏƫƫǀĪģÿǽƸĪƣƸŊĪģŏƣĪĜƸżƣżƣܡěܠżƣ܉ĜĪƣ

 ĜŊŏĪłĪǢĪĜǀƸŏǜĪżdzǿĜĪƣżƣĜŊŏĪłǿŲÿŲĜŏÿŧżdzǿ-܉ŏŲƸŊĪĜÿƠÿĜŏƸǣÿƫģŏƣĪĜƸżƣ

 żƣģĪƣƸŊÿƸǝÿƫŏƫƫǀĪģǝŊŏŧĪƸŊĪģŏƣĪĜƸżƣżƣĪǢĪĜǀƸŏǜĪżdzǿĜĪƣǝÿƫÿĜƸŏŲŃ

 ǝÿƫ ƫǀěšĪĜƸ ƸżÿŲ ܡÿܠ ƸŊÿƸ ܡŏŲĜŧǀģŏŲŃ ƸŊĪ  żŰƠÿŲǣܠ żł ÿŲǣ ĜżŰƠÿŲǣ

 ĜŊŏĪłĪǢĪĜǀƸŏǜĪżdzǿĜĪƣżƣĜŊŏĪłǿŲÿŲĜŏÿŧżdzǿĜĪƣ܉ÿģŏƣĪĜƸżƣ܉ƸŊŏƫ ŏƣĜǀŧÿƣ

 ǣĪÿƣƫěĪłżƣĪƸŊĪģÿƸĪżłڌڍżƣŊÿƫěĪĪŲǝŏƸŊŏŲƸŊĪ܉ģÿƸĪżłƸŊŏƫ ŏƣĜǀŧÿƣ

 ÿƫÿƸƸŊĪ܉tżŲĪżłƸŊĪģŏƣĪĜƸżƣƫżƣĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫżłƸŊĪ żŰƠÿŲǣŏƫ

CORPORATE CEASE TRADE ORDERS

understanding provided by us or any of our subsidiaries.

 support agreement or letter of credit or other similar agreement or

 ܉ÿƣŏĪƫżƣÿŲżƸŊĪƣĪŲƸŏƸǣǝŊżƫĪŏŲģĪěƸĪģŲĪƫƫŏƫƫǀěšĪĜƸƸżÿŃǀÿƣÿŲƸĪĪ

 ĜżŰƠŧĪƸĪģ ǿŲÿŲĜŏÿŧ ǣĪÿƣ ěĪĪŲ ŏŲģĪěƸĪģ Ƹż ǀƫ żƣ ÿŲǣ żł żǀƣ ƫǀěƫŏģŏ-

 of this Circular or at any time since the beginning of the most recently

 ģÿǣƫěĪłżƣĪƸŊĪģÿƸĪڌڏÿŲģŲżŲĪżłƸŊĪŏƣÿƫƫżĜŏÿƸĪƫŏƫżƣŊÿƫǝŏƸŊŏŲ

 łżƣŰĪƣ ĪǢĪĜǀƸŏǜĪ żdzǿĜĪƣƫ żƣ łżƣŰĪƣ ĪŰƠŧżǣĪĪƫ ܉łżƣŰĪƣ ģŏƣĪĜƸżƣƫ ܉ĪĪƫ

 ĪŰƠŧżǣ-܉ĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫ܉ģŏƣĪĜƸżƣƫ܉żƣżǀƣƫǀěƫŏģŏÿƣŏĪƫܹ܉tżŲĪżłżǀƣ

 INDEBTEDNESS OF DIRECTORS AND OFFICERS

of directors.

 ÿŲǣŰÿƸƸĪƣƸżěĪÿĜƸĪģǀƠżŲÿƸƸŊĪrĪĪƸŏŲŃżƸŊĪƣƸŊÿŲƸŊĪĪŧĪĜƸŏżŲ

 ŏŲ܉żƣżłÿŲǣÿƫƫżĜŏÿƸĪżƣÿdzǿŧŏÿƸĪżłÿŲǣƫǀĜŊƠĪƣƫżŲ܉żłƸŊĪ żŰƠÿŲǣ

 żłÿŲǣƠƣżƠżƫĪģŲżŰŏŲĪĪłżƣĪŧĪĜƸŏżŲÿƫÿģŏƣĪĜƸżƣ܉ŧÿƫƸǿŲÿŲĜŏÿŧǣĪÿƣ

 of the Company at any time since the beginning of the Company’s

 żłÿŲǣģŏƣĪĜƸżƣżƣżdzǿĜĪƣ܉żǝŲĪƣƫŊŏƠżł żŰŰżŲ®ŊÿƣĪƫżƣżƸŊĪƣǝŏƫĪ

 ěǣ ǝÿǣ żł ěĪŲĪǿĜŏÿŧ ܉ģŏƣĪĜƸ żƣ ŏŲģŏƣĪĜƸ ܉ÿǝÿƣĪ żł ÿ ŰÿƸĪƣŏÿŧ ŏŲƸĪƣĪƫƸ

 ŰÿŲÿŃĪŰĪŲƸ żł ƸŊĪ  żŰƠÿŲǣ ŏƫ ŲżƸ ܉/ǢĜĪƠƸ ÿƫ żƸŊĪƣǝŏƫĪ ģŏƫĜŧżƫĪģ

 IN MATTERS TO BE ACTED UPON

 INTERESTS OF CERTAIN PERSONS OR COMPANIES

Company or any of its subsidiaries.

 ƸƣÿŲƫÿĜƸŏżŲǝŊŏĜŊŊÿƫŰÿƸĪƣŏÿŧŧǣÿdzłĪĜƸĪģżƣǝżǀŧģŰÿƸĪƣŏÿŧŧǣÿdzłĪĜƸƸŊĪ

 żŰƠÿŲǣܹƫŰżƫƸƣĪĜĪŲƸŧǣĜżŰƠŧĪƸĪģǿŲÿŲĜŏÿŧǣĪÿƣżƣŏŲÿŲǣƠƣżƠżƫĪģ

 ŏŲÿŲǣƸƣÿŲƫÿĜƸŏżŲƫŏŲĜĪƸŊĪĜżŰŰĪŲĜĪŰĪŲƸżłƸŊĪ܉ÿŲǣƫǀĜŊƠĪƣƫżŲ

 żƣ ÿŲǣ ÿƫƫżĜŏÿƸĪ żƣ ÿdzǿŧŏÿƸĪ żł ܉ÿŲǣ ƠƣŏŲĜŏƠÿŧ ƫŊÿƣĪŊżŧģĪƣ ܉ żŰƠÿŲǣ

 ÿŲǣƠƣżƠżƫĪģŲżŰŏŲĪĪłżƣĪŧĪĜƸŏżŲÿƫÿģŏƣĪĜƸżƣżłƸŊĪ܉ƸŊĪ żŰƠÿŲǣ

 żƣżdzǿĜĪƣżłÿěżģǣĜżƣƠżƣÿƸĪƸŊÿƸŏƫŏƸƫĪŧłÿŲŏŲƫŏģĪƣżƣƫǀěƫŏģŏÿƣǣżł

 ÿŲǣģŏƣĪĜƸżƣ܉żłÿŲǣģŏƣĪĜƸżƣżƣżdzǿĜĪƣżłƸŊĪ żŰƠÿŲǣ܉ģŏƣĪĜƸżƣŏŲģŏƣĪĜƸ

 ܉rÿŲÿŃĪŰĪŲƸ żł ƸŊĪ  żŰƠÿŲǣ ŏƫ ŲżƸ ÿǝÿƣĪ żł ÿ ŰÿƸĪƣŏÿŧ ŏŲƸĪƣĪƫƸ

 IN MATERIAL TRANSACTIONS

  INTEREST OF MANAGEMENT AND OTHERS

  certain other acts.

 ÿĜƸƫǝŊŏĜŊƣĪƫǀŧƸŏŲƠĪƣƫżŲÿŧƠƣżǿƸÿŲģ܉ÿŲĜĪĜżǜĪƣÿŃĪÿƣĪŏŧŧĪŃÿŧÿĜƸƫ

 ƸŊĪǣÿƣĪŲżƸŏŲģĪŰŲŏǿĪģěǣǀƫżƣżǀƣƫǀěƫŏģŏÿƣŏĪƫ܏/ǢĜŧǀģĪģłƣżŰŏŲƫǀƣ-

 ŏŲƫǀƣĪģĜŧÿŏŰƫÿƣŏƫŏŲŃģǀƣŏŲŃƸŊĪƠĪƣłżƣŰÿŲĜĪżłƸŊĪŏƣģǀƸŏĪƫłżƣǝŊŏĜŊ

 ƫŏģŏÿƣŏĪƫܹŏŲģŏǜŏģǀÿŧģŏƣĪĜƸżƣƫÿŲģżdzǿĜĪƣƫǝŏŧŧÿŧƫżěĪƣĪŏŰěǀƣƫĪģłżƣ

 ǝŊŏĜŊǝŏŧŧěĪƠÿŏģěǣǀƫ܏ǀƣÿŲģżǀƣƫǀě-܉ÿģĪģǀĜƸŏěŧĪłżƣĪÿĜŊŧżƫƫ

 ƫǀěšĪĜƸƸż܉żŲěĪŊÿŧłżłżǀƣÿŲģżǀƣƫǀěƫŏģŏÿƣŏĪƫܹģŏƣĪĜƸżƣƫÿŲģżdzǿĜĪƣƫ

 ĜŧÿŏŰƫǝŊĪƣĪƠÿǣŰĪŲƸƫŊÿǜĪěĪĪŲŰÿģĪǀŲģĪƣŏŲģĪŰŲŏƸǣƠƣżǜŏƫŏżŲƫ

 ǝĪÿŲģżǀƣƫǀěƫŏģŏÿƣŏĪƫǝŏŧŧěĪƣĪŏŰěǀƣƫĪģłżƣŏŲƫǀƣĪģ܉ÿŲĜĪĜżǜĪƣÿŃĪ

 ĪǢŏƫƸŏŲŃ ģŏƣĪĜƸżƣƫܹ ÿŲģ żdzǿĜĪƣƫܹ ŧŏÿěŏŧŏƸǣ ŏŲƫǀƣÿŲĜĪ܏ ÃŲģĪƣ ƸŊŏƫ ŏŲƫǀƣ-

 ǀƣÿŲģżǀƣƫǀěƫŏģŏÿƣŏĪƫܹģŏƣĪĜƸżƣƫÿŲģżdzǿĜĪƣƫÿƣĪĜżǜĪƣĪģǀŲģĪƣżǀƣ

DIRECTOR AND OFFICER LIABILITY INSURANCE

OTHER INFORMATION

Other Information

	
	ښڜ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

the ASPP.

 ÿƠƠŧŏĜÿěŧĪƫĪĜǀƣŏƸŏĪƫŧÿǝƫÿŲģƸŊĪƸĪƣŰƫżł܉ǝŏƸŊƸŊĪƣǀŧĪƫżłƸŊĪ1⁄4®å

 ameters established by us prior to the blackout period in accordance

be made by the designated broker in its sole discretion based on par-

 ŏŲÿĜĜżƣģÿŲĜĪǝŏƸŊƸŊĪƸĪƣŰƫżłƸŊĪ®܏®ǀĜŊƠǀƣĜŊÿƫĪƫǝŏŧŧƸŊĪt S

 Company may instruct the designated broker to make purchases under

 ƸŊĪ ܉Ơƣŏżƣ Ƹż ĪŲƸĪƣŏŲŃ ŏŲƸż ÿ ěŧÿĜŤżǀƸ ƠĪƣŏżģ܉® ǀƣƫǀÿŲƸ Ƹż ƸŊĪ

 regulatory restrictions and customary self-imposed blackout periods.

