21/04 2015 TUE 18:27 FAX +61 2 9296 3999 0001/034

KING&W(]DDMALLESONS

21 Apr112015

Company Annoucement, PlatformAustallan Securities Exchange20 Bridge StreetSydney NSW 2000

By facelnll 1300 138 638

Dear SIRMadam

Sunbird Energy Umited - Notico of Initial substantial holder

Le- 61Go. mor PI* TOIA,r1 F,rer Place81*ley NBW 2000AustralaT +81 2 9296 2000F +01 2 9296 3899

We act for Umbono Capital Partners (Pty) Ud ('Umbonol. Please find at ched a notice of Initial substantialholder lodged onbehalf of Umbono.

Paul SchroderPartnerT +61 2 9296 2060Daul.schroderaau.kwm.corn

Total pages (Indudhng this page) 34.

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11.   COSTS

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Assignment Agreement

Umbono C,ple=] p./... LLC

and

1,"100'- Caplial Padi'.r' pmptletary) L 'le.d

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11.

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18.

CONTENTS

1. PARTIES

2. RECITALS

S. INTIMPRmATION

4. AIINNIENT OP SALT OPTION

6. BREACH6. DISPUTE RESOLUTION

7. CONFIDENTIALITY

8. DOMICIL[UII CITANDI m EXECUTANDI

S. PUR™ER ASSISTANCI

10. INTIRE AGREEMENT

11. . BIUTY

12. COSTS OP INPORCEIENT

18. VARIATION AND CANCELLATION

14. CIOION

INDULGENCI

OOVERNING LAW AND JURISDICTION

COSTS

COUNTERPARTS

6

10

10

10

10

1.

10

11

11

11

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3.1

00011 Assigment Agmment

21

PARTS

.1 Umbollo C lial P tnelB (Prop,Il¢illy) LImlt* a /1,- ourrm„V ddy ligolior,IKh gooordance with vi' compeny lan of th, Rep,11* of 8 101 Afilca undi' r *rt™»09nunber 1999/016361/07 CUmbono 8A1; and

1 Umbono C.pital Pmtnera LLC a billb,d labilg corporation reol-ed imder the igai of#10 8#ab of Delm¥,re, Unl KI St,W of Amerlom (rigl•tration number 4186472)('Umbo,07

ReOfTALS

In §8rms of the Salt 4eement conck,ded on 12 August 2012, Unlbono acqu:ed the 8,ROpa,n Rom 8/ wheity Umbono h=, *-04.dglvaoquh illidlvi ai.1,0,1/Vpof the Sunbbtl Sh,ree (*,ough dh ot ov,mish* of Saltwhkh hokl th  Sl,:bkd Shly,),repre,ent g 40% of the le,ued Ihiri oapltal Of *1% upon b Whg on thi ASKthro* thomrclie by Unlbono of the SdiO on loaoqlim 98% of the lemied shillcooltal of Salt on a fuly cmut»d basis s lect ho coinplancl wRh Oil *pkible BARBRqliilons md ASX Mouillioll

Umbono Whes lo m••15 1 up 10 80% of be hit Or#Imt to Umbono SA Io thet Unlbono

SAwl have me dghtv acquh*bt m .flicll- 9.1.hola, of 1£9% of th. 84*W ued Capil, 8,4,01 lo oomplanol v*SARB Rog,illions,nd ASX r,gidllonl.

,mERPRETATION

  thl Agflement, un Ill the contlod indlatio omerv  0,8 word, Ind 4,e=lonsbelow 4/ have *IWI#-lif:

laut

SU-0,2DI,

Colipi.loe ./.

Con"*Ine,1 In om,/.en

/4/1'll

BARB Re/*.ki.

