QUARTERLY REPORT Uranium One Inc. (Full Corporate Name of the Issuer (Name of a Non-Profit Organization))

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CAUTIONARY STATEMENT: This is a translation from Russian of Uranium One Inc.’s quarterly report for the first quarter ended March 31, 2019 (the “Original Report”). The Original Report was prepared, published and filed as required by Russian securities laws and the rules of the Moscow Exchange. This translation is provided for convenience only, as Uranium One Inc. no longer publishes any other form of quarterly report. The operating and financial information of Uranium One Inc. presented in this report for the first quarter ended March 31, 2019 has not been audited or reviewed by an auditor. The audited consolidated financial statements and operating and financial review of Uranium One Inc. for the year ended December 31, 2018 that are referred to in this translation of the Original Report are provided separately on the website of Uranium One Inc. at www.uranium1.com, and are not included in this translation of the Original Report.

Approved on “ 14 ” May 20 19 Board of Directors (name of the Issuer’s authorized body approving the report) Minutes dated “ 14 ” May 20 19 No. n/a

(mark of approval to be placed on the front page of the quarterly report if the Charter (or other constitutive documents) or other internal documents of the Issuer provide for approval of the quarterly report)

QUARTERLY REPORT Uranium One Inc. (full corporate name of the Issuer (name of a non-profit organization))

Issuer’s Code: ------

1st quarter 20 19

Location of the issuer: 333 Bay Street, Suite 1200, Toronto, Ontario, M5H 2R2 Canada (location of the Issuer (location of the permanent management body of the Issuer (or another person authorized to act on behalf of the Issuer without a power of attorney))

Information contained in this quarterly report is subject to disclosure under the Russian law on securities

“Eduards Chief Executive Officer Smirnovs” Eduards Smirnovs (position of the Issuer's manager) (signature) (Full name) Date “ 14 ” May 20 19

Not applicable (position of the Issuer’s officer acting as Chief Accountant of the Issuer) (signature) (Full name) Date “ ” 20 Stamp Here

Contact person: Bozidar Crnatovic (position of person responsible for the quarterly report, first name, last name, patronymic name) Telephone: 1-647-788-8460 (phone number (numbers) of the contact person) Fax: 1-647-788-8501 (fax number (numbers) of the contact person) E-mail: [email protected] (E-mail of the contact person (if any)) web page used by the Issuer for disclosures of www.uranium1.com this quarterly report information www.interfax.ru

- 2 - Table of Contents

FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION ...... 7 I. Information Concerning the Issuer’s Bank Account Details, Auditor (Audit firm), Appraiser and Financial Advisor and Individuals Who Signed the Quarterly Report ...... 9 1.1. Bank Account Details of the Issuer ...... 9 1.1(a) Current Accounts ...... 9 1.2. Information Concerning the Issuer’s Auditor (Audit Firm) ...... 10 1.3. Information Concerning the Issuer’s Appraiser(s) ...... 14 1.4. Information Concerning the Issuer’s Advisors ...... 14 1.5. Information Concerning Individuals Who Signed the Quarterly Report ...... 15 II. Basic Information Concerning the Financial and Economic Condition of the Issuer ...... 16 2.1. Financial and Economic Performance Indicators of the Issuer ...... 16 2.2. Market Capitalization of the Issuer ...... 17 2.3. Liabilities of the Issuer ...... 18 2.3.1. Borrowings and Accounts Payable ...... 18 2.3.2. Credit History of the Issuer ...... 21 2.3.3. Liabilities of the Issuer with Regard to Collateral Provided by the Issuer ...... 24 2.3.4. Other Liabilities of the Issuer ...... 24 2.4. Risks Associated with the Acquisition of Securities Being Placed ...... 25 2.4.1. Industry-Specific Risks ...... 54 2.4.2. Country and Regional Risks ...... 54 2.4.3. Financial Risks...... 54 2.4.4. Legal Risks ...... 55 2.4.5 Reputation Risk ...... 55 2.4.6 Strategic Risk ...... 55 2.4.7 Risks Associated with the Issuer’s Activities ...... 56 2.4.8. Banking Risks ...... 56 III. Detailed Information Concerning the Issuer ...... 57 3.1. Information Concerning the Issuer’s Establishment and Development ...... 57 3.1.1. Data Concerning the Issuer’s Company Name ...... 57 3.1.2. Information Concerning the Issuer’s State Registration ...... 65 3.1.3. Information Concerning the Issuer’s Establishment and Development ...... 65 3.1.4. Contact Details ...... 72 3.1.5. Taxpayer Identification Number ...... 73 3.1.6. Branches and Representative Offices of the Issuer ...... 73 3.2. Core Business Activities of the Issuer ...... 73 3.2.1. Principal Areas of the Issuer’s Economic Activities ...... 73 3.2.2. Core Business Activities of the Issuer ...... 73 3.2.3. Materials, Goods (Raw Materials) and Suppliers of the Issuer ...... 75 3.2.4. Target Markets for the Issuer’s Products (Work, Services) ...... 77 3.2.5. Information Concerning the Issuer’s Permits (Licenses) or Admissions to Certain Types of Works ...... 81 3.2.6. Information on the Activities of Certain Categories of Issuers ...... 81 3.2.7. Additional Information on Issuers Whose Core Business Is the Extraction of Mineral Resources ...... 82 Akdala Uranium Mine - Kazakhstan ...... 96 South Inkai Uranium Mine - Kazakhstan ...... 96 Karatau Uranium Mine - Kazakhstan ...... 96

- 3 - Akbastau Uranium Mine - Kazakhstan ...... 96 Zarechnoye Uranium Mine - Kazakhstan ...... 96 Kharasan Uranium Mine - Kazakhstan ...... 97 Willow Creek Uranium Mine – United States ...... 97 3.2.8. Additional Information on Issuers Whose Core Business Is the Provision of Communication Services ...... 106 3.3. Plans for Future Activities of the Issuer ...... 107 3.4. Participation of the Issuer in Banking Groups, Banking Holding Companies, Holdings and Associations ...... 107 3.5. Controlled Entities of the Issuer Which Are Materially Important For the Issuer ...... 107 3.6. Fixed Assets ...... 122 IV. Information Concerning the Financing and Economic Activities of the Issuer ...... 124 4.1. Financial and Economic Performance of the Issuer ...... 124 4.2. Liquidity of the Issuer, Capital and Current Asset Adequacy ...... 133 4.3. Financial Investments of the Issuer ...... 137 4.4. Intangible Assets of the Issuer ...... 139 4.5. Information Concerning the Policy and Expenses Incurred by the Issuer in the Area of Scientific and Technological Development, in Respect of Licenses and Patents, New Developments and Research ...... 140 4.6. Analysis of Trends in the Issuer’s Core Business ...... 143 4.7 Analysis of Factors and Conditions That Affect the Issuer's Activities ...... 144 4.8 Issuer's Competitors ...... 145 V. Detailed Information Concerning Individual Members of the Management Bodies of the Issuer, the Bodies of the Issuer Controlling Its Financial and Economic Activities and Brief Information Concerning the Employees (Personnel) of the Issuer ...... 147 5.1. Information on the Structure and Competence of the Issuer's Management Bodies ...... 147 5.2. Information Concerning Individual Members of the Management Bodies of the Issuer ...... 148 5.3. Information Concerning the Amount of Remuneration and (or) Reimbursement of Expenses for Each Management Body of the Issuer ...... 156 5.4. Information Concerning the Structure and Competence of Bodies Exercising Control of the Issuer’s Financial and Economic Activities As Well As Information Concerning Organisation of Risk Management and Internal Control System ...... 158 5.5. Information Concerning Individual Members of Bodies Exercising Control of the Issuer’s Financial and Economic Activities ...... 159 5.6. Information Concerning the Amount of Remuneration, Benefits and (or) Reimbursement of Expenses for the Body Exercising Control of the Issuer’s Financial and Economic Activities ... 160 5.7. Data Concerning Headcount and High-Level Data Concerning the Composition of the Issuer’s Personnel (Employees) and Changes in the Issuer’s Employee (Personnel) Headcount 161 5.8. Information Concerning Any Obligations of the Issuer in Relation to Its Personnel (Employees) Regarding Their Possible Participation in the Authorized capital of the Issuer ..... 162 VI. Information Concerning the Issuer’s Stakeholders (Shareholders) and Related-Party Transactions Executed by the Issuer ...... 163 6.1. Information Concerning Total Number of the Issuer’s Stakeholders (Shareholders) ...... 163 6.2. Information Concerning the Issuer’s Stakeholders (Shareholders) Owning No Less Than five Percent of Its Authorized Capital or No Less Than five Percent of Its Ordinary Shares; Information Concerning the Persons Controlling Such Stakeholders (Shareholders) And, If None, On the Stakeholders (Shareholders) Owning No Less Than 20 Percent of the Their Authorized Capital or No Less Than 20 Percent of Their Ordinary Shares ...... 163

- 4 - 6.3. Information Concerning the Stake Held by the State or Municipality in the Issuer’s authorized capital and Special Right (“Golden Share”) ...... 168 6.4. Information Concerning Restrictions on Participation in the Issuer’s Authorized capital .... 168 6.5. Information Concerning Changes in the Composition and Value of Stakes Held by the Issuer’s Stakeholders (Shareholders) Owning No Less Than five Percent of Its Authorized Capital or No Less Than five Percent of Its Ordinary Shares ...... 168 6.6. Information Concerning Related-Party Transactions ...... 169 6.7. Information Concerning the Value of Accounts Receivable ...... 170 VII. Accounting Statements of the Issuer and Other Financial Information ...... 172 7.1. Annual Financial (Accounting) Statements of the Issuer ...... 172 7.2. Interim Financial (Accounting) Statements of the Issuer ...... 172 7.3. Consolidated Financial Statements of the Issuer ...... 173 7.4. Information Concerning the Accounting Policy of the Issuer ...... 173 7.5. Information Concerning Total Exports and Exports as a Percentage of Total Sales ...... 173 7.6. Information Concerning the Material Changes in the Composition of the Issuer’s Property After the End Date of the Most Recently Closed Fiscal Year ...... 174 7.7. Information Concerning the Issuer’s Litigation History if Such Litigation May Have a Material Effect on the Issuer’s Financial and Economic Activities ...... 174 VIII. Additional Information Concerning the Issuer and the Issue-Grade Securities Placed by the Issuer ...... 175 8.1. Additional Information on the Issuer ...... 175 8.1.1. Information on the Size and Structure of the Authorized Capital of the Issuer ...... 175 8.1.2. Information on Any Change in the Size of the Authorized Capital of the Issuer ...... 176 8.1.3. Information on the Procedure for Convocation and Holding of Meetings of the Issuer’s Supreme Management Body ...... 176 8.1.4. Information on Business Entities in Which the Issuer Holds at Least 5 Percent of the Authorized capital or at Least 5 Percent of Common Stock ...... 177 8.1.5. Information on Material Transactions of the Issuer ...... 188 8.1.6. Information on the Issuer’s Credit Ratings ...... 188 8.2. Information on Each Category (Type) of Issuer’s Shares ...... 189 8.3. Information on Previous Issuances of Issue-Grade Securities of the Issuer Other Than the Shares of the Issuer ...... 190 8.3.1. Information on Issuance in Which All Securities Were Redeemed ...... 190 8.3.2. Information on Issuances in Which the Securities Are Not Redeemed ...... 192 8.4. Information on Person(s) Extending Security for the Issuer’s Secured Bonds and on the Terms of Securing the Performance under the Issuer’s Secured Bonds ...... 197 8.4.1 Additional Information about Mortgage Collateral for Obligations Relating to Mortgage-Backed Bonds ...... 198 8.4.2 Additional Information about Collateral by Monetary Claims under Issuer’s Bonds Backed by Collateral by Monetary Claims ...... 202 8.5. Information on Entities in Charge of Registration of Rights to Issue-Grade Securities of the Issuer ...... 207 8.6. Information on Regulatory Acts Governing Import and Export of Capital Which May Affect Payment of Dividends, Interest and Other Disbursements to Non-Residents ...... 207 8.7 Information on the Dividends Declared (Accrued) and (or) Paid on the Issuer’s Shares, and the Yield Realized from the Issuer’s Bonds ...... 208 8.7.1 Information on declared and paid dividends on the issuer’s shares: ...... 208 8.7.2 Information in accrued and paid income on the issuer’s bonds ...... 209 8.8 Other Information ...... 213

- 5 - 8.9 Information on underlying securities and the issuer of underlying securities the rights to which are certified by the Russian depositary receipts ...... 213 8.9.1 Information on underlying securities ...... 213 8.9.2 Information on the issuer of underlying securities ...... 213

- 6 - Introduction

Uranium One Inc. (Ураниум Уан Инк.), hereinafter “Uranium One”, “the Issuer”, or “the Corporation”.

Reasons for the appearance of the disclosure by the issuer of information in the form of the quarterly report:

The registration of the prospectus dated October 4, 2011 and registered on November 10, 2011 (the “Prospectus”) with respect to the placement of (a) non-convertible interest-bearing certificated bearer bonds of 01 series subject to compulsory centralized custody with ability of early redemption at discretion of the Issuer — Uranium One Inc. redeemable on the 3,640th (three thousand six hundred and fortieth) day from the date when the placement of issued bonds is commenced (the “Series 01 Bonds”); (b) non- convertible interest-bearing certificated bearer bonds of 02 series subject to compulsory centralized custody with ability of early redemption at discretion of the Issuer — Uranium One Inc. redeemable on the 3,640th (three thousand six hundred and fortieth) day from the date when the placement of issued bonds is commenced (the “Series 02 Bonds”, and, together with the Series 01 Bonds, the “Bonds”). The issue of each series of Bonds is documented by one certificate (hereinafter the “Certificate” or the “Certificate of Bonds”) subject to compulsory centralized custody in National Settlement Depository (hereinafter the “NSD” or the “Depository”).

This quarterly report contains estimates and forecasts of the Issuer’s management bodies with respect to future events and (or) acts, development prospects for the economic sector where the Issuer conducts its core operations, and the Issuer’s operating results, including the Issuer’s plans and the probability that certain events will occur and certain acts will be done. Investors should not rely solely upon estimates and forecasts of the Issuer’s management bodies as the Issuer’s actual operating results in the future may be different than projected for many reasons. The acquisition of the Issuer’s securities may involve the risks described herein.

other information which the issuer deems necessary to provide in the introduction;

FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION

This quarterly report contains certain forward-looking statements. Forward-looking statements include but are not limited to those with respect to, the price of uranium, the estimation of mineral resources and reserves, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, market conditions, corporate plans, objectives and goals, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, the timing and potential effects of proposed transactions, title disputes or claims, limitations on insurance coverage and the timing and possible outcome of pending litigation. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes” or variations of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the possibility of sanctions that may be imposed on the Corporation, its shareholders, affiliates or third parties with which the Corporation deals, that may have a material adverse effect on the Corporation’s ability to carry on its business or perform its contractual obligations, the future steady state production and cash costs of Uranium One, the actual results of current exploration activities, conclusions of economic

- 7 - evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and ore densities or recovery rates, failure of plant, equipment or processes to operate as anticipated, possible changes to the tax code in Kazakhstan, accidents, labour disputes or other risks of the mining industry, delays in obtaining government approvals or financing or in completion of development or construction activities, risks relating to the completion of transactions, integration of acquisitions and the realization of synergies relating thereto, to international operations, to prices of uranium as well as those factors referred to in the item entitled “2.4. Risks Associated with the Acquisition of Securities Being Placed”. Although Uranium One has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Uranium One expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable securities laws.

Readers are advised to refer to independent technical reports for detailed information on the Corporation's material properties. Those technical reports, which are available (with respect to the Corporation’s projects in the U.S. and Tanzania) on the Corporation’s website at www.uranium1.com and (with respect to the Corporation’s projects in Kazakhstan) on the website of JSC National Atomic Company “Kazatomprom” at https://www.kazatomprom.kz/en/investors/inie_otcheti_i_prezentatsii, provide the date of each resource or reserve estimate, details of the key assumptions, methods and parameters used in the estimates, details of quality and grade or quality of each resource or reserve and a general discussion of the extent to which the estimate may be materially affected by any known environmental, permitting, legal, taxation, socio-political, marketing, or other relevant issues. The technical reports also provide information with respect to data verification in the estimation.

This document and the Corporation’s other publicly filed documents use the terms “measured”, "indicated" and "inferred" resources as defined in accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Investors are cautioned not to assume that all or any part of the mineral deposits in these categories will ever be converted into reserves. In addition, "inferred resources" have a great amount of uncertainty as to their existence and economic and legal feasibility and it cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Investors are cautioned not to assume that all or any part of an inferred resource exists or is economically or legally mineable. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

- 8 - I. Information Concerning the Issuer’s Bank Account Details, Auditor (Audit firm), Appraiser and Financial Advisor and Individuals Who Signed the Quarterly Report

In quarterly reports for the 2nd – 4th quarters, the information under items 1.1– 1.3 of this chapter shall be provided only if there were changes in such information during the reporting quarter.

1.1. Bank Account Details of the Issuer

1.1(a) Current Accounts

The full and short company name, location, and taxpayer identification number (INN) of each credit institution where the issuer holds current and other accounts, the numbers and types of such accounts, and the bank identification code (BIC) and correspondent account number of such credit institution must be included.

The above information is disclosed in respect of all current and other accounts held by the issuer or in respect of at least three (3) current and other accounts that the issuer sees as its main accounts if the total number of its accounts is more than three (3).

1. full and short company names: Toronto-Dominion Bank, TD Canada Trust location: 55 King Street West, Toronto, Ontario, M5K 1A2, Canada taxpayer identification number: not assigned account numbers and types: 004-10252-5273561 CAD chequing BIC (Bank Identification Code) and number of correspondent account with the credit institution: not applicable, SWIFT code – TDOMCATTTOR

2. full and short company names: Toronto-Dominion Bank, TD Canada Trust location: 55 King Street West, Toronto, Ontario, M5K 1A2, Canada taxpayer identification number: not assigned account numbers and types: 004-10252-7321595 USD chequing BIC (Bank Identification Code) and number of correspondent account with the credit institution: not applicable, SWIFT code - TDOMCATTTOR

3. full and short company names: ING Bank N.V. location: Bijlmerplein 888, 1102 MG Amsterdam, Netherlands taxpayer identification number: not assigned account numbers and types: NL40INGB0020070055 USD current account BIC (Bank Identification Code) and number of correspondent account with the credit institution: not applicable, SWIFT code – INGBNL2A

4. full and short company names: JPMorgan Chase Bank, N.A., J.P. Morgan location: 270 Park Avenue, New York, New York, USA taxpayer identification number: not assigned account numbers and types: 277380892 USD current account BIC (Bank Identification Code) and number of correspondent account with the credit institution: not applicable, SWIFT code – CHASUS33

1.1(b) Correspondence Accounts

Credit institutions provide information on the correspondent account of the credit institution-issuer opened with the Central Bank of Russia (account number and the subdivision of the Central Bank of Russia in which the correspondent account is opened shall be specified) as well as information on correspondence

- 9 - accounts in other banking institution which the issuer deems basic (separately on the credit institutions- residents and credit institutions-non-residents).

The following information shall be disclosed in respect of each such basic correspondence accounts: full and short company name, location, taxpayer identification number (INN), BIC of the credit institution in which the credit-institution-issuer opened a correspondence account as well as such account number in the records of the credit-institution-issuer.

1. full and short company names: location: taxpayer identification number: account numbers and types: BIC (Bank Identification Code) and number of correspondent account with the credit institution:

Not applicable; the Issuer is not a credit institution.

1.2. Information Concerning the Issuer’s Auditor (Audit Firm)

The following information shall be specified in respect of the auditor (audit firm) performing an independent audit of maintenance of the financial (accounting) statements of the issuer as well as consolidated financial statements of the issuer included in the quarterly report and in respect of the auditor (audit firm) approved (selected) for the performing an independent audit of the issuer’s annual financial (accounting) statements and issuer’s consolidated financial statements for the current and the most recently closed reporting year.

The following information on any of such auditors (audit firms) shall be disclosed:

full name, taxpayer identification number (INN) (if applicable) of an auditor or full and short company name: taxpayer identification number (INN) (if applicable): main state registration number (OGRN) (if applicable): location of the audit firm: telephone number: fax number: e-mail address (if any): full name and location of self-regulated organisation of auditors, a member of which the auditor (audit firm) of the issuer is or was: reporting year (years) of the last five closed reporting years and the current year, for which the auditor (audit firm) performed (or will perform) the independent audit of statements of the issuer: type of statements, for which the auditor (audit firm) performed (or will perform) the independent audit of annual financial (accounting) statements of the issuer (financial (accounting) statements or consolidated financial statements):

If the auditor (audit firm) performed (or will perform) the independent audit of interim financial (accounting) statements or interim consolidated financial statements of the issuer, this should be specified. The period (periods) of the last five closed reporting years and the current year, for which the auditor (audit firm) performed (or will perform) the independent audit of annual financial (accounting) statements of the issuer shall also be specified.

- 10 - stakes held by the auditor (persons holding positions in the management and financial and economic control bodies of the audit firm) in the issuer’s authorized capital: extension of borrowings to the auditor (persons holding positions in the management and financial and economic control bodies of the audit firm) by the issuer: close business ties (participation in the promotion of the issuer’s products (services), participation in joint entrepreneurial activities, etc.) as well as family ties: information about persons holding positions in the management and financial and economic control bodies of the issuer simultaneously holding positions in the management and financial and economic control bodies of the audit firm: Action taken by the issuer and the auditor (audit firm) to mitigate the effects of the above-mentioned factors shall be specified:

full name, taxpayer identification number (INN) (if applicable) of an auditor or full and short company name: Joint Stock Company KPMG, JSC KPMG; taxpayer identification number (INN) (if applicable): 7702019950; main state registration number (OGRN) (if applicable): 1027700125628; location of the audit firm: 16 Olympiysky prospect, bld. 5, floor 3, premises I, room 24e, Moscow, Russia, 129110.

telephone number: +7 (495) 937-44-77; fax number: +7 (495) 937-44-99; e-mail address (if any): [email protected] full name and location of self-regulated organisation of auditors, a member of which the auditor (audit firm) of the issuer is or was: “SRO Russian Union of Auditors”, 107031, Moscow, Petrovskiy per., 8, build. 2 reporting year (years) of the last five closed reporting years and the current year, for which the auditor (audit firm) performed (or will perform) the independent audit of statements of the issuer: JSC KPMG audited the Issuer’s consolidated financial statements as at and for the financial years ended December 31, 2015, December 31, 2016, December 31, 2017, December 31, 2018 and has been appointed the Issuer’s auditor for the year ending December 31, 2019. JSC KPMG reviewed the Issuer’s consolidated interim financial statements for the quarter and nine months ended September 30, 2015, the quarter ended March 31, 2016, the quarter and six months ended June 30, 2016 and the quarter and nine months ended September 30, 2016. Effective as of the first quarter of 2017, as permitted under the Issuer’s governing law, the Issuer no longer prepares interim financial statements, and therefore, no interim financial statements are attached to this quarterly report. KPMG LLP reviewed the Issuer’s consolidated interim financial statements for the quarter ended March 31, 2015 and for the quarter and six months ended June 30, 2015. KPMG LLP audited the Issuer’s consolidated financial statements as at and for the financial years ended December 31, 2014 and 2013.

type of statements, for which the auditor (audit firm) performed (or will perform) the independent audit of annual financial (accounting) statements of the issuer (financial (accounting) statements or consolidated financial statements): Consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

- 11 -

Description of factors which may affect the independence of the issuer’s auditor (audit firm), including information about material interests connecting the auditor (persons holding positions in the management and financial and economic control bodies of the audit firm) and the issuer (persons holding positions in the management and financial and economic control bodies of the issuer) shall be provided: There are no factors, which may affect the independence of the issuer’s auditor (audit firm), including information about material interests connecting the auditor (persons holding positions in the management and financial and economic control bodies of the audit firm) and the issuer (persons holding positions in the management and financial and economic control bodies of the issuer).

stakes held by the auditor (persons holding positions in the management and financial and economic control bodies of the audit firm) in the issuer’s authorized capital: The Auditor does not own and is not aware of any persons holding positions in the management and financial and economic control bodies of the Auditor who own shares in the Issuer’s authorized capital.

extension of borrowings to the auditor (persons holding positions in the management and financial and economic control bodies of the audit firm) by the issuer: No borrowings have been extended to any such persons by the Issuer.

close business ties (participation in the promotion of the issuer’s products (services), participation in joint entrepreneurial activities, etc.) as well as family ties: The Auditor does not participate in the Issuer’s products or services promotion. The Auditor does not participate in any joint entrepreneurial activities with the Issuer. The Auditor is not aware of any relationships that would cause the principle of independence to have been violated. There are no family ties between the audit team responsible for the audit of the Issuer, as well as any persons holding positions in the management and financial and economic control bodies of the Auditor, and the executives of the Issuer.

information about persons holding positions in the management and financial and economic control bodies of the issuer simultaneously holding positions in the management and financial and economic control bodies of the audit firm: No persons simultaneously hold positions in the management and the financial and economic control bodies of both the Issuer and the Auditor.

Action taken by the issuer and the auditor (audit firm) to mitigate the effects of the above-mentioned factors shall be specified: The Auditor is independent within the meaning of the International Standards on Auditing and the Federal Standards of Auditing Activity, adopted by the Government of the Russian Federation. In accordance with the above-mentioned rules all the necessary safeguards have been applied to reduce or eliminate possible independence conflicts between the Issuer and the Auditor.

Description of the procedure for selecting the issuer’s auditor (audit firm) to be provided: bidding process related to auditor (audit firm) selection and its key terms: procedure for submitting the auditor (audit firm) candidate for approval by the General Meeting of Shareholders (Members), including the management body adopting the relevant decision:

Information about work performed by the auditor (audit firm) as part of special engagements shall be specified.

- 12 - Description of the procedure for selecting the issuer’s auditor (audit firm) to be provided:

bidding process related to auditor (audit firm) selection and its key terms:

Effective April 3, 2013, the Board of Directors of the Issuer chose KPMG LLP to be the Issuer’s auditor for the year ended December 31, 2013, as KPMG LLP was already at that time the auditor of the Issuer’s parent company. KPMG LLP was re-appointed by the Board of Directors of the Issuer as the auditor for the year ended December 31, 2014, and its affiliate JSC KPMG was appointed as the auditor for the years ended December 31, 2015, 2016, 2017, 2018 and 2019.

procedure for submitting the auditor (audit firm) candidate for approval by the General Meeting of Shareholders (Members), including the management body adopting the relevant decision:

The selection of auditors is subject to review and approval annually by the Board of Directors. The appointment of an auditor for each fiscal year is also subject to approval by the shareholders of the Issuer each year.

Information about work performed by the auditor (audit firm) as part of special engagements shall be specified.

KPMG provides non-audit and tax-related services to the Issuer.

Description of the procedure for determining the auditor’s (audit firm’s) fee amount, including the actual fee amount paid by the issuer to the auditor (audit firm) for the last closed reporting year of the issuer for which the auditor (audit firm) performs an independent audit of annual financial (accounting) statements and (or) annual consolidated financial of the issuer, shall be provided. Information about delayed and past due payments for the services rendered by the auditor (audit firm) shall be provided.

The fee charged is based on the actual amount of time spent at various levels of responsibility, plus reasonable expenses and an administrative charge. The audit and audit-related fees paid by the Issuer to the Auditor for each of the years for which it provided audit services is set out in the following table. Please note that the fees presented below are the total fees charged by the auditors for their audit services with respect to the consolidated financial statements of the Issuer.

Total Audit and Audit Fees(1) Audit-Related Fees(2) Audit-Related Fees Period Auditor (in US$ millions) (in US$ millions) (in US$ millions)

2016 JSC KPMG 1.12 - 1.12

2017 JSC KPMG 1.05 - 1.05

2018 JSC KPMG 0.84 - 0.84

Notes: (1) “Audit Fees” refer to fees billed for audit services. (2) “Audit-Related Fees” refer to aggregate fees billed for assurance and related services that reasonably relate to the performance of the audit or review of the Issuer’s financial statements and are not reported under ‘Audit Fees’.

There are no delayed or past due payments currently outstanding.

If the issuer’s annual financial (accounting) statements or the issuer’s annual consolidated financial statements are not subject to mandatory audit, this should be specified. Not applicable.

- 13 -

1.3. Information Concerning the Issuer’s Appraiser(s)

In respect of the appraiser(s) retained under an appraisal services agreement for the purpose of:

determination of the market value of securities being placed and placed securities being outstanding (obligations under which have not been performed) provided that not more than 12 months passed from the date of appraisal;

property which may be used as payment for securities being placed or which were used as payment for placed securities being outstanding (obligations under which have not been performed) provided that not more than 12 months passed from the date of appraisal;

property securing the issuer’s collateralised bonds being placed or placed collateralised bonds of the issuer obligations under which have not been performed;

property involved in the major transactions, other transactions falling under the procedure of major transaction approval under the charter of the issuer, as well as interested party transactions, provided that no more than 12 months passed from the assessment date;

as well as in respect of the appraiser of the issuer being an incorporated investment fund,

the following shall be specified:

for an appraiser working on the basis of an employment contract, full name, information on his membership in a self-regulated organisation of appraisers (full name and location of the self-regulated organisation of appraisers, registration number and date of registration of the appraiser in the register of the self-regulated organisation of appraisers) as well as full and short company names, location of the legal entity with which the appraiser concluded the employment contract, taxpayer identification number (INN) (if applicable), main state registration number (OGRN) (if applicable) of such legal entity;

for an appraiser involved in the appraising activities on a self-employed basis, as private practice: full name, taxpayer identification number (INN) (if applicable) of the appraiser, information on his membership in a self-regulated organisation of appraisers (full name and location of the self-regulated organisation of appraisers, registration number and date of registration of the appraiser in the register of the self-regulated organisation of appraisers);

telephone and fax number, e-mail address (if any) of the appraiser;

information on appraiser services being rendered (rendered) by the appraiser.

Not applicable; no appraiser has been engaged for any such purpose.

1.4. Information Concerning the Issuer’s Advisors

In respect of the financial advisor on the securities market who has signed a prospectus related to the issuer’s securities or a quarterly report of the issuer within 12 months before the date of closing of the reporting quarter, the following information shall be included:

in respect of an individual – full name;

in respect of a legal entity – full and short company name (for a non-profit organisation – name),

- 14 - location, taxpayer identification number (INN) (if applicable), main state registration number (OGRN) (if applicable), telephone and fax number;

The number, date of issue and date of expiry of the licence for professional activities on the securities market; the licensing authority (for advisors who are professional participants of the securities market).

Not applicable; there has been no prospectus related to the issuance of securities of the Issuer, nor has any financial advisor signed a quarterly report of the Issuer within 12 months before the date of closing of the reporting quarter.

Information on other advisors of the issuer shall be provided under this item if, in the issuer’s opinion, disclosure of such information is material for taking a decision on investment in the issuer’s securities.

In case such information is disclosed, the following shall be specified on such persons:

in respect of an individual – full name;

in respect of a legal entity – full and short company name (for a non-profit organisation – name), location, taxpayer identification number (INN) (if applicable), main state registration number (OGRN) (if applicable), telephone and fax number;

services being rendered (rendered) by the advisor;

number, date of issue and date of expiry of the licence for professional activities on the securities market; the licensing authority (for advisors who are professional participants of the securities market).

Not applicable; the Issuer has not retained any other advisors that would be material for taking a decision on investment in the Issuer’s securities.

1.5. Information Concerning Individuals Who Signed the Quarterly Report

The following information shall be specified in respect of the persons signing the quarterly report:

in respect of an individual (including but not limited to the individuals signing the quarterly report as an authorized representative acting on behalf of a legal entity):

full name: Eduards Smirnovs year of birth: 1982 the principal employer: Uranium One Inc. position of such individual: Chief Executive Officer in respect of a legal entity - full and short company name (for a non-profit organisation – name), location, taxpayer identification number (INN) (if applicable), main state registration number (OGRN) (if applicable), telephone and fax number, address on the internet page used by such legal entity for disclosure (if any), if such legal entity is a professional participant of the securities market, number, date of issue and date of expiry of the licence for professional activities on the securities market; the licensing authority. Not applicable.

- 15 - II. Basic Information Concerning the Financial and Economic Condition of the Issuer

In quarterly reports for the 4th quarter the information under item 2.1 and sub-item 2.3.1 of item 2.3 of this chapter shall not be p+rovided. In quarterly reports for the 2nd – 4th quarters, the information shall be provided under item 2.4 of this chapter only if there were changes in such information during the reporting quarter.

2.1. Financial and Economic Performance Indicators of the Issuer In the quarterly report of the issuer for the 1st quarter, the dynamics of financial and economic indicators of the issuer for the most recent closed reporting year and for the reporting period consisting of the three months of the current year, as well as for the same periods of immediately previous year, shall be provided. In the quarterly reports for the 2nd and 3rd quarters, the dynamics of financial and economic indicators of the issuer for the reporting periods consisting of the six and nine months of the current year, as well as for the same periods of immediately previous year (respectively), shall be provided. Information to be provided in a table format, the relevant indicators to be calculated as of the end of the relevant period. If an issuer prepares financial statements in accordance with IFRS or other internationally accepted accounting standards (other than IFRS), the issuer may, in its discretion, calculate its financial and economic indicators in accordance with IFRS or other internationally accepted accounting standards (other than IFRS). The standards used for calculation of such indicators shall be disclosed. If the issuer prepares consolidated financial statements (besides accounting (financial) statements), it may also provide the dynamics of financial and economic indicators of the issuer calculated on the basis of its consolidated financial statements included into the quarterly report (and having mentioned this in such report). In such case, information for the same periods of immediately previous year shall also be taken into account.

- 16 - Financial and economic performance indicators of the issuer (non-credit institution):

The following indicators were calculated on the consolidated results according to IFRS and are stated in US$ millions:

Recommended For the For the For the year For the Recommended Method of quarter year ended ended quarter Indicator Method of Calculation ended December December ended March Calculation According to March 31, 31, 2018 31, 2017 31, 2019 IFRS 2018 efficiency of revenue / sales / average 8.44 6.28 1.53 0.71 labour, USD average number number of millions / of employees employees person debt to capital (long term + total debt / 25% 42% 26% 25% ratio short term debt) shareholders’ / capital and equity reserves long term debt long-term debt / long term debt / 17% 31% 18% 18% to long-term (long-term debt (shareholders’ debt plus + capital and equity + long- capital reserves)) term debt) revenue (short-term debt (short-term debt (0.7) (0.2) (1.9) (8.2) (income) - cash) / – cash and cash coverage, (revenue – equivalents) / USD millions production cost EBITDA – selling expenses – administrative expenses + amortisation) overdue debt overdue debt / overdue debt / - - - - rate (long-term debt total debt * + short-term 100% debt) * 100%

2.2. Market Capitalization of the Issuer In respect of issuers that are joint stock companies, ordinary shares of which are admitted to organized trading, information on market capitalization of the issuer shall be disclosed, specifying market capitalization as of the end date of the most recent closed reporting year and as of the end date of the most recently closed reporting period consisting of the 3, 6, 9 or 12 months of the current year, as well as the relevant trade institutor.

Market capitalization shall be calculated as product of the number of shares of the relevant category (type) multiplied by the market value of one share disclosed by the trade institutor.

If it is impossible to calculate the market value of the share in accordance with such procedure, the issuer shall describe the method for calculation of the market price of the shares chosen by it.

Not applicable – the Issuer’s shares are not listed for trading on any stock exchange or securities market.

- 17 - 2.3. Liabilities of the Issuer

2.3.1. Borrowings and Accounts Payable Issuers (non-credit institutions) shall calculate the structure of their borrowings as follows:

Indicator As of the end of the year As of the end of the quarter ended December 31, 2018 ended March 31, 2019 Amount (in USD millions) Amount (in USD millions) long-term borrowings(1) 335.9 357.9 including: facilities 11.6 22.5 loans (except bonds) 145.0 145.0 bonds 179.3 190.4 short-term borrowings(2) 65.0 66.7 including: facilities 1.4 8.8 loans (except bonds) 55.0 55.0 bonds 8.6 2.9 overall amount of overdue borrowings - - including: facilities - - loans (except bonds) - - bonds - -

Notes: (1) For this item the Issuer herewith reports its “non-current liabilities” from its financial statements. (2) For this item the Issuer herewith reports its “current liabilities” from its financial statements.

Issuers (credit institutions) shall disclose the structure of their borrowings according to their accounting policies.

Not applicable.

- 18 - In addition, the structure of the accounts payable of the issuer shall be disclosed. Issuers (non-credit institutions) shall disclose the structure of their accounts payable in the form of a table.

Indicator As of the end of the year As of the end of the quarter ended December 31, 2018 ended March 31, 2019 Amount (in USD millions) Amount (in USD millions) Total accounts payable 75.5 34.0 including overdue - - including to budget and state non-budget funds 13.5 5.8 including overdue - - to suppliers and contractors 50.5 15.4 including overdue - - to personnel (employees) 3.7 3.8 including overdue - - other 7.8 9.0 including overdue - -

Issuers which are credit institutions shall disclose the structure of their accounts payable in accordance with their accounting policies.

Not applicable.

If any accounts payable are overdue, including on the loans, the reasons for it and consequences to the issuer that arose or may arise in future due to failure to perform the relevant obligations shall be disclosed, including sanctions imposed on the issuer and term (planned term) for payment of such overdue accounts payable or overdue loans.

The Issuer does not have overdue accounts payable.

If there are creditors to which 10 or more per cent of the issuer’s accounts payable or loans received (both short- and long-term) are attributable, the following shall be specified in respect of any such creditor:

As at March 31, 2019, there were two creditors to which 10 or more per cent of the Issuer’s accounts payable or loans received were attributable:

Joint Stock Company «Atomic Energy Power Corporation» full and short corporate name (for a non-profit organisation – name), taxpayer identification number (INN), main state registration number (if applicable), location or full name: Full Creditor Name: Joint Stock Company «Atomic Energy Power Corporation» Short Corporate Name: JSC “AEP” Taxpayer Identification Number (INN) (if applicable): 7706664260 Main state registration number (if applicable): 1077758081664 Location: Russia amount of liabilities: US$ 200.0 million amount and terms of overdue liabilities (interest rate, penalties, default interest): No amount is overdue.

- 19 - Joint Venture Khorasan-U Limited Liability Partnership full and short corporate name (for a non-profit organisation – name), taxpayer identification number (INN), main state registration number (if applicable), location or full name: Full Creditor Name: Joint Venture Khorasan-U Limited Liability Partnership Short Corporate Name: JV Khorasan-U LLP Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): 140840003457 business identification number: 140840003457 location: Kazakhstan amount of liabilities: US$ 5.5 million amount and terms of overdue liabilities (interest rate, penalties, default interest): No amount is overdue.

If the creditor to which 10 or more per cent of the issuer’s accounts payable or loans received (both short- and long-term) are attributable is an affiliated person of the issuer, this should be specified. In respect of any such creditor, the following information shall be additionally specified: The creditor is an affiliated person of the Issuer as both the creditor and the Issuer are indirect subsidiaries of State Atomic Energy Corporation “ROSATOM” (“ROSATOM”).

the issuer’s participation stake in the charter capital of the affiliated person being a commercial company; if such affiliated person is a joint stock company, the information on the stake of the issuer in the ordinary shares of the affiliate shall also be provided: None.

the affiliate’s stake in the charter capital of the issuer; if the issuer is a joint stock company, the information on the stake of the affiliate in the ordinary shares of the issuer shall also be provided: None directly, but please see item 6.2, below.

for an individual affiliate, the positions which such individual holds in the issuer, the issuer’s controlled entities which are of material importance for the issuer, the issuer’s parent company and management company: Not applicable

The issuers-credit institutions shall also provide information on their compliance with the mandatory provisions requirements provided by the Central Bank of Russia and whether they faced any fines for failure to comply with the mandatory provisions requirements. Not applicable.

Information on compliance with the mandatory provisions requirements (outstanding amounts to be included in the mandatory reserves, failure to comply with the obligation of averaging the mandatory provisions) and whether the issuer faced any fines for non-compliance with the mandatory provisions requirements shall be disclosed for the most recent 12 months (reporting periods) preceding the closing date of the reporting quarter. Not applicable.

Reporting period Outstanding amount to Amount of non- Amount of fine for non- (month, year) be included in the performed obligation of compliance with the mandatory reserves, averaging the mandatory mandatory reserves RUB reserves, RUB requirements - - - -

- 20 - 2.3.2. Credit History of the Issuer

Information about performance of obligations by the issuer under credit agreements and (or) loan agreements (including those made by issuance of bonds) which were in effect in the most recent closed reporting year or the current reporting year, the principal under which was five percent or more of the book value of the issuer's assets as of the end date of the most recently closed reporting period consisting of the 3, 6, 9 or 12 months and preceding the execution of the relevant agreement, or under other credit agreements and (or) loan agreements, which the issuer deems material, shall be disclosed.

The information on each of the liabilities mentioned in this item shall be disclosed as follows:

Type of the liability and its identification details 1) Non-convertible interest-bearing certificated bearer bonds of 02 series of Uranium One Inc. subject to compulsory centralized custody redeemable on the 3,640th (three thousand six hundred and fortieth) day from the date when the placement of issued bonds is commenced, ISIN RU000A0JRTT9 (the “Series 02 Bonds”) Terms of the liability and information on the discharge Name and location (or full personal name) of the creditor The Series 02 Bonds were sold through a public offering (lender) and are held by more than one investor. Amount of the principal as at the time when the liability RUB 12,500,000,000 arose, RUB / foreign currency Amount of the principal as at the closing date of the RUB 12,500,000,000 reporting quarter, RUB / foreign currency Term of the facility (loan), years 2,548 days (6 years and 358 days) Average interest rate on the facility (loan), % per annum 10.25% Number of interest (coupon) periods 14 Arrears (if any) in payment of interest on the facility not applicable (loan), total number of arrears and their duration (in days) Scheduled date of repayment of the facility (loan) August 14, 2020 Actual date of repayment of the facility (loan) The Series 02 Bonds have not yet come due. Other information on the liability disclosed by the issuer in not applicable its discretion

- 21 - Type of the liability and its identification details 2) Loan agreement №5/5664-Д between Uranium One Inc. (Borrower) and Joint Stock Company «Atomic Energy Power Corporation» (Lender) Terms of the liability and information on the discharge Name and location (or full personal name) of the creditor Joint Stock Company «Atomic Energy Power (lender) Corporation» Bolshaya Ordynka St., 24 Moscow, 119017 Russian Federation Amount of the principal as at the time when the liability US$ 50,000,000 arose, RUB / foreign currency Amount of the principal as at the closing date of the US$ 50,000,000 reporting quarter, RUB / foreign currency Term of the facility (loan), years 4 years and 10 months Average interest rate on the facility (loan), % per annum 6.15% (reduced to 4.95% as of July 14, 2016) Number of interest (coupon) periods 59 Arrears (if any) in payment of interest on the facility not applicable (loan), total number of arrears and their duration (in days) Scheduled date of repayment of the facility (loan) 30 June 2020 Actual date of repayment of the facility (loan) The loan has not yet come due. Other information on the liability disclosed by the issuer in not applicable its discretion

Type of the liability and its identification details 3) Loan agreement №5/6876-Д between Uranium One Inc. (Borrower) and Joint Stock Company «Atomic Energy Power Corporation» (Lender) Terms of the liability and information on the discharge Name and location (or full personal name) of the creditor Joint Stock Company «Atomic Energy Power (lender) Corporation» Bolshaya Ordynka St., 24 Moscow, 119017 Russian Federation Amount of the principal as at the time when the liability US$ 95,000,000 arose, RUB / foreign currency Amount of the principal as at the closing date of the US$ 95,000,000 reporting quarter, RUB / foreign currency Term of the facility (loan), years 4 years and 7 months Average interest rate on the facility (loan), % per annum 3.95% Number of interest (coupon) periods 55 Arrears (if any) in payment of interest on the facility not applicable (loan), total number of arrears and their duration (in days) Scheduled date of repayment of the facility (loan) 15 May 2021 Actual date of repayment of the facility (loan) The loan has not yet come due. Other information on the liability disclosed by the issuer in not applicable its discretion

- 22 - Type of the liability and its identification details 4) Loan agreement №5/7437-Д between Uranium One Inc. (Borrower) and Joint Stock Company «Atomic Energy Power Corporation» (Lender) Terms of the liability and information on the discharge Name and location (or full personal name) of the creditor Joint Stock Company «Atomic Energy Power (lender) Corporation» Bolshaya Ordynka St., 24 Moscow, 119017 Russian Federation Amount of the principal as at the time when the liability US$ 165,000,000 arose, RUB / foreign currency Amount of the principal as at the closing date of the US$ 55,000,000 reporting quarter, RUB / foreign currency Term of the facility (loan), years 2 years and 11 months Average interest rate on the facility (loan), % per annum 3.20% Number of interest (coupon) periods 15 Arrears (if any) in payment of interest on the facility not applicable (loan), total number of arrears and their duration (in days) Scheduled date of repayment of the facility (loan) 18 December 2017 – US$ 55,000,000 18 December 2018 – US$ 55,000,000 29 October 2019 – US$ 55,000,000 Actual date of repayment of the facility (loan) The scheduled repayment of US$55,000,000 was done on December 15, 2017. The scheduled repayment of US$55,000,000 was done on December 17, 2018. The remaining US$55,000,000 of the loan has not yet come due. Other information on the liability disclosed by the issuer in not applicable its discretion

- 23 - 2.3.3. Liabilities of the Issuer with Regard to Collateral Provided by the Issuer

Information about the total amount of the collateral provided by the issuer (amount (sum) of outstanding obligations in relation to which collateral is provided by the issuer if, in accordance with the terms of the provided collateral, such obligations is secured in full) with indication of the amount of collateral provided by the issuer as security for the third-party liabilities, shall be disclosed. In case of pledge or surety, information regarding the amount of collateral provided by the issuer in the form of pledge with indication of the amount of collateral provided by the issuer as security for the third-party liabilities in the form of pledge and information regarding the amount of collateral provided by the issuer in the form of surety with indication of the amount of collateral provided by the issuer as security for the third-party liabilities in the form of surety, shall be additionally disclosed. Issuers that are credit institutions or insurers shall additionally disclose information about the amount of collateral furnished by them in the form of a bank guarantee with separate indication of the amount of the collateral furnished by such institution in the form of bank guarantee as security for the third-party liabilities.

Such information shall be specified as of the end date of the most recently closed reporting quarter.

Information about each provision of collateral, amount of which is or exceeds five per cent. of the book value of assets of the issuer as of the end date of the relevant reporting period shall be disclosed additionally, specifying: type, substance and size of a secured liability and its maturity form of collateral, its size and terms, including the subject of collateral and its value, is the collateral is provided in the form of pledge, and its duration if the collateral is provided as security for the third-party liabilities, estimated risk in case of third parties’ failure to perform secured obligations duly or in full, specifying circumstances that may give rise to such failure and their likelihood

In the quarterly report for the 1st quarter, information contained in this sub-item, shall be disclosed as of the date of the end of the most recently closed reporting year and as of the end date of the reporting period consisting of the three months of the current year. In the quarterly reports for the 2nd – 4th quarters, the relevant information shall be disclosed as of the date of the end of the reporting periods, consisting of 6, 9 and 12 months of the current year respectively.

The Issuer has no liabilities that are required to be disclosed under this item.

2.3.4. Other Liabilities of the Issuer

Information about any agreements of the issuer, including term transactions not recorded in its financial (accounting) statements which may materially affect the financial standing of the issuer, its liquidity, sources of funding and conditions for its use, performance and expenses shall be disclosed.

Not applicable.

Circumstances shall be specified which may give rise to the above-mentioned liabilities resulting in such material changes, and their likelihood.

Not applicable.

- 24 - Reasons shall be specified which made the issuer enter into such agreements, supposed benefit of the issuer from such agreements and the reasons why such agreements have not been recorded in the issuer’s financial (accounting) statements.

Not applicable.

2.4. Risks Associated with the Acquisition of Securities Being Placed

This section contains detailed analysis of risk factors associated with the acquisition of issue-grade securities being placed, namely: industry-specific risks; country and regional risks; financial risks; legal risks; reputation risk; strategic risk; bank risks; risks associated with the issuer's activities.

As well as other risks which, the Issuer believes, affect or may affect its operations.

The issuer’s risk-management policy shall be described.

General Statement of Risk: Uranium One’s operations and financial performance are subject to the normal risks of mining and are subject to various factors which are beyond the control of Uranium One. Uranium One is engaged in mineral exploration, development and extraction (mining) activities which, by their nature, are speculative subject to many risks. Should any of these risks occur, actual future events and Uranium One’s actual future financial results could differ materially from those described in Uranium One’s forward-looking statements, which could cause Uranium One’s share- or debt-holders to lose part or all of their investment in Uranium One. Certain of these risk factors are described below. Cautionary Note: The risks described below are not the only ones facing Uranium One. Additional risks not currently known to Uranium One, or that Uranium One currently considers immaterial, may also adversely impact Uranium One’s business, operations, financial results or prospects, should any such other events occur. The list of the Issuer’s risks described below is necessarily incomplete. There is a possibility of risks not identified by Uranium One as of the date of signing of this Quarterly Report, which, however, may adversely impact the Issuer’s performance. The sequence of risk descriptions set out below does not reflect the likelihood of their occurrence or the level of materiality of their possible effects on the Issuer’s performance. General Note on Risk Management Approach: Uranium One seeks to ensure the strategic and operational stability of the business by means of taking measures aimed at minimizing adverse implications of identified risks where possible. Strategic Risks 2.4(1) Macroeconomic conditions may have a substantial material adverse effect on the Corporation’s business. The Corporation is exposed to various counterparty risks including, but not limited to: (i) through financial institutions that hold the Corporation’s cash; (ii) through the Corporation’s counterparties for its swap arrangements made in connection with the Ruble Bonds; (iii) through companies that have payables to the Corporation, including the Corporation’s customers for uranium concentrates; (iv) through the Corporation’s insurance providers; (v) through the Corporation’s lenders; and (vi) through companies that have received deposits from the Corporation for the future delivery of equipment. The Corporation is also exposed to liquidity risks in meeting its operating expenditure requirements in instances where cash positions are unable

- 25 - to be maintained or appropriate financing is unavailable. These factors may impact the ability of the Corporation to obtain loans and other credit facilities in the future and, if obtained, on terms favourable to the Corporation. Risk Management: Uranium One has no influence over the global financial markets or the liquidity of counter-parties and has limited means to manage the foregoing risks. As a result, there is no assurance that the foregoing risks will not occur. If they occur, depending on their magnitude, these factors may impact the ability of Uranium One to obtain loans and other credit facilities in the future and, if obtained, on terms favourable to Uranium One. If these increased levels of volatility and market turmoil continue, Uranium One’s planned growth could be adversely impacted and the trading price of Uranium One’s debt securities could be adversely affected. 2.4(2) As a subsidiary of a Russian state-owned company, the Corporation could be adversely affected by economic sanctions that may be imposed on its parent company or any Russian banks with which it deals. Since March 2014, the US and Canadian governments and the European Union have implemented a number of orders, directives and regulations in response to the situation in Ukraine. These measures generally impose visa restrictions and asset freezes on certain designated individuals and entities, restrict access by certain designated Russian institutions and entities to Western capital markets, and prohibit the supply of equipment for use in Russian offshore deepwater, Arctic or shale exploration or production projects. On August 2, 2017, the US passed a new sanctions law, “Countering America’s Adversaries Through Sanctions Act” (H.R. 3364) (“CAATSA”), that codifies the earlier Presidential executive orders on sanctions into US law, creates new categories of sanctions targeting Russian persons, and imposes legislative oversight requirements on any efforts by the US President to waive, suspend, or reduce the Russia sanctions. On September 29, 2017, pursuant to CAATSA requirements, the US Treasury Department issued a directive which shortens the maturity dates of permitted debt instruments in sanctioned entities, including Gazprombank and Sberbank, with whom the Corporation has banking relationships, to 14 days. Effective November 28, 2017, US persons may only enter into new debt instruments with sanctioned entities with a maturity of 14 days or less. The Corporation’s operations have not been impacted by the foregoing orders, directives or regulations and the Corporation continues to carry on business as usual. The restrictions on Gazprombank and Sberbank have not affected the Corporation’s relationships with those entities. However, there can be no assurance that additional sanctions may not be imposed if the situation in Ukraine escalates or if relations between Russia and the United States, and the European Union and Canada deteriorate. Should that occur, the Corporation’s assets in the United States, Canada, or the European Union could be affected, and the Corporation’s ability to sell uranium to, or receive payment from, customers in those jurisdictions, or to deal with its parent corporation or its Russian banks, could be restricted, any of which events would have a material adverse effect on the Corporation’s business, financial condition and results of operations. In January 2018, two uranium producers with mines in the US, UR-Energy Inc. and Energy Fuels Inc., filed a Petition to the US Department of Commerce to consider whether the high volumes of imported uranium products is a threat to US national security. On July 18, 2018 the Secretary of Commerce announced that he accepted the petition and launched an investigation into whether the present quantity and circumstances of uranium ore and product imports into the US threaten to impair national security. The investigation canvassed the entire uranium sector from the mining industry through enrichment, defense, and industrial consumption. The Department of Commerce completed its investigation and provided its report to the President on April 14, 2019. The President has 90 days in which to consider the report and order remedial measures. If remedial measures are put in place, such as restrictions on imports, this could affect the Corporation’s sales of uranium into the US from its Kazakh joint ventures. Risk Management: Uranium One has no influence over the political decisions or legislation made by governments, and therefore there is no assurance that such risks will not occur or that Uranium One will have the means to moderate their effects on its operations. The Corporation continues to monitor this matter closely to ensure it remains fully compliant with all applicable legislative and regulatory requirements.

- 26 - Industry-Specific Risks; Risks Associated with the Issuer’s Activities 2.4(3) The Corporation’s mining and exploration activities and future mining operations are, and will be, subject to operational risks and hazards inherent in the mining industry. The Corporation’s business is subject to a number of inherent risks and hazards, including: environmental hazards; industrial accidents; labour disputes; catastrophic accidents; fires; blockades or other acts of social activism; changes in the regulatory environment; impact of non-compliance with laws and regulations or the implementation of new laws and regulations; natural phenomena, such as inclement weather conditions, above- or under-ground floods, earthquakes, infrastructure failures, ground movements, pipeline leaks; and unusual or unexpected geological conditions and technological failure of mining methods. The Corporation may also contract for the transport of uranium and uranium products which will expose the Corporation to risks inherent in transportation, including loss or damage of transportation equipment and spills of cargo. There is no assurance that the foregoing risks and hazards will not occur or, should they occur, that they will not result in damage to, or destruction of, the properties and assets of the Corporation, personal injury or death, environmental damage, delays in or interruption of or cessation of production from the properties or impairment of the Corporation’s exploration or development activities, which could result in unforeseen costs, monetary losses, potential legal liability and adverse governmental action, all of which could have a material and adverse impact on the Corporation’s cash flows, earnings, results of operations, financial condition and prospects. Risk Management: While Uranium One strives to ensure compliance with applicable laws, regulations and standards relating to environmental protection, occupational health and safety, engineering and mining operations, and labour relations, there is no assurance that the foregoing risks and hazards will not occur or, should they occur, that they will not have the adverse effects described above. 2.4(4) Economic extraction of minerals from uranium deposits may not be commercially viable. Whether a deposit will be commercially viable depends on a number of factors, including the particular attributes of a deposit, such as its size and grade; the price of the relevant mineral; prevailing commodity prices; costs and efficiency of the recovery methods that can be employed; proximity to infrastructure; financing costs; and governmental regulations, including regulations relating to prices, taxes, royalties, infrastructure, land use, importing and exporting of commodities and environmental protection. The effect of these factors, either alone or in combination, cannot be accurately predicted and their impact may result in the Corporation not being able to economically extract minerals from any identified Mineral Resource or Mineral Reserve which, in turn, could have a material and adverse impact on the Corporation’s cash flows, earnings, results of operations and financial condition and prospects. Risk Management: Uranium One has no influence over the foregoing factors, and the effect of these factors, either alone or in combination, cannot be accurately predicted. 2.4(5) The Corporation’s future revenues are highly dependent on and sensitive to the price of uranium. The Corporation’s revenues are derived, directly or indirectly, from the sale of uranium products. The Corporation’s financial condition, results of operations, earnings and operating cash flow are closely related and sensitive to fluctuations in the long and short term market price of U3O8. Historically, these prices have fluctuated widely. According to Ux Consulting Company LLC (“Ux Consulting”), between 1970 and 2007 the spot price of U3O8 ranged between a low of approximately $7 per pound and a high of approximately $136 per pound. After the peak in 2007, fluctuations of the spot price of U3O8 were generally smaller, with the price ranging from approximately $78 per pound in 2007 to approximately $28.50 at the end of 2018. As at March 31, 2019 the spot price of U3O8 was trading at around $25.75 per pound. Uranium prices are and will continue to be affected by numerous factors beyond the Corporation’s control. Such factors include, among others: the demand for nuclear power; political and economic conditions in uranium producing and consuming countries such as Canada, Australia, the United States, Germany, Japan, China, Russia, Kazakhstan and other former members of the U.S.S.R.; reprocessing of used reactor fuel and the re-enrichment of depleted uranium tailings; sales of excess civilian and military inventories (including

- 27 - from the dismantling of nuclear weapons) by governments and industry participants; and production levels and costs of production in the uranium producing countries such as Russia, Kazakhstan and other former members of the U.S.S.R., Tanzania and Australia. The effect of these factors, individually or in the aggregate, is impossible to predict with accuracy. However, any adverse change in such factors could have a material and adverse impact on the Corporation, its financial condition and results of operations. If, after the commencement of commercial production, uranium prices fall below the costs of production at the Corporation’s uranium mines for a sustained period, it may not be economically feasible to continue production at such sites. This would materially and adversely affect production, profitability and the Corporation’s results of operation and financial condition. In addition, if the Corporation were to decrease production levels at such sites, the Corporation could be in violation of its subsoil use contracts relating to such site. Any termination of mining operations at the Corporation’s sites could result in the Corporation having to make certain expenditures on the decommissioning and reclamation of such sites. In addition, a decline in uranium prices may also require the Corporation to write down its Mineral Reserves and Mineral Resources, which would have a material adverse effect on its earnings, profitability, financial condition and shareholder returns. Should any significant write-down in Mineral Reserves and Mineral Resources be required, material write downs of the Corporation’s investment in the affected mining properties and increased amortization, reclamation and closure charges may be required. The Corporation’s future profitability may be materially and adversely affected by the effectiveness of any hedging strategy. Risk Management: As of December 31, 2018, Uranium One had contracts for the sale of an aggregate of 17.5 million attributable pounds U3O8 to utility customers, of which 0.8 million pounds is contracted at an average fixed price, after estimated escalation, of approximately US$73 per pound. The remainder of the contracted sales are either at prices related to the market price of U3O8 at the time of delivery, or delivered at fixed prices. The Issuer currently has floor price protection in its sales contracts for 6.0 million pounds at a weighted average floor price of approximately US$34 per pound. Beyond its use of sales contracts with floor price provisions as described above, Uranium One has no influence over the foregoing factors, and therefore there is no assurance that such risks will not occur. 2.4(6) The Corporation’s Ore Reserves / Mineral Reserves and Mineral Resources estimates may be materially different from mineral quantities it may ultimately recover, its estimates of mine life may prove inaccurate and market price fluctuations and changes in operating and capital costs may render certain Ore Reserves / Mineral Reserves or Mineral Resources uneconomic to mine. The figures presented for both Mineral Resources and Ore Reserves / Mineral Reserves in this document and the Corporation’s other public disclosure documents are only estimates. There are numerous uncertainties inherent in estimating quantities of Ore Reserves / Mineral Reserves and Mineral Resources and in projecting potential future rates of mineral production, including many factors beyond the Corporation’s control. The estimating of Mineral Resources and Ore Reserves / Mineral Reserves is a subjective process and the accuracy of Mineral Resource and Ore Reserves / Mineral Reserve estimates is a function of the quantity and quality of available data, the accuracy of statistical computations, and the assumptions used and judgments made in interpreting available engineering and geological information and is also dependent on economic conditions and market prices being generally in line with estimates. There is significant uncertainty in any Mineral Resource or Ore Reserves / Mineral Reserve estimate and the actual deposits encountered and the economic viability of a deposit may differ materially from the Corporation’s estimates. Mineral Resources are not Ore Reserves / Mineral Reserves and there is no assurance that any Mineral Resources will ultimately be reclassified as proven or probable reserves. Mineral Resources which are not Ore Reserves / Mineral Reserves do not have demonstrated economic viability. Only additional exploration, sampling and assay work can result in Mineral Resources being reclassified as Ore Reserves / Mineral Reserves, but there is no assurance that such additional work will uncover concentrations of minerals of sufficient quantity, quality and economic viability to allow such a reclassification. Risk Management: Uranium One depends on the expertise of the contractors, joint venture partners and employees who are involved in the activities related to the gathering and interpretation of data on mineral resources, and of the experts retained to produce estimates of mineral resources and ore reserves / mineral

- 28 - reserves. However, despite the best expertise and good will on the part of such persons, there remains significant uncertainty in any mineral resource or mineral reserve estimate and the actual deposits encountered and the economic viability of a deposit may differ materially from Uranium One’s estimates. Estimated Mineral Resources and Ore Reserves / Mineral Reserves may have to be re-estimated based on changes in uranium prices, further exploration or development activity or actual production experience. This could materially and adversely affect estimates of the volume or grade of mineralization, estimated recovery rates or other important factors that influence Mineral Resource or Ore Reserves / Mineral Reserve estimates. Market price fluctuations for uranium, increased production costs or reduced recovery rates or other factors may render the Corporation’s present reserves uneconomical or unprofitable to develop at a particular site or sites. A reduction in estimated reserves could require material write-downs in investment in the affected mining property and increased amortization, reclamation and closure charges. Risk Management: Since Uranium One has no influence over the external factors that may affect mineral resource and mineral reserve estimates, there is no assurance that such risks will not occur. 2.4(7) No assurances can be given that future mineral production estimates will be achieved. Estimates of future production for the Corporation’s mining operations are derived from the mining plans of the Corporation’s subsidiaries and joint ventures. These estimates and plans are subject to change. The Corporation cannot give any assurance that it will achieve its production estimates. The Corporation’s failure to achieve its production estimates could have a material and adverse effect on any or all of the Corporation’s future cash flows, results of operations, production cost, financial condition and prospects. The plans are developed based on, among other things, mining experience, reserve estimates, assumptions regarding ground conditions, hydrologic conditions and physical/chemical characteristics of ores (such as permeability and presence or absence of certain metallurgical characteristics) and estimated rates and costs of production. Actual production may vary from estimates for a variety of reasons, including risks and hazards of the types discussed above, and as set out below, including: • mining recovery; • accidents; • equipment failures; • natural phenomena such as inclement weather conditions, floods, blizzards, droughts, rock slides and earthquakes; • unusual or unexpected geological conditions; • changes in power costs and potential power shortages; • shortages in and changes in the cost of, of principal supplies needed for operation, including sulphuric acid, fuels, chemical reagents, water, equipment parts and lubricants; • strikes and other actions by labour at unionized locations; and • regulatory restrictions imposed by government agencies. Such occurrences could, in addition to stopping or delaying mineral production, result in damage to mineral properties, injury or death to persons, damage to the Corporation’s property or the property of others, monetary losses and legal liabilities. These factors may also cause a mineral deposit that has been mined profitably in the past to become unprofitable. Estimates of production from properties not yet in production or from operations that are to be expanded are based on similar factors (including, in some instances, feasibility studies prepared by the Corporation’s personnel and outside consultants) but it is possible that actual operating costs and economic returns will differ significantly from those currently estimated. It is not unusual in new mining operations to experience unexpected problems during the start-up phase, and delays can often occur in the commencement of production, all of which could have a material adverse effect on the Corporation’s business, financial condition and results of operations.