 ordinarily not be permitted to purchase our Common Shares due to

 ƠƣżŃƣÿŰÿƸƸŏŰĪƫǝŊĪŲǝĪǝżǀŧģżǀƣ żŰŰżŲ®ŊÿƣĪƫǀŲģĪƣƸŊĪt S

 ƠƣżŃƣÿŰ܏1⁄4ŊĪ®ŏƫŏŲƸĪŲģĪģƸżÿŧŧżǝłżƣƸŊĪƠǀƣĜŊÿƫĪżłƸŊĪt S

 ǝŏƸŊ ƸŊĪ ģĪƫŏŃŲÿƸĪģ ěƣżŤĪƣ ƣĪƫƠżŲƫŏěŧĪ łżƣ ܡ”ASPP“ܠ ǀƣĜŊÿƫĪ ŧÿŲ

 ƸŊĪ  żŰƠÿŲǣ ĪƫƸÿěŧŏƫŊĪģ ÿŲ ǀƸżŰÿƸŏĜ ®ŊÿƣĪ ܉ڍڎڌڎ SŲ 'ĪĜĪŰěĪƣ

 ܏ŰŏŧŧŏżŲڕ܏ڍłżƣݕƸŊĪt S

 żŰŰżŲ®ŊÿƣĪƫǀŲģĪƣ ڔڒڑ܉ڐړڍƸŊĪ żŰƠÿŲǣŊÿģƠǀƣĜŊÿƫĪģ܉ڎڎڌڎ܉ڌڏ

 ƠƣżŃƣÿŰǝŏŧŧěĪĜÿŲĜĪŧŧĪģ܏ƫÿƸrÿƣĜŊěǣƸŊĪ żŰƠÿŲǣǀŲģĪƣƸŊĪt S

 ĪǢĪŰƠƸŏżŲܷżłƸŊĪ1⁄4®åƣǀŧĪƫ܏ŧŧ żŰŰżŲ®ŊÿƣĪƫƸŊÿƸÿƣĪƣĪƠǀƣĜŊÿƫĪģ

 ǝŊĪƣĪ ƠǀƣĜŊÿƫĪƫ ÿƣĪ ŰÿģĪ ŏŲ ÿĜĜżƣģÿŲĜĪ ǝŏƸŊ ƸŊĪ ܶěŧżĜŤ ƠǀƣĜŊÿƫĪ

 ĪǢĜĪƠƸ܉ܡżŰŰżŲ®ŊÿƣĪƫ ڎړڔ܉ڎڏěĪŏŲŃܠڍڎڌڎ܉ڑƸżĜƸżěĪƣڍڎڌڎ܉ڌڎrÿǣ

 ƸƣÿģŏŲŃǜżŧǀŰĪżłƸŊĪ żŰŰżŲ®ŊÿƣĪƫżŲƸŊĪ1⁄4®åłżƣƸŊĪƠĪƣŏżģłƣżŰ

 żłƸŊĪÿǜĪƣÿŃĪģÿŏŧǣބڑڎƣĪƠƣĪƫĪŲƸŏŲŃ܉żŰŰżŲ®ŊÿƣĪƫ ڔڍڎ܉ڔŧŏŰŏƸĪģƸż

 ÿŏŧǣƠǀƣĜŊÿƫĪƫǝŏŧŧěĪ'܏ڎڎڌڎ܉ڏڍƠƣżŃƣÿŰÿƣĪÿǀƸŊżƣŏǭĪģǀŲƸŏŧĜƸżěĪƣ

 ƠƣżĜĪģǀƣĪƫżłƸŊĪ1⁄4®å܏¦ĪƠǀƣĜŊÿƫĪƫǀŲģĪƣƸŊĪt SÿŲĜĪǝŏƸŊƸŊĪt S

 żŰŰżŲ®ŊÿƣĪƫłƣżŰƸŏŰĪƸżƸŏŰĪŏŲÿĜĜżƣģ- ڌڌڌ܉ڌڌڌ܉ڎÿĜƢǀŏƣĪǀƠƸż

 ƸŊĪ  żŰƠÿŲǣ Űÿǣ ܉ěǣ ĜżŲƸÿĜƸŏŲŃ ƸŊĪ  żŰƠÿŲǣ܏ ÃŲģĪƣ ƸŊĪ ƠƣżŃƣÿŰ

 ܉ǝŏƸŊżǀƸ ĜŊÿƣŃĪ ܉ĜÿŲ ěĪ żěƸÿŏŲĪģ ěǣ ƸŊĪ ƫŊÿƣĪŊżŧģĪƣƫ ܉ǝŏƸŊ ƸŊĪ 1⁄4®å

 ǝŊŏĜŊŊÿƫěĪĪŲǿŧĪģ܉ƸŊĪ żŰƠÿŲǣܹƫtżƸŏĜĪżłSŲƸĪŲƸŏżŲƸżŰÿŤĪÿt S

 ƠƣżŃƣÿŰ܏ĜżƠǣżłƸŊĪ żŰƠÿŲǣĪƫƸÿěŧŏƫŊĪģÿt S܉ڍڎڌڎSŲĜƸżěĪƣ

NORMAL COURSE ISSUER BID

decrease in the market value of our Common Shares.

 łƣżŰƠǀƣĜŊÿƫŏŲŃǿŲÿŲĜŏÿŧŏŲƫƸƣǀŰĪŲƸƫģĪƫŏŃŲĪģƸżŊĪģŃĪżƣżdzłƫĪƸÿ

 żǀƣģŏƣĪĜƸżƣƫÿŲģĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫÿƣĪƠƣżŊŏěŏƸĪģ܉ƸŊĪǣÿƣŏƫĪ܏FǀƣƸŊĪƣ

 żŰƠÿŲǣ ÿŲģ Ƹż ģŏƫĜŧżƫĪ ÿŲǣ ĜżŲǵŧŏĜƸƫ Ƹż ƸŊĪ  żŰƠÿŲǣ ŏł ÿŲģ ǝŊĪŲ

 obligations to act at all times in good faith and in the interest of the

 1⁄4ŊĪģŏƣĪĜƸżƣƫÿŲģżdzǿĜĪƣƫżłƸŊĪ żŰƠÿŲǣŊÿǜĪěĪĪŲÿģǜŏƫĪģżłƸŊĪŏƣ

 ܏ŰÿǣŊÿǜĪÿĜżŲǵŧŏĜƸżłŏŲƸĪƣĪƫƸ܉ŰÿŲÿŃĪŰĪŲƸ

 żƣ܉ŏŲģĪƠĪŲģĪŲƸģŏƣĪĜƸżƣƫƸżƣĪǜŏĪǝÿŰÿƸƸĪƣŏŲǝŊŏĜŊƫĪǜĪƣÿŧģŏƣĪĜƸżƣƫ

 ƸŊĪ żŰƠÿŲǣǝŏŧŧĪƫƸÿěŧŏƫŊÿƫƠĪĜŏÿŧĜżŰŰŏƸƸĪĪżł܉ÿƠƠƣżƠƣŏÿƸĪĜÿƫĪƫ

 ǝÿƫ ƣĪÿƫżŲÿěŧĪ ÿŲģ łÿŏƣ Ƹż ƸŊĪ  żŰƠÿŲǣ ǝŊĪŲ ŏƸ ǝÿƫ ÿƠƠƣżǜĪģ܏ SŲ

 ÿŲģƸŊĪĜżŲƸƣÿĜƸżƣƸƣÿŲƫÿĜƸŏżŲ܉ÿƠƠƣżǜĪģƸŊĪĜżŲƸƣÿĜƸżƣƸƣÿŲƫÿĜƸŏżŲ

 ƸŊĪģŏƣĪĜƸżƣƫ܉ŏłƸŊĪŏŲƸĪƣĪƫƸǝÿƫƠƣżƠĪƣŧǣģŏƫĜŧżƫĪģÿƫģĪƸÿŏŧĪģÿěżǜĪ

 ܉ÿƸƸŊĪŰĪĪƸŏŲŃżłģŏƣĪĜƸżƣƫƸŊÿƸĜżŲƫŏģĪƣĪģƸŊĪĜżŲƸƣÿĜƸżƣƸƣÿŲƫÿĜƸŏżŲ

 ǝÿƫƠƣĪƫĪŲƸżƣǝÿƫĜżǀŲƸĪģƸżģĪƸĪƣŰŏŲĪǝŊĪƸŊĪƣÿƢǀżƣǀŰĪǢŏƫƸĪģ

 director’s interest in the contract or transaction or because the director

 ěĪĜÿǀƫĪ żł ƸŊĪ ܉ÿŲǣ ƠƣżǿƸƫ ƣĪÿŧŏǭĪģ łƣżŰ ƸŊĪ ĜżŲƸƣÿĜƸ żƣ ƸƣÿŲƫÿĜƸŏżŲ

 the director is not accountable to the Company or its shareholders for

 ÿŲģ ܉ĜżŲƸƣÿĜƸ żƣ ƸƣÿŲƫÿĜƸŏżŲ ƣĪƫǀŧƸŏŲŃ łƣżŰ ƸŊĪ ŰÿƸƸĪƣ ŏƫ ŲżƸ ŏŲǜÿŧŏģ

 ģŏƫĜǀƫƫŏżŲƫÿŲģǜżƸŏŲŃǝŏƸŊƣĪƫƠĪĜƸƸżƸŊĪŰÿƸƸĪƣÿƣĪƸÿŤŏŲŃƠŧÿĜĪ܏1⁄4ŊĪ

 ŰÿǣěĪƣĪƢǀŏƣĪģƸżƣĪĜǀƫĪŊŏŰƫĪŧłżƣŊĪƣƫĪŧłłƣżŰƸŊĪŰĪĪƸŏŲŃǝŊŏŧĪ

 ƫǀĜŊģŏƣĪĜƸżƣ܉żÿƣģżƣÿŲǣĜżŰŰŏƸƸĪĪżŲǝŊŏĜŊŊĪżƣƫŊĪƫĪƣǜĪƫżǀƣ

 ǝŊĪƣĪÿģŏƣĪĜƸżƣŊÿƫÿŰÿƸĪƣŏÿŧŏŲƸĪƣĪƫƸŏŲÿŰÿƸƸĪƣƸżěĪĜżŲƫŏģĪƣĪģěǣ

 ƫǀĜŊŏŲƸĪƣĪƫƸÿƫƫżżŲÿƫƸŊĪģŏƣĪĜƸżƣěĪĜżŰĪƫÿǝÿƣĪżłŏƸ܏SŲƫŏƸǀÿƸŏżŲƫ

 żÿƣģżƣÿŲǣĜżŰŰŏƸƸĪĪżŲǝŊŏĜŊŊĪżƣƫŊĪƫĪƣǜĪƫŏƫƣĪƢǀŏƣĪģƸżģŏƫĜŧżƫĪ

 ܏ģŏƣĪĜƸżƣǝŊżŊÿƫÿŰÿƸĪƣŏÿŧŏŲƸĪƣĪƫƸŏŲÿŰÿƸƸĪƣěĪłżƣĪżǀƣ ƸŊĪ

 ÿƣĪÿŧƫżƣĪƢǀŏƣĪģƸżĜżŰƠŧǣǝŏƸŊƸŊĪĜżŲǵŧŏĜƸżłŏŲƸĪƣĪƫƸƠƣżǜŏƫŏżŲƫżł

 ÿŲģŏŲŃżżģłÿŏƸŊǝŏƸŊÿǜŏĪǝƸżƸŊĪěĪƫƸŏŲƸĪƣĪƫƸƫżłƸŊĪ żŰƠÿŲǣÿŲģ

 1⁄4ŊĪ żŰƠÿŲǣܹƫģŏƣĪĜƸżƣƫÿŲģżdzǿĜĪƣƫÿƣĪƣĪƢǀŏƣĪģěǣŧÿǝƸżÿĜƸŊżŲĪƫƸŧǣ

possible acquisitions or in generally acting on behalf of the Company.

 ŏŲƸĪƣĪƫƸŰÿǣÿƣŏƫĪǝŊŏĜŊĜżǀŧģŏŲǵŧǀĪŲĜĪƸŊĪƫĪƠĪƣƫżŲƫŏŲĪǜÿŧǀÿƸŏŲŃ

 ĜżŲǵŧŏĜƸƫżł܉ĜĜżƣģŏŲŃŧǣ܏ܡƫĪĪܶ'ŏƣĪĜƸżƣƣżǿŧĪƫܷܠŊĪŧģěǣŏƸƫŰĪŰěĪƣƫ

 ƸżƣŏŲƸĪƣŧżĜŤƠżŧŏĜǣěǀƸǝŏŧŧŤĪĪƠŏŲłżƣŰĪģżłżƸŊĪƣƠǀěŧŏĜģŏƣĪĜƸżƣƫŊŏƠƫ

 żÿƣģŊÿƫŲżƸÿģżƠƸĪģÿģŏƣĪĜ-żdzǿĜĪƣƫżłżƸŊĪƣƠǀěŧŏĜĜżŰƠÿŲŏĪƫ܏ǀƣ

 żÿƣģÿƣĪÿŧƫżŰĪŰěĪƣƫżłƸŊĪěżÿƣģƫżłģŏƣĪĜƸżƣƫżƣĪǢĪĜǀƸŏǜĪżłżǀƣ

 żłƸŊĪŏƫƫǀĪģÿŲģżǀƸƫƸÿŲģŏŲŃ żŰŰżŲ®ŊÿƣĪƫ܏ ĪƣƸÿŏŲŰĪŰěĪƣƫބڑڔ

 żǝŲ żƣ ĜżŲƸƣżŧ ÿƠƠƣżǢŏŰÿƸĪŧǣ ܉ŊżŧģĪƣƫ ƸżŃĪƸŊĪƣ ģŏƣĪĜƸŧǣ żƣ ŏŲģŏƣĪĜƸŧǣ

business interests as at the date of this Circular. The Principal Share-

 żdzǿĜĪƣƫżłƸŊĪ żŰƠÿŲǣżƣŏƸƫƫǀěƫŏģŏÿƣŏĪƫÿƫÿƣĪƫǀŧƸżłƸŊĪŏƣżǀƸƫŏģĪ

 of interest among the Company or its subsidiaries and the directors or

 ƸŊĪƣĪÿƣĪŲżĪǢŏƫƸŏŲŃƠżƸĪŲƸŏÿŧĜżŲǵŧŏĜƸƫ܉1⁄4żƸŊĪ żŰƠÿŲǣܹƫŤŲżǝŧĪģŃĪ

CONFLICTS OF INTEREST

to a reasonable investor making an investment decision.

 ěǣÿĜżǀƣƸżƣƣĪŃǀŧÿƸżƣǣěżģǣƸŊÿƸǝżǀŧģŧŏŤĪŧǣěĪĜżŲƫŏģĪƣĪģŏŰƠżƣƸÿŲƸ

 ÿǀƸŊżƣŏƸǣżƣěĪĪŲƫǀěšĪĜƸƸżÿŲǣżƸŊĪƣƠĪŲÿŧƸŏĪƫżƣƫÿŲĜƸŏżŲƫŏŰƠżƫĪģ

 ŊÿƫĪŲƸĪƣĪģŏŲƸżÿƫĪƸƸŧĪŰĪŲƸÿŃƣĪĪŰĪŲƸǝŏƸŊÿƫĪĜǀƣŏƸŏĪƫƣĪŃǀŧÿƸżƣǣ

 ing to securities legislation or by a securities regulatory authority or

 ěĪĪŲƫǀěšĪĜƸƸżÿŲǣƠĪŲÿŧƸŏĪƫżƣƫÿŲĜƸŏżŲƫŏŰƠżƫĪģěǣÿĜżǀƣƸƣĪŧÿƸ-

 Ŋÿƫ ܉żł ƫĪĜǀƣŏƸŏĪƫ Ƹż ÿdzłĪĜƸ ŰÿƸĪƣŏÿŧŧǣ ƸŊĪ ĜżŲƸƣżŧ żł ƸŊĪ  żŰƠÿŲǣ

 ÿŲǣ ƫŊÿƣĪŊżŧģĪƣ ŊżŧģŏŲŃ ÿ ƫǀdzǿĜŏĪŲƸ ŲǀŰěĪƣ ܉ żŰƠÿŲǣܹƫ ŤŲżǝŧĪģŃĪ

 ƸżƸŊĪ܉Ųżƣ܉tżŲĪżłƸŊĪģŏƣĪĜƸżƣƫżƣĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫżłƸŊĪ żŰƠÿŲǣ