I*I Vreimint I miended *om thi to li by thi

memi *0kii*n Bealdili Bmli „Fi

meel any day other thsn a Strdly, Sunday or pubichoidl Il Johmnnelburg, 80*h *10,;rn ens thed- whloh Is Iv• (6) El- = Diys (croucholhor Ine Dedod m ine Pith mly ggle In wmng) IINmedlion v oh me ./*pen•h, Con-on hmsbeenRalled ind/or wived;meens the deeals of m/ Agreen,ent Ind al Amidb/ or.immin' oonlarnp  d In #18 Agr,em.X = well as dliformalion I.1.14 b me bulig,ell, the ope,/ons, Ilml.1ms* and labmly of Ily Partt

mthi p,Oes 10 Ihh Agisemint 1* out h glause 1 and11- pernullid =.IB,em Ind succ=eof•*,  or Inyom of Uim m me conliat n,q requ,e;mean, the exoh-,0 con#d regu lons of the Gou*,Afican R-erve Bank m  mied tom t ne to thn*

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3.3.3

514

Opllon A..4:„Inilt Agreemint

54/.*"IDS.

8/

S.AF...Ilit

S* Opljon

Sunbid

SQI'ld ....dellill

Slmbrd0,001=

8-bBId*hil..

mems Ihe dine on which thi Id Pity dgns ulAl.en nt;n»mi SaR Mheril Invil:menm Lmll,Bd a oocpoinonINI-Id under tho lmi of thi l,le of Mann  Brll,h lal, (registraeon number (007162V);In na the a ,m,nt concluded .A-1 .sr *Umbono ind *alt on 12 Augld 2011 v,heliby UmbonoIm-dm*.aos... Sa  Optk,t 81,•s;m•Ins m opon grmled b Umbono In l,rrns of Ae BaRNreemmt for Unlbono tomaquire in 'mo  d.har= ISi repr=entllo a 9996  1* nine percenO Inilrist on a1* alld basls lor a peilod of 6 (flve) years #cm 12Aleu•: 2011 In se-n,nt of te Top Up Conaider,Non/,N*omme-*reementme,ns Sunbu Energy Un#ed, a p**Ic lad compl ,yddy I coll ors,ld DI =cco„*cioe wmi #10 he of Au,hia(Reola:ration No 150 968 773);

m=ns the ** Ihie civid of Su„Wid at m mr h,1,DI behg 100 mim Irligy liTInells forty m on (40,000,000) options b acqul. SUmbldor*,Iy *se d a Flo  ofAUD a20 per .him, I..ued toBal #olowhg the succ•=Al Idng of 8,11 on the ASX Incon,kleratlon ibr the sale of he Greathvays Shar= by Saltb Bunbird;m=ns  dy mion (40,000,000) d.„Ii In .laeued.,u„Icapial of Sunbld issued to Sal folkmN the mlIllaig of BeR on the ABX in constdira ll Rx me =ls of tr»Gr-*wys Slwes by Wk, Sunbird;

12 Where IV Wm il delhad wm, Al col*,4 of Ily parioul= clause in ill Nroommtm.*m sode ned, UM'. Risolas, fromEhool useln que,IM MO. .m. demt.has  11/# **baw k, the,*v to -, sh  be/'/ me=*10 a,orm,ed to 1 foralplipoees Il 18rms of thlNre„ni„,t, no ¥Ih-ndAg #at thit,rm h  not been d edI thi ..monD  aul

3.3 This AFeement shall be Inlipre,Bd In accordance with the,olowN prh®les:

13.1 a *lence lo a "plion" *kides a relaciw,M 10 an h,dMdim  Per 1.,11*'oompmy, do= 00<por,Son, omer body corpomia, a tnK =1 111„aorporalmiooldion ora Mi vinture and*•i p.reorrs l* repl .Ir,taevia, auoo,Horsandpe"AE.d alugmE

3.3.2 words *pot#W ihe n eoulne Ild hul m rllarlnce lo  he bmlne Ind veiversai

words hp©,Ung  eshloill Ihall ld„l a rolarencs tothi pknl Ind vlal verla:

reforelly to a document IndU'l an amen nent or supplement 10, or replacementor novation of ttut doournon;