- 29 - Risk Management: While Uranium One follows industry standards in its operations as a way of reducing the risk of accidents that may affect production, Uranium One has no influence over the factors discussed above, and therefore there is no assurance that such risks will not occur. 2.4(8) Further exploration by the Corporation may not result in economically viable mining operations or yield new reserves. Exploration for uranium involves many risks and uncertainties and success in exploration is dependent on a number of factors, including the quality of management, quality and availability of geological expertise and the availability of exploration capital. Major expenses may be required to establish reserves by drilling, constructing mining or processing facilities at a site, developing metallurgical processes and extracting uranium from ore. Also, substantial expenses may be incurred on exploration projects which are subsequently abandoned due to poor exploration results or the inability to define reserves which can be mined economically. Even if an exploration program is successful and economically recoverable uranium is found, it can take a number of years from the initial phases of drilling and identification of the mineralization until production is possible, during which time the economic feasibility of extraction may change and uranium that was economically recoverable at the time of discovery ceases to be economically recoverable. There can be no assurance that uranium recovered in small scale tests will be duplicated in large scale tests under on-site conditions or in production scale operations, and material changes in geological resources or recovery rates may affect the economic viability of uranium projects. There can be no assurance that exploration and development programs will result in profitable commercial mining operations. The economics of developing uranium properties are affected by many factors including the cost of operations and infrastructure, fluctuations in the price of uranium, costs of mining and processing equipment and such other factors as government regulations. In addition, the quantity of uranium ultimately extracted may differ from that indicated by drilling results and such differences could be material. Risk Management: Uranium One depends on the expertise of the contractors and employees who are involved in exploration activities relating to Uranium One’s mineral properties, and follows industry standards in developing its properties. However, despite the best expertise and good will on the part of such persons and adherence to industry standards, there can be no assurance that exploration and development programs will result in profitable commercial mining operations. The economics of developing uranium properties are affected by many factors including the cost of operations, fluctuations in the price of uranium, costs of processing equipment and such other factors as government regulations, and Uranium One has no influence over such factors. 2.4(9) The Corporation’s development projects have no operating history and the development of such projects into commercially viable mines cannot be assured. The Corporation’s ability to sustain or increase levels of uranium production is dependent in part on the successful completion of its existing development projects, the discovery of new ore bodies and/or expansion of existing mining operations. The Corporation’s development projects have limited or no operating histories upon which to base estimates of future commercial viability. Many factors are involved in the determination of the economic viability of a deposit, including the achievement of satisfactory Mineral Reserve estimates, the level of estimated metallurgical recoveries, capital and operating cost estimates and the estimate of future uranium prices. Estimates of Mineral Resources and Mineral Reserves are, to a large extent, based upon the interpretation of geological data obtained from drill holes and other sampling techniques and feasibility studies. Capital and operating cost estimates are based on many factors, including the estimated Mineral Resources and Mineral Reserves, anticipated tonnage and grades of ore to be mined and processed, the configuration of the ore body, ground, mining and processing conditions, expected reactants consumption and recovery rates of uranium from the ore, comparable facility and equipment operating costs and anticipated environmental and regulatory compliance costs. Each of the foregoing factors involves uncertainties and is subject to material changes. As a result, it is possible that the actual capital costs, operating costs and economic returns of any proposed mine may differ from those estimated and such differences could have a

- 30 - material adverse effect on the Corporation’s business, financial condition, results of operations and prospects, or could result in a determination not to proceed with the development of a project into a mine. There can also be no assurance that the Corporation will be able to obtain financing for the development of its projects on reasonable terms and conditions, or that it will be able to complete the development of its mining projects, on time or at all, or on budget due to, among other things in addition to those factors described above, changes in the economics of the mineral projects, delays in receiving required consents, permits and licences (including mining licences), the need to amend existing consents, permits and licences, changes in development plans, the delivery and installation of plant and equipment and cost overruns. In addition, the Corporation’s current personnel, systems, procedures and controls may not be adequate to support the development of the Corporation’s projects into commercially viable mines. Each of the foregoing factors could result in a material adverse effect on the Corporation’s business, financial condition and results of operations. Risk Management: Uranium One follows industry standards in developing its properties, Uranium One has no influence over the factors discussed above, and therefore there is no assurance that such risks will not occur. However, despite the best expertise and good will on the part of the persons responsible for such development activities and adherence to industry standards, there can be no assurance that such activities will result in profitable commercial mining operations. The economics of developing uranium properties are affected by many factors including the cost of operations, fluctuations in the price of uranium, costs of processing equipment and such other factors as government regulations, and Uranium One has no influence over such factors. 2.4(10) The Corporation faces competition from other mining companies for the acquisition of new properties There is a limited supply of desirable mineral lands available for acquisition, claim staking and/or leasing in the areas where the Corporation is currently active. Many participants are engaged in the mining business, including large, established mining companies with substantial technical and financial capabilities and long earnings records and which have access to more capital, in some cases have state support, have access to more efficient technology, and have access to reserves of uranium that are cheaper to extract and process. The Corporation may be at a competitive disadvantage in acquiring mining properties as many of its competitors have greater financial resources and larger technical staffs. Accordingly, there can be no assurance that the Corporation will be able to compete successfully with its industry competitors. Risk Management: While Uranium One anticipates that it will be able to improve its competitive position with respect to access to technical expertise and working relationships with the relevant state entities through its strategic relationship with State Atomic Energy Corporation “ROSATOM”, the Russian state-owned nuclear industry conglomerate (“ROSATOM”), and joint ventures with JSC National Atomic Company “Kazatomprom”, Kazakhstan’s state-owned uranium mining company (“Kazatomprom”), Uranium One has no influence over the factors discussed above, and therefore there is no assurance that such risks will not occur. 2.4(11) Competition in the uranium industry is high and the Corporation may find it difficult to operate because of government policies and international trade agreements The international uranium industry is highly competitive. The Corporation intends to market uranium to utilities and other buyers in direct competition with supplies available from a relatively small number of mining companies, from excess inventories, including inventories made available from the decommissioning of nuclear weapons, from reprocessed uranium and plutonium derived from used reactor fuel and from the use of excess enrichment capacity to re-enrich depleted uranium tails. The supply of natural and enriched uranium from Russia is, to some extent, impeded by a number of international trade agreements and policies. These agreements and any future agreements, governmental policies or trade restrictions are beyond the control of the Corporation and may affect the supply of uranium available to the market, particularly in the United States, Europe and Asia, which are the largest markets for uranium in the world. If the Corporation is unable to supply uranium to important markets, including the United States, Europe and Asia, this could have a material adverse effect on the Corporation’s business, financial condition and results of operations.

- 31 - Risk Management: Uranium One has no influence over the agreements and policies referred to above, and therefore there is no assurance that such risks will not occur. The Corporation’s future prospects may be affected by political decisions about the uranium market. There can be no assurance that the United States or other governments will not enact legislation restricting to whom the Corporation can sell uranium or that the United States or other governments will not increase the supply of uranium by decommissioning nuclear weapons or by selling uranium from existing stockpiles or inventories. Risk Management: Uranium One has no influence over the political decisions or legislation made by governments, and therefore there is no assurance that such risks will not occur. 2.4(12) Deregulation of the electrical utility industry may affect the demand for uranium The Corporation’s future prospects are tied directly to the electrical utility industry worldwide. Deregulation of the utility industry, particularly in the United States and Europe, is expected to impact the market for nuclear and other fuels for years to come, and may result in the premature shutdown of some nuclear reactors. Experience to date with deregulation indicates that utilities are improving the performance of their reactors, achieving record capacity factors. There can be no assurance that this trend will continue. Risk Management: Uranium One has no influence over the foregoing factors, and therefore there is no assurance that such risks will not occur. 2.4(13) The Corporation may face increased risk associated with labour relations. As of March 31, 2019, the Corporation and its joint ventures (other than SKZ-U LLP) employed 2,348 people in its operations around the world. None of these employees are currently covered by collective bargaining agreements or represented by trade unions and/or local work councils, except for the employees of Mantra Tanzania, which owns the Mkuju River Project, who are represented by the Tanzania Mines, Energy, Construction and Allied Workers Union, and the employees of the Corporation’s joint ventures in Kazakhstan, who have collective agreements with the relevant joint ventures and are represented by their respective trade unions and by the representative of the labor collective elected at each mine. Any strikes and other labor disruptions at any of the Corporation’s operations or lengthy work interruptions at the Corporation’s existing and future development projects could result in a material adverse effect on the timing, completion and cost of any such project, as well as the Corporation’s business, results of operations, financial condition and liquidity. In addition, upon completion of an acquisition, the Corporation may have difficulty establishing and/or maintaining positive relationships with the newly integrated elements of its workforce, which could have a material adverse effect on the Corporation’s business, financial condition and results of operations. Risk Management: While Uranium One strives to ensure compliance with laws relating to labour relations, there can be no assurance that strikes or other labour disruptions will not occur. 2.4(14) Competition from other energy sources and public perception and acceptance of nuclear energy Nuclear energy competes with other sources of energy, including oil, natural gas, coal and hydroelectricity. These other energy sources are to some extent interchangeable with nuclear energy, particularly over the longer term. Sustained lower prices of oil, natural gas, coal and hydro-electricity may result in lower demand for uranium concentrates which in turn may result in lower market prices for uranium. Furthermore, growth of the uranium and nuclear power industry will depend upon continued and increased acceptance of nuclear technology as a means of generating electricity. Because of unique political, technological and environmental factors that affect the nuclear industry, the industry is subject to public opinion risks which could have an adverse impact on the demand for nuclear power and increase the regulation of the nuclear power industry. A major incident at a nuclear power station anywhere in the world, such as has occurred at the Fukushima Daiichi nuclear power station in Japan, which was severely damaged by an earthquake and tsunami on March 11, 2011, or an accident relating to the transportation of new or spent nuclear fuel could negatively impact the

- 32 - continuing public acceptance of nuclear energy and the future prospects for nuclear power generation, which may have a material adverse effect on the nuclear industry and the Corporation’s financial condition and results of operations. Risk Management: Uranium One has no influence over the foregoing factors, and therefore there is no assurance that such risks will not occur. 2.4(15) The Corporation’s activities are extensively regulated in respect of health, safety and environmental standards which evolve over time and could be subject to unforeseen changes. The Corporation’s activities are subject to extensive federal, provincial, state and local laws and regulations governing environmental protection and employee health and safety. In addition, the uranium industry is subject not only to the worker health and safety and environmental risks associated with all mining businesses, but also to additional risks uniquely associated with uranium mining and milling. The Corporation is required to obtain governmental permits and provide associated financial assurance to carry on certain activities. The Corporation is also subject to various reclamation and other bonding requirements under federal, provincial, state or local air, water quality and mine reclamation rules and permits. Although the Corporation makes provision for reclamation costs, where appropriate, there is no assurance that these provisions will be adequate to discharge its obligations for these costs. Environmental and employee health and safety laws and regulations applicable to the Corporation’s activities have typically become more stringent over time. Any changes in such laws or in the environmental conditions at the Corporation’s properties could have a material adverse effect on the Corporation’s, business, financial condition, and results of operations. Failure to comply with applicable environmental and health and safety laws may result in injunctions, damages, suspension or revocation of licences or permits, termination of subsoil use contracts, suspension or prohibition of operations, and the imposition of penalties. There can be no assurance that the Corporation has been or will be at all times in complete compliance with such laws, regulations and permits, or that the costs of complying with current and future environmental and health and safety laws and permits will not adversely affect the Corporation’s business, financial condition, results of operations or prospects. The Corporation expects that further environmental laws and regulations will likely be implemented to protect the environment and quality of life, given sustainable development and other similar goals which governmental and supra-governmental organizations and other bodies have been pursuing. If such regulations are implemented, this may, amongst other things, require the Corporation, or its customers, to change operations significantly or incur increased costs (including compliance expenditures) or could require the Corporation to increase financial reserves, which could have a material adverse effect on its business, financial condition and results of operations. Risk Management: While Uranium One strives to ensure compliance with the applicable laws and regulations, Uranium One has no influence over the adoption or content of, or changes to, such laws and regulations or other factors beyond its control which could lead to non-compliance with such laws and regulations, and therefore there is no assurance that such risks will not occur. 2.4(16) Government regulation may have an adverse effect on the Corporation’s exploration, development and mining operations The current and future mining operations and exploration and development activities of the Corporation, particularly uranium mining, processing, sale and transport, are subject to laws and regulations governing exploration, tenure, production, worker health and safety, employment standards, mine development, mine safety, exports, imports, taxes and royalties, waste disposal, toxic substances, land claims of indigenous peoples, protection and remediation of the environment, mine decommissioning and reclamation, transportation safety and emergency response and other matters. Each jurisdiction in which the Corporation has properties regulates mining activities. It is possible that future changes in applicable laws and regulations or changes in their enforcement or regulatory interpretation could result in changes in legal requirements or in the terms of existing permits, licences and approvals applicable to the Corporation or its projects, the

- 33 - implementation of which could increase costs of the Corporation and have a material and adverse impact on the Corporation’s current mining operations or planned development projects. Risk Management: While Uranium One strives to ensure compliance with applicable laws and regulations, Uranium One has no influence over the foregoing factors, and therefore there is no assurance that such risks will not occur. Worldwide demand for uranium is directly tied to the demand for electricity produced by the nuclear power industry, which is also subject to extensive government regulation and policies, and any change in these regulations or policies may have a negative impact on the Corporation’s business or financial condition. Risk Management: Uranium One has no influence over the foregoing factors, and therefore there is no assurance that such risks will not occur. Mineral exploration and the development of mines and related facilities is contingent upon governmental approvals, licences and permits which are complex and time consuming to obtain and which, depending on the location of the project, involve multiple governmental agencies. The receipt, duration, amendment or renewal of such approvals, licences and permits are subject to many variables outside the Corporation’s control, including potential legal challenges from various stakeholders such as environmental groups, non- governmental organizations, aboriginal groups or other claimants. The costs and delays associated with obtaining necessary approvals, licences and permits and complying with these approvals, licences and permits and applicable laws and regulations could stop or materially delay or restrict the Corporation from proceeding with the development of an exploration project or the operation or further development of a mine. Any failure to comply with applicable laws and regulations or approvals, licences or permits, even if inadvertent, could result in interruption or closure of exploration, development or mining operations, or material fines, penalties or other liabilities. Risk Management: While Uranium One strives to ensure compliance with applicable laws and regulations, Uranium One has no influence over the foregoing factors, and therefore there is no assurance that such risks will not occur. 2.4(17) The Corporation’s activities are subject to risks related to extreme weather events and climate change. Extreme weather events (such as unusually heavy snowfall or flooding) have the potential to disrupt the Corporation’s operations. Where appropriate, emergency plans have been developed for managing extreme weather conditions; however, there can be no assurance that such plans will be sufficient to cope with all such events, and extended disruptions to supply lines could result in interruptions to production. Risk Management: Where appropriate, emergency plans have been developed for managing extreme weather conditions; however, there can be no assurance that such plans will be sufficient to cope with all such events. Uranium One has no other influence over the foregoing factors, and therefore there is no assurance that such risks will not occur. The Corporation’s operations depend on regular supplies of consumables (sulphuric acid, diesel, tires, etc.) and reagents to operate efficiently. In the event that the effects of climate change cause prolonged disruption to the delivery of essential commodities, the Corporation’s production could be reduced, which could have a material adverse effect on the Corporation’s business, financial condition and results of operations. Risk Management: While Uranium One seeks to include the provisions for its protection as a purchaser in its contracts for the supply of such consumables, the effectiveness of such provisions is subject to many factors beyond Uranium One’s control including the financial state of such suppliers, events affecting the transportation infrastructure needed to deliver such supplies to Uranium One (such as extreme weather events or seismic events, strikes and labour disruptions, social or political unrest, the price of fuel or transportation, or accidents), and the availability of effective legal remedies. Uranium One also has no influence over the actions of its suppliers. Therefore there is no assurance that such risks will not occur.

- 34 - 2.4(18) The Corporation may not be able to enforce its legal rights. In the event of a dispute arising at the Corporation’s foreign operations, the Corporation may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of the courts in Canada. In addition, the counterparties to several of the Corporation’s key contracts, including the subsoil use contracts for the Corporation’s mines in Kazakhstan, as well as the Corporation’s joint venture partners, are government instrumentalities or government owned entities. As such, the Corporation may be hindered or prevented from enforcing its rights with respect to a government entity or instrumentality because of the doctrine of sovereign immunity. Any adverse or arbitrary decision of a foreign court may have a material and adverse impact on the Corporation’s business, prospects, financial condition and results of operations. Risk Management: Uranium One has no influence over the foregoing factors, and therefore there is no assurance that such risks will not occur. 2.4(19) The Corporation may face the risk of litigation in connection with its business and other activities. All industries, including the mining industry, are subject to legal claims, with and without merit. Defence and settlement costs can be substantial, even with respect to claims that have no merit. Due to the inherent uncertainty of the litigation process, the resolution of any particular legal proceeding could have a material adverse effect on the Corporation’s financial condition and results of operations. Risk Management: While Uranium One strives to ensure compliance with applicable laws and regulations and the contracts to which it is a party, Uranium One has no influence over the foregoing factors, and therefore there is no assurance that such risks will not occur. 2.4(20) If production costs increase or if the Corporation is unable to obtain key supplies or services, this could impact production and result in changes to the Mineral Reserve and Mineral Resource estimates of the Corporation. Changes in the Corporation’s production costs could have a major impact on its profitability. Its main production expenses are materials (including sulphuric acid), personnel costs, contractor costs, and energy. Changes in the costs of the Corporation’s mining and processing operations could occur as a result of unforeseen events, including international and local economic and political events, and could result in changes in profitability and/or Mineral Reserve and Mineral Resource estimates. Many of these factors may be beyond the Corporation’s control. Risk Management: To address long term sulphuric acid supply constraints, Uranium One has established a joint venture with Kazatomprom and other parties (SKZ-U LLP) to build a sulphuric acid plant at Zhanakorgan, which is close to Kharasan. Uranium One’s ownership percentage in the joint venture is 19%. Production of acid commenced in July 2012 and the production facility is fully operational and producing at capacity. The design capacity of the plant is 500,000 tonnes of sulphuric acid per year, and the plant currently supplies sulphuric acid to one of the Corporation’s joint ventures in Kazakhstan as well as one additional mine in Kazakhstan. There can be no assurance that interruptions of the supply of sulphuric acid from the plant will not occur. Uranium One has no influence over the other foregoing factors, and therefore there is no assurance that such risks will not occur. 2.4(21) Acquisitions and integration From time to time, the Corporation evaluates opportunities to acquire additional mining assets and businesses. These acquisitions may be of a significant size, may change the scale of the Corporation’s business and operations, and may expose the Corporation to new geographic, political, operating, financial and geological risks. The Corporation’s success in its acquisition activities depends on its ability to identify suitable acquisition candidates, negotiate acceptable terms for any such acquisition, and integrate the acquired operations successfully with those of the Corporation. Any acquisitions would be accompanied by risks. For example, there may be a significant change in commodity prices after the Corporation has committed to complete the transaction and established the purchase price or exchange ratio; a material orebody may prove

- 35 - to be below expectations; the Corporation may have difficulty integrating and assimilating the operations and personnel of any acquired companies, realizing anticipated synergies and maximizing the financial and strategic position of the combined enterprise, and maintaining uniform standards, policies and controls across the organization; the integration of the acquired business or assets may disrupt the Corporation’s ongoing business and its relationships with employees, customers, suppliers and contractors; and the acquired business or assets may have unknown liabilities which may be significant. If the Corporation chooses to raise debt capital to finance any such acquisition, the Corporation’s leverage will be increased. If the Corporation chooses to use equity as consideration for such acquisition, existing shareholders may suffer dilution. Alternatively, the Corporation may choose to finance any such acquisition with its existing resources. There can be no assurance that the Corporation would be successful in overcoming these risks or any other problems encountered in connection with such acquisitions and the Corporation’s pursuit of any future acquisition may accordingly have a material adverse effect on the Corporation’s business, financial condition and results of operations. There may be no right for shareholders or creditors of the Corporation to evaluate the merits or risks of any future acquisition undertaken by the Corporation except as required by applicable laws and regulations. Risk Management: While Uranium One relies on the expertise and diligence of its management in identifying and carrying out acquisitions, there can be no assurance that Uranium One will be successful in completing any proposed or future acquisitions or that Uranium One would be successful in overcoming these risks or any other problems encountered in connection with such acquisitions, since the completion or success of such transactions also depends on factors which are beyond Uranium One’s influence. 2.4(22) The Corporation is dependent on its relations with third party service providers. The Corporation’s operations depend on products and services provided by third parties, including contractors, surveyors and consultants. In particular, the SMCC, Khorasan-U, Karatau, Akbastau and Zarechnoye joint ventures are heavily reliant on services provided by Kazatomprom or its affiliates, the Corporation’s joint venture partner in those joint ventures. Most of the services used in production at the Akdala, South Inkai, Karatau, Akbastau, Zarechnoye and Kharasan Mines are either purchased or leased from Kazatomprom or companies owned by or associated with Kazatomprom. The provision of services by Kazatomprom or its affiliates may mean that actual or potential conflicts of interest arise between the joint venture parties and that the Corporation does not obtain the most competitive prices for services provided to the Corporation by Kazatomprom. Also, if there is a breakdown or deterioration in relations with Kazatomprom or if there is any interruption to the products or services provided by Kazatomprom or other third parties, the Corporation’s business and operations may be adversely affected, and the Corporation may be unable to find adequate replacement products or services on a timely basis or at all. This, in turn, could have a material and adverse effect on the Corporation’s business, financial condition and results of operations. Since the Corporation holds its interests in its joint ventures in Kazakhstan through joint venture agreements pursuant to which it does not have full control over the operation of the joint ventures (see “2.4(30) The Corporation holds its interests in its material properties through joint ventures”, below), the success of such joint ventures is dependent on the skill, diligence and co-operation of the Corporation’s joint venture partners. In addition, the Corporation must rely on certain information provided by its joint venture partners with respect to its Kazakh joint ventures (including, financial, sales and operating information) and there could be delays in obtaining such information. Risk Management: Other than having representation on the Boards of Directors or Supervisory Boards of the joint ventures and certain rights as a participant in the joint ventures as described under “2.4(30) The Corporation holds its interests in its material properties through joint ventures”, below, and striving to maintain a positive relationship with Kazatomprom, Uranium One has no material influence over the foregoing factors, and therefore there is no assurance that such risks will not occur.

- 36 - 2.4(23) No assurance can be given that estimates of commodity prices and exchange rates used in feasibility studies will actually be realized. The estimates of commodity prices and the currency exchange rates used in the Corporation’s technical reports and/or feasibility studies are based on conditions prevailing at the time of writing of such reports. These conditions can change significantly over relatively short periods of time and, as such, there can be no assurance that the estimates of uranium prices and currency exchange rates used in such reports will remain accurate. Risk Management: While Uranium One has relied on the expertise and diligence of its contractors, employees and experts with respect to the foregoing estimates Uranium One has no influence over the future changes to commodity prices and currency exchange rates, and therefore there is no assurance that such risks will not occur. 2.4(25) The Corporation may be unable to hire and retain qualified personnel. The Corporation’s success depends to a significant degree upon the contributions of qualified technical personnel. Its future success will depend in large part upon its ability to attract and retain highly skilled personnel, particularly in Kazakhstan, where the SMCC, Khorasan-U, Karatau, Akbastau, Zarechnoye and Kyzylkum joint ventures are subject to requirements that they employ a certain minimum number of Kazakh employees). Non-compliance with this requirement may be considered grounds for termination of the Corporation’s subsoil use contracts. Competition for personnel in the industry in which the Corporation operates is intense, and the Corporation may not be successful in attracting and retaining qualified personnel locally or in obtaining the necessary work permits to hire qualified expatriates. Its inability to do so in the future may materially and adversely affect its business, prospects, financial condition and results of operations, and its ability to comply with the employment requirements of its mining contracts. Risk Management: While Uranium One strives to comply with the terms of the subsoil use contracts, and has appointed officers to be responsible for the recruitment of qualified personnel as needed and implemented human resources policies for attracting and retaining such personnel, Uranium One has no influence over the broader labour markets and the availability of qualified personnel, and therefore there is no assurance that such risks will not occur. 2.4(26) The Corporation’s insurance coverage does not cover all of its potential losses, liabilities and damage related to its business, and certain risks are uninsured or uninsurable. While the Corporation maintains insurance against certain risks, the nature of these risks is such that liability could exceed policy limits or could be excluded from coverage. There are also risks against which the Corporation cannot insure or against which it may elect not to insure. Further, the legislation of Kazakhstan provides that property interests located in Kazakhstan may only be insured with Kazakh insurers, and limits the amount of risk that may be re-insured abroad. As such, to the extent that the Corporation’s interests in its properties in Kazakhstan held through its joint venture interests are insured, they are primarily insured by Kazakh insurers. The potential costs which could be associated with any liabilities not covered by insurance, or in excess of insurance coverage, or compliance with applicable laws and regulations may cause substantial delays and require significant capital outlays, adversely affecting the future earnings and competitive position of the Corporation and potentially its financial condition and results of operations. No assurance can be given that insurance coverage will be available to the Corporation at economically feasible premiums or at all, or that it will provide sufficient coverage for losses related to these or other risks and hazards. Risk Management: Uranium One has obtained insurance covering risks and in amounts customary for the uranium mining industry. However, many risks are simply not insurable, or may not be insurable at a price that is economical. 2.4(27) Any uncertainties in the Corporation’s title to any of its material properties may result in future losses or additional expenditures. The Corporation’s rights to explore and extract minerals from its material properties are, to the best of its knowledge, other than as set out below, in good standing. No assurance can be given, however, that the

- 37 - Corporation will be able to secure the grant or the renewal of existing mineral rights and tenures on terms satisfactory to it, or that governments in the jurisdictions in which the Corporation operates will not revoke or significantly alter such rights or tenures or that such rights or tenures will not be challenged or impugned by third parties, including local governments, aboriginal peoples or other claimants. No assurance can be given that title to the Corporation’s properties will not be challenged, encumbered or revoked in the future. Risk Management: Uranium One has no influence over the foregoing factors, and therefore there is no assurance that such risks will not occur. No assurance can be given that title to the Issuer’s properties will not be challenged, encumbered or revoked in the future. 2.4(28) Uranium One’s material properties are concentrated in one country. All of the Corporation’s material producing properties are currently located in one jurisdiction, Kazakhstan, and are subject to the risks of operating in a foreign country as well as the risks specific to operating in Kazakhstan, including exchange rate, regulatory and political risks. Any variation from the current regulatory, economic and political climate could have an adverse effect on the affairs of the Corporation. The Corporation is currently dependent upon its exploration, development and production properties in Kazakhstan and any adverse development affecting those properties or their interests, licenses and permits relating thereto may have a material adverse effect on the Corporation’s business, financial condition and results of operations. Risk Management: Uranium One owns properties outside of Kazakhstan as well, some of which are being developed, though most are not in commercial production and none are material. Uranium One may acquire additional properties outside of Kazakhstan if the opportunity arises, but there is no assurance that it will do so, or be able to do so, or be able to do so on satisfactory terms, or that the properties so acquired will be developed into producing properties material enough to offset the risks related to the concentration of Uranium One’s material producing properties in Kazakhstan. 2.4(29) The Corporation will require further licences to expand its activities. The Corporation’s exploration and mining activities, including the export of uranium, are dependent upon the grant of appropriate authorizations, licences, permits and consents (the “Authorizations”), as well as continuation of the Authorizations already granted, which may be granted for a defined period of time, or may not be granted or may be withdrawn or made subject to limitations. While the Corporation believes that it has all of the appropriate Authorizations that it requires to run its current business, any expansion of the Corporation’s activities could require the granting of additional Authorizations. Furthermore, obtaining an Authorization could take a significant period of time. There can be no assurance that all necessary Authorizations will be granted to the Corporation on a timely basis or at all, or that authorizations, licences, permits and consents already granted will not be withdrawn or made subject to limitations, which could, in turn, have a material adverse effect on the Corporation’s business, financial condition and results of operations. Risk Management: While Uranium One strives to ensure compliance with applicable laws, regulations and Authorizations, not all of the factors relevant to the granting or renewal of an Authorization, or compliance with an existing Authorization, are subject to influence by Uranium One, and therefore there is no assurance that such risks will not occur. 2.4(30) The Corporation holds its interests in its material properties through joint ventures. The Corporation has entered into joint ventures in respect of all of its material properties. In particular, the rights and obligations of the Corporation in relation to each of its joint ventures in Kazakhstan are set forth in the constitutive documents of the Corporation’s Kazakh joint ventures. The Corporation indirectly owns a 70% interest in SMCC, the entity that holds the right to the Akdala Mine and South Inkai Mine. SMCC is overseen by a supervisory board on which the Corporation holds three of the five available seats. The Corporation indirectly owns a 50% interest in Karatau, the entity that holds the rights to the Karatau Mine. Karatau is overseen by a supervisory board on which the Corporation holds two of the four available seats.

- 38 - The Corporation indirectly owns a 50% interest in Akbastau, the entity that holds the Akbastau Mine. Akbastau is managed by a board of directors, on which nominees of the Corporation (formerly nominees of ARMZ) hold four of the eight available seats (one of the four is an independent director). The Chairman of Akbastau must be chosen from the directors who are nominees of Kazatomprom. The Corporation indirectly owns a 49.98% interest in Zarechnoye, the entity that holds the Zarechnoye Mine. Zarechnoye is managed by a board of directors, on which nominees of the Corporation (formerly nominees of ARMZ) hold three of the six available seats (one of the three is an independent director). The Chairman of Zarechnoye has historically been chosen from the directors who are now nominees of the Corporation, but starting from 2017 the position of Chairman is rotated between nominees of the Corporation and Kazatomprom. The current Chairman is a nominee of Kazatomprom. The Corporation indirectly owns a 30% interest in Khorasan-U, the entity that holds the rights to the Kharasan Mine. Khorasan-U is overseen by a supervisory board on which the Corporation holds two of the seven available seats (the other joint venture participants in Khorasan-U hold two and three seats, respectively). The Corporation indirectly owns a 30% interest in Kyzylkum, the entity that previously held the rights to the Kharasan -1 site of North Kharasan deposit. Kyzylkum is overseen by a supervisory board on which the Corporation holds two of the seven available seats (the other joint venture participants in Kyzylkum hold two and three seats, respectively). The Corporation indirectly owns a 19% interest in SKZ-U, the sulfuric acid plant situated at Kyzylordinskaya oblast. SKZ-U is overseen by a supervisory board on which the Corporation holds two of the seven available seats. In Kazakh joint ventures, decisions made by the supervisory boards or boards of directors generally require a simple majority vote (except for Akbastau which requires unanimous consent for all decisions); however, certain material decisions require unanimous consent, which means that consensus must be reached between participants. In Karatau and Zarechnoye, the Chairman of the Supervisory Board holds the casting vote, and in both Karatau and Zarechnoye that position is required to be rotated between the joint venture participants every year. As a result, the Corporation is not able to exert a controlling influence over strategic and major operational decisions that could be made in respect of its Kazakh joint ventures. In addition, since decisions to pay dividends to the joint venture partners require the unanimous consent of all the joint venture partners, the Corporation is not able to exert a controlling influence over decisions to pay dividends to the joint venture partners such as the Corporation. Accordingly, any dispute with the Corporation’s joint venture partners may adversely affect the operation of the projects which, in turn, could materially and adversely affect the Corporation’s business, financial condition and results of operations. The Corporation and its joint venture partners must comply with the requirements of any applicable subsoil use contract or related permit or agreement pursuant to which the joint ventures operate, in addition to joint venture agreements or other arrangements governing the Corporation’s relationship with its joint venture partners. The Corporation may suffer unexpected costs or other losses if a joint venture partner does not meet the obligations under the subsoil use contracts or related permits or agreements, or the obligations under the agreements governing the Corporation’s relationship with them. The Corporation may also be subject to claims by its joint venture partners regarding potential non-compliance with its obligations. It is also possible that the Corporation’s interests, on the one hand, and those of its joint venture partners, on the other, will not always be aligned, resulting in possible project delays, additional costs or disagreements. In addition, failure by the Corporation’s joint venture partners to comply with the obligations under the relevant subsoil use contracts or related permits or agreements or the agreements pursuant to which the joint ventures operate may lead to fines, penalties, restrictions, withdrawal of permits and termination of the subsoil use contracts and other agreements under which the joint ventures operate. In the event that any of the Corporation’s joint venture partners becomes insolvent or otherwise unable to pay its debts as they come due, permits or agreements awarded to them may revert back to the relevant government authority who will then reallocate the license. As the Corporation typically either shares an undivided interest with its partners in the relevant mine or has a contractual right to production with no participation interest, the Corporation relies on its partners or other entities as license holders. The occurrence of any of the situations described above could materially and adversely affect the Corporation’s business, prospects, financial condition and results of operations.

- 39 - Risk Management: While Uranium One strives to ensure compliance with applicable laws and the terms of its subsoil use contracts, Uranium One’s ability to influence the decisions of the management of its joint ventures in Kazakhstan is limited as noted above, and therefore there is no assurance that such risks will not occur. 2.4(31) Dividend payments from the Corporation’s Kazakh joint ventures are a significant source of cash inflow for the Corporation. The Corporation expects that dividend payments from its Kazakh joint ventures will continue to be a significant source of its cash inflows for the foreseeable future (alongside financings, if any). The operations of the Corporation’s Kazakh joint ventures are subject to numerous significant risks which are detailed herein. If the ability of the Corporation’s Kazakh joint ventures to conduct operations or to pay dividends to the Corporation is materially affected by any of the risk factors detailed herein or by any other factors, the Corporation’s ability to make payments of interest or principal on its indebtedness is likely to be materially adversely affected. Risk Management: Uranium One may acquire additional properties outside of Kazakhstan if the opportunity arises, but there is no assurance that it will do so, or be able to do so, or be able to do so on satisfactory terms, or that the properties so acquired will be developed into producing properties generating sufficient revenues for Uranium One to offset the risks related to Uranium One’s reliance on dividend payments from its joint ventures in Kazakhstan. Legal Risks 2.4(32) The Corporation’s mineral rights in Kazakhstan may be terminated if the Corporation’s joint venture entities do not comply with the terms of the applicable subsoil use contract. In Kazakhstan, mineral title (subsoil use rights) to energy resources, including uranium, is granted by means of a contract entered into with the Ministry of Energy which grants rights for the exploration and/or production of minerals (uranium). Such contracts (and any amendments thereto) are required to be registered with the Ministry of Energy and are subject to numerous terms and conditions related to, among other things, drilling obligations, investments, use of Kazakh personnel, suppliers and services, tax obligations, compliance with laws, insurance coverage, solvency, environmental monitoring and mineral (uranium) production. If SMCC, Karatau, Akbastau, Zarechnoye, and Khorasan-U were to be in breach of such obligations under the applicable subsoil use contract, or if those contracts are not properly registered with the Ministry of Energy, those contracts could be suspended or terminated with a resultant loss of the Corporation’s interests in the underlying properties which, in turn, could have a material and adverse effect on the Corporation’s business, financial condition and results of operations. Under the subsoil use contracts, the Ministry of Energy is entitled to suspend operations under the contract if continuing such operations would be hazardous to human health or the environment. Subsoil users, including the joint ventures through which the Corporation owns and operates its mines in Kazakhstan are obliged to provide Ministry of Energy reports about compliance with subsoil use contract terms and conditions on a quarterly basis. In addition, from time to time, the Ministry of Energy conducts regular audits of subsoil rights users in Kazakhstan to ensure compliance with subsoil use contract terms and conditions. Although the Corporation believes that it is in material compliance with the terms of the relevant subsoil use contracts, no assurance can be given that the Ministry of Energy would not find otherwise, or that the Ministry of Energy would not take action to suspend or cancel the above-mentioned contracts as a result of any alleged breaches. Although the Corporation would intend to seek waivers of any breaches of or the renegotiation of the terms of these commitments, no assurance can be given that it would be successful in doing so. Risk Management: While Uranium One strives to ensure compliance with applicable laws and regulations and the terms of its subsoil use contracts, Uranium One has limited influence over the actions of the management of its joint ventures in Kazakhstan and no influence over the actions of the Ministry of Energy or other governmental or regulatory bodies, and therefore there is no assurance that such risks will not occur.

- 40 - 2.4(33) The Government of Kazakhstan has a pre-emptive right to acquire a share in assets held by the Corporation or in relation to transfers of shares in the Corporation’s subsidiaries. With some exceptions as described below (see “Risks related to the countries in which the Corporation operates”), the Government of Kazakhstan has a statutory pre-emptive right, exercisable in the event that the Corporation attempts to sell or otherwise transfer (i) any subsoil use rights under its Kazakh subsoil use contracts or (ii) any shares or other equity interest in (A) a legal entity holding a Kazakh subsoil use right or (B) a legal entity which may directly or indirectly make decisions and/or exert influence on decisions adopted by a Kazakh subsoil user if the main activity thereof is connected to subsoil use in Kazakhstan, to purchase such rights or equity interests on terms no less beneficial than those offered to the current purchasers. While it is unclear whether such a pre-emptive right is valid at law in respect of offshore transactions, it purports to have extra-jurisdictional effect. Consequently, as a matter of Kazakh public policy, future acquisitions of assets and/or equity interests in such assets in Kazakhstan will be subject to such law. Furthermore, the Government of Kazakhstan has the unilateral right to terminate a subsoil use contract for a violation of its pre-emptive right. Accordingly, the Government of Kazakhstan will be able to enforce extra-territorial breaches of its pre-emptive right by terminating the underlying subsoil use contract in the event of any such breach. In the event that the Government of Kazakhstan exercises its pre-emptive rights in respect of any transfer of subsoil use rights or related equity interests within, to or from the Corporation, such exercise may have a material adverse effect on the Corporation’s business, financial condition, and results of operations. Risk Management: While Uranium One strives to ensure compliance with applicable laws and regulations and the terms of its subsoil use contracts, Uranium One has no influence over the actions of the Government of Kazakhstan or over the validity or effectiveness of such government’s efforts to enforce extra-territorial breaches of such laws, regulations or subsoil use contracts, and therefore there is no assurance that such risks will not occur. 2.4(34) The Government of Kazakhstan is entitled to purchase and requisition uranium from subsoil users at prices not exceeding world market prices. Pursuant to the subsoil use contracts that define the Corporation’s mineral properties in Kazakhstan, the Government of Kazakhstan possesses the pre-emptive right to purchase part or all of the uranium produced at the Corporation’s Akdala, South Inkai, Karatau, Akbastau, Zarechnoye and Kharasan Mines at prices not exceeding world market prices. In addition, the Government of Kazakhstan is entitled by statute to requisition uranium produced at these properties in the event of war, acts of nature and other emergency events. In such an event, the Government of Kazakhstan must provide compensation for the requisitioned uranium, either in kind or by payment of its cost at the world market prices effective on the date of requisitioning. Were those rights to be exercised, the Corporation could be put in a position where it would breach obligations owed to other third parties, which could have a material adverse effect on the Corporation’s business, financial condition and results of operations. Risk Management: Uranium One has no influence over the foregoing factors, and therefore there is no assurance that such risks will not occur. 2.4(35) Prior antimonopoly consent is required for certain transactions involving transfers of shares in the Corporation and/or its subsidiaries. Prior consent from the Committee on Regulation of Natural Monopolies and Protection of Competition of the Ministry of National Economy of the Republic of Kazakhstan (the “Antimonopoly Agency”) is needed for certain transactions that may reduce or restrict competition in commodities markets (so-called “economic concentration”). Specifically, the consent of the Antimonopoly Agency, among others, is required for an acquisition by a person (or group of persons) of voting shares (or participation interests or unit shares) in the charter capital of a market entity, whereby such person (or group of persons) gains the right to control more than 50% of such voting shares (or participation interests or unit shares), where such person (or group of persons) prior to the purchase did not hold voting shares (or participation interests or unit shares) of such market entity, or held 50% or less of the voting shares (or share participation or unit shares) in the charter capital of such market entity, provided that certain turnover or asset thresholds are met or where one of the parties to the transaction holds a dominant position in a certain market. The consent is required in respect of a

- 41 - transaction involving entities outside Kazakhstan, where such transaction: (i) either directly or indirectly affects fixed or intangible assets, shares (participation interests), property or non-property rights in relation to Kazakh legal entities; or (ii) restricts competition in Kazakhstan. A transaction which occurs without the Antimonopoly Agency’s approval is not void under the law, but may be challenged in a Kazakhstan court. While the Corporation believes that it is unlikely that a transaction involving offshore companies will be challenged in the courts of Kazakhstan, there can be no assurances that such a challenge will not be made, which could, in turn, have a material adverse effect on the Corporation’s business, financial condition and results of operations. Risk Management: While Uranium One strives to ensure compliance with applicable laws and regulations and the terms of its subsoil use contracts, Uranium One has no influence over the actions of the Antimonopoly Agency, and therefore there is no assurance that such risks will not occur. 2.4(36) The transfer of the Corporation’s interests in its Kazakh joint ventures is subject to certain limitations. In addition to the statutory pre-emptive right of the Republic of Kazakhstan (See “2.4.33 The Government of Kazakhstan has a pre-emptive right to acquire a share in assets held by the Corporation or in relation to transfers of shares in the Corporation’s subsidiaries”), unless it is made for no consideration, the transfer of the Corporation’s indirect interests in its Kazakh joint ventures, is subject to rights of first refusal of the Corporation’s respective joint venture partners, Kazatomprom, Energy Asia (BVI) Limited and Energy Asia Holdings Ltd., pursuant to the respective charters of such joint ventures and the laws of Kazakhstan. In addition, any transfer of the Corporation’s indirect interest in its SKZ-U joint venture is subject to the consent of the Corporation’s joint venture partners pursuant to the joint venture charter and a right of first refusal pursuant to the laws of Kazakhstan. In the event that any of the Corporation’s joint venture partners exercise their respective pre-emptive rights in respect of any transfer of interests in such joint ventures, such exercise could have a material adverse effect on the Corporation’s business, financial condition and results of operations. Risk Management: While Uranium One strives to ensure compliance with the relevant joint venture contracts, Uranium One has no influence over the actions of its joint venture partners, and therefore there is no assurance that such risks will not occur. 2.4(37) The Corporation relies on contracts with, and has credit exposure to, a small number of key customers. A small number of customers account for a significant portion of the Corporation’s revenue, which is not unusual in the industry. However, no single third party customer accounts for more than 20% of its revenues or sales volume. In addition, Uranium One Holding has off-take rights (but no obligation to buy) with respect to a substantial portion of the Corporation’s attributable production pursuant to various off-take agreements between Uranium One Holding and the Corporation or its joint ventures. If the Corporation loses any of its largest customers or if any of them curtails their purchases and the Corporation is unable to sell the products in the market on comparable or superior terms, this could have a material adverse effect on the Corporation’s business, financial condition and results of operations. Further, the Corporation’s contracts and sales processes are such that the customer receives the product prior to paying. If any of the customers are unable to or fail to pay for such products, then this could have an adverse impact on the Corporation’s revenue generation, results of operations or financial condition. Risk Management: The Corporation strives to diversify its third party customer base, and will focus on securing long-term sales contracts that will provide secure and predictable cash flow. 2.4(38) Corruption and Bribery Risk The Corporation is required to comply with anti-corruption and anti-bribery laws in the countries where it conducts its operations, including the Canadian Corruption of Foreign Public Officials Act, the United States Foreign Corrupt Practices Act, and similar legislation in Kazakhstan. In recent years, there has been a general increase in both the frequency and severity of enforcement under such laws. Furthermore, a company may be found liable for violations by not only its employees, but also by its third party agents. Although the

- 42 - Corporation has adopted policies to mitigate such risks, including a formal Anti-Corruption Policy, such measures may not be effective in ensuring that the Corporation, its employees or third party agents will comply with such laws. If the Corporation is subject to an enforcement action or is found to be in violation of such laws, this may result in significant penalties, fines and/or sanctions imposed on the Corporation, which could have a material adverse effect on the Corporation’s business, financial condition and results of operations. Risk Management: Uranium One strives to ensure compliance with applicable laws and regulations and has adopted policies to promote compliance with such laws and regulations, including (i) a formal Anti- Corruption Policy, (ii) a mandatory program of anti-corruption education and training for all management, accounting and internal audit personnel involved in conducting or supervising international business operations who may have contact with governmental officials in the course of their duties, (iii) making the Anti-Corruption Policy known to its employees as well as to the managing bodies of its joint ventures, and (iv) an Incident Reporting Hotline through which employees may report incidents confidentially to the General Counsel of the Corporation. 2.4(39) The Corporation has undertaken a significant number of related-party and intra-group transactions and will continue to do so. The Corporation has engaged and will continue to engage in a significant number of transactions with related parties, primarily with other entities beneficially owned by the Corporation’s ultimate controlling shareholder, ROSATOM. The Corporation expects that its business relationships with entities over which its principal controlling shareholder has a significant influence will continue in the future. Further changes in related parties’ strategy may result in a reduction, alteration or termination of their relationships with the Corporation, which could have a material adverse effect on the Corporation’s business, financial condition and results of operations. In addition, the terms of any related-party and intra-group transactions can potentially be challenged by tax authorities, bankruptcy proceedings or under relevant securities laws on the basis of whether such transactions were on arm’s length terms or in compliance with relevant regulations. The Corporation has also engaged in several intra-group transactions, primarily intra-group sales and financing. Relevant tax authorities might challenge such related-party or intra-group transactions or commercial dealings under applicable transfer pricing rules or principles. Risk Management: While Uranium One strives to structure its transactions so as to maximize the tax and commercial benefits of such transactions while protecting such transactions from challenge by tax and other regulatory authorities, Uranium One is indirectly owned by ROSATOM and therefore may be required to participate in transactions which are not structured optimally from the Corporation’s perspective. Country and Regional Risks 2.4(40) The Corporation is exposed to risks associated with operating in Kazakhstan. The Corporation’s exploration, development and production properties and activities in Kazakhstan currently account for a significant part of its assets and of its revenue. Any adverse condition affecting mining, development or exploration conditions in Kazakhstan or the Corporation’s properties or the interests, licences or permits relating thereto, could be expected to have a material adverse effect on the Corporation and its businesses, assets, prospects, results of operations and condition (financial or otherwise). The Corporation’s Kazakh joint ventures have entered into contracts with the Government of Kazakhstan or obtained permits or concessions from the Government of Kazakhstan that enable them to conduct operations or development and exploration activities. Notwithstanding these arrangements, the Corporation’s ability to conduct operations or development and exploration activities is subject to political, regulatory and economic risks over which the Corporation has no control, such that there can be no assurance that there will be no: • significant or abrupt shifts in political attitudes toward foreign investment or ownership, industries deemed of national or strategic importance to Kazakhstan, the uranium mining industry in Kazakhstan, or current legal, regulatory or contractual arrangements;

- 43 - • corruption, requests for improper payments or other actions that may violate applicable anti- corruption legislation, uncertain legal enforcement and physical security; • competition with companies from countries that are not subject to or do not follow the same laws and regulations as the Corporation; • nationalization, requisition, invalidation, confiscation, expropriation or rescission of governmental orders, permits, agreements or property rights; • local political, labour or economic developments, instability or unrest; • currency fluctuations; and • significant or abrupt changes in the applicable regulatory or legal climate, including limitations on production, mineral exports, foreign investment, exchange controls or repatriation restrictions, export or sale restrictions, and new regulations on taxation, mining, environmental, health and safety, and social issues. Contributing to the foregoing uncertainties are the fact that: Kazakhstan’s foreign investment, subsoil use, licensing, corporate, tax, customs, currency, banking and anti-monopoly laws and legislation are still developing and uncertain; currently, the regulatory system contains many inconsistencies and contradictions; and many of the laws are structured to provide substantial administrative discretion in their application and enforcement. Risk Management: While Uranium One strives to ensure compliance with applicable laws and regulations and the terms of its subsoil use contracts, Uranium One has no influence over the foregoing factors, and therefore there is no assurance that such risks will not occur. 2.4(41) Kazakhstan’s subsoil use legislation may adversely affect the Corporation’s assets and operations in Kazakhstan. The principal legislation governing subsoil exploration and mining activity in Kazakhstan, is the Code of the Republic of Kazakhstan “On Subsoil and Subsoil Use”, which was adopted on December 27, 2017, and entered into force on June 28, 2018, as subsequently amended (the “Subsoil Law”). The provisions of the Subsoil Law described below are also part of the Code. The Subsoil Law gives the Government of Kazakhstan significant control over the operations of a subsoil user and rights in certain circumstances to invalidate transfers of subsurface rights and to unilaterally terminate subsoil use contracts. Under the Subsoil Law, transfers of subsurface rights or associated rights (being participatory interests such as shares, securities confirming title to shares and securities convertible into shares in a legal entity holding the subsoil use right to a deposit designated as a “strategic deposit” by the Government of Kazakhstan, as well as a legal entity which may directly and/or indirectly determine and/or influence decisions adopted by a subsoil user, if the principal activity of such entity is related to subsoil use in Kazakhstan) are subject to the government’s pre-emptive right and may not be completed without a waiver of such right and the consent of the Ministry of Energy. All of the uranium deposits subject to subsoil use contracts held by SMCC, Karatau, Akbastau, Zarechnoye, and Khorasan-U have been designated by Government resolution as “strategic deposits”. In addition, the grant of security over subsurface rights or associated rights requires the prior consent of the Ministry of Energy. Such transfers may be invalidated in the event of failure to obtain a prior waiver of the government’s pre-emptive right or the consent of Ministry of Energy or to provide notification of a covered transaction. The foregoing pre-emptive right and consent requirement also apply to offerings or issuances of associated rights, such as a public offering of shares. Pursuant to the Subsoil Law, the Ministry of Energy has the right to propose amendments to, or to unilaterally terminate (on two months’ notice), any subsoil use contracts (including those concluded before the coming into effect of the current Subsoil Law) relating to deposits designated as “strategic deposits” if particular actions of a subsoil user have an impact on the economic interests of Kazakhstan which leads to a threat to national security. If such determinations are made, the Ministry of Energy may unilaterally terminate a

- 44 - subsoil use contract if: (i) within two months from the receipt of notice the subsoil user does not give its written consent to negotiate changes to the terms of the subsoil use contract or refuses to negotiate; (ii) within four months from the receipt of the subsoil user’s consent agreement is not reached on such changes; and (iii) within six months from the date agreement was reached the relevant amendments have not been signed. The law “On National Security of the Republic of Kazakhstan” effective as of January 6, 2012, provides very broad criteria which define what is to be understood as a threat to Kazakhstan’s national security. In particular, a “threat to national security” is defined as any set of internal or external factors that obstructs the realization of the national interests of Kazakhstan, with the term “national interests” being broadly defined as any lawful political, economic or social needs of Kazakhstan that enable the state to protect the rights of citizens, societal values and fundamentals of the Constitution of the Republic of Kazakhstan. Based on this, the actual determination of what actions of the subsoil user may have a material negative impact on Kazakhstan’s national security appears to be within the Government’s exclusive discretion. All of the uranium deposits subject to subsoil use contracts held by the SMCC, Karatau, Akbastau, Zarechnoye and Khorasan-U joint ventures have been designated by Government resolution as “strategic deposits”. There can be no assurance that the actions of the joint ventures in relation thereto will not be considered to have a material negative impact on Kazakhstan’s economic or national security interests. In such event, there is a risk that one or more of such contracts could be amended in a manner prejudicial to the interests of the Corporation or terminated, either after negotiation or unilaterally. The Subsoil Law also provides that if a dispute related to a subsoil use contract cannot be resolved by negotiation, the parties can resolve the dispute according to the laws of Kazakhstan and international treaties ratified by the Republic of Kazakhstan. This may impact the Corporation’s ability to seek recourse by international arbitration in the event of a dispute, though it is mitigated by bilateral investment treaties signed by Kazakhstan with various countries, including the Netherlands, where the Corporation’s holding companies for its interests in Kazakhstan are located. In addition, under the Civil Code of Kazakhstan, encumbrance or alienation of strategic assets is allowed only with the prior approval of the Government of Kazakhstan. "Strategic assets" are defined in the Civil Code of the Republic of Kazakhstan as those assets that have social and economic value for the sustainable development of Kazakhstan society, the ownership and/or use and/or disposal of which will impact the state of Kazakhstan's national security. On August 23, 2012, uranium subs-soil use rights in Kazakhstan owned by non-state entities were added to the list of strategic assets. In accordance with the Decree of the Government of Kazakhstan #651 dated June 30, 2008 (as amended), all of the Corporation’s participatory interests in the Kazakh joint ventures, including Karatau, Akbastau, Zarechnoye, SMCC and Khorasan-U, have been designated as strategic assets in Kazakhstan. Under the Civil Code, where a non-state entity which is the owner of the strategic assets intends to sell them, the Kazakhstan Government has a pre-emptive right to purchase such assets at market value. In addition, the granting of a pledge or other encumbrance over strategic assets (such as the Corporation’s participatory interests in its Kazakh joint ventures) requires the prior consent of the Government of Kazakhstan. The market value of the assets is determined in accordance with the laws of Kazakhstan regarding evaluation activities. There can be no assurance that such consent will be granted, or that such pre-emptive rights will be waived, in the event that the Corporation seeks to sell or encumber any of its subs-soil use rights in Kazakhstan or its interests in any entity that holds such rights. Risk Management: While Uranium One strives to ensure compliance with applicable laws and regulations and the terms of its subsoil use contracts, Uranium One has no influence over changes to the laws and regulations in Kazakhstan or the actions of the government of Kazakhstan and its agencies, and therefore there is no assurance that such risks will not occur. 2.4(42) Developments in Kazakhstan’s local content laws may impact the Corporation’s operations in Kazakhstan. Since 2002, the Government of Kazakhstan has had a policy (amended from time to time) aimed at replacing imports and encouraging and supporting greater involvement in the economy by local producers. The policy is enforced through several legislative and regulatory instruments, including, among others: (i) the Subsoil Use Law, which requires the holders of subsoil use rights to treat bids by local providers as being 20% lower

- 45 - than the price actually quoted by the provider, and to give preference to local companies when procuring goods and services for subsoil use operations, provided that such goods and services comply with applicable standards; (ii) local content rules that provide formulas for local content calculation in supply and service contracts as well as customer purchases; (iii) register rules that require the maintenance of a register of goods and services used in subsoil use operations and of the entities (producers) providing same and criteria for assessing whether a producer is required to be included in the register; and (iv) rules on issuing work permits to foreign workers, which set percentage quota limits for foreign personnel working in Kazakh companies, currently set at 30% of company executives and 10% of engineering and technical personnel. Failure to comply with the foregoing legislation and rules, and any similar or successor rules or regulation, may result in legal sanctions or penalties which may adversely affect the Corporation’s ability to carry on operations in Kazakhstan. It is possible that future changes in applicable laws and regulations or changes in their enforcement or regulatory interpretation could result in changes in the local content and foreign work force requirements applicable to the Corporation or its projects, the implementation of which increase the Corporation’s costs and have a material and adverse impact on the Corporation’s current mining operations or planned development projects. Risk Management: While Uranium One strives to ensure compliance with applicable laws and regulations and the terms of its subsoil use contracts, Uranium One has no influence over changes to the laws and regulations in Kazakhstan or the actions of the government of Kazakhstan and its agencies, and therefore there is no assurance that such risks will not occur. 2.4(43) Developments in Kazakhstan’s currency regulation and currency control laws. Since the July 4, 2009 amendments to the law of the Republic of Kazakhstan “On Currency Regulation and Currency Control”, the President of Kazakhstan has had the right to establish, by way of a special Presidential decree, a special currency regime which may include: (i) depositing a certain portion of foreign currency, free of interest, in a resident Kazakh bank or the National Bank of Kazakhstan: (ii) obtaining special permission of the National Bank of Kazakhstan for currency transactions; and (iii) restricting foreign currency transfers overseas. In general, the impact of the special currency regime is that, if imposed, it may prevent Kazakh entities such as SMCC, Karatau, Akbastau, Zarechnoye, Khorasan-U, Kyzylkum and SKZ-U from being able to pay dividends to their shareholders or participants abroad or from repatriating profits in foreign currency in full or in part. In addition, extra administrative procedures could be imposed and Kazakh companies could be required to hold a part of their foreign currency in local banks. Risk Management: While Uranium One strives to ensure compliance with applicable laws and regulations and the terms of its subsoil use contracts, Uranium One has no influence over changes to the laws and regulations in Kazakhstan or the actions of the government of Kazakhstan and its agencies, and therefore there is no assurance that such risks will not occur. 2.4(45) Significant improvements to local infrastructure will be required in the countries in which the Corporation operates. Expansion and development of the Corporation’s uranium projects will require the financing and construction of additional infrastructure, including roads, power lines and power plants. The government of the host country may assume some costs associated with infrastructure expansion and development; however, this cannot be assured. If the Corporation is required to finance the expansion and development of infrastructure without governmental assistance, it will require significant additional capital, which may not be available or may not be available on commercially acceptable terms. If funding cannot be secured, expansion and development of the Corporation’s uranium projects may be delayed or halted, which could have a material and adverse effect on the Corporation’s business, prospects, financial condition and results of operations. Risk Management: Uranium One does not have influence over all of the factors which would affect its ability to finance and construct any additional infrastructure that is required, and therefore there is no assurance that such risks will not occur.