PENALTIES OR SANCTIONS

 ܏ÿŲģÿƣĪĜĪŏǜĪƣǝÿƫÿƠƠżŏŲƸĪģܡÿŲÿģÿ ܠÿŲŤƣǀƠƸĜǣÿŲģSŲƫżŧǜĪŲĜǣĜƸ

SŲĜ܏ ǿŧĪģ łżƣ ěÿŲŤƣǀƠƸĜǣ ǀŲģĪƣ ƸŊĪ ܉ƣÿŲģŧŧŏÿŲĜĪ ܉ڌڎڌڎ ܉ڍ Ų dǀŲĪ

 ܏ڌڎڌڎ܉ڍǀŲƸŏŧŊĪƣƣĪƫŏŃŲÿƸŏżŲżŲdǀŲĪڔڍڌڎłƣżŰFĪěƣǀÿƣǣ܉ŏŲƸŊĪƫÿŧĪ

 ƣÿŲģ żŰƠÿŲǣƫǀěƫŏģŏÿƣǣǝŊżƫĪÿƫƫĪƸƫǝĪƣĪŲżƸŏŲĜŧǀģĪģ ÿŲÿģŏÿŲ

 ÿ܉SŲĜ܏܉ƣÿŲģŧŧŏÿŲĜĪÃ܏®܏ÿƫƫĪƸƫ܏rƫ܏ŧŧĪŲÿŧƫżƫĪƣǜĪģÿƫÿģŏƣĪĜƸżƣżł

 ÿƸǝŊŏĜŊƸŏŰĪŏƸĜżŰƠŧĪƸĪģÿƫÿŧĪżłŏƸƫ܉ڌڎڌڎƸżdǀŲĪڒڍڌڎłƣżŰrÿƣĜŊ

 ܉ÿ ƠƣŏǜÿƸĪŧǣ ŊĪŧģ Ã܏®܏ ƠƣżŰżƸŏżŲƫ ÿŲģ ŰÿƣŤĪƸŏŲŃ ǿƣŰ ܉ܡ”Company

 Brandܶܠ SŲĜ܏ ܉ƣÿŲģ  żŰƠÿŲǣ  ®ǀƫÿŲ ŧŧĪŲ ƫĪƣǜĪģ ÿƫ ÿ ģŏƣĪĜƸżƣ żł

Other Information

	
	ڛڜ ¦rtG/r/t1⁄4¦åæ S¦ ÃhڗژږژSh/FhG¦1⁄4

 ڎڎڌڎ܉ڌڏrÿƣĜŊ

 ŲƸÿƣŏż܉'ÿƸĪģŏŲ1⁄4żƣżŲƸż

 ŊŏĪłFŏŲÿŲĜŏÿŧdzǿĜĪƣ

Sheldon Vanderkooy

 ܏żÿƣģÿƠƠƣżǜĪģěǣƸŊĪ

 the Company and to the appropriate government agencies have been

 ƸżƸŊĪĪǢƸĪƣŲÿŧÿǀģŏƸżƣżł܉ƸżĪÿĜŊģŏƣĪĜƸżƣ܉ƣĪĜĪŏǜĪŲżƸŏĜĪżłƸŊĪrĪĪƸŏŲŃ

 The contents and sending of this Circular to shareholders entitled to

BOARD APPROVAL

nominees.

 ŊÿƣĪŊżŧģĪƣƫŰÿǣÿŧƫżĜżŲƸÿĜƸƸŊĪ ŊÿŏƣǝŏƸŊÿŲǣƠƣżƠżƫÿŧƫłżƣģŏƣĪĜƸżƣ®

 ڍ®ڎdڑr

t܉1⁄4żƣżŲƸż

 ÿǣ®ƸƣĪĪƸڍڒڍܫڑڏڑڐ

 1⁄4ƣŏƠŧĪFŧÿŃƣĪĜŏżǀƫrĪƸÿŧƫ żƣƠ

 ż ŊŏĪłFŏŲÿŲĜŏÿŧdzǿĜĪƣܕĜ

 żÿƣģŊÿŏƣżłƸŊĪ

 ܈żÿƣģěǣǝƣŏƸŏŲŃƸżżÿƣģƸŊƣżǀŃŊƸŊĪ ŊÿŏƣżłƸŊĪĜÿƸĪģŏƣĪĜƸŧǣǝŏƸŊƸŊĪ

 ĪŰƠŧżǣĪĪƫÿŲģżƸŊĪƣŏŲƸĪƣĪƫƸĪģƠÿƣƸŏĪƫŰÿǣĜżŰŰǀŲŏ-܉®ŊÿƣĪŊżŧģĪƣƫ

CONTACTING THE BOARD OF DIRECTORS

 scheduled conference calls.