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4.1

OpUon Aellgmlent Agreem,nt

3,6,6

3-8.6

3.6.7

3.5.8

3.5.9

3.5.10

3.5.11

15.12

3-5.13

35.14

3.5.15

Iny rili'"" In thl' bilreement 10 *'glilitcit or a ilituls 'Imil be a reha,enoe 00auoh ./.IM--mat ENgna n D-md-,men.Vmed, a0,22,/ or M.cod *om irie b 1*,<

Ihe headlu Iplli# h thle AC/,Ii„,I,t •• lec MI,I„  pi,i,oies dy andsh# not #aot the Inte,pretation hereof:

v,h- 241 *ree ar.*-red *Am-* .di- Wh,re Imnyconmot./en Be/4 th. word•shal prevat

li =iy provl.lo,1 18 a deanlion Ind 18 a 81*Ili,11 va p,ovillon 00,111,111,9 dg  or4084 oblgaMons on s,y Pity,Imat li il onl.* mo deth,Imon {orsuch *er.Un), .1.X shani b.g en bal.IN... asil» nlve provllion inthe body of 8:18 Agreementh th"*hatme d,V. p,r,om-= of arg ob#elion tobepe m. h.msof th  AF.ement .ho id /1[ on a dly which 18 noE . 8/#1". 0/y, thi r levantd,y*/.*rn.low b. 0» .-**,uooes- Bulh,e- *

whe  my m,nber id*ys .preeo- * t Nreemer  that number,h,n Mdele,m ed hick:,lvily of the ad =ldegibilvely of melmt dq, imlees the h/dly fal ened".0*# .not. 81*./ DiRY, h whkh cms thsh=id a 11 beI.h-/4-8848.m D y

he lania 'lialang compint and 'Id,Ik t be= me m mlinN glven 6h..Ims In U» Com... AXAe um d Ihe In-d  daillt fol wed by spe o I=IMI  111 nd becon*ued m IAZON the medng of the glneral wor*U pncedhg Il ind theallidml gen„1e nii ehal not be sppl d Iri theh,N,pr,t-n of such gineralwo,1970 or auch ipedlo Ipili

 e eo® aion or *mham of hs AF=ment sh,1 not  ct suclt of mipr lion, 4 0* Wre=nmt as api,Ily pruilde IM they wil opeliti Ini myeuch**=Im-h or which of neoe.* mumt oonho v heve *laotmnar such ** =*min,80n, noD-* mtme-mes Ihemee do not eD®relsly pro,Ide kr #*i

unle,s em®reeel Qh/2././.i roprov'lon of thi A./.mint.hal oon,mu,el®4*,tion  rthe benem of =9 p„,wn (s¥*Ilo almiD who li not a pIN lo INsAgl linll* md

the *1= of thlNrearnent havhg bi,n negomlid, k nle of 001*uolion th<in 11» Iven! of amblglly, the ag„iement shal be kile<pieled again,t the Pldyreepon'b" for the  aft*g mereof, shall nci apply In the Intarpist, on of thisAgreemelt

ASSIGNISENT OF SALT OPnON

Unlbono hereby 88*no a proportion of the 8,R Opson lo Umbono 8A to 8,/2®ork forup 10 80 (elghly) oldiary shar,s In 8,1   Wins of clause 7 of the 8,lt Agreementrepreser,IN a ehonholding In Salt of up to 80% (eighty percent) on m W, dluted balls

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02

6.2.1

6.1.1

6.12

52

Opnon A-18""IitA.reen»nt

4.1.1

4.1.2

5.1

4.1.3

42

4.3

v,h hi v,hen mrolied by Umbono K ¥,11 prov  b,nef  owner,hip * Urnbono BAoe

8096 (eighty percer* of the 81*Ird Shares, reprelenEN 82rn (thhly t  mlliz)illued ehares of ambM r,p,=914 329696 (01hly Mo WcenO of *» li=iodshie capltml of Bunbtd on the eflact28 d- d the 1-10 ofSunbird on the ASX:

80% (aighty perc»,4 of Ai anbird Opoons. r,prell*CrU 32m S,Irly 1,00 mllon)opdons to moqude sharel of Sunbl i a prioe of AUD 0.20 (56enty Au-aianoems);subleot B the 196 (one peroe,® A=* Management lae moc,uN lo 8,lt h *In, ofIhe 8,R *elit,enL

Umbono BA reigni the *t to e=oise Al portion of Salt Option in trmoh= 80 = hoenin th  H al imes compall wlm ne reqldrements of the SARB.

Unbone BA hereby u, lakes to be bound by Ihe  m» of tho Sal Weemelli INar*, hat  •Ker*e of /» W O*n ,h,[1 be subjeo¢ 10 regu oly,pprov* hokid#oomplenoe  th ne SARB *egu lons 1/d Iny raguIMMI or requl,Monl of the ASXm *aw m. P-*0*matboth Umbono.Ulk-noMMI nie ,sler of the proomds of any e,mrel»d Sat Option ur• the current AS)< AmiR,obioaons phoed upon Bal have wq,Ired, siticipal on or aboll 19 .Iml-y 2014.

A Asconilde,m on lor the milg,unint h thli *1* 4, Umbor,0 SA shal p0 UmbonoR100(01» hunchd South Allcan RInds).

.ReACH

Shoukl =1, P=ty commi a breach of Iny of me prol,Zons ofM Nreem,nt Ind *1 loIng ihit blea wmthI0 BIA#,le= Ds,§ dl= No®t *om =9 omer P=ty ofm.- 7/. c, g upon R-*do, then the Pa,4 4/eved bye  breach w  be** In adalon lo and wmhout prilucice b =¥ dgM 11 n=, have - a r-R of *tbre,014 either lo:

*=sp omo*nce of th. ,ms her®oC or

Wmh- mi AO,=I,mt Ind reoovarsuch di,Iiges •s It mq have =Ilinid.

The P,1,/ rem/*/ :1 0//d"/5,h,1 notb//huu/ /nd sh,1 be had on,ndv,Hhout pr,lual lo any olhere miy mg have Id,r or In eon,I *,ence of th*

DISPUTE RESOLUrION

1 N any(Slputs I allarenoe =1888 between the Pa es In conneoeon wla any =pict of9* Agrelineng Ole Danmolons plovlded for by th  Aglilil)ent or the valdly of <WsAgleemer  ([»Fll those Ple= ildlitmil w#h .011 other lo l»e all re=onableend, votni In good WA b *14h DI.B/li by n godillo,L

Forthe p//po,0 of emombat„/ th, prooe= of negot,dbon re/arred b in cim- 8.1:

*ty P«ty may g ve a Dispule Notioe v,hloh mult

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72

7.2.1

613

6.3

8.3.1

OpUon helgnment Agr,elnent

811.1

8112

811.3

612

0.3.2

7.

7.1

722

7.2.3

7.2A

7.3

7.3.1

be g an to aH of the othar P=1lI IploiWI, the nature of th, DI•pute;

spe* 0-8 Pluies wih whom hi llt P•V conddifi kil lo bi Indispule 000*er and Induling the Party who gave Ule Dispill Nooce, theIligali  Partili); and

nom,Ill a .enlor „prosental e or h# 6 Mve of 0/# Pady to con,lup..,enegot on,.0 who w.h-*48.Im.p.. bahm0of that Party; md

eaoh of the other Nigollng ParSes n„,Ined In th• CM•pu  Nolloa or =W otherParly ir It wl,hes lo be hvolvad hl the negotillon in ilatil 19 tho DI,pule (al,o en a N,00 ath,g PHN), mut hen prog*4 gN' noice to each oth"Nlgoll,lig Pity nomlnin  Ihir reepect* senlor reprele,1*Ove orrepreienta!*u of thiP,*to conduotthi nagolaUon, and who wm hlve autho,1)beet:* the D*,4 on *dofe/ Piny; and

me Negatialmg P=1108 must then prompay oomm,noe thi n,gohOon h m  .1,8-=.Im. P 

A Nlgot   P* must not commence cocit proclocUr,s h reW* to a Di.9-

a Di,pite No608 hm keailved Ind 15 Bill,ail Diyi have Waled wHI,outtheDiFI b*W miolvid; or

that N goUslw pa# .01,urs* **indi relef.