- 46 - 2.4(46) The Corporation’s business is subject to the risks associated with operations in foreign jurisdictions. The Corporation conducts exploration, development and mining operations in a number of countries including Kazakhstan, the United States, and Tanzania and may in the future operate in other countries. The Corporation’s foreign mining investments are subject to the risks normally associated with the conduct of business in foreign countries. The occurrence of one or more of these risks could have a material and adverse effect on the Corporation’s future cash flows, earnings, results of operations, financial condition and prospects. Risks include, among others, labour disputes, arbitrary invalidation of governmental orders and permits, corruption, uncertain political and economic environments, sovereign risk, war (including in neighbouring states), civil disturbances and terrorist actions, arbitrary changes in laws or policies of particular countries, the failure of foreign parties to honour contractual obligations, foreign taxation, delays in obtaining or the inability to obtain necessary government permits, opposition to mining from environmental or other non-governmental organizations, limitations on foreign ownership, limitations on the repatriation of earnings, foreign exchange controls, currency devaluations, import and export regulations including limitations on uranium exports, instability due to economic underdevelopment, inadequate infrastructure and increased financing costs, changes in relation to the foreign control of mining assets; changes with respect to taxes, royalty rates, import and export tariffs, and withholding taxes on distributions to foreign investors; changes in anti-monopoly legislation or its enforcement; and interruption or blockage of the export of uranium. In addition, the Corporation may face disadvantages of competing against companies from countries that are not subject to laws, such as the Corruption of Foreign Public Officials Act in Canada or the Foreign Corrupt Practices Act in the United States, or similar restrictions in other jurisdictions, or restrictions on the ability to pay dividends offshore. These risks may disrupt or limit the Corporation’s operations, restrict the movement of funds or supplies or result in the restriction of contractual rights or the taking of property by nationalization or expropriation without fair compensation. There can be no assurance that industries deemed to be of national or strategic importance such as mineral production, and in particular, uranium mining, will not be nationalized. Government policy in any of the countries in which the Corporation operates may change to discourage foreign investment, nationalization of mining industries may occur or other government limitations, restrictions or requirements not currently foreseen may be implemented. Risk Management: While Uranium One strives to ensure compliance with applicable laws and regulations and the terms of its subsoil use contracts, Uranium One has no influence over changes to the laws and regulations in Kazakhstan or the actions of the government of Kazakhstan and its agencies, or over any of the other foregoing factors, and therefore there is no assurance that such risks will not occur. 2.4(47) Existing contracts or licences with respect to the Corporation’s operations may be subject to selective or arbitrary government action. The Corporation’s contracts and licences in foreign countries may be susceptible to arbitrary revision and termination. Legal redress for such actions may be uncertain, delayed or unavailable. In addition, it is often difficult to determine from governmental records whether statutory and corporate actions have been properly completed by the parties or applicable regulatory agencies. In some cases, failure to follow the actions may call into question the validity of the entity or the action taken. Examples include corporate registration or amendments, capital contributions, transfers of assets or issuances or transfers of capital stock. Ensuring the Corporation’s ongoing rights to uranium properties will require a careful monitoring of performance of its contracts and other licences and monitoring the evolution of the laws and practices of the countries in which the Corporation operates. Failure to comply with the terms of the necessary licences or contracts or show compliance against official records may result in their revocation which may have an adverse effect on the Corporation’s operations. The process of obtaining radioactive materials licences from US nuclear regulatory bodies allows for public participation. If a third party chooses to object to the issuance of a radioactive material licence or permit required by the Corporation, significant delays may occur before the Corporation is able to secure a radioactive material licence permit. Generally, problems arising from public participation can be overcome

- 47 - with the passage of time and through the procedures set out in the applicable permitting legislation. However, the regulatory agencies must also allow and fully consider public comment according to such procedures and there can be no assurance that the Corporation will be successful in obtaining any radioactive material licence or permit. The failure to obtain any required licence or permit could have a material and adverse effect on the Corporation’s business, financial condition and results of operations. Risk Management: While Uranium One strives to ensure compliance with applicable laws and regulations and the terms of its subsoil use contracts, Uranium One has no influence over changes to the laws and regulations in the United States of America or other jurisdictions or the actions of the government of the United States of America, or that of any other jurisdiction, and its agencies, and therefore there is no assurance that such risks will not occur. 2.4(48) If foreign exchange controls are imposed in Kazakhstan, it may be difficult for dividends to be paid from Kazakhstan to the Corporation. Although the Kazakh tenge is not a freely convertible currency outside of Kazakhstan, there are currently no restrictions on the exchange of Kazakh tenge for other currencies within Kazakhstan or on the repatriation of funds by companies operating within Kazakhstan. However, if foreign exchange controls are imposed by the Government of Kazakhstan, it may not be possible for the Corporation’s subsidiaries and joint ventures in Kazakhstan, to service debt obligations or to distribute any funds to their shareholders or participants outside of Kazakhstan and could limit their ability to carry on business. Risk Management: While Uranium One strives to ensure compliance with applicable laws and regulations and the terms of its subsoil use contracts, Uranium One has no influence over changes to the laws and regulations in Kazakhstan or the actions of the government of Kazakhstan and its agencies, and therefore there is no assurance that such risks will not occur. 2.4(49) The Corporation’s mining operations and exploration activities may be affected by political instability and governmental regulations and bureaucracy. The Corporation’s mining operations and exploration activities are affected in varying degrees by political instability and governmental regulations relating to foreign investment and the mining industry. Operations may also be affected in varying degrees by terrorism, military conflict or repression, crime, extreme fluctuations in currency rates and high inflation in Central Asia and the former members of the U.S.S.R. In certain of the countries in which the Corporation may carry on business, there may be a risk that bureaucratic requirements, processes and potentially corruption could preclude the Corporation from carrying out business activities fairly in such countries, which could have a material and adverse impact on the Corporation, its prospects, financial condition and results of operations. Risk Management: Uranium One has no influence over the foregoing factors, and therefore there is no assurance that such risks will not occur. 2.4(50) The inconsistent enforcement and the evolution of tax laws in Kazakhstan create a risk of unexpected or excessive tax liabilities or penalties. All legal entities carrying on activities in Kazakhstan must be registered with the tax inspectorate. Taxes in Kazakhstan include an income tax, a value-added tax, a mineral extraction tax, an excess profits tax, an excise tax, a social tax, a land tax, a property tax, a transport tax, as well as required contributions to various funds, duties and fees for licences. Tax laws in the Republic of Kazakhstan have been continually changing and may not always be applied or interpreted consistently. In particular, current subsoil use contracts do not have tax stability from January 9, 2009 and tax liabilities are calculated generally in a manner which could lead to adverse changes in subsoil users’ tax positions. Differing interpretation of Kazakh laws and regulations by the Corporation and Kazakh authorities could lead to the imposition of additional taxes, penalties and fees. Kazakh laws and taxation practices are continually evolving and therefore subject to various interpretations and frequent changes which could have retroactive effect. Tax bodies have the right to retroactively inspect taxpayers within five years after the end of a taxation year.

- 48 - Risk Management: While Uranium One strives to ensure compliance with applicable laws and regulations and the terms of its subsoil use contracts, Uranium One has no influence over changes to the laws and regulations in Kazakhstan or the actions of the government of Kazakhstan and its agencies, and therefore there is no assurance that such risks will not occur. 2.4(51) Title to unpatented mining claims in the United States may be uncertain and subject to risks. Some of the Corporation’s mineral properties comprise unpatented mining claims in the United States. There is a risk that a portion of the Corporation’s unpatented mining claims could be determined to be invalid, in which case the Corporation could lose the right to mine mineral reserves contained within those mining claims. Unpatented mining claims are created and maintained in accordance with the General Mining Law of 1872. Unpatented mining claims are unique to United States property interests, and are generally considered to be subject to greater title risk than other real property interests due to the validity of unpatented mining claims often being uncertain. This uncertainty arises, in part, out of the complex federal and state laws and regulations under the General Mining Law of 1872. Unpatented mining claims are always subject to possible challenges of third parties or contests by the federal government. The validity of an unpatented mining claim, in terms of both its location and its maintenance, is dependent on strict compliance with a complex body of federal and state statutory and decisional law. Several lawsuits have been filed in recent years by environmental groups challenging regulations promulgated under the General Mining Law of 1872. The lawsuits seek to impose different rules on unpatented mining claims and seek injunctions of all permitting of mines on federal lands until new rules are promulgated. An unfavorable outcome in such litigation could also result in changes in the mining law. In recent years, the United States Congress has considered a number of proposed amendments to the General Mining Law of 1872. If adopted, such legislation, among other things, could impose royalties on mineral production from unpatented mining claims located on United States federal lands, result in the denial of permits to mine after the expenditure of significant funds for exploration and development, reduce estimates of mineral reserves and reduce the amount of future exploration and development activity on United States federal lands, all of which could have a material and adverse effect on the Corporation’s cash flow, results of operations and financial condition. Risk Management: While Uranium One strives to ensure compliance with applicable laws and regulations and has relied on contractual protections when purchasing unpatented mining claims in the United States, Uranium One has no influence over changes to the laws and regulations in the United States of America or the actions of the government of the United States of America and its agencies, nor can there be assurance that Uranium One has all of the relevant information relating to its unpatented mining claims in the United States to assess title risk with certainty. Therefore there is no assurance that such risks will not occur. Financial Risks 2.4(52) There is currently no market for the Corporation’s common shares. Upon the completion of the Arrangement on October 18, 2013, the Corporation’s common shares were delisted from the TSX and the JSE Limited. As a result, there is currently no market for the Corporation’s common shares, and there can be no assurance that the common shares will ever again be listed on any stock exchange or other securities market or that any market for such shares will develop. Risk Management: Not applicable. 2.4(53) The Corporation is controlled by one entity. ROSATOM is the Corporation’s ultimate indirect controlling shareholder. The interests of ROSATOM could conflict with the interests of the holders of the other securities of the Corporation, particularly if the Corporation encounters financial difficulties or is unable to pay its debts when due. ROSATOM has, directly or indirectly, the power, among other things, to alter the Corporation’s legal and capital structure and its day-to-day operations, as well as the ability to elect and change its management and to approve any other changes to its operations. ROSATOM controls the Corporation’s decisions to enter into

- 49 - any corporate transaction and can prevent any transaction that requires shareholder approval, regardless of whether others believe that the transaction is in the Corporation’s best interests. For example, ROSATOM could vote to cause the Corporation to incur additional indebtedness, to sell certain material assets or make dividends. ROSATOM could also have an interest in pursuing acquisitions, divestitures, financings, dividend distributions or other transactions that, in its judgment, could enhance its equity investments, although such transactions might involve risks to the holders of the other securities of the Corporation. In addition, the Corporation has undertaken and will continue to undertake a significant number of related-party transactions with ROSATOM, who controls the Corporation’s decisions regarding whether to enter into such transactions. Furthermore, ROSATOM may from time to time acquire and hold interests in businesses that compete, directly or indirectly, with the Corporation. If the interests of ROSATOM conflict with the Corporation’s interests or the interests of the holders of the other securities of the Corporation, the Corporation and such other holders could be disadvantaged. Risk Management: Uranium One does not have influence over the actions of ROSATOM and its affiliates, and therefore there is no assurance that such risks will not occur. 2.4(54) The Corporation’s financial condition and liquidity may be adversely affected by disruptions in the global financial markets. Disruptions in global credit and financial markets have resulted in a deteriorating economic climate. These macro-economic events have negatively affected the mining and minerals sector in general. Access to financing has been negatively impacted and while these circumstances have improved over the short term, the long term impact upon the Corporation’s liquidity and its ability to raise capital required to execute its business plans going forward could be negative. These factors may impact the ability of the Corporation to obtain equity or debt financing in the future and, if obtained, on terms favourable to the Corporation. Risk Management: Uranium One has no influence over the foregoing factors, and therefore there is no assurance that such risks will not occur. 2.4(55) The Corporation’s business requires substantial capital expenditure and there can be no assurance that such funding will be obtained on a timely basis, or at all. The development and operation of mines requires a substantial amount of capital. Such capital requirements relate to the costs of, among other things, acquiring mining rights and properties, obtaining government permits, exploration and delineation drilling to determine the underground configuration of a deposit, designing and constructing the mine and processing facilities, purchasing and maintaining mining equipment and complying with financial assurance requirements established by various regulatory agencies for the future restoration and reclamation activities for each project. In addition, the Corporation may incur unanticipated liabilities or expenses. The Corporation will accordingly have further capital requirements as it proceeds to expand its present mining activities and operations or to take advantage of opportunities for acquisitions. There can be no assurance that the Corporation will be able to obtain necessary financing on a timely basis on acceptable terms, or at all. Volatile demand for uranium and the volatile price for U3O8 may make it extremely difficult for the Corporation to obtain debt financing or equity financing on commercially acceptable terms or at all. Failure to obtain such additional financing could result in delay or indefinite postponement of further exploration and development of its uranium projects with the possible loss of the rights to such properties. If exploration or the development of any mine is delayed, such delay would have a material and adverse effect on the Corporation’s business, financial condition and results of operations. Risk Management: Uranium One does not have influence over all of the factors related to the successful financing of its operations, and therefore there is no assurance that such risks will not occur. 2.4(56) Fluctuations in the value of local currencies against the U.S. dollar and the Canadian dollar may materially adversely affect the Corporation’s results of operations. Currency fluctuations may affect the costs that the Corporation incurs at its operations which may adversely affect the Corporation’s cash flows, results of operations and financial condition. Uranium is sold throughout

- 50 - the world at prices set principally in U.S. dollars, but the majority of the Corporation’s expenditures are, and will continue to be, incurred in non-U.S. dollar currencies including Kazakh tenge, Tanzanian shillings and Canadian dollars. The appreciation of non-U.S. dollar currencies in those countries where the Corporation has exploration and mining activities would increase the costs of uranium production at such operations which could materially and adversely affect the Corporation’s margins and profitability, results of operations and financial condition, and may limit the Corporation’s ability to carry on its development and production activities or any exploration activities. The Corporation currently does not hedge against currency exchange risks except for the cross-currency interest rate swap agreements entered into in connection with the Ruble Bonds, although it may do so from time to time in the future. Since the functional currency of the Corporation’s joint ventures in Kazakhstan is the tenge, and the Corporation incurs most of its operating costs in tenge while its revenues are denominated in U.S. dollars, changes in the exchange rate of the tenge into U.S. dollars may materially affect the Corporation’s financial results. Risk Management: Uranium One does not have influence over the foregoing factors, and therefore there is no assurance that such risks will not occur. Uranium One currently does not hedge against currency exchange risks except for the cross-currency interest rate swap agreements entered into in connection with the Ruble Bonds (as described in paragraph 2.4(57) below), although it may do so from time to time in the future. 2.4(57) There are risks associated with the Russian currency control regime and opening bank accounts in rubles. Payments of principal and interest under the Series 02 Bonds are made in rubles. Since the Corporation earns revenues primarily in U.S. dollars, the Corporation is exposed to U.S. dollar – Russian ruble currency exchange risk. There can be no assurance that legislation or currency control regulations will not be adopted, re-interpreted or amended so as to restrict the transfer and holding of rubles offshore or currency operations between residents and non-residents, which could hinder the bondholders’ ability to receive payments of principal or interest under the Series 02 Bonds. There can be no assurance that payments of principal and interest under the Series 02 Bonds will not be subject to delays and disruptions because of the requirement to make such payments via onshore correspondent accounts within the Russian banking system (which has less experience in dealing with payments relating to debt instruments issued by foreign companies), which may cause the Corporation to be in default of its obligations under the Series 02 Bonds. Risk Management: Uranium One has no influence over the foregoing factors, and therefore there is no assurance that such risks will not occur. In connection with the Series 02 Offering, the Corporation entered into six derivative contracts (two forward currency strips which expired in 2017 and four cross-currency interest rate swaps) to economically hedge the Series 02 Bonds. The derivatives were entered into by the Corporation to effectively create synthetic US dollar borrowings by converting the ruble denominated principal amount and the coupon payments of the Series 02 Bonds at a fixed ruble / USD exchange rate, and therefore eliminate any exposure to ruble / USD fluctuations. The forward currency strips had an average exchange rate of $1.00 = RUB 34.94. For the cross-currency interest rate swaps, 35% of the coupon payments have a fixed interest rate of 7.5% whilst 65% of the coupon payments are linked to LIBOR plus a premium. The cross-currency interest rate swaps have a USD fixed exchange rate of $1.00 = RUB 31.8 (for the fixed interest rate portion) or RUB 32.2 (for the floating interest rate portion). 2.4(58) A change in the equity ownership of Uranium One may result in a breach of the “Change in Ownership” covenant with respect to certain debt securities of the Corporation. Under the terms of the Ruble Bonds, if ARMZ, ROSATOM, and any federal state agency of the Russian Federation cease to collectively be the beneficial owners, either directly or indirectly, of at least 33.5% (determined in the aggregate and on a non-diluted basis) of the voting share capital of Uranium One, Uranium One will be deemed to be in default under the Ruble Bonds. In the event of such default, Ruble Bond holders will be entitled to demand repayment of their outstanding bonds. Risk Management: The decision of ROSATOM, ARMZ or any federal state agency of the Russian Federation (as applicable) to sell, transfer or otherwise dispose of shares of Uranium One is not within

- 51 - Uranium One’s control and consequently, Uranium One may come to be in breach of its covenant and default under the Bond. In such circumstances, Uranium One may not have the requisite time to raise alternative funds to repay the Bonds and there can be no assurances that Uranium One will be able to raise such funds to repay the Bonds on terms satisfactory to it or at all. Reputation Risks 2.4(59) Reputational Risk. Damage to the Corporation’s reputation can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity, whether true or not. Reputation loss may have a material adverse impact on the investor confidence and community relations, resulting in a material adverse impact on the Corporation’s financial performance, financial condition, cash flows and growth prospects. Risk Management: Although the Corporation believes that it operates in a manner that is respectful to all stakeholders and that it takes care in protecting its image and reputation, the Corporation does not have direct control over how it is perceived by others. All risks that the Corporation is subject to may have an impact on its reputation, and as such, reputational risk cannot be managed in isolation from other types of risk. More Finance Risks 2.4(60) The Corporation depends in part on cash flow from its operating subsidiaries. In addition to revenues from the sale of uranium products, the Corporation also depends upon the cash flow from its operating subsidiaries and joint ventures in the form of dividends or other distributions or payments, to meet its obligations, including its obligations under the Ruble Bonds. The amounts of dividends and distributions available to the Corporation will depend on the profitability and cash flows of the Corporation’s subsidiaries and joint ventures and the ability of those subsidiaries and joint ventures to issue dividends under applicable law. The subsidiaries of the Corporation or the joint ventures in which the Corporation owns an interest, however, may not be able to, or may not be permitted under applicable law to, make distributions or advance upstream loans to the Corporation to make payments in respect of their indebtedness. Risk Management: While Uranium One strives to ensure compliance with applicable laws and regulations and the terms of its joint venture contracts, Uranium One has no influence over changes to such laws and regulations or the actions of its joint venture partners, and therefore there is no assurance that such risks will not occur. 2.4(61) The Corporation is significantly leveraged. The Corporation has or will have significant debt service requirements under the Ruble Bonds as well as loans from affiliates. The Corporation’s significant leverage could have important consequences for its business and operations, including, but not limited to: • making it more difficult for the Corporation to satisfy its obligations with respect to its debt and liabilities; • requiring the Corporation to dedicate a substantial portion of its cash flow from operations to payments on its debt, thereby reducing the availability of its cash flow to fund internal growth through working capital and capital expenditures and for other general corporate purposes; • increasing the Corporation’s vulnerability to a downturn in its business or general economic or industry conditions; • placing the Corporation at a competitive disadvantage relative to competitors that have lower leverage or greater financial resources than the Corporation; • limiting the Corporation’s flexibility in planning for or reacting to competition or changes in its business and industry; • negatively impacting credit terms with the Corporation’s creditors;

- 52 - • restricting the Corporation from pursuing strategic acquisitions or exploiting certain business opportunities; and • limiting, among other things, the ability of the Corporation or its subsidiaries to borrow additional funds or raise equity capital in the future and increasing the costs of such additional financings. Any of these or other consequences or events could have a material adverse effect on the Corporation’s ability to satisfy its debt obligations. Its ability to make payments on and refinance its indebtedness and to fund working capital expenditures and other expenses will depend on the Corporation’s future operating performance and ability to generate cash from operations. The Corporation’s ability to generate cash from operations is subject, in large part, to general economic, competitive, legislative and regulatory factors and other factors that are beyond its control. Risk Management: While Uranium One strives to ensure compliance with its debt obligations and the related contracts, Uranium One has no influence over other factors that affect its profitability or cash flows, and therefore there is no assurance that such risks will not occur. 2.4(62) The Corporation may not be able to generate sufficient cash to service its indebtedness, including due to factors outside its control, and may be forced to take other actions to satisfy its obligations under its indebtedness, which may not be successful. The Corporation has significant debt service obligations. Its ability to make payments on or to refinance its debt obligations will depend on its future operating performance and ability to generate sufficient cash. This depends on general economic, financial, competitive, market, regulatory and other factors, many of which are beyond its control. The Corporation’s leverage may also make it more difficult for the Corporation to satisfy its obligations with respect to its outstanding indebtedness and exposes it to interest rate increases to the extent that any of its debt is subject to a variable rate of interest. The Corporation’s operations (i.e. the operations of its subsidiaries and joint ventures) may not generate sufficient cash flows from operations to make payments on its debt obligations, and additional debt and equity financing may not be available to it in an amount sufficient to enable it to pay its debts when due, or to refinance such debts. If future cash flows from operations and other capital resources are insufficient to pay obligations as they mature or to fund liquidity needs, the Corporation may be forced to: • reduce or delay its business activities, planned acquisitions and capital expenditures; • sell assets; • obtain additional debt or equity financing; or • restructure or refinance all or a portion of its debts, on or before maturity. There can be no assurance that the Corporation would be able to accomplish any of these alternatives on a timely basis or on satisfactory terms, if at all. The Corporation’s ability to restructure or refinance its debt will depend in part on its financial condition at such time. Any refinancing of debt could be at higher interest rates than the current debt and may require the Corporation to comply with more onerous covenants, which could further restrict its business operations. The terms of existing or future debt instruments may restrict the Corporation from adopting some of these alternatives. Furthermore, the Corporation may be unable to find alternative financing, and even if it could obtain alternative financing, it might not be on terms that are favorable or acceptable to the Corporation. If the Corporation is not able to refinance any of its debt, obtain additional financing or sell assets on commercially reasonable terms or at all, it may not be able to satisfy its debt obligations. In that event, borrowings under other debt agreement or instruments that contain cross-default or cross-acceleration provisions may become payable on demand, and the Corporation may not have sufficient funds to repay all of its debts. In addition, any failure to make payments of interest or principal on outstanding indebtedness on a timely basis could harm its ability to raise financing through additional indebtedness. Risk Management: Uranium One does not have influence over all of the factors related to its profitability or the financing of its operations, and therefore there is no assurance that such risks will not occur.

- 53 - 2.4.1. Industry-Specific Risks

Description of the impact of possible deterioration of the issuer’s industry situation on its activities and the performance of securities-related obligations. Indication of the most significant, in the issuer’s opinion, possible changes in the industry (in the domestic and external markets respectively) and the issuer’s expected action in this case.

Description of risks associated with possible changes in the prices of raw materials and services used by the issuer in its activities (in the domestic and external markets respectively) and their effects on the issuer’s activities and the performance of securities-related obligations.

Description of risks associated with possible changes in the prices of the issuer’s products and (or) services (in the domestic and external markets respectively), their effects on the issuer’s activities and the performance of securities-related obligations.

This information is provided in item 2.4.

2.4.2. Country and Regional Risks

Description of risks associated with the political and economic situation in the country (countries) and the region in which the issuer is registered as a taxpayer and (or) conducts its core business provided that the issuer’s core business in such country (region) accounts for 10 percent or more of income in the most recently closed reporting period.

Indication of the expected action of the issuer in the event of adverse effect of changes in the situation in the country (countries) and region on its activity.

Description of risks associated with possible military conflicts, imposition of the state of emergency and strikes in the country (countries) and region in which the issuer is registered as a taxpayer and (or) conducts its core business.

Description of risks associated with the geographical characteristics of the country (countries) and region in which the issuer is registered as a taxpayer and (or) conducts its core business, including high likelihood of natural disasters, possible interruption of transportation due to remoteness and (or) inaccessibility, etc.

This information is provided in item 2.4.

2.4.3. Financial Risks

Description of the issuer’s exposure to risks associated with changes in interest rates, foreign currency exchange rates due to the issuer’s activities or hedging operations performed by the issuer for the purposes of mitigating the negative implications of the above-mentioned risks.

Description of the exposure of the issuer’s financial condition, liquidity, sources of funding, performance, etc., to currency rate changes (currency risks).

Indication of the issuer’s expected action in the event of adverse effects of currency rate and interest rate changes on the issuer’s activity.

The foregoing information is provided in item 2.4.

- 54 - Description of the inflation impact on securities-related payments with the indication of critical, in the issuer’s opinion, inflation rates and the issuer’s expected action aimed at mitigating the above-mentioned risk.

Inflation rates in excess of 25% would be critical to Uranium One. Inflation rates in Kazakhstan have been between 4.8% and 13.6% over the last 5 years, and there is no indication that such inflation rates will reach critical levels in the short to medium term. Since inflation rates are beyond the control or influence of the Issuer, the Issuer does not have a policy for managing this risk other than converting funds to currencies of jurisdictions that are experiencing low inflation and storing such funds in such jurisdictions, to the extent possible.

Indicators of the issuer’s financial statements most exposed to changes resulting from the above- mentioned financial risks, including risks, their likelihood and the nature of changes in statements.

The indicators which are most exposed to changes resulting from inflation risk are (i) the value of the Issuer’s investments in its subsidiaries and joint ventures and (ii) the Issuer’s “production costs” (as such term is used in item 3.2.2), i.e. the cost of earning revenue from resales of U3O8. Inflation in the currency of a jurisdiction in which Uranium One has a subsidiary or joint venture erodes the value of such investment to the extent the investment was made in the local currency, and increases Uranium One’s costs of operating in that jurisdiction (or increases the costs to Uranium One’s subsidiary or joint venture of operating in that jurisdictions, which in turn may require Uranium One to advance funds to such subsidiary or joint venture) to the extent of any costs which must be paid in the local currency.

2.4.4. Legal Risks

Description of legal risks associated with the issuer’s activities (for domestic and external markets respectively), including risks associated with changes in: currency regulation; tax laws; customs regulations and duties; the requirements for the issuer’s core business licensing or the licensing of rights to use constrained assets (including natural resources); court practices on issues related to the issuer’s activities (including licensing issues) which may adversely affect its performance and the outcome of pending legal proceedings in which the issuer participates.

This information is provided in item 2.4.

2.4.5 Reputation Risk

Description of risks of losses on the part of the issuer due to a decrease in the number of clients (counterparties) due to negative perception of the financial standing, financial position of the issuer, quality of its services or its activities in general.

This information is provided in item 2.4.

2.4.6 Strategic Risk

Description of risks of losses on the part of the issuer due to mistakes (shortcomings) in decisions determining the strategy of activities and development of the issuer (strategic management) consisting in failure to consider, or lack of consideration of, possible factors that may threaten the activities of the issuer, incorrect or improperly grounded determination of prospective areas of activities of the issuer in which the issuer may take an advantage compared to its competitors, lack or insufficiency of required resources (financial, materials and equipment, human) and management measures (decisions) that should ensure achieving strategic aims of the issuer.

This information is provided in item 2.4.

- 55 -

2.4.7 Risks Associated with the Issuer’s Activities

Description of issuer-specific risks or the risks connected with the issuer’s principle business activities, including risks associated with: pending legal proceedings in which the issuer participates; impossibility of extending the issuer's license to perform a certain type of activity or use constrained assets (including natural resources); possible liability of the issuer for third-party debts, including the issuer's subsidiaries; possible loss of customers accounting for at least 10 percent of total revenue from the sale of the issuer's products (work, services).

This information is provided in item 2.4.

2.4.8. Banking Risks

Not applicable as the Issuer is not a credit institution.

- 56 - III. Detailed Information Concerning the Issuer

In quarterly reports for the 2nd – 4th quarters, the information contained in sub-items 3.1.3 of item 3.1, sub-item 3.2.4, 3.2.6.4 and 3.2.6.5 of item 3.2, items 3.3 - 3.5 of this chapter shall be provided only if there were changes in such information during the reporting quarter.

3.1. Information Concerning the Issuer’s Establishment and Development

3.1.1. Data Concerning the Issuer’s Company Name

Full company name of the issuer: Uranium One Inc. Short company name of the issuer: Not applicable. Date (dates) when the current name of the issuer was introduced: Current name was introduced on June 8, 2007.

If full or short company name of the issuer (name of a non-business entity) is similar to the name of another corporate entity, this paragraph shall specify the name of such corporate entity and explanations necessary for preventing the above-mentioned names from being confused: In the Issuer's opinion, its company name is not similar to the name of any other corporate entity registered in Canada or its provinces.

If the company name of the issuer (name of non-business entity) is registered as a trademark or service mark, information concerning registration shall be specified:

The Issuer’s name forms part of the following trademarks:

(i) Trade-mark (word mark): URANIUM ONE

APPLICATIONS

JURISDICTION APP. DATE APP. NO. CLASSES STATUS Tanganyika May 21, 2018 TZ/T/2018/983 1 (uranium; rare earth elements; Published for opposition (Tanzania) uranium oxide) on July 15, 2018

- 57 -

REGISTRATIONS

JURISDICTION REG. DATE REG. NO. CLASSES STATUS Australia November 16, 1,147,527 1 (Rare earth elements Expired Nov. 16, 2016, 2006 including rare earth will not be renewed metals and salts from rare earth metals; salts of metals and salts of earth metals; salts of precious metals for industrial purposes including gold salt and silver salt solutions; uranium; nitrate of uranium and uranium oxide.) 6 (Process metal ores; ores of metal including base metal ores and concentrates; precious ores; iron ores; chrome ores; ores for use in abrasives, ceramics and refractories.) 14 (Refined metals and metalliferous products, including gold, gold doré and silver; gold alloys, gold based alloys, gold ingots and unwrought or beaten gold; unwrought or beaten silver; unwrought silver alloys and silver oxide.) 36 (Financial services including financial lending to owners of mineral and mineral exploration properties.) 37 (Mining services.) 42 (Mineral exploration; mineral development services.) Canada November 6, 2007 TMA700,358 Not applicable Registered (expires Nov. 6, 2022)

- 58 - REGISTRATIONS

JURISDICTION REG. DATE REG. NO. CLASSES STATUS European Union April 8, 2008 005714639 1 (Uranium; silver and Registered (expires (renewed February uranium oxide; Feb. 26, 2027) 26, 2017) concentrates of silver and uranium oxide; concentrates of gold and gold doré; rare earth elements.) 6 (Common metals, unwrought or semi- wrought; base metal ores; refined common metals and metalliferous products; concentrates of gold and gold doré; rare earth elements.) 14 (Precious metals, unwrought or semi- wrought; namely gold; gold doré, silver; precious ores; refined precious metals and metalliferous products.) 36 (Financial lending to owners of mineral and mineral exploration properties.) 37 (Mining) 42 (Mineral exploration, mineral development.) South Africa February 8, 2010) 2006/27981 1 (Rare earth elements; Registered (expires (renewed uranium; uranium Nov. 17, 2026) November 17, oxide.) 2016) February 8, 2010) 2006/27982 6 (Base metal ores; Registered (expires (renewed concentrates.) Nov. 17, 2026) November 17, 2016) February 8, 2010) 2006/27983 14 (Gold; silver; Registered (expires (renewed precious ores; base Nov 17, 2026) November 17, metal ores.) 2016) February 8, 2010) 2006/27984 37 (Mining Registered (expires (renewed explorations; mining Nov. 17, 2026) November 17, development; mining.) 2016)

- 59 - REGISTRATIONS

JURISDICTION REG. DATE REG. NO. CLASSES STATUS February 8, 2010) 2006/27985 36 (Financial lending to Registered (expires (renewed owners of mineral and Nov. 17, 2026) November 17, mineral exploration 2016) properties.) Tanganyika December 24, TZ/T/2018/984 14 (gold, precious ores, Registered (Tanzania) 2018 concentrates, refined metals and metalliferous products) February 5, 2019 TZ/T/2018/985 6 (base metal ores) Registered (expires May 21, 2025) February 5, 2019 TZ/S/2018/398 37 (mining services) Registered (expires May 21, 2025) February 5, 2019 TZ/S/2018/397 42 (mineral exploration Registered (expires services) May 21, 2025) United States of January 29, 2013 4283202 1 (Uranium; rare earth Registered (expires America elements, uranium January 29, 2023) oxide)

37 (Mining extraction services). 42 (Mineral exploration and mining exploration services.) January 15, 2013 4273779 14 (Refined metals and Expired Jan. 15, 2019, metalliferous products, will not be renewed namely, gold, gold doré and silver; precious metal ores, namely, gold and silver) 36 (Financial services, namely, money lending to owners of mineral and mineral exploration properties.)

(ii) Trade-mark (word mark plus graphic):

REGISTRATIONS

JURISDICTION REG. DATE REG. NO. CLASSES STATUS Canada September 18, TMA724,046 Not applicable Registered (expires 2008 Sept. 18, 2023)

- 60 - (iii) Trade-mark (word mark plus graphic):

APPLICATONS

JURISDICTION APP. DATE APP. NO. CLASSES STATUS Tanganyika October 31, TZ/T/2011/1259 1 (uranium; rare earth elements; Published for (Tanzania) 2011 uranium oxide) opposition on Oct. 15, 2014

REGISTRATIONS

JURISDICTION REG. DATE REG. NO. CLASSES STATUS Zanzibar October 2, ZN/T/540/2011 1 (uranium; rare earth elements; Registered (expires (Tanzania) 2012 uranium oxide) Nov. 15, 2021) November 28, ZN/S/408/2011 36 (financial services, namely, Registered (expires 2012 money lending to owners of November 15, 2021) mineral and mineral exploration properties) May 22, 2012 ZN/S/409/2011 37 (mining extraction services) Registered (expires November 15, 2021) May 22, 2012 ZN/S/413/2011 42 (mineral exploration and mining Registered (expires exploration services) November 15, 2021) Tanganyika May 7, 2014 TZ/S/2011/526 37 (mining extraction services) Expired November 14, (Tanzania) 2018 August 11, TZ/S/2011/525 42 (mineral exploration and mining Expired November 14, 2014 exploration services) 2018 July 19, 2016 TZ/S/2011/515 36 (Financial services, namely, Expired November 14, money lending to owners of 2018 mineral and mineral exploration properties) South Africa March 12, 2011/27128 1 (uranium, rare earth elements, Registered (expires 2015 uranium oxide) Oct. 26, 2021)

March 27, 2011/27129 36 (financial services, namely, Registered (expires 2015 money lending to owners of Oct. 26, 2021)

mineral and mineral exploration properties) March 12, 2011/27130 37 (mining extraction services) Registered (expires 2015 Oct. 26, 2021)

March 12, 2011/27131 42 (mineral exploration and mining Registered (expires 2015 exploration services) Oct. 26, 2021)

- 61 -

(iv) Trade-mark (word mark plus graphic):

APPLICATIONS

JURISDICTION APP. DATE APP. NO. CLASSES STATUS Canada May 16, 2016 1,782,643 1 (uranium; rare earth elements; Allowed for uranium oxide), 6 (base metal registration on Aug. ores,), 14 (gold, precious ores 11, 2017 concentrates, refined metals and metalliferous products), 37 (mining services), 42 (mineral exploration services) 62998/2017 1 (uranium; rare earth elements; Filed uranium oxide), 6 (base metal ores), 14 (gold, precious ores, October 17, Switzerland concentrates, refined metals and 2017 metalliferous products), 37 (mining services), 42 (mineral exploration services) United States of June 23, 2016 87/082,391 1 (uranium; rare earth elements; Filed but suspended America uranium oxide), 6 (base metal ores), 14 (gold, precious ores, concentrates, refined metals and metalliferous products), 37 (mining services), 42 (mineral exploration services)

REGISTRATIONS

JURISDICTION REG. DATE REG. NO. CLASSES STATUS European Union November 15, 015613458 1 (uranium; rare earth elements; Registered (expires 2016 uranium oxide), 6 (base metal ores, July 6, 2026) precious ores), 14 (gold, concentrates, refined metals and metalliferous products), 37 (mining services), 42 (mineral exploration services) Kazakhstan October 18, 57391 1 (uranium; rare earth elements; Registered (expires 2017 uranium oxide), 6 (base metal July 5, 2026) ores), 14 (gold, precious ores, concentrates, refined metals and metalliferous products), 37 (mining services), 42 (mineral exploration services)

- 62 - REGISTRATIONS

JURISDICTION REG. DATE REG. NO. CLASSES STATUS Tanganyika November 4, TZ/T/2016/1410 14 (gold, precious ores, Registered (expires on (Tanzania) 2016 concentrates, refined metals and May 16, 2023) metalliferous products) November 21, TZ/T/2016/1409 1 (uranium; rare earth elements; Registered (expires 2016 uranium oxide) May 16, 2023)

November 21, TZ/T/2016/1408 6 (base metal ores) Registered (expires 2016 May 16, 2023)

November 21, TZ/S/2016/534 37 (mining services) Registered (expires 2016 May 16, 2023) April 12, 2017 TZ/S/2016/535 42 (mineral exploration services) Registered (expires May 16, 2023 Zanzibar May 16, 2016 ZN/T/16/466 1 (uranium; rare earth elements; Registered (expires on (Tanzania) uranium oxide), May 16, 2026) ZN/T/16/477 6 (base metal ores) Registered (expires on May 16, 2026) ZN/T/16/468 14 (gold, precious ores, Registered (expires on concentrates, refined metals and May 16, 2026) metalliferous products), ZN/S/16/218 37 (mining services) Registered (expires on May 16, 2026) ZN/S/16/216 42 (mineral exploration services) Registered (expires on May 16, 2026) South Africa May 31, 2018 2016/17327 1 (uranium; rare earth elements; Registered (expires on uranium oxide) June 24, 2026) May 31, 2018 2016/17328 6 (base metal ores) Registered (expires on June 24, 2026) May 31, 2018 2016/17329 14 (gold, precious ores, Registered (expires on concentrates, refined metals and June 24, 2026) metalliferous products) May 31, 2018 2016/17330 37 (mining services) Registered (expires on June 24, 2026) May 31, 2018 2016/17331 42 (mineral exploration services) Registered (expires on June 24, 2026) Russian May 25, 2018 657606 1 (uranium; rare earth elements; Registered (expires on Federation uranium oxide), 6 (base metal July 23, 2026) ores), 14 (gold, precious ores, concentrates, refined metals and metalliferous products), 37 (mining services), 42 (mineral exploration services)

- 63 - (v) Trade-mark (word mark plus graphic):

APPLICATIONS

JURISDICTION APP. DATE APP. NO. CLASSES STATUS Switzerland Oct. 17, 2017 63000/2017 1 (uranium; rare earth elements; Filed uranium oxide), 37 (mining services), 42 (mineral exploration services)

If the issuer’s company name (name of non-business entity) was changed during the time of its existence, all of its previous full and short company name(s) (name(s) of non-business entity) and forms of incorporation (including the date and ground for changes) shall be specified.

The Issuer’s current name was introduced on June 8, 2007.

The previous full names of the Issuer were as follows:

 “sxr Uranium One Inc.” was introduced on December 6, 2005.

 “Southern Cross Resources Inc.” was introduced on January 2, 1997.

The Issuer’s forms of incorporation were as follows:

The Issuer was originally incorporated on January 2, 1997 under the Business Corporations Act (Ontario) with the name “Southern Cross Resources Inc.”.

The Issuer was continued under the Canada Business Corporations Act (the “CBCA”) on March 17, 2005. The continuance changed the law by which the Issuer is governed as a corporation.

The Issuer was further continued under the Business Corporations Act (British Columbia) (the “BCBCA”) on November 21, 2018.

The Issuer changed its name to “sxr Uranium One Inc.” on December 6, 2005, in connection with a significant acquisition (the acquisition of Aflease Gold and Uranium Resources Limited) which was completed around that time. The letters “sxr” referred to the stock symbol under which the Issuer’s common shares traded on the Toronto Stock Exchange before the completion of that transaction.

The Issuer changed its name to “Uranium One Inc.” on June 8, 2007, following the acquisition of UrAsia Energy Ltd. and its interests in uranium properties in Kazakhstan. The letters “sxr” were removed as it was considered that the Issuer’s geographic focus was diversifying away from the Australian properties that were the Issuer’s focus in the beginning, when its stock symbol was “sxr”.

Each change to the Issuer’s name was decided on and authorized by the Board of Directors of the Issuer, and then approved by the Issuer’s shareholders before the name change was carried out.

- 64 - The Issuer does not and has never had a short company name.

3.1.2. Information Concerning the Issuer’s State Registration

In respect of corporate entities registered before July 1, 2002, the following information shall be specified: state registration number of corporate entity: The Issuer was originally incorporated on January 2, 1997 under the Business Corporations Act (Ontario) with the name “Southern Cross Resources Inc.” as Ontario Corporation No. 1215763. The Issuer was continued under the Canada Business Corporations Act on March 17, 2005 as Canada Corporation No. 636424-1. The continuance changed the law by which the Issuer is governed as a corporation. The Issuer was further continued under the Business Corporations Act (British Columbia) (the “BCBCA”) on November 21, 2018 as British Columbia Corporation No. C1187464. registration date: January 2, 1997 (Ontario); March 17, 2005 (Canada), November 21, 2018 (British Columbia). state registration authority as indicated in the certificate of state registration of corporate entity: Ministry of Consumer and Commercial Relations (Ontario); Industry Canada (Canada), Registrar of Companies, Province of British Columbia, Canada. principal state registration number of corporate entity: C1187464 (British Columbia Corporation number). registration date and registration authority as indicated in the certificate of entry in the Unified State Register of Corporate Entities with regard to corporate entity registered before July 1, 2002. Not applicable; the Issuer was not registered as a corporate entity in Russia.

3.1.3. Information Concerning the Issuer’s Establishment and Development

Date, until which the issuer will exist: The Issuer was established for an indefinite term. Under applicable corporate laws of Canada, corporations do not have a specified date on which they will cease to exist. A corporation continues to exist unless and until it is dissolved or wound up by the action of its directors and shareholders, or, in some cases, by a court order.

Overview of establishment and development of the issuer.

The main stages of the Issuer’s growth have occurred since 2007 and are summarized below.

• The Issuer was incorporated on January 2, 1997 as “Southern Cross Resources Inc.” under the laws of the Province of Ontario, Canada.

• On July 24, 1997 the Issuer filed its final prospectus to qualify the issue of the common shares issuable on the exercise of certain special warrants issued in earlier private placements and the Issuer’s initial public offering of common shares, as a result of which it became a reporting issuer under the laws of Canada. The Issuer’s common shares were listed on the Toronto Stock Exchange (“TSX”) on August 25, 1997.

• On March 17, 2005, the Issuer was continued under the laws of Canada.

• On December 27, 2005 the Issuer acquired Aflease Gold and Uranium Resources Limited (“Aflease”), following a 5:1 share consolidation and a change of name to “sxr Uranium One Inc.”. Aflease was a uranium development and gold mining company with assets in South Africa. The principal assets of Aflease consisted of the Dominion uranium project, a small underground gold mine, and certain gold exploration projects. Aflease was subsequently renamed “Uranium One Africa Ltd.”. As part of this transaction the common shares of the Issuer were listed on the JSE Limited stock exchange in Johannesburg (“JSE”).

- 65 -

• In January 2006 a public South African company acquired all of the issued and outstanding ordinary shares of the subsidiary of Aflease which held certain gold assets in South Africa. The acquiring company was renamed Aflease Gold Limited. The Issuer initially retained an approximate 80% interest in Aflease Gold Limited, which it subsequently sold down to 0% by the end of 2008.

• On April 20, 2007 the Issuer acquired all of the issued and outstanding common shares of UrAsia Energy Ltd. (“UrAsia”). UrAsia’s material assets were a 70% interest in Joint Venture Betpak Dala Limited Liability Partnership (“Betpak Dala” or “Betpak Dala LLP”), which owned and operated the Akdala Uranium Mine and the South Inkai Uranium Project (which was then in the development stage), and a 30% interest in Joint Venture Kyzylkum Limited Liability Partnership (“Kyzylkum” or “Kyzylkum LLP”), which owned and operated the Kharasan Uranium Project (which was then in the development stage).

• On April 30, 2007, the Issuer purchased the Shootaring Canyon Uranium Mill in Utah, as well as a number of uranium exploration properties covering approximately 38,763 acres in Utah, Wyoming, Arizona and Colorado and a substantial database of geological information with respect to an additional 1,582,036 acres in a five-mile zone surrounding the purchased properties.

• On June 8, 2007, the Issuer changed its name to “Uranium One Inc.”

• On August 10, 2007 the Issuer acquired Energy Metals Corporation (“EMC”). The main assets of EMC were a large portfolio of uranium assets located in the U.S.A., including the Hobson uranium processing plant in Texas, and uranium exploration properties located in Wyoming and Texas.

• The South Inkai Uranium Mine commenced pilot production in October 2007. In December 2008, the Ministry of Energy and Mineral Resources of Kazakhstan (now the Ministry of Energy) 1 formally approved the commencement of industrial production at South Inkai.

• On October 22, 2008 the Issuer ceased operations at the Dominion uranium project and placed the project on care and maintenance. Uranium One Africa Limited, together with Dominion and all of the Issuer’s other South African properties, was sold in April 2010.

• On December 14, 2009 the Issuer acquired a 50% interest in Joint Venture Karatau Limited Liability Partnership (“Karatau” or “Karatau LLP”), which owns and operates the Karatau Uranium Mine in Kazakhstan from JSC Atomredmetzoloto (“ARMZ”), a subsidiary of ROSATOM, and ARMZ indirectly became the holder of 19.9% of the outstanding shares of the Issuer. At the same time, the Issuer entered into a long-term offtake agreement and a framework agreement with ARMZ, both of which were subsequently amended. ARMZ also subsequently assigned its rights under the offtake agreement to Uranium One Holding (formerly Effective Energy N.V.), which was at the time a wholly-owned subsidiary of ARMZ and is now an indirect subsidiary of ROSATOM.

1 The Ministry of Energy and Mineral Resources of Kazakhstan (“MEMR”) was dissolved in March 2010 and its responsibilities with respect to all matters relating to power generation, mining and the nuclear industry were transferred to a new body, the Ministry of Industry and New Technologies (“MINT”). The functions of the MINT were in turn transferred to the Ministry of Energy of Kazakhstan in August 2014. All references to the Ministry of Energy in this quarterly report include the MEMR for all matters prior to March 2010, the MINT for all matters between March 2010 and August 2014, and the Ministry of Energy for all matters from and after August 2014.

- 66 - • On December 19, 2009, the Issuer sold the Hobson uranium processing plant and its uranium exploration projects in Texas.

• On January 25, 2010, the Issuer acquired all of the assets of MALCO Joint Venture from wholly-owned subsidiaries of AREVA and Électricité de France, which included the licensed and permitted Irigaray uranium processing plant, the Christensen Ranch satellite uranium processing facility and associated uranium exploration properties located in the Powder River Basin in Wyoming, U.S.A.

• On March 12, 2010 the Issuer completed a public offering of CDN$ 260,000,000 aggregate principal amount of 5% convertible unsecured debentures due March 13, 2015 (the “2010 Debentures”). The 2010 Debentures were convertible into common shares of Uranium One at the option of the holder at a conversion price of CDN$ 4.00 per common share (subsequently adjusted to CDN$ 3.15 per share, and effectively rendered non-convertible by the completion of the Going Private Transaction described below). The 2010 Debentures were subsequently repurchased and cancelled by the Issuer as described below. The 2010 Debentures were listed on the TSX.

• On December 15, 2010 ARMZ entered into an agreement to acquire all of the shares of Mantra Resources Limited (“Mantra”). Mantra’s core asset is the Mkuju River Project, a uranium property in Tanzania (which was then and is now at the development stage). On December 15, 2010, the Issuer entered into a put and call option agreement (the “Put/Call Option Agreement”) pursuant to which the Issuer received the right to acquire from ARMZ, and ARMZ received the right to sell to the Issuer, all of the outstanding shares of Mantra for consideration equal to ARMZ’s acquisition cost plus certain additional expenditures. On March 21, 2011, the Put/Call Option Agreement was amended to allow for the extension of the call option exercise period from June 2012 to June 2013, subject to the Issuer purchasing at least US$ 150 million worth of the outstanding shares of Mantra by January 31, 2012.

• On December 27, 2010, the Issuer acquired from ARMZ a 50% interest in Joint Stock Company Joint Venture Akbastau (“Akbastau” or “JSC Akbastau”), which owns and operates the Akbastau Uranium Mine and a 49.67% interest (subsequently increased to 49.98%) in Joint Stock Company Kazakh-Russian-Kyrgyz Joint Venture with Foreign Investments Zarechnoye (“Zarechnoye” or “JSC Zarechnoye”), which owns and operates the Zarechnoye Uranium Mine. In connection with this transaction, on November 26, 2010 the Issuer completed a private placement of common shares to ARMZ for gross proceeds of US$ 610 million. As a result of these transactions, the interest of ARMZ in the Issuer was increased to 51.4%.

• On June 7, 2011 ARMZ acquired all of the shares of Mantra. Mantra was renamed “Mantra Resources Pty Limited”. At the same time, the Issuer entered into a loan agreement with Mantra’s subsidiary, Mantra Tanzania Limited, to fund the development of the Mkuju River Project.

• On December 7, 2011 Uranium One completed an offering in Russia of RUB 14.3 billion (approximately US$ 463.5 million) aggregate principal amount of unsecured non-convertible redeemable RUB-denominated bonds of Series 01 bearing interest at a rate of 9.75% in RUB (being an effective interest rate of 6.74% in US$) and having an effective term of five years (the “Series 01 Bonds”). In connection with this offering, Uranium One entered into a RUB/US$ cross-currency swap agreement. The swap has a US$ fixed rate of US$ 1.00 = RUB 30.855 and was entered into by Uranium One in order to hedge the RUB-denominated coupon payments and principal amount of the Series 01 Bonds. The Series 01 Bonds were direct, unsecured, non- convertible, interest-bearing obligations of Uranium One, subordinated to any present or future secured obligations, and ranking equally with all other unsecured indebtedness of the Issuer.

- 67 - The Series 01 Bonds were admitted to trading on the ZAO Moscow Interbank Currency Exchange (now the Moscow Exchange) on December 14, 2011 under the symbol RU000A0JRTS1.

• On December 23, 2011 the Issuer and ARMZ entered into a uranium logistics agreement to optimize each party’s delivery logistics and enhance reliability of supply. In 2013, following the completion of the Going Private Transaction (as defined below), ARMZ assigned its rights under this agreement to Uranium One Holding.

• On March 15, 2012, Uranium One acquired 13.9% of the outstanding shares of Mantra for US$ 150 million pursuant to the amended and restated Put/Call Option, and thereby extended the term of the Put/Call Option Agreement to June 7, 2013.

• On April 5, 2013, the Tanzanian Government issued a Special Mining License to Mantra for the Mkuju River Project. Approval for the works programme was received from the Ministry of Energy and Minerals (MEM) in February 2015. In December 2016, Mantra Tanzania Limited applied to the MEM for a suspension of the Special Mining License and the works programme for the Project, due to the state of the uranium market, and is awaiting the MEM’s response. Pending such response, the MEM accepted an 18-month suspension of the works programme.

• In 2013, for the first time, the South Inkai uranium mine achieved production slightly in excess of its full production capacity of 5,200,000 lbs. U3O8.

• On August 23, 2013, Uranium One completed a refinancing of its outstanding Series 01 Bonds (the “Ruble Bond Refinancing”) by means of: (i) the public offering in Russia of RUB 12.5 billion (approximately US$ 380.7 million) aggregate principal amount of 10.25% unsecured, non-convertible, RUB-denominated certified bearer bonds of Series 02 with an effective maturity date of August 14, 2020 (“Series 02 Bonds”) under the prospectus dated October 17, 2011 previously filed by the Issuer with the Russian Federal Service for Financial Markets (the “Series 02 Offering”), and the listing of the Series 02 Bonds so issued on the Moscow Exchange; and (ii) the simultaneous repurchase, by means of a public offering to repurchase through the facilities of the Moscow Exchange, RUB 11.8 billion (approximately US$ 359.4 million) aggregate principal amount of the Issuer’s previously-issued Series 01 Bonds (the “Series 01 Repurchase”). On the completion of the Ruble Bond Refinancing, the Series 02 Bonds were listed for trading on the Moscow Exchange under the symbol RU000A0JRTT9, and there remained outstanding RUB 2.5 billion aggregate principal amount of Series 01 Bonds, which remained listed on the Moscow Exchange. The Series 02 Bonds are direct, unsecured, non- convertible, interest-bearing obligations of Uranium One, subordinated to any present or future secured obligations of Uranium One, and ranking equally with all other unsecured indebtedness of Uranium One. In connection with the Series 02 Offering, in September 2013 Uranium One entered into derivative contracts to economically hedge the Series 02 Bonds. The derivatives were entered into by Uranium One to effectively create synthetic US$ borrowings by converting the RUB denominated principal amount and the coupon payments of the Series 02 Bonds at a fixed RUB / US$ exchange rate, and therefore eliminate any exposure to RUB / US$ fluctuations. However, 35% of the interest payments have a fixed interest rate of 7.5% whilst 65% of the interest payments are linked to LIBOR plus a premium. The derivatives have a US$ fixed exchange rate of US$ 1.00 = RUB 31.8 (for the fixed interest rate portion) or RUB 32.2 (for the floating interest rate portion).

• On October 18, 2013, following receipt of all necessary shareholder, court and regulatory approvals, Uranium One Holding acquired all of the outstanding common shares of the Issuer that ARMZ and its affiliates did not already own for consideration consisting of CDN$ 2.86 per common share pursuant to a plan of arrangement under the Canada Business Corporations Act,

- 68 - the Issuer’s governing law at that time (the “Going Private Transaction”). As a result of the Going Private Transaction, all of the outstanding common shares are now held by Uranium One Holding and JSC “Uranium One Group” (“U1G”, formerly JSC “Uranium Mining Company”), another indirect subsidiary of ROSATOM. As part of the Going Private Transaction, all of the outstanding stock options to acquire common shares of Uranium One were cancelled in exchange for the payment of the fair value (determined using the Black-Scholes method) of such options to their holders, as well as an immediate payment to holders of in-the-money options of the difference between the exercise price of their options and the acquisition price of CDN$ 2.86 per share. As a result, the Issuer now has no stock options outstanding.

• Following the Going Private Transaction, the common shares of Uranium One were de-listed from the TSX at the close of business on October 21, 2013 and from the JSE at the close of business on October 22, 2013. The Issuer’s common shares are currently not listed on any stock exchange or securities market.

• After the completion of the Going Private Transaction, several reorganizations by ARMZ’s indirect parent company ROSATOM resulted in Uranium One Holding and U1G ceasing to be wholly-owned subsidiaries of ARMZ, although they remain indirect subsidiaries of ROSATOM. The current ownership of those companies is described in item 6.2 of this report.

• On November 15, 2013, the Issuer made an offer to repurchase for cash all of its outstanding 2010 Debentures at a price equal to 101% of the principal amount thereof plus accrued and unpaid interest up to, but excluding, January 2, 2014 (the “Offer Price”). The offer was made pursuant to the trust indenture governing the Debentures dated as of March 12, 2010 between Uranium One and Computershare Trust Company of Canada, as trustee (the “2010 Indenture”), which required Uranium One to make an offer to repurchase the 2010 Debentures in the event of a change of control. The completion of the Going Private Transaction on October 18, 2013 constituted such a change of control. On January 2, 2014, Uranium One completed the repurchase of CDN$ 227,461,000 of the aggregate principal amount of 2010 Debentures, representing 87.49% of the outstanding aggregate principal amount of the 2010 Debentures. CDN$ 32,524,000 aggregate principal amount of 2010 Debentures remained outstanding and listed on the TSX.

• On December 9, 2013, Uranium One gave notice to ARMZ of the termination of the Put/Call Option Agreement, which termination became effective as of June 10, 2014.

• On December 13, 2013, the Issuer’s wholly-owned subsidiary Uranium One Investments Inc. (“Uranium One Investments”) completed an offering of US$ 300 million aggregate principal amount of non-convertible 6.25% Senior Secured Notes due December 13, 2018 (the “Senior Secured Notes”) in a private placement to qualified institutional buyers in the United States and outside the United States to certain non-U.S. persons. The Senior Secured Notes were guaranteed by Uranium One and certain of its subsidiaries, and were secured by pledges of certain of their assets . The net proceeds of the offering were made available to the affiliates of Uranium One Investments for the repurchase of the 2010 Debentures (as described above) and for general corporate purposes. The Senior Secured Notes were listed on the Official List of the Luxembourg Stock Exchange and were admitted to trading on the Euro MTF Market.

• On March 26, 2014, the Special Inter-District Economic Court for the City of Astana (Republic of Kazakhstan) issued an order having the effect of invalidating the original transfers in 2004 and 2005 from JSC National Atomic Company “Kazatomprom” (“Kazatomprom”), to the Issuer’s Betpak Dala LLP and Kyzylkum LLP joint ventures of the subsoil use contracts for the Akdala, South Inkai and Kharasan fields. The joint ventures’ appeal of the order was dismissed on June 4, 2014. The invalidation of the subsoil rights meant that Betpak Dala and Kyzylkum

- 69 - no longer had the right to mine uranium from the Akdala, South Inkai and Kharasan mines. The Ministry of Energy of the Republic of Kazakhstan consented to and approved the transfers by Kazatomprom on October 17, 2014 of (a) subsoil use rights to the Akdala and South Inkai fields to Joint Venture Southern Mining and Chemical Company LLP (“SMCC”), indirectly owned 70% by Uranium One and 30% by Kazatomprom, and (b) subsoil use rights to the Kharasan field to Joint Venture Khorasan-U LLP (“Khorasan-U”), indirectly owned 30% by Uranium One, 50% by Kazatomprom and 20% by Energy Asia Holdings Ltd. The wellfield assets associated with the subsoil use rights were transferred by Kazatomprom on this date. Betpak Dala and Kyzylkum also entered into agreements with SMCC and Khorasan-U, respectively, under which they utilize their property, plant and equipment to provide mine development, extraction and processing services to SMCC and Khorasan-U with respect to the Akdala and South Inkai mines (in the case of Betpak Dala) and the Kharasan mine (in the case of Kyzylkum) with effect from October 17, 2014. On September 30, 2015 Betpak Dala sold all of its production assets to SMCC. As a result, Betpak Dala ceased to provide service to SMCC on the same date.

• On February 5, 2015, the Issuer discharged its remaining 2010 Debentures by paying to the Debenture holders the outstanding principal amount of CDN$ 32.5 million together with interest owing thereon through to the scheduled maturity date, terminated the 2010 Debentures, and discharged the trust indenture governing the 2010 Debentures. The 2010 Debentures were delisted from the TSX on February 9, 2015. The Issuer currently has no securities listed on the TSX.

• In connection with the termination of the 2010 Debentures, the Issuer received, on application to the Canadian securities regulatory authorities, an order deeming that the Issuer had ceased to be a reporting issuer in each province of Canada as of February 24, 2015. As a result, the Issuer is no longer required to file financial statements and other continuous disclosure documents with Canadian securities regulatory authorities. However, the Issuer continues to make the disclosures required to the holders of its remaining securities outstanding, being its Series 01 Bonds and Series 02 Bonds.

• During the second quarter of 2015, the Issuer completed a restructuring of the operations of its Toronto head office, including the relocation of certain functions such as finance, internal audit and some technical services to Moscow and the associated reduction in size of the Toronto office.

• On August 27, 2015, the Issuer’s US subsidiary sold the US Conventional Assets, consisting of the Shootaring Canyon Mill (“Shootaring Mill”) in Utah and including its conventional uranium exploration properties in Utah, Arizona and South Dakota, to Anfield Energy Inc. (prior to December 22, 2017 – Anfield Resources Inc.).

• On November 30, 2015 the Issuer sold to Boss Resources Limited (“Boss”) 100% of the issued share capital of Uranium One Australia, the owner of the Honeymoon Uranium Project.

• On September 24, 2015 the Issuer purchased $29.6 million of the principal amount of the Senior Secured Notes at a price of $920 per $1,000 of face value pursuant to a tender offer. The total amount of the transaction was $27.9 million, including $0.5 million of accrued interest and legal fees of $0.2 million. The Issuer financed the purchase with a loan of $50 million provided by an affiliate on September 24, 2015, bearing interest at a rate of 6.15% per annum, subsequently reduced to 4.95% as of July 14, 2016, and due on June 30, 2020. The Senior Secured Notes so purchased were cancelled in December 2016.

• On June 29, 2016, the Issuer closed the tender offer for, and accepted for purchase, $60.5 million of the principal amount of the Senior Secured Notes at a price of $1,000 per $1,000 of face value.

- 70 - The total amount of the transaction was $60.8 million including $0.3 million of accrued interest, as well as legal fees and transaction costs. The settlement of the tender offer was completed on July 7, 2016. The Senior Secured Notes so purchased were cancelled in December 2016.

• On July 12, 2016, the Issuer entered into a loan facility agreement under which it was able to borrow up to $81 million from an affiliate, at an interest rate of up to 5.5% per annum with a maturity date of up to May 15, 2021, for the purpose of purchasing, redeeming or settling (respectively) the Senior Secured Notes, Series 1 Ruble Bonds, and/or any related currency exchange swap agreements. On October 28, 2016, the Issuer and the affiliate agreed to increase the facility to $95 million. On November 23, 2016, a $95 million loan bearing an interest rate of 3.95% per annum was drawn under the facility.

• On September 14, 2016, the Issuer’s US subsidiary completed the sale of certain non-material mineral leases and claims in the State of Wyoming, USA. The aggregate consideration was $6.5 million, with a significant portion to be settled in future payments.

• On December 5, 2016, the Issuer received a loan of $165 million from an affiliate, bearing interest at the rate of 3.2% per annum for the purpose of repurchasing Senior Secured Notes. The loan is due on the following dates: $55 million – December 18, 2017 (which was paid); $55 million – December 18 (which was paid), 2018; $55 million – October 29, 2019.

• On December 5, 2016, the Issuer repaid RUB2,499,957,000 aggregate principal amount of its Series 1 Ruble Bonds at their face value. RUB43,000 aggregate principal amount of Series 1 Ruble Bonds remains outstanding, but such bonds ceased to bear interest after November 30, 2016.

• On December 13, 2016 the Issuer redeemed the balance of the outstanding Senior Secured Notes at a redemption price equal to 103.125% of the principal amount of the notes plus accrued and unpaid interest. The $90.1 million aggregate principal amount of the Senior Secured Notes that the Issuer had purchased earlier were cancelled before the redemption. The Issuer financed the redemption with a loan provided by an affiliate.

• Effective June 9, 2017, the subsoil use contract for the Karatau Uranium Mine in Kazakhstan between Karatau LLP and the Ministry of Energy of the Republic of Kazakhstan was amended to provide for an incremental increase to the permitted production capacity of the mine to 2,350 t U per year from 2,030 t U per year, and also to provide for a further prospective increase of up to 3200 t U per year starting in 2019, including authorizing necessary preparations for such further increase. The amendment is expected to have the effect of optimizing aggregate sales of U3O8 from several of the mines to better ensure that overall sales forecasts are achieved, and will provide U3O8 to meet demand in the domestic Russian market.