 ǝǝǝ܏ƸƣŏƠŧĪǵŧÿŃƠŰ܏ĜżŰÿŲģǝǝǝ܏ƫĪģÿƣ܏ĜżŰżƣěǣģŏÿŧŏŲŃŏŲłżƣƣĪŃǀŧÿƣŧǣ

  information about or relating to the Company can also be found at

 ÿŲÿŧǣƫŏƫ łżƣ ŏƸƫ ŰżƫƸ ƣĪĜĪŲƸŧǣ ĜżŰƠŧĪƸĪģ ǿŲÿŲĜŏÿŧ ǣĪÿƣ܏ ģģŏƸŏżŲÿŧ

 ƫżŧŏģÿƸĪģ ǿŲÿŲĜŏÿŧ ƫƸÿƸĪŰĪŲƸƫ ÿŲģ ŰÿŲÿŃĪŰĪŲƸܹƫ ģŏƫĜǀƫƫŏżŲ ÿŲģ

Financial information is provided in the Company’s audited con-

 ܏ڍ®ڎdڑŲƸÿƣŏżr܉żƣżŲƸż1⁄4

 ܉ÿǣ®ƸƣĪĪƸڍڒڍܫڑڏڑڐSŲǜĪƫƸżƣ¦ĪŧÿƸŏżŲƫżłƸŊĪ żŰƠÿŲǣÿƸޠǜÿŧǀÿƸŏżŲƫ/

 ܉ÿŲģƸŊŏƫ ŏƣĜǀŧÿƣĜÿŲěĪżěƸÿŏŲĪģǀƠżŲƣĪƢǀĪƫƸłƣżŰƸŊĪßŏĜĪƣĪƫŏģĪŲƸ

 ŲŲǀÿŧ¦ĪƠżƣƸڍڎڌڎƸŊĪ żŰƠÿŲǣܹƫ܉ żƠŏĪƫżłƸŊĪ żŰƠÿŲǣܹƫŧÿƸĪƫƸSF

 ܏ǀģŏƸ żŰŰŏƸƸĪĪƫܨڌڍڍܫڎڑǀŲģĪƣtÿƸŏżŲÿŧSŲƫƸƣǀŰĪŲƸڍFڌڍڍܫڎڑFżƣŰ

 ĜżŲƸÿŏŲƫÿŧŧżłƸŊĪģŏƫĜŧżƫǀƣĪƣĪƢǀŏƣĪģěǣ܉ÿŰżŲŃżƸŊĪƣƸŊŏŲŃƫ܉ǝŊŏĜŊ

 żłƸŊĪƠƣżǜŏŲĜĪƫÿŲģƸĪƣƣŏƸżƣŏĪƫżł ÿŲÿģÿ܏1⁄4ŊĪ żŰƠÿŲǣŊÿƫǿŧĪģŏƸƫSF

 various securities commissions or similar regulatory authority in each

 ĜżŲƫżŧŏģÿƸĪģǿŲÿŲĜŏÿŧƫƸÿƸĪŰĪŲƸƫÿŲģŏŲłżƣŰÿƸŏżŲĜŏƣĜǀŧÿƣƫǝŏƸŊƸŊĪ

 żłÿŧŧżłƸŊĪƠƣżǜŏŲĜĪƫÿŲģƸĪƣƣŏƸżƣŏĪƫżł ÿŲÿģÿÿŲģŏƫƣĪƢǀŏƣĪģƸżǿŧĪ

 The Company is a reporting issuer under the applicable legislation

ADDITIONAL INFORMATION

 ܏ÿĜĜżƣģÿŲĜĪǝŏƸŊSF¦®

 ĜżŲƫƸƣǀĪģÿƫÿŲÿŧƸĪƣŲÿƸŏǜĪƸżżƸŊĪƣǿŲÿŲĜŏÿŧŰĪÿƫǀƣĪƫģĪƸĪƣŰŏŲĪģŏŲ

 ÿŲģƸŊĪǣƫŊżǀŧģŲżƸěĪ܉ƠƣĪƫĪŲƸĪģěǣżƸŊĪƣƠǀěŧŏĜŧǣƸƣÿģĪģĜżŰƠÿŲŏĪƫ

 therefore they may not be comparable to similarly titled measures

 sures do not have a standardized meaning prescribed by IFRS and

 ܫǝŊŏĜŊ ģŏƫĜŧżƫǀƣĪƫ ÿƣĪ ŏŲĜżƣƠżƣÿƸĪģ ěǣ ƣĪłĪƣĪŲĜĪ ŊĪƣĪŏŲ܏ 1⁄4ŊĪƫĪ ŰĪÿ

 ܉¦ĪƠżƣƸ ǝŊŏĜŊ ŏƫ ÿǜÿŏŧÿěŧĪ żŲ żǀƣ ®/'¦ ƠƣżǿŧĪ ÿƸ ǝǝǝ܏ƫĪģÿƣ܏ĜżŰ

 ŲŲǀÿŧڍڎڌڎŲÿŧǣƫŏƫżłƸŊĪ żŰƠÿŲǣܹƫޠrÿŲÿŃĪŰĪŲƸܹƫ'ŏƫĜǀƫƫŏżŲ

FƣĪĪ  ÿƫŊ Fŧżǝܷ ƫĪĜƸŏżŲƫ ŏŲĜŧǀģĪģ ŏŲ ƸŊĪ ܨ ĪƣłżƣŰÿŲĜĪ rĪÿƫǀƣĪƫ

SF¦® FŏŲÿŲĜŏÿŧܫS1⁄4'ܷ ÿŲģ ܶtżŲģšǀƫƸĪģ / ܨ ĪƣłżƣŰÿŲĜĪ rĪÿƫǀƣĪƫ

SF¦®FŏŲÿŲĜŏÿŧܫtżŲܶ܉ƠĪƣ®ŊÿƣĪܷܡhżƫƫܠÿŲģģšǀƫƸĪģtĪƸ/ÿƣŲŏŲŃƫܡhżƫƫܠ

 ģšǀƫƸĪģ tĪƸ /ÿƣŲŏŲŃƫ ܨ SF¦® FŏŲÿŲĜŏÿŧ ĪƣłżƣŰÿŲĜĪ rĪÿƫǀƣĪƫܫtżŲܶ

 ܉ܷܡܷ®/GܶܠGżŧģ/ƢǀŏǜÿŧĪŲƸǀŲĜĪƫܨFŏŲÿŲĜŏÿŧĪƣłżƣŰÿŲĜĪrĪÿƫǀƣĪƫ

SF¦®ܫƠŧĪÿƫĪ ƫĪĪ ƸŊĪ ܶtżŲ ܉ŰżƫƸ ģŏƣĪĜƸŧǣ ĜżŰƠÿƣÿěŧĪ SF¦® ŰĪÿƫǀƣĪƫ

SF¦® ǿŲÿŲĜŏÿŧ ŰĪÿƫǀƣĪƫ ÿŲģ ģĪƸÿŏŧĪģ ƣĪĜżŲĜŏŧŏÿƸŏżŲƫ Ƹż ƸŊĪܫżł ŲżŲ

SF¦®ǿŲÿŲĜŏÿŧŰĪÿƫǀƣĪƫ܏FżƣŰżƣĪŏŲłżƣŰÿƸŏżŲżŲƸŊĪ żŰƠÿŲǣܹƫǀƫĪ

 ܫÿƣĪŲżŲ܉ģšǀƫƸĪģtĪƸSŲĜżŰĪÿŲģFƣĪĪĜÿƫŊǵŧżǝ܉'1⁄4SģšǀƫƸĪģ/

 ܉ƫǀĜŊ ÿƫ G/ƫ ܉ ĪƣƸÿŏŲ ǿŲÿŲĜŏÿŧ ŰĪÿƫǀƣĪƫ ģŏƫĜǀƫƫĪģ ŏŲ ƸŊŏƫ  ŏƣĜǀŧÿƣ

ttܰSF¦®FStt Shr/®Ã¦/®

Other Information

	
	ڜڜ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏żÿƣģƸŊĪĜżŰƠżƫŏƸŏżŲżłƸŊĪ

 ƠƠŧŏĜÿěŧĪƣĪƫŏģĪŲĜǣƣĪƢǀŏƣĪŰĪŲƸƫǝŏŧŧěĪĜżŰƠŧŏĪģǝŏƸŊŏŲƣĪƫƠĪĜƸżł

 ܏ƫŊÿŧŧƠĪƣŏżģŏĜÿŧŧǣƣĪǜŏĪǝŏƸƫƫŏǭĪŏŲŧŏŃŊƸżłŏƸƫģǀƸŏĪƫÿŲģƣĪƫƠżŲƫŏěŏŧŏƸŏĪƫ

 żÿƣģŏƣĪĜƸżƣƫ܏1⁄4ŊĪ'ܡړܠżÿƣģƫŊÿŧŧŏŲŏƸŏÿŧŧǣěĪĜżŰƠƣŏƫĪģżłƫĪǜĪŲ1⁄4ŊĪ

 ܏ÿƫģĪƸĪƣŰŏŲĪģłƣżŰƸŏŰĪƸżƸŏŰĪěǣƸŊĪ'ŏƣĪĜƸżƣƫ܉ŏƣĪĜƸżƣƫ'ܡڌڍܠƸĪŲ

 ŏƣĪĜƸżƣƫÿŲģÿŰÿǢŏŰǀŰżł'ܡڏܠěĪĜżŰƠƣŏƫĪģżłÿŰŏŲŏŰǀŰżłƸŊƣĪĪ

 żÿƣģƫŊÿŧŧ1⁄4ŊĪĜżŲƫƸÿƸŏŲŃģżĜǀŰĪŲƸƫżłƸŊĪ żŰƠÿŲǣƠƣżǜŏģĪƸŊÿƸƸŊĪ

Sð/®'¦ ܏ڛ

 ܏/ ƸŊĪ ܡģܠ

 ÿŲģܔżÿƣģƸŊĪĜŊÿŏƣżłĪÿĜŊƫƸÿŲģŏŲŃĜżŰŰŏƸƸĪĪżłƸŊĪ ܡĜܠ

 ܔŏłƸŊĪ ŊÿŏƣŏƫŲżƸÿŲŏŲģĪƠĪŲģĪŲƸ'ŏƣĪĜƸżƣ܉ƸŊĪhĪÿģ'ŏƣĪĜƸżƣ ܡěܠ

 ܔƸŊĪ Ŋÿŏƣ ܡÿܠ

 ܈łżƣŰÿŧƠżƫŏƸŏżŲģĪƫĜƣŏƠƸŏżŲƫłżƣ

 ĜżŲĜĪƣŲŏŲŃ܉G żŰŰŏƸƸĪĪ®/ޠƣĪĜżŰŰĪŲģÿƸŏżŲƫżłƸŊĪ żŰƠĪŲƫÿƸŏżŲ

 ÿƠƠƣżǜĪƸŊĪ ܉ŏł ģĪƸĪƣŰŏŲĪģ ÿƠƠƣżƠƣŏÿƸĪ ܉żÿƣģ ƫŊÿŧŧ ƣĪǜŏĪǝ ÿŲģ 1⁄4ŊĪ

S1⁄4St'/® ¦S1⁄4St®® ܏ښ

 ܏żÿƣģÿƸÿŲǣƸŏŰĪÿƸƸŊĪģŏƫĜƣĪƸŏżŲżłƸŊĪ

 ŰÿǣěĪƣĪŰżǜĪģ܉ÿƫÿƠƠŧŏĜÿěŧĪ܉ģǀƸŏĪƫ܏1⁄4ŊĪ ŊÿŏƣÿŲģƸŊĪhĪÿģ'ŏƣĪĜƸżƣ

 żÿƣģܹƫÿŃĪŲģÿǝŏŧŧĪŲÿěŧĪŏƸƸżƫǀĜĜĪƫƫłǀŧŧǣĜÿƣƣǣżǀƸŏƸƫĪŲƫǀƣĪƸŊÿƸƸŊĪ

 żÿƣģÿŲģżƣƸŊĪhĪÿģ'ŏƣĪĜƸżƣǝŏŧŧÿĜƸÿƫƸŊĪĪdzłĪĜƸŏǜĪŧĪÿģĪƣżłƸŊĪ

 ƸŊĪ“Lead Director”). Either an independent ChairܠÿĜƸÿƫŧĪÿģģŏƣĪĜƸżƣ

 żÿƣģǝŏŧŧÿŧƫżÿƠƠżŏŲƸÿŲŏŲģĪƠĪŲģĪŲƸģŏƣĪĜƸżƣƸżƸŊĪ܉ƸżÿĜƸÿƫÿ Ŋÿŏƣ

 in the circumstances and instead appoints a non-independent director

 żÿƣģģĪƸĪƣŰŏŲĪƫƸŊÿƸƸŊŏƫŏƫŲżƸÿƠƠƣżƠƣŏÿƸĪSłƸŊĪ܏ܡ”ƸŊĪ“Chairܠżÿƣģ

 żÿƣģǝŏŧŧÿƠƠżŏŲƸÿŲŏŲģĪƠĪŲģĪŲƸģŏƣĪĜƸżƣƸżÿĜƸÿƫ ŊÿŏƣżłƸŊĪ1⁄4ŊĪ

 ¦'NS¦F1⁄4N/  ܏ڙ

 ܏ƠĪƣƫżŲǝżǀŧģĪǢĪƣĜŏƫĪŏŲĜżŰƠÿƣÿěŧĪĜŏƣĜǀŰƫƸÿŲĜĪƫ

 ģŏŧŏŃĪŲĜĪ ÿŲģ ƫŤŏŧŧ ƸŊÿƸ ÿ ƣĪÿƫżŲÿěŧǣ ƠƣǀģĪŲƸ ܉ÿŧƫż ĪǢĪƣĜŏƫĪ ƸŊĪ ĜÿƣĪ

 ǝŏƸŊÿǜŏĪǝƸżƸŊĪěĪƫƸŏŲƸĪƣĪƫƸƫżłƸŊĪ żŰƠÿŲǣ܏/ÿĜŊ'ŏƣĪĜƸżƣŰǀƫƸ

 ܉ĪÿĜŊ'ŏƣĪĜƸżƣŰǀƫƸÿĜƸŊżŲĪƫƸŧǣÿŲģŏŲŃżżģłÿŏƸŊ܉ŊŏƫżƣŊĪƣģǀƸŏĪƫ

 ŏŲģŏƫĜŊÿƣŃŏŲŃ܉ǀƫŏŲĪƫƫ żƣƠżƣÿƸŏżŲƫĜƸSŲÿĜĜżƣģÿŲĜĪǝŏƸŊƸŊĪ ÿŲÿģÿ

 ܏ÿŲģƫƸƣÿƸĪŃŏĜżǜĪƣƫŏŃŊƸǝŏƸŊÿǜŏĪǝƸżŏŲĜƣĪÿƫŏŲŃƫŊÿƣĪŊżŧģĪƣǜÿŧǀĪ

 ŲĪƫƫÿŲģÿdzłÿŏƣƫżłƸŊĪ żŰƠÿŲǣÿŲģŏƫĪǢƠĪĜƸĪģƸżłżĜǀƫżŲŃǀŏģÿŲĜĪ

 żÿƣģŏƫƣĪƫƠżŲƫŏěŧĪłżƣƫǀƠĪƣǜŏƫŏŲŃƸŊĪŰÿŲÿŃĪŰĪŲƸżłƸŊĪěǀƫŏ-1⁄4ŊĪ

 ¦'ShS1⁄4S/®F1⁄4N/h/t'¦/®t®S¦ ܏ژ

..Rights Agreement shall prevail

 ƸŊĪSŲǜĪƫƸżƣ܉ěĪƸǝĪĪŲƸŊŏƫrÿŲģÿƸĪÿŲģƸŊĪSŲǜĪƫƸżƣ¦ŏŃŊƸƫŃƣĪĪŰĪŲƸ

 ƠƣżǜŏƫŏżŲƫżłƸŊĪSŲǜĪƫƸżƣ¦ŏŃŊƸƫŃƣĪĪŰĪŲƸ܏SŲƸŊĪĪǜĪŲƸżłÿĜżŲǵŧŏĜƸ

 ƸŊĪƠƣżǜŏƫŏżŲƫżłƸŊĪrÿŲģÿƸĪŰÿǣěĪŰżģŏǿĪģżƣƫǀƠĪƣƫĪģĪģěǣƸŊĪ

 ƸŊĪ“Investor Rights Agreement”). Certain ofܠƠƣŏŲĜŏƠÿŧƫŊÿƣĪŊżŧģĪƣƫ

 ŏŲĜŧǀģŏŲŃƸŊĪŏŲǜĪƫƸżƣƣŏŃŊƸƫÿŃƣĪĪŰĪŲƸěĪƸǝĪĪŲƸŊĪ żŰƠÿŲǣÿŲģŏƸƫ

 ܉ÿŲģÿƠƠŧŏĜÿěŧĪÿŃƣĪĪŰĪŲƸƫ܉ƸŊĪĜżŲƫƸÿƸŏŲŃģżĜǀŰĪŲƸƫżłƸŊĪ żŰƠÿŲǣ

 ǀƫŏŲĪƫƫ żƣƠżƣÿƸŏżŲƫĜƸandżƣŃżǜĪƣŲĪģěǣƸŊĪ ÿŲÿģÿܕƠƣĪƫĜƣŏěĪģÿŲģ

 żÿƣģÿƣĪ ĪƣƸÿŏŲÿƫƠĪĜƸƫżłƸŊĪĜżŰƠżƫŏƸŏżŲÿŲģżƣŃÿŲŏǭÿƸŏżŲżłƸŊĪ

charging its duties and responsibilities.

 żÿƣģŏŲģŏƫ-ÿƫƫżŰĪżłƸŊĪƠżŧŏĜŏĪƫÿŲģƠƣżĜĪģǀƣĪƫƸŊÿƸÿƠƠŧǣƸżƸŊĪ

 ÿƫǝĪŧŧ܉żÿƣģģĪƫĜƣŏěĪƸŊĪƠƣŏŲĜŏƠÿŧģǀƸŏĪƫÿŲģƣĪƫƠżŲƫŏěŏŧŏƸŏĪƫżłƸŊĪ

 łżƣƸŊĪƫƸĪǝÿƣģƫŊŏƠżłƸŊĪ żŰƠÿŲǣ܏1⁄4ŊĪƠǀƣƠżƫĪżłƸŊŏƫrÿŲģÿƸĪŏƫƸż

 are elected by the shareholders of the Company and are responsible

 ƸŊĪ“Company”)ܠżł1⁄4ƣŏƠŧĪFŧÿŃƣĪĜŏżǀƫrĪƸÿŧƫ żƣƠ܏ܡ”and the “Board

 ƸŊĪ“Directors”܉ƣĪƫƠĪĜƸŏǜĪŧǣܠ1⁄4ŊĪŰĪŰěĪƣƫżłƸŊĪěżÿƣģżłģŏƣĪĜƸżƣƫ

St1⁄4¦'Ã 1⁄4St ܏ڗ

 ܦܷ/1⁄4'N/ܶrt1⁄4ܠ®¦1⁄4 /¦¦'F'Srt'1⁄4/F1⁄4N/

BOARD OF DIRECTORS MANDATE

  APPENDIX A

Appendix A: Board of Directors Mandate

	
	ڝڜ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

recommendation of the Compensation & ESG Committee.

 ƸŊĪĜżŰƠĪŲƫÿƸŏżŲżłƸŊĪĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫżłƸŊĪ żŰƠÿŲǣǀƠżŲ

 ÿŲģƫŊÿŧŧÿŧƫżÿƠƠƣżǜĪ܉żłƸŊĪĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫżłƸŊĪ żŰƠÿŲǣ

 ƫǀƠĪƣǜŏƫŏżŲÿŲģĪǜÿŧǀÿƸŏżŲ܉ÿƠƠżŏŲƸŰĪŲƸ܉ŏŲĜŧǀģŏŲŃƸŊĪƫĪŧĪĜƸŏżŲ

 ܉żÿƣģ ƫŊÿŧŧ ÿƠƠƣżǜĪ ƸŊĪ ƫǀĜĜĪƫƫŏżŲ ƠŧÿŲ łżƣ ƸŊĪ  żŰƠÿŲǣ ŊĪ1⁄4 ܡěܠ

..create a culture of integrity throughout the organization

 ƠÿŲǣÿŲģƸŊÿƸƸŊĪ /ÿŲģżƸŊĪƣĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫżłƸŊĪ żŰƠÿŲǣ

 ƸżƸŊĪŏŲƸĪŃƣŏƸǣżłƸŊĪ /ÿŲģżƸŊĪƣĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫżłƸŊĪ żŰ-

 żÿƣģƫŊÿŧŧƸÿŤĪƫƸĪƠƫƸżƫÿƸŏƫłǣŏƸƫĪŧłÿƫŃżÿŧƫÿŲģżěšĪĜƸŏǜĪƫ܏1⁄4ŊĪ

 /ÿŲģƣĪǜŏĪǝƸŊĪƠĪƣłżƣŰÿŲĜĪżłƸŊĪ /ÿŃÿŏŲƫƸƫǀĜŊĜżƣƠżƣÿƸĪ

 żÿƣģƫŊÿŧŧÿƠƠƣżǜĪƸŊĪĜżƣƠżƣÿƸĪŃżÿŧƫÿŲģżěšĪĜƸŏǜĪƫżłƸŊĪŊĪ1⁄4 ܡÿܠ

OF THE COMPANY

 AND SUPERVISION OF EXECUTIVE OFFICERS

 St1⁄4r/t1⁄4܉Ã  /®®SthttStG® ܏ږڗ

..and practices to the Compensation & ESG Committee

 ÿŲģ ģĪŧĪŃÿƸŏżŲ żł ƣŏƫŤƫ ÿƫƫżĜŏÿƸĪģ ǝŏƸŊ ĜżŰƠĪŲƫÿƸŏżŲ ƠżŧŏĜŏĪƫ

 ǿŲÿŲĜŏÿŧÿŲģƣĪŧÿƸĪģƣŏƫŤŰÿŲÿŃĪŰĪŲƸƸżƸŊĪǀģŏƸ żŰŰŏƸƸĪĪ

 ŏŲĜŧǀģŏŲŃ ģĪŧĪŃÿƸŏżŲ żł ܉ƠƣżĜĪģǀƣĪƫ Ƹż ÿģģƣĪƫƫ ƫƠĪĜŏǿĪģ ƣŏƫŤƫ

 ility for assessing and implementing appropriate policies and

 żÿƣģ ĜżŰŰŏƸƸĪĪƫ ƸŊĪ ƣĪƫƠżŲƫŏě- Űÿǣ ģĪŧĪŃÿƸĪ Ƹż ÿƠƠŧŏĜÿěŧĪ

 żÿƣģƸŊĪ܉żłĪdzłĪĜƸŏǜĪƣŏƫŤŰÿŲÿŃĪŰĪŲƸƠżŧŏĜŏĪƫÿŲģƠƣżĜĪģǀƣĪƫ

 of such risks. Pursuant to its duty to oversee the implementation

 ŰÿŲÿŃĪÿŲģŰŏƸŏŃÿƸĪƸŊĪŏŰƠÿĜƸ܉ƸżƫĪĪŤƸżĪdzłĪĜƸŏǜĪŧǣŰżŲŏƸżƣ

 oversee management’s implementation of appropriate systems

 for identifying the principal risks of the Company’s business and

 ƫŊÿŧŧěĪƣĪƫƠżŲƫŏěŧĪ܉ŏŲĜżŲšǀŲĜƸŏżŲǝŏƸŊŰÿŲÿŃĪŰĪŲƸ܉żÿƣģŊĪ1⁄4 ܡěܠ

 ܏ÿŲģÿdzłÿŏƣƫ

 ƸŊĪ żƠƠżƣƸǀŲŏƸŏĪƫ ÿŲģ ƣŏƫŤƫ żł ƸŊĪ  żŰƠÿŲǣܹƫ ěǀƫŏŲĪƫƫ ܉ƸŊŏŲŃƫ

 ÿŰżŲŃ żƸŊĪƣ ܉ÿ ƫƸƣÿƸĪŃŏĜ ƠŧÿŲ ǝŊŏĜŊ ƸÿŤĪƫ ŏŲƸż ÿĜĜżǀŲƸ ܉ěÿƫŏƫ

 ÿƸŧĪÿƫƸżŲÿŲÿŲŲǀÿŧ܉żÿƣģƫŊÿŧŧƣĪǜŏĪǝÿŲģÿƠƠƣżǜĪŃżÿŧƫ܏1⁄4ŊĪ

 ĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫżłƸŊĪ żŰƠÿŲǣƸżÿĜŊŏĪǜĪƫǀĜŊżěšĪĜƸŏǜĪƫÿŲģ