CONFI,E,mUITY

The Pa IIs w..sp,nth# con dent., snd v. ensure #st th- 104.I d..4abl,Iia and Mial bodles 00,pomis, keep conndinli,[ al Con de„11,1 ll,in,lon indwl u=th,Confide,  Irift,mimilon ,04 forthe pulpo.of thl AFe•mont.

Thl Par=Ull -ch respedively agree lo cisdo= the Corilldlnlial Inbrm,Za, or* to theirreepeolve omon, drik,rs, em*yiI, 00,1.uNm  ind. : ' . advisors who

hava l nsed to 40* (and then only v the =dent thate=h Iuoh Floon h= aneed toi=#);

semn thi I.Q#*.In#o Ilon shoukl be kopt oonf enlal;

areaws,lof thedlosm ps,¥s uder dng Inrelajoll losuch Worm,Mon Istout by mi *Irms of MWeement and

han been d imoted by the ¢Sloloeblg pity to keip the Con§der,Ual Informaoonoonfldenl,1 Ild have :,08,1*m to keep the Conidentl,1 Informalon oondicli „liaL

The oblgaions of the Pa,§01 h relalon 10 018 nla an,no  md non-,lioliae ofCorlfidentlal In omi lon h lerms of this Al.Iment do not e and §0 Informi.m etat

le dgdolld lo the receM,40 party under the larms of Ims A mmenE buti attheIne of such decloeur  Is Imown b be In 018 *01U1 posse,sion or contiol of thereoe,Lig party cd 9 not mejootv an oblgdon of conldent,Il 

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8.1

Op on Asilgnment Agi,Imint

7.12

7.3.3

Il or beoornl publo kn edgg 00,®Mis thi puiumnt lo a higch of th*4,ement by ...4 who...moh Conid,r  h ,m,lor  .ld

Irequ ed bytheprovlelons of this Agreenler< mylmv, Il,Ii,ili gri,Bilion, ordistng any oourt orarbllrilion p,oc=di,ge, or by #0 ruMe orreglialiMI of iniy,®coo.*ck =.. 10 .ci,cloo,d and ae p=4 reqt*ed *m  hd 0-0 has Imned, I Waa reeic,itly poeille, mi Id=* d Iuch dimloiumind 11=con,ulted wNh ihi diw p les prvr to m,kN,uoh dholomn,

A Thi oblgation oor-led h dluse 7.1 shal endure, oven «1 r the *mmilon of thllA emef  „Imout Ibnt In point of thne -oept Md inl luoh Conidenial Inlormallon0 /18 ¥* Mh/1 my of the p'ovI'lons of 9/aule 7.3.

Shou a parv be.p#. ...40 .yofal ..UM# WI'/#41*.. RWinlomaUon or documents, 81*Foen,. oM *v,IOgah dinind or imhr INK prooe=)10 *010.0 .19 Connd.,11 h,formallY to Iny third pig, h PaN conce,ild *hal*111.Iial* no  0» 0 er Pa  thereof h order mt mo olhir Pily mq h bdilcrotlon md st n, cost rale miy eppicable objecions, seek an Zprop,late proleotiorderor wa acon,lialoowlh *»pro-ons ofl*AO,emer,t, or con,entth«elo.