• On December 28, 2017, the Issuer entered into a loan facility agreement under which it will be entitled to borrow up to $100 million from an affiliate, at an interest rate not more than 3.45% per annum. The loan was granted for the general corporate purposes of the borrower. No amounts were drawn down under this facility and it expired on November 7, 2018.

 On March 19, 2018 the Corporation’s subsidiaries Uranium One Amsterdam B.V. and Uranium One Netherlands B.V. signed with Kazatomprom, respectively, a shareholders’ agreement for Akbastau and an amendment to the Karatau foundation agreement which have the effect, from an IFRS perspective, of giving the joint venture participants direct rights to the assets and direct obligations for the liabilities of the joint ventures. This triggers a change in classification of these two joint arrangements from joint ventures to joint operations. The Corporation has been

- 71 - accounting for its share in Akbastau and Karatau assets, liabilities, revenues and expenses in its consolidated financial reporting and consolidated financial statements starting 2018.

 On July 9, 2018 the Issuer ceased production from the Willow Creek Mine as part of transitioning the mine to care and maintenance status.

 On November 21, 2018, the Issuer was continued under the laws of the Province of British Columbia, Canada.

 On March 29, 2019, the Issuer entered into a loan facility agreement under which it will be entitled to borrow up to $100 million from an affiliate, at an interest rate determined by reference to LIBOR. The loan was granted for the general corporate purposes of the borrower. No amounts have been drawn down under this facility to date.

Goals of the issuer’s establishment: Current Canadian legislation does not require a corporation to have any particular goal. Pursuant to the Issuer’s governing law, the BCBCA, the Issuer has the capacity and the rights, powers and privileges of an individual of full capacity. The Issuer’s constating documents (its articles), do not impose any limits on the business that the Issuer may carry on.

mission of the issuer (if applicable): Current Canadian legislation does not require a corporation to have any particular mission. The Issuer’s constating documents (its articles) do not prescribe any particular mission for the Issuer.

other information concerning the issuer’s activities which is of importance for adopting a decision on the acquisition of the issuer’s securities: The Issuer is an indirect subsidiary of ROSATOM.

3.1.4. Contact Details

Location of the issuer: 2900-550 Burrard street, Vancouver BC V6C 0A3, Canada (This is the Issuer’s registered office.)

address of the issuer specified in the unified state register of legal entities: same as above

other address for correspondence (if applicable): 333 Bay Street, Suite 1200 Bay Adelaide Centre Toronto, Ontario M5H 2R2, Canada (This is the Issuer’s head office.)

telephone number: +1 647-788-8500 fax number: +1 647-788-8501 e-mail: [email protected]

webpage(s) containing information about the issuer and (or) its securities which have been issued (are being issued): www.uranium1.com; www.e-disclosure.ru.

Address, telephone number, fax number, e-mail, and webpage of the special function of the issuer (third party) interacting with the issuer’s shareholders and investors (if applicable): Same as above.

- 72 - 3.1.5. Taxpayer Identification Number

The taxpayer identification number obtained by the issuer from the tax authorities shall be indicated.

9909350496

3.1.6. Branches and Representative Offices of the Issuer Names, dates of opening, and locations of all branches and representative offices of the issuer, as well as given, middle, and family names of heads of all branches and representative offices of the issuer, and expiration dates of powers of attorney issued to them by the issuer.

Kazakhstan:

name: UrAsia Energy Holdings Ltd. Kazakhstan Branch Office date of opening: October 28, 2005 legal address: 139, Luganskogo Street, 2nd Floor, Almaty, 050051, Kazakhstan full names of the heads: Saule Bashakova, Chief of the Kazakhstan Branch Office (since January 16, 2018; before then, the Chief of the Kazakhstan Branch Office was Marat Niyetbayev) expiration dates of powers of attorney issued to them by the issuer: April 17, 2023

3.2. Core Business Activities of the Issuer

3.2.1. Principal Areas of the Issuer’s Economic Activities

Code(s) of the type of economic activities which is (are) principal area(s) of the issuer’s activity according to OKVED (All-Russia Classifier of Economic Activities). In addition, other issuer’s OKVED codes may be specified. not applicable

3.2.2. Core Business Activities of the Issuer

In the quarterly report for the 1st quarter, information contained in this item, shall be disclosed for the most recently closed reporting year and for the reporting period consisting of the three months of the current year, as well as for the same periods of the immediately previous year. In the quarterly reports for the 2nd and 3rd quarters, the relevant information shall be disclosed as of the date of the end of the reporting periods consisting of the six and nine months of the current year, as well as for the same periods of immediately previous year. In the quarterly reports for the 2nd and 3rd quarters, the information shall be provided on the basis of the issuer’s financial (accounting) statements for the 6 and 9 months (respectively).

In the quarterly report for the 4th quarter the relevant information shall not be provided.

- 73 - Core business activities of the issuer (types of activities, types of goods, works, services) to which 10 or more per cent of revenue (sales) of the issuer for each of the reporting periods is attributable:

Indicator Indicator value for the relevant reporting period Relevant period As of the end of the As of the end of As of the end of As of the end of year ended the year ended the quarter ended the quarter ended December 31, 2018 December 31, March 31, 2019 March 31, 2018 2017

Type (types) of business sale of uranium concentrates (U3O8) activity: Revenue (sales) 379.9 301.3 56.7 32.7 attributable to such business activities, US$ millions(1) Share of revenue (sales) 100% 100% 100% 100% attributable to such business activity in the total revenue (sales) of the issuer, %

Notes: (1) Revenue is reported here on an equity accounted basis.

Changes in the revenue (sales) of the issuer from the core business activities of the issuer by 10 or more per cent compared to the relevant reporting period of the immediately preceding year and reasons for such changes shall be described.

If the core business activities of the issuer are of the seasonal nature, this should be indicated. Not applicable

The overall structure of production costs of the issuer attributable to such items shall be described as follows:

Indicator Indicator value for the relevant reporting period Relevant period As of the end of the As of the end of As of the end of As of the end of year ended the year ended the quarter the quarter December 31, 2018 December 31, ended March 31, ended March 2017 2019 31, 2018 Raw materials, %(1) 54.9% 53.4% 30.7% 41.3% Acquired components and 2.3% 2.7% 2.8% 3.5% semi-finished products, % Production-related works and 5.8% 2.8% 7.7% 2.8% services by third parties, % Fuel, % 0.9% 0.6% 2.3% 1.7% Energy, % 1.9% 2.5% 3.2% 3.1% Payroll costs, % 8.3% 7.8% 11.5% 9.4% Interest, % - - - - Lease payments, % - - - - Social payments, % - - - -

- 74 - Indicator Indicator value for the relevant reporting period Relevant period As of the end of the As of the end of As of the end of As of the end of year ended the year ended the quarter the quarter December 31, 2018 December 31, ended March 31, ended March 2017 2019 31, 2018 Amortisation of fixed assets, % 13.9% 16.3% 22.7% 19.5% Taxes included into production 9.2% 9.7% 14.0% 14.2% costs, % Other costs, % 2.8% 4.2% 5.1% 4.5% amortisation of intangible assets, % remuneration for work- improvement suggestions, % mandatory insurance payments, % hospitality, % other (please specify), %: selling expenses Total: production and sales 189.1 US$ millions 153.3 US$ millions 27.5 US$ 42.0 US$ costs: millions millions Note: sales revenue, % to 200.9% 196.5% 206.2% 77.9% production and sales costs

Notes: (1) While the Corporation is primarily a producer of U3O8, it also buys and resells limited quantities of U3O8 in order to meet purchase orders. As a result, raw material production costs include the cost of finished product (U3O8) purchased by the Corporation.

Material types of new goods (works, services) offered by the issuer on the market of its core business activities to be specified to the extent to which the information on such goods (works, services) is publicly available. Condition of development of such goods (works, services) to be provided. The Issuer has not introduced new goods, works or services for sale. The Issuer’s revenues continue to be derived from the sale of uranium concentrate (U3O8).

Standards (rules) under which the financial (accounting) statements of the issuer have been prepared and the above calculations have been made to be specified. The unaudited consolidated quarterly financial information of the Issuer for quarter ended March 31, 2019, from which the above calculations were made, was prepared in accordance with IFRS as issued by the IASB.

3.2.3. Materials, Goods (Raw Materials) and Suppliers of the Issuer

In the quarterly report for the 1st quarter, the information contained in this sub-item shall be provided for the most recent closed reporting year and for the reporting period consisting of the three months of the current year. In the quarterly reports for the 2nd and 3rd quarters, the relevant information shall be disclosed for the reporting periods consisting of the six and nine months of the current year respectively.

In the quarterly report for the 4th quarter the relevant information shall not be provided.

- 75 - Name, location, taxpayer identification number (INN) (if applicable), main state registration number (if applicable) of the issuer’s suppliers accounting for 10 or more per cent of all supplies of materials and goods (raw materials), their share in total volume of supplies.

Except as set out below, no supplier of the Issuer accounts for 10% or more of all supplies of materials and goods (raw materials) to the Issuer. The “raw material” supplied by the suppliers named below is U3O8 used by the Corporation to meet certain purchase orders. Other sales of uranium are made directly by some of the Corporation’s joint ventures. Each supplier’s share of the total volume of supplies is calculated based on the number of pounds of U3O8 purchased by the Corporation from that supplier.

For the three months ended March 31, 2019:

Supplier Name: Urangesellschaft mbH (“UG”) Location: Germany Taxpayer Identification Number (INN) (if applicable): 04724735194 Main state registration number (if applicable): 04724735194 Materials and goods (raw materials) supplied: Finished U3O8 concentrates Supplier’s share of total volume of supplies: 25%

Supplier Name: Joint Venture Khorasan-U Limited Liability Partnership Location: Kazakhstan Taxpayer Identification Number (INN) (if applicable): 140840003457 Main state registration number (if applicable): 10100072403434 Materials and goods (raw materials) supplied: Finished U3O8 concentrates Supplier’s share of total volume of supplies: 48%

Changes in prices of core materials and goods (raw materials) in the relevant reporting period compared to the relevant reporting period of the immediately preceding financial year by more than 10 per cent (or absence of such changes) to be specified.

Uranium One purchases uranium from its subsidiaries and joint ventures. The average spot price of uranium was US$ 27.2 / lb. for Q1 2019 compared to US$ 21.4 / lb. for Q1 2018. See commentary on the Uranium Market in item 3.2.4 for discussion on uranium prices.

For the twelve months ended December 31, 2018:

Supplier Name: Uranium One Holding N.V. Location: Netherlands Taxpayer identification number (INN) (if applicable): 9909289467 (representative office in Russia) Main state registration number (if applicable): 34256224 (Netherlands) / 20150013565 (Russia) Materials and goods (raw materials) supplied: Finished U3O8 concentrates Supplier’s share of total volume of supplies: 28%

Supplier Name: China National Nuclear Corporation (“CNNC”) Location: China Taxpayer Identification Number (INN) (if applicable): not applicable Main state registration number (if applicable): not applicable Materials and goods (raw materials) supplied: Finished U3O8 concentrates Supplier’s share of total volume of supplies: 13%

- 76 - Supplier Name: Joint Venture Khorasan-U Limited Liability Partnership Location: Kazakhstan Taxpayer Identification Number (INN) (if applicable): 140840003457 Main state registration number (if applicable): 10100072403434 Materials and goods (raw materials) supplied: Finished U3O8 concentrates Supplier’s share of total volume of supplies: 30%

Share of import in supplies of materials and goods to the issuer to be specified. The issuer’s forecasts as to availability of such sources in future and possible alternate sources to be provided.

Uranium One does not have a place of business in Russia and thus does not import its supplies of materials and goods into Russia.

3.2.4. Target Markets for the Issuer’s Products (Work, Services)

This section describes principal markets in which the issuer operates.

Uranium One is engaged, through its subsidiaries and joint ventures, in the mining and production of uranium and in the acquisition, exploration and development of uranium properties in Kazakhstan, the United States, and Tanzania. Uranium One’s principal projects are the Akdala Mine, the South Inkai Mine, the Karatau Mine, the Akbastau Mine, the Zarechnoye Mine and the Kharasan Mine in Kazakhstan. In the United States, the Corporation owns the Willow Creek Mine and uranium exploration projects in the Powder River and Great Divide basins in Wyoming. The Corporation provides services for the Mkuju River Project in Tanzania, and owns a 13.9% interest in Mantra Resources Pty Limited, whose subsidiary, Mantra Tanzania Limited, owns the Mkuju River Project.

Uranium One is currently producing uranium in Kazakhstan from the Akdala Mine, the South Inkai Mine, the Karatau Mine, the Akbastau Mine, the Zarechnoye Mine and the Kharasan Mine. Uranium One was also producing uranium from the Willow Creek Mine in the USA until July 9, 2018.

The Issuer is focused on low cost and low technical risk projects with existing, near-term or medium-term production visibility in some of the world’s largest uranium resource jurisdictions. Currently, the Issuer’s focus is on assets located in Kazakhstan, the United States, and Tanzania.

- 77 - Principal Product, Production and Sales

The Issuer’s attributable production from its projects during the three months ended March 31, 2019 was 2.91 million lbs. of U3O8 (1,121t U) as summarized in the following table.

Project Attributable Attributable Attributable Attributable Production(1) Production(1) Production(1) Production(1)

(million lbs U3O8) (t U) (million lbs U3O8) (t U) during 3 months during 3 months during 12 months during 12 months ended March 31, ended March 31, ended December 31, ended December 31, 2019 2019 2018 2018 Akdala Mine 0.38 146 1.46 560 South Inkai Mine 0.71 273 2.94 1,132 Karatau Mine 0.80 309 2.70 1,040 Akbastau Mine 0.48 182 2.01 773 Zarechnoye Mine 0.24 91 1.01 388 Kharasan Mine 0.31 120 1.25 480 Willow Creek Mine 0 0 0.03 10 TOTAL(2): 2.91 1,121 11.40 4,383

Notes: (1) Represents Uranium One’s notional share in the commercial production from these projects based on Uranium One’s ownership interest in the entities that own the projects (70% for the Akdala Mine and the South Inkai Mine, 50% for the Karatau Mine and Akbastau Mine, 49.98% for the Zarechnoye Mine, 30% for the Kharasan Mine, and 100% for the Willow Creek Mine). (2) Minor differences are possible due to rounding-off and conversion of pounds U3O8 into metric tonnes of uranium (t U).

Generally, the Issuer sells its uranium to major nuclear utilities in North America, Europe, China and Japan under short, medium and long term supply agreements and in limited circumstances, to third parties such as trading companies in small quantities. Some of the long term agreements include pricing terms based upon published market prices in effect at the time of each individual delivery under the agreements. As of December 31, 2018, the Issuer had contracts for the sale of an aggregate of 17.5 million pounds U3O8 to customers, of which 0.8 million pounds is contracted at an average fixed price, after estimated escalation, of approximately US$ 73 per pound. The remainder of contracted sales is related to the market price of U3O8 at the time of delivery, or delivered at fixed prices. The Issuer currently has floor price protection for 6.0 million pounds on contracted sales at a weighted average floor price of US$34 per pound.

The spot U3O8 price as reported by Ux Consulting began the first quarter (Q1) of 2019 at $28.65, as spot uranium volumes increased as January wore on. For the month, there were 36 transactions involving just over 6.1 million pounds U3O8e, as the spot price finished January up $0.25 to $28.90. The spot price remained at $28.90 into the first week of February but experienced some deterioration throughout the middle of the month amid lower volumes. February saw just 17 transactions booked involving 4.8 million pounds U3O8e as the spot price finished the month at $28.00. Price weakness continued throughout March as the spot price ultimately sank to finish the month at $25.75. While prices trended downward, volumes were up as 45 deals containing uranium were booked for nearly 6.9 million pounds U3O8.

- 78 - There were several significant demand developments during Q1 2019. In the U.S., the Nuclear Regulatory Commission (“NRC”) renewed the operating license of the Waterford nuclear power plant (“NPP”) for an additional 20 years. The 1,200 MWe pressured water reactor (“PWR”) NPP’s license now expires in 2044. The NRC also reported in March that it would extend the operating license for NextEra’s Seabrook NPP in New Hampshire. Following license extension, Seabrook’s single 1,250 MWe PWR can operate until 2050. Southern Company said the two Westinghouse AP1000 reactors under construction at Vogtle 3 & 4 are approximately 74% complete with startup slated for November 2021 (Unit 3) and November 2022 (Unit 4). Just before the end of the quarter, Dominion Energy concluded a 10-year agreement with utilities in Connecticut to keep its Millstone NPP operating. Finally, legislation was introduced in March in both Ohio and Pennsylvania to save those states’ marginal nuclear power plants from premature shutdown. In Europe, news was largely negative as Russia’s Rosatom extended the construction schedule for the Hanhikivi NPP in Finland by four years with commercial operation now scheduled for 2028. Also, in March, the Finnish government issued an operating license for Unit 3 at the Olkiluoto NPP (OL3) to Teollisuuden Voima (“TVO”). The license for the 1,600 MWe OL3 evolutionary power reactor (“EPR”) is valid until the end of 2038. TVO is now preparing to commission the reactor, with full commercial operation expected in 2020. In the UK, Hitachi suspended plans to construct two advanced boiling water reactors (“ABWR”) on the Welsh island of Anglesey as costs had risen to an estimated $20.5 billion. Further complicating matters in the UK are the ongoing Brexit talks and extended maintenance outages at the Hunterston B and Dungeness B NPPs. In Spain, the country’s Energy Ministry said it will close all seven of its nuclear plants between 2025 and 2035 as part of a plan to move towards 100% renewable energy sources by 2050. Russian utility Rosenergoatom announced the start of fuel loading for Unit 2 at the Novovoronezh II NPP in Russia. The reactor is Russia’s third VVER-1200 reactor to undergo the commissioning process and follows the launch of Unit 1 at the plant in 2016 and Unit 1 at Leningrad II in 2017. Rosatom also reported that concreting of the foundation plate for Unit 1 of the Akkuyu nuclear power plant in Turkey has been completed. The next stage of Akkuyu 1’s construction will involve building the external and internal walls of the reactor building concurrent to the design of concrete foundations for the auxiliary reactor building. The project calls for the construction of four VVER-1200 reactors with a total capacity of 4,800 MWe.

In Japan, news was mixed as Kyushu Electric Power Co. (“EPC”) reported at the start of the year that it will not restart the idled Unit 2 at the Genkai NPP as the reactor is impaired by costs to comply with new post-Fukushima safety measures. Kansai EPC reported in February that it will delay the restarts of Units 1 & 2 at Takahama and Unit 3 at Mihama until 2020 or later as work on safety upgrades that will take longer than previously expected. The best news of the quarter in Japan involved a district court’s rejection of a lawsuit filed by local residents that sought to force a shutdown of Shikoku EPC’s Unit 3 at the Ikata NPP. The 890 MWe Ikata 3 restarted on October 27, 2018 and is currently operating at full capacity.

Regarding China, the Russian-built VVER-1000 Unit 4 of the Tianwan nuclear power plant in Jiangsu Province entered commercial operation at year-end. Also, in March, Rosatom signed the general contract for the construction of Units 7 & 8 at the Tianwan nuclear power plant in Jiangsu Province and a contract for the technical design for the construction of Units 3 & 4 at the Xudabao nuclear power plant in Liaoning Province. The agreements call for the construction of VVER-1200 reactors at the two plant sites. For all four reactors, Russia will be responsible for most of the nuclear island design and equipment while China is expected to handle the turbine islands, balance of plant, and other equipment along with overall construction at both sites. The Westinghouse AP1000 Unit 2 at the Haying NPP in Shandong Province entered commercial operations in January 2019. More positive news in China during the first quarter involved preliminary approval by China’s government for the construction of four new domestically designed, HPR-1000 (Hualong One) reactors, thus snapping a nuclear new build hiatus that dates to 2016. Two Hualong One units each have been approved for construction at both China National Nuclear Corporation’s (“CNNC”) Zhangzhou NPP in Fujian Province and at China General Nuclear’s (“CGN”) Huizhou Taipingling NPP in Guangdong Province. China’s government also announced preliminary approval of the Environmental Impact Assessment (“EIA”) document for the CAP-1400 demonstration project at the Shidaowan NPP in Shandong Province. The CAP-1400 is a 1,400 MWe Generation III

- 79 - PWR that was developed based on Westinghouse’s AP1000 technology. Bad news out of China involved reports that Unit 2 at the Sanmen NPP in Zhejiang Province was taken offline to replace a defective reactor coolant pump (“RC”P).

In South Korea, several legislators have lodged objections in the government against the current nuclear phase-out policy installed by President Moon Jae-in. Several legislators have called for construction to resume on Shin Hanul 3 & 4, which was previously canceled by the current government. The government’s phase-out policy includes the closure of Wolsong 1 along with cancelation of Shin Hanul 3 and 4 and four other reactors. By 2029, the phase-out policy calls for 10 of the nation’s 23 currently operating reactors to permanently shut down. In other news, South Korea’s nuclear operator KHNP announced during the quarter that it commenced fuel loading for Unit 4 at the Shin Kori NPP with commercial operation expected in September 2019.

In Taiwan, the government released a revised national energy strategy, which keeps the nuclear-free homeland by 2025 mandate intact from previous editions of the strategy. In November, a referendum vote overturned the government’s plan to phase out all nuclear power by 2025. At the time, the government said it would comply with the public’s wishes to continue operating nuclear plants past the 2025 deadline, and subsequently embarked on a process to update the national energy strategy to account for extended nuclear operations. However, the revised energy strategy still contains the nuclear phase out by 2025 mandate.

In Africa & the Middle East, Emirates Nuclear Energy Corp. (“ENEC”) and the Prime Contractor Korea Electric Power Corp. (“KEPCO”) released a progress report on Barakah NPP in the UAEA noting that construction completion progress across the four units at Barakah stands at 91%. UAE nuclear regulator, FANR, said at the end of March that it was in the final stages of issuing an operating license for Barakah 1, which saw its construction completed in 2018. However, despite the APR-1400 reactor’s completion, initial fuel loading remains delayed due to additional training requirements and safety reviews imposed by FANR.

In March, government officials from India and the U.S. announced a commitment to build six Westinghouse AP1000 reactors at the Kovvada site in Andhra Pradesh, India. The two countries have been in negotiations for the supply of Westinghouse reactors for over a decade. However, the two sides have been at an impasse regarding India’s liability rules that require the costs of any accident to be covered by the reactor vendor and not the operator.

Supply-side developments were very limited in the first quarter of 2019. India and Uzbekistan signed a series of intergovernmental agreements, including a long-term uranium supply contract, during a bilateral meeting between Indian Prime Minister Narendra Modi and Uzbek President Shavkat Mirziyoyev. Uzbekistan’s state-controlled Navoi Mining and Metallurgical Combine (“NMMC”) and the Uranium Corporation of India Ltd. (“UCIL”) signed a contract in August 2014 providing up to 500 tU (approximately 1.3 million pounds U3O8) of Uzbek uranium per year for a period of five years, although it is unclear if any uranium has ever been delivered under this previous agreement. The two sides have apparently negotiated a follow-on uranium supply agreement for additional future years. No specifics regarding annual quantities or delivery dates were reported.

Possible factors which can adversely affect the sales of the issuer's products (work, services) and possible actions of the issuer aimed at mitigating the effects of such factors.

The factors which may adversely affect Uranium One’s sales, and the actions which Uranium One may take to mitigate the same, are discussed in item 2.4.

- 80 - 3.2.5. Information Concerning the Issuer’s Permits (Licenses) or Admissions to Certain Types of Works

Information whether the issuer holds the following permits (licences) to be provided:

to perform banking operations; not applicable

to carry out insurance activity; not applicable

to act as a professional securities market participant; not applicable

to act as an incorporated investment fund; not applicable

to perform activities of strategic importance for ensuring national defence and state security in accordance with the legislation of the Russian Federation on foreign investments in the entities of strategic importance for ensuring national defence and state security; not applicable

to perform other activities which are of major business and financial importance for the issuer. The only licences which are of major business and financial importance for the Issuer are the licences relating to mineral extraction from its material mineral properties, which are described in item 3.2.7 of this quarterly report.

If certain types of works which are of major business and financial importance for the issuer require obtaining of special admissions in accordance with the legislation of the Russian Federation, information whether the issuer holds such admissions to be specified. not applicable

In relation to the permits, licences and admissions disclosed in accordance with this item, the following information to be specified: not applicable

type of activities (works) subject to the permit/licence/admission: number of the permit/licence/admission: date of the permit/licence/admission: name of authority/entity which issued the permit/licence/admission: term of the permit/licence/admission:

If the issuer’s core business activity is the extraction of mineral resources or the telecommunication services, information on the relevant licences shall be disclosed under those items of the quarterly report which contain additional information on the issuers involved in the relevant activities. Please refer to item 3.2.7 of this quarterly report.

3.2.6. Information on the Activities of Certain Categories of Issuers

3.2.6.1 Information on the Activities of Issuers That Are Incorporated Investment Funds

The Issuer is not an incorporated investment fund

3.2.6.2 Information on the Activities of Issuers That Are Insurers

The Issuer is not an insurer.

3.2.6.3 Information on the Activities of Issuers That Are Credit Institutions

The Issuer is not a credit institution.

- 81 - 3.2.6.4 Information on the Activities of Issuers That Are Mortgage Agents

The Issuer is not a mortgage agent.

3.2.6.5 Information on the Activities of Issuers That Are Specialized Vehicles

The Issuer is not a specialized vehicle.

3.2.7. Additional Information on Issuers Whose Core Business Is the Extraction of Mineral Resources

Issuers whose principal activity is extraction of mineral resources, including extraction of precious metals and gems as well as issuers whose controlled entity is engaged in extraction of such mineral resources shall provide the following information.

a) Mineral Reserves

(i) List of mineral deposits which are of significant importance to the issuer to which the issuer or its controlled entities hold exploitation rights, type of mineral; the size of proven reserves (if available) or a preliminary assessment of the reserves with an indication of the methods of their evaluation.

Principal Mineral Properties and Operations

The following are the Corporation’s principal mineral properties and operations. All of these are uranium producing mines.

MINE OWNER / OPERATOR LOCATION STATUS ISSUER’S INTEREST Akdala Joint Venture Southern Mining and Chemical Kazakhstan Producing 70% joint Uranium Mine Company Limited Liability Partnership (“SMCC”) venture interest South Inkai SMCC Kazakhstan Producing 70% joint Uranium Mine venture interest Karatau Joint Venture Karatau Limited Liability Partnership Kazakhstan Producing 50% joint Uranium Mine (“Karatau”) venture interest Akbastau Joint Stock Company Joint Venture Akbastau Kazakhstan Producing 50% joint Uranium Mine (“Akbastau”) venture interest Zarechnoye Joint Stock Company Kazakh-Russian Kyrgyz Joint Kazakhstan Producing 49.98% joint Uranium Mine Venture with Foreign Investments Zarechnoye venture interest (“Zarechnoye”) Kharasan Joint Venture Khorasan-U Limited Liability Kazakhstan Producing 30% joint Uranium Partnership (“Khorasan-U”) / Joint Venture venture interest Mine(1) Kyzylkum Limited Liability Partnership (“Kyzylkum”)

Notes: (1) Betpak Dala and Kyzylkum lost the subsoil rights to these mines effective June 4, 2014, but continued to operate the mines under contracts with Kazatomprom. Subsoil rights to these mines were transferred to SMCC and

- 82 - Khorasan-U effective October 17, 2014. The service contracts between Betpak Dala and SMCC were terminated as of September 30, 2015.

The Akdala Mine is an operating in situ recovery (“ISR”) uranium mine located in the Chu- Sarysu basin in the Suzak region, South Kazakhstan province, Kazakhstan, owned indirectly as to 70% by the Corporation through the SMCC joint venture, a Kazakh registered limited liability partnership, which is also the operator of the mine. The other 30% interest in SMCC is owned by Kazatomprom, a Kazakh state-owned company engaged in the mining and exporting of uranium in Kazakhstan. The Akdala Mine has been in production since January 2004.

The South Inkai Mine is an operating ISR uranium mine located in the Chu-Sarysu basin in the Suzak region, South Kazakhstan province, Kazakhstan, owned indirectly as to 70% by the Corporation through the SMCC joint venture, which is also the operator of the mine. The other 30% interest in SMCC is held by Kazatomprom. The South Inkai Mine commenced pilot production in October 2007 with the first circulation of uranium bearing solutions through the sorption columns. In December 2008, the MEMR formally approved the commencement of industrial (commercial) production at South Inkai by way of an amendment to the South Inkai Contract, and commercial production began in January 2009.

The Karatau Mine (locally known also as the No. 2 Site of the Budenovskoye uranium deposit) is an operating ISR uranium mine located in the Chu-Sarysu basin in the Suzak region, South Kazakhstan province, Kazakhstan, owned indirectly as to 50% by the Corporation through the Karatau joint venture. The other 50% interest is held by Kazatomprom. Commercial production at the Karatau Mine commenced on January 1, 2009.

The Akbastau Mine (locally known also as Kulandy mine or as the No. 1, No. 3 and No. 4 Sites of the Budenovskoye uranium deposit) is an operating ISR uranium mine located in the Chu-Sarysu basin in the Suzak region, South Kazakhstan province, Kazakhstan, owned indirectly as to 50% by the Corporation through the Akbastau joint venture. The other 50% interest is held by Kazatomprom. Pilot production from the No. 1 Site commenced in the first quarter of 2009, from the No. 3 Site in the fourth quarter of 2010, and from the No. 4 Site in the fourth quarter of 2012. Permission for commercial production was granted for the No. 1 Site and the No. 3 Site near the end of 2013, and for the No. 4 Site in the first quarter of 2014. The Akbastau Mine is adjacent to the Karatau Mine, which is licensed to mine section No 2 within the western subfield of the Budenovskoye deposit. Akbastau entered into a toll processing agreement with Karatau, under which production (uranium-bearing solutions) from the No. 1 Site and the No. 3 Site at the Akbastau Mine is currently processed at the Karatau Mine’s processing plant. Production from the Akbastau Mine’s No. 4 site is processed at the processing plant located at that site

The Zarechnoye Mine is an operating ISR uranium mine located in the Syrdarya basin in the Otrar district, South Kazakhstan province, Kazakhstan. The Corporation has a 49.98% indirect interest in the Zarechnoye uranium mine through its 49.98% interest in the Zarechnoye joint venture. Kazatomprom owns a 49.98% share of the Zarechnoye joint venture and the remaining shareholding is held by a Kyrgyz company. The Zarechnoye Mine is in commercial production since 2007.

The Kharasan Mine (locally known also as the Kharasan-1 site of Northern Kharasan deposit) is an operating ISR uranium mine located in the Syrdarya basin in the Zhanakorgan region, Kyzylorda province, Kazakhstan. The Corporation has a 30% indirect interest in the Kharasan uranium mine through its 30% interest in the Khorasan-U, a Kazakh registered limited liability partnership. The Corporation has an indirect 30% interest in the Kyzylkum joint venture, a Kazakh registered limited liability partnership which operates the Kharasan uranium mine under contract. Kazatomprom has a 50% interest in Khorasan-U and Energy Asia Holdings Ltd., which is owned by a consortium of Japanese utilities and a trading company, has the remaining 20% interest in Khorasan-U. Kazatomprom has a 30% interest in Kyzylkum and Energy Asia (BVI) Ltd., which is owned by a consortium of Japanese utilities and a trading company, has the remaining 40% interest in Kyzylkum. Pilot mining at the Kharasan Mine

- 83 - commenced in August 2008. Commissioning was completed and commercial production commenced on July 1, 2012.

The Corporation also owns the following mining properties and operations, which are not considered material at this time due to their small size or state of development. Information on these non- material properties is provided in this report for purposes of consistency with the Issuer’s previous public disclosure.

PROJECT OWNER / OPERATOR LOCATION STATUS ISSUER’S INTEREST Willow Creek Uranium One USA Inc. USA Producing 100% interest Uranium Mine Mkuju River Mantra Tanzania Ltd. / Tanzania Feasibility Study and Permitting; 13.9% interest Project Uranium One Inc. (service application for suspension of licence provider) and work programme in progress

The Willow Creek Mine is an operating ISR uranium mine located in Johnson and Campbell Counties in the Powder River Basin of Wyoming, U.S.A. The mine includes the licensed and permitted Irigaray ISR central processing plant, the Christensen Ranch satellite ISR facility and associated uranium ore bodies, collectively referred to as the Willow Creek Mine. The Willow Creek Mine was successfully commissioned and commercial operations commenced on May 1, 2012, but production ceased on July 9, 2018 as part of transitioning the mine to care and maintenance status.

The Mkuju River Project is a large scale uranium development project located in southern Tanzania. The project is owned by Mantra Tanzania Limited, in which the Corporation indirectly owns a 13.9% interest. The Corporation provides services for the Mkuju River Project under contract with Mantra Tanzania Limited. The project is not in production and its owner has applied for a suspension of the Special Mining License and the works programme for the Project, due to the state of the uranium market.

The Corporation also owns, either directly or through joint ventures, uranium exploration properties in the western United States, and, through subsidiaries of Mantra Resources Pty Limited (the parent company of Mantra Tanzania Limited), in which it owns a 13.9% interest, uranium exploration properties in Tanzania, Kenya and Mozambique.

Note on Interests in Kazakh Joint Ventures

In this quarterly report, where tables refer to a portion of resources attributable to the Issuer’s indirectly held equity interest in the Betpak Dala, Kyzylkum, Karatau, Akbastau, Zarechnoye, SMCC or Khorasan-U joint ventures, this is a notional attribution because under the laws of Kazakhstan, which do not recognize the concept of beneficial ownership, only those joint ventures have any right to receive in kind the minerals produced from the Akdala Mine or the South Inkai Mine (in the case of Betpak Dala formerly and now in the case of SMCC), the Kharasan Mine (in the case of Kyzylkum formerly and now Khorasan-U) the Karatau Mine (in the case of Karatau), the Akbastau Mine (in the case of Akbastau), and the Zarechnoye Mine (in the case of Zarechnoye). The Issuer, through its indirectly-held equity interests in those joint ventures, is only entitled to the relevant percentage of any dividends declared (from Akbastau or Zarechnoye) or net profits payable (from the other joint ventures) to the participants in these joint ventures.

By contrast, the Corporation (through its subsidiaries) has the right to receive in kind the minerals produced from the Willow Creek Mine, and would be entitled to receive in kind a proportionate share of the minerals from the Mkuju River Project if said project were to enter into production.

- 84 - For greater certainty, attributable resources also do not include any uranium which the Corporation has a right to purchase or otherwise obtain pursuant to contracts to which it may be a party. While the Issuer also buys and resells uranium production from these joint ventures, such sales are not factored in when estimating the portion of resources attributable to the Issuer’s indirectly-held equity interest in the joint ventures.

In this quarterly report, references to the Corporation’s attributable share of the production (extraction) from the Akdala Mine, South Inkai Mine, Karatau Mine, Akbastau Mine, Zarechnoye Mine and Kharasan Mine include the share of such production attributable to UrAsia Energy Ltd. (“UrAsia”) from and after the first year following the year in which UrAsia acquired its interest in the Akdala Mine, South Inkai Mine or Kharasan Mine, as the case may be, and the share of such production attributable to Uranium One from and after the first year following the year in which Uranium One acquired its interest in those three mines. UrAsia became a wholly-owned subsidiary of the Corporation on April 20, 2007. Uranium One acquired its interest in the Karatau Mine on December 14, 2009, and its interests in the Akbastau Mine and Zarechnoye Mine on December 27, 2010.

Note on Mineral Regulator in Kazakhstan

The Ministry of Energy and Mineral Resources of Kazakhstan (“MEMR”) was dissolved in March 2010 and its responsibilities with respect to all matters relating to power generation, mining and the nuclear industry were transferred to a new body, the Ministry of Industry and New Technologies (“MINT”). The functions of the MINT were in turn transferred to the Ministry of Energy of Kazakhstan in August 2014. All references to the Ministry of Energy in this quarterly report include the MEMR for all matters prior to March 2010, the MINT for all matters between March 2010 and August 2014, and the Ministry of Energy for all matters from and after August 2014.

Note on Mineral Resource Reporting Standards

The mineral resource and ore reserve / mineral reserve estimates included in this document are current to the dates on which they were estimated. The estimated Mineral Resources and Ore Reserves for the Issuer’s uranium mines in Kazakhstan disclosed in this quarterly report were prepared and are reported in accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves as published by the Joint Ore Reserves Committee (“JORC”) of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (the “JORC Code”). The complete JORC Code may be obtain from the website of the JORC at http://www.jorc.org. The mineral resources and reserves estimates for the Issuer’s mines and mineral projects in the United States of America and Tanzania disclosed in this report were prepared and are reported in accordance with determined by the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council (the “CIM Standards”), adopted under National Instrument 43-101 Standards of Disclosure for Mineral Projects promulgated by the Canadian Securities Administrators (“NI 43-101”). The complete CIM Standards may be obtained from the website of the CIM at www.cim.org/standards.

Both the JORC Code and the CIM Standards reporting codes are aligned with the resources classification and reporting template of the Committee for Mineral Reserves International Reporting Standards (“CRIRSCO”).

In previous years, the mineral resources and reserves estimates for all of the Issuer’s mines and mineral projects were reported in accordance with the CIM Standards. The change in reporting standards for the Issuer’s mines in Kazakhstan from the CIM Standards to the JORC Code is due to the reporting standards used in the most recent independent technical report on which the Issuer’s disclosure of Ore Reserves and Mineral Resources for the mines in Kazakhstan is based. There is no material difference between the JORC Code and the CIM Standards, except that:

- 85 - • under the CIM Standards, Inferred Mineral Resources must never be combined with Measured and Indicated Resources, while under the JORC Code the Measured, Indicated and Inferred Resources may be reported in combined form, provided that details for the individual categories of resources are also provided;

• the CIM Standards use the term “Mineral Reserves” whereas the JORC Code uses the term “Ore Reserves”;

• the CIM Standards use the term “Proven Resources” whereas the JORC Code uses the term “Proved Resources”.

Under the JORC Code, a “Mineral Resource” is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. An Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to an Ore Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. An Indicated Mineral Resource has a higher level of confidence than that applying to an Inferred Mineral Resource but has a lower level of confidence than that applying to a Measured Mineral Resource, and may only be converted to a Probable Ore Reserve. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proved Ore Reserve or, under certain circumstances, to a Probable Ore Reserve.

Under the JORC Code, an “Ore Reserve” is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate, that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. ‘Modifying Factors’ are considerations used to convert Mineral Resources to Ore Reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors. Ore Reserves are sub-divided in order of increasing confidence into Probable Ore Reserves and Proved Ore Reserves. A Probable Ore Reserve has a lower level of confidence than a Proved Ore Reserve. The confidence in the Modifying Factors applying to a Probable Ore Reserve is lower than that applying to a Proved Ore Reserve. A Proved Ore Reserve implies a high degree of confidence in the Modifying Factors.

Under the CIM Standards, a “Mineral Resource” is a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals in or on the Earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. An Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource. An Indicated Mineral Resource has a higher level of confidence than an Inferred Mineral Resource but has a lower level of confidence than a Measured Mineral Resource.

Under the CIM Standards, a “Mineral Reserve” is the economically mineable part of a Measured or Indicated Mineral Resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors

- 86 - that demonstrate, at the time of reporting, that economic extraction can be justified. A Mineral Reserve includes diluting materials and allowances for losses that may occur when the material is mined. Mineral Reserves are sub-divided in order of increasing confidence into Probable Mineral Reserves and Proven Mineral Reserves. A Probable Mineral Reserve has a lower level of confidence than a Proven Mineral Reserve.

Readers are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into Ore Reserves / Mineral Reserves. These terms have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of Measured Mineral Resources, Indicated Mineral Resources, or Inferred Mineral Resources will ever be upgraded to a higher category.

In addition, the definitions of Proved and Probable Reserves under the JORC Code and the definitions of Proven and Probable Reserves under the CIM Standards as mandated by NI 43-101 may differ from the definitions used in other countries. Accordingly, information contained in this quarterly report containing descriptions of the Issuer’s mineral deposits may not be comparable to similar information made public by Russian companies subject to the reporting and disclosure requirements under Russian securities laws and the rules and regulations thereunder.

Reliance on Technical Reports

Unless otherwise stated, the technical and scientific information included in this quarterly report concerning the Corporation’s material mineral properties is derived from the following independent technical reports:

• for the Akdala, South Inkai, Karatau, Akbastau, Zarechnoye and Kharasan Mines:

 report titled “Mineral Resource and Ore Reserves Statement for the Mineral Assets of Joint Stock Company National Atomic Company Kazatomprom, Republic of Kazakhstan with effective date of 31 December 2018” dated January 12, 2019 prepared by Dr. Iestyn Humphreys and Dr. Mike Armitage of SRK Consulting (UK) Limited for Kazatomprom (the “Kazatomprom 2018 Updated CPR Report”);

• for the Willow Creek Mine, including the Christensen Ranch, Irigaray, Ludeman, Moore Ranch, Barge, Jab and Allemand-Ross uranium projects in the U.S.:

 report titled “Technical report on the mineral resources and mineral reserves of the Christensen and Irigaray project, Wyoming, U.S.A., Report for NI 43-101”, dated June 30, 2010 prepared by William E. Roscoe, Ph.D., P.Eng., James W. Hendry, P.Eng. of Scott Wilson Roscoe Postle Associates for the Corporation;

 report titled “Technical Report for NI 43-101 on Resources Ludeman Uranium Project, Converse County, Wyoming, USA”, dated January 25, 2019, prepared by Benjamin J. Schiffer, P.G., WWC Engineering for the Corporation;

 report titled “Technical Report for NI 43-101 on Resources Moore Ranch Uranium Project, Campbell County, Wyoming USA”, dated April 30, 2019, prepared by Benjamin J. Schiffer, P.G., WWC Engineering for the Corporation;

 report titled “Jab Uranium Project. Mineral Resource NI 43-101 Technical Report, amended and restated, Sweetwater County, Wyoming, USA”, dated April 16, 2019, prepared by Douglas Beam, PE, PG Principal Engineer, BRS Inc., for the Corporation;

- 87 -  report titled “Barge Uranium Project. Mineral Resource NI 43-101 Technical Report, amended and restated, Converse County, Wyoming, USA”, dated April 16, 2019, prepared by Douglas Beam, PE, PG Principal Engineer, BRS Inc., for the Corporation;

 report titled “Technical Report for NI 43-101 on Resources Allemand-Ross Uranium Project, Converse County, Wyoming USA”, dated April 30, 2019, prepared by Benjamin J. Schiffer, P.G., WWC Engineering for the Corporation;

• for the Mkuju River Project, the report titled “Definitive Feasibility Study, Section 5 – Geology and Mineral Resource Estimate”, dated April 26, 2013, prepared by Malcolm Titley of CSA Global (UK) for the Corporation.

The authors of the technical reports are independent “Competent Persons” or “qualified persons” within the meaning of the JORC Code and NI 43-101, respectively. The information included in this quarterly report from such reports is also based on assumptions, qualifications and procedures which are set out in such reports. For a complete description of such assumptions, qualifications and procedures, reference should be made to the full text of the foregoing reports, each of which is available (with respect to the Corporation’s projects in the U.S. and Tanzania) on the Corporation’s website at www.uranium1.com and (with respect to the Corporation’s projects in Kazakhstan) on Kazatomprom’s website at https://www.kazatomprom.kz/en/investors/inie_otcheti_i_prezentatsii.

For greater certainty, (i) information on the current status and activities relating to each material mineral property, (ii) the information on the exploration and drilling work conducted on each such property since the date of the technical report for that property, (iii) the information on the permitted, design and installed production capacity of each such property and the production facilities currently in place or constructed during 2018 on each such property, and (iv) information on production from each such property, is based entirely on information provided by the Corporation and is not based on any technical report.

Note on GKZ Classification System for Mineral Resource Estimates

Mineral resources and reserves in the countries that formerly made up the U.S.S.R. (including Kazakhstan) are estimated using the resource classification system developed in the U.S.S.R. (commonly known as the “GKZ system” or “GKZ classification”), which is still the standard for classifying and estimating mineral resources and reserves in Kazakhstan. The mineral resource and reserve estimates for the Akdala Mine, South Inkai Mine, Karatau Mine, Akbastau Mine, Zarechnoye Mine and Kharasan Mine were originally estimated using the GKZ system, and certain of these GKZ category resources were subsequently converted and reconciled to JORC Code. According to the GKZ classification system, mineral concentrations are divided into seven categories in four major groups based on the level of exploration performed. Their correlation with the CRIRSCO resources classification is illustrated in the figure below. The GKZ categories are presented in descending order of certainty. For details, see “Guidelines on Alignment of Russian mineral reporting standards and the CRIRSCO Template”: http://www.crirsco.com/conversion_guidelines_2010_9.pdf.

- 88 -

Notes: (1) Please note that “reserves”, as used in the GKZ classification system, are not the same as “Ore Reserves” under the JORC Code.

As the GKZ classification system differs from the JORC Code, in each technical report relating to the Issuer’s uranium mines in Kazakhstan the authors have reclassified the GKZ category resources capable of reclassification to conform to the definitions used in the JORC Code after reviewing available data, as described in more detail in the corresponding listed above technical reports.

Decisions by the Ministry of Energy of Kazakhstan to permit a property to proceed to commercial production are based on mineral resource estimates for the property prepared in accordance with the GKZ classification system and certified by the State Commission on Mineral Resources of the Republic of Kazakhstan (the “SCMR”) on the basis that recovery of such resources.

Note on Certain Technical Terms

The following is a glossary of certain technical terms that appear in this quarterly report: eU equivalent uranium content GT grade-thickness or grade x thickness multiplication %Um % Uranium per metre, a measure of GT ft% %Uranium per foot, a measure of GT ISR in-situ recovery (also known as “ISL” or “in-situ leach”), a method of recovering uranium from the ground which involves drilling holes into the uranium ore deposit, pumping in a solution to dissolve the uranium, and pumping the uranium-bearing solution back to the surface for processing into U3O8 L:S liquid : solid ratio (a ratio of the tonnes of leach solution required per tonne of ore to extract uranium) Kt thousand metric tonnes (1,000 tonnes)

Mlbs million pounds of U3O8 Mt million metric tonnes (1,000,000 tonnes)

- 89 - OK ordinary kriging, a geostatistical technique to interpolate a value at an unobserved location from observations of its value at nearby locations, assuming a constant but unknown mean (trend), commonly used in the estimation of mineral resources

pitchblende a uranium oxide mineral (uranium dioxide - UO2 - or uranium trioxide - UO3) which is an ore of uranium ppm parts per million QA/QC quality assurance/quality control t or tonne metric tonne (1,000 kilograms) tpa tonnes per annum (year) U Uranium

U3O8 a uranium oxide product, also known as “uranium concentrate” or “uranium oxide concentrate”, and commonly known as “yellowcake” UC uniform conditioning, a method used to estimate the tonnage and grade of mineralization which can be extracted as small selective minable blocks from large blocks (panels), whose grade is modeled by OK

yellowcake a common name for uranium oxide (uranium concentrate) or U3O8

Mineral Resource and Mineral Reserve Estimates

The following table summarizes the JORC Code and/or CIM Standards compliant Mineral Resources and Ore Reserves / Mineral Reserves estimates for the Corporation’s mineral properties as of December 31, 2018.

URANIUM ONE INC. JORC / CIM COMPLIANT MINERAL RESOURCES AND ORE RERSERVES / MINERAL RESERVES AS AT DECEMBER 31, 2018 (1)(2)

Ore Grade, % Reserves/resources Grade, Reserves/resources Mine name, reserves and tonnes U U3O8 kt U kt U Mlbs Mlbs U3O8 resources category (Mt) 100% attribu- U3O8 attributable table (5) 100% (5) AKDALA MINE(3) 100% 100% 70% 100% 70% Ore Reserves(4) Proved 6.9 0.057 3.9 2.7 0.067 10.2 7.1 Probable 2.6 0.057 1.5 1.1 0.067 3.9 2.7 Proved and Probable 9.5 0.057 5.4 3.8 0.067 14.1 9.8 Resources(6) Measured 6.9 0.057 3.9 2.7 0.067 10.2 7.1 Indicated 2.6 0.057 1.5 1.1 0.067 3.9 2.7 Measured and Indicated 9.5 0.057 5.4 3.8 0.067 14.1 9.8 Inferred ------

- 90 - Ore Grade, % Reserves/resources Grade, Reserves/resources Mine name, reserves and tonnes U U3O8 kt U kt U Mlbs Mlbs U3O8 resources category (Mt) 100% attribu- U3O8 attributable table (5) 100% (5) SOUTH INKAI MINE(3) 100% 100% 70% 100% 70% Ore Reserves(4) Proved 70.4 0.043 30.1 21.1 0.050 78.3 54.8 Probable 20.4 0.037 7.5 5.3 0.044 19.6 13.7 Proved and Probable 90.8 0.041 37.7 26.4 0.049 97.9 68.5 Resources(6) Measured 116.2 0.040 46.8 32.8 0.048 121.7 85.2 Indicated 83.8 0.040 33.8 23.7 0.048 88.0 61.6 Measured and Indicated 200.0 0.040 80.7 56.5 0.048 209.7 146.8 Inferred 5.0 0.043 2.2 1.5 0.051 5.7 4.0 KARATAU MINE(3) 100% 100% 50% 100% 50% Ore Reserves(4) Proved 29.7 0.097 28.8 14.4 0.114 75.0 37.5 Probable 28.6 0.063 18.0 9.0 0.074 46.9 23.5 Proved and Probable 58.4 0.080 46.9 23.4 0.095 121.9 61.0 Resources(6) Measured 29.7 0.097 28.8 14.4 0.114 75.0 37.5 Indicated 28.6 0.063 18.0 9.0 0.074 46.9 23.5 Measured and Indicated 58.4 0.080 46.9 23.4 0.095 121.9 61.0 Inferred ------AKBASTAU MINE(3) 100% 100% 50% 100% 50% Ore Reserves(4) Proved 34.0 0.086 29.3 14.6 0.102 76.1 38.0 Probable 15.0 0.091 13.7 6.9 0.108 35.7 17.9 Proved and Probable 49.0 0.088 43.0 21.5 0.104 111.8 55.9 Resources(6) Measured 34.0 0.086 29.3 14.6 0.102 76.1 38.0 Indicated 15.0 0.091 13.7 6.9 0.108 35.7 17.9 Measured and Indicated 49.0 0.088 43.0 21.5 0.104 111.8 55.9 Inferred ------

- 91 - Ore Grade, % Reserves/resources Grade, Reserves/resources Mine name, reserves and tonnes U U3O8 kt U kt U Mlbs Mlbs U3O8 resources category (Mt) 100% attribu- U3O8 attributable table (5) 100% (5) ZARECHNOYE MINE(3) 100% 100% 49.98% 100% 49.98% Ore Reserves(4) Proved 4.3 0.060 2.6 1.3 0.071 6.8 3.4 Probable 4.0 0.060 2.4 1.2 0.071 6.2 3.1 Proved and Probable 8.3 0.060 5.0 2.5 0.071 13.0 6.5 Resources(6) Measured 4.3 0.060 2.6 1.3 0.071 6.8 3.4 Indicated 4.0 0.060 2.4 1.2 0.071 6.2 3.1 Measured and Indicated 8.3 0.060 5.0 2.5 0.071 13.0 6.5 Inferred 2.9 0.049 1.4 0.7 0.058 3.6 1.8 KHARASAN MINE(3) 100% 100% 30% 100% 30% Ore Reserves(4) Proved 12.4 0.106 13.1 3.9 0.125 34.1 10.2 Probable 26.7 0.107 28.6 8.6 0.126 74.4 22.3 Proved and Probable 39.1 0.107 41.7 12.5 0.126 108.5 32.6 Resources(6) Measured 12.4 0.106 13.1 3.9 0.125 34.1 10.2 Indicated 26.7 0.107 28.6 8.6 0.126 74.4 22.3 Measured and Indicated 39.1 0.107 41.7 12.5 0.126 108.5 32.6 Inferred ------WILLOW CREEK MINE(7) 100% 100% 100% 100% 100% Mineral Reserves(8) Proven ------Probable 6.5 0.036 2.3 2.3 0.042 6.1 6.1 Proven and Probable 6.5 0.036 2.3 2.3 0.042 6.1 6.1 Resources(9) Measured ------Indicated 9.5 0.063 6.0 6.0 0.074 15.5 15.5 Measured and Indicated 9.5 0.063 6.0 6.0 0.074 15.5 15.5 Inferred 0.09 0.058 0.05 0.05 0.068 0.14 0.14

- 92 - Ore Grade, % Reserves/resources Grade, Reserves/resources Mine name, reserves and tonnes U U3O8 kt U kt U Mlbs Mlbs U3O8 resources category (Mt) 100% attribu- U3O8 attributable table (5) 100% (5) U.S. DEVELOPMENT AND EXPLORATION PROPERTIES(10) 100% 100% 100% 100% 100% Mineral Reserves(8) Proven ------Probable ------Proven and Probable Resources(9 Measured 7.8 0.062 4.9 4.9 0.073 12.7 12.7 Indicated 6.6 0.056 3.7 3.7 0.066 9.5 9.5 Measured and Indicated 14.4 0.059 8.5 8.5 0.070 22.1 22.1 Inferred 2.2 0.072 1.6 1.6 0.085 4.1 4.1 MKUJU RIVER PROJECT 100% 100% 13.9% 100% 13.9% Mineral Reserves(11) Proven 41.9 0.041 17.1 2.4 0.048 44.4 6.2 Probable 21.9 0.040 8.8 1.2 0.047 22.9 3.2 Proven and Probable 63.8 0.041 25.9 3.6 0.048 67.3 9.4 Resources(12) Measured 113.9 0.028 31.6 4.4 0.033 82.1 11.4 Indicated 72.9 0.022 16.3 2.3 0.026 42.5 5.9 Measured and Indicated 186.8 0.026 47.9 6.7 0.031 124.6 17.3 Inferred 54.5 0.019 10.6 1.5 0.022 27.5 3.8

Notes: (1) Mineral Resources that are not Ore Reserves / Mineral Reserves do not have demonstrated economic viability. Inferred Mineral Resources have a great amount of uncertainty as to their existence and as to their economic feasibility. Under no circumstances can it be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher Mineral Resource category or converted to Ore Reserves / Mineral Reserves. (2) Mineral Resources and Ore Reserves for the mines in Kazakhstan are reported in accordance with the JORC Code, while Mineral Resources and Mineral Reserves for the Willow Creek Mine and the U.S. development and exploration properties (Ludeman, Moore Ranch, Allemand-Ross, Jab and Barge) and the Mkuju River Project in Tanzania are reported in accordance with the CIM Standards. Unless otherwise stated, for each project the Ore Reserves / Mineral Reserves stated above are included in the total estimate of Mineral Resources as stated above. All figures are rounded to reflect appropriate levels of confidence. Columns may not add up correctly due to rounding. (3) Unless otherwise noted, the resources at the Corporation’s properties in Kazakhstan were originally estimated by Kazatomprom, using the GKZ resource classification system. For a description of the GKZ classification system, please see “Note on GKZ Classification System for Mineral Resource Estimates”, above. This classification system differs from the JORC Code and in each Technical Report relating to the Corporation’s uranium mines in Kazakhstan the authors have reclassified the resources capable of reclassification to conform

- 93 - to the definitions used in the JORC Code after reviewing available data, as described in more detail in the corresponding Technical Reports as presented above. (4) The Ore Reserves estimates for the Corporation’s mines in Kazakhstan reflect the total quantity of in-situ uranium planned to be mined and do not take account of metallurgical recovery either as part of the in-situ leaching process or within the surface processing plants themselves, which typically varies between 80% and 90%. The Mineral Reserve estimates for the South Inkai, Akbastau and Karatau Mines assume that the production periods under the subsoil use contracts for those properties will be extended past their current expiry date based on the full geological potential of those properties and the Corporation’s past experience. (5) Represents the portion of total Ore Reserves / Mineral Reserves and/or Mineral Resources notionally attributable to Uranium One’s equity interest in the joint venture through which the property is owned in the percentage indicated in this column. (6) Mineral Resource estimation was undertaken using the accepted standard in-country polygonal (“two- dimensional” or “2D”) approach based on sections and plans. The practice of “three-dimensional” or “3D” modelling is not currently widely used in Kazakhstan, though it was used for some of the Issuer’s Mineral Resource estimates in the past. The mine planning and reconciliation performed is also undertaken using these polygon estimates. The key parameters that are estimated for each polygon are:  Filtration or permeability factor: unique filtration parameters are typically estimated for each lithology within each deposit based on resistivity and self-potential logging;  Clay content: The clay content is also determined based on resistivity and self-potential logging;  Uranium grade: The uranium grade is determined from the gamma logging data. The correction factors which are used to convert gamma logging data into uranium grade, and to account for such factors as equilibrium effects and radon content, among others, are determined via correlation with actual assay data. Unique factors are developed for each host rock and each deposit; and  Density: The host rock density is determined from determinations undertaken on core material. In general, during the exploration stage some several hundred samples are collected from different lithological intervals and a different density is calculated for each lithology. In general, the resource blocks are delineated using the following criteria:  The blocks are delineated within the same water-bearing horizon taking into account the local confining layer,  The thickness of any diluting interval should not exceed 6m to 8 m (depending on the deposit),  The minimum cut off grade should be 0.01%U,  The minimum grade*thickness accumulation value should be 0.04%Um to 0.08%Um (depending on the deposit),  The minimum filtration ratio should be 1m/day,  The minimum ore/waste factor should be 0.75 to 0.8 (depending on the deposit),  The maximum clay content should be 20 to 30% (depending on the deposit). (7) The Willow Creek Mineral Reserves and the Mineral Resources estimate includes estimates for both the Christensen Ranch and the Irigaray parts of the Willow Creek Mine in Wyoming. (8) Mineral Reserves have been converted from Indicated Resources where the mineralization is classed as a Probable Reserve and only for that portion of the deposit that exceeds the cut-off GT value. Mineral Reserves at the Christensen Ranch portion of the project are estimated at a GT cut-off of 0.50 ft.-% U3O8, while Mineral Reserves at the Irigaray portion are estimated at a GT cut-off of 0.25 ft.-% U3O8. Mineral Reserves were estimated using operating costs (exclusive of royalties and taxes) of $15.3/lb U3O8, ISR wellfield recovery (extraction) of 65% for the Christensen Ranch portion and 55% for the Irigaray portion, and a price of $60/lb U3O8 ($156/kg U). The estimate of Mineral Reserves has been further updated by the Corporation to reflect mining depletion to December 31, 2018. (9) Mineral Resources estimation for the Christensen Ranch, Irigaray, Ludeman, Jab and Barge projects is based on a GT cut-off of 0.25 ft-% U3O8, while for Allemand-Ross and Moore Ranch a GT cut-off of 0.30 ft-% U3O8 was applied. The estimate of Mineral Resources for the Christensen Ranch part of the Willow Creek mine has been further updated by the Corporation to reflect mining depletion to December 31, 2018. (10) These are the estimates for the Ludeman, Moore Ranch, Barge, Jab and Allemand-Ross uranium development or exploration projects in Wyoming. (11) Mineral Reserves based on based on a price of $65.4/lb U3O8 ($170/kg U) and a cut-off grade of 200 ppm. In addition, the block model was reblocked to 25 x 25 x 10 m to provide for dilution and open pit mining recovery. (12) Mineral Resources based on a cut-off grade of 100 ppm U3O8, to reflect the anticipated operational cut-off for potential alternative process routes.

- 94 - The key assumptions, parameters and methods used to prepare the Mineral Resource and Ore Reserve / Mineral Reserve estimates presented above are set out in the notes to the foregoing table. Additional discussion of factors affecting the Ore Reserve / Mineral Reserve and Mineral Resource estimates for each property is set out below.

For all of the properties other than the Mkuju River Project, Mineral Resources and Ore Reserve / Mineral Reserves estimation was done using the 2D polygonal (block) method.

The Mineral Resource estimate for the Mkuju River Project was prepared using the ordinary kriging (OK) method for the grade estimation of the in situ resource. For Mineral Reserve estimation, Whittle optimisation software was used to determine the economic pit-shell from which a detailed pit design can be done.

The estimates for all of the Corporation’s mines in Kazakhstan were originally prepared in accordance with the GKZ resource classification system by Kazatomprom, and then converted to the JORC Code resource classification system by the authors of the Kazatomprom 2018 Updated CPR Report.

According to the relevant regulations in Kazakhstan, all mining plans, work programs, Feasibility Studies and other technical reports must be based on GKZ category resources officially approved by the SCMR. The resources numbers are updated annually accounting mining depletion adjustments and exploration results and the balance of resources reconciliation is submitted to the SCMR in so-called 1TPI index, formerly known as the 8GR form. The following table summarizes the GKZ compliant Mineral Resources estimate available for the Corporation’s mineral properties in Kazakhstan as of December 31, 2018.