 approve and modify as appropriate the strategies proposed by

 ܉żěšĪĜƸŏǜĪƫÿŲģŃżÿŧƫłżƣƸŊĪ żŰƠÿŲǣܹƫěǀƫŏŲĪƫƫÿŲģƫŊÿŧŧƣĪǜŏĪǝ

 żÿƣģƫŊÿŧŧÿģżƠƸÿƫƸƣÿƸĪŃŏĜƠŧÿŲŲŏŲŃƠƣżĜĪƫƫƸżĪƫƸÿěŧŏƫŊŊĪ1⁄4 ܡÿܠ

AND RISK MANAGEMENT

 GS httStG¦ /®®/1⁄4¦1⁄4® ܏ڟ

..matters and associated delegated responsibilities

 retain its oversight function and ultimate responsibility for such

 ܉ŊżǝĪǜĪƣ܉żÿƣģǝŏŧŧĪǢƸĪŲƸƠĪƣŰŏƫƫŏěŧĪǀŲģĪƣÿƠƠŧŏĜÿěŧĪŧÿǝ܏1⁄4ŊĪ

 Ƹż ĜżŰƠŧŏÿŲĜĪ ǝŏƸŊ ƸŊĪ SŲǜĪƫƸżƣ ¦ŏŃŊƸƫ ŃƣĪĪŰĪŲƸ ÿŲģ Ƹż ƸŊĪ

 ƫǀěšĪĜƸ܉ÿƫŏƸģĪĪŰƫÿƠƠƣżƠƣŏÿƸĪ܉ŰÿǣÿƠƠżŏŲƸżƸŊĪƣĜżŰŰŏƸƸĪĪƫ

 żÿƣģG żŰŰŏƸƸĪĪ܏1⁄4ŊĪ®/ޠ żŰŰŏƸƸĪĪÿŲģƸŊĪ żŰƠĪŲƫÿƸŏżŲ

 ĜǀƣƣĪŲƸŧǣ ĜżŲƫŏƫƸŏŲŃ żł ƸŊĪ ǀģŏƸ ܉żÿƣģ ƸŊĪ ĜżŰŰŏƸƸĪĪƫ żł ƸŊĪ

 żÿƣģŰÿǣģĪŧĪŃÿƸĪĜĪƣƸÿŏŲŰÿƸƸĪƣƫŏƸŏƫƣĪƫƠżŲƫŏěŧĪłżƣƸżŊĪ1⁄4 ܡěܠ

 ܏ƸŊĪěǀƫŏŲĪƫƫÿŲģÿdzłÿŏƣƫżłƸŊĪ żŰƠÿŲǣ

 of the Company the authority for the day-to-day management of

 ƸŊĪ“CEO”)ÿŲģģĪŧĪŃÿƸĪƸżƸŊĪ /ÿŲģżƸŊĪƣĪǢĪĜǀƸŏǜĪżdzǿĜĪƣƫܠ

 żÿƣģƫŊÿŧŧÿƠƠżŏŲƸƸŊĪĜŊŏĪłĪǢĪĜǀƸŏǜĪżdzǿĜĪƣżłƸŊĪ żŰƠÿŲǣŊĪ1⁄4 ܡÿܠ

 ®/h/G1⁄4St®t'¦ßhÃ1⁄4N¦S1⁄4S/' ܏ڞ

 .(gated by the Chair

 żƣÿŲżƸŊĪƣ'ŏƣĪĜƸżƣģĪŧĪ-ܠÿƸƸĪŲģÿŰĪĪƸŏŲŃŏłŏŲǜŏƸĪģěǣƸŊĪ Ŋÿŏƣ

 Ƹż ÿƸƸĪŲģ ŏƸƫ ŰĪĪƸŏŲŃƫ܏ /ǢĪĜǀƸŏǜĪ żdzǿĜĪƣƫ żł ƸŊĪ  żŰƠÿŲǣ ƫŊÿŧŧ

 ÿŲǣżƸŊĪƣŏŲģŏǜŏģǀÿŧƫ܉ÿƸŏƸƫģŏƫĜƣĪƸŏżŲ܉ŰÿǣŏŲǜŏƸĪܡƸŏŰĪƸżƸŏŰĪ

 żƣ żƸŊĪƣ 'ŏƣĪĜƸżƣƫ ÿƫ ģĪŧĪŃÿƸĪģ ěǣ ƸŊĪ  Ŋÿŏƣ łƣżŰܠ ŊĪ  Ŋÿŏƣ1⁄4 ܡģܠ

 ܏żŲÿƸŏŰĪŧǣěÿƫŏƫłżƣƣĪǜŏĪǝÿŲģÿƠƠƣżǜÿŧ

 żÿƣģƠƣżĜĪĪģŏŲŃƫÿƣĪŤĪƠƸÿŲģĜŏƣĜǀŧÿƸĪģƸŊÿƸƣĪŃǀŧÿƣŰŏŲǀƸĪƫżł

 ÿŲģłżƣĪŲƫǀƣŏŲŃ܉żÿƣģŰĪĪƸŏŲŃĪƫƸÿěŧŏƫŊĪģƸŊĪÿŃĪŲģÿłżƣĪÿĜŊ

 ŊĪ ŊÿŏƣƫŊÿŧŧěĪƣĪƫƠżŲƫŏěŧĪłżƣĪƫƸÿěŧŏƫŊŏŲŃżƣĜÿǀƫŏŲŃƸżěĪ1⁄4 ܡĜܠ

..as required

 ܉ŏŲģĪƠĪŲģĪŲƸ'ŏƣĪĜƸżƣƫܫƸŏǜĪżdzǿĜĪƣƫżłƸŊĪ żŰƠÿŲǣÿŲģÿŲǣŲżŲ

 ÿƫƣĪƢǀŏƣĪģ܏1⁄4ŊĪŏŲģĪƠĪŲģĪŲƸ'ŏƣĪĜƸżƣƫŰÿǣŰĪĪƸǝŏƸŊżǀƸĪǢĪĜǀ-

 ܉ܡÿŲܶĪǢĪĜǀƸŏǜĪżdzǿĜĪƣܷ܉ĪÿĜŊܠrÿŲÿŃŏŲŃ'ŏƣĪĜƸżƣżłƸŊĪ żŰƠÿŲǣ

 żƣÿŲǣܕƣĪƫŏģĪŲƸÿŲģܫÿŲǣßŏĜĪ܉ŊŏĪłFŏŲÿŲĜŏÿŧdzǿĜĪƣ ܉ƸŏǜĪdzǿĜĪƣ

 ĪŰƠŧżǣĪĪ'ŏƣĪĜƸżƣƫŰÿǣŰĪĪƸǝŏƸŊżǀƸƸŊĪ ŊŏĪł/ǢĪĜǀ-ܫŊĪŲżŲ1⁄4 ܡěܠ

 ܏żÿƣģܹƫƣĪƫƠżŲƫŏěŏŧŏƸŏĪƫƸżĪdzłĪĜƸŏǜĪŧǣĜÿƣƣǣżǀƸƸŊĪ

 the Chair may determine and as many times per year as necessary

 żÿƣģŰÿǣěĪŊĪŧģÿƸƫǀĜŊƸŏŰĪƫÿŲģƠŧÿĜĪƫÿƫŰĪĪƸŏŲŃƫżłƸŊĪ

 ܉SŲ ÿĜĜżƣģÿŲĜĪ ǝŏƸŊ ƸŊĪ ĜżŲƫƸÿƸŏŲŃ ģżĜǀŰĪŲƸƫ żł ƸŊĪ  żŰƠÿŲǣ

 ܏żÿƣģƸżƸŊĪƣĪŃǀŧÿƸŏżŲżłƸŊĪŰĪĪƸŏŲŃƫÿŲģƠƣżĜĪĪģŏŲŃƫżłƸŊĪ

 provisions of the constating documents of the Company relating

 żÿƣģÿƣĪŃżǜĪƣŲĪģěǣƸŊĪŊĪƠƣżĜĪĪģŏŲŃƫÿŲģŰĪĪƸŏŲŃƫżłƸŊĪ1⁄4 ܡÿܠ

 ®r//1⁄4StG'¦ ܏ڝ

..the Company’s securities are listed

 ÿěŧĪƫĪĜǀƣŏƸŏĪƫŧÿǝƫÿŲģƸŊĪƣǀŧĪƫżłÿŲǣƫƸżĜŤĪǢĜŊÿŲŃĪƫǀƠżŲǝŊŏĜŊ

 ŏƫĜŧżƫǀƣĪżł żƣƠżƣÿƸĪGżǜĪƣŲÿŲĜĪƣÿĜƸŏĜĪƫÿŲģÿŲǣżƸŊĪƣÿƠƠŧŏĜ-'ܨ

 ڍڌڍܫڔڑƫŏģĪƣĪģŏŲģĪƠĪŲģĪŲƸłżƣƸŊĪƠǀƣƠżƫĪƫżłtÿƸŏżŲÿŧSŲƫƸƣǀŰĪŲƸ

'ŏƣĪĜƸżƣƫŊÿŧŧěĪĜżŲƫŏģĪƣĪģŏŲģĪƠĪŲģĪŲƸŏłŊĪżƣƫŊĪǝżǀŧģěĪĜżŲ-

 ܏żÿƣģƫŊÿŧŧěĪĜżŰƠƣŏƫĪģżłÿŰÿšżƣŏƸǣżłŏŲģĪƠĪŲģĪŲƸ'ŏƣĪĜƸżƣƫ1⁄4ŊĪ

St'//t'/t / ܏ڜ

Appendix A: Board of Directors Mandate

	
	ڞڜ ¦rtG/r/t1⁄4¦åæ S¦ Ãhڗژږژ1⁄4¦Sh/FhG

 ܏żÿƣģłżƣĜżŲƫŏģĪƣÿƸŏżŲÿŲǣƠƣżƠżƫĪģĜŊÿŲŃĪƫƸżƸŊĪ

 ÿŧŧǣƣĪǜŏĪǝÿŲģÿƫƫĪƫƫƸŊĪÿģĪƢǀÿĜǣżłƸŊŏƫrÿŲģÿƸĪÿŲģƣĪĜżŰŰĪŲģ

time to time and the Compensation & ESG Committee may periodic-

 żÿƣģŰÿǣƣĪǜŏĪǝÿŲģƣĪĜżŰŰĪŲģĜŊÿŲŃĪƫƸżƸŊĪrÿŲģÿƸĪłƣżŰ1⁄4ŊĪ

 ܏ŧŏÿěŏŧŏƸǣǝŊÿƸƫżĪǜĪƣżŲƸŊĪŏƣƠÿƣƸ

 żƣ Ƹż ÿŲǣ żƸŊĪƣ ܉ĪŰƠŧżǣĪĪƫ żƣ żƸŊĪƣ ƠĪƣƫżŲƫ ܉ĜżŰƠĪƸŏƸżƣƫ ܉ƫǀƠƠŧŏĪƣƫ

 ܉ĜǀƫƸżŰĪƣƫ܉ƫĪĜǀƣŏƸǣŊżŧģĪƣƫ܉ƸżƫŊÿƣĪŊżŧģĪƣƫ܉żƣŏƸƫ'ŏƣĪĜƸżƣƫżƣżdzǿĜĪƣƫ

 is not intended to give rise to civil liability on the part of the Company

 ĪŏƸŊĪƣƠƣżƫƠĪĜƸŏǜĪŧǣżƣƣĪƸƣżƫƠĪĜƸŏǜĪŧǣ܏1⁄4ŊŏƫrÿŲģÿƸĪ܉żłƸŊŏƫrÿŲģÿƸĪ

 ƠĪƣŰŏƸģĪƠÿƣƸǀƣĪƫłƣżŰƸŊĪƸĪƣŰƫ܉łƣżŰƸŏŰĪƸżƸŏŰĪ܉żÿƣģŰÿǣ1⁄4ŊĪ

 ßS/àFrt'1⁄4//¦ ܏ڜڗ

 ܏ŏłÿƠƠƣżƠƣŏÿƸĪ܉żǀƸƫŏģĪĜżŲƫǀŧƸÿŲƸƫ

 ÿĜĜżǀŲƸŏŲŃżƣżƸŊĪƣÿģǜŏƫżƣƫÿŲģ܉ƫƠĪĜŏÿŧŧĪŃÿŧ܉ÿŲģƣĪĜĪŏǜĪÿģǜŏĜĪłƣżŰ

 żÿƣģƫŊÿŧŧŊÿǜĪƸŊĪÿǀƸŊżƣŏƸǣƸżƣĪƸÿŏŲƸŊĪ܉SŲģŏƫĜŊÿƣŃŏŲŃŏƸƫŰÿŲģÿƸĪ

St'//t'/t1⁄4'ßS / ܏ڛڗ

 ܏ǝŏƸŊŊżŲĪƫƸǣÿŲģŏŲƸĪŃƣŏƸǣ

 ÿŲģĜżŲģǀĜƸƸŊĪ żŰƠÿŲǣܹƫěǀƫŏŲĪƫƫĪƸŊŏĜÿŧŧǣÿŲģ܉ƫĪĜǀƣŏƸŏĪƫÿƣĪŧŏƫƸĪģ

 ƣǀŧĪƫÿŲģƣĪŃǀŧÿƸŏżŲƫżłƸŊĪƫƸżĜŤĪǢĜŊÿŲŃĪƫǀƠżŲǝŊŏĜŊƸŊĪ żŰƠÿŲǣܹƫ

 ŏŲĜŧǀģŏŲŃƸŊĪ܉ƣǀŧĪƫÿŲģƣĪŃǀŧÿƸŏżŲƫ܉ĜżŰƠŧǣǝŏƸŊÿŧŧÿƠƠŧŏĜÿěŧĪŧÿǝƫ

 żdzǿĜĪƣƫÿŲģĪŰƠŧżǣĪĪƫ܉ƸżĪŲƫǀƣĪƸŊÿƸƸŊĪ żŰƠÿŲǣÿŲģŏƸƫ'ŏƣĪĜƸżƣƫ

 żÿƣģÿƣĪģĪƫŏŃŲĪģǀƣĪƫ܏1⁄4ŊĪƠżŧŏĜŏĪƫÿŲģƠƣżĜĪģǀƣĪƫÿģżƠƸĪģěǣƸŊĪ

 żÿƣģ ƫŊÿŧŧ ÿģżƠƸ ÿŲģ ƠĪƣŏżģŏĜÿŧŧǣ ƣĪǜŏĪǝ ƠżŧŏĜŏĪƫ ÿŲģ ƠƣżĜĪģ- 1⁄4ŊĪ

hS S/®/1⁄4¦¦  ܏ښڗ

..shareholders on material issues

 żÿƣģ Ƹż ƣĪĜĪŏǜĪ łĪĪģěÿĜŤ łƣżŰ ƠƣżĜĪģǀƣĪƫ ģĪƫŏŃŲĪģ Ƹż ƠĪƣŰŏƸ ƸŊĪ

 żÿƣģ ƫŊÿŧŧ ÿģżƠƸ ÿƠƠƣżƠƣŏÿƸĪ ƸŊĪ ܉ƫĪĜǀƣŏƸŏĪƫ ÿƣĪ ŧŏƫƸĪģ܏ SŲ ÿģģŏƸŏżŲ

 ÿŲģ ƣĪŃǀŧÿƸŏżŲƫ żł ƸŊĪ ƫƸżĜŤ ĪǢĜŊÿŲŃĪƫ ǀƠżŲ ǝŊŏĜŊ ƸŊĪ  żŰƠÿŲǣܹƫ

 ŏŲĜŧǀģŏŲŃƸŊĪƣǀŧĪƫ܉ƣĪŃǀŧÿƸŏżŲƫ܉ƣǀŧĪƫ܉ĜżŰƠŧŏĪƫǝŏƸŊÿŧŧÿƠƠŧŏĜÿěŧĪŧÿǝƫ

 żÿƣģǝŏŧŧƫĪĪŤƸżĪŲƫǀƣĪƸŊÿƸĜżƣƠżƣÿƸĪģŏƫĜŧżƫǀƣĪżłƸŊĪ żŰƠÿŲǣ1⁄4ŊĪ

AND COMMUNICATIONS

 S® h®Ã¦/'/1⁄4¦¦  ܏ڙڗ

 ܏żdzłĪƣŏŲŃģżĜǀŰĪŲƸƫÿŲģżƸŊĪƣÿƠƠŧŏĜÿěŧĪģŏƫĜŧżƫǀƣĪ܉ƠƣżƫƠĪĜƸǀƫĪƫ

 ܉ÿŲŲǀÿŧƣĪƠżƣƸƫ܉ĪÿƣŲŏŲŃƫƠƣĪƫƫƣĪŧĪÿƫĪƫ܉ÿŲŲǀÿŧŏŲłżƣŰÿƸŏżŲłżƣŰƫ܉ŧÿƣƫ

 ŰÿŲÿŃĪŰĪŲƸ ƠƣżǢǣ ĜŏƣĜǀ- ܉ÿĜĜżŰƠÿŲǣŏŲŃ ƫǀĜŊ ǿŲÿŲĜŏÿŧ ƫƸÿƸĪŰĪŲƸƫ

 cial statements and related management’s discussion and analysis

 ŏŲƸĪƣŏŰǿŲÿŲ-܉ƸŊĪÿŲŲǀÿŧÿǀģŏƸĪģǿŲÿŲĜŏÿŧƫƸÿƸĪŰĪŲƸƫ܉ŲżƸŧŏŰŏƸĪģƸż

 ěǀƸÿƣĪ܉żłƸŊŏƫŰÿŲģÿƸĪ܏1⁄4ŊĪƫĪŏŲĜŧǀģĪܡěܠڔŏŲÿĜĜżƣģÿŲĜĪǝŏƸŊ®ĪĜƸŏżŲ

 żÿƣģŰÿǣģĪŧĪŃÿƸĪǝŊŏĜŊƸŊĪ܉żÿƣģƸżÿƠƠƣżǜĪÿƣĪÿģǜŏƫÿěŧĪłżƣƸŊĪ

 żÿƣģƫŊÿŧŧÿƠƠƣżǜĪÿŧŧÿƠƠŧŏĜÿěŧĪƣĪŃǀŧÿƸżƣǣǿŧŏŲŃƫƸŊÿƸƣĪƢǀŏƣĪżƣ1⁄4ŊĪ

GÃh1⁄4¦æFShStG®/¦ ܏ژڗ

 ܏żłƸŊĪ żŰƠÿŲǣܹƫĪǢƸĪƣŲÿŧǿŲÿŲĜŏÿŧƣĪƠżƣƸŏŲŃƠƣżĜĪƫƫĪƫ

 ģĪǿĜŏĪŲĜŏĪƫżƣĜŊÿŲŃĪƫŏŲŏŲƸĪƣŲÿŧĜżŲƸƣżŧÿŲģƸŊĪƢǀÿŧŏƸǣÿŲģŏŲƸĪŃƣŏƸǣ

 ŏŲĜŧǀģŏŲŃ ÿŲǣ ƫŏŃŲŏǿĜÿŲƸ ܉żł ŏŲƸĪƣŲÿŧ ĜżŲƸƣżŧ żǜĪƣ ǿŲÿŲĜŏÿŧ ƣĪƠżƣƸŏŲŃ

 ƸŊĪÿģĪƢǀÿĜǣÿŲģĪdzłĪĜƸŏǜĪŲĪƫƫżłƸŊĪ żŰƠÿŲǣܹƫƫǣƫƸĪŰ܉ żŰŰŏƸƸĪĪ

 ǝŏƸŊƸŊĪÿƫƫŏƫƸÿŲĜĪżłƸŊĪǀģŏƸ܉żÿƣģƫŊÿŧŧƣĪǜŏĪǝÿŲģŰżŲŏƸżƣ1⁄4ŊĪ

AND INTERNAL CONTROLS

 FStt Sh¦/¦1⁄4StG ܏ڗڗ

Appendix A: Board of Directors Mandate

	
	

	
	Think of the environment, only print if necessary. 1⁄4¦Sh/FhGr܏ r

 ĪƣŰǀģÿ܉ڍڍNÿŰŏŧƸżŲNr

 1 Victoria Street

 ƸŊFŧżżƣڑ܉ ǀŰěĪƣŧÿŲģNżǀƫĪ

 ܏ƣŏƠŧĪFŧÿŃSŲƸĪƣŲÿƸŏżŲÿŧhƸģ1⁄4

 ڍ®ڎdڑÿŲÿģÿr ܉ŲƸÿƣŏż܉żƣżŲƸż1⁄4

 ڑڏڑڐǀŏƸĪ®܉ÿǣ®ƸƣĪĪƸڍڒڍ

 1⁄4' ÿŲÿģÿ1⁄4ƣǀƫƸ1⁄4żǝĪƣ

 ܏1⁄4ƣŏƠŧĪFŧÿŃƣĪĜŏżǀƫrĪƸÿŧƫ żƣƠ

 ƸƣŏƠŧĪǵŧÿŃƠŰ܏ĜżŰޟŤěżÿƣģ

 G®/ޠÿŧĪŲƸ1⁄4܉ßŏĜĪƣĪƫŏģĪŲƸ

 żÿƣģfÿƸǣ

HR & Sustainability

 ƸƣŏƠŧĪǵŧÿŃƠŰ܏ĜżŰޟŏƣ

 Investor Relations

 ޠǜÿŧǀÿƸŏżŲƫ/܉ßŏĜĪƣĪƫŏģĪŲƸ

dÿŰĪƫ'ĪŲģŧĪ

Investor Relations

service@computershare.com

 ڌڌڎڕܫڏڒڎܡڒڍڐܠڍݬ܈Īŧ1⁄4

 ڏڑڎڒܫڐڒڑܡڌڌڔܠ܈żŧŧFƣĪĪ1⁄4

 ڍæڎdڑÿŲÿģÿr ܉t܉1⁄4żƣżŲƸż

 ƸŊFŧżżƣڔ܉ÃŲŏǜĪƣƫŏƸǣǜĪŲǀĪڌڌڍ

..Services Inc

  Computershare Investor

Transfer Agent

 ÿŲÿģÿ ܉1⁄4żƣżŲƸż

 ƣŏĜĪǝÿƸĪƣŊżǀƫĪ żżƠĪƣƫhh

Auditors

 ܡÃ®ݕܠFr܏Ã1⁄4܈żƣżŲƸż®ƸżĜŤ/ǢĜŊÿŲŃĪ1⁄4

 ܡݕ ܠFr1⁄4܈1⁄4żƣżŲƸż®ƸżĜŤ/ǢĜŊÿŲŃĪ

Common Share ListingsExhibit 4.5

 

 

 

Unaudited Condensed Interim Consolidated Financial
Statements of

Triple Flag Precious Metals Corp.

 

For the three and six months ended June 30,
2022 and 2021

 

(Expressed in United States Dollars)

    

     

    

 

Triple Flag Precious Metals Corp.

Notes to the Condensed Interim Consolidated Financial Statements (unaudited)

 

For the three and six months ended June 30, 2022 and 2021

(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)

 

1. Nature of operations

 

Triple Flag Precious Metals Corp. (“TF
