On closing of the Offering, Agnico Eagle will own 89,102,760 common shares of Belo Sun, representing approximately 19.2% of the issued and outstanding common shares of Belo Sun on a non-diluted basis (after giving effect to the Offering, but otherwise assuming that the number of issued and outstanding common shares of Belo Sun as at the date hereof remains unchanged). As previously disclosed, Agnico Eagle and Belo Sun are party to an investor rights agreement dated May 21, 2015 (the "Investor Rights Agreement") pursuant to which Agnico Eagle has the right (which it has not exercised) to nominate one person to the board of directors of Belo Sun and the right to participate in certain equity financings by Belo Sun in order to maintain its pro rata investment. Agnico Eagle is acquiring the Subject Shares for the purpose of maintaining its pro rata ownership interest in Belo Sun pursuant to its rights under the Investor Rights Agreement.