Each PallY *hal con#* w*h the ovier P=le, pdor to InGRN or miling any p,blos,mouncement pre= reille orairnl,publo lolommv,Ih raip«*loth Aoresm,nt

.7 Thelerms of thhi claule //Ill not spply toe» u"cf Cor/kler/,/ Inbmation nie//I'wyb gotnplyw h the mlevant Ii,1 h respict io all mallin r,lat g * thip,opos,d I,thlg ofSunble and the promooon of such ls[N.

DO CH-IUII CITAIH)[ ET UliCUTANDI

Eich of thi Paruse ohooies li sddrai a•t out mia„gilile ns n=ne below = th-do,r*/m dka et eocacul dl at v,hlch al notio,8,  1 proce,/ =nd othwcommuncations mull be del,ered lor lo purpoN. of UVI *Feement

Unlbono:

Pt!,aic,lacldre,8

F= number

Em,11All.Illoi,

333 GrancMM, P=in=y, Sum, 405

Trm«se CRyMI 49684+1 (231) 003 0545

rgirh•Id@unbono.oorn

Rob A Girwd

7

7.5

78

7

82

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8.5.3

&5

6.5.1

8.8.2

Option A= nmentAer=Mnt

9.1

911

Umbor,0 aA

Phyalcalad*eis

Fmrunber

67/1

Allanlon

8ults 201,Prtv- Bag )80600,Ho 1*on. 2 41,801*h *108

+27 11 484 6006

hilinmmoom

Keiwln Rlna

Any noti = or oommunbam //hu M B=mu m b/ g,wm h 1,m/ thl A eementshat be vaNd md ifiso¢*ve ody If in wri# blt 1 ehal bi oompe Int b *ve nollci by

Any notice lo a Pity contlined h a correoey addreleed envelope anct

Ient by pripaid reglili,/ poet 10 R at No ohoin addlim: or

delveid by liNid b a r=pom  Fion dz#lg orl,B b ess hours * Nachoion addia•,

eh,0 be deemed to han bien „00,4, in - eme of reol- d poe< on the/0#(eth) 84,Ili,Ii. Dayini podng (unle= hoon:r-y lipovad) and, h ihecaae of hand delvmy, on the dly ofdelvely.

Any noace by lele# to a Party at h talefax n wilber ehal be deemed, unlees the001*zy Im proved, b have been reoshid v,mtin Rx,0) h,1. ofkining.lon witele i.vinimmid du,N ncimi buili ses holin or vmn Ninly four TAA) hours dIhe openhgof bu,Al"<m*.Ir/Bu ne= Day'lwil *"In,R.d wh..RIM."M'd cu„ ethole bulk'.. houn 

7 Any noace by emal shal be deemed, ute= the cor*Ily   proved, to hive Minreceived onthe dlofsendllg Ifabudn-I *y, other,vlie on me neod bultlees dly.

Fich 0 ml Plies lh  be elmed * Iny Ille IO change 1  Iddl 10 my omeraddl bygl  Ill#In no«ol to Ihtdedb the alher Pal«aa.

FURTHER ASSISTANCE

The Pih igree  st Ily wl oxper,le Mly lo do ll such flillir mal, Id =net any Riuu dooune,88 m may be neole,ry or deel,ible Zo glve 1 1 Il ot lo thoarri,ygemi,ls conieinputid by th  Agreement.

TI» P.,1*0 81.1 at 1 thnes du4 . conmli.Ime of . Nr=nlent ob=Im .p,In*el of good falm *IN,Ids one analher hl thi pe,lorminoe of their obagatkns in*ins of thl Agreeme,< whkh ihil lidude 1 8 Pa,les:

It al thnes durkU ihe hm of this Agreement ac lg recile¢„Al, hone  Iid ingood Wth; and

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8.8

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11

15.1

14

14.1

Op on A=g nt Agrelmint

0.2.2

11.

11.1

10.

10.1

111

iL

13.1

p«*iming 1har obigalor» m,184 tom this Agillm,il dRIeniy md wlhrelloili  oare.