Precious Metals”) was incorporated on October 10, 2019 under the Canada Business Corporations Act. TF Precious
Metals is domiciled in Canada and the address of its registered office is 161 Bay Street, Suite 4535, Toronto, Ontario, M5J 2S1,
Canada.

 

The condensed interim consolidated financial
statements of TF Precious Metals for the three and six months ended June 30, 2022 and 2021 comprise TF Precious Metals and its wholly
owned subsidiaries (together the “Company” or “Triple Flag”).

 

The Company is a gold-focused streaming and royalty
company. Its revenues are generated from a diversified portfolio of properties in Australia, Canada, Colombia, Mongolia, Peru, South
Africa and the United States.

 

2. Basis of presentation

 

These condensed interim consolidated financial
statements of TF Precious Metals and its subsidiaries have been prepared in accordance with International Financial Reporting Standards
as issued by the International Accounting Standards Board (“IFRS”), applicable to the preparation of interim financial
statements, including International Accounting Standard (“IAS”) 34, Interim Financial Reporting.

 

These condensed interim consolidated
financial statements should be read in conjunction with TF Precious Metals’ most recently issued audited financial statements for
the years ended December 31, 2021 and 2020 (“2021 Annual Financial Statements”), which include information necessary
or useful to understanding the Company’s business and financial statement presentation. In particular, the Company’s significant
accounting policies were presented in Note 3 to the 2021 Annual Financial Statements and have been consistently applied in the preparation
of these condensed interim consolidated financial statements. Certain comparative figures have been reclassified to conform to current
year presentation. There were no new accounting standards effective January 1, 2022 that were applicable to the Company as at June 30,
2022. These condensed interim consolidated financial statements were authorized for issuance by the Board of Directors of TF Precious
Metals on August 9, 2022.

 

3. Critical accounting estimates and judgments

 

The judgments, estimates, assumptions and risks
discussed here reflect updates from the 2021 Annual Financial Statements. For judgments, estimates, assumptions and risks related to
other areas not discussed in these condensed interim consolidated financial statements, please refer to Note 4 to the 2021 Annual Financial
Statements.

 

COVID-19 Pandemic

 

The coronavirus (‘‘COVID-19’’)
was characterized as a global pandemic by the World Health Organization on March 11, 2020, and developed rapidly, with a significant
number of cases. Several operating and development projects in the mining industry were impacted and continue to be impacted due to the
COVID-19 pandemic, and the duration and full financial impact of COVID-19 are not known at this time.

 

COVID-19 and efforts to contain it continue to
have an effect on commodity prices and capital markets and if the operation or development of a mining project in which the Company holds
a stream or royalty interest and from which it receives or expects to receive significant revenue is suspended and remains suspended
for an extended period of time, it may have a material adverse impact on the Company’s profitability, results of operations, and
financial condition. As at June 30, 2022, no mines or development projects in which the Company holds streams or royalties had suspended
operations due to COVID-19. We continue to monitor the impact of the COVID-19 pandemic and the emergence of any variation of the virus.

 

    2

     

    

 

Triple Flag Precious Metals Corp.

Notes to the Condensed Interim Consolidated Financial Statements (unaudited)

 

For the three and six months ended June 30, 2022 and 2021

(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)

  

The Company delivered $56,299 in operating cash
flow for the six months ended June 30, 2022. At June 30, 2022, the Company had $74,431 in cash and $600,000 available for drawing
under the Credit Facility (including the accordion), providing the Company with sufficient liquidity to manage through this period of
uncertainty.

 

Management exercised significant judgment in
determining the impact of COVID-19 on the Company’s consolidated financial statements, including with respect to financial risks,
liquidity, the assessment of going concern, life of mine estimates, impairment triggers and carrying values of the Company’s mineral
interests and amounts receivable (largely, royalties receivable). Management concluded that there was no material impact from COVID-19
on its financial results at this time.

 

Impairment

 

As at June 30, 2022, the Company identified
indicators of impairment for Pumpkin Hollow and Gunnison mineral interests. As a result, the Company performed an impairment assessment,
and concluded that there is no impairment or reversal of impairment required.

 

4. Key Developments

 

		a.	Stornoway Restructuring

 

On April 29, 2022, Stornoway Diamonds (Canada)
Inc. (“Stornoway”), the Renard Streamers (including TF R&S Canada Limited, a subsidiary of Triple Flag) and the
secured creditors of Stornoway (including TF R&S Canada Limited) completed amendments to the Renard stream and secured debt of Stornoway. Key
components of the agreements are as follows:

 

		·	The amounts outstanding under the Stornoway Working Capital
Facility were fully repaid on April 29, 2022 (Stornoway repaid C$1,493 to Triple Flag);

		·	The Stornoway Working Capital Facility (the “Facility”)
remains available to be drawn by Stornoway up to an amount of C$20,000 in total (C$2,600 attributable to Triple Flag). The maturity
date of the Facility has been extended to December 31, 2025;

		·	Stream payments will be required in a given quarter if:

		-	Stornoway satisfies certain minimum cash thresholds, and

		-	No amounts are outstanding under the Working Capital Facility;

		·	In the event that Stornoway does not satisfy minimum cash thresholds
at the end of a given quarter, the Renard Streamers will be required to resume reinvesting all or a portion of their net proceeds under
the Renard stream into the Stornoway Bridge Financing Facility (the “Bridge”); and

		·	The maturity date of the Bridge and other loans has been extended
to December 31, 2025, subject to further extension of the maturity of the Bridge to December 2028 in certain events. Certain
amounts outstanding under the Bridge are subject to early repayment at the end of each year to the extent that Stornoway then satisfies
certain excess cash thresholds.