Uranium One Inc. - GKZ Compliant Resources for Kazakhstan Mines as of December 31, 2018

Mines Tonnes U, 100% basis lbs U3O8, 000's, 100% basis C1 C2 С1+C2 C1 C2 C1+C2

Akdala 3,906 1,503 5,409 10,155 3,906 14,062 South Inkai 46,830 33,847 80,676 121,746 87,994 209,741 Karatau 28,848 18,044 46,892 74,998 46,911 121,909 Akbastau 29,269 13,733 43,002 76,093 35,703 111,796 Kharasan 13,119 28,618 41,737 34,106 74,401 108,507 Zarechnoye 6,876 2,678 9,554 17,877 6,962 24,839 Total 128,848 98,423 227,271 334,976 255,879 590,854

Tonnes U, attributable to share Lbs U3O8, 000's, attributable to share Mines C1 C2 С1+C2 C1 C2 C1+C2 Akdala, 70%. 2,734 1,052 3,786 7,109 2,735 9,843 South Inkai, 70%. 32,781 23,693 56,473 85,222 61,596 146,819 Karatau, 50%. 14,424 9,022 23,446 37,499 23,456 60,955 Akbastau, 50%. 14,635 6,866 21,501 38,047 17,851 55,898 Kharasan, 30%. 3,936 8,586 12,521 10,232 22,320 32,552 Zarechnoye, 49.98%. 3,437 1,338 4,775 8,935 3,480 12,414 Attributable 71,946 50,557 122,503 187,043 131,438 318,481

- 95 - Since the estimation of the Mineral Resources and Ore Reserves / Mineral Reserves at a project intrinsically depends on the assessment of the economic viability of the project, any factor which affects the economic viability of the project, including factors which affect rights to the project or the operation of the project, will necessarily also affect the estimate of Mineral Resources and Ore Reserves / Mineral Reserves.

(ii) In respect of the deposits subject to commercial production, production rate.

Akdala Uranium Mine - Kazakhstan

Pursuant to the terms of its subsoil use contract, the current production capacity of the Akdala Mine is 2,599,800 lbs U3O8 (1,000 t U) per year. Production from the Akdala Mine was 543,250 lbs U3O8 (209 t U) during the three months ended March 31, 2019, of which 380,300 lbs U3O8 (146 t U) was attributable to the Corporation. Planned production from the mine for the year ending December 31, 2019 is expected to be lower than the production capacity by approximately 20%.

South Inkai Uranium Mine - Kazakhstan

Pursuant to the terms of its subsoil use contract, the current production capacity of the South Inkai Mine is 5,199,600 lbs U3O8 (2,000 t U) per year. Commercial production from the South Inkai Mine was 1,014,350 lbs U3O8 (390 t U) during the three months ended March 31, 2019, of which 710,000 lbs U3O8 (273 t U) was attributable to the Corporation. Planned production from the mine for the year ending December 31, 2019 is expected to be lower than the production capacity by approximately 20%.

Karatau Uranium Mine - Kazakhstan

Pursuant to the terms of its subsoil use contract, the production capacity of the Karatau Mine for the year 2019 is 8,320,000 lbs U3O8 (3,200 t U) per year. Production from the Karatau Mine was 1,604,600 lbs U3O8 (617 t U) during the three months ended March 31, 2019, of which 802,300 lbs U3O8 (309 t U) was attributable to the Corporation. Planned production from the mine for the year ending December 31, 2019 is expected to be lower than the production capacity by approximately 20%.

Akbastau Uranium Mine - Kazakhstan

Pursuant to the terms of its subsoil use contract, the maximum approved production capacity of 5,020,200 lbs U3O8 or 1,931 t U was reached in the year 2017. All mining sections № 1, 3, and 4 of the Budenovskoye deposit are in commercial production. Akbastau is adjacent to the Karatau mine and entered into a toll processing agreement with Karatau, under which all eluates produced at the Akbastau Mine are currently processed at the Karatau Mine’s processing plant.. Production from the Akbastau Mine was 945,200 lbs U3O8 (364 t U) during the three months ended March 31, 2019, of which 472,600 lbs U3O8 (182 t U) was attributable to the Corporation. Planned production from the mine for the year ending December 31, 2019 is expected to be lower than the production capacity by approximately 20%.

Zarechnoye Uranium Mine - Kazakhstan

Pursuant to the terms of its subsoil use contract, the current production capacity of the Zarechnoye Mine is 2,521,800 lbs U3O8 (970 t U) per year. Production from the Zarechnoye Mine was 474,200 lbs U3O8 (182 t U) during the three months ended March 31, 2019, of which 237,100 lbs U3O8 (91 t U) was attributable to the Corporation. Planned production from the mine for the year ending December 31, 2019 is expected to be lower than the production capacity by approximately 20%.

- 96 - Kharasan Uranium Mine - Kazakhstan

Pursuant to the terms of its subsoil use contract, the maximum production capacity of the Kharasan Mine is 7,799,300 lbs U3O8 (3,000 t U) per year, with a 2019 installed capacity of 5,200,000 lbs U3O8 (2,000 t U) per year. Production from the Kharasan Mine was 1,036,300 lbs U3O8 (399 t U) during the three months ended March 31, 2019, of which 310,900 lbs U3O8 (120 t U) was attributable to the Corporation. Planned production from the mine for the year ending December 31, 2019 is expected to be lower than the production capacity by approximately 20%.

Willow Creek Uranium Mine – United States

The current design capacity of the Willow Creek Mine is 1,300,000 lbs U3O8 (500 t U) per year. The Willow Creek Mine commercial operations commenced on May 1, 2012. Due to low uranium prices there were no new wellfield installations or construction activities since 2017. On July 9, 2018 the Issuer ceased production from the Willow Creek Mine as part of transitioning the mine to care and maintenance status and in February 2019 applied for Interim Mine Stabilization with the Wyoming Department of Environmental Quality. If granted, this will allow a five-year care and maintenance period without the requirement to reclaim the facilities during this period.

(iii) Subsoil licenses received by the issuer or its controlled entities for the use of these fields with the date of issuance of the license, its term, the possibility and the reasons for extending the term of the license, the grounds for issuing the license, the description of subsurface provided for use, the type of the license (for mining exploration or exploration), the main provisions of the license on the issuer’s obligations as subsoil user indicating the duration of the performance of these obligations, as well as mandatory payments to be made by the issuer or its controlled entities under the terms of the license.

General Note on Mineral Tenure in Kazakhstan

Under the Constitution of the Republic of Kazakhstan, the subsoil and minerals within the subsoil are the property of the Republic of Kazakhstan. The principal legislation governing subsoil exploration and mining activity in Kazakhstan is the Code of the Republic of Kazakhstan “On Subsoil and Subsoil Use”, which was adopted on December 27, 2017, and entered into force on June 28, 2018, as subsequently amended (the “Subsoil Law”). Exploration and mining in Kazakhstan are carried out under a “subsoil licence” or “subsoil use contract”, which are binding forms of contracts negotiated by the Government of Kazakhstan, represented by the Ministry of Energy (with respect to energy resources including uranium) and the recipient of the subsoil use rights. According to the Subsoil Law all uranium deposits are characterized as “strategic deposits”.

Subsoil use rights may be held under the following types of subsoil use licences and contracts:

• a subsoil use licence for exploration, which gives the contractor (subsoil user) the right to explore for minerals on the property, and if there is a commercial discovery, the contractor then has an exclusive right to enter into a subsoil use contract for production (mining) on terms and conditions agreed with the competent authority (currently, the Ministry of Energy with respect to energy resources including uranium);

• a subsoil use contract for production (mining), which gives the contractor the right to mine minerals from the property.

The terms and conditions of the guarantees applicable to the stability of subsoil use conditions remain unchanged compared to the previous legislation.

- 97 - According to the transitional provisions of the Subsoil Law, stipulated in Article 278, the combined subsoil use contracts for exploration and production, which were previously granted by the Ministry of Energy or by the Ministry of Investments and Development of the Republic of Kazakhstan for deposits designated as “strategic deposits” or deposits having a complex geological structure before the entrance of the Subsoil Law into force, remain in full force until the end of their terms.

All of the subsoil use contracts for the Akdala, South Inkai, Karatau, Akbastau, Zarechnoye and Kharasan mines are for both exploration and production. The joint ventures have an exclusive right to move to the production stage after a commercial discovery has been made and certified by the SCMR and associated amendments have been made to the work programs agreed under the subsoil use contracts.

Under the current Subsoil Law, subsoil use licences for exploration are usually granted for six- year terms and may be extended for a period of five additional years necessary for the evaluation of the same. Under the previous subsoil use law in effect prior to 2010, the exploration stage could be extended twice, in each case for a period of two years. The subsoil use contracts for the Zarechnoye Mine and Kharasan Mine still contain such extension provisions, as they were concluded under the subsoil use law in effect prior to 2010 and in case of potential extension of exploration they should comply with the Subsoil Law. A subsoil use contract for production may be concluded for any period required to mine out the subject deposits, up to a maximum period of 25 years. Under the current Subsoil Law, a subsoil use contract for production may be extended for a period of up to twenty-five additional years.

Under the Subsoil Law new subsoil use contracts for production are granted directly to Kazatomprom based on direct negotiations with the Ministry of Energy of the Republic of Kazakhstan. Subsequently these subsoil use contracts for production can be assigned, transferred or otherwise alienated to a third party only if Kazatomprom retains an interest of not less than 51% . The disposal of the subsoil use contracts by the new recipient is regulated by the same rule in case of potential transfer of the contract. It is worth noting that the above-mentioned rule does not apply to, or affect, the existing subsoil use contracts for production in enterprises in which the current participating share of Kazatomprom is less than 51%.

Generally, the current Subsoil Law contains the same provisions as the previous law in respect of the assignment of contracts: a subsoil use contract may not be assigned, nor may “associated rights” be transferred, pledged or otherwise encumbered to a third party, without the prior consent of the Ministry of Energy. In addition, a subsoil use licence or contract and “associated rights” with respect to certain deposits designated as “strategic deposits” by the Government may not be assigned or transferred without a waiver of the state’s pre-emptive right. Each of the Akdala, South Inkai, Karatau, Akbastau, Zarechnoye and Kharasan mines have been designated by Government resolution as “strategic deposits”. “Associated rights” are participatory interests (shares, securities confirming title to shares and securities convertible into shares) in a legal entity holding the subsoil use right, as well as a legal entity which may directly and/or indirectly determine and/or influence decisions adopted by a subsoil user, if the principal activity of such entity is related to subsoil use in Kazakhstan.

Subsoil use contracts can be unilaterally terminated by the Ministry of Energy if the contractor defaults on any terms of the contract more than twice and fails to cure such defaults within the period set by the Ministry of Energy. In addition, a subsoil use contract can be terminated for such things as a breach by the subsoil user of the government’s pre-emptive right or the failure of the subsoil user to obtain consent from the Ministry of Energy for the disposal of subsoil use rights or associated rights.

At the same time, according to the provisions of the Subsoil Law, the transfer of a subsoil use licence contract or associated rights between affiliated parties by means including, but not limited to, succession and reorganization, does not require the prior consent and the waiver of the state’s pre-emptive right. The conditions for this exemption are that: 1) the transferor and transferee should be both owned directly and/or indirectly by one beneficial owner; 2) the direct and/or indirect share of participation of

- 98 - such beneficial owner in the transferor and transferee should equal to not less than 99%; and 3) the transferee should not be registered in a tax-free zone. In this case, the subsoil user should submit the notification of the change of control to the Ministry of Energy within thirty days of such a change of control.

As noted in more detail under item 2.4 of the present quarterly report, pursuant to the Subsoil Law, the Government has the right to issue a Decree to unilaterally terminate, and the Ministry of Energy has the right to propose amendments to, or to unilaterally terminate (on two months notice or if agreement on the amendments is not reached or executed within the prescribed time), any subsoil use licence or contract (including those concluded before the coming into effect of the current Subsoil Law) relating to deposits designated as “strategic deposits” if particular actions of a subsoil user have an impact on the economic interests of Kazakhstan which leads to a threat to national security. All of the uranium deposits subject to subsoil use contracts held by the SMCC, Karatau, Akbastau, Zarechnoye and Khorasan-U joint ventures have been designated by Government resolution and the Subsoil Law as “strategic deposits”.

A subsoil use licence or contract gives the contractor a right to use the surface of the property while exploring, mining and reclaiming the land. However, such right must be set forth in a surface lease agreement with the applicable local administrative authority (akimat). A surface lease agreement must be entered for the same period of time as the relevant underlying subsoil use contract including any extensions.

While the applicable subsoil use agreement is the key contract securing the subsoil user’s rights to a mineral property in Kazakhstan, other minor state and local operational permits are also required to carry out exploration and production activities at the property. Subject to any more specific disclosure made about the Akdala Mine, South Inkai Mine, Karatau Mine, Akbastau Mine, Zarechnoye Mine or Kharasan Mine in this quarterly report, each of those mines is operating and has the necessary permits for the exploration and production operations currently being conducted at those mines.

Under the subsoil use contracts governing the Corporation’s properties in Kazakhstan, the joint ventures holding the subsoil use rights are required to contribute to a reclamation fund each year.

As noted under item 2.4 of the present quarterly report, the Government of Kazakhstan also possesses certain statutory pre-emptive rights to: (i) purchase and requisition uranium from subsoil users at prices not exceeding world market prices; (ii) purchase subsoil use rights or associated rights (as defined above) if the same are put up for sale; and (iii) terminate, in certain circumstances, the subsoil use contracts through which the Corporation holds its rights in its material mineral properties, all as described under said headings. In addition, starting from On August 23, 2012 in accordance with the Decree of the Government of the Republic of Kazakhstan #651 dated June 30, 2008 (as amended) all of the Corporation’s participatory interests in the Kazakh joint ventures, including SMCC, Karatau, Akbastau, Zarechnoye, and Khorasan-U, have been designated as strategic assets in Kazakhstan, which means that they cannot be encumbered or alienated without the prior approval of the Government of Kazakhstan. If an owner of strategic assets intends to sell them, the Government of Kazakhstan has a pre-emptive right to purchase such assets at market value, determined in accordance with Kazakh law.

All of the subsoil use contracts to which the Corporation’s joint ventures are party provide that, to the extent that there are any disputes that cannot be resolved through negotiations between the joint venture and the Government of Kazakhstan, such disputes are to be submitted to the courts of Kazakhstan rather than to an independent international arbitration body.

In connection with the passing of a new Code on Taxes and Other Obligatory Payments to the Budget of the Republic of Kazakhstan and entering the same in force from 1 January 2018 (the “Tax Code”), the Government also passed Law № 121-VI dated 25 December 2017 (the “Law No 121-VI”) on preserving temporarily in effect certain provisions of the Law on Taxes and Other Obligatory Payments to the Budget of the Republic of Kazakhstan dated 10 December 2008 (hereinafter the “2008 Tax Code”). As

- 99 - a result of this legislation, the previous obligation of subsoil users to pay a fixed commercial discovery bonus to the budget of Kazakhstan in the amount of 0.1% of the value of recoverable reserves at every commercial discovery within the contractually envisaged area of works (in other words, at each discovery resulting in the increase of the initially approved volume of recoverable commercial reserves) ceased to be effective from 31 December 2018. However, subsoil users remain liable for commercial discovery bonuses committed to and undertaken during 2018, even if the maturity or payment date of the liability is in 2019.

Under Section 83 of the new Tax Code, there is a fixed term of signature bonus which is payable by the subsoil user’s as a one-off fixed tax payment when purchasing the subsoil use right over the contractual area (subsoil use area), as well as when expanding the contractual area (subsoil use area).

Information on Specific Subsoil Use Contracts

Akdala Mine

SMCC, the Corporation’s indirect 70% owned joint venture, has the right to carry on exploration, extraction, mining and sales of uranium from the Akdala Mine until March 28, 2026 pursuant to a contract (the “Akdala Contract”) dated March 28, 2001 (as amended on May 23, 2002, June 7, 2004, April 25, 2005, December 29, 2006, April 9, 2012, July 25, 2014, October 17, 2014 and December 29, 2016), which was originally made between the Ministry of Energy and Mineral Resources and Kazatomprom and subsequently assigned to Betpak Dala (on June 7, 2004). Following the invalidation of that assignment by the court order previously described, the subsoil use rights under the Akdala Contract were transferred to SMCC (on October 17, 2014). Starting from September 30, 2015 the Akdala Mine is operated by SMCC.

The Akdala Contract gives SMCC the right to mine uranium deposits to a depth of 220 m.

The Akdala Contract is valid for a period of 25 years commencing on March 28, 2001 and expiring on March 28, 2026. This period consists of an exploration period of five years that commenced on March 28, 2001 and expired on March 27, 2006 and a production period of 20 years.

Under the terms of the Akdala Contract, SMCC is required to make a further payment of approximately US$ 1.5 million in the aggregate in equal quarterly instalments commencing on January 1, 2008 and ending on December 31, 2017 to the Government of Kazakhstan in reimbursement for historical geological studies it conducted on the property.

The Akdala Contract contains various social obligations. These social obligations include investing at least 1% of SMCC’s current operating expenses per annum during the production period in training programs for its Kazakh employees, investing annually at least US$ 75,000 in development and support of social services in the area. SMCC has also undertaken to finance scientific research, scientific engineering and/or research and development work in an amount equal to not less than 1% of total annual income from contract activities based on performance indicators for the previous year.

In addition, SMCC has undertaken to purchase goods and services from Kazakh businesses to service the Akdala Mine whenever possible provided that such goods and services are competitive with those that are available outside Kazakhstan and are of at least comparable quality. Currently most services are supplied not by Kazatomprom itself, but by its affiliates. The Akdala Contract does not provide for specific thresholds as to procurement from Kazakh businesses.

South Inkai Mine

SMCC, the Corporation’s indirect 70% owned joint venture, has the right to explore, develop, extract, mine and export uranium at the South Inkai Mine until July 8, 2029 pursuant to a contract (the “South Inkai Contract”) dated July 8, 2005 (as amended on September 15, 2005, December 19, 2008, July 25, 2014, October 17, 2014 and December 29, 2016), which was originally made between the Ministry of

- 100 - Energy and Mineral Resources and Kazatomprom and subsequently assigned to Betpak Dala (on September 15, 2005). Following the invalidation of that assignment by the court order previously described, the subsoil use rights under the South Inkai Contract were transferred to SMCC (on October 17, 2014). Starting from September 30, 2015 the South Inkai Mine is operated by SMCC.

The South Inkai Contract is valid for a period of 24 years commencing on July 8, 2005 and expiring on July 8, 2029. It provides for an exploration period of six years which commenced on July 8, 2005 and expired on July 8, 2011 (after one extension), and a second exploration period from July 08, 2014 to July 08, 2017 (approved by the MINT in November 2013), which was later amended to run from July 08, 2015 to July 08, 2018 (approved by ME in December 2016), and a production period of 20 years.

Under the terms of the South Inkai Contract, SMCC is required to make further payments of approximately US$ 1.8 million at the rate of US$ 135.30 per tonne of produced uranium from the South Inkai Mine to the Government of Kazakhstan in reimbursement for historical geological studies it conducted on the property.

The South Inkai Contract contains various social obligations, which include investing at least 1% of SMCC’s current operating expenses per annum during the production period in training programs for its Kazakh employees, and investing annually at least US$ 150,000 for the development and support of social services in the area. SMCC has also undertaken to finance scientific research, scientific engineering and/or research and development work in an amount equal to not less than 1% of total annual income from contract activities based on performance indicators for the previous year.

In addition, SMCC has undertaken to purchase goods and services from Kazakh businesses to service the South Inkai Mine. In particular, at least 40% of the cost of equipment and materials purchased must be for equipment and materials of Kazakh origin; at least 90% of the cost of contract work must be of Kazakh origin; at least 95% of employees must be Kazakh; and 100% of expenditures for processing of field materials and laboratory studies must be to Kazakh companies.

Karatau Mine

Karatau LLP, a 50% owned indirect subsidiary of the Corporation, has the right to carry on exploration, extraction, mining and sales of uranium from the Karatau Mine until July 8, 2040 pursuant to a contract (the “Karatau Contract”) dated July 8, 2005 (as amended on September 15, 2005, December 24, 2008, April 22, 2011, July 28, 2014 and June 9, 2017), which was originally made between the MEMR and Kazatomprom and was subsequently assigned to Karatau LLP. The Karatau Mine is operated by Karatau LLP.

The Karatau Contract sets out Karatau LLP’s rights and obligations with respect to the Karatau Mine. Kazatomprom assigned to Karatau LLP its rights and obligations under the Karatau Contract pursuant to the amendment dated September 15, 2005.

The Karatau Contract is valid for a period commencing on July 8, 2005 and expiring on July 8, 2032. This period consists of an exploration period of eleven years that commenced on July 8, 2005 and expired on July 8, 2015, and a commercial production period of 25 years (from 2008 through 2032).

Under the Karatau Contract the geological allotment is 28.23 km2 and the mining allotment totals 6.15 km2 to a depth of 720 m.

Prior to its acquisition by the Corporation, Karatau LLP made a fixed payment to the Government of Kazakhstan of 0.1% of the value of approved extractable reserves as a commercial discovery bonus upon the commercial discovery of the mineral deposit at the Karatau Mine. The amount of this payment was not reported to the Corporation.

- 101 - The Karatau Contract contains various social obligations for the benefit of its employees. These social obligations include investing at least 1% of Karatau LLP’s current operating expenses per annum in training programs for its Kazakh employees and at least US$ 140,000 per annum for regional social programs. Karatau has also undertaken to finance scientific research and scientific engineering and/or research and development work in an amount equal to not less than 1% of total annual income from contract activities based on performance indicators for the previous year.

In addition, Karatau has undertaken to procure locally (i.e. in Kazakhstan) at least 90 to 100% of its employees (the percentage varies with the professional level of the employees), 95% of works and services, and 40% of goods and equipment.

Akbastau Mine

Akbastau, the Corporation’s indirect 50% owned subsidiary, has the right to carry on exploration, extraction, mining and sales of uranium from the Akbastau Mine until (i) November 20, 2037 pursuant to a contract (the “Akbastau Area No.1 Contract”) dated November 20, 2007 (as amended on January 18, 2008, December 27, 2011 and April 30, 2015) relating to the No. 1 Site, and (ii) until November 20, 2038 pursuant to a contract (the “Akbastau Areas No.3 and No.4 Contract”) dated November 20, 2007 (as amended on January 18, 2008, April 27, 2012 and March 20, 2015) relating to the No. 3 and No. 4 Sites, which were originally entered into by the MEMR and Kazatomprom and subsequently assigned to Akbastau.

The Akbastau Area No.1 Contract has a term of 30 years, including an exploration period of five years (initially) and a 25-year production period. The 25- year production period commenced at the end of 2012. The five- year exploration period started on November 20, 2007 and expired on November 20, 2012 and has been further extended for 2 more years under Amendment No.3 to the Akbastau Area No.1 Contract in 2015. Exploration works were conducted concurrently with production works over those two years, such that the 25-year production period remained unchanged. The Akbastau Areas No.3 and No.4 Contract has a term of 31 years, including an exploration period of six years that commenced on November 30, 2007 and expired on November 30, 2013 and a production period of 25 years.

Pursuant to the Akbastau Area No.1 Contract, the land is to be returned to the government of Kazakhstan at the end of the exploration period, with the exception of identified commercial deposits, and all land returned is to be suitably reclaimed. Pursuant to the Akbastau Areas No.3 and No.4 Contract, with the exception of identified commercial deposits, 10% of the land is to be returned to the government of Kazakhstan during the fourth year of the contract and 10% in the fifth year.

Under the terms of the Akbastau Area No.1 Contract, Akbastau is required to make a further payment of approximately US$ 60,425 in the aggregate to the Government of Kazakhstan in reimbursement for the use of historical geological information generated by the government from previous studies it conducted on the property. Akbastau paid 3% of this sum on signing the contract, and payment of the balance is to be determined by additional agreement when production starts. The Akbastau Areas No.3 and No.4 Contract contains the same provision, except that the historical costs payable under that contract amount to US$ 106,817, of which 2% has already been paid on signing the contract .

The Akbastau Area No.1 Contract and the Akbastau Areas No.3 and No.4 Contract contain various social obligations for the benefit of Akbastau’s employees. These social obligations include investing annually at least 1% of total investments in exploration and at least 1% of operating costs during the production period in training programs for Akbastau’s Kazakh employees.

Under the Akbastau Area No.1 Contract, Akbastau is obliged to allocate not less than US$ 50,000 per year during the exploration period and not less than US$ 150,000 per year during the mining period for social needs in the local area. Under the Akbastau Areas No.3 and No.4 Contract, Akbastau is obliged to allocate not less than US$ 60,000 per year during the exploration period, and US$ 350,000 per year,

- 102 - during the production period, for the same purpose. In addition, under the Akbastau Areas No.3 and No.4 Contract, Akbastau was obligated to make a lump sum payment of US$ 750,000 to the development fund of Astana City. Akbastau has also undertaken to finance scientific research, scientific engineering and/or research and development work in an amount equal to not less than 1% of total annual income from contract activities based on performance indicators for the previous year.

In addition, Akbastau is required to staff the project with a certain minimum level of local personnel, depending upon the job level, ranging from 90% for top and medium executives to 100% for support staff. At least 95% of all works and services must be of Kazakh origin. Under the Akbastau Area No.1 Contract, at least 40% of all goods and equipment must be of Kazakh origin, while under the Akbastau Areas No.3 and No.4 Contract that level is 30%. Fines and penalties may be assessed for failure to meet the local content requirements.

Zarechnoye Mine

Zarechnoye, in which the Corporation has an indirect 49.98% interest, has the right to carry on exploration, extraction, mining and sales of uranium from the Zarechnoye Mine until September 23, 2025 pursuant to a contract (the “Zarechnoye Contract”) dated September 23, 2002 (as amended on May 19, 2003, March 1, 2006, July 30, 2008, July 15, 2009, March 1, 2012 and December 29, 2016). The Zarechnoye Contract was originally entered into by the MEMR and Kazatomprom and subsequently assigned to Zarechnoye. Zarechnoye also had a subsoil use contract granting it the right to carry on exploration, extraction, mining and sales of uranium from an adjacent property called “Zarechnoye South”, but terminated that contract effective as of November 20, 2013 after determining that the mineral resources on that property were insufficient to support development.

The Zarechnoye Contract was originally issued for 26 years including one year for exploration and 25 years for production upon fulfillment of the exploration. On July 30, 2008, the Zarechnoye Contract was amended to have an exploration period of five years that commenced on September 23, 2002 and expired on September 23, 2007 and a production period of 18 years starting in 2007, as well as a modified production schedule.

The Zarechnoye Contract provides that, among other things, upon termination of the agreement, the ownership of all geological data is passed to the Republic of Kazakhstan.

Under the terms of the Zarechnoye Contract, Zarechnoye is required to make a further payment of approximately US$ 3,284,900 in the aggregate to the Government of Kazakhstan in reimbursement for the use of historical geological information generated by the government from previous studies it conducted on the property. Zarechnoye paid 1.5% of this sum on signing the contract, and payment of the balance is to be determined by additional agreement when the industrial production licence is granted.

Under the Zarechnoye Contract, Zarechnoye is required to annually invest 0.1% of annual amount of operating expenses in the occupational development of Kazakh personnel (with any excess going to secondary education in Kazakhstan).

Moreover, Zarechnoye is required to finance scientific research, scientific engineering and/or research and development work in an amount equal to not less than 1% of total annual income from contract activities based on performance indicators for the previous year.

In addition, under the Zarechnoye Contract, Zarechnoye must annually invest at least US$ 50,000 in development and support of social services in the area.

Zarechnoye is also obliged to procure and use on a preferential basis Kazakh companies, organizations and employees.

- 103 - Kharasan Mine

Khorasan-U, a 30% owned indirect joint venture of the Corporation, has the right to carry out exploration, development, extraction, mining and sales of uranium from the Kharasan Mine until July 8, 2058 pursuant to a contract (the “Kharasan Contract”) dated July 8, 2005 (as amended on September 15, 2005, December 29, 2006, December 26, 2007, December 29, 2008, November 11, 2010, October 17, 2014 and December 28, 2017) which was originally entered into by the Ministry of Energy and Mineral Resources and Kazatomprom and which was subsequently assigned to Kyzylkum (on September 15, 2005). Following the invalidation of that assignment by the court order previously described, the subsoil use rights under the Kharasan Contract were transferred to Khorasan-U (on October 17, 2014). The Kharasan Mine is currently operated by Kyzylkum under service contract to Khorasan-U.

The Kharasan Contract, as amended, provides for an exploration period which commenced on July 8, 2005 and expired on July 8, 2018 and a production period of 45 years which commenced on July 8, 2013 and expires on July 8, 2058.

Under the terms of the Kharasan Contract, Khorasan-U is required to make a further payment of approximately US$ 2.4 million at the rate of US$ 66 per tonne of produced uranium from the Kharasan Mine to the Republic of Kazakhstan as reimbursement for historical geological exploration and surveys.

The Kharasan Contract contains various social obligations for the benefit of Khorasan-U’s employees, which include investing at least 1% of Khorasan-U’s exploration expenses during the exploration period and at least 1% of Khorasan-U’s operating expenses during the operating period in training programs for its Kazakh employees (with any excess going to secondary education in Kazakhstan). In addition, Khorasan-U has undertaken to pay US$ 300,000 per annum during the term of the Contract for the social-economic development of the region and its infrastructure and to finance scientific research, scientific engineering and/or research and development work in an amount equal to not less than 1% of total annual income from contract activities base on performance indicators for the previous year.

Khorasan-U has also undertaken to purchase goods and services from Kazakh businesses to service the Kharasan Mine. In particular, at least 40% of the cost of equipment and materials purchased must be for equipment and materials of Kazakh origin; at least 90% of the cost of goods and services must be of Kazakh origin; and at least 95% of employees must be Kazakh.

Willow Creek Mine

The mineral properties forming part of the Willow Creek Mine consist of two separate blocks of state leases and mining claims in Johnson and Campbell Counties, Wyoming. Collectively, these properties consist of two Wyoming State Leases (which are valid until March and December 2026, respectively) and 410 mining claims (which do not have an expiry date) covering approximately 3,318 ha.

The state leases and mining claims allow their holder to mine uranium from the lands covered by such state leases and mining claims. Annual holding costs for 2018 total US$ 190,986 (including site rental, surface damage reclamation, and mineral lease payments). There are royalties payable to current and former owners for production from the Willow Creek area based on six agreements, including to the State of Wyoming under the State Leases. Royalties payable on production average 6% of revenue and mineral production taxes average 4.5% of revenue.

The Willow Creek ISR project (Irigaray central processing plant and Christensen satellite plant) is operated under Source Material License SUA-1341 issued by the United States Nuclear Regulatory Commission. The license authorizes Uranium One USA, Inc. to possess uranium and by-product material at the facilities and operate using ISR techniques. This operational license was renewed on March 7, 2013

- 104 - and is valid for a period of 10 years through March 7, 2023, at which time an additional 10-year renewal may be requested.

On July 9, 2018 the Issuer ceased production from the Willow Creek Mine as part of transitioning the mine to care and maintenance status and in February 2019 applied for Interim Mine Stabilization with the Wyoming Department of Environmental Quality. If granted, this will allow a five-year care and maintenance period without the requirement to reclaim the facilities during this period.

Mkuju River Project

On April 5, 2013, the Tanzanian Government issued a Special Mining License to Mantra for the Mkuju River Project. Approval for the works programme was received from the Ministry of Energy and Minerals (MEM) in February 2015. In December 2016, Mantra Tanzania Limited applied to the MEM for a suspension of the Special Mining License (SML) and the works programme for the Project, due to the state of the uranium market, and is awaiting the MEM’s response. Pending such response, the MEM accepted an 18-month suspension of the works programme.

(iv) The extent to which these obligations of the subsoil user are performed and any factors that may have a negative effect on the performance of obligations under the license and the possibility of their occurrence.

The Issuer and its subsidiaries and joint ventures are in compliance with their obligations under the subsoil use contracts, leases and licences relating to the foregoing mineral properties.

The factors that may have a negative effect on the performance of obligations under the license and the possibility of their occurrence are discussed in item 2.4.

b) Processing of minerals

If the issuer or its controlled entities make full or partial processing of mineral resources before selling them, the description of the basic equipment used for processing and (or) contractors engaged for processing shall be provided.

The Issuer’s operating mines process the uranium extracted from the mineralized ore bodies in the ground into uranium concentrate (U3O8) before shipping it to converters for further processing into a form suitable for use as fuel for commercial nuclear reactors to generate electricity.

Uranium production at the Issuer’s operating mines is by means of in-situ recovery (“ISR”). By contrast, the Mkuju River Project is being developed as a conventional uranium mine with potential of ISR recovery for a small portion of resources.

Conventional mining involves extracting ore from the ground and processing it to extract the minerals being sought. In-situ recovery (“ISR”), also known as in situ leaching (“ISL”) or solution mining, involves pumping leaching liquids (commonly referred to as “leaching liquors” or “lixivants”) through the orebody in the ground to dissolve and recover the minerals out of the ore by leaching. Consequently there is little surface disturbance and no tailings or waste rock are generated. To support this method of production, the orebody needs to be permeable to the liquids used, and confined by impermeable environment so that the liquids do not contaminate groundwater away from the orebody.

Uranium production in Kazakhstan uses sulphuric acid leaching agents, while ISR mines in the U.S.A. use alkaline leaching agents such as a combination of sodium bicarbonate and carbon dioxide.

- 105 - An ISR mine consists of wellfields that are progressively established over the orebody as uranium is depleted from sections of the orebody after leaching. The wellfield consists of injection wells, which are used to inject the uranium leaching liquors (either acid or alkaline) into the orebody, and production wells which pump the “pregnant”, or uranium-bearing, solution to the surface. Typically there are several injection wells to every production well. Wellfield patterns are typically configured as hexagons (with six injection wells surrounding each production well), or as parallel linear rows. The spacing between injection and production wells in a hexagon pattern typically ranges from 30 to 50 metres. A series of monitor wells are situated around each mineralized zone to detect any movement of mining fluids outside the mining area. The wells are cased to ensure that the leaching liquors only flow to and from the ore zone and do not affect any overlying aquifers.

The pregnant solution from the production wells is pumped to the treatment plant where the uranium is recovered either in a resin ion exchange (“IX”) columns system. The uranium is then stripped from the ion exchange resin (the Corporation’s operations usually use ammonium nitrate for this purpose), and is precipitated chemically from the solution, usually with hydrogen peroxide (caustic soda is used at the Zarechnoye Mine and the Kharasan Mine). The resin is restored and returned to the IX columns. The uranium slurry is subsequently dewatered and dried to give hydrated uranium peroxide (UO4.2H2O) product. This is usually done by filtering at the Corporation’s projects in Kazakhstan. At the South Inkai Mine and the Karatau Mine (the production from the Akbastau Mine is also processed there) the product also undergoes calcining (drying) to further purify it. The final product is then shipped to a converter for delivery to customers. In certain circumstances converters require the product to be at a higher grade of purity, so that the product must first be sent to a refinery for further processing before delivery to such converters.

After the uranium has been stripped, the solution is recharged with sulfuric acid to maintain the requisite level of acidity. In Kazakhstan, all of the solution is then returned to the injection wells and reinjected into the wellfield, but at the Corporation’s properties in the United States a very small flow (about 0.5%) is bled off to maintain a pressure gradient in the wellfield and this, with some solutions from surface processing, is treated as waste. Waste contains various dissolved elements such as radium, arsenic and iron from the orebody and is reinjected into approved disposal wells. At the United States properties, the waste is injected into a deep aquifer, different from the one being mined. In Kazakhstan, minor quantities of waste sands may accumulate in the sand ponds over time, but these are handled by cleaning the pond bottoms and taking the waste material to an approved disposal site.

In the case of involving contractors for processing of minerals the indication of the processing cost for the last closed reporting period shall be provided. Not applicable.

c) Sales of products

In cases stipulated by federal law the existence of government approval for the sale of minerals and processed products, quotas, including export ones, shall be stated.

The subsidiaries and joint ventures operating the above-described properties obtain the necessary export permits before shipping U3O8 to the converters.

3.2.8. Additional Information on Issuers Whose Core Business Is the Provision of Communication Services

The provision of communication services is not a core business of the Issuer.

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3.3. Plans for Future Activities of the Issuer

Overview of the issuer’s future plans of future activities and sources of future income, including plans concerning the organization of new production, expansion or curtailment of production, development of new types of products, upgrading and reconstruction of fixed assets, possible changes in core business.

During 2019, the Corporation will be focused on ensuring that all mines in Kazakhstan remain at optimal production capacity, controlling costs at its operations and remaining a reliable supplier of U3O8 to the nuclear fuel industry. During 2019 Zarechnoye plans to continue exploration activities over the next two years with a view to providing updated resource estimates for the Zarechnoye Mine.

3.4. Participation of the Issuer in Banking Groups, Banking Holding Companies, Holdings and Associations

Banking groups, banking holding companies, holdings or associations in which the issuer participates, role, functions and duration of the issuer’s participation in these entities.

When financial and economic performance of the Issuer materially depends on other members of banking group, banking holding company, holding or association, this circumstance shall be indicated and details of such dependency shall be specified.

The Issuer does not participate in any banking groups, banking holding companies, holdings or associations.

3.5. Controlled Entities of the Issuer Which Are Materially Important For the Issuer

To understand the relationships between the Issuer and its various direct and indirect subsidiaries and joint ventures, please refer to the attached corporate structure chart. For each subsidiary or joint venture: (i) the percentage set out in brackets above the entity’s name indicates the percentage interest in such entity owned by the entity higher up in the corporate chain; and (ii) the jurisdiction set out in brackets below the entity’s name indicates the jurisdiction under whose laws such entity was formed.

Please note that this chart shows, in addition to all of the subsidiaries and joint ventures of the Issuer which are materially important for the Issuer, some (but not all) of the subsidiaries and joint ventures that are not materially important to the Issuer. These immaterial subsidiaries and joint ventures are included in the chart because they may be mentioned in other parts of the quarterly report as owners of properties that the Issuer is developing or may in the future develop, or that were more important to the Issuer in previous years. Inactive subsidiaries are not shown on the chart.

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Uranium One Inc. (British Columbia)

(100%) (100%) (100%) UrAsia Energy Ltd. Uranium One Investments (99.99%, 0.01% held by Uranium Cheetah Resources One Investments Inc.) (100%) s.a.r.l. (British Columbia) Inc. 8524645 Canada Limited (Canada) Uranium One Friesland Coöperatief (Luxembourg) U.A. (10) (Canada) (Netherlands) ESCROW AGENT

(100%) (13.91%) (100%) (100%) (100%) UrAsia Energy Holdings Ltd. s.a.r.l. Uranium One Americas, Uranium One Amsterdam Mantra Resources Pty Uranium One Holland B.V. (1) British Virgin Islands / Inc. (100%) B.V. Limited (2) (100%) Luxembourg) (Nevada) Uranium One Rotterdam (Netherlands) Uranium One Utrecht B.V. (Netherlands) (Australia) B.V. (Netherlands) (Netherlands)

(100%) (100%) (100%) (100%) (50%) (49.979%) Uranium One Exploration (100%) Uranium One U.S.A., Inc. JSC Akbastau (3) JSC Zarechnoye (4) UrAsia London Limited Uranium One Netherlands (99.99% (1 share in trust)) Pty Ltd. (British Virgin Islands) Deanco Limited (Delaware) (70%) (30%) (Kazakhstan) (Kazakhstan) B.V. (11) Mantra Tanzania Limited(5) (Australia) (Cyprus) Khorasan-U LLP (Netherlands) Southern Mining and (Kazakhstan) (Tanzania) Chemical Company LLP (3) (Kazakhstan) (50% (1 share in trust)) Nyanza Goldfields Ltd. (5) (Tanzania) (30%) (19%) (100%) Kyzylkum LLP (8) SKZ-U LLP (9) (50%) Kazakhstanskaya (90% (10 shares in trust)) Ruvuma (99%, 1% held by Cheetah (Kazakhstan) (Kazakhstan) Karatau LLP (3) (6) Investitstionnaya Gruppa Resources Ltd. (Tanzania) Resources s.a.r.l.) (Kazakhstan) Likuyu Resources Limited (7) Astana LLP (Tanzania) (Kazakhstan)

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Notes: (1) The remaining 86.09% interest in this entity is owned by ARMZ, which also indirectly owns 21.567% of Uranium One Inc. through its interests in the Issuer’s shareholders Uranium One Holding and U1G. (2) Dual incorporation; resident in Luxembourg for tax purposes. (3) The remaining interests in these entities are owned by Kazatomprom, Kazakhstan’s state-owned uranium mining company. (4) Actual interest owned is 49.979385784%. The remaining interests in this entity are owned as to 49.979385784% by Kazatomprom and 0.041228432% by OJSC Karabaltinsky Mining Combine. (5) One share in each of these entities (0.000066% of Mantra Tanzania Limited, 50% of Nyanza Goldfields Ltd.) is held by Ernest Massawe in trust for Mantra Resources Pty Ltd. (6) Ten shares in this entity (10%) are held by Ernest Massawe in trust for Mantra Resources Pty Ltd. (7) 1% of this entity is owned by Cheetah Resources s.a.r.l., the remaining 99% is owned by Uranium One Exploration Pty Ltd. (8) The remaining interests in this entity are owned as to 30% by Kazatomprom and as to 40% by Energy Asia (BVI) Limited, which is owned by a consortium of Japanese utilities and a trading company. (9) The remaining interests in this entity are owned as to as to 49% by Mining Company LLP (a subsidiary of Kazatomprom) and as to 32% by SAP-Japan Corporation. (10) 0.01% of this entity is owned by Uranium One Investments Inc., the remaining 99.99% is owned by Uranium One Inc. (11) The remaining interests in this entity are owned as to 50% by Kazatomprom and as to 20% by Energy Asia Holdings Ltd., which is owned by a consortium of Japanese utilities and a trading company.

The following subsidiaries, joint ventures and joint operations of the Issuer are considered to be materially important to the Issuer because they account for more than 5% of the consolidated group assets or 5% of the consolidated group revenues of the Issuer, or are otherwise considered by the Issuer to influence the financial condition or financial results of the Issuer on a consolidated basis:

 JSC Akbastau  JSC Zarechnoye  Karatau LLP  Southern Mining and Chemical Company LLP  Khorasan-U LLP  Kyzylkum LLP

Details of the foregoing entities, as well as of the companies through which the Issuer owns its interests in the foregoing entities, are set out below. The address shown for each entity is the address of its main office.

Please note that where a Chairman of the Board of Directors or Supervisory Board is not identified for one of the entities described below, because the Board of Directors or Supervisory Board of that entity does not have a Chairman at this time.

3.5.1 Akbastau

full and short company names: Joint Stock Company Joint Venture Akbastau (Short company name: JSC JV Akbastau) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): 061140001976 business identification number: 061140001976 location: 67, Zhibek-zholy street, Sholakkorgan village, Suzakskyi area, Turkestanskaya Oblast, 161000, Kazakhstan type of control (direct or indirect control): The Issuer’s holding (which is not a controlling interest) is indirect. indicator of control (rights of control in respect of more than 50 per cent votes in the supreme management body of the issuer’s controlled entity; right to appoint (elect) the sole executive body of the issuer’s controlled entity; right to appoint (elect) more than 50 per cent of the collegial management body of the issuer’s controlled entity): The Issuer indirectly owns 50% of the outstanding shares of this company.

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the issuer’s participation interest in the controlled entity’s authorized capital: No direct interest, but the Issuer’s indirect wholly-owned subsidiary Uranium One Amsterdam B.V. owns 50% of the outstanding shares of this company. If the controlled entity is a joint-stock (public) company—shares of the controlled entity’s ordinary stock owned by the issuer: See above in case of indirect control, all entities controlled by the issuer (the chain of the entities directly or indirectly controlled by the issuer) via which the issuer exercises indirect control over the controlled entity: The Issuer’s interest in JSC JV Akbastau is indirectly held by the Issuer through the following entities (in order of ownership):

3.5.1.1 Cheetah Resources s.a.r.l. full and short company names: Cheetah Resources s.a.r.l. (This company does not have a short company name.) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): B149777 location: 51 Boulevard Grande-Duchesse Charlotte, L-1331 Luxembourg owned by: The Issuer owns 100% of the outstanding shares of this company.

3.5.1.2 Uranium One Amsterdam B.V. full and short company names: Uranium One Amsterdam B.V. (This company does not have a short company name) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): 50188569 location: Rapenburgerstraat 175 N, 1011 VM Amsterdam, The Netherlands owned by: Cheetah Resources s.a.r.l. owns 100% of the outstanding shares of this company. the controlled entity’s participation interest in the issuer’s authorized capital: None shares of the issuer’s ordinary stock owned by the company: None description of the company’s core operations: This company owns and operates the Akbastau Mine in a joint venture with Kazatomprom. Its main activities involve: (i) geological exploration; (ii) design and construction of facilities for the production and processing of uranium-bearing ore and associated mineral resources and the operation of such facilities; (iii) the mining and processing of uranium; and (iv) the sale of the products produced by the joint venture both within and outside the territory of the Republic of Kazakhstan. members of the Board of Directors (Supervisory Board) of the controlled entity with indication of the Chairman of the Board of Directors (Supervisory Board) and, for every member of the Board of Directors (Supervisory Board), of their full name and the share in the authorized capital of the issuer that is a commercial enterprise; and if the issuer is a public company, shares of the issuer’s ordinary stock owned by this person or an indication that no Board of Directors (Supervisory Board) of the controlled entity was elected (formed), and reasons explaining these circumstances:

Name Office Held Orynbek Galymbek Orynbekuly General Director Larionov, Pavel Andreyevich Member of the Board of Directors Bashakova, Saule Smadiyarovna Member of the Board of Directors Shutov, Andrey Nikolayevich Member of the Board of Directors Niyetbayev, Marat Abenovich Member of the Board of Directors Syzdykova, Kamila Bahytzhanovna Member of the Board of Directors Uzakov, Yasin Malikovich Independent Member of the Board of Directors Zhilkibayev, Oral Tankievich Independent Member of the Board of Directors Rogov, Andrey Yevgeniyevich Independent Member of the Board of Directors

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The directors (i.e. members of the supervisory board) and officers of this company do not hold any shares in this company or the Issuer. The Chairman of this company’s Board of Directors is Marat Abenovich Niyetbayev.

members of the collective executive body (Directorate, Management Board) of the controlled entity with indication, for every member of the collective executive body, of their full name, and the share in the authorized capital of the issuer that is a commercial enterprise; and if the issuer is a public company, shares of the issuer’s ordinary stock owned by this person or an indication that no collective executive body of the controlled entity was elected (formed), and reasons explaining these circumstances: Please see the preceding response. Please see the preceding responses.

the person acting as the sole executive body of the controlled entity with indication of full name and the share in the authorized capital of the issuer that is a commercial enterprise; and if the issuer is a public company, shares of the issuer’s ordinary stock owned by this person or an indication that no sole executive body of the controlled entity was elected (formed) and reasons explaining these circumstances: Please see the preceding responses.

If the powers of the sole executive body of the controlled entity are transferred to a management company or a manager, specify and explain: Not applicable full and short company names (for the manager—full name and year of birth), location (for the manager—place of domicile), Taxpayer Identification Number (INN) (if applicable), main state registration number of the management company (manager); Not applicable the share of participation of issuer in the authorized capital of the management company (manager)— commercial organization; and if the management company (manager) is a public company—shares of the management company’s (manager)’s ordinary stock owned by the person; Not applicable the share of participation of the management company (manager) in the authorized capital of the issuer—commercial organization; and if the issuer is a public company, shares of the issuer’s ordinary stock owned by the person. Not applicable

3.5.2 Zarechnoye

full and short company names: Joint Stock Company Kazakh-Russian-Kyrgyz Joint Venture with Foreign Investments “Zarechnoye” (Short company name: Zarechnoye) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): 030140000870 business identification number: 030140000870 location: 51. Momyshuly street, Timur village, Otyrarskyi area, Turkestanskaya Oblast, 160712, Kazakhstan type of control (direct or indirect control): The Issuer’s holding (which is not a controlling interest) is indirect. indicator of control (rights of control in respect of more than 50 per cent votes in the supreme management body of the issuer’s controlled entity; right to appoint (elect) the sole executive body of the issuer’s controlled entity; right to appoint (elect) more than 50 per cent of the collegial management body of the issuer’s controlled entity): The Issuer indirectly owns 49.979% of the outstanding shares of this company. the issuer’s participation interest in the controlled entity’s authorized capital: No direct interest, but the Issuer’s indirect wholly-owned subsidiary Uranium One Holland B.V. owns 49.979% of the outstanding shares of this company. If the controlled entity is a joint-stock (public) company—shares of the controlled entity’s ordinary stock owned by the issuer: See above in case of indirect control, all entities controlled by the issuer (the chain of the entities directly or indirectly controlled by the issuer) via which the issuer exercises indirect control over the controlled entity: The Issuer’s interest in Zarechnoye is indirectly held by the Issuer through the following entities (in order of ownership):

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3.5.2.1 Cheetah Resources s.a.r.l. full and short company names: Cheetah Resources s.a.r.l. (This company does not have a short company name.) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): B149777 location: 51 Boulevard Grande-Duchesse Charlotte, L-1331 Luxembourg owned by: The Issuer owns 100% of the outstanding shares of this company.

3.5.2.2 Uranium One Holland B.V. full and short company names: Uranium One Holland B.V. (This company does not have a short company name.) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): 50188208 location: Rapenburgerstraat 175 N, 1011 VM Amsterdam, The Netherlands owned by: Cheetah Resources s.a.r.l. owns 100% of the outstanding shares of this company.

the company’s participation interest in the issuer’s authorized capital: None shares of the issuer’s ordinary stock owned by the company: None description of the company’s core operations: This company owns and operates the Zarechnoye Mine in a joint venture with Kazatomprom and Karabalta Mining Complex. Its main activities involve: (i) geological exploration; (ii) design and construction of facilities for the production and processing of uranium-bearing ore and associated mineral resources and the operation of such facilities; (iii) the mining and processing of uranium; and (iv) the sale of the products produced by the joint venture both within and outside the territory of the Republic of Kazakhstan. members of the Board of Directors (Supervisory Board) of the controlled entity with indication of the Chairman of the Board of Directors (Supervisory Board) and, for every member of the Board of Directors (Supervisory Board), of their full name and the share in the authorized capital of the issuer that is a commercial enterprise; and if the issuer is a public company, shares of the issuer’s ordinary stock owned by this person or an indication that no Board of Directors (Supervisory Board) of the controlled entity was elected (formed), and reasons explaining these circumstances:

Name Office Held Markenbayev, Zhumagali Dzhumatayevich General Director Larionov, Pavel Andreyevich Member of the Board of Directors Shutov, Andrey Nikolayevich Member of the Board of Directors Niyetbayev, Marat Abenovich Member of the Board of Directors Imankulov, Samat Tagibergenuly Member of the Board of Directors Zhilkibayev, Oral Tankievich Independent Member of the Board of Directors Uzakov, Yasin Malikovich Independent Member of the Board of Directors

members of the collective executive body (Directorate, Management Board) of the controlled entity with indication, for every member of the collective executive body, of their full name, and the share in the authorized capital of the issuer that is a commercial enterprise; and if the issuer is a public company, shares of the issuer’s ordinary stock owned by this person or an indication that no collective executive body of the subsidiary was elected (formed), and reasons explaining these circumstances: Please see the preceding responses.

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3.5.3 Karatau

full and short company names: Joint Venture Karatau Limited Liability Partnership (Short company name: Karatau LLP) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): 050740004185 business identification number: 050740004185 location: 021 block, building 192, Saryzhas village, Suzakskyi area, Turkestanskaya Oblast, 161003, Kazakhstan type of control (direct or indirect control): The Issuer’s holding (which is not a controlling interest) is indirect. indicator of control (rights of control in respect of more than 50 per cent votes in the supreme management body of the issuer’s controlled entity; right to appoint (elect) the sole executive body of the issuer’s controlled entity; right to appoint (elect) more than 50 per cent of the collegial management body of the issuer’s controlled entity): The Issuer indirectly owns 50% of the outstanding shares of this company. the issuer’s participation interest in the controlled entity’s authorized capital: No direct interest, but the Issuer’s indirect wholly-owned subsidiary Uranium One Netherlands B.V. owns a 50% participating interest in this limited liability partnership. If the controlled entity is a joint-stock (public) company—shares of the controlled entity’s ordinary stock owned by the issuer: See above in case of indirect control, all entities controlled by the issuer (the chain of the entities directly or indirectly controlled by the issuer) via which the issuer exercises indirect control over the controlled entity: The Issuer’s interest in Karatau is indirectly held by the Issuer through the following entities (in order of ownership):

3.5.3.1 UrAsia Energy Ltd. full and short company names: UrAsia Energy Ltd. (This company does not have a short company name.) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): BC0343123 location: 550 Burrard Street, Suite 2900, Vancouver, British Columbia, Canada, V6C0A3 owned by: The Issuer owns 100% of the outstanding shares of this company.

3.5.3.2 UrAsia Energy Holdings Ltd. s.a.r.l. full and short company names: UrAsia Energy Holdings Ltd. s.a.r.l. (This company does not have a short company name.) Taxpayer Identification Number (INN) (if applicable): not applicable

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main state registration number (if applicable): 652585 (British Virgin Islands) / B149314 (Luxembourg) location: 51 Boulevard Grande-Duchesse Charlotte, L-1331 Luxembourg owned by: UrAsia Energy Ltd. owns 100% of the outstanding shares of this company.

3.5.3.3 Uranium One Netherlands B.V. full and short company names: Uranium One Netherlands B.V. (This company does not have a short company name.) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): 34343444 location: Rapenburgerstraat 175 N, 1011 VM Amsterdam, The Netherlands owned by: UrAsia Energy Holdings Ltd. s.a.r.l. owns 100% of the outstanding shares of this company.

members of the Board of Directors (Supervisory Board) of the controlled entity with indication of the Chairman of the Board of Directors (Supervisory Board) and, for every member of the Board of Directors (Supervisory Board), of their full name and the share in the authorized capital of the issuer that is a commercial enterprise; and if the issuer is a public company, shares of the issuer’s ordinary stock owned by this person or an indication that no Board of Directors (Supervisory Board) of the controlled entity was elected (formed), and reasons explaining these circumstances:

Name Office Held Tashimov, Yerlan Lesbekovich General Director Larionov, Pavel Andreyevich Member of the Supervisory Board Shutov, Andrey Nikolayevich Member of the Supervisory Board Niyetbayev, Marat Abenovich Member of the Supervisory Board Alybayev, Dauren Serikovich Member of the Supervisory Board

The directors (i.e. members of the supervisory board) and officers of this company do not hold any shares in this company or the Issuer. The Chairman of this company’s Supervisory Board is Andrey Nikolayevich Shutov.

members of the collective executive body (Directorate, Management Board) of the controlled entity with indication, for every member of the collective executive body, of their full name, and the share in the authorized capital of the issuer that is a commercial enterprise; and if the issuer is a public company, shares of the issuer’s ordinary stock owned by this person or an indication that no collective executive body of the subsidiary was elected (formed), and reasons explaining these circumstances: Please see the preceding responses.

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3.5.4 SMCC

full and short company names: Joint Venture Southern Mining and Chemical Company Limited Liability Partnership (Short company name: JV SMCC LLP) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): 140840001183 business identification number: 140840001183 location: 23, Ykshamaudan-1 microdistrict, apt. 36, Kyzemshek village, Suzakskyi area, Turkestanskaya Oblast, 161006, Kazakhstan type of control (direct or indirect control): indirect indicator of control (rights of control in respect of more than 50 per cent votes in the supreme management body of the issuer’s controlled entity; right to appoint (elect) the sole executive body of the issuer’s controlled entity; right to appoint (elect) more than 50 per cent of the collegial management body of the issuer’s controlled entity): The Issuer indirectly owns a 70% interest in this entity. the issuer’s participation interest in the controlled entity’s authorized capital: No direct interest, but the Issuer’s indirect wholly-owned subsidiary Uranium One Rotterdam B.V. owns a 70% participating interest in this limited liability partnership. If the controlled entity is a joint-stock (public) company—shares of the controlled entity’s ordinary stock owned by the issuer: See above in case of indirect control, all entities controlled by the issuer (the chain of the entities directly or indirectly controlled by the issuer) via which the issuer exercises indirect control over the controlled entity: The Issuer’s interest in SMCC is indirectly held by the Issuer through the following entities (in order of ownership):

3.5.4.1 Uranium One Friesland Coöperatief U.A. full and short company names: Uranium One Friesland Coöperatief U.A. (This company does not have a short company name.) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): 60852917 location: Rapenburgerstraat 175 N, 1011 VM Amsterdam, The Netherlands owned by: The Issuer owns 100% of the outstanding interests in this entity.

3.5.4.2 Uranium One Rotterdam B.V. full and short company names: Uranium One Rotterdam B.V. (This company does not have a short company name.) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): 60860618 location: Rapenburgerstraat 175 N, 1011 VM Amsterdam, The Netherlands owned by: Uranium One Friesland Coöperatief U.A. owns 100% of the outstanding shares of this company.

the company’s participation interest in the issuer’s authorized capital: None shares of the issuer’s ordinary stock owned by the company: None - 115 -

description of the company’s core operations: SMCC owns and operates the Akdala Mine and the South Inkai Mine in a joint venture with Kazatomprom. Its main activities involve: (i) geological exploration; (ii) design and construction of facilities for the production and processing of uranium- bearing ore and associated mineral resources and the operation of such facilities; (iii) the mining and processing of uranium; and (iv) the sale of the products produced by the joint venture both within and outside the territory of the Republic of Kazakhstan. members of the Board of Directors (Supervisory Board) of the controlled entity with indication of the Chairman of the Board of Directors (Supervisory Board) and, for every member of the Board of Directors (Supervisory Board), of their full name and the share in the authorized capital of the issuer that is a commercial enterprise; and if the issuer is a public company, shares of the issuer’s ordinary stock owned by this person or an indication that no Board of Directors (Supervisory Board) of the controlled entity was elected (formed), and reasons explaining these circumstances:

Name Office Held Yessentugelov, Daniyar Talgatovich General Director Larionov, Pavel Andreyevich Member of the Supervisory Board Bashakova, Saule Smadiyarovna Member of the Supervisory Board Shutov, Andrey Nikolayevich Member of the Supervisory Board Niyetbayev, Marat Abenovich Member of the Supervisory Board Tulebayev, Marat Dulatovich Member of the Supervisory Board

members of the collective executive body (Directorate, Management Board) of the controlled entity with indication, for every member of the collective executive body, of their full name, and the share in the authorized capital of the issuer that is a commercial enterprise; and if the issuer is a public company, shares of the issuer’s ordinary stock owned by this person or an indication that no collective executive body of the subsidiary was elected (formed), and reasons explaining these circumstances: Please see the preceding responses.

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3.5.5 Khorasan-U

full and short company names: Joint Venture Khorasan-U Limited Liability Partnership (Short company name: JV Khorasan-U LLP) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): 140840003457 business identification number: 140840003457 location: 2, Baikenzhe village, Zhanakorganskyi area, Kyzylordinskaya Oblast, 120302, Kazakhstan type of control (direct or indirect control): The Issuer’s holding (which is not a controlling interest) is indirect. indicator of control (rights of control in respect of more than 50 per cent votes in the supreme management body of the issuer’s controlled entity; right to appoint (elect) the sole executive body of the issuer’s controlled entity; right to appoint (elect) more than 50 per cent of the collegial management body of the issuer’s controlled entity): The Issuer indirectly owns a 30% interest in this entity. the issuer’s participation interest in the controlled entity’s authorized capital: No direct interest, but the Issuer’s indirect wholly-owned subsidiary Uranium One Utrecht B.V. owns a 30% participating interest in this limited liability partnership. If the controlled entity is a joint-stock (public) company—shares of the controlled entity’s ordinary stock owned by the issuer: See above in case of indirect control, all entities controlled by the issuer (the chain of the entities directly or indirectly controlled by the issuer) via which the issuer exercises indirect control over the controlled entity: The interest in Khorasan-U is indirectly held by the Issuer through the following entities (in order of ownership):

3.5.5.1 Uranium One Friesland Coöperatief U.A. full and short company names: Uranium One Friesland Coöperatief U.A. (This company does not have a short company name.) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): 60852917 location: Rapenburgerstraat 175 N, 1011 VM Amsterdam, The Netherlands owned by: The Issuer owns 100% of the outstanding interests in this entity.

3.5.5.2 Uranium One Utrecht B.V. full and short company names: Uranium One Utrecht B.V. (This company does not have a short company name.) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): 60861134 location: Rapenburgerstraat 175 N, 1011 VM Amsterdam, The Netherlands owned by: Uranium One Friesland Coöperatief U.A. owns 100% of the outstanding shares of this company.

the company’s participation interest in the issuer’s authorized capital: None shares of the issuer’s ordinary stock owned by the company: None description of the company’s core operations: Khorasan-U owns the Kharasan Mine in a joint venture with Kazatomprom and Energy Asia Holdings Ltd. This mine is operated by Kyzylkum under a contract with Khorasan-U. members of the Board of Directors (Supervisory Board) of the controlled entity with indication of the Chairman of the Board of Directors (Supervisory Board) and, for every member of the Board of Directors (Supervisory Board), of their full name and the share in the authorized capital of the issuer that is a commercial enterprise; and if the issuer is a public company, shares of the issuer’s ordinary stock owned by this person or an indication that no Board of Directors (Supervisory Board) of the controlled entity was elected (formed), and reasons explaining these circumstances:

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Name Office Held Kenzhebekov, Al-Farabi Omirgaliuly General Director Larionov, Pavel Andreyevich Member of the Supervisory Board Shutov, Andrey Nikolayevich Member of the Supervisory Board Usupov, Meirzhan Bakhitovich Member of the Supervisory Board Pirmatov, Anvar Eshmuratovich Member of the Supervisory Board Kosmuratov, Begaly Kairbekovich Member of the Supervisory Board Akzholova, Aliya Khaidarovna Member of the Supervisory Board Kassabekov, Askar Serikbaevich Member of the Supervisory Board Takehara, Masaru Member of the Supervisory Board

members of the collective executive body (Directorate, Management Board) of the controlled entity with indication, for every member of the collective executive body, of their full name, and the share in the authorized capital of the issuer that is a commercial enterprise; and if the issuer is a public company, shares of the issuer’s ordinary stock owned by this person or an indication that no collective executive body of the subsidiary was elected (formed), and reasons explaining these circumstances: Please see the preceding responses.