The4* ind ob*,800» of the Pglies inder thb olauie 9 Ihi be oubjectio thi P ,Resbehig enmed at .1 *rm * pro #,nd dvanal melr re,pecIN *Roll§ h Alns of INsWr=neft

ENTIRE , ,=. -

This Aoreement consartes the enth Veement beeveen the Pitles as fer - theIublect maller conimhled In thi Agre.ment, conoomed and no P,:1, sha have an,clim , dght of ,0on arl,Ing *om any undeff/4,1· , 9.,or "Un.* nihduded In inlNieiiwit

sEVERAmarrf

Eaoh of #.pro-onstih' Ag,emem,hal b-omid ,d = sepam§@ terms .dconalons Ed In Ihe ev# M ININreimid li dkatid by q *0 alon or Inymmen*nent ter*, or i the provillons herein conlned se by Wrtt» of9/ igW,lionor othindle, hold to bl m* Ilval, prol*IN or unonforollble, thon Iny ,uohprovisions shal be h,affecove only,0 0»  0 int of mellogilty, livalcmy. prohblon orId=.4 and eaoh of the remaln  pro-ons h,r,of shani r,rna , A U force andef#scE = 0 fha l,K Imi< p,ohmiled orapro-on wal nd, pit Mreof.

COSTS OF ENF • ....  r

AUoo-: ch,rg,6 md In,= of.V imn whal, r wh h m,y be #urr. by.P# in el,forclv b dgins ,; man, of th* Weeme* halcnt, wtho,i  11RN thegenerah of Fe aforegoN, /0 co. on /» sol of -rna, .d om -,ndcolecllon cammhlon, Ieepecth of whether Iny fon h= been I,Ilfulad, shal bereoover.ble on dem,nd *om the P=v ghl,1 Which auch f ht, l. suooe=MyIr#orold and,h,1 bip,yab*ondem=L

VARIATION AND CANCELLATION

No,veement v=74 addig 14 deletN *om or cancellm M Ag„,ement *il beIllaceve un § reduoed to w,mig md Illf by ar on Wi#of Ehi Parim

CESSION

Non, of - Part l IM be MUM b aidgn, oed,  delegate ort,nilir any ,¥tlmioblganons, shale orin rest loqul,d hts,ms d #1*  *eement h whole or ln A toar¥ other pefty or person witholt the prlor.wilttln consent of al tho omer ParOes, whichcoiiaoit *-1 not aiweasor y be,*Md or deliyed

NDULGENCE

Nom.*m of t., relm«on orind*ence grzn. by any Pwty 10  other ohal bedeemed to be a waiver ortaolt =neric*nent of that Party's r hts In lerme hereof, nor ehall

0.3

11

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Option Assignment Agreement

any such rel  on or   u enoe be d,erned 10 . a novat n ornlvar of Ihe Irm, endcondOon, ofINr,ement

16. GOVeRNDIG LAW AND JURISDICTION

18.1 This AQI,Iment 1, govlmed by, and * lo bl oonstrued In aooo ance v,Hh, the law ofm.m k.m. and the MA- •ubmalom. non«ck,•. lurled=on of thi couldWaelam Au-Na md .4.4h  *hm*-oou 

17. COSTS

17.1 The Pallm s:tai -ch ./ th. om..=dw htheneg-Son, p,ep OonId dfanhg of thia Aoreern nt

COUNTEPARTS

18.1 Th  Aarlemont mq be Ileied h ary nlsnb,r of col, lifpi„Ii Ind •I such oounhipllstaken logsthi Ad oonsml one md en une Agreement

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Opuon A=4nment Agresm,EX

SIGNED st

SIGNED at

FM,d on beNtfd

For Md on WVof

Umbono C,olial PI:*Ilis (Prol,Ilet=y)Limlbod

I //1Capacity: Dbre=lwho wamnts his aumorlly lo do 80.

an P  40' <2Umhono C.61#imiElzLC

N ne: Dorlm W ey

Cip.ORY: Deictorwho w rmt; M. autho* b do.a

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