 

For the three months ended June 30, 2022,
stream payments have resumed as a result of Stornoway satisfying the minimum cash threshold and having no amounts outstanding under the
Working Capital Facility.

 

		b.	Acquisition of Sofia NSR Royalty

 

On
March 7, 2022, the Company entered into a royalty purchase agreement with a third party to acquire a 1% net smelter returns (“NSR”)
royalty over the Sofia Project (“Sofia”), located in Chile, for $5,000. The transaction closed on May 3, 2022.
Concurrent with the royalty purchase agreement, the Company also acquired 2 million common shares of 2673502 Ontario Inc., a company
with a 96% interest in AndeX Minerals, which in turn owns 100% of Sofia, for C$3,000 and received a right of first refusal over an additional
1% NSR royalty covering Sofia. Transaction costs incurred of $192 were capitalized.

 

    3

     

    

 

Triple Flag Precious Metals Corp.

Notes to the Condensed Interim Consolidated Financial Statements (unaudited)

 

For the three and six months ended June 30, 2022 and 2021

(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)

 

		c.	Talon Royalty Buydown

 

On
February 15, 2022, Talon Nickel (USA) LLC (“Talon”) exercised its right to reduce the royalty rate under
the Tamarack royalty agreement from 3.5% to 1.85% of Talon’s interest in the Tamarack Project in exchange for a payment of $4,500,
resulting in a gain of $2,099. Triple Flag acquired its royalty on the Tamarack Project for $5,000 in March 2019.

 

		d.	Beaufor Royalty

 

On
February 4, 2022, the Company entered into a royalty purchase agreement with a third party to acquire a 2% NSR royalty (with a milestone-based
stepdown to 1%) on the Beaufor mine for C$6,750. In connection with this transaction, the Company entered into a binding agreement with
Monarch Mining Corporation (“Monarch”), the operator of the Beaufor mine, to provide Monarch with additional
funding of C$4,500 in consideration for increasing the royalty rate to 2.75% and eliminating the stepdown. Both transactions were funded
on February 14, 2022.

 

		e.	Gunnison Stream Amendment

 

On
December 22, 2021, the Company and Excelsior Mining Corp., including its subsidiaries (“Excelsior”), agreed
to an amendment of the Stream Agreement between the Company and Excelsior, thereby helping facilitate certain transactions. Pursuant
to the amendment, the Company and Excelsior agreed to remove Excelsior’s buydown option and concurrently agreed to re-price Triple
Flag’s 3.5 million common share purchase warrants to C$0.54 per common share (from the prior exercise price of C$1.50 per common
share). This amendment was reflected in our results for the year ended December 31, 2021.

 

		f.	Acquisition of Chilean Royalty Portfolio

 

On December 21, 2021, the Company entered
into an agreement with Azufres Atacama SCM to acquire 2% NSR royalties on each of the Aster 2, Aster 3 and Helada properties that are
proximal to Gold Fields Limited’s (“Gold Fields”) Salares Norte project in Chile for $4,900. These properties
cover prospective exploration ground that Gold Fields has been exploring. The Salares Norte project is currently under construction with
anticipated first production in 2023. The royalties include buydown provisions that would reduce the amount of each NSR royalty from
2% to 1%. The amount to be received by the Company if the buydown provisions are exercised would be $2,000 for the Aster 2 royalty and
$4,000 for each of the Aster 3 and Helada royalties. The acquisition of the royalties has been recorded as mineral interests. Transaction
costs incurred of $98 were capitalized.

 

		g.	Normal Course Issuer Bid and Automatic
                                            Share Purchase Plan

 

In October 2021, the Company established
a normal course issuer bid (“NCIB”). Under the NCIB, the Company may acquire up to 2,000,000 of its common shares
from time to time in accordance with the NCIB procedures of the TSX. Repurchases under the NCIB are authorized until October 13,
2022. Daily purchases will be limited to 8,218 common shares, representing 25% of the average daily trading volume of the common shares
on the TSX for the period from May 20, 2021 to October 5, 2021, being 32,872 common shares, except where purchases are made
in accordance with the “block purchase exemption” of the TSX rules. All common shares that are repurchased by the Company
under the NCIB will be cancelled. For the three and six months ended June 30, 2022, the Company had purchased 8,218 and 26,808 of
its common shares under the NCIB, respectively, which have been cancelled (three months ended December 31, 2021: 155,978 shares).

 

In December 2021, in connection with the
NCIB, the Company entered into an automatic share purchase plan (“ASPP”) with the designated broker responsible for
the NCIB. The ASPP is intended to allow for the purchase of its common shares under the NCIB at times when the Company would ordinarily
not be permitted to purchase its common shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to
the ASPP, prior to entering into a blackout period, the Company may instruct the designated broker to make purchases under the NCIB in
accordance with the terms of the ASPP. Such purchases will be made by the designated broker in its sole discretion based on parameters
established by us prior to the blackout period in accordance with the rules of the TSX, applicable securities laws and the terms
of the ASPP. The ASPP was implemented effective as of January 1, 2022.

 

    4

     

    

 

Triple Flag Precious Metals Corp.

Notes to the Condensed Interim Consolidated Financial Statements (unaudited)

 

For the three and six months ended June 30, 2022 and 2021

(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)

 

		h.	Dividend Reinvestment Plan

 

In
October 2021, Triple Flag announced that it had implemented a Dividend Reinvestment Plan (the “DRIP”).
Participation in the DRIP is optional and will not affect shareholders’ cash dividends, unless they elect to participate in the
DRIP. At the Company’s discretion, reinvestment will be made by acquiring common shares from the open market or issuing shares
from Treasury. The plan is effective for dividends declared by the Company, beginning with dividends declared November 2021.

 

		i.	Initial
                                            Public Offering

 

TF
Precious Metals closed its initial public offering (“IPO”) on May 26, 2021. TF Precious Metals sold an
aggregate of 19,230,770 treasury common shares at an offering price of $13.00 per share. On June 29, 2021, the underwriters of the
IPO exercised an over-allotment option granted to purchase a further 1,058,553 treasury common shares at the initial offering price of
$13.00 per share. The common shares are listed on the Toronto Stock Exchange in both Canadian and U.S. dollars under the symbols TSX:
TFPM and TSX: TFPM.U, respectively. Total proceeds from the IPO, net of underwriter fees and various issue costs, were $245,115.

 

		j.	IAMGOLD
                                            Royalty Portfolio Purchase

 

On January 12, 2021, the Company entered
into an agreement (the “IAMGOLD Agreement”) to purchase a royalty portfolio from IAMGOLD Corporation and certain of
its subsidiaries (together, “IAMGOLD”). On March 26, 2021, the Company and IAMGOLD entered into an amendment
agreement to the IAMGOLD Agreement pursuant to which the Company agreed to acquire a royalty portfolio consisting of 34 royalties on
various exploration and development properties for an aggregate acquisition price of $45,667. The acquisition of 33 royalties for $35,667
closed effective March 26, 2021. The acquisition of the remaining royalty, Antofagasta’s Polo Sur project located in Chile,
closed on April 16, 2021, following satisfaction of certain corporate actions in Chile. Transaction costs incurred of $393 were
capitalized at the acquisition date.

 

5. Amounts receivable and prepayments

 

	As at	 	June 30,
    2022	 	 	December 31,
    2021	 
	Royalties receivable	 	$	7,201	 	 	$	6,313	 
	Other receivables	 	 	1,037	 	 	 	-	 
	Prepayments	 	 	282	 	 	 	637	 
	Sales tax recoverable	 	 	159	 	 	 	74	 
	Total amounts receivable and prepayments	 	$	8,679	 	 	$	7,024	 

 

Royalties receivable represent amounts that are
generally collected within 45 days of quarter-end. Included in other receivables were stream payments of $693, which have been received
subsequent to quarter-end. Prepayments largely represent various insurance programs that are in place.

 

    5

     

    

 

Triple Flag Precious Metals Corp.

Notes to the Condensed Interim Consolidated Financial Statements (unaudited)

 

For the three and six months ended June 30, 2022 and 2021

(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)

 

6. Loans receivable

 

	As at	 	June 30,
    2022	 	 	December 31,
    2021	 
	Bridge
    Financing - Stornoway Diamonds1	 	$	10,645	 	 	$	8,561	 
	Working
    Capital Facility - Stornoway Diamonds2	 	 	-	 	 	 	1,127	 
	Total loans receivable	 	$	10,645	 	 	$	9,688	 

 

		1	Represents
                                            a receivable under a bridge financing facility provided by certain secured lenders, including
                                            the Company, in June 2019 to Stornoway and certain of its subsidiaries. The loan bears
                                            interest at 8.25% per annum, which is calculated and compounded monthly and is capitalized
                                            until repayment. The increase in the loan balance during the six months ended June 30,
                                            2022 represents additional funding and interest accrued on the loan. The loan has been extended
                                            to December 31, 2025 and has been reclassified to non-current. Refer to Note 4 for additional
                                            detail.

		2	Represents
                                            working capital financing initially provided to Stornoway in 2019. The loan was fully repaid
                                            on April 29, 2022.

 

7. Investments

 

	As at	 	June 30,
    2022	 	 	December 31,
    2021	 
	Equity
    investment and warrants in Excelsior Mining Corp.1	 	$	1,927	 	 	$	4,571	 
	Equity
    investment and warrants in Nevada Copper Corp.2	 	 	503	 	 	 	1,389	 
	Equity investment and warrants in Steppe Gold Ltd.	 	 	491	 	 	 	604	 
	Equity investment in GoldSpot Discoveries Corp.	 	 	-	 	 	 	4,711	 
	Equity investment in Talon Metals Corp.	 	 	-	 	 	 	2,397	 
	Other
    equity investments3	 	 	2,357	 	 	 	-	 
	Total investments	 	$	5,278	 	 	$	13,672	 

 

		1	Includes
                                            13.8 million Excelsior common shares and 3.5 million common share purchase warrants of Excelsior
                                            Mining Corp.

		2	Includes
                                            2.5 million common shares and 1.5 million common share purchase warrants of Nevada Copper
                                            Corp.

		3	Includes
                                            equity investments in private entities.

 

Investments comprise equity interests and warrants
in publicly traded and private companies and have been recorded at fair value. The change in fair value reported in the consolidated
statements of income for the three months ended June 30, 2022 was $3,834 loss (2021: $2,595 gain) and for the six months ended June 30,
2022 was $4,492 loss (2021: $1,901 loss). The fair value of the public equity investments is classified as level 1 of the fair value
hierarchy because the main valuation inputs used are quoted prices in active markets, the fair value of the warrants is classified as
level 2 because one or more of the significant inputs are based on observable market data, and the fair value of the private equity investments
is classified as level 3 of the fair value hierarchy because the relevant observable inputs are not available. Refer to Note 12 for additional
details.

 

8. Mineral interests

 

	As at	 	June 30,
    2022	 	 	December 31,
    2021	 
	Streaming
    Interests1	 	$	1,014,491	 	 	$	1,032,585	 
	Royalty
    Interests2	 	 	199,318	 	 	 	192,648	 
	Total mineral interests	 	$	1,213,809	 	 	$	1,225,233	 

 

		1	Reflects
                                            addition of $354 for Nevada Copper Stream funding and depletion of $18,448.

		2	Reflects
                                            addition of $14,208 related to the Beaufor and Sofia royalty acquisitions, disposal of $2,401
                                            related to the Talon Royalty Buydown and depletion of $5,137.

 

    6

     

    

 

Triple Flag Precious Metals Corp.

Notes to the Condensed Interim Consolidated Financial Statements (unaudited)

 

For the three and six months ended June 30, 2022 and 2021

(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)

 

9. Other assets

 

	As at	 	June 30,
    2022	 	 	December 31,
    2021	 
	Deferred
    charges – Credit Facility1	 	$	1,263	 	 	$	1,805	 
	Right-of-use
    asset2	 	 	804	 	 	 	929	 
	Leasehold improvements	 	 	307	 	 	 	354	 
	Furniture and fixtures	 	 	45	 	 	 	58	 
	Intangible asset	 	 	-	 	 	 	5	 
	Total other assets	 	$	2,419	 	 	$	3,151	 

 

		1	Represents
                                            costs associated with issuance and amendment of the Credit Facility. These costs are being
                                            amortized as a component of interest over the life of the Credit Facility.

		2	Represents
                                            the asset that was recognized upon adoption of IFRS 16. It relates to a 7-year lease entered
                                            into by the Company for a term which commenced on October 1, 2018 and is being amortized
                                            over the remaining life of the lease.

 

10. Long-term debt

 

Revolving Credit Facility

 

The Company currently has a credit facility of
$500,000, with an uncommitted accordion of up to $100,000 for a total availability of up to $600,000, maturing on August 30, 2023
(the “Credit Facility”).

 

The Credit Facility is to be used for general
corporate purposes and investments in the mineral industry, including the acquisition of mineral interests and other assets. The Credit
Facility is secured by the Company’s assets, present and future (including mineral interests and other assets).

 

Advances under the Credit Facility can be drawn
as follows:

 

		·	Base rate loans with interest payable monthly at the greater
of: (a) the aggregate of (i) the Federal Funds Effective Rate and (ii) 1/2 of 1.0% per annum and (b) the Base Rate
Canada, plus between 0.75% and 1.75% per annum (December 31, 2021: 0.75% and 1.75% per annum) depending upon the Company’s
leverage ratio; or

		·	LIBOR loans for periods of 1, 2, 3 or 6 months with interest
payable at a rate of LIBOR, plus between 1.75% and 2.75% per annum (December 31, 2021: 1.75% and 2.75% per annum), depending on
the Company’s leverage ratio.