3.5.6 Kyzylkum full and short company names: Joint Venture Kyzylkum Limited Liability Partnership (Short company name: Kyzylkum LLP) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): 050540001926 business identification number: 050540001926 location: 2, Baikenzhe village, Zhanakorganskyi area, Kyzylordinskaya Oblast, 120302, Kazakhstan type of control (direct or indirect control): The Issuer’s holding (which is not a controlling interest) is indirect. indicator of control (rights of control in respect of more than 50 per cent votes in the supreme management body of the issuer’s controlled entity; right to appoint (elect) the sole executive body of the

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issuer’s controlled entity; right to appoint (elect) more than 50 per cent of the collegial management body of the issuer’s controlled entity): The Issuer indirectly owns a 30% interest in this entity. the issuer’s participation interest in the controlled entity’s authorized capital: No direct interest, but the Issuer’s indirect wholly-owned subsidiary UrAsia London Limited owns a 30% participating interest in this limited liability partnership. If the controlled entity is a joint-stock (public) company—shares of the controlled entity’s ordinary stock owned by the issuer: See above in case of indirect control, all entities controlled by the issuer (the chain of the entities directly or indirectly controlled by the issuer) via which the issuer exercises indirect control over the controlled entity: The Issuer’s interest in Kyzylkum is indirectly held by the Issuer through the following entities (in order of ownership):

3.5.6.1 UrAsia Energy Ltd. full and short company names: UrAsia Energy Ltd. (This company does not have a short company name.) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): BC0343123 location: 550 Burrard Street, Suite 2900, Vancouver, British Columbia, Canada, V6C0A3 owned by: The Issuer owns 100% of the outstanding shares of this company.

3.5.6.2 UrAsia Energy Holdings Ltd. s.a.r.l. full and short company names: UrAsia Energy Holdings Ltd. s.a.r.l. (This company does not have a short company name.) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): 652585 (British Virgin Islands) / B149314 (Luxembourg) location: 51 Boulevard Grande-Duchesse Charlotte, L-1331 Luxembourg owned by: UrAsia Energy Ltd. owns 100% of the outstanding shares of this company.

3.5.6.3 UrAsia London Limited full and short company names: UrAsia London Limited (This company does not have a short company name.) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): 667613 (British Virgin Islands) / 34319685 (the Netherlands) location: Rapenburgerstraat 175 N, 1011 VM Amsterdam, The Netherlands owned by: UrAsia Energy Holdings Ltd. s.a.r.l. owns 100% of the outstanding shares of this company. the company’s participation interest in the issuer’s authorized capital: None shares of the issuer’s ordinary stock owned by the company: None description of the company’s core operations: Kyzylkum operates the Kharasan Mine in a joint venture with Kazatomprom and Energy Asia (BVI) Limited under contract to Joint Venture Khorasan-U Limited Liability Partnership, a joint venture between the Issuer and Kazatomprom that owns this mine. Its main activities involve: (i) geological exploration; (ii) design and construction of facilities for the production and processing of uranium-bearing ore and associated mineral resources and the operation of such facilities; and (iii) the mining and processing of uranium. members of the Board of Directors (Supervisory Board) of the controlled entity with indication of the Chairman of the Board of Directors (Supervisory Board) and, for every member of the Board of Directors (Supervisory Board), of their full name and the share in the authorized capital of the issuer that is a commercial enterprise; and if the issuer is a public company, shares of the issuer’s ordinary stock owned by this person or an indication that no Board of Directors (Supervisory Board) of the controlled entity was elected (formed), and reasons explaining these circumstances:

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Name Office Held Kenzhebekov, Al-Farabi Omirgaliuly General Director Larionov, Pavel Andreyevich Member of the Supervisory Board Shutov, Andrey Nikolayevich Member of the Supervisory Board Zholdybai, Maksat Orynbekuly Member of the Supervisory Board Zaitseva, Oksana Aleksandrovna Member of the Supervisory Board Takehara, Masaru Member of the Supervisory Board Kassabekov, Askar Serikbaevich Member of the Supervisory Board

members of the collective executive body (Directorate, Management Board) of the controlled entity with indication, for every member of the collective executive body, of their full name, and the share in the authorized capital of the issuer that is a commercial enterprise; and if the issuer is a public company, shares of the issuer’s ordinary stock owned by this person or an indication that no collective executive body of the subsidiary was elected (formed), and reasons explaining these circumstances: Please see the preceding responses.

The following subsidiaries and affiliates of the Issuer are not considered material at this time due to the small size or state of development of their mineral properties. Information on these non-material subsidiaries is provided in this report for purposes of consistency with the Issuer’s previous public disclosure.

3.5.7 SKZ-U full and short company names: SKZ-U Limited Liability Partnership (Short company name: SKZ-U LLP) (“SKZ-U”, “SKZ-U LLP”)) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): 070840007296 business identification number: 070840007296 location: Amangel’dy street, Zhanakorgan village, Kyzylordinskaya Oblast,120300, Kazakhstan type of control (direct or indirect control): The Issuer’s holding (which is not a controlling interest) is indirect.

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indicator of control (rights of control in respect of more than 50 per cent votes in the supreme management body of the issuer’s controlled entity; right to appoint (elect) the sole executive body of the issuer’s controlled entity; right to appoint (elect) more than 50 per cent of the collegial management body of the issuer’s controlled entity): The Issuer indirectly owns a 19% interest in this entity. the issuer’s participation interest in the controlled entity’s authorized capital: No direct interest, but the Issuer’s indirect wholly-owned subsidiary UrAsia London owns a 19% participating interest in this limited liability partnership. If the controlled entity is a joint-stock (public) company—shares of the controlled entity’s ordinary stock owned by the issuer: See above in case of indirect control, all entities controlled by the issuer (the chain of the entities directly or indirectly controlled by the issuer) via which the issuer exercises indirect control over the controlled entity: The Issuer’s interest in SKZ-U is indirectly held by the Issuer through the following entities (in order of ownership):

3.5.7.1 UrAsia Energy Ltd. full and short company names: UrAsia Energy Ltd. (This company does not have a short company name.) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): BC0343123 location: 550 Burrard Street, Suite 2900, Vancouver, British Columbia, Canada, V6C0A3 owned by: The Issuer owns 100% of the outstanding shares of this company.

3.5.7.2 UrAsia Energy Holdings Ltd. s.a.r.l. full and short company names: UrAsia Energy Holdings Ltd. s.a.r.l. (This company does not have a short company name.) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): 652585 (British Virgin Islands) / B149314 (Luxembourg) location: 51 Boulevard Grande-Duchesse Charlotte, L-1331 Luxembourg owned by: UrAsia Energy Ltd. owns 100% of the outstanding shares of this company.

3.5.7.3 UrAsia London Limited full and short company names: UrAsia London Limited (This company does not have a short company name.) Taxpayer Identification Number (INN) (if applicable): not applicable main state registration number (if applicable): 667613 (British Virgin Islands) / 34319685 (the Netherlands) location: Rapenburgerstraat 175 N, 1011 VM Amsterdam, The Netherlands owned by: UrAsia Energy Holdings Ltd. s.a.r.l. owns 100% of the outstanding shares of this company.

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Name Office Held Bekzhanov, Madikhan Aripovich General Director Larionov, Pavel Andreyevich Member of the Supervisory Board Shutov, Andrey Nikolayevich Member of the Supervisory Board Kunanbayev, Dauren Ashirbekovich Member of the Supervisory Board Syzdykova, Kamila Bakhytzhanovna Member of the Supervisory Board Iskakov, Daurzhan Mukhamedzhanovich Member of the Supervisory Board Takehara, Masaru Member of the Supervisory Board Kassabekov, Askar Serikbayevich Member of the Supervisory Board

The directors (i.e. members of the Supervisory Board) and officers of this company do not hold any shares in this company or the Issuer. The Chairman of this company’s Supervisory Board is Dauren Ashirbekovich Kunanbayev.

members of the collective executive body (Directorate, Management Board) of the controlled entity with indication, for every member of the collective executive body, of their full name, and the share in the authorized capital of the issuer that is a commercial enterprise; and if the issuer is a public company, shares of the issuer’s ordinary stock owned by this person or an indication that no collective executive body of the subsidiary was elected (formed), and reasons explaining these circumstances: Please see the preceding responses.

3.6. Fixed Assets

Information in the form of a table on the initial cost (replacement cost) of the fixed assets and amortization. In the quarterly report for the 1st quarter, the information shall be provided for as of the end date of the most recent closed reporting year and of the reporting period consisting of the three months of the current year. In the quarterly reports for the 2nd and 3rd quarters, the information shall be provided as of the closing dates of the relevant reporting periods consisting of the six and nine months of the current year respectively. In the quarterly report for the 4th quarter the relevant information shall not be disclosed. The items of fixed assets shall be grouped based on the accounting data.

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name of the As of December 31, 2018 As of March 31, 2019 group of items of fixed assets initial cost amortization, US$ initial cost amortization, US$ (replacement cost), (replacement cost), US$ US$ Mineral 2,212.8 (234.0) 2,232.0 (272.3) Interests Property, Plant and 307.1 (141.7) 310.6 (148.4) Equipment Development 51.5 (7.7) 51.5 (7.7) expenditure Total: 2,188.0 2,165,7

Information on the method of calculation of amortization deductions by groups of items of fixed assets shall be provided.

 Information on “Mineral interests” is based on reserves on a unit of production basis.

 Information on “Assets under construction” is calculated without depreciation.

 Information on “Property, plant and equipment” is calculated on a 2 to 15 years’ straight-line or on a unit of production basis, but for buildings it is calculated on a 6 to 40 years’ straight- line or on a unit of production basis.

The results of the most recent revaluation of the fixed assets and the fixed assets leased for a long term performed within the most recent closed financial year shall be disclosed, the date of the revaluation, full and remaining (after amortization) balance sheet value of the fixed assets before revaluation and full and remaining (after amortization) balance sheet value of the fixed assets after such revaluation shall be disclosed. Such information shall be provided by groups of items of fixed assets.

Not applicable

The method of revaluation of the fixed assets (according to the multipliers of the federal state authority for statistics, according to the market value of the relevant fixed assets supported by documents or expert’s opinions. If an expert’s opinion is available, the method of appraisal shall be disclosed).

Not applicable

The information on the plans for acquisition, replacement, retirement of fixed assets value of which is 10 or more per cent of the value of the fixed assets of the issuer and other fixed assets at the issuer’s discretion, as well as on all encumbrances over the fixed assets of the issuer (including the type of the encumbrance, date when the encumbrance arose, its term and other terms at the issuer’s discretion).

There are no plans to change the fixed asset value in 2019 by more than 10% compared with 2018, due to low uranium prices.

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IV. Information Concerning the Financing and Economic Activities of the Issuer

In the quarterly report for the 4th quarter, the information contained in items 4.1 – 4.5 of this chapter shall not be provided.

In the quarterly reports for the 2nd and 3rd quarters, the information contained in items 4.3, 4.5 – 4.8 of this chapter shall be provided only if there were changes in such information during the reporting quarter. In the quarterly reports for the 4th quarter, the information contained in items 4.6 – 4.8 of this chapter shall be provided only if there were changes in such information during the reporting quarter.

4.1. Financial and Economic Performance of the Issuer

In the quarterly report for the 1st quarter, the dynamics of financial and economic indicators of the issuer for the most recent closed reporting year and for the reporting period consisting of the three months of the current year, as well as for the same periods of the immediately previous year, shall be provided. In the quarterly reports for the 2nd and 3rd quarters the above information for the period consisting of the six and nine months of the current year, as well as for the same periods of immediately previous year respectively, shall be provided. Information to be provided in a table, the relevant indicators to be calculated as of the end of the relevant period.

If an issuer prepares financial statements in accordance with IFRS or other internationally accepted accounting standards (other than IFRS), the issuer may, in its discretion, calculate its financial and economic indicators including on the profits or losses in accordance with IFRS or other internationally accepted accounting standards (other than IFRS). The standards used for calculation of such indicators shall be disclosed.

If the issuer prepares consolidated financial statements (besides accounting (financial) statements), it may also provide the dynamics of financial and economic indicators of the issuer (including on the profits or losses) calculated on the basis of its consolidated financial statements included into the quarterly report (and having mentioned this in such report). In such case, information for the same periods of immediately previous year shall also be provided.

The issuers which are not credit institutions shall provide the following financial and economic indicators of the issuer, including on the profits or losses:

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Indicator Recommended Recommended As of the As of the As of the As of the Method of Method of end of the end of the end of the end of the Calculation Calculation year year quarter quarter According to ended ended ended ended IFRS December December March 31, March 31, 31, 2018 31, 2017 2019 2018 net profit (loss) (net profit (loss) / (net profit (loss) / 72% 5% 10% 464.2% margin, % sales revenue) * sales) * 100 100 asset turnover sales revenue / sales / average 13% 14% 2% 1% ratio, times balance sheet value assets of assets return on assets, (net profit (loss) / [(net profit (loss) + 12% 4% 1% 6% % balance sheet value interest expenses) of assets) * 100 * (1 – (profit tax / profit before tax) / average assets)] * 100 return on equity (net profit (loss) / (net profit (loss) / 17% 1% 0% 10% capital and average equity) * reserves) * 100 100 unrecovered historic historic (3 181 (3 340 (3 156 (3 189 loss as of the unrecovered loss + unrecovered loss + US$ US$ US$ US$ reporting date, unrecovered loss of unrecovered loss of millions) millions) millions) millions) US$ millions the reporting year the reporting year unrecovered (unrecovered loss unrecovered loss as (113%) (152%) (111%) (119%) loss as of the as of the reporting of the reporting reporting date to date / balance sheet date / average balance sheet value of assets) * assets) * 100 value of assets, 100 %

If the issuer uses other methods for calculation of any such indicators, such methods shall be set out in the quarterly report. If calculation of any of such indicators does not make commercial sense in the opinion of the issuer, the issuer may disclose other indicators of its financial and economic performance together with the methods of their calculations.

Issuers that are credit institutions provide their financial and economic indicators, including on profits or losses, according to the form of accounting (financial) statements “Statement of Financial Performance (published form)” set out in accordance with Russian law on banks and banking activities.

Not applicable as the Issuer is not a credit institution.

In addition, economical analysis of the issuer’s profitability / running at loss shall be provided based on the above indicators (including the reasons which, in the opinion of the issuer’s management bodies, caused issuer’s profitability / running at loss reflected at the financial statements of the issuer for the relevant reporting period).

For the year ended December 31, 2018:

Please refer to the following sections of the Operating and Financial Review of the Issuer for the year ended December 31, 2018 attached to the financial statements of the Issuer for said period, a copy of which is appended to this report as Appendix 1:

(i) “Highlights – Financial” – for net earnings and adjusted net earnings for the period; - 125 -

(ii) “Non-GAAP Measures: Adjusted Net Loss” – for a reconciliation of adjusted earnings loss to net earnings; (iii) “Review of Financial Results: Summary of Quarterly Results” – for a discussion and chart relating to average realized uranium price; and (iv) “Results of Operations”; all of which are incorporated by reference in this report.

For the three months ended March 31, 2019:

Highlights

 The net earnings for Q1 2019 were $5.4 million or $0.01 per share, compared to net earnings of $151.8 million or $0.16 per share for Q1 2018.  The adjusted net earnings for Q1 2019 were $9.3 million or $0.01 per share after exclusion foreign exchange losses of $9.9 million and Ruble Bonds non-hedged derivative gains of $6.0 million, compared to the adjusted net loss of $3.4 million or $0.004 per share for Q1 2018.

Non-GAAP Measures

Adjusted Net Earnings (Loss)

The Corporation has included the following non-GAAP performance measures throughout this document: adjusted net earnings (loss) and adjusted net earnings (loss) per share. Adjusted net earnings (loss) and adjusted net earnings (loss) per share do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures reported by other companies. The Corporation believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Corporation’s performance and ability to generate cash flow. This is provided as additional information and should not be considered in isolation, or as a substitute for, measures of performance prepared in accordance with IFRS.

Adjusted net earnings (loss) is calculated by adding back restructuring costs, impairments, hedge costs, costs of suspension of operations, gains/losses from the sale of assets, foreign exchange gains/losses, non- hedge derivative gains and losses, one-off or unusual items, items in respect of prior periods and when applicable, the effect of tax rate adjustments on deferred tax liabilities to net earnings. Corporate development expenditure relates to project costs. These items are added back due to their inherent volatility and/or infrequent occurrence.

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The following table provides a reconciliation of adjusted net earnings (loss) to net earnings as reported for the periods presented:

3 MONTHS ENDED (US DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS) March 31, 2019 March 31, 2018

Net earnings– as reported 5.4 151.8 Foreign exchange losses 9.9 0.7 Ruble bond hedge and non-hedge derivative gains, net of tax (6.0) (6.5) Impairment of non-current assets - 1.0 Gain on change in accounting approach to the Akbastau and Karatau joint arrangements from joint ventures to joint operations(1) - (150.4) Adjusted net earnings (loss) 9.3 (3.4) Adjusted net earnings (loss) per share – basic ($) and diluted 0.01 (0.004)

Weighted average number of shares (millions) – basic and diluted 957.2 957.2

Notes: (1) Akbastau and Karatau were classified as joint operations and the Corporation accounted for its share in their assets, liabilities, revenues and expenses in its consolidated financial reporting and consolidated financial statements starting January 1, 2018.

Review of Financial Results

Summary of Quarterly Results

QUARTER ENDED (US DOLLARS IN MAR. DEC 31, SEP 30, JUN 30, MAR. 31, DEC 31, SEP 30, JUN 30, MILLIONS EXCEPT 31, PER SHARE AND 2018 2018 2018 2018 2017 2017 2017 PER LB AMOUNTS) 2019 $ (3) $(3) $(3) $(3) $ (3) $ $ $ Revenues 56.7 121.1 124.6 101.5 32.7 105.2 54.0 74.2 Attributable revenues (1) 67.3 87.4 131.3 119.6 31.3 108.7 77.2 106.7 Net earnings (loss) 5.4 112.4 1.5 9.7 151.8 (15.5) 9.2 3.2 Basic and diluted 0.01 0.12 0.002 0.01 0.16 (0.02) 0.01 0.003 earnings per share (2) Total assets 2,829.2 2,841.2 2,856.2 3,014.7 3,214.4 2,158.3 2,168.9 2,234.0

Notes: (1) See the section on “Non-GAAP Measures”. (2) The basic and diluted earnings/loss per share are computed separately for each quarter presented and therefore may not add up to the basic and diluted earnings (loss) per share calculated for a full year. (3) Akbastau and Karatau were classified as joint operations and the Corporation accounted for its share in their assets, liabilities, revenues and expenses in its consolidated financial reporting and consolidated financial statements starting January 1, 2018.

The relationship between volumes sold and inventory and the average realized uranium price per pound sold relative to the average spot price per pound over the last eight quarters are as follows:

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The Corporation, in line with its past marketing strategy, entered into sales contracts with pricing mechanisms that ensured that average realized sales prices per pound were highly correlated to the spot price at the time of delivery. Under this strategy, pricing in the Corporation’s sales contracts normally would reference spot market prices at the time of delivery, although some contracts reference average spot market prices for a defined period preceding the delivery date, which can be up to three months prior to delivery for certain contracts. This, and the fact that spot prices and deliveries are not uniform across the period, produces average realized sales prices which could be above or below the average spot price for the period, but that would largely track that benchmark. The Corporation’s current strategy is to balance market-related pricing with more fixed, base-escalated or mixed pricing in a hedged approach.

The Corporation’s sales volumes are largely determined by the terms of long term sales contracts with customers and the delivery schedules which customers are allowed to select each given year. These sales are supplemented by spot sales whose timing is at the discretion of the Corporation.

Earnings fluctuate in line with sales volume, but are also affected by a mixture of fixed and variable costs, including general and administration cost, foreign exchange, impairment charges and taxation.

Results of Operations and Discussion of Financial Position

Selected Financial Information

Information reported to the Corporation’s chief operating decision maker for the purposes of resource allocation and assessment of segment performance is primarily by operating mine or mineral property and its location and it reflects the Corporation’s proportionate share. The information on the attributable revenues, gross profit, the Corporation’s uranium sales, cost of uranium sales and gross profit by mine is provided below based on the Corporation’s proportionate share and is reconciled to the unaudited condensed consolidated financial information in accordance with IFRS.

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The Corporation’s financial data set out below have been prepared in accordance with IFRS. Uranium One and its operating subsidiaries use the United States dollar, the Kazakhstan tenge, the Australian dollar and the Canadian dollar as measurement currencies.

(US DOLLARS IN MILLIONS EXCEPT PER SHARE AND PER 3 MONTHS ENDED POUND AMOUNTS) MAR. 31, 2019(5) MAR. 31, 2018 Revenues 56.7 32.7 Attributable revenues from segment reporting 67.3 31.3 Net earnings 5.4 151.8 Adjusted net earnings (loss) (2) 9.3 (3.4) Cash flows (used in) generated from operating activities (56.1) 23.1

Net earnings per share 0.01 0.16 Adjusted net earnings per share (2) 0.01 0.004

Product inventory carrying value (1) 75.3 88.1 Product inventory carrying value for equity accounted investees 4.3 8.8 Total assets 2,829.2 3,214.4 Long term financial liabilities (4) 578.0 610.8

Average realized uranium sales price per pound – produced material (3) 32 21 Average spot price per pound 27 21

Attributable sales volume – produced material 1,908,700 404,000 Attributable production volume 2,921,600 2,876,500 Attributable inventory 3,010,368 4,402,400

Notes: (1) Inventory is attributable to mines that are in commercial production. Revenue from production during commissioning of the Corporation’s development projects is credited against capital expenditures. (2 Adjusted net earnings (loss) and adjusted net earnings (loss) per share are non-GAAP measures. The definition and reconciliation of these non-GAAP measures is included in the section called “Non-GAAP Measures”. (3) For calculation of this metric see footnote 2 in the Uranium Sales, Inventory and Operating Costs Table below. (4) Includes long term portion of interest bearing liabilities, provisions and financial derivatives.

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Results of Operations

Uranium Sales, Inventory and Operating Costs Table

The Corporation’s uranium sales, costs of uranium sales and gross profit were as follows in the first quarter of 2019 and the first quarter of 2018:

3 MONTHS ENDED 3 MONTHS ENDED MAR. 31, 2019 MAR. 31, 2018 Total / Average Total / Average

Attributable Revenues ($ millions) – Produced material (1) 62.0 8.4 Revenues – Purchased material ($ millions) 5.3 22.9 Attributable sales volumes (lbs ‘000) – Produced material 1,908.7 404.0 Attributable sales volumes (lbs ‘000) – Purchased material 150.0 520.0 Operating expenses ($ millions) – Produced material 13.0 3.8 Operating expenses ($ millions) – Purchased material 4.7 11.7 Operating expenses ($ millions) – Impairment of inventory 0.3 1.8 Average realized sales price ($/lb sold) – Produced material (2) 32.5 20.8 Operating expenses ($/lb sold) – Produced material (3) 6.8 9.4 Depreciation ($ millions) 21.7 4.3 Depreciation ($/lb sold) (4) 11.4 10.6 Attributable gross profit ($ millions) 27.6 9.7 Less share of gross profit from equity accounted investees (5.3) (0.7) ($ millions) Unrealized profit adjustment ($ millions) 0.3 - Attributable to non-controlling interest ($ millions) 0.7 - Gross profit per consolidated income records 23.3 9.0

Notes: (1) Revenues represent the Corporation’s proportionate share of sales from its operations. (2) Represents the average realized sales price per lb of sales by the Corporation from material produced from its operations and is calculated as follows: " Attributable Revenues ($ millions) – Produced material” divided by "Attributable sales volumes (lbs ‘000) - Produced material". (3) Represents the Corporation's average total cash cost per lb sold of material produced from its operations calculated as follows: "Operating expenses ($ millions) - Produced material" divided by "Attributable sales volume (lb '000) - Produced material”. (4) Represents the Corporation’s proportionate share of depreciation from equity accounted investees operations, calculated as follows: “Depreciation ($ millions)” divided by “Attributable sales volume (lbs ‘000) – Produced material”

Sales and Operating Expenses

The average realized sales price of produced material during the first quarter of 2019 was $32 per pound compared to $21 per pound in the first quarter of 2018. The closing and average spot prices for the first quarter of 2019 were $25 and $27 per pound, respectively.

Revenue, including the revenue of equity accounted investees, of $67.3 million for the first quarter of 2019 increased by 115% compared to $31.3 million for the first quarter of 2018, due to an increase in sales prices and an increase in sales volumes.

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The sales mix for the first quarter of 2019 was 38% for Karatau, 29% for Akbastau, 14% for Kharasan, 10% for Zarechnoye, 7% for South Inkai, 2% for Akdala and nil for Willow Creek compared to the first quarter of 2018 in which 59% for South Inkai, 31% for Akdala and 10% for Kharasan. The sales mix is expected to align with the production ratio of each mine over the year.

Operating expenses per pound sold for produced material were $7 per pound for the first quarter 2019 compared to $9 per pound for the first quarter 2018. The main reason for the decrease in operating expense per pound in the first quarter 2019 was sales from mines with relatively lower operating expense per pound.

There is possible volatility in operating expenses due to the timing of the acidification of new wellfields. Sulphuric acid use is higher during the initial acidification process, and the sulphuric acid cost per pound is higher during these periods. The Corporation carries inventory at the weighted average cost of production, calculated at various stages of the production process. As a result, the weighted average cost increases during periods with higher levels of acidification.

General and Administrative Expense

The main drivers of the cash component of general and administrative expenses are compensation and consulting and advisor fees.

General and administrative expense was $3.3 million for the first quarter of 2019, compared to $2.2 million for the first quarter of 2018.

The general and administrative expense for the first quarter of 2019 included consulting and advisor fees of $2.2 million, compensation expense of $1.0 million and other expense of $0.1 million, compared to consulting and advisor fees of $2.7 million, compensation expense of $1.0 million, reversal of allowance for expected credit losses of $1.8million and other expense of $0.3 million for the first quarter of 2018.

Exploration

The Corporation has a significant resource base and does not rely on exploration success for current and future production activities. Exploration expenditure is therefore purely discretionary. The Corporation determines its discretionary exploration expenditure each year during its planning cycle. Exploration expenditure relates to exploration programs undertaken on the Corporation’s tenures in the United States and was $0.1 million during the first quarter of 2019 and 2018.

Share of Earnings from Equity Accounted Investees

Earnings from equity accounted investees mainly consist of revenue, operating expenses, depreciation, finance income and expenses and taxation of the equity accounted investees and represent the Corporation’s share thereof.

Uranium sales, operating costs and depreciation Revenue of $12.7 million for the first quarter of 2019 increased compared to the $1.9 million for the first quarter of 2018.

Operating expenses and depreciation of $7.4 million for the first quarter of 2019 increased compared to $1.3 million for the first quarter of 2018.

Finance income and expense Interest accrued on the Corporation’s proportionate share of equity accounted investees debt facilities was $0.2 million for the first quarter of 2019, compared to $0.0 million for the first quarter of 2018.

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Income taxes The current income tax expense for the first quarter of 2019 and 2018 of $1.1 million and $0.6 million respectively mainly consists of income tax paid and payable in Kazakhstan on profits from the Corporation’s mines.

The deferred income tax recovery for the first quarter of 2019 and 2018 of $0.1 million and $0.4 million respectively consists of the recovery of deferred income tax liabilities of the Kazakh mines.

Finance Income and Expense

Finance income was $3.6 million for the first quarter of 2019 and $3.3 million for the first quarter of 2018. In addition to the interest earned on loans to equity accounted investees, interest is earned on funds held on deposit by the Corporation.

Total interest accrued on the Ruble Bonds was $5.5 million for the first quarter 2019, including gain of $0.7 million accrued on the cross-currency interest rate swap. The interest accrued on the Ruble Bonds was $7.5 million for the first quarter 2018, net of gain of $0.6 million accrued on the cross currency interest rate swap.

Foreign Exchange

Foreign exchange loss of $9.9 million during the first quarter of 2019 relates to $11.2 million loss on the Ruble Bonds, offset by $3.1 million foreign exchange gain on the cross-currency interest rate swaps and $1.8 million loss on cash balances, deposits and other items.

Foreign exchange loss of $0.7 million during the first quarter of 2018 relates to $1.6 million loss on the Ruble Bonds, offset by $0.5 million foreign exchange gain on the swaps and $0.4 million foreign exchange gain on the cash balances, deposits and other items.

Gain on change in accounting approach to the Akbastau and Karatau joint arrangements from joint ventures to joint operations

In early 2018, the Corporation and Kazatomprom signed a shareholder agreement with respect to JSC Akbastau and an amendment to the foundation agreement of Karatau LLP, providing the participants in the joint ventures direct rights to the assets and direct liability for the obligations of these joint ventures. As a result of these changes, this joint activity is classified as joint operations, and not as joint ventures.

Starting from the January 1, 2018, the Group discontinued accounting for JSC Akbastau and Karatau LLP using the equity method and instead consolidates its share in the assets and liabilities of these enterprises.

The fair values of assets and liabilities were measured on a provisional basis in the 1st quarter 2018 as the purchase price allocation was performed by an independent appraiser during 2018.

The reassessment of the fair value of the Uranium One’s existing 50% interest in each of these joint ventures (JSC Akbastau and Karatau LLP), performed on provisional basis and recorded in the 1st quarter 2018, resulted in a net gain of $ 150.4 million.

Other Income (Expense)

Other income of $6.0 million in the first quarter of 2019 relates to the mark-to-market gain on non-hedge derivatives of $7.4 million and interest accrued on non-hedge derivatives of $1.4 million.

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Other income of $6.6 million in the first quarter 2018 primarily relates to the mark-to-market movement on non-hedge derivatives of $5.5 million and hedge ineffectiveness of $1.6 million, offset by other net expense of $0.5 million.

Income Taxes

The current income tax expense for the first quarter of 2019 of $7.1 million mainly consists of current tax payable by the Corporation’s subsidiaries in Kazakhstan, and withholding tax paid and payable on dividends from the Corporation’s equity accounted investees in Kazakhstan and subsidiaries in Europe. The current income tax expense for the first quarter of 2018 was $5.6 million.

The deferred income tax benefit of $2.1 million mainly consists of the release of deferred tax liability of Kazakhstan and Europeans subsidiaries. For the first quarter of 2018 a $2.3 million deferred tax benefit was recorded.

Net Earnings (Loss)

The net earnings for the first quarter of 2019 were $5.4 million or $0.01 per share, compared to net earnings of $151.8 million or $0.16 per share for the first quarter of 2018.

If the opinions of issuer’s management bodies on such reasons and/or their impact on the financial and economic indicators of the issuer do not coincide with each other, the opinion of each such management body with argumentation of its position shall be provided. Not applicable as there has been no such difference of opinion.

If a member of the board of directors (supervisory board) of the issuer or member of the management board of the issuer has a dissenting opinion on such reasons and (or) their impact on the financial and economic indicators of the issuer as set forth in the minutes of meeting of the board of directors (supervisory board) of the issuer or the management board of the issuer and insists that such dissenting opinion be reflected in the quarterly report, such dissenting opinion with argumentation of such member of the management body shall be provided. Not applicable as there has been no dissenting opinion.

4.2. Liquidity of the Issuer, Capital and Current Asset Adequacy

In the quarterly report of the issuer for the 1st quarter, the dynamics of financial and economic indicators of the issuer for the most recent closed reporting year and for the reporting period consisting of the three months of the current year, as well as for the same periods of immediately previous year, shall be provided. In the quarterly reports for the 2nd and 3rd quarters, the above information for the reporting periods consisting of the six and nine months, as well as for the same periods of immediately previous year respectively, shall be provided. Information to be provided in a table, the relevant indicators to be calculated as of the end of the relevant period. If an issuer prepares financial statements in accordance with IFRS or other internationally accepted accounting standards (other than IFRS), the issuer may, in its discretion, calculate its financial and economic indicators in accordance with IFRS or other internationally accepted accounting standards (other than IFRS). The standards used for calculation of such indicators shall be disclosed. If the issuer prepares consolidated financial statements (besides accounting (financial) statements), it may also provide the dynamics of financial and economic indicators of the issuer calculated on the basis of its consolidated financial statements included into the quarterly report (and having mentioned this in such report). In such case, information for the same periods of immediately previous year shall also be provided. The issuers which are not credit institutions shall provide the following liquidity indicators of the issuer:

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If the issuer uses other methods for calculation of any such indicators, such methods shall be set out in the quarterly report. If calculation of any of such indicators does not make commercial sense in the opinion of the issuer, the issuer may disclose other indicators of its liquidity together with the methods of their calculations.

Issuers which are credit institutions shall provide the information on their compliance with the mandatory ratios for the relevant reporting period. Not applicable.

Issuers which are credit institutions engaged in issuance of mortgage-backed bonds shall also provide information on their compliance with the additional mandatory ratios set by the Central Bank of Russia for the issuers which are credit institutions engaged in issuance of mortgage-backed bonds for the relevant reporting period. Not applicable.

If mandatory ratios are not complied with, the reason for non-compliance and means taken by the credit institution to ensure compliance, shall be disclosed. Not applicable.

In addition, economical analysis of the issuer’s liquidity and financial soundness, adequacy of capital of the issuer for discharge of the its current liabilities and covering its operating expenses shall be provided based on the above indicators together with the factors which, in the opinion of the issuer’s management bodies, had the most significant impact on the issuer’s liquidity and financial soundness in the relevant reporting period.

For the year ended December 31, 2018:

(i) “Liquidity and Capital Resources”;

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(ii) “Working Capital and Cash Generated from Operations”; (iii) “Current and Future Sources of Funding”; (iv) “Contractual Obligations”; and (v) “Commitments and Contingencies”.

For the three months ended March 31, 2018:

Liquidity and Capital Resources

Working Capital and Cash Generated From Operations

At March 31, 2019, the Corporation’s current assets exceed current liabilities by $192.4 million. Included in this amount are cash, cash equivalents and restricted cash of $161.7 million. Cash held by the Corporation’s equity accounted investees operations is applied to the business of the equity accounted investees and cash flows between the Corporation and the equity accounted investees normally only occur through loans or capital contributions to the equity accounted investees and dividends paid by the equity accounted investees. Cash in excess of the working capital requirements from the Corporation’s equity accounted investees is distributed to the Corporation through the payment of principal, interest and/or dividends.

The Corporation currently earns revenue from the sale of uranium and services from its mines in Kazakhstan and the United States.

Refer to Results of Operations and Discussion of Financial Position - Uranium sales, inventory and operating costs for a discussion on inventory levels and the relationship between contracted sales and inventory.

Uranium is sold into the spot market as well as under forward long-term delivery contracts. Contracted deliveries are planned to be filled from the Corporation’s mining operations. The ability to deliver contracted product is therefore dependent upon the continued operation of the mining operations as planned. The Corporation has entered into market-related sales contracts with price mechanisms that reference the market price in effect at or near the time of delivery. In addition, the Corporation has negotiated floor price protection in many of its sales contracts.

Current and Future Sources of Funding

The Corporation has Ruble Bonds as well as loans from an affiliate outstanding as at March 31, 2019. In addition, the Corporation’s subsidiary, joint arrangement and equity accounted investees in Kazakhstan have amounts outstanding on several debt facilities.

The Corporation considers and evaluates its capital requirements, capital structure and liquidity position, as well as its alternative sources of capital, on a continuous basis, taking into account current circumstances and expectations.

On August 23, 2013, the Corporation completed a public offering in Russia of seven-year ruble- denominated Series 2 Ruble Bonds for gross proceeds of $380.7 million (RUB 12.5 billion) with a ruble interest rate of 10.25%; and simultaneous public offering to repurchase, through the facilities of the Moscow Exchange, $359.4 million (RUB 11.8 billion) of the Company’s outstanding $435.5 million (RUB 14.3 billion) aggregate principal amount five-year Series 1 Ruble Bonds with a Ruble interest rate of 9.75%. This repurchase resulted in $76.1 million (RUB 2.5 billion) of the principal of the Series 1 Ruble Bonds remaining outstanding.

On December 5, 2016, the Corporation redeemed RUB 2,499,957,000 aggregate principal amount of its Series 1 Ruble Bonds at their face value. $699 (RUB 43,000) aggregate principal amount of Series 1

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Ruble Bonds remains outstanding as at December 31, 2017 and December 31, 2016, but such bonds ceased to bear interest after November 30, 2016.

On September 24, 2015, the Corporation received a loan of $50 million from an affiliate, bearing interest at the rate of 6.15% per annum, subsequently reduced to 4.95% as at July 14, 2016, and due on June 30, 2020 for the purpose of repurchasing the then-outstanding $300 million aggregate principal amount of non-convertible secured 6.25% Senior Secured Notes due December 13, 2018 of Uranium One Investments Inc., a 100% owned subsidiary of Uranium One (the “Senior Secured Notes”). The Senior Secured Notes were repurchased and cancelled in part, and the balance were redeemed in full, in several tranches by December 13, 2016.

On July 12, 2016, the Corporation entered into a loan facility agreement under which it was able to borrow up to $81 million from an affiliate at an interest rate of up to 5.5% per annum with a maturity date of May 15, 2021. Subsequently this loan facility was increased to $95 million, for the purpose of purchasing, redeeming or settling (respectively) the Senior Secured Notes, Series 1 Ruble Bonds, and/or any related currency exchange swap agreements. On November 23, 2016 the Corporation drew down $95 million under this loan facility at an interest rate of 3.95% per annum.

On December 5, 2016, the Corporation received a loan of $165 million from an affiliate, bearing interest at the rate of 3.2% per annum for the purpose of repurchasing Senior Secured Notes. $55 million was repaid in 2017 and $55 million in 2018. The outstanding amount is due on October 29, 2019.

On March 29, 2019, the Corporation entered into a non-revolving loan agreement with an affiliate, under which it may borrow up to $100 million during 2019, at an interest rate not exceeding the 3-month LIBOR rate plus 2.6%. The Corporation has not yet drawn down any amounts under this loan agreement.

On October 13, 2017, Karatau entered into credit line agreement under which it will be entitled to borrow up to $25 million from JSC Sberbank at an interest rate of 3.15% to 6 months, 3.25% in interval from 6 to 9 months and 3.5% in interval from 9 to 12 months. The repayment date is no later than October 18, 2020.

On December 25, 2018, SMCC entered into a loan facility agreement under which it will be entitled to borrow up to $20 million from Alfa-Bank JSC at an interest rate of 4.6% per annum up to December 25, 2019. The repayment date is no later than December 25, 2023.

As at March 31, 2019, the amount of the outstanding credit facilities held by Kyzylkum was $52.6 million. The Corporation’s share of this facility was $15.8 million.

On January 28, 2019, SMCC entered into a loan facility agreement under which it will be entitled to borrow up to $65 million from Halyk Savings Bank of Kazakhstan JSC at an interest rate of 4.8% for 48 months.

As at March 31, 2019, SKZ-U had loans outstanding of $53.4 million.

In addition to the factors described under “Risks and Uncertainties” below, the Corporation’s ability to raise capital is highly dependent on the commercial viability of its projects and the underlying price of uranium. Other risk factors, including the Corporation’s ability to develop its projects into commercially viable mines, international uranium industry competition, public acceptance of nuclear power and governmental regulation can also adversely affect the Corporation’s ability to raise additional funding. There is no assurance that additional sources of funding, if required, will be forthcoming. Please refer to the item 2.4 of the present report.

Contractual Obligations

There were no material changes in contractual obligations since December 31, 2018.

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Commitments and Contingencies

Due to the size, complexity and nature of the Corporation’s operations, various legal and tax matters arise in the ordinary course of business. The Corporation accrues for such items when a liability is both probable and the amount can be reasonably estimated. In the opinion of management, these matters will not have a material effect on the consolidated financial statements of the Corporation.

The Corporation incurs expenditures to maintain and increase its production capacity, which mostly consist of its capital expenditure budget.

Uranium One is providing a credit facility to fund the Mkuju River Project and other Mantra Tanzania Limited exploration activities. The credit facility is guaranteed by ARMZ.

Since March 2014, the US and Canadian governments and the European Union have implemented a number of orders, directives and regulations in response to the situation in Ukraine, as discussed in item 2.4 of this report. These measures include restrictions on entering into new debt instruments with sanctioned financial institutions or other entities with a maturity of 14 days or less. The Corporation’s operations have not been impacted by the foregoing orders, directives or regulations and the Corporation continues to carry on business as usual. The restrictions on Gazprombank and Sberbank have not affected the Corporation’s relationships with those entities.

Tax contingency In January 2018 the Canadian Revenue Agency (“CRA”) audit team advised that it may propose an adjustment for 2014 involving Harmonized Sales Tax (“HST”) on sales to a number of customers and other minor adjustments of $4.7 million. Potential exposure for 2015-2017 is $7.4 million. No liability/provision has been recognized/recorded in relation to this issue. The Corporation is defending its position and considers it more likely than not that no HST would be imposed by the CRA.

If the opinions of issuer’s management bodies on such reasons and (or) their impact on the financial and economic indicators of the issuer do not coincide with each other, the opinion of each such management body with argumentation of its position shall be provided.

Not applicable as there has been no such difference of opinion.

Not applicable as there has been no dissenting opinion.

4.3. Financial Investments of the Issuer

List of financial investments of the issuer comprising five or more per cent of its total financial investments as of the closing date of the relevant reporting period. Such list shall be provided separately in respect of securities, non-issue securities and other financial investments of the issuer (participation in charter capitals of limited liability companies, borrowings and loans provided, etc.).

For securities, the following information shall be provided:

type of securities; Please refer to the chart below and item 8.1.4. full and short corporate name (name for non-profit organisations) of the issuer (person obligated under non-issue securities), taxpayer identification number (INN) (if applicable), main state registration number (if applicable); Please refer to the chart below and item 8.1.4.

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state registration numbers of securities, dates of state registration, registration authorities that registered issues of such securities (identification numbers of the issues of the securities, which, in accordance with Federal Law “On Securities market”, are not subject to state registration, date of identification, authorities (organisations) performed identification); Not applicable number of the securities held by the issuer; Please refer to the chart below and item 8.1.4. total nominal value of the securities held by the issuer (for bonds and other debt securities) as well as date of expiry (for issuer’s options); Please refer to the chart below and item 8.1.4. total balance value of the securities held by the issuer (balance sheet value of the securities issued by the issuer’s subsidiaries and associated company shall be specified separately); principal amount and interest accrued (paid) on promissory notes, deposit certificates or other non-issue securities, maturity date; Please refer to the chart below. fixed interest rate or other yield on bonds or other debt securities or the procedure of its determination, payment date; Not applicable dividend on preference shares or the procedure for its determination if it is set out in the charter of the joint-stock company-issuer, payment date; Not applicable

The Corporation owns the following interests in its equity accounted investees:

As of December As of March 31, Country of Principal Ownership 31, 2018 2019 Incorporation Activity Interest US$ Millions US$ Millions Akbastau JSC Kazakhstan Uranium mining 50% - - Karatau LLP Kazakhstan Uranium mining 50% - - Zarechnoye JSC Kazakhstan Uranium mining 49.98% 47.4 44.8 Uranium Kyzylkum LLP Kazakhstan 30% 29.5 30.1 processing Khorasan-U LLP Kazakhstan Uranium mining 30% 18.2 20.4 Sulphuric acid SKZ-U LLP Kazakhstan 19% 2.5 2.9 plant Uranium - Mantra Resources Tanzania 13.9% - mining

Movement in investment in equity accounted investees

As of December 31, 2018, As of March 31, 2019

US$ Millions US$ Millions

Balance at January 1 581.9 97.6

Share of net income 8.2 3.9

Dividends (0.6) (3.7)

Foreign exchange and other adjustments (14.0) 0.4

Change in accounting approach to the joint arrangements in Akbastau and Karatau from joint (477.9) - ventures to joint operations

At the end of the period 97.6 98.2

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If the amount of the issuer’s investments in shares of joint stock companies increased due to increase of the charter capital of such joint stock company, the amount and nominal value (amount of the increase in the nominal value) of such shares received by the issuer shall be specified.

Please see above.

Information on the created reserves for depreciation of securities shall be specified. If the reserves were created, their amounts for the beginning and the closing date of the most recent financial year immediately preceding the closing date of the most recent reporting quarter.

Not applicable

For other financial investments, the following shall be specified:

object of the financial investment, including full and short corporate name, location, taxpayer identification number (INN) (if applicable), main state registration number (if applicable) of the entity in which the issuer has participation in the charter (contributed) capital;

Financial Investment Name: Mantra Tanzania Limited (loan receivable) Location: Tanzania Taxpayer Identification Number (INN) (if applicable): Not applicable Main state registration number (if applicable): 29785

amount of the investment in cash; if the financial investment is connected with the issuer’s participation in the charter (contributory) capital of another entity, the proportion of such investment to the amount of such charter (contributory) capital shall also be provided; 179.9 million yield on the object of the financial investment or the procedure for its determination, payment date. 7.74%

Information on potential losses connected with bankruptcy of entities (enterprises) in which the issuer made investments as to each of the above investments shall be provided. Not applicable.

If the issuer’s funds are placed on deposits or other accounts in banks or other credit institutions which had their licences suspended or revoked, or in respect of which resolutions on reorganisation, liquidation, commencement of bankruptcy proceedings or declaration of bankruptcy took place, information on the amount of losses (potential losses) caused by these circumstances shall be provided. Not applicable.

Information in the losses shall be provided as the issuer’s estimate as to the financial investments reflected in the issuer’s financial (accounting) statements for the period from the beginning of the reporting year to the closing date of the most recent reporting quarter. Not applicable.

The accounting standards (rules) in accordance with which the issuer made the calculations provided under this item shall be separately specified. The foregoing calculations were made in accordance with IFRS.

In the quarterly report for the 1st quarter, the above information shall be disclosed on end date of the most recent closed reporting year and as of the end date of the period consisting of the three months of the current year. In the quarterly reports for the 2nd and 3rd quarters, the above information shall be provided as of the end date of the relevant reporting period consisting of the six and nine months of the current year respectively.

4.4. Intangible Assets of the Issuer If the issuer holds any intangible assets, the information on their composition, initial cost and amortization shall be disclosed.

Not applicable - 139 -

name of the group As of the end of three months ended of items of March 31, 2019 intangible assets initial cost amortization, (replacement RUB cost), RUB - - - Total:

If intangible assets were invested in the charter capital or acquired on a free-of-charge basis, information on the methods of their appraisal and their appraisal value shall be disclosed.

Not applicable

The accounting standards (rules) in accordance with which the issuer discloses information on its intangible assets shall be specified.

Not applicable

In the quarterly report for the 1st quarter, the above information shall be disclosed as of the end date of the most recent closed reporting year and as of the end date of the period consisting of the three months of the current year. In the quarterly reports for the 2nd and 3rd quarters, the above information shall be provided as of the end date of the relevant reporting period consisting of the six and nine months of the current year respectively.

4.5. Information Concerning the Policy and Expenses Incurred by the Issuer in the Area of Scientific and Technological Development, in Respect of Licenses and Patents, New Developments and Research

Information concerning the issuer’s policy in the area of scientific and technological development including information on research costs using the issuer’s proprietary funds for the reporting periods.

Information concerning the initiation and obtainment by the issuer of legal protection for principal intellectual property items (including information about the date of issuance and duration of patents for invention, useful model and design, the state registration of trademarks and service marks, the appellations of origin), the principal areas and results of use of the issuer’s principal intellectual property items.

The Issuer’s business does not rely on any material intellectual property. Information about the Issuer’s trademarks containing the Issuer’s name is set out in item 3.1.1. Information about other trademarks of the Issuer is set out below:

(i) Trade-mark (word mark): POWERING CLEAN ENERGY

APPLICATIONS

JURISDICTION APP. DATE APP. NO. CLASSES STATUS Canada May 16, 2016 1,782,644 1 (uranium; rare earth elements; uranium Allowed for oxide), 6 (base metal ores), 14 (gold, registration precious ores, concentrates, refined (registration requires metals and metalliferous products), 37 filing of Declaration (mining services), 42 (mineral of Use and payment exploration services) of requisite fees by May 16, 2019.

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APPLICATIONS

JURISDICTION APP. DATE APP. NO. CLASSES STATUS South Africa June 24, 2016 2016/17323 1 (uranium; rare earth elements; uranium Approved for oxide) Advertisement 2016/17325 37 (mining services) Approved for Advertisement 2016/17326 42 (mineral exploration services) Approved for Advertisement United States of June 23, 2016 87/082,383 1 (uranium; rare earth elements; uranium Filed and suspended America oxide), 37 (mining services), 42 (mineral exploration services)

REGISTRATIONS

JURISDICTION REG. DATE REG. NO. CLASSES STATUS European November 8, 015613441 1 (uranium; rare earth elements; uranium Registered (expires Union 2016 oxide), 37 (mining services), 42 (mineral July 6, 2026) exploration services) Tanganyika February 16, TZ/T/2016/1 1 (uranium; rare earth elements; uranium Registered (expires (Tanzania) 2017 411 oxide) May 16, 2023) November 4, TZ/S/2016/5 37 (mining services) Registered (expires 2016 32 May 16, 2023) December 19, TZ/S/2016/5 42 (Scientific and technological services Registered (expires 2017 33 and research and design relating thereto; May 16, 2023) industrial analysis and research services; design and development of computer hardware and software) Zanzibar May 16, 2016 ZN/T/2016/4 1 (uranium; rare earth elements; uranium Registered (expires (Tanzania) 67 oxide) May 16, 2026) ZN/S/2016/2 37 (mining services) Registered (expires 17 May 16, 2026) ZN/S/2016/2 42 (mineral exploration services) Registered (expires 19 May 16, 2026) Kazakhstan May 16, 2017 55976 1 (uranium; rare earth elements; uranium Registered (expires oxide), 37 (mining services), 42 (mineral July 5, 2026). exploration services) Russian July 4, 2017 622253 1 (uranium; rare earth elements; uranium Registered (expires Federation oxide), 37 (mining services), 42 (mineral July 23, 2026) exploration services)

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(ii) Trade-mark (word mark): U1

APPLICATIONS

JURISDICTION APP. DATE APP. NO. CLASSES STATUS Canada June 2, 2016 1,785,217 1 (uranium; rare earth elements; uranium Notice of Allowance oxide), 6 (base metal ores), 14 (gold, May 5, 2017 precious ores concentrates, refined (registration requires metals and metalliferous products), 37 filing of Declaration (mining services), 42 (mineral of Use and payment exploration services) of requisite fees by June 2, 2019)

(iii) Trade-mark (word mark): IT’S ALL ABOUT U

REGISTRATIONS

JURISDICTION REG. DATE REG. NO. STATUS Canada August 10, 2009 TMA744,993 Registered (expires August 10, 2024)

(iv) Trademark (word mark): INVESTING IN OUR ENERGY

REGISTRATIONS

JURISDICTION REG. DATE REG. NO. STATUS Canada August 26, 2008 TMA722,207 Registered (expires August 26, 2023)

The Issuer has not had, for the most recently completed reporting quarter, and it does not have now, a policy in the area of scientific and technological development. The Issuer did not incur any costs on a non-consolidated basis related to scientific and technological activities and funded with its own money.

Risk factors associated with possible expiration of the issuer’s principal patents and licenses for trademark use.

Not applicable. The Issuer does not have any patents. The trademarks are not material to the business of the Issuer. The Issuer could carry on its business under another name or with another logo or slogan, if necessary.

In the quarterly report for the 1st quarter, the above information shall be disclosed for the most recent closed reporting year and the period consisting of the three months of the current year. In the quarterly reports for the 2nd and 3rd quarters, the above information shall be provided for the relevant reporting periods consisting of the six and nine months of the current year respectively.

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4.6. Analysis of Trends in the Issuer’s Core Business

Principal trends in the branch of economy in which the issuer conducts its core business for the most recently closed reporting year and for the respective reporting period consisting of the 3, 6, 9 and 12 months of the current year, and the principal factors affecting the industry situation.

Uranium One’s principal activities can be divided into two main categories: uranium marketing and uranium mining. The following summarizes what the Issuer sees as the main development trends in each of these two categories.

Marketing and Uranium Market Dynamics

Uranium is used as fuel for commercial nuclear reactors to generate electricity. Because of their low operating cost, nuclear reactors are used to provide “base load” electricity supply, i.e., the “base” supply that is generated on a continuous basis and only shut down for maintenance and refueling.

Following the March 2011 Fukushima accident in Japan, Japan’s 54 commercial reactors were shut down. After Fukushima, global demand was significantly impacted, and led to a period of declining prices and over-supply. However, following the reactor re-starts in Japan the long-term growth outlook remains promising.

As of March 2019, there are now 444 operable units in the world with roughly 394 GWe in generating capacity in 31 countries. Ux Consulting expects global nuclear capacity to grow to 34 countries with 463 reactors (approximately 434 GWe net generating capacity) by 2030. For 2019, total supply (including production and secondary supplies) of 191 million pounds U3O8 is expected to fall slightly short of Ux Consulting’s Base Case Demand of 195 million pounds U3O8 (this includes utility inventory buildup) for a net deficit of 4 million pounds U3O8. However, this deficit is being met through the drawdown of supplier inventories. Primary production is expected to account for 142 million pounds U3O8, while secondary supplies are expected to total 49 million pounds U3O8.

Quarterly sales totals vary significantly since final delivery dates depend on instructions from our customers. With few exceptions, the nuclear fuel industry allows customers to specify the exact time of delivery within 3 to 6 month windows. Because of this, quarterly sales will fluctuate dramatically; total annual sales provide a more accurate and reliable picture of the company’s sales performance.

Year Total attributable sales (1) Average Realized Average spot market price (2) (million lbs. U3O8) sales price (US$ / lb. U3O8) (US$ / lb. U3O8) 2016 13.5 27 26 2017 13.3 21 22 2018 11.4 27 25 2019 1st quarter 1.9 32 27

Notes: (1) Attributable production pounds and attributable sales pounds are from assets owned and joint ventures in commercial production during the period. (2) This is a non-GAAP performance measure. The definitions of non-GAAP measures are included in item 4.1 of the present quarterly report.

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Uranium Mining Operations

Uranium One’s attributable production (i.e. the share of the joint ventures’ production that is attributable to Uranium One) expressed in both pounds U3O8 and metric tonnes of uranium (t U), and its historical cash operating costs associated with this production, in US$ / lb. U3O8 basis is as follows.

Year Total attributable Total attributable Cash operating costs (2) (1), (3) (1), (3), (4) production production (US$ / lb. U3O8) (million lbs. U3O8) (t U) 2016 12.7 4,879 9 2017 13.3 5,098 8 2018 11.4 4,383 8 Q1 2019 2.9 1,121 7

Notes: (1) Attributable production pounds and attributable sales pounds are from assets owned and joint ventures in commercial production during the period. (2) Represents the Corporation's average total cash cost per lb sold of material produced from its operations calculated as follows: "Operating expenses ($ millions) - Produced material" divided by "Attributable sales volume (lb '000) - Produced material”. This is a non-GAAP performance measure. The definitions of non- GAAP measures are included in item 4.1 of the present quarterly report. (3) Minor differences from data presented under item 3.2.4 are possible due to rounding-off and conversion of pounds U3O8 into metric tonnes of uranium (t U).

All of Uranium One’s production uses in-situ leaching (also known as in-situ recovery) technology to mine uranium. This mining method entails low capital and operating costs, and as a result Uranium One’s cash operating costs are among the lowest of any major uranium producer in the world.

Like all mining operations, Uranium One is negatively impacted by inflation.

General assessment of the issuer’s performance in the industry. Assessment of conformity of the issuer’s performance to the industry trends. Reasons justifying the actual performance (satisfactory/non- satisfactory performance in the issuer’s opinion).

The Issuer’s current performance is assessed as satisfactory and in conformity to the industry trends.

This information is presented in accordance with the opinions expressed by the issuer’s management bodies. Failing agreement between such opinions of the issuer’s management bodies about the specified information, opinion of each of the issuer’s management bodies shall be indicated together with the reasoning explaining their position. There have been no differences of opinion about the specified information.

If a member of the board of directors (supervisory board) of the issuer or member of the management board of the issuer has a dissenting opinion on the provided information as set forth in the minutes of meeting of the board of directors (supervisory board) of the issuer or the management board of the issuer and insists that such dissenting opinion be reflected in the quarterly report, such dissenting opinion with argumentation of such member of the management body shall be provided. There has been no dissenting opinion.

4.7 Analysis of Factors and Conditions That Affect the Issuer's Activities

Indicate the factors and conditions (inflation impact, changes in foreign currency indexes, resolutions of state authorities, other economic, financial, political and other factors) that affect the issuer's activities and - 144 -

have had impact on change in issuer’s revenue from sale of goods, products, work services and profit (loss) of the issuer from its principal activities.

With respect to the Issuer’s operations as at the end of this reporting quarter, the main factors and conditions affecting the Issuer’s revenues have been the following:

 the price of uranium, as discussed in item 4.1, above;

 increase and/or variations in global production levels; and

 secondary supply of uranium.

Give a forecast of the duration of the said factors and conditions.

The Issuer’s outlook with respect to the price of uranium is discussed in item 4.6, above. However, as future movements of the price of uranium or of the levels of global production cannot be predicted with certainty, the Issuer is unable to forecast a duration for the current period of low uranium prices.

Acts performed by the issuer and acts that the issuer plans to perform in future in order to use these factors and conditions effectively.

Not applicable, given the nature of the factors and conditions described above.

Methods used by the issuer and methods that the issuer plans to use in future in order to reduce the negative effect of the factors and conditions that affect the issuer's activities.

See above, as well as the discussion of risk management in item 2.4 of the present quarterly report.

Material events/factors that might have the most negative effect on the issuer's opportunity to attain, in future, the same or higher results as compared with those attained in the most recent reporting period and the probability of such events (factors).

The general decline in uranium prices following the Fukushima nuclear incident created a negative market perception which depressed the commodity price in the short term. This has affected the feasibility of new projects and resulted in some projects being delayed or abandoned. The general decline in uranium prices is also caused by high levels of global production which increases the supply of uranium, and also by announcements of closures of nuclear plants in the United States of America and other countries, which reduces demand for uranium.

Describe the material events/factors that might improve the results of the issuer's activities and their probability and duration.

The events in Japan have now lowered the overall growth projections for nuclear energy, although as stated earlier the world-wide generation of nuclear power, and consumption of uranium, will continue to grow through the end of the current decade.

4.8 Issuer's Competitors

The issuer's main existing and prospective competitors in its principal activities, including competitors abroad. Give a list of the factors of the issuer's competitiveness, describing the degree to which they affect the competitiveness of manufactured products (works or services):

The uranium exploration and mining business is highly competitive. The Issuer competes with numerous other companies and individuals in the acquisition, exploration, financing and development of - 145 -

mineral properties. There is significant competition for the limited number of uranium acquisition and exploration opportunities. The Issuer’s competitive position depends on its ability to successfully and economically explore, acquire and develop new and existing mineral properties. Factors that allow producers to remain competitive in the market over the long term include the quality and size of ore bodies, costs of operation and the acquisition and retention of qualified employees. The Issuer competes with other mining companies for skilled mining engineers, mine and processing plant operators and mechanics, geologists, geophysicists and other technical personnel. The Issuer also competes with other producers, traders and market participants in the spot and term contract markets for the sale of its U3O8 production.

The uranium mining business is dominated primarily by large diversified publically traded mining firms, or by government entities. The top 6 producers in 2018 were Kazatomprom, Orano, CNNC/CGN, Cameco, Uranium One and its affiliates and Rio Tinto Group / Energy Resources of Australia.

Uranium ore, or the finished product of triuranium octoxide (U3O8), is a commodity with little to no variation or differentiation. While historically competition between primary U3O8 producers based on price point was minimal as the primary supply of uranium from mine production was not sufficient to meet 100% of uranium demand on an annual basis, the market is currently oversupplied due to a large amount of excess U3O8 and UF6 inventory on the market. This inventory oversupply drives the market prices down as the suppliers are competing on the price.

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V. Detailed Information Concerning Individual Members of the Management Bodies of the Issuer, the Bodies of the Issuer Controlling Its Financial and Economic Activities and Brief Information Concerning the Employees (Personnel) of the Issuer

In the quarterly reports for the 2nd – 4th quarters, the information contained in items 5.1 and 5.4 of this chapter shall be provided only if there were changes in such information during the reporting quarter.

5.1. Information on the Structure and Competence of the Issuer's Management Bodies

Full description of the structure of the issuer’s management bodies and their competence as specified in the Articles of Association (constituent documents) of the issuer shall be provided.

The management bodies of Uranium One are:

 its shareholders,

 its Board of Directors, which is elected by the shareholders, and

 its officers, who are appointed by the Board of Directors.

The shareholders are the owners of the Issuer and at law have the power, should they choose to exercise it by a resolution, to manage or direct the management of the business and affairs of the Issuer. In the absence of an exercise of such power by the shareholders, then, subject to certain matters which require approval by the shareholders pursuant to the BCBCA, which is the law under which Uranium One currently exists, the directors have the power and duty to manage or supervise the management of the business and affairs of Uranium One. With certain exceptions mandated by the BCBCA, this power is generally delegated by the directors to the officers. The articles of the Issuer permit the Board of Directors to create any offices that they may consider necessary, and to determine the powers and duties of each office so created. When appointing officers, it is the practice of the Board of Directors of Uranium One to assign an area of responsibility to each officer for internal administrative purposes, but the Board of Directors does not specify the powers of each such officer. In addition, the articles of Uranium One provide that contracts and other instruments may be signed on behalf of Uranium One (and therefore be binding on Uranium One) by any two (2) directors or officers of Uranium One, and that the board of directors may from time to time authorize any other person or persons to sign any particular instrument. Finally, the BCBCA provides that a third party is entitled to rely on the actions of any person held out by a corporation as a director, officer or agent of a corporation as being binding on the corporation, even if such person lacked the authority to take such action, unless such third party knew that such person lacked the necessary authority. As a result of the foregoing factors, the authority of any given officer to bind the Issuer in its dealings with third parties is not limited by such officer’s title, i.e. any such officer could bind the Issuer in dealings with third parties.

5.1(a) Board of Directors

Name Positions with the Board of Directors or Year of Birth (Last Name, First Name, and Committees of the Board of Directors Patronymic or Middle Name) Konstantinov, Vasily Leonardovich Director and Chairman of the Board of Directors 1960 Smirnovs, Eduards Director 1982 Hlavinka, Vladimir Director 1966 Newton, Fletcher T. Director 1955

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5.1(b) Officers

Name Office held with Uranium One Year of Birth (Last Name, First Name, and Patronymic or Middle Name) Smirnovs, Eduards Chief Executive Officer 1982

Since October 1, 2018, the functions and responsibilities of the Chief Financial Officer of the Issuer have been assumed by members of the Finance Department of JSC “Techsnabexport”, an indirectly wholly-owned subsidiary of ROSATOM, overseen by Mr. Maxim Evgenyevich Dranov, its Director, Finance and IT, under a service agreement, and supported by Uranium One’s Toronto office and its regional-based teams. These functions were previously performed by members of the Finance Department of JSC "Uranium One Group", also led by Mr. Dranov as Vice President, Economy and Finance of that company, under a service agreement from December 31, 2015 to October 1, 2018.

Information concerning the availability of the code of corporate governance of the issuer or any other similar document shall be indicated.

The Issuer’s Board of Directors has adopted a Code of Business Conduct and Ethics (the “Code”) for the directors, officers and employees of the Issuer. The Board of Directors has responsibility for monitoring compliance with the Code by ensuring that all directors, officers and employees receive and become familiar with the Code and acknowledge their understanding of its provisions. Any non- compliance with the Code is to be reported to the Vice-President, Legal or other appropriate person. A copy of the Code may be accessed on the Corporation’s website at www.uranium1.com.

Information on the changes made to the Articles of Association of the issuer, internal documents governing the activities of the issuer’s management bodies in the most recent reporting period shall be indicated.

The Issuer was originally incorporated on January 2, 1997 by Articles of Incorporation under the Business Corporations Act (Ontario) with the name “Southern Cross Resources Inc.”. The Issuer was continued under the CBCA by Articles of Continuance on March 17, 2005. Said articles were amended several times during the period from 2005 to 2015. Until November 21, 2018, the Issuer was governed by said articles (as amended) and its by-laws. The Issuer was further continued under the BCBCA by a Certificate of Continuance on November 21, 2018. The Issuer is currently governed by the articles adopted upon its continuance under the BCBCA.

5.2. Information Concerning Individual Members of the Management Bodies of the Issuer

Members of the management body shall be disclosed with respect to each management body of the issuer (with the exception of the General Meeting of Shareholders (Members)). The following information shall be specified for each individual member of the management body: full name, year of birth; education; all positions held by the individual within the issuer and other entities during the past five years and at present, chronologically, including part-time positions: stake held by the individual in the authorized capital of the Issuer being a business entity; also, for Issuers being joint-stock companies, the percentage of the ordinary shares in the Issuer held by the individual and quantity of shares of each category (type) in the Issuer that can be acquired by the individual as a result of exercising the rights attached to the issuer’s options held by the individual: stake held by the individual in the authorized capital of the subsidiaries and dependent companies of the Issuer; also, for subsidiaries and dependent companies being joint-stock companies, the percentage of the ordinary shares in the subsidiary or dependent company of the Issuer held by the individual and quantity of shares of each category (type) in the subsidiary or dependent company of the Issuer that can be acquired by the individual as a result of exercising the rights attached to the options of the Issuer’s subsidiary or

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dependent company held by the individual: nature of any family relations with individual members of the issuer’s management bodies and (or) bodies exercising control of the issuer’s financial and economic activities: information concerning the imposition of administrative sanctions against the individual for any violation of law in the area of finance, taxes and dues, securities market or criminal sanctions (criminal record) for crimes in the field of economics and (or) offences against the state: information concerning the positions held by the individual in the management bodies of business entities when bankruptcy proceedings were initiated against the above-mentioned entities and (or) one of the bankruptcy procedures provided for by the insolvency (bankruptcy) laws of the Russian Federation was introduced.

In respect of each member of the board of directors (supervisory board) of the issuer the following information shall be additionally specified: participation in the committees of the board of directors (supervisory board) (as a member or as a chairman of the committee) specifying the name of the committee(s); members of the board of directors (supervisory board), which the issuer considers independent.

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1. Eduards Smirnovs, CEO and Director Full Name: Eduards Smirnovs Current Position(s) with Issuer: Chief Executive Officer Year of Birth: 1982 Education: Date of Graduation or Period of Institution Degree / Diploma Attendance 2000-2003 Riga Technical University (Riga, Bachelor’s in Management Latvia) 2005-2006 Aarhus School of Business (Aarhus, Master’s in Finance and International Denmark) Business Positions Held in the Last Five (5) Years: Period Organization Position October, 2012-December 2013 Royal Bank of Canada Manager, Strategy & Transformation Services December 2013- December 2014 Uranium One Holding N.V. Manager, Corporate Development January 2015 - December 2016 Uranium One Inc. Manager, Corporate Projects December 2016- June 2017 Uranium One Inc. Acting Chief Executive Officer July 2017 Uranium One Inc. Chief Executive Officer July 2017 Uranium One Inc. Director Independent Member of the Board of Directors: No Stake held in Authorized Capital of the Issuer: None Percentage of the Common Shares of the Issuer held: None Quantity of Shares of the Issuer that may be acquired on the exercise of Options: None Stake held in Authorized Capital of Subsidiaries and Dependent Companies: None Percentage of the Ordinary Shares held in Subsidiaries and Dependent Companies: None Quantity of Shares of Subsidiaries and Dependent Companies that may be acquired on the exercise of Options: None Family Relations with other Members of Issuer’s Management Bodies: None Administrative or Criminal Sanctions None Involvement in Commercial Entities who underwent Bankruptcy Proceedings: None

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2. Vasily Konstantinov, Chairman and Director Full Name: Vasily Leonardovich Konstantinov Current Position(s) with Issuer: Chairman and Director Year of Birth: 1960 Education: Date of Graduation or Period of Institution Degree / Diploma Attendance 1983 Bauman Moscow State Technical Degree in Power Generation, University Machinery and Equipment (Moscow, Russia) 2003 Griboedov Institute for International Degree in Law Law and Economics (Moscow, Russia) 2008 Russian Government Financial Degree in Finance and Credit Academy (Moscow, Russia) Positions Held in the Last Five (5) Years: Period Organization Position 1982 to 1983 Research and Development Institute SKM Operator of Power Engineering 1983 to 1993 Bilibino Nuclear Power Plant Reactors and Turbines Engineer; Senior Reactor Management Engineer, Reactors and Turbines Chief Engineer, Deputy Head of the Personnel Training Center; 1993 to 1997 ULPAK American-Russian Joint Head of Commercial Department; Venture Chief Commercial Officer; 1997 to 2014 Joint-Stock Company “TVEL” Chief Officer of the International Business and Marketing Directorate; Chief Officer, Department Head, Deputy Executive Director – Head of the International Transactions Department; Executive Director of the Commerce Directorate, Vice President – Executive Director for Commerce and International Cooperation; Vice President for Commerce and International Cooperation; Senior Vice President for Commerce and International Cooperation; October 2014 to January 2015 Uranium One Holding N.V. President February 2015 to June 2018 Uranium One Holding N.V. Member of the Supervisory Board February 2015 to March 2017 Uranium One Inc. Member of Audit Committee February 2015 to present Uranium One Inc. Director February 2015 to present Uranium One Inc. Chairman April 2015 to present Joint Stock Company “Uranium One President

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Group” October 2016 to June 2018 Uranium One Holding N.V. Chairman of the Supervisory Board February 2018 to August 2018 JSC Akbastau Member of the Board of Directors February 2018 to July 2018 JSC Zarechnoye Member of the Board of directors February 2018 to August 2018 Karatau LLP Member of the Supervisory Board February 2018 to July 2018 LLP «JV «RBM-Kazakhstan» Member of the Supervisory Board February 2018 to July 2018 Khorasan-U LLP Member of the Supervisory Board February 2018 to July 2018 Southern Mining and Chemical Member of the Supervisory Board Company LLP Independent Member of the Board of Directors: No Stake held in Authorized Capital of the Issuer: None Percentage of the Common Shares of the Issuer held: None Quantity of Shares of the Issuer that may be acquired on the exercise of Options: None Stake held in Authorized Capital of Subsidiaries and Dependent Companies: None Percentage of the Ordinary Shares held in Subsidiaries and Dependent Companies: None Quantity of Shares of Subsidiaries and Dependent Companies that may be acquired on the exercise of Options: None Family Relations with other Members of Issuer’s Management Bodies: None Administrative or Criminal Sanctions None Involvement in Commercial Entities who underwent Bankruptcy Proceedings: None

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3. Vladimir Hlavinka, Director Full Name: Vladimir Hlavinka Current Position(s) with Issuer: Director Year of Birth: 1966 Education: Date of Graduation or Period of Institution Degree / Diploma Attendance 1984 to 1989 Brno Technical University Degree in Mechanical Engineering, Thermal and Nuclear Power Plant Design 1992 to 1997 Masaryk’s University Brno Degree in Law Positions Held in the Last Five (5) Years: Period Organization Position 2006 to 2007 ČEZ, a.s. Production Director, Generation Division, and Director of Temelin Nuclear Power Plant 2006 to 2013 ČEZ, a.s. Executive Director, Power Generation, and Member of the Board of Directors 2013 ČEZ, a.s. Adviser to the CEO 2014 to 2015 ALVEL, a.s. Director 2015 to present Uranium One Holding N.V. Managing Director, Innovation and Development February 2017 to present Uranium One Inc. Director Independent Member of the Board of Directors: No Stake held in Authorized Capital of the Issuer: None Percentage of the Common Shares of the Issuer held: None Quantity of Shares of the Issuer that may be acquired on the exercise of Options: None Stake held in Authorized Capital of Subsidiaries and Dependent Companies: None Percentage of the Ordinary Shares held in Subsidiaries and Dependent Companies: None Quantity of Shares of Subsidiaries and Dependent Companies that may be acquired on the exercise of Options: None Family Relations with other Members of Issuer’s Management Bodies: None Administrative or Criminal Sanctions None

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Involvement in Commercial Entities who underwent Bankruptcy Proceedings: None

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4. Fletcher Newton, Director Full Name: Fletcher T. Newton Current Position(s) with Issuer: Director Year of Birth: 1955 Education: Date of Graduation or Period of Institution Degree / Diploma Attendance 1973 – 1978 Harvard College Soviet Studies, Magna cum Laude 1976 – 1977 Leningrad State University Philology 1980 – 1983 University of Denver College of Juris Doctorus Law Positions Held in the Last Five (5) Years: Period Organization Position June 1996 – June 2007 Cameco Corporation President, US & Kazakh Operations July 2007 – Dec 2012 Uranium One, Inc. Executive Vice-President, Corporate and Strategic Affairs January 2013 – April 2015 New World Consulting, LLC Principal/Owner March, 2015 to present TENAM Corporation Director April, 2015 to present TENAM Corporation President September 2018 to present Uranium One Inc. Director Independent Member of the Board of Directors: None Stake held in Authorized Capital of the Issuer: None Percentage of the Common Shares of the Issuer held: None Quantity of Shares of the Issuer that may be acquired on the exercise of Options: None Stake held in Authorized Capital of Subsidiaries and Dependent Companies: None Percentage of the Ordinary Shares held in Subsidiaries and Dependent Companies: None Quantity of Shares of Subsidiaries and Dependent Companies that may be acquired on the exercise of Options: None Family Relations with other Members of Issuer’s Management Bodies: None Administrative or Criminal Sanctions None Involvement in Commercial Entities who underwent Bankruptcy Proceedings: None

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If authorities of the management body of the issuer were transferred to another person, the following information in respect of such person shall be specified: Not applicable. (a) for the management company: full and short company names, taxpayer identification number (INN) (if applicable), main state registration number (if applicable); basis for the transfer of authority (date and number of the relevant agreement, if any); location, contact telephone number and fax, e-mail address; number and date of the licence for management of investment funds, mutual funds and non-state pension funds and the licencing authority (if any); in relation to each management body of the management company (with the exception of the General Meeting of Shareholders (Members), members of the management body shall be disclosed specifying on each the same information as should be disclosed under this item for disclosure on the members of management bodied of the issuer; (b) for an individual manager, the same information as should be disclosed under this item for disclosure on the members of management bodied of the issuer shall be disclosed.

The authorities of the management bodies of the Issuer have not been transferred to another person.

5.3. Information Concerning the Amount of Remuneration and (or) Reimbursement of Expenses for Each Management Body of the Issuer

In the quarterly report of the issuer for the 1st quarter the information under this item for the most recent closed reporting year and for the reporting period consisting of the three months of the current year. In the quarterly report for the 2nd – 4th quarters the information under this item for the reporting periods consisting of the 6, 9 and 12 months respectively, shall be disclosed.

As related to each management body of the issuer (excluding individual holding the position (performing the functions) of the sole executive body of the issuer, unless such person is a manager), all remuneration types shall be described specifying the amount, including salary of the members of management bodies of the issuer being its employees (including secondary job employees), bonuses, commissions, remunerations paid separately for participation in the activities of the relevant management body, other types of remuneration paid by the issuer within the relevant reporting period. Expenses connected with performing the functions of the sole executive body reimbursed by the issuer for the relevant reporting period with indication their amounts shall be disclosed. If the issuer paid remuneration and (or) reimbursed the expenses to the person, which simultaneously held the position of the member of the board of directors (supervisory board) of the issuer and was a member of the management board (executive board, directorate) of the issuer, the above remuneration and (or) reimbursement paid to such person in connection with performing the functions of the member of the board of directors (supervisory board), shall be included in the overall amount of the remuneration and (or) reimbursement paid to the board of directors (supervisory board) of the issuer, while other types of the remuneration and (or) reimbursement paid to such person shall be included in the overall amount of the remuneration and (or) reimbursement paid to the management board (executive board, directorate) of the issuer.

The following table provides information for the twelve months ended December 31, 2018 and the three months ended March 31, 2019 regarding compensation paid to or earned by (i) the senior executive officers and (ii) the Directors of the Issuer.

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Non-equity incentive plan compensation Annual Long-term Name and Incentive Incentive All Other Total Principal Salary Plans Plans Compensation Compensation Position Period (US$) (US$) (US$) (US$)(2) (3) (US$)

Senior Executive 2018 269,958 - - 112,200 382,158 Officers(1) Q1 2019 65,809 - - 28,458 94,267

2018 - - - 18,640 18,640 Directors Q1 2019 - - - 24,296 24,296

Notes: (1) All amounts are expressed in US$ and have been converted from CDN$ using the exchange rate of US$ 1.00 = CDN$ 1.2963 for the twelve months ended December 31, 2018 and the exchange rate of US$ 1.00 = CDN$ 1.3296 for the three months ended March 31, 2019. (2) Represents bonuses paid to senior executive officers in respect of each financial year referred to above. Bonuses earned in respect of a given financial year are typically awarded in March of the following financial year after finalization of the Corporation’s financial statements for the financial year. (3) Includes, for directors, the aggregate reimbursement of expenses related to the performance of their duties. Directors who are also executive officers are not paid a fee in their capacity as directors while they are also executive officers of the Corporation. Also includes, for senior executive officers, retiring allowance, severance, vacation pay, taxable benefits and the reimbursement of expenses related to the performance of their duties.

Long-Term Incentive Plans

On March 26, 2014, the Corporation adopted a long-term incentive plan (“LTIP”) for its employees. The LTIP provided for incentive awards in the form of long-term/deferred cash awards and performance share units (“PSUs”). PSUs awarded under the LTIP were to vest on December 31 of the third year of a three year performance period. At the end of each year of the performance period, certain performance criteria were to be assessed based on the satisfaction of the performance criteria for such year. At the end of each year one-third of the PSUs awarded and the deferred cash awarded was subject to an adjustment factor of 0% to 200%, and the resulting adjusted number of PSUs or deferred cash would have been “banked”. Only banked amounts would have vested at the end of the three year performance period, and would then have been converted into a cash payment per PSU equal to the fair value per common share of the Corporation determined as of the end of the third year.

On April 15, 2017, the Board of Directors of the Issuer decided to terminate the LTIP with respect to awards after 2016. Awards made before the termination remain outstanding. As part of the termination arrangement these awards were assessed a fixed cash value which will be paid out at the end of each year of the remaining three-year vesting period for each outstanding award, with the last such payment being made by April of 2020.

Additionally, information on the resolutions adopted by the authorized management bodies of the issuer and (or) information concerning existing agreements in relation to the amount of such remuneration to be paid and (or) to the amount of such reimbursement to be paid. The remuneration of the Issuer’s directors and senior officers is determined from time to time by the Board of Directors.

If the issuer is an incorporated investment fund, the remuneration of the management company, performing management of the assets of such fund, of the specialised custodian, of the registrar, of the appraiser and of the auditor of such fund, as well as all other types of expenses connected with the management of the incorporated investment fund, including expenses connected with maintenance of the property owned by the incorporated investment fund and connected with execution of the transactions with such property, which were paid by the issuer within the relevant reporting period, shall be provided. - 157 -

Additionally, information on the resolutions adopted by the authorized management bodies of the incorporated investment fund and (or) information concerning existing agreements in relation to the amount of such remuneration to be paid, shall be provided. Not applicable; the Issuer is not an incorporated investment fund.

Information under this item cannot be the subject of the confidentiality agreement, which could prevent its disclosure in the quarterly report.

5.4. Information Concerning the Structure and Competence of Bodies Exercising Control of the Issuer’s Financial and Economic Activities As Well As Information Concerning Organisation of Risk Management and Internal Control System

Full description of the structure of the bodies exercising control of the issuer’s financial and economic activities and their authority as specified in the Articles of Association (constituent documents) and by-laws of the issuer.

The main body of control is the Board of Directors.

In addition to the above, a Russian translation of the Charter of the Board of Directors, which was adopted by the Board of Directors of the Issuer on August 12, 2015, is available on: www.uranium1.com.

Until March 10, 2017, the Issuer’s Board of Directors also had the following standing committees: Audit Committee, Corporate Governance Committee, Compensation Committee and Health, Safety, Environment and Communities Committee. Since, due to the small size of the Board of Directors each Director of the Issuer was also a member of more than one of the committees, the work of the committees was found to be redundant. As a result, these committees were dissolved at the meeting of the Board of Directors held on that date, and their powers and duties reverted to the full Board of Directors.

Details of organisation of the system of risk management and internal control of the issuer’s financial and economic activities shall be provided:

information about the audit committee of the board of directors (supervisory board) of the issuer, its existence, functions and quantitative and personnel composition;

Until March 10, 2017, the Board of Directors of the Issuer had an Audit Committee that was responsible for assisting the Board of Directors in its oversight role with respect to the quality and integrity of the Corporation’s financial statements, the performance, qualifications and independence of the Corporation’s independent auditors, the performance of the Corporation’s internal audit function and the Corporation’s compliance with legal and regulatory requirements. The Audit Committee consisted of Vasily Konstantinov, Guerman Kornilov and Oleg Fedyashin (until his resignation from the Board of Directors on February 12, 2017). The Audit Committee was dissolved at the meeting of the Board of Directors held on March 10, 2017, and its powers and duties reverted to the full Board of Directors. The audited annual financial statements of the Issuer for the years ended December 31, 2017 and December 31, 2018 were approved by the full Board of Directors.

information about the stand-alone unit(s) for risk management and internal control of the issuer (other body (stand-alone unit) for internal control over the financial and business activities of the issuer other than internal audit commission (internal auditor)), its existence, objectives and functions;

The Issuer has implemented a risk management process as well as a system of internal controls to safe guard the Issuer’s assets and controls over financial reporting. The Issuer also has an Internal Audit department that performs risk-based audits as well as annual audits on the Issuer’s internal controls over financial reporting (“ICFR”).

Based on guidance from the bodies of control noted above as well as the senior executive management (specifically the CEO), the corporate and regional teams are responsible for the

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implementation of the detail internal control systems. Internal audit also assists in this regard and performs annual reviews as further discussed below.

information about the stand-alone unit(s) for internal audit (internal audit service), its existence, objectives and functions;

As part of the restructuring of the operations of the Corporation’s Toronto head office, the internal audit function was relocated to the Corporation’s parent company’s office in Moscow at the end of the second quarter of 2015.

Uranium One has had a dedicated internal audit department since 2006 whose work is based on an annual internal audit plan, as approved by the Audit Committee (up to and including 2016; for 2017 and subsequent years, the annual internal audit plan is to be approved by the Board of Directors). Following the recent relocation of the internal audit function, the internal audit department staff assigned to the Issuer’s internal audits currently consists of at least three persons. The Head, Group Internal Audit, is situated in the Moscow corporate office, and has made rotational visits to all operations as part of his duties.

The internal audit department’s focus is a risk-based mix of assurance and advisory services. The majority of the assurance reviews are based on internal controls over financial reporting. Internal Audit follows a standard methodology consisting of five phases, to review and report on the design and effectiveness of internal controls:

 Phase 1 - Risk assessment

 Phase 2 - Scoping and Planning

 Phase 3 - Internal control documentation (prepare, update, review)

 Phase 4 - Identify and test key controls

 Phase 5 - Report on design and effectiveness of ICFR

Advisory reviews focus on operationally significant or high risk areas of the Issuer’s business. Internal Audit is also involved in the preparation and review of corporate policies e.g. delegation of authority policy, authorization of expenditure policy.

The role of Internal Audit is to assist management and the Board of Directors in the effective discharge of their responsibilities with respect to governance, risk management and internal control. Functionally, the Head, Group Internal Audit reports directly to the Chairman of the Board of Directors and administratively to the CEO. This ensures that a high level of independence can be maintained.

Details of the Issuer’s policy in relation to risk management and internal control, as well as of the Issuer’s internal document specifying the rules for preventing the unlawful use of confidential (insider) information.

Uranium One has a strict policy on the use of confidential information which is set out in its Code of Business Conduct and Ethics. A Russian translation of the Issuer’s Code of Business Conduct and Ethics is available on www.uranium1.com.

5.5. Information Concerning Individual Members of Bodies Exercising Control of the Issuer’s Financial and Economic Activities

Information concerning the internal auditor or individual members of the Audit Committee and other bodies exercising control of the issuer’s financial and economic activities shall include the following details of each member of such body of the issuer:

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full name, year of birth; education; all positions held by the member of the body exercising control of the issuer’s financial and economic activities within the issuer and in other entities during the past five years and at present, chronologically, including part-time positions; stake held by the member of the body exercising control of the issuer’s financial and economic activities in the authorized capital of the Issuer being a business entity; also, for Issuers being joint-stock companies, the percentage of the ordinary shares in the Issuer held by the individual and quantity of shares of each category (type) in the Issuer that can be acquired by the individual as a result of exercising the rights attached to the issuer’s options held by the individual; stake held by the member of the body exercising control of the issuer’s financial and economic activities in the authorized capital of the subsidiaries and dependent companies of the Issuer; also, for subsidiaries and dependent companies being joint-stock companies, the percentage of the ordinary shares in the subsidiary or dependent company of the Issuer held by the individual and quantity of shares of each category (type) in the subsidiary or dependent company of the Issuer that can be acquired by the individual as a result of exercising the rights attached to the options of the Issuer’s subsidiary or dependent company held by the individual; nature of any family relations of the member of the body exercising control of the issuer’s financial and economic activities with other members of the body exercising control of the issuer’s financial and economic activities, members of the board (supervisory board) of the Issuer, members of the collective executive body, individual in the position (performing the functions) of the sole executive body; information concerning the imposition of administrative sanctions against the member of the body exercising control of the issuer’s financial and economic activities for any violation of law in the area of finance, taxes and dues, securities market or criminal sanctions (on criminal record) for crimes in the field of economics and (or) offences against the state; information concerning the positions held by the member of the body exercising control of the issuer’s financial and economic activities in the management bodies of business entities when bankruptcy proceedings were initiated against the above-mentioned entities and (or) one of the bankruptcy procedures provided for by the insolvency (bankruptcy) laws of the Russian Federation was introduced.

If the issuer has stand-alone unit(s) for risk management and internal control (other body (stand-alone unit) for internal control over the financial and over financial and business activities of the issuer other than internal audit commission (internal auditor)) and (or) stand-alone unit(s) for internal audit (internal audit service), the information under this item shall be provided in respect of the head of such stand-alone unit (body) of the issuer.

Control over the economic and financial activities of the Issuer is carried out by the Board of Directors. Information on the members of the Board of Directors is given in item 5.2, above.

5.6. Information Concerning the Amount of Remuneration, Benefits and (or) Reimbursement of Expenses for the Body Exercising Control of the Issuer’s Financial and Economic Activities

In the quarterly report for the 1st quarter of the issuer, the information under this item for the most recent closed reporting year and for the reporting period consisting of the three months of the current year. In the quarterly report for the 2nd – 4th quarters, the information under this item for the reporting periods consisting of the 6, 9 and 12 months of the current year respectively, shall be disclosed.

As related to each body exercising control of the issuer’s financial and economic activities (excluding individual holding the position (performing the functions) of the internal auditor of the issuer), all remuneration types shall be described specifying the amount, including salary of the members of the bodies for internal control over the financial and business activities of the issuer being the issuer’s employees (including secondary job employees), bonuses, commissions remunerations paid separately for participation in the activities of the relevant internal control body, other types of remuneration paid by the issuer within the relevant reporting period. Expenses connected with performing the functions of the members of the bodies exercising control of the issuer’s financial and economic activities of the issuer reimbursed by the issuer within the relevant reporting period with indication their amounts shall be disclosed. Additionally, - 160 -

information on the resolutions adopted by the authorized management bodies of the issuer and (or) information concerning existing agreements in relation to the amount of such remuneration to be paid and (or) to the amount of such reimbursement to be paid.

Information under this item cannot be the subject of the confidentiality agreement, which could prevent its disclosure in the quarterly report.

Information on the remuneration of the members of the Board of Directors is provided in item 5.3 of this quarterly report.

5.7. Data Concerning Headcount and High-Level Data Concerning the Composition of the Issuer’s Personnel (Employees) and Changes in the Issuer’s Employee (Personnel) Headcount

In the quarterly report of the issuer for the 1st quarter the information under this item shall be disclosed for the most recent closed reporting year and for the reporting period consisting of the three months of the current year. In the quarterly reports of the issuer for the 2nd – 4th quarters the information under this item shall be disclosed for the reporting periods consisting of the 6, 9 and 12 months of the current year respectively.

The average headcount of the issuer’s personnel (employees), including those working in its branches and representative offices, as well as the amount of gross and social security payments.

name of indicator For the twelve months For the three months ended December 31, ended March 31, 2019(1)(2) 2018(1)(2) average headcount of employees, persons 45 37 gross payroll for the reporting period, US$ millions 3.34 0.73 social payments for the reporting period, US$ millions(3) 0.63 0.14

Notes: (1) Payroll and social payments in Kazakhstan were paid in KZT and were converted into US$ at a rate of US$1.00 = KZT 378.1104 for the three months ended March 31, 2019. Payroll and social payments in the Issuer’s head office were paid in CDN$ and were converted into US$ at a rate of US$1.00 = CDN$ 1.3296 for the three months ended March 31, 2019. (2) Payroll includes severance or redundancy payments to employees whose employment has been terminated. (3) Social payments include the Corporation’s contributions to pension / superannuation plans or trusts, workers’ safety insurance / workers’ compensation levies, life, disability and health insurance, employment insurance, and related payroll taxes, depending on the country in which the employees are located.

The headcount of personnel of the Corporation including branches and representative offices as at March 31, 2019 comprised 38 employees. In addition, the Corporation’s subsidiaries and joint ventures (other than SKZ-U) had 2,337 employees as at March 31, 2019 which includes 2,323 employed by the joint ventures in Kazakhstan, and 14 employed by US subsidiaries.

If the change of headcount of personnel (employees) of the issuer for the reporting period is material for the issuer, the factors which, in the issuer’s opinion, caused such changes as well as implications of such changes on the issuer’s financial and business activities shall be disclosed.

No material changes took place in the first quarter of 2019.

If any of the personnel (employees) of the issuer are material for the issuer’s financial and business activities (key employees), information on such key employees shall be disclosed.

The Issuer does not have key employees.

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If the issuer’s personnel (employees) created a trade union, this should be specified.

None of the Issuer’s personnel (employees) are represented by a trade union, except for the employees of Mantra Tanzania, who are represented by the Tanzania Mines, Energy, Construction and Allied Workers Union.

5.8. Information Concerning Any Obligations of the Issuer in Relation to Its Personnel (Employees) Regarding Their Possible Participation in the Authorized capital of the Issuer

This paragraph shall be disclosed by issuers that are business entities.

If there are any agreements or obligations of the issuer concerning the possibility of participation of the issuer’s personnel (employees) in its authorized capital, such agreements or obligations as well as the stake in the issuer’s authorized capital (the quantity of ordinary shares in the issuer which is a joint-stock company) which may be purchased under such agreements and obligations by the issuer’s personnel (employees) or the absence of such agreements or obligations shall be specified.

The Issuer does not have any such agreements or obligations.

For issuers which are joint-stock companies information about the provision or possibility of provision of options to the issuer’s personnel (employees) shall also be disclosed.

Not applicable; the Issuer no longer has any stock option plans.

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VI. Information Concerning the Issuer’s Stakeholders (Shareholders) and Related-Party Transactions Executed by the Issuer 6.1. Information Concerning Total Number of the Issuer’s Stakeholders (Shareholders)

Total number of the issuer’s members as of the end date of the most recently closed reporting quarter shall be indicated. The Issuer currently has, and has had at all times since October 18, 2013, only two registered shareholders.

For issuers being joint stock companies, the total number of persons having non zero outstanding on their personal accounts registered in the issuer’s shareholder register as of end date of the most recently closed reporting quarter shall be specified. The Issuer currently has, and has had at all times since October 18, 2013, only two registered shareholders.

If the entities registered in the issuer’s shareholder register include nominee holders of the issuer’s shares, the total number of nominee holders of the issuer’s shares shall also be specified. Neither of the Issuer’s shareholders is a nominee shareholder.

In addition, the total number of persons included in the most recent list of persons entitled to participate in the general shareholders meeting of the issuer (or another list elaborated for the purposes of exercising of rights attached to the issuer’s shares and for elaboration of which the nominal holders of the issuer’s shares provided information on the persons for whose benefit they hold (held) the issuer’s shares), specifying categories (types) of the issuer’s shares whose holders were subject to inclusion in such list as well as the date of elaboration of such list shall be provided. Only the registered shareholders of the Issuer are entitled to participate in general meetings of the shareholders of the Issuer, and the Issuer has only two registered shareholders.

For issuers being joint stock companies information regarding number of treasury shares on the issuer’s balance as of the end date of the most recently closed reporting quarter shall be indicated separately for each category (type) of shares. As of March 31, 2019, there were 957,189,036 Common Shares of the Issuer outstanding, divided into two series: 852,524,326 Common Shares, Series A and 104,664,710 Common Shares.

For issuers being joint stock companies information known thereto regarding number of the issuer’s shares held by companies under control thereof shall be indicated separately for each category (type) of shares. All of the outstanding shares of the Issuer are held by companies under the control of ROSATOM, since both of the Issuer’s shareholders are indirect subsidiaries of ROSATOM.

6.2. Information Concerning the Issuer’s Stakeholders (Shareholders) Owning No Less Than five Percent of Its Authorized Capital or No Less Than five Percent of Its Ordinary Shares; Information Concerning the Persons Controlling Such Stakeholders (Shareholders) And, If None, On the Stakeholders (Shareholders) Owning No Less Than 20 Percent of the Their Authorized Capital or No Less Than 20 Percent of Their Ordinary Shares

The information shall be disclosed by issuers which are business entities.

The information that is known or should have been known by the issuer as of the closing date of the relevant reporting period shall be disclosed under this item.

If the issuer’s stakeholders (shareholders) include entities owning no less than five percent of its authorized capital or no less than five percent of the issuer’s ordinary shares, the following information shall be specified for each of such entities:

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1. Uranium One Holding N.V.

full and short company name: Uranium One Holding N.V. (this company does not have a short name) name (for a non-profit entity): Not applicable location: Rapenburgerstraat 175N, 1011VM Amsterdam, the Netherlands taxpayer identification number (INN) (if applicable): 9909289467 (representative office in Russia) main state registration number (if applicable): 34256224 (Netherlands) / 20150013565 (Russia) full name of an individual: Not applicable stake held by the issuer’s shareholder in the issuer’s authorized capital, the percentage of the issuer’s ordinary shares held: 852,524,326 Common Shares, Series A (89.07% of the total outstanding shares)

the information on the persons controlling such stakeholder (shareholder) and, if none, on the persons holding not less than 20 per cent of the charter capital or not less than 20 per cent of ordinary shares in such stakeholder (shareholder). Uranium One Holding N.V. is an indirect subsidiary of ROSATOM. See below for details.

In relation to each person controlling a stakeholder (shareholder) of the issuer owning no less than five percent of its authorized capital or no less than five percent of the issuer’s ordinary shares, the following information shall be specified for each of such entities and, if none, on each person persons holding not less than 20 per cent of the charter (contributory) capital (mutual fund) or not less than 20 per cent of ordinary shares in such stakeholder (shareholder), the following shall be specified:

full company name: State Atomic Energy Company "ROSATOM" short company name: ROSATOM name (for a non-profit entity): State Atomic Energy Company "ROSATOM" (ROSATOM is a non- profit organization under the laws of the Russian Federation) location: 24 Bolshaya Ordynka Street, Moscow, 119017, Russian Federation taxpayer identification number: 7706413348 state registration number: 1077799032926

type of control (direct or indirect control); indirect control

basis of such control (participation in the legal entity being the participant (shareholder) of the issuer; entering into a partnership agreement; entering into an appointment agreement; entering into a shareholders agreement; entering into another agreement subject matter of which is exercising of rights attached to shares in the entity being the participant (shareholder) of the issuer); ROSATOM indirectly owns 94.4629% of the outstanding shares of Uranium One Holding N.V.

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in case of indirect control, all entities controlled by the issuer (the chain of the entities directly or indirectly controlled by the issuer) via which the issuer exercises indirect control over the controlled entity. The following shall be specified in respect of each such entity: full and short company name, location, Individual taxpayer number (if applicable), main state registration number (if applicable);

Uranium One Holding N.V. is owned as to 100% by JSC Uranium One Group.

full and short company name: Joint Stock Company “Uranium One Group” short company name: JSC “Uranium One Group” location: 24 Bolshaya Ordynka Street, Moscow, 119017, Russian Federation taxpayer identification number: 7706641432 state registration number: 1067760346103 ROSATOM owns 94.46% of this entity indirectly (as to 78.433% through Joint Stock Company “Atomenergoprom”, which is 94.4491% owned by ROSATOM, and as to 21.567% through Joint Stock Company “Atomredmetzoloto”, which is 94.5127% owned by ROSATOM.

full company name: Joint Stock Company “Atomredmetzoloto” short company name: JSC “Atomredmetzoloto” location: Bolshoi Drovyanoi pereulok, Building 22, Moscow, 109004, Russian Federation taxpayer identification number: 7706016076 state registration number: 1027700043645 ROSATOM owns 94.5127% of this entity both directly (as to 1.1454%) and indirectly (as to 84.5145% through Joint-Stock Company “Atomenergoprom”, which is 94.4491% owned by ROSATOM, and as to 14.3401% through Joint-Stock Company “TVEL”, which is 100% owned by Joint-Stock Company “Atomenergoprom”, which is 94.4491% owned by ROSATOM).

full company name: Joint Stock Company “Atomenergoprom” short company name: JSC “Atomenergoprom” location: 24 Bolshaya Ordynka Street, Moscow, 119017, Russian Federation taxpayer identification number: 7706664260 state registration number: 1077758081664 ROSATOM owns 94.4491 % of this entity directly, while the remaining 5.5509% is owned by the Ministry of Finance of the Russian Federation.

full company name: Joint Stock Company “TVEL” short company name: JSC “TVEL” location: 24 Bolshaya Ordynka Street, Moscow, 119017, Russian Federation taxpayer identification number: 7706123550 state registration number: 1027739121475 ROSATOM owns 94.4491 % of this entity indirectly through JSC “Atomenergoprom”, which owns 100% of this entity.

other information at the issuer’s discretion. None.

If there is no person controlling the issuer’s stakeholders (shareholders) owning no less than five percent of its authorized capital or no less than five percent of its ordinary shares, this should be specified.

In relation to the persons holding not less than 20 per cent of the charter capital or not less than 20 per cent of ordinary shares in such stakeholder (shareholder) the following information shall be additionally specified:

such person’s stake in the charter capital of the participant of the issuer and in the issuer’s ordinary share capital; See above.

such person’s stake in the charter capital of the issuer and in the issuer’s ordinary share capital; 94.44% (indirectly) - 165 -

other information at the issuer’s discretion. None.

If there is no person holding not less than 20 per cent of the charter capital or not less than 20 per cent of ordinary shares in such stakeholder (shareholder), this should be specified.

2. JSC “Uranium One Group”

full and short company name: Joint Stock Company “Uranium One Group” short company name: JSC “Uranium One Group” name (for a non-profit entity): Not applicable location: 24 Bolshaya Ordynka Street, Moscow, 119017, Russian Federation taxpayer identification number (INN) (if applicable): 7706641432 main state registration number (if applicable): 1067760346103 full name of an individual: Not applicable stake held by the issuer’s shareholder in the issuer’s authorized capital, the percentage of the issuer’s ordinary shares held: 104,664,710 Common Shares (10.93% of the outstanding shares)

the information on the persons controlling such stakeholder (shareholder) and, if none, on the persons holding not less than 20 per cent of the charter capital or not less than 20 per cent of ordinary shares in such stakeholder (shareholder). U1G is an indirect subsidiary of ROSATOM. See below for details.

type of control (direct or indirect control); indirect control

basis of such control (participation in the legal entity being the participant (shareholder) of the issuer; entering into a partnership agreement; entering into an appointment agreement; entering into a shareholders agreement; entering into another agreement subject matter of which is exercising of rights attached to shares in the entity being the participant (shareholder) of the issuer; ROSATOM indirectly owns 94.4629% of the outstanding shares of U1G.

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JSC “Uranium One Group” is owned 21.567% by Joint-Stock Company “Atomredmetzoloto”, and 78.433% by Joint Stock Company “Atomenergoprom”.

full company name: Joint Stock Company “Atomredmetzoloto” short company name: JSC “Atomredmetzoloto” Location: Bolshoi Drovyanoi pereulok, Building 22, Moscow, 109004, Russian Federation taxpayer identification number: 7706016076 state registration number: 1027700043645 ROSATOM owns 94.5127% of this entity both directly (as to 1.1454%) and indirectly (as to 84.5145% through Joint-Stock Company “Atomenergoprom”, which is 94.4491% owned by ROSATOM, and as to 14.3401% through Joint-Stock Company “TVEL”, which is 100% owned by Joint-Stock Company “Atomenergoprom”, which is 94.4491-% owned by ROSATOM), and this entity owns 21.567% of the outstanding shares of JSC “Uranium One Group”.

full company name: Joint Stock Company “Atomenergoprom” short company name: JSC “Atomenergoprom” location: 24 Bolshaya Ordynka Street, Moscow, 119017, Russian Federation taxpayer identification number: 770664260 state registration number: 1077758081664 ROSATOM owns 94.4491% of this entity directly, while the remaining 5.5509% is owned by the Ministry of Finance of the Russian Federation, and this entity owns 78.433% of the outstanding shares of JSC “Uranium One Group”.

full company name: Joint Stock Company “TVEL” short company name: JSC “TVEL” location: 24 Bolshaya Ordynka Street, Moscow, 119017, Russian Federation taxpayer identification number: 7706123550 state registration number: 1027739121475 ROSATOM owns 94.4491% of this entity indirectly through JSC “Atomenergoprom”, which owns 100% of this entity.

other information at the issuer’s discretion. None.

such person’s stake in the charter capital of the participant of the issuer and in the issuer’s ordinary share capital; See above.

such person’s stake in the charter capital of the issuer and in the issuer’s ordinary share capital; 94.44% (indirectly)

other information at the issuer’s discretion. None.

If there is no person holding not less than 20 per cent of the charter capital or not less than 20 per cent of ordinary shares in such stakeholder (shareholder), this should be specified.

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If the issuer’s shares representing no less than five per cent of the charter capital or not less than five per cent of its ordinary shares are registered in the issuer’s shareholders register in the name of a nominee, this should be specified. In respect of any such nominee, the following information shall be provided: Not applicable. full and short company name, location, taxpayer identification number (INN) (if applicable), main state registration number (if applicable); contact telephones, fax, e-mail (if any); number, date, term of licence of a professional participant of the securities market, name of the licencing authority; number of ordinary and preference shares registered in the name of the nominee.

6.3. Information Concerning the Stake Held by the State or Municipality in the Issuer’s authorized capital and Special Right (“Golden Share”)

Information concerning the stake held by the state (municipality) in the authorized capital of the issuer and special rights shall be provided:

stake held by the state (federal, constituent entities of the Russian Federation), municipality in the issuer’s authorized capital: Uranium One has not issued shares to any state or municipal organization. The Issuer is not aware of any such organizations purchasing Uranium One shares through any market. However, Uranium One is an indirect subsidiary of ROSATOM, which is owned by the Russian Federation.

full company name (for a business entity) or name (for a non-business entity), location of a legal entity, or full name (for an individual) of the manager of the state or municipal shareholding and of the person who on behalf of the Russian Federation, a constituent of the Russian Federation or a municipality exercises functions of the issuer’s stakeholder (shareholder); ROSATOM; for details, see item 6.2.

special right of participation of the Russian Federation, constituent entities of the Russian Federation and municipalities in managing the issuer being a joint-stock company (“golden share”) and the effective term of special right (“golden share”): Not applicable

6.4. Information Concerning Restrictions on Participation in the Issuer’s Authorized capital

The information shall be disclosed by issuers which are business entities.

If the Articles of Association of the Issuer being a joint-stock company provides for restrictions on the quantity of shares owned by one shareholder and (or) their aggregate par value and (or) maximum number of votes per shareholder, such restrictions or their non-applicability shall be specified: There are no such restrictions.

If the laws of the Russian Federation or other regulations of the Russian Federation provide for restrictions on the stake held by foreign entities in the Issuer’s authorized capital, such restrictions or their non-applicability shall be specified: There are no such restrictions.

Other restrictions related to participation in the issuer’s authorized capital: There are no such restrictions.

6.5. Information Concerning Changes in the Composition and Value of Stakes Held by the Issuer’s Stakeholders (Shareholders) Owning No Less Than five Percent of Its Authorized Capital or No Less Than five Percent of Its Ordinary Shares

The information shall be disclosed by issuers which are business entities.

The issuer’s stakeholders (shareholders) owning at least five percent of its authorized capital and, for issuers being joint-stock companies, at least five percent of the issuer’s ordinary shares as of the date of the - 168 -

list of entities entitled to participate in each General Meeting of Stakeholders (Shareholders) of the issuer held for the most recently closed reporting year preceding the date of the most recently closed reporting quarter and for the period from the date of the beginning of the current year to the closing date of the reporting quarter, according to the list of entities entitled to participate in each of such meetings.

For each of such stakeholders (shareholders) of the issuer the date of the list of entities entitled to participate in General Meetings of Stakeholders (Shareholders) of the issuer shall be indicated.

For each of the issuer’s shareholders owning no less than five percent of its authorized capital and, for issuers being joint-stock companies, no less than five percent of its ordinary shares, the following information shall be provided:

full and short company name (name for a non-profit organization) for a corporate entity or full name for an individual, location, taxpayer identification number (INN) (if applicable), main state registration number (if applicable);

stake held by the entity in the issuer’s authorized capital, and, for issuers being joint-stock companies, the percentage of the issuer’s ordinary shares held.

Please see item 6.2.

6.6. Information Concerning Related-Party Transactions

Information concerning the quantity and monetary value of transactions executed by the issuer recognized as related-party transactions in accordance with the laws of the Russian Federation, which required approval by the duly authorized management body of the issuer for each closed fiscal quarter.

name of indicator During three months ended March 31, 2019 total number and total amount (in cash) of the issuer’s 9/36 interested parties transactions in respect of which an approval of an authorized management body of the issuer was required (for the reporting period), items / mln US$ total number and total amount (in cash) of the issuer’s - interested parties transactions which were approved by the general stakeholders (shareholders) meeting of the issuer (for the reporting period), items / mln US$ total number and total amount (in cash) of the issuer’s 9/36 interested parties transactions which were approved by the board of directors (supervisory board) of the issuer (for the reporting period), items / mln US$ total number and total amount (in cash) of the issuer’s - interested parties transactions in respect of which an approval was required but which were not approved (for the reporting period), items / mln US$

The following information shall be specified with respect to each transaction (group of inter-related transactions) with price accounts of five percent or more of the issuer’s asset book value determined based on its accounting statements as of the most recent balance sheet date preceding the execution of the transaction executed by the issuer for the most recently closed fiscal quarter: transaction date; Not applicable subject matter and other material terms of transaction; Not applicable, there have been no such transactions during the reported quarter. transaction parties; Not applicable

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full and short company names (name for a non-business entity) of the corporate entity or full name of the individual recognized in accordance with the laws of the Russian Federation as related party to the transaction, and ground(s) under which such entity is recognized as related party to the above-mentioned transaction; Not applicable transaction amount (expressed in monetary terms and as a percentage of the issuer’s asset book value as of the end date of the most recently closed reporting period preceding the transaction execution date; if the transaction (group of inter-related transactions) is placement through the offering or sale of ordinary shares, the transaction amount shall be expressed as a percentage of the ordinary shares placed prior to the transaction execution date and the ordinary shares into which the securities convertible into shares placed prior to the transaction execution date may be converted); Not applicable time limits for the performance of obligations related to the transaction and information about the performance of the above-mentioned obligations; Not applicable the issuer’s management body approving the transaction and the date of the relevant decision (minutes date and number); Not applicable other information about the transaction, specified by the issuer at its own discretion. See above

The following information shall be specified with respect to each related-party transaction (group of inter-related transactions) which required approval, but was not approved by the duly authorized management body of the issuer (resolution on its approval was not adopted by the Board of Directors (Supervisory Board) or by the General Meeting of the Issuer’s stakeholders (shareholders) in cases requiring approval in accordance with the law of the Russian Federation): There have been no such transactions during the quarter reported on in this report. transaction date; subject matter and other material terms of transaction; parties to the transaction; full and short company names (name for a non-business entity) of the corporate entity or full name of the individual recognized in accordance with the laws of the Russian Federation as related party to the transaction, and ground(s) under which such entity is recognized as related party to the above-mentioned transaction; transaction amount (expressed in monetary terms and as a percentage of the issuer’s asset book value as of the end date of the most recently closed reporting period preceding the transaction execution date; if the transaction (group of inter-related transactions) is placement through the offering or sale of ordinary shares, the transaction amount shall be expressed as a percentage of the ordinary shares placed prior to the transaction execution date and the ordinary shares into which the securities convertible into shares placed prior to the transaction execution date may be converted); time limits for the performance of obligations related to the transaction and information about the performance of the above-mentioned obligations; conditions explaining the disapproval of the transaction by the issuer’s management body; other information about the transaction, specified by the issuer at its own discretion.

6.7. Information Concerning the Value of Accounts Receivable In the quarterly report for the 1st quarter the information contained in this item shall be indicated as of the end date of the most recent closed reporting year, and as of the end date of the reporting period consisting of the three months of the current year, and in the quarterly reports for the 2nd and 3rd quarters – as of the end date of the reporting periods for the six and nine months respectively.

In the quarterly report for the 4th quarter the relevant information shall not be provided.

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Issuers which are not credit organizations shall provide the structure of their accounts receivable in the form of a table:

name of indicator As of December 31, 2018 As of March 31, 2019 accounts receivable from customers, US$ millions 48.7 60.7 including overdue, US$ millions - - accounts receivable under promissory notes, US$ - - millions including overdue, US$ millions - - accounts receivable from founders (participants) - - attributable to contributions to the charter capital, US$ millions including overdue, US$ millions - - other accounts receivable, US$ millions 9.6 9.3 including overdue, US$ millions - - total accounts receivable, US$ millions 58.3 70.0 including overdue, US$ millions - -

If there are debtors to which 10 or more per cent of the total amount of accounts receivable is attributable, the following information shall be provided in respect of each such debtor:

As of March 31, 2019:

full company name: Joint Stock Company «TENEX» short company name: JSC «TENEX» Taxpayer Identification Number (INN) (if applicable): 7706664260 main state registration number (if applicable): 1077758081664 location: Russia amount of accounts receivable: $36.9 million amount and terms of overdue accounts receivable (interest rate, penalties, default interest): No amounts are overdue

As of December 31, 2018:

full company name: Uranium One Holding N.V. short company name: Uranium One Holding N.V. Taxpayer Identification Number (INN) (if applicable): 9909289467 (representative office in Russia) main state registration number (if applicable): 34256224 (Netherlands) / 20150013565 (Russia) location: Netherlands amount of accounts receivable: $22.3 million amount and terms of overdue accounts receivable (interest rate, penalties, default interest): No amounts are overdue

full company name: Joint Stock Company “Uranium One Group” short company name: JSC “Uranium One Group” Taxpayer Identification Number (INN) (if applicable): 7706641432 main state registration number (if applicable): 1067760346103 location: Russia amount of accounts receivable: $16.5 million amount and terms of overdue accounts receivable (interest rate, penalties, default interest): No amounts are overdue

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VII. Accounting Statements of the Issuer and Other Financial Information

In the quarterly report for the 4th quarter, the information contained in item 7.5 of the current chapter shall not be provided.

7.1. Annual Financial (Accounting) Statements of the Issuer The composition of the annual financial (accounting) statements of the issuer attached to the quarterly report shall be specified:

(a) annual financial (accounting) statements of the issuer for the most recent closed reporting year prepared in accordance with Russian legislation with auditor’s opinion in relation to the named financial (accounting) statements attached thereto. Annual financial (accounting) statements of the issuer for the most recent closed reporting year with auditor’s opinion attached thereto shall be included into the issuer’s quarterly report for the 1st quarter. If in accordance with Russian legislation concerning auditor’s activity financial (accounting) statements of the issuer attached to the quarterly report thereto is not subject to compulsory audit such information shall be indicated;

(b) if the issuer prepares annual accounting statements in accordance with IFRS or other internationally accepted standards, such accounting statements of the issuer together with the relevant auditor’s opinion (if applicable) shall be provided in the Russian language and for the period provided in item (a) above. The standards under which such financial statements shall be specified. Annual financial statements shall be included in the issuer’s quarterly report corresponding to the date of preparation of such accounts.

Accompanying this quarterly report as Appendix 1 are the audited consolidated annual financial statements of the Issuer for the year ended December 31, 2018, prepared in accordance with IFRS and consisting of an income statement, statement of comprehensive income (loss), balance sheet, statement of changes in equity, statement of cash flows, and notes.

7.2. Interim Financial (Accounting) Statements of the Issuer The composition of the interim financial (accounting) statements of the issuer attached to the quarterly report shall be specified:

(a) interim financial (accounting) statements of the issuer for the reporting period consisting of the three, six or nine months of the current year prepared in accordance with Russian legislation together with the relevant auditor’s opinion (if applicable). Interim financial (accounting) statements of the issuer for the reporting period consisting of the three months of the current year shall be included in quarterly report for the 1st quarter; and for the reporting periods consisting of the six or nine months of the current year shall be included in quarterly reports for the 2nd and 3rd quarters respectively. Interim financial (accounting) statements of the issuer shall not be included in quarterly report for the 4th quarter.

(b) if the issuer prepares interim financial statements in accordance with IFRS or other internationally accepted standards, such interim financial statements of the issuer together with the relevant auditor’s opinion (if applicable) shall be provided in the Russian language and for the most recent closed reporting period consisting of the three, six or nine months of the current year. The standards under which such interim accounting statements are prepared shall be specified. Interim accounting statements shall be included in the issuer’s quarterly report corresponding to the date of preparation of such accounts.

Effective as of the first quarter of 2017, as permitted under the Issuer’s governing law, the Issuer no longer prepares interim financial statements, and therefore, no interim financial statements are attached to this quarterly report.

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7.3. Consolidated Financial Statements of the Issuer

The composition of the consolidated financial statements of the issuer attached to the quarterly report shall be specified:

(a) annual consolidated financial statements of the issuer for the most recent closed reporting year prepared in accordance with Russian legislation together with auditor’s opinion in relation to such consolidated financial statements. The standards under which such annual consolidated financial statements are prepared shall be specified. The annual consolidated financial statements together with auditor’s opinion shall be included in the issuer’s quarterly report if such statements and the relevant auditor’s opinion have been prepared up to the end of the first quarter. Otherwise, annual consolidated financial statements of the issuer together with the relevant auditor’s opinion shall be included in the quarterly report of the issuer for the second quarter. If the issuer does not prepare annual consolidated financial statements the reasons why it is not obliged to do so shall be specified;

(b) interim consolidated financial statements of the issuer for the reporting period consisting of the first six months of the current year prepared in accordance with Russian legislation together with the relevant auditor’s opinion (if applicable). The standards under which such interim consolidated financial statements are prepared shall be specified. The interim financial statements of the issuer shall be included in quarterly report for the 3rd quarter. If the issuer does not prepare interim consolidated financial statements the reasons why it is not obliged to do so shall be specified;

(c) if the issuer prepares interim consolidated financial statements for the reporting periods consisting of the three and nine months of the current year, such interim consolidated financial statements shall be attached thereto together with the relevant auditor’s opinion (if applicable). The standards under which such interim consolidated financial statements are prepared shall be specified. Interim consolidated financial statements shall be included in the issuer’s quarterly report corresponding to the date of preparation of such accounts.

Please see items 7.1. The Issuer prepares its annual financial statements on a consolidated basis in accordance with IFRS.

7.4. Information Concerning the Accounting Policy of the Issuer

The main provisions of the issuer’s accounting policy independently defined by the issuer in accordance with the accounting laws of the Russian Federation and approved by an order or directive of the person in charge of the organization and state of the issuer’s accounting shall be disclosed.

Information concerning the main principles of the accounting policy of the issuer adopted by the issuer for the current year shall be disclosed in the quarterly report for the first quarter. Information concerning the main principles of the accounting policy of the issuer shall be disclosed in the 2nd – 4th quarterly reports if there were any material changes in the accounting policy for the current year.

The Issuer’s accounting policy is described under the heading “Significant Accounting Policies” in note 2 to the Issuer’s financial statements for the financial year ended December 31, 2018 accompanying this quarterly report as Appendix 1. The Issuer’s accounting policy is in accordance with IFRS as the Issuer is not subject to the accounting laws of the Russian Federation.

7.5. Information Concerning Total Exports and Exports as a Percentage of Total Sales The issuer’s quarterly report for the 1st quarter shall contain the information specified in this item for the most recent closed reporting year and for the reporting period consisting of the three months of the current year. The issuer’s quarterly report for the 2nd and 3rd quarters shall contain the information for the reporting periods consisting of the six and nine months respectively.

If the issuer sells products or goods and (or) performs works, renders services outside the Russian Federation, the total amount of the issuer’s income from the export of products (goods, works, services), as - 173 -

well as the stake of such income in the issuer’s revenues for the relevant reporting period, shall be disclosed.

If the issuer does not export products (goods, works, services), this should be specified.

The Issuer does not export goods or services from the Russian Federation.

7.6. Information Concerning the Material Changes in the Composition of the Issuer’s Property After the End Date of the Most Recently Closed Fiscal Year

Information concerning material changes in the issuer’s property occurring over the 12 months prior to the end date of the most recently closed reporting quarter shall be provided.

The following information shall be specified with respect to each change: essence of the change (retirement from the issuer’s assets; acquisition of an asset by the issuer); type and brief description of the property (item of immovable property) which retired from the issuer’s assets or was acquired byte issuer;

ground for the retirement from the issuer’s assets; acquisition of an asset by the issuer and the date of the relevant event;

book value of the retired property, in case of its disposal (acquisition) for consideration, the price of such disposal (acquisition).

No such changes have taken place during the 12 months prior to the end date of the most recently closed reporting quarter.

7.7. Information Concerning the Issuer’s Litigation History if Such Litigation May Have a Material Effect on the Issuer’s Financial and Economic Activities

Information concerning the issuer’s litigation history as a claimant or defendant (specifying sanctions imposed by a judicial body on the defendant), if such litigation may have a material effect on the issuer’s financial and economic activities, for the period from the date of the beginning of the most recent closed reporting year to the closing date of the reporting quarter.

The Issuer is not a party to any material legal proceedings.

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VIII. Additional Information Concerning the Issuer and the Issue-Grade Securities Placed by the Issuer

In quarterly reports for the 2nd – 4th quarters information shall be provided under sub-items 8.1.3, 8.1.4, 8.1.6 of item 8.1; under item 8.2, under sub-items 8.3.1, 8.3.2 of item 8.3, under items 8.5 – 8.7 of this chapter if any changes were made in the reporting quarter.

8.1. Additional Information on the Issuer

8.1.1. Information on the Size and Structure of the Authorized Capital of the Issuer

The issuer being a business entity to specify:

size of the authorized capital of the issuer as of the date of the end of the reporting quarter:

Until December 13, 2013, the Corporation was authorized to issue an unlimited number of common shares, of which 957,189,036 were issued and outstanding as at that date. On that date, the Corporation amended its articles to divide the existing class of common shares into series of shares, with a first series designated as “Common Shares, Series A” and a second series designated as “Common Shares”, and to provide that all the existing class of common shares be designated as Common Shares, Series A unless the holder of such shares elects otherwise, in which case they shall continue to hold the series designated as Common Shares. Of the Corporation’s two registered shareholders on December 13, 2013, one became a holder of Common Shares, Series A, and one remained a holder of Common Shares. As of March 31, 2019, 852,524,326 Common Shares, Series A and 104,664,710 Common Shares were issued and outstanding. The Corporation is authorized to issue an unlimited number of shares of both series of shares.

The rights, privileges and restrictions attaching to each series of common shares are identical. The holders of both series of common shares are entitled to one vote for each share held on all matters to be voted on by such holders, are entitled to receive pro rata such dividends as may be declared by the Board of Directors on such series of shares out of funds legally available therefor, and to receive pro rata the remaining property of the Corporation on a liquidation, dissolution or winding-up of the Corporation.

for a joint stock company — breakdown of the authorized capital by common and preferred shares stating the total par value of each category of shares and the percentage of each category in the issuer’s authorized capital:

common shares: The common shares of the Issuer do not have a par value. percentage of the issuer’s authorized capital — 100%

preferred shares: Not applicable percentage of the issuer’s authorized capital — 0% - The Issuer is not authorized to issue any preferred shares.

Information on consistency between the amount of the charter capital of the issuer provided under this item to the foundation documents (charter) of the issuer to be provided. The charter capital of the Issuer reported in this quarter is consistent with the authorized share capital of the Issuer under its Articles.

If trade of any of the issuer’s shares is organized outside the Russian Federation in the form of depositary receipts (securities of a foreign issuer certifying the rights to the Russian issuer’s shares), state so and also specify: Not applicable; the Issuer’s shares are not listed on any stock exchange or securities market. category (class) of stock trading of which is organized outside the Russian Federation; percentage of stock trading of which is organized outside the Russian Federation in the total number of shares of the relevant category (class);

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name, location of the foreign issuer whose depositary receipts certify the rights to the issuer’s shares of the relevant category (class); summary description of the issuance program (type of the issuance program) involving the foreign issuer's depositary receipts certifying the rights to shares of the relevant category (class); information on authorization obtained from the Central Bank of Russia and (or) an authorized body of the Russian Federation to admit the issuer’s shares of the relevant category (class) to placement and (or) trading outside the Russian Federation; name of the foreign market operator(s) through which the foreign issuer’s depositary receipts certifying the rights to the issuer’s shares are traded (if any); other information on issuer’s shares trading of which is organized outside the Russian Federation which the issuer finds relevant.

8.1.2. Information on Any Change in the Size of the Authorized Capital of the Issuer

If any change in the authorized capital of the issuer occurs during the most recent complete reporting year and the period since the date of the beginning of the current year to the date of closing of the most recently closed quarter reporting period, in relation to any change, specify: the size and structure of the authorized capital of the issuer before the relevant change; name of the issuer’s management body resolving to change the size of the authorized capital of the issuer; date and No. of the minutes of the meeting of the issuer’s management body at which the resolution to change the size of the authorized capital of the issuer was adopted; date of the change in the authorized capital of the issuer; size and structure of the authorized capital of the issuer upon the relevant change.

Not applicable.

8.1.3. Information on the Procedure for Convocation and Holding of Meetings of the Issuer’s Supreme Management Body

name of the issuer’s supreme management body: The shareholders of the Issuer.

procedure for notifying shareholders (members) of the meeting of the issuer’s supreme management body: The Issuer must deliver a written notice of meeting to the shareholders at least seven days before the meeting. The shareholders may waive notice.

persons (bodies) empowered to convene (demand) an extraordinary meeting of the issuer’s supreme management body, and the procedure for filing such demands: The directors of Uranium One may call a shareholders’ meeting at any time. They are obliged to call a shareholders’ meeting not later than 15 months after the last annual meeting. Holders of at least 5% of the issued common shares may requisition that directors call a meeting of shareholders. The requisition must state the business to be transacted at the meeting and must be sent to the registered office of Uranium One. In addition, the Issuer, any director or any shareholder entitled to vote at a meeting may petition a court to convene a shareholders’ meeting. The court has the power to determine the manner in which the meeting will be held.

procedure for determining the date of the meeting of the issuer's supreme management body: Under the BCBCA the Issuer is required to hold its annual shareholders’ meeting not later than 15 months after the last annual shareholders meeting. If the Issuer complies with these requirements, the Board of Directors of Uranium One is entitled to determine the date of a shareholders meeting at its discretion.

persons entitled to propose items to the agenda of the meeting of the issuer's supreme management body, and the procedure for making such proposals: The Board of Directors is always entitled to make (and have accepted) proposals to the agenda of a shareholders meeting. If a meeting is called as the result of a requisition made by holders of more than 5% of the Issuer’s shares or by a court order, the persons who requisitioned the meeting or the court are entitled to make (and have accepted) proposals to the agenda. - 176 -

Any shareholder is entitled to make a proposal to the agenda of a shareholders meeting. However, this proposal does not have to be placed on the agenda. The process for submitting proposals is as follows. Any shareholder or group of shareholders who, for at least 2 years preceding the date of signing of the proposal, holds (i) at least 1% of the total outstanding shares or (ii) shares of an aggregate fair market value of at least CDN$2,000 may submit a notice to the corporation of any matter that such shareholder or shareholders wish to raise at the meeting. This notice must be not more than 1,000 words and must be received by the Issuer at least three months before the anniversary of the Issuer’s last annual shareholders meeting. The Issuer may decline to add the proposal to the agenda if: (i) the Board of Directors have already called an annual general meeting and sent notice of it to the shareholders; (ii) it is clear that the primary purpose for the proposal is securing publicity or to enforce personal claims or grievances on the part of the party making the proposal; (iii) the proposal does not relate in a significant way to the business and affairs of the Issuer; (iv) substantially the same proposal was submitted to shareholders within the previous 5 years and did not receive support by at least 3% of the shares voted at the meeting (increasing to 6% and 10% for second and subsequent submissions of the proposal), or was not presented by the submitter at the meeting; (v) the proposal has already been substantially implemented; (vi) the proposal, if implemented, would cause the Issuer to commit an offence; or (vii) the proposal deals with matters beyond the Issuer's power to implement. If the Issuer does not decline to add a proposal to the agenda for an annual shareholders meeting, the Issuer must set out the proposal in the circular sent to shareholders in connection with the meeting.

persons entitled to examine information (proxy materials) provided in connection with the preparation and holding of the meeting of the issuer's supreme management body, and the procedure for such examination: Only the shareholders of this Issuer have this right.

procedure for declaring (communicating to shareholders (members) of the issuer) the resolutions made by the issuer's supreme management body, and the voting results: The shareholders may, as a body, make decisions either by a vote at a duly called and held meeting of the shareholders, or by a written resolution signed by each of the shareholders. Decisions made at a meeting of shareholders must be made by a simple majority of the votes cast at the meeting, except for certain matters which the BCBCA requires to be approved by at least two-thirds (2/3) of the votes cast at the meeting. The decisions made by the shareholders are recorded in the minutes of the meeting.

8.1.4. Information on Business Entities in Which the Issuer Holds at Least 5 Percent of the Authorized capital or at Least 5 Percent of Common Stock

There shall be prepared a list of business entities in which the issuer holds at least five percent of the authorized capital or at least 5 percent of common stock as of the date of the end of the reporting quarter.

For each such business entity, specify: full and short name, location, taxpayer identification number (INN) (if applicable) and main state registration number (if applicable); the issuer’s interest in the authorized capital of the business entity or, where such business entity is a joint stock company, the percentage of the joint stock company’s common shares held by the issuer; the business entity’s interest in the authorized capital of the business entity issuer or, where the issuer is a joint stock company, the percentage of the issuer’s common shares held by the business entity.

The following table sets out all of the entities in which the Issuer directly or indirectly holds at least 5% of the authorized capital or common stock as of March 31, 2019. None of these entities has a taxpayer identification number (INN).

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8.1.4(A) SUBSIDIARIES

Subsidiary Jurisdiction of Corporation / Form of Legal Entity Total Equity Percentage Owned by Address Organization Registration No. Securities Issued Uranium One Inc. and Outstanding Cheetah Resources Luxembourg B149777 Société à responsabilité 20,001 shares with 100% 51 Boulevard Grande- s.a.r.l. limitée (Private Limited nominal value of Duchesse Charlotte, L- Liability Company) US$1.00 each 1331 Luxembourg, Grand Duchy of Luxembourg Deanco Limited Cyprus HE153160 (Cyprus) Limited Liability Company 1,200 shares of €1.71 100% (through UrAsia Registered Office: 34320060(Netherlands) each (formerly CYP Energy Holdings Ltd.) 8 John Kennedy Street, 1.00 each) nominal Iris House, 7th Floor, value Office 740C, 3106, Limassol, Cyprus Head Office: Rapenburgerstraat 179R 1011 VM Amsterdam The Netherlands Kazakhstanskaya Kazakhstan 57349-1910-TOO Limited Liability Partnership As a Limited 100% (through Deanco 139 Luganskogo Street, Investitsionnaya Liability Partnership, Limited) 3rd Floor, Office 306 Gruppa Astana Limited there are only Almaty 050051, Liability Partnership percentage interests. Kazakhstan Charter capital is KZT391,300,000. Likuyu Resources Tanzania 92220 Limited Liability Company 10,000 ordinary 13.9% Registered Office: Limited shares of TZS 1,667 (through Uranium One Plot No. 950 par value each Exploration Pty Ltd. , Chole Road which holds 99% of PO Box 23451, the shares, and Dar Es Salaam Cheetah s.a.r.l., which Tanzania holds 1% of the shares)

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Subsidiary Jurisdiction of Corporation / Form of Legal Entity Total Equity Percentage Owned by Address Organization Registration No. Securities Issued Uranium One Inc. and Outstanding Mantra Resources Pty Australia 116-478-703 Proprietary Company 19,136,864 ordinary 13.9% Registered Office: Limited Limited by Shares shares without par (through Cheetah c/o Ashurst Australia, (Corporation) value Resources s.a.r.l.) Level 26, 181 William Street, Melbourne, Victoria 3000 Australia Mantra Tanzania Tanzania 29785 Limited Liability Company 1,515,747 ordinary 13.9% Registered Office: Limited shares of (through Mantra Plot No. 950 TZS100,000 par Resources Pty Limited Chole Road value each (as to 1,515,746 PO Box 23451, shares) and declaration Dar Es Salaam of trust by Ernest Tanzania Massawe, the registered holder of the remaining 1 share) Mantra Uranium South South Africa 2000/026144/07 Corporation 600 shares 13.9% Registered Office: Africa Pty Ltd. (through Mantra Unit 7, Ferndale Mews Resources Pty North, 355 Oak Avenue, (Inactive) Limited) Ferndale, Randburg, 2194, Republic of South Africa Head Office: 2nd Level, Selborne Building, Roos Street, Fourways Golf Park, Fourways, 2191, South Africa Namtumbo Resources Australia 123-447-110 Proprietary Company 2 ordinary shares of 13.9% Registered Office: Pty Ltd. Limited by Shares A$1.00 par value (through Uranium One c/o Ashurst Australia, (Corporation) each Exploration Pty Ltd.) Level 26, 181 William (Inactive) Street, Melbourne, Victoria 3000 Australia

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Subsidiary Jurisdiction of Corporation / Form of Legal Entity Total Equity Percentage Owned by Address Organization Registration No. Securities Issued Uranium One Inc. and Outstanding Nyanza Goldfields Ltd. Tanzania 20333 Corporation 2 shares of TZS1,000 13.9% Registered Office: par value each (through Mantra Plot No. 950 Resources Pty Limited Chole Road and declaration of trust PO Box 23451, by Ernest Massawe, Dar Es Salaam the registered holder of Tanzania 50% of the shares) Ruvuma Resources Ltd. Tanzania 76889 Corporation 100 shares of 13.9% Registered Office: TZS100,000 par (through Mantra Plot No. 950 value each Resources Pty Limited Chole Road and declaration of trust PO Box 23451, by Ernest Massawe, Dar Es Salaam the registered holder of Tanzania 10% of the shares) Uranium One Nevada, USA 4438260 Corporation 745 shares of 100% (through Registered Office: Americas, Inc. common stock Uranium One 701 S. Carsonn Street, without par value Investments Inc.) Suite 200, Carson City, Nevada 89701 U.S.A. Head Office: 907 North Poplar Street, Suite 260 Casper, Wyoming 82601 U.S.A. Uranium One Netherlands 50188569 Besloten Vennootschap met 4,260,180 ordinary 100% (through Rapenburgerstraat 175 Amsterdam B.V. Beperkte Aansprakelijkheid shares of nominal Cheetah Resources N (Private Company with value of €100 each s.a.r.l.) 1011 VM Amsterdam Limited Liability) The Netherlands

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Limited) Street, Melbourne, Victoria 3000 Australia Uranium One Friesland Netherlands 60852917 Coöperatie (Co-operative) As a Co-operative, 100% (99.9% directly, Rapenburgerstraat 175 Coöperatief U.A. there are only 0.01% through N percentage interests. Uranium One 1011 VM Amsterdam Investments Inc.) The Netherlands €10,000 initial contribution Uranium One Holland Netherlands 50188208 Besloten Vennootschap met 1,220,180 ordinary 100% (through Rapenburgerstraat 175 B.V. Beperkte Aansprakelijkheid shares of nominal Cheetah Resources N (Private Company with value of €100 each s.a.r.l.) 1011 VM Amsterdam Limited Liability) The Netherlands Uranium One Canada 453751-3 Corporation 87,323,082 common 100% (direct) 333 Bay Street, Suite Investments Inc. shares 1200 Toronto, Ontario, Canada M5H 2R2 Uranium One Netherlands 34343444 Besloten Vennootschap met 180 ordinary shares 100% (through UrAsia Rapenburgerstraat 175 Netherlands B.V. Beperkte Aansprakelijkheid of nominal value of Energy Holdings Ltd.) N (Private Company with €100 each 1011 VM Amsterdam Limited Liability) The Netherlands Uranium One Netherlands 60860618 Besloten Vennootschap met 100 ordinary shares 100% (through Rapenburgerstraat 175 Rotterdam B.V. Beperkte Aansprakelijkheid of nominal value of Uranium One N (Private Company with €1 each Friesland Coöperatief 1011 VM Amsterdam Limited Liability) U.A.) The Netherlands

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Subsidiary Jurisdiction of Corporation / Form of Legal Entity Total Equity Percentage Owned by Address Organization Registration No. Securities Issued Uranium One Inc. and Outstanding Uranium One Technical South Africa 2013/169660/ Corporation 100 ordinary shares 13.9% (through Unit 7, Ferndale Mews Services (Pty) Ltd. 07 Mantra Uranium South North Africa (Pty) Ltd.) 355 Oak Avenue (Inactive) Ferndale, Randburg 2194 South Africa Uranium One USA, Delaware, USA 0840273 Corporation 283 shares of 100% (through Registered Office: Inc. common stock, par Uranium One 1209 Orange Street value $0.01 per share Americas, Inc.) Wilmington, Delaware 19801, U.S.A. Head Office: 907 North Poplar Street, Suite 260 Casper, Wyoming 82601 U.S.A. Uranium One Utrecht Netherlands 60861134 Besloten Vennootschap met 100 ordinary shares 100% (through Rapenburgerstraat 175 B.V. Beperkte Aansprakelijkheid of nominal value of Uranium One N (Private Company with €1each Friesland Coöperatief 1011 VM Amsterdam Limited Liability) U.A.) The Netherlands

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Subsidiary Jurisdiction of Corporation / Form of Legal Entity Total Equity Percentage Owned by Address Organization Registration No. Securities Issued Uranium One Inc. and Outstanding UrAsia Energy British Virgin 652585 (BVI) / B149314 BVI Business Company 75,777,734 shares of 100% (through UrAsia Registered Offices: Holdings Ltd. (known Islands / (Luxembourg) (BVI) (formerly BVI no par value Energy Ltd.) as UrAsia Energy Luxembourg International Business BVI: Holdings Ltd. s.a.r.l. for Company)/ Société à c/o Totalserve Trust Luxembourg purposes) responsabilité limitée Company Limited, (Private Limited Liability 19 Waterfront Drive, Company) (Luxembourg) P.O.Box 3540, Road Town, Tortola, VG 1110, British Virgin Islands

Luxembourg: 51 Boulevard Grande- Duchesse Charlotte, L- 1331 Luxembourg, Grand Duchy of Luxembourg UrAsia Energy Ltd. British BC0343123 Corporation 722,828,532 common 100% (direct) Registered Office: Columbia, shares 550 Burrard Street Suite Canada 2900 Vancouver, British Columbia, Canada V6C 0A3 Head Office: 333 Bay Street, Suite 1200 Toronto, Ontario, Canada M5H 2R2

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Subsidiary Jurisdiction of Corporation / Form of Legal Entity Total Equity Percentage Owned by Address Organization Registration No. Securities Issued Uranium One Inc. and Outstanding UrAsia London Limited British Virgin 667613 (BVI) 34319685 BVI Business Company 2 ordinary shares of 100% (through UrAsia Registered Office: Islands (the Netherlands) (formerly BVI International US$1.00 par value Energy Holdings Ltd.) c/o Totalserve Trust Business Company) Company Limited, 19 Waterfront Drive, P.O.Box 3540, Road Town, Tortola, VG 1110, British Virgin Islands

Head Office: Rapenburgerstraat 175 N 1011 VM Amsterdam The Netherlands 8524645 Canada Canada 852464-5 Corporation 100 common shares 100% Registered Office: Limited 333 Bay Street, Suite 1200 Toronto, Ontario, Canada M5H 2R2 Head Office: Same

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8.1.4(B) JOINT VENTURES

Joint Venture Jurisdiction of Corporation / Form of Legal Entity Total Equity Securities Percentage Owned Address Organization Registration No. Issued and Outstanding by Uranium One Inc. Joint Stock Company Kazakhstan 221-1958-13-AO- Joint Stock Company 210,000 common shares of 50% (105,000 Registered office: 67 Zhibek- Joint Venture Akbastau ИУ KZT1,000 par value each shares held through zholy street, Sholakkorgan Uranium One village, Suzakskyi area, Amsterdam B.V.) Turkestanskaya Oblast, 161000, Kazakhstan Head office: 83 Kunaev Street, Index X17F5A6, Shymkent City, Kazakhstan Joint Stock Company Kazakhstan 68-1958-05- Joint Stock Company 2,507,978 common shares 49.979% Registered office: 51 B. Kazakh-Russian-Kyrgyz AO(И/У) Kazakh-Russian- (1,253,472 shares Momyshuly street, Timur Joint Venture with Kyrgyz Joint Venture held through village, Otrarskyi area, Foreign Investments with Foreign Uranium One Turkestanskaya Oblast, 160712, “Zarechnoye” Investments Holland B.V.) Kazakhstan Head office: Microdistrict Samal-1, 51, Ryskulova Street, Index, X04A3T4, Shymkent City, Kazakhstan Joint Venture Karatau Kazakhstan 59-1958-13-TOO Limited Liability As a Limited Liability 50% (through Registered office: 021 block, Limited Liability (ИУ) Partnership Partnership, there are only Uranium One building 192, Sayzhas village, Partnership percentage interests. Netherlands B.V.) Suzakskyi area, Turkestanskaya Oblast, 161003, Kazakhstan Charter capital is KZT3,200,000,000 Head office: 83 Kunaev Street, Index X17F5A6, Shymkent City, Kazakhstan

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Joint Venture Jurisdiction of Corporation / Form of Legal Entity Total Equity Securities Percentage Owned Address Organization Registration No. Issued and Outstanding by Uranium One Inc. Joint Venture Kyzylkum Kazakhstan 77-1933-09-TOO- Limited Liability As a Limited Liability 30% (through Registered office: 2 Baikenzhe Limited Liability ИУ Partnership Partnership, there are only UrAsia London village, Zhanakorganskyi area, Partnership percentage interests. Limited) Kyzylordinskaya Oblast, 120302, Kazakhstan Charter capital is KZT11,706,400,000 Head office: 52 Aiteke bi, index N01P3B7, Kyzylorda City, Kazakhstan SKZ-U Limited Liability Kazakhstan 188-1933-09- Limited Liability As a Limited Liability 19% (through Registered office: Amangel’dy Partnership TOO(ИУ) Partnership Partnership, there are only UrAsia London Street, Zhanakorgan village, percentage interests. Limited) Kyzylordinskaya Oblast, 120300, Kazakhstan, Charter capital is KZT3,630,000,000. Head office: 42 Aiteke bi Street, Index N01P3A0, Kyzylorda City, Kazakhstan Joint Venture Southern Kazakhstan 10100072005398 Limited Liability As a Limited Liability 70% (through Registered office: Mining Chemical Partnership Partnership, there are only Uranium One 23 Ykshamaudan-1 Company Limited percentage interests. Rotterdam B.V.) microdistrict, apt.36, Liability Partnership Charter capital is Kyzemshek township, KZT64,000,000. Suzakskyi area, Turkestanskaya Oblast, 161006, Kazakhstan Head office: Karatau District, 191 Quarter, Building 166, Index X07E3B9, Shymkent City, Kazakhstan

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8.1.5. Information on Material Transactions of the Issuer

For each material transaction (a series of related transactions) where the obligations are equal to or exceed 10 percent of the book value of the issuer’s assets as stated in its accounts for the most recent closed reporting period consisting of the 3, 6, 9 or 12 months preceding the transaction executed by the issuer there shall be specified:

type and subject matter of the transaction; parties to the transaction; rights and obligations of the parties of the transaction; performance deadline and information on performance, transaction's parties and beneficiaries, consideration in money terms and as percentage of the book value of issuer’s assets as of the closing date of the most recent complete fiscal period preceding the date of the transaction; in the event of the counterparty’s or issuer’s delay in performance, the reasons thereof if known to the issuer, and the consequences for the counterparty or the issuer including, penalties based on the terms of the transaction; date of the transaction; information on whether the transaction qualifies as a major transaction or/and as a related party transaction and on approval of the same by the management body of the issuer; name of the management body which approved the transaction; date of the approval; date and the number of the management body minutes concerning the transaction approval.

In the quarterly report of the issuer for the 1st quarter the information under this item is to be specified for the most recent closed reporting year and for the reporting period consisting of the three months of the current year. In the quarterly reports of the issuer for the 2nd – 4th quarters the information under this item is to be specified for the reporting periods consisting of the 6, 9 and 12 months of the current year respectively.

No such transactions were executed during the reporting period.

8.1.6. Information on the Issuer’s Credit Ratings

If any credit rating or ratings was/were assigned to the issuer and (or) its securities, for each rating known to the issuer over the most recent closed reporting year and for the period from the beginning of the current year to the closing date of the reporting quarter, specify:

The Issuer does not currently have credit ratings.

rated item (issuer, its securities); specific credit rating as of the end date of the reporting quarter;

credit rating history for the most recent closed reporting year and for the period from the beginning of the current year to the closing date of the reporting quarter, with specific rating and the assignment/change date thereto; The credit ratings were issued, affirmed and withdrawn on the dates set out below.

(i) Fitch Ratings: BB- /Stable, originally issued on November 28, 2013, most recently affirmed on May 15, 2017, and withdrawn the same day for commercial reasons; (ii) Standard & Poor’s Ratings Services: B+ / Stable, originally issued on November 28, 2013 and most recently affirmed on November 27, 2016; however, on November 28, 2016 the credit rating coverage was discontinued at the Issuer’s request; (iii) Moody’s Investors Service: Ba3 Stable, originally issued on August 25, 2014, most recently affirmed on April 26, 2016, and withdrawn on May 15, 2017.

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full and short company names of the rating agency;

(i) Fitch Group, Inc. (short name: Fitch Ratings) (ii) Standard & Poor’s Financial Services LLC (short name: Standard & Poor’s Ratings Services) (iii) Moody’s Investors Service, Inc. (short name: Moody’s Investors Service)

location of the rating agency; The rating reports were prepared by analysts at

(i) Fitch Ratings’ offices in Moscow; (ii) Standard & Poor’s Ratings Services’ office in Toronto; (iii) Moody’s Investors Services’ office in Moscow.

rating methods or freely accessible web-page hosting or disclosing the information on rating methods; The rating methodology used by each rating agencies is explained on its website at

(i) www.fitchratings.com (ii) www.standardpoors.com (ii) www.moodys.com

other details of the credit rating (optional). Not applicable.

If the credit rating was assigned to the securities, additionally specify: class, category (type), series, form and other identification features of the securities; state registration number of the issuance and date of its state registration (identification number of the issuance and the allocation date thereto).

Standard & Poor’s Ratings Services also issued a “B-“ issue-level rating assigned to the Series 01 Bonds and the Series 02 Bonds. This rating was also discontinued when Standard & Poor’s Ratings Services coverage was discontinued at the Issuer’s request on November 28, 2016.

On March 10, 2017, the Board of Directors of the Issuer decided that the Issuer will cease to maintain any credit ratings, and, accordingly, the Issuer requested a termination of coverage by Fitch Ratings and Moody’s Investors Service.

On May 15, 2017, Moody’s Investors Service has withdrawn the Ba3 corporate family rating (CFR) and the Ba3-PD probability of default rating (PDR) of Uranium One, as well as the stable outlook on the ratings. At the same time, Moody’s has withdrawn the SGL-2 speculative grade liquidity rating of Uranium One.

On May 15, 2017, Fitch Ratings has affirmed Uranium One’s Long-Term Foreign Currency Issuer Default Rating (IDR) at ‘BB-‘ with a Stable Outlook. The agency has simultaneously withdrawn the ratings of Uranium One for commercial reasons.

8.2. Information on Each Category (Type) of Issuer’s Shares

This disclosure is to be made by issuers which are joint stock companies and must be repeated in full for each category (class) of issuer’s outstanding shares.

For each category (type) of shares, specify:

category of shares (common, preferred), and type of the preferred shares: The Issuer is authorized to issue an unlimited number of shares of one class divided into two series: Common Shares and Common Shares, Series A. The rights, privileges and restrictions attaching to each series of common shares are identical. par value of each share: The common shares do not have par value. - 189 -

number of outstanding shares (number of offered shares not redeemed): 957,189,036 number of additional shares which may be issued or pending issuance (number of shares of the additional issuance in respect of which state registration has occurred but no registration of report on the results of additional issuance or notice on the results of additional issuance (if the Federal Law “On Securities Market” does not provide for state registration of a report on the results of such issuance) has occurred yet): None number of authorized shares: Unlimited number of treasury shares: Not applicable – the Issuer is authorized to issue an unlimited number of common shares. number of additional shares which may become outstanding upon conversion of the outstanding securities convertible into shares or the exercise of the issuer's share options: None state registration number of the issuance of the issuer’s shares and date of its state registration; in case of any additional issuances of shares of the issuer in respect of which the registration authority has not taken decision on cancellation of their individual numbers (codes), state registration number and date if the state registration of each such additional issuance shall also be provided; Not applicable rights vested in the holders of the shares: Each shareholder of Uranium One has the right to: (i) receive notice of, attend, and vote at meetings of the shareholders of Uranium One, having one vote for each shares held; (ii) receive, on a pro rata basis, dividends on the common shares of Uranium one if, as and when they are declared by the board of directors of Uranium One; and (iii) receive the remaining property of Uranium One on a pro rata basis, after its creditors have been repaid, upon the liquidation, dissolution or winding up of Uranium One. shareholder rights to receive the declared dividends, and the information about the order of dividend payments in respect of a particular class of preferred shares if the issuer's charter provides for two or more classes of preferred shares; See above rights of a holder of common shares to participate in the general shareholders meeting and vote on all its reserved matters, and the rights of a holder of preferred shares to participate in the general shareholders meeting and vote on all its reserved matters if the preferred shares are placed, in the situations and pursuant to the procedure and the terms set forth in the joint stock company laws; See above rights of a holder of a particular class of preferred shares to have them converted into common shares or preferred shares of other classes, and the procedure of such conversion (number, category (class) of shares to be created upon conversion, and other terms of conversion) if the issuer's charter provides for a conversion option; Not applicable shareholder rights to receive a portion of the issuer's property upon its liquidation, and the information about the order of liquidation value disbursement in respect of a particular class of preferred shares if the issuer’s charter provides for two or more classes of preferred shares, each being entitled to receive a particular portion of the liquidation value; See above other details of the shares (optional). None

8.3. Information on Previous Issuances of Issue-Grade Securities of the Issuer Other Than the Shares of the Issuer

Information on previous issuances of the issuer’s securities other than shares shall be disclosed separately in respect of each issuance in which all securities were redeemed, and issuances in which the securities were not redeemed (may be issued, are being issued, were issued and (or) are outstanding).

8.3.1. Information on Issuance in Which All Securities Were Redeemed

For each issuance in which all securities were redeemed within the last five closed reporting years or the period from the beginning of the current year to the closing date of the reporting quarter, the following information shall be provided in the form of a table.

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8.3.1.1 2010 Debentures type, series, form and other identification features 5.0% convertible unsecured subordinated debentures of securities Uranium One Inc. due March 13, 2015 (the “2010 Debentures”), ISIN CA91701PAC91 state registration number of the issue of securities and date Not applicable of its state registration (identification number of the issue and date of its allocation if the issue was not subject to state registration) registration authority that registers the issue of securities Ontario Securities Commission (as principal regulator; (entity that allocated the identification number to the issue the prospectus for the public offering of the 2010 if the issue was not subject to state registration) Debentures was also cleared with the securities commissions of each of the other provinces of Canada). number of securities in issue CDN$260,000,000 aggregate principal amount of 2010 Debentures nominal amount of the issue or statement that such type of CDN$260,000,000 aggregate principal amount securities does not have nominal value according to Russian legislation term (date) of maturity of the securities of the issue) March 13, 2015 grounds for redemption of the securities of the issue The 2010 Debentures were repurchased in two tranches: (performance of obligations under the securities, (i) CDN$227.461 million aggregate principal amount on conversion in connection with issuance of securities of January 2, 2014 pursuant to an offer to repurchase the another issue, considering the issue void or ‘not happened’) 2010 Debentures which commenced on November 15, 2013, as required by the indenture governing the 2010 Debentures as a result of the completion of the acquisition by Uranium One Holding N.V. of all of the publicly held common shares of the Corporation not already owned by subsidiaries of ARMZ, and (ii) discharge of the CDN$32.5 million aggregate principal amount on February 5, 2015, being the balance of the 2010 Debentures outstanding, pursuant to the right of the Issuer under the indenture governing the 2010 Debentures to deposit with the trustee under said indenture, for payment to the holders of the 2010 Debentures, the outstanding principal amount of the 2010 Debentures together with all interest owing to the date of maturity. Before the foregoing transactions, CDN$39,000 aggregate principal amount of the 2010 Debentures was converted into common shares of the Issuer in accordance with the terms of the indenture governing the 2010 Debentures. The January 2, 2014 repurchase was done because it was required by the indenture governing the 2010 Debentures. The February 5, 2015 discharge was made voluntarily by the Issuer to reduce its outstanding debt.

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8.3.1.2 Senior Secured Notes type, series, form and other identification features 6.25% senior secured notes of the Issuer’s wholly-owned securities subsidiary Uranium One Investments due on December 13, 2018, ISIN US91701RAA94 / XS1003273767, which are guaranteed by the Issuer and certain other subsidiaries of the Issuer (the “Senior Secured Notes”). state registration number of the issue of securities and date Not applicable of its state registration (identification number of the issue and date of its allocation if the issue was not subject to state registration) registration authority that registers the issue of securities Not applicable; the Senior Secured Notes were offered for (entity that allocated the identification number to the issue sale in the U.S.A. and the European Union under if the issue was not subject to state registration) exemptions from the requirement to register or establish a prospectus for the offering. number of securities in issue US$300,000,000 aggregate principal amount nominal amount of the issue or statement that such type of US$300,000,000 aggregate principal amount securities does not have nominal value according to Russian legislation term (date) of maturity of the securities of the issue) December 13, 2018 grounds for redemption of the securities of the issue The Senior Secured Notes were repurchased and (performance of obligations under the securities, redeemed in three tranches: (i) on 24 September 2015, the conversion in connection with issuance of securities of Issuer purchased US$ 29,591,000 in principal amount of another issue, considering the issue void or ‘not happened’) the Senior Secured Notes; (ii) on July 7, 2016, the Issuer purchased $60.5 million of the principal amount of the Senior Secured Notes; and (iii) on December 13, 2016, the Corporation redeemed the remaining US$ 209,959,000 in principal amount of Senior Secured Notes at a redemption price equal to 103.125% of the principal amount outstanding, plus accrued and unpaid interest. The $90.1 million aggregate principal amount of the Senior Secured Notes that the Issuer had purchased earlier were cancelled before the redemption. All three repurchases and redemptions were made voluntarily by the Issuer to reduce its outstanding debt.

8.3.2. Information on Issuances in Which the Securities Are Not Redeemed

Disclose the total number and the aggregate par value (if securities of this particular type have par value) of all issuer’s securities of each type save for the shares in respect of which state registration of issuance (issuances) (allocation of identification number to the issue if the issue(s) was (were) not subject to state registration according to the Federal Law “On Securities Market”) took place and which are not redeemed (may be issued, are being issued, have been issued and(or) are outstanding).

For each issuance in respect of which state registration (allocation of identification number to the issue if the issue was not subject to state registration according to the Federal Law “On Securities Market”) took place and which are not redeemed (may be issued, are being issued, have been issued and (or) are outstanding), the following information shall be provided in the form of a table:

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8.3.2.1 Series 01 Bonds type, series, form and other identification features 9.75% non-convertible interest-bearing certificated bearer securities bonds of Series 01 subject to compulsory centralized custody redeemable on the 3,640th (three thousand six hundred and fortieth) day from the date when the placement of issued bonds is commenced, ISIN RU000A0JRTS1 (the “Series 01 Bonds”) state registration number of the issue of securities and date ISIN RU000A0JRTS1, 10 November 2011 of its state registration (identification number of the issue and date of its allocation if the issue was not subject to state registration) registration authority that registers the issue of securities Federal Service for Financial Markets (entity that allocated the identification number to the issue if the issue was not subject to state registration) number of securities in issue 14,300,000 Series 01 Bonds (RUB 14,300,000,000 aggregate principal amount) were originally issued. 11,800,000 (RUB 11,800,000,000 aggregate principal amount) were repurchased on August 23, 2013, leaving RUB 2,500,000,000 aggregate principal amount outstanding. On December 5, 2016, the Issuer repaid RUB 2,499,957,000 aggregate principal amount of its Series 1 Ruble Bonds at their face value. RUB43,000 aggregate principal amount of Series 1 Ruble Bonds remains outstanding nominal amount of the issue or statement that such type of RUB 14,300,000,000 aggregate principal amount was securities does not have nominal value according to originally issued, of which RUB 11,800,000,000 was Russian legislation repurchased on August 23, 2013, and a further RUB 2,499,957,000 was repaid on December 5, 2016, which leaves RUB 43,000 outstanding. status of the securities of the issue (issuance not Please see “number of securities in issue”, above. commenced; being issued; issuance finished; outstanding) RUB43,000 aggregate principal amount of Series 1 Ruble Bonds remains outstanding, but such bonds ceased to bear interest after November 30, 2016. date of state registration of report on the results of the December 7, 2011 issuance of the securities (date of filing of notification on the results of the issuance of the securities) amount of interest (coupon) periods for which yield 10 (coupons, interest) is paid on the securities of the issue (for bonds) term (date) of maturity of the securities of the issue) November 30, 2016 address of the internet page on which the text of decision www.e-disclosure.ru on issuance and prospectus of the securities (if any) are available

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8.3.2.2. Series 02 Bonds type, series, form and other identification features 10.25% unsecured, non-convertible, ruble-denominated securities certified bearer bonds of Series 02 subject to compulsory centralized custody redeemable on the 3,640th (three thousand six hundred and fortieth) day from the date when the placement of issued bonds is commenced, ISIN RU000A0JRTT9 (“Series 02 Bonds”) state registration number of the issue of securities and date ISIN RU000A0JRTT9, 10 November 2011 of its state registration (identification number of the issue and date of its allocation if the issue was not subject to state registration) registration authority that registers the issue of securities Federal Service for Financial Markets (entity that allocated the identification number to the issue if the issue was not subject to state registration) number of securities in issue 12,500,000 Series 02Bonds (RUB12,500,000,000 aggregate principal amount). nominal amount of the issue or statement that such type of RUB12,500,000,000 aggregate principal amount securities does not have nominal value according to Russian legislation status of the securities of the issue (issuance not All of the Series 02 Bonds are currently outstanding. commenced; being issued; issuance finished; outstanding) date of state registration of report on the results of the August 30, 2013 issuance of the securities (date of filing of notification on the results of the issuance of the securities) amount of interest (coupon) periods for which yield 14 (coupons, interest) is paid on the securities of the issue (for bonds) term (date) of maturity of the securities of the issue) August 14, 2020 address of the internet page on which the text of decision www.e-disclosure.ru on issuance and prospectus of the securities (if any) are available

For the securities in respect of which state registration of additional issue of securities (allocation of identification number to the additional issue if the issue was not subject to state registration according to the Federal Law “On Securities Market”) took place, the following information shall be provided for each such additional issue in the form of a table: Not applicable type, series, form and other identification features securities state registration number of the additional issue of securities and date of its state registration (identification number of the additional issue and date of its allocation if the additional issue was not subject to state registration) registration authority that registered the additional issue of securities (entity that allocated the identification number to the additional issue if the additional issue was not subject to state registration)

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number of securities in the additional issue of securities (if the registration authority (the entity that allocated the identification number) has not taken a decision on cancellation of the individual number (code) of this additional issue of securities) nominal amount of the additional issue or statement that such type of securities does not have nominal value according to Russian legislation (if the registration authority (the entity that allocated the identification number) has not taken a decision on cancellation of the individual number (code) of this additional issue if securities) status of the securities of the additional issue (issuance not commenced; being issued; issuance finished; outstanding) date of state registration of report on the results of the additional issue of the securities (date of filing of notification on the results of the additional issue of the securities) date of cancellation of the individual number (code) of the additional issue of the securities registration authority (entity) that has cancelled the individual number (code) of the additional issue of the securities address of the internet page on which the text of decision on additional issue and prospectus of the securities (if any) are available

If the securities of the issue are secured bonds, the following additional information shall be disclosed in the form of a table: Not applicable full company name (for a non-profit organization, name), location, Taxpayer Identification Number (INN) (if applicable), main state registration number (if applicable) full name (for an individual) of the person that provided security, or statement that the issuer is such person type of the provided security (pledge, suretyship, bank guarantee, state or municipal guarantee) amount of the provided security obligations under the bonds which are covered by the provided security address of the internet page on which the information on the person that provided security is disclosed (if any) other information on the provided security at the issuer’s discretion

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If the securities of the issue are convertible securities, the following additional information shall be provided in the form of a table: Not applicable type, class, series, form and other details of the securities into which the conversion may be made amount of the securities into which each of the securities subject to conversion may be converted (conversion multiplier) type of conversion (at the request of the holders of the convertible securities; upon certain event; other) other information on the convertible securities, securities into which the conversion may be made, procedure for, or conditions of, the conversion provided at the issuer’s discretion

If the securities of the issue are options, the following additional information shall be disclosed in the form of a table: Not applicable category of the shares (ordinary, preference), for preference shares – type, which may be bought by exercising of the option amount of shares of each category (type) that may be bought by exercising one option price (procedure for determination of the price) of purchase (conversion) of shares in order to perform the obligations under the options term (procedure for determination of the term) within which the option holders may claim for conversion of the options or for acquisition of shares under the options other information on the options provided at the issuer’s discretion

If the securities of the issue are Russian depositary receipts, the following additional information shall be provided in the form of a table: Not applicable type, class, category and form of the underlying securities, term (procedure for determination of the term) for repayment (if the underlying securities are bonds) full and short company names and location of the issuer of the underlying securities as well as information that allows to identify the issuer of the underlying securities as a legal entity in accordance with its personal law ISIN or other identification number allocated to the underlying securities (issue of underlying securities) in accordance with foreign law amount of the underlying securities represented by our Russian depositary receipt max amount of the Russian depositary receipts that may be outstanding at any point of time information on whether the issuer of the underlying securities has assumed obligations towards the holders of the Russian depositary receipts

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address of the internet page where the information on the issuer of the underlying securities is available (if any) other information on the Russian depositary receipts, the underlying securities and (or) their issuer provided by the issuer of the depositary receipts at its discretion

If the obligations of the issuer under securities were not performed (in a due manner or at all) when fell due, including because of the issuer’s fault or a holder’s fault, the following additional information shall be disclosed in the form of a table: Not applicable obligations under securities that were not performed or were not performed in a due manner and the date when such obligations fell due amount of non-performed obligations under securities (in cash) reasons for non-performance or undue performance of the obligations under securities proposed term for due performance of the obligations under securities possible actions of the holders of the securities in order to protect their rights in connection with the non-performance or undue performance of the obligations under securities other information in the non-performed obligations provided by the issuer at its discretion

8.4. Information on Person(s) Extending Security for the Issuer’s Secured Bonds and on the Terms of Securing the Performance under the Issuer’s Secured Bonds

Not applicable – the Issuer currently does not have outstanding any bonds that it had issued and that are admitted to organized trading and are secured by collateral.

In case of admission to organised trade and (or) the registration of a prospectus of secured bonds, if obligations under such bonds are not discharged, information on the persons that have provided security under the bonds and on the terms of security for the performance under the issuer’s secured bonds shall be disclosed.

In each case when security was provided in respect of issued secured bonds of the issuer, the following information shall be provided in the form of a table: full company name (for a non-profit organization, name), location, Taxpayer Identification Number (INN) (if applicable), main state registration number (if applicable) full name (for an individual) of the person that provided security, or statement that the issuer is such person state registration number of the issue (issues) of secured bonds and date of its (their) state registration (identification number (numbers) if issue (issues) of secured bonds and date of its (their) allocation of the issue (issues) of secured bonds were not subject to state registration) type of the provided security (pledge, suretyship, bank guarantee, state or municipal guarantee) amount of the provided security

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obligations under the bonds which are covered by the provided security address of the internet page on which the information on the person that provided security is disclosed (if any) other information on the provided security at the issuer’s discretion

In case of admission to organised trade or the registration of a prospectus of bonds which are secured by the bank guarantee or third-party guarantee and if such a person does not disclose information in the form of quarterly reports, notices of material facts, consolidated financial statements, among other things because of absence of freely undertaken obligation to disclose these information, information required under items I - VIII of this annex.

If the guarantor freely undertakes obligation to disclose the information in the form of quarterly reports, notices of material facts, consolidated financial statements, this has to be reflected in this sub-item.

8.4.1 Additional Information about Mortgage Collateral for Obligations Relating to Mortgage-Backed Bonds

Not applicable – the Issuer has no mortgage-backed bonds outstanding.

8.4.1.1 Information in respect of specialised depositary(ies) who maintains the register(s) of mortgage collateral

In respect of each specialised depositary who maintains the register(s) of mortgage collateral, specify: full and short company name, location, taxpayer identification number (INN) (if applicable), Main State Registration Number (OGRN) (if applicable); number, date, validity period of the license to carry out the activities of specialised depositary of investment funds, share investment funds and non-governmental pension funds, and the licensing authority; number, date, validity period of the depositary’s license, and the licensing authority; state registration numbers of mortgage-backed bonds issuances the register of which is maintained by specialised depositary. 8.4.1.2 Information concerning the insurance of liabilities to mortgage-backed bondholders:

full and short company name and location of an insurant (issuer, specialised depository who maintains the register of mortgage collateral, registrar who maintains the register of mortgage collateral); full and short company name, location, taxpayer identification number (INN) (if applicable), Main State Registration Number (OGRN) (if applicable) of the insurance company (companies) which provides the insurance of liabilities to mortgage-backed bondholders, number, date, validity period of the insurance license, and the licensing authority; reference details (number, execution date) of the insurance agreement, date when the agreement became effective (or the procedure if its determination), term of the agreement; assumed event(s) in case of which the insurance is provided (insured event); amount of insurance payment which has to be paid by the insurance company in case of insured event; state registration numbers of mortgage-backed bonds issuances which are subject matters of each insurance agreement; any other terms and conditions of insurance agreements (optional). If no insurance is provided, this should be specified.

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8.4.1.3 Information on service agents which are entitled to receive the performance from the debtors whose mortgage-secured debts comprise the mortgage collateral.

If the issuer has instructed or intends to instruct the service agent to receive the performance from the debtors (mortgage secured claims on which are made the mortgage collateral), specify: full and short company name, location, taxpayer identification number (INN) (if applicable), Main State Registration Number (OGRN) (if applicable); main functions of the service agent in accordance with the agreement with the issuer.

8.4.1.4 Information about the structure and size of the mortgage collateral (for mortgage-backed bonds)

In respect of each formed (by the issuer) mortgage collateral which is securing the performance of obligations from mortgage-backed bonds, for the end of the reporting quarter there shall be specified. 1) state registration number of the issuance (additional issuance) of mortgage-backed bonds and date of the state registration.

2) size of the mortgage collateral and the amount (sum) of obligations from bonds secured by this mortgage collateral presented in the same currency as currency of mortgage-backed bonds and ratio thereof:

Size of mortgage collateral, Amount (sum) of obligations Ratio of size of mortgage RUB/foreign currency from bonds secured by this mortgage collateral to amount (sum) of collateral, RUB/ foreign currency obligations from bonds secured by this mortgage collateral

3) information on size and structure of mortgage collateral:

Indicator Indicator values Total remaining amounts of principal debt from claims secured by mortgage and comprising the mortgage collateral, RUB/ foreign currency Ratio of total outstanding principal amount of claims secured by mortgage and comprising the mortgage collateral to total market value of mortgaged immovable property secured the performance of these claims estimated by the independent appraiser, % Average mortgage secured claims interest rates on outstanding principal amount: for claims expressed in RUB, % annual; for claims expressed in foreign currencies (separately for each foreign currency), % annual Average (on outstanding principal amount) period since the date of origin of claims secured by the mortgage and comprising the mortgage collateral, days Average (on outstanding principal amount) remaining period to the date of performance of claims secured by the mortgage and comprising the mortgage collateral, days

Average interest rates on outstanding principal amount shall be calculated as the sum of current interest rates for each claim secured by mortgage multiplied by the outstanding principal amount of such claim and - 199 -

divided by the aggregate outstanding principal amount of all claims secured by mortgage and comprising the mortgage collateral. Average (on outstanding principal amount) period since the date of origin of claims secured by the mortgage shall be calculated as the sum of number of days since the date of execution of contract from which the claim secured by the mortgage has arisen multiplied by the outstanding principal of such claim and divided by total outstanding principal amount of all claims secured by mortgage and comprising the mortgage collateral. Average (on outstanding principal amount) remaining period to the date of performance of claims secured by the mortgage shall be calculated as the sum of number of days remaining to the date of performance of each claim secured by the mortgage multiplied by outstanding principal of such claim and divided by total outstanding principal amount of all claims secured by mortgage and comprising the mortgage collateral.

4) information on the structure of mortgage collateral separately for each type of property comprising the mortgage collateral:

a) structure of mortgage collateral separately for each type of property:

Type of property comprising the mortgage collateral Share of this type of property in the size of the mortgage collateral, % Claims secured by the mortgage, total in particular claims secured by the mortgage witnessed with mortgage deeds claims secured by the mortgage of assets under construction claims secured by the mortgage of housing accommodations claims secured by the mortgage of non-residential premises Mortgage participation certificate Money, total in particular in RUB in foreign currency State securities, total in particular state securities of the Russian Federation state securities of constituent entities of the Russian Federation Immovable property

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b) structure of claims (comprising the mortgage collateral) secured by the mortgage of housing accommodations:

Type of property comprising the mortgage collateral Share of this type of property in the size of the mortgage collateral, % Claims secured by the mortgage of housing accommodations, total in particular claims secured by the mortgage of flats in a block of flats claims secured by the mortgage of houses with land plot

c) structure of claims comprising the mortgage collateral:

Type of claims secured by Number of claims of a Share of claims of a particular mortgage particular type secured by mortgage type secured by mortgage in the total amount of claims (included in mortgage collateral) secured by mortgage, % Comprising the mortgage collateral 100 claims secured by mortgage, total Claims secured by the mortgage of assets under construction including claims witnessed with mortgage deeds Claims secured by the mortgage of housing accommodations including claims witnessed with mortgage deeds Claims secured by the mortgage of non-residential premises including claims witnessed with mortgage deeds

Comprising the mortgage collateral 100 claims secured by mortgage, total Secured by the mortgage claims witnessed with mortgage deeds Secured by the mortgage claims not witnessed with mortgage deeds

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5) information on structure of claims (comprising the mortgage collateral) secured by the mortgage separated based on the legal ground of the Issuer’s rights on these property:

Type of the legal ground of the Issuer’s rights on these Share of claims arising from a particular legal ground in property the total amount of claims comprising the mortgage collateral Granting of mortgage secured loans Introduction of capital as paying up of shares (charter capital) Acquisition by the means of entering into an agreement (agreement on the cession, mortgage deeds purchase agreement, other agreement) Acquisition as a result of universal succession

6) information on structure of claims (comprising the mortgage collateral) secured by the mortgage separated based on the location of immovable property (with accuracy of a constituent entity of the Russian Federation):

Name of the constituent entity Number of claims secured by Share in the total amount of of the Russian Federation mortgage claims comprising the mortgage collateral, %

Total 100

7) information on delays of payments under claims (comprising the mortgage collateral) secured by the mortgage:

Overdue time period Number of claims secured by Share in the total amount of claims mortgage comprising the mortgage collateral, % up to 30 days 31-60 days 61-90 days 91-180 days more than 180 days In the process of foreclosure

Issuer in its own discretion may specify any other information on structure and size of the mortgage collateral.

8.4.2 Additional Information about Collateral by Monetary Claims under Issuer’s Bonds Backed by Collateral by Monetary Claims

Not applicable – the Issuer currently does not have outstanding any bonds that it had issued and that are admitted to organized trading and are secured by collateral.

8.4.2.1 Information on a person recording monetary claims pledged and sums of money charged to a pledged account

In respect of each aggregate of monetary claims which are pledged to secure performance of obligations under bonds of one or several issues there shall be specified: - 202 -

a person recording monetary claims pledged and sums of money charged to a pledged account (issuer of bonds backed by collateral by monetary claims; bank where a pledged account for issuer of bonds backed by collateral by monetary claims is opened);

state registration numbers of issues of bonds backed by pledge of this aggregate of monetary claims, and dates of state registration thereof.

If a person who records monetary claims pledged and sums of money charged to a pledged account is a bank where a pledged account for issuer of bonds secured by collateral by monetary claims is opened, in respect of this bank there shall be specified: full and short company name, location, INN (if applicable), OGRN (if applicable); number, date of issue, validity period of the license to carry out banking operations.

8.4.2.2 Information concerning the insurance of risk of losses connected with failure to perform obligations under monetary claims pledged and (or) risk of liability for failure to perform obligations under bonds secured by collateral by monetary claims

There shall be specified: type(s) of risk insured (risk of losses connected with failure to perform obligations under monetary claims pledged; risk of liability for failure to perform obligations under bonds secured by collateral by monetary claims); full and short company name, location, (INN) (if applicable), (OGRN) (if applicable) of the insurance organisation(s) insuring the relevant risk, number, date and validity period of the license to carry out insurance activities, licensing authority; reference details (number, execution date) of the insurance agreement, the date when the agreement became effective (or the procedure of its determination), term of the agreement; assumed event(s) in case of which the insurance is provided (insured event); amount of insurance payment which has to be paid by the insurance company(ies) in case of insured event; state registration numbers and dates of state registration of bonds issuances secured by pledge of monetary claims, which are subject matters of insurance agreements; any other terms and conditions of insurance agreements (optional). If no insurance is provided for risk of losses connected with failure to perform obligations under monetary claims pledged and (or) risk of liability for failure to perform obligations under bonds secured by collateral by monetary claims, this should be specified.

8.4.2.3 Information on organisations servicing monetary claims pledged

If an organisation, that is not a creditor, is servicing monetary claims pledged on the basis of a contract entered into with an issuer of bonds backed by collateral by monetary claims (fulfils obligations of receipt and transfer of monetary funds from debtors and (or) exercises other rights of creditors with respect to the named monetary claims), there shall be specified in relation to each organisation: full and short company name, location, (INN) (if applicable), (OGRN) (if applicable); main functions of an organisation in accordance to the contract entered into with an issuer of bonds with mortgage security by monetary claims.

8.4.2.4 Information about the structure and size of the collateral of bonds consisting of monetary claims

In respect of each formed (by the issuer) collateral which is securing bonds backed by collateral by monetary claims for the end of the reporting quarter there shall be specified: 1) state registration numbers of the issuances (additional issuance) of bonds backed by this collateral and dates of the state registration. - 203 -

2) size of the collateral its ratio to the amount (sum) of obligations from bonds backed by this collateral, and if this collateral secures performance of obligations under contracts entered into with the issuer – ratio to the amount (sum) of monetary obligations under such contracts, presented in the same currency as currency of bonds backed by this collateral:

Size of collateral, RUB/foreign Amount (sum) of obligations from Ratio of size of collateral to amount currency bonds backed by this collateral and (sum) of obligations from bonds obligations under contracts with this backed by this collateral and collateral entered into by the issuer, obligations under contracts with this RUB/ foreign currency collateral entered into by the issuer

3) information on size and structure of collateral:

Indicator Indicator values Total remaining amounts of principal debt from monetary claims pledged, RUB/ foreign currency Total remaining of interests due to pay under monetary claims pledged for the whole period of such obligations, RUB / foreign currency Average monetary claims pledged interest rates on outstanding principal amount: for monetary claims expressed in RUB, % annual; for monetary claims expressed in foreign currencies (separately for each foreign currency), % annual Average (on outstanding principal amount) period since the date of origin of monetary claims pledged, days Average (on outstanding principal amount) remaining period to the date of performance of monetary claims pledged, days

Average interest rates on outstanding principal amount shall be calculated as the sum of current interest rates for each monetary claim pledged by the outstanding principal amount of such monetary claim and divided by the aggregate outstanding principal amount of all monetary claims pledged. Average (on outstanding principal amount) period since the date of origin of monetary claims pledged shall be calculated as the sum of number of days since the date of execution of contract (the date of the obligation) from which the monetary claim pledged has arisen multiplied by the outstanding principal of such claim and divided by total outstanding principal amount of all monetary claims pledged. Average (on outstanding principal amount) remaining period to the date of performance of monetary claims pledged as the sum of number of days remaining to the date of performance of each monetary claim pledged multiplied by outstanding principal of such claim and divided by total outstanding principal amount of all monetary claims pledged.

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4) information on the structure of collateral separately for each type of property comprising the collateral:

a) structure of collateral separately for each type of property:

Type of property comprising the Size of this type of the pledged Share of this type of collateral property, RUB/ foreign currency property in the size of the collateral, % Monetary claims, total in particular monetary claims under existing unmatured obligations Monetary funds on a pledged account, total in particular in RUB in foreign currency State and municipal securities, total in particular state securities of the Russian Federation state securities of constituent entities of the Russian Federation municipal securities Securities other than state or municipal Immovable property

b) structure of monetary claims pledged:

Group of generic monetary claims Number of monetary claims Size of monetary Share of monetary pledged comprising the collateral pledged comprising this group claims pledged claims of this group in comprising this group, the total amount of the RUB/ foreign currency collateral, %

Group 1 Group 2 Group 3

In respect of each group of generic monetary claims pledged the criteria of such similarity shall be specified. Number of generic groups and the criteria of similarity of monetary claims pledged shall be defined by an issuer;

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c) information on contingent monetary claims under future obligations related to the collateral:

Group of generic contingent Anticipated number of Anticipated size of monetary Anticipated minimum monetary claims under future contingent monetary claims claims of this group, RUB/ and maximum periods obligations related to the under future obligations foreign currency for satisfying contingent collateral comprising this group monetary claims under future obligations of this group, days Group 1 from to Group 2 from to Group 3 from to

There shall be specified anticipated indicators with respect to each group of generic contingent monetary claims under future obligations. Herewith groups of generic contingent monetary claims under future obligations shall correspond to the groups of generic monetary claims pledged as determined by an issuer. There shall be specified a period in relation to which a forecast is made, and if such a forecast is made in relation to several periods, the relevant anticipated indicators shall be specified in relation to each period as of the end date of them.

5) information on delays of payments under claims comprising the collateral:

Overdue time period Number of overdue monetary claims Share of overdue monetary claims pledged pledged in the total amount of collateral, % up to 30 days

31-60 days

61-90 days

91-180 days more than 180 days

In the process of foreclosure

Issuer may specify no other information on structure and size of the collateral.

8.4.2.5 Information on the form, means of undertaking and degree of risks, undertaken by initial and (or) subsequent creditors under obligations monetary claims from which comprise the collateral.

There shall be specified total amount of risks undertaken by initial and (or) subsequent creditors under obligations monetary claims from which comprise the collateral as of the date of commencement and date of the end of the reporting quarter. With respect to each initial or subsequent creditor who undertook risks under obligations monetary claims from which comprise the collateral there shall be specified: full and short company name (for a non-profit organisation - name), (OGRN) (if applicable), (INN) (if applicable) or a full name of the creditor; location and (or) address of the creditor for receiving correspondence; form and means of undertaking risks; date of execution of transaction whereby the risks are undertaken by the creditor, contents of the transaction, including parties to the transaction, rights and obligations of the parties, period for execution of obligations arising from the transaction, size of the transaction in monetary terms;

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degree of undertaken by a creditor and continuing risks as of the date of commencement and date of the end of the reporting quarter.

8.5. Information on Entities in Charge of Registration of Rights to Issue-Grade Securities of the Issuer For issuers which are joint stock companies and other issuers of registered securities, there shall be specified that a registrar is responsible for maintaining the register of holders of the issuer’s registered securities.

In respect of the registrar maintaining the register of the holders of registered securities there shall be specified:

8.5.1. For the Ruble Bonds

Full company name: Non-Bank Credit Organization Joint-Stock Company “National Settlement Depository” Short company name: NSD Location: 12 Spartakovskaya Street, Moscow, Russia, 105066 Taxpayer Identification Code (INN): 7702165310 Main State Registration Number (OGRN): 1027739132563 date since which the registrar keeps the register of the issuer’s registered securities: December 7, 2011 number, date, validity period of the professional securities market license to carry out depositary activities, and the licensing authority License number: 177-12042-000100 Date of issue: February 19, 2009 Term: unlimited period Licensing authority: Federal Financial Markets Service of Russia (Central Bank of Russia)

8.6. Information on Regulatory Acts Governing Import and Export of Capital Which May Affect Payment of Dividends, Interest and Other Disbursements to Non-Residents For issuers which are joint stock companies, specify the titles and details of the regulatory acts of the Russian Federation as in effect as of the end date of the reporting period which govern import and export of capital and may affect the payment of dividends on the issuer’s shares, or payment of interest and other disbursements to non-resident holders of other issuer’s outstanding securities (if any). For issuers who have other corporate form and legal status, specify the titles and details of the regulatory acts of the Russian Federation as in effect as of the end date of the closed reporting quarter which govern import and export of capital and may affect the payment of interest and other disbursements to non-resident holders of issuer's securities.

There are no applicable currency control rules under Canadian law.

The following is a list of the Russian laws and regulations governing the import and export of capital which the payment of interest and other disbursements to non-residents of Russia under the bonds:

Tax Code of the Russian Federation, Part 1, No. 146-FZ of July 31, 1998; Tax Code of the Russian Federation, Part 2, No. 117-FZ of August 5, 2000; Federal Law No. 311-FZ “On Customs Regulation in the Russian Federation” of November 27, 2010; Customs Code of the Eurasian Economic Union (Annex 1 to the Treaty on the Customs Code of the Eurasian Economic Union of April 11, 2017); Federal Law No. 86-FZ of July 10, 2002, “On the Central Bank of the Russian Federation (Bank of Russia)”; Federal Law No. 395-1 of December 2, 1990, “On Banks and Banking Business”; Federal Law No. 173-FZ of December 10, 2003, “On Currency Regulation and Currency Control”; Federal Law No. 39-FZ of April 22, 1996, “On Securities Market”;

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Federal Law No. 115-FZ of August 7, 2001, "On Anti-Money Laundering and Combating the Financing of Terrorism”; Federal Law No. 160-FZ of July 9, 1999, “On Foreign Investments in the Russian Federation”; Federal Law No. 39-FZ of February 25, 1999, “On Investing Activities in the Russian Federation Performed in the Form of Capital Investments”; Law of the Russian Soviet Federated Socialistic Republic No. 1488-1 of June 26, 1991, “On Investing Activities in the Russian Soviet Federated Socialistic Republic”;

Instruction of the Central Bank of the Russian Federation No. 181-I of August 16, 2017 “On the Procedure for Submission by Residents and Non-Residents to Duly Authorized Banks of the Supporting Documents and Information Related to the Execution of Foreign Exchange Transactions, on the unified forms of accounting and reporting on Foreign Exchange Transactions, as well as on the Procedure and Terms for their Submission”; Regulations of the Government of the Russian Federation, federal executive authorities, executive authorities of the constituent entities of the Russian Federation, local executive authorities; and International double taxation treaties of the Russian Federation.

8.7 Information on the Dividends Declared (Accrued) and (or) Paid on the Issuer’s Shares, and the Yield Realized from the Issuer’s Bonds

8.7.1 Information on declared and paid dividends on the issuer’s shares:

Issuers who are joint stock companies shall specify the following information on declared and paid dividends on the issuer’s shares for the last five complete reporting years, of for each complete reporting year, if it has operated for less than five years and for the period since the beginning of the current year to the closing date of the reporting quarter in relation to each category (type) of the issuer’s shares in the form of a table:

During the last five complete reporting years (2014 – 2018, inclusive), the Issuer has paid one dividend on its common shares, as described below.

8.7.1.1 2018 Dividend

Indicator Indicator value for the respective reporting periods December 12-18, 2018 category of shares; for preference shares – type Common Shares, Series A management body of the issuer that took decision on This dividend was declared by the Board of Directors of declaration of dividends, date of passing of such decision, the Issuer by written resolution signed by all of the date and number of the minutes of the meeting on which Directors of the Issuer on December 12, 2018. The Issuer such decision was made does not number the minutes of the meetings, or the resolutions, of its directors and shareholders. amount of declared dividends per one share, USD 0.10105563838 amount of declared dividends on all shares of the given 86.152 category (type), USD millions date of determining the list of persons entitled to receive December 12, 2018 dividends reporting period (year, quarter) for which the declared Year ended December 31, 2017 dividends are paid period (date) for payment of the declared dividends December 12-18, 2018 form of payment of the declared dividends (cash, other Cash assets)

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Indicator Indicator value for the respective reporting periods December 12-18, 2018 source of payment of the declared dividends (net profit of Profit for the year ended December 31, 2017 the reporting year, retained net profit of previous years, special fund) share of the declared dividends in the net profit of the Not applicable reporting year, % total amount of dividends paid on the shares of that 86.152 category (type), USD millions share of the paid dividends in the total amount of declared 100% dividends on the shares of that category, % if the declared dividends have not been paid in full or at all, Not applicable; all dividends that have been declared have the reasons for failure to pay the declared dividends been paid in full. other information on the declared and(or) paid dividends None provided by the issuer at its own discretion

8.7.2 Information in accrued and paid income on the issuer’s bonds

Issuers who have issued any bonds shall specify the following information on any issue of bonds on which any payments were made for the last five complete reporting years, or for each complete reporting year, if it has operated for less than five years and for the period since the beginning of the current year to the closing date of the reporting quarter in the form of a table: Please refer to the following table.

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Indicator Indicator value for the respective reporting periods series, form and other details of 2010 Debentures Series 01 Bonds Series 02 Bonds Senior Secured Notes the issue of the bonds state registration number of the Not applicable ISIN RU000A0JRTS1 ISIN RU000A0JRTT9 US91701RAA95 / XS1003273767 issue of the bonds and date of its state registration (identification number of the issue of the bonds and date of its allocation if the issue was not subject to state registration) type of yield paid on the bonds Interest and Principal Interest and Principal Interest Interest and Principal (principal amount, interest (coupon), other) amount of yield payable on the Interest: 7.5% per annum, re-set Interest: 9.75% per annum, Interest: 10.25% per Interest: 6.25% per annum, being US$ 625 bonds (in cash) per one bond, to 5% per annum on October 12, being RUB 97.24 each year in annum, being RUB each year in two equal payments. RUB/foreign currency 2010, being CDN$ 50 per 2010 two equal payments. 102.22 each year in two Principal: US$ 1,000 on maturity Debenture each year in two equal payments. Principal: RUB 1,000 on equal payments. maturity Principal: RUB 1,000 Principal: CDN$ 1,000 on on maturity maturity amount of yield payable on all Interest: 7.5% per annum, re-set Interest: 9.75% per annum, Interest: 