 

As
at June 30, 2022, the Credit Facility remains undrawn. Finance costs, net for the three months ended June 30, 2022 were
$442 (2021: $2,059) and for the six months ended June 30, 2022 were $979 (2021: $4,577), including interest charges, the impact
of the pay-fixed receive-float interest rate swap and standby fees. Standby fees range from 0.39% to 0.62% per annum (2021: 0.39% to
0.62% per annum) depending on the Company’s leverage ratio even if no amounts are outstanding under the Credit Facility. The Credit
Facility includes covenants that require the Company to maintain certain financial ratios, including the Company’s leverage ratios.
As at June 30, 2022, all such ratios and requirements were met.

 

On April 30, 2020, the Company entered into
a pay-fixed receive-float interest rate swap to hedge the LIBOR rate on $150,000 of the Credit Facility. The swap was terminated on May 28,
2021. Refer to Note 12 for additional details.

 

    7

     

    

 

Triple Flag Precious Metals Corp.

Notes to the Condensed Interim Consolidated Financial Statements (unaudited)

 

For the three and six months ended June 30, 2022 and 2021

(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)

 

11. Operating Expenses by Nature1

 

	 	 	For the three
    months ended June 30	 	 	For the six
    months ended June 30	 
	 	 	2022	 	 	2021	 	 	2022	 	 	2021	 
	Employee
    costs2,3	 	$	2,721	 	 	$	1,270	 	 	$	5,430	 	 	$	2,960	 
	Office, insurance and other expenses	 	 	883	 	 	 	483	 	 	 	1,778	 	 	 	489	 
	Professional
    services3	 	 	776	 	 	 	414	 	 	 	1,298	 	 	 	677	 
	Amortization	 	 	92	 	 	 	99	 	 	 	189	 	 	 	199	 
	Total	 	$	4,472	 	 	$	2,266	 	 	$	8,695	 	 	$	4,325	 

 

		1	Includes
                                            general administration costs and business development costs.

		2	Includes
                                            share-based compensation expense of $1,230 for the three months ended June 30, 2022
                                            (2021: $347) and $2,566 for the six months ended June 30, 2022 (2021: $347).

		3	Certain
                                            employee costs have been presented within business development costs from general administration
                                            costs due to their nature.

 

12. Financial instruments

 

The Company’s financial instruments include
cash and cash equivalents, amounts receivable (excluding sales taxes and prepayments), investments and loans receivable, amounts payable
and other liabilities and lease obligations.

 

The Company applies all of the requirements of
IFRS 9 for its financial instruments. The approach in IFRS 9 is based on how an entity manages its financial instruments and the contractual
cash flow characteristics of the financial asset. IFRS 9 introduced a single expected credit loss impairment model, which is based on
changes in debt or credit quality since initial recognition.

 

IFRS 9 applies an expected credit loss model
to evaluate financial assets for impairment. The Company’s financial assets which are subject to credit risk include cash and cash
equivalents, amounts receivable (excluding sales taxes and prepayments) and loans receivable. The amounts receivable (excluding sales
taxes and prepayments) are carried at amortized cost and had a carrying value of $8,238 as at June 30, 2022 (December 31, 2021:
$6,313). Considering the current turnover and credit risk associated with the amounts receivable (excluding sales taxes and prepayments)
and loans receivable, the application of the expected credit loss model did not have a significant impact on the Company’s financial
assets, because the Company determined that the expected credit losses on its financial assets were nominal.

 

To provide an indication about the reliability
of the inputs used in determining fair value, the Company classifies its financial instruments into the three levels prescribed under
the accounting standards. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure
fair value. Refer to Note 7 for additional details on investments that are measured at fair value.

 

The carrying value of amounts receivable (excluding
sales taxes and prepayments), cash and cash equivalents, investments, loans receivable, amounts payable and other liabilities, and long-term
debt approximate their fair value. Financial assets and financial liabilities as at June 30, 2022 and December 31, 2021 were
as follows:

 

	As at June 30, 2022	 	FVTPL	 	 	Financial
    Assets
 at amortized cost	 	 	Financial
    Liabilities
 at amortized cost	 
	Cash and cash equivalents	 	$	-	 	 	$	74,431	 	 	$	-	 
	Amounts receivable (excluding sales taxes and prepayments)	 	 	-	 	 	 	8,238	 	 	 	-	 
	Investments	 	 	5,278	 	 	 	-	 	 	 	-	 
	Loans receivable	 	 	-	 	 	 	10,645	 	 	 	-	 
	Amounts payable and other liabilities	 	 	-	 	 	 	-	 	 	 	4,311	 
	Total	 	$	5,278	 	 	$	93,314	 	 	$	4,311	 

 

    8

     

    

 

Triple Flag Precious Metals Corp.

Notes to the Condensed Interim Consolidated Financial Statements (unaudited)

 

For the three and six months ended June 30, 2022 and 2021

(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)

 

	As at December 31, 2021	 	FVTPL	 	 	Financial
    Assets at amortized cost	 	 	Financial
    Liabilities at amortized cost	 
	Cash and cash equivalents	 	$	-	 	 	$	40,672	 	 	$	-	 
	Amounts receivable (excluding sales taxes and prepayments)	 	 	-	 	 	 	6,313	 	 	 	-	 
	Investments	 	 	13,672	 	 	 	-	 	 	 	-	 
	Loans receivable	 	 	-	 	 	 	9,688	 	 	 	-	 
	Amounts payable and other liabilities	 	 	-	 	 	 	-	 	 	 	3,866	 
	Total	 	$	13,672	 	 	$	56,673	 	 	$	3,866	 

 

Derivative Financial Instruments

 

On
April 30, 2020, the Company entered into a pay-fixed receive-float interest rate swap (the “swap”) to hedge the
LIBOR rate on $150,000 of its Credit Facility. The swap had been designated as a cash flow hedge, as it converted the floating rate debt
to fixed. Through the swap, interest on $150,000 of the balance outstanding under the facility was fixed at 0.315% plus the applicable
margin, depending on the Company’s leverage ratio. On May 28, 2021, the Company paid $297 to terminate the swap, in conjunction
with partial repayment of the Credit Facility. As a result, the Company discontinued hedge accounting and released a loss of $297 ($218
loss net of tax) from AOCI.

 

13.
Earnings per share - basic and diluted

 

	 	 	For the three
    months ended June 30	 
	 	 	2022	 	 	2021	 
	 	 	Basic	 	 	Diluted	 	 	Basic	 	 	Diluted	 
	Net earnings	 	$	10,922	 	 	$	10,922	 	 	$	18,339	 	 	$	18,339	 
	Weighted average shares outstanding	 	 	156,013,993	 	 	 	156,044,014	 	 	 	143,534,434	 	 	 	143,534,434	 
	Earnings per share	 	$	0.07	 	 	$	0.07	 	 	$	0.13	 	 	$	0.13	 

 

	 	 	For the six
    months ended June 30	 
	 	 	2022	 	 	2021	 
	 	 	Basic	 	 	Diluted	 	 	Basic	 	 	Diluted	 
	Net earnings	 	$	26,811	 	 	$	26,811	 	 	$	27,018	 	 	$	27,018	 
	Weighted average shares outstanding	 	 	156,020,615	 	 	 	156,034,617	 	 	 	139,739,993	 	 	 	139,739,993	 
	Earnings per share	 	$	0.17	 	 	$	0.17	 	 	$	0.19	 	 	$	0.19	 

 

14. Share Capital

 

The Company is authorized to issue an unlimited
number of common and preferred shares. At June 30, 2022, the share capital comprises 156,009,929 common shares with no par value.

 

For the three months ended June 30, 2022,
the Company purchased 8,218 of its common shares under the NCIB for $106. For the six months ended June 30, 2022, the Company purchased
26,808 of its common shares under the NCIB for $331.

 

In December 2021, in connection with the
NCIB, the Company entered into an ASPP with the designated broker responsible for the NCIB. The ASPP is intended to allow for the purchase
of its common shares under the NCIB at times when the Company would ordinarily not be permitted to purchase its common shares due to
regulatory restrictions and customary self-imposed blackout periods.

 

    9

     

    

 

Triple Flag Precious Metals Corp.

Notes to the Condensed Interim Consolidated Financial Statements (unaudited)

 

For the three and six months ended June 30, 2022 and 2021

(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)

 

Dividends

 

For
the three and six months ended June 30, 2022, we declared and paid dividends in United States dollars totaling $7,411 and $14,822,
respectively (2021: nil). For the three and six months ended June 30, 2022, no shares were issued from treasury for participation
in the DRIP.

 

15. Revenue

 

Revenue is comprised of the following:

 

	 	 	For the three
    months ended June 30	 	 	For the six
    months ended June 30	 
	 	 	2022	 	 	2021	 	 	2022	 	 	2021	 
	Streaming Interests	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	     Silver	 	$	12,564	 	 	$	18,254	 	 	$	28,554	 	 	$	36,472	 
	     Gold	 	 	13,679	 	 	 	13,606	 	 	 	24,663	 	 	 	21,689	 
	     Other1	 	 	2,514	 	 	 	1,707	 	 	 	5,091	 	 	 	3,023	 
	Royalty Interests	 	 	7,733	 	 	 	7,372	 	 	 	15,937	 	 	 	15,121	 
	Total revenues	 	$	36,490	 	 	$	40,939	 	 	$	74,245	 	 	$	76,305	 

 

		1	Refers
                                            to copper and diamonds.

 

Stream and royalty interest revenues were mainly
earned from the following mineral interests:

 

	 	 	For the three
    months ended June 30	 	 	For the six
    months ended June 30	 
	 	 	2022	 	 	2021	 	 	2022	 	 	2021	 
	Streaming Interests	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cerro Lindo	 	$	10,049	 	 	$	14,373	 	 	$	22,402	 	 	$	30,294	 
	Northparkes	 	 	6,340	 	 	 	8,562	 	 	 	13,210	 	 	 	12,393	 
	RBPlat	 	 	3,377	 	 	 	3,699	 	 	 	7,609	 	 	 	7,850	 
	Altan Tsagaan Ovoo	 	 	4,846	 	 	 	2,714	 	 	 	5,616	 	 	 	3,151	 
	Renard	 	 	2,287	 	 	 	1,473	 	 	 	4,630	 	 	 	2,789	 
	Buriticá	 	 	1,125	 	 	 	2,185	 	 	 	3,635	 	 	 	3,719	 
	Other1	 	 	733	 	 	 	561	 	 	 	1,206	 	 	 	988	 
	 	 	$	28,757	 	 	$	33,567	 	 	$	58,308	 	 	$	61,184	 
	Royalty Interests	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fosterville	 	$	4,517	 	 	$	4,123	 	 	$	8,587	 	 	$	8,335	 
	Young-Davidson	 	 	1,411	 	 	 	1,311	 	 	 	2,936	 	 	 	2,515	 
	Dargues	 	 	872	 	 	 	750	 	 	 	2,272	 	 	 	1,777	 
	Other2	 	 	933	 	 	 	1,188	 	 	 	2,142	 	 	 	2,494	 
	 	 	$	7,733	 	 	$	7,372	 	 	$	15,937	 	 	$	15,121	 
	Total revenues	 	$	36,490	 	 	$	40,939	 	 	$	74,245	 	 	$	76,305	 

 

		1	Includes
                                            revenue from Gunnison and Pumpkin Hollow.

		2	Includes
                                            revenue from Eagle River, Hemlo, Henty and Stawell.

 

    10

     

    

 

Triple Flag Precious Metals Corp.

Notes to the Condensed Interim Consolidated Financial Statements (unaudited)

 

For the three and six months ended June 30, 2022 and 2021

(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)

 

16. Segment disclosure

 

The Company’s business is organized into
one single operating segment, consisting of acquiring and managing precious metal and other high-quality streams and royalties. The Company’s
chief operating decision-maker, the CEO, makes capital allocation decisions, reviews operating results and assesses performance.

 

Geographic revenues from the sale of metals and
diamonds received or acquired from streams and royalties is determined by the location of the mining operations giving rise to the stream
or royalty interest.

 

For the three and six months ended June 30,
2022 and 2021, stream and royalty revenues were mainly earned from the following jurisdictions:

 

Revenue by Geography

 

	 	 	For the three
    months ended June 30	 	 	For the six
    months ended June 30	 
	 	 	2022	 	 	2021	 	 	2022	 	 	2021	 
	Australia1	 	$	12,338	 	 	$	14,222	 	 	$	25,630	 	 	$	24,206	 
	Peru2	 	 	10,049	 	 	 	14,373	 	 	 	22,402	 	 	 	30,294	 
	Canada3	 	 	4,022	 	 	 	3,185	 	 	 	8,147	 	 	 	6,097	 
	South
    Africa2	 	 	3,377	 	 	 	3,699	 	 	 	7,609	 	 	 	7,850	 
	Mongolia2	 	 	4,846	 	 	 	2,714	 	 	 	5,616	 	 	 	3,151	 
	Colombia2	 	 	1,125	 	 	 	2,185	 	 	 	3,635	 	 	 	3,719	 
	United
    States2	 	 	733	 	 	 	561	 	 	 	1,206	 	 	 	988	 
	Total revenues	 	$	36,490	 	 	$	40,939	 	 	$	74,245	 	 	$	76,305	 

 

		1	Includes
                                            revenue from streams for the three months ended June 30, 2022 of $6,340 (2021: $8,562)
                                            and six months ended June 30, 2022 of $13,210 (2021: $12,393), revenue from royalties
                                            for the three months ended June 30, 2022 of $5,998 (2021: $5,660) and six months ended
                                            June 30, 2022 of $12,420 (2021: $11,813).

		2	All
                                            revenue from streams.

		3	Includes
                                            revenue from streams for the three months ended June 30, 2022 of $2,287 (2021: $1,473)
                                            and six months ended June 30, 2022 of $4,630 (2021: $2,789), revenue from royalties
                                            for the three months ended June 30, 2022 of $1,735 (2021: $1,712) and six months ended
                                            June 30, 2022 of $3,517 (2021: $3,308).

 

17. Subsequent events

 

Quarterly Dividend Increase

 

Subsequent to the quarter-end, the Company’s
Board of Directors declared a 5% increase to the quarterly dividend of US$0.0475 per common share to US$0.05 per common share that will
be paid on September 15, 2022 to the shareholders of record at the close of business on August 31, 2022.

 

    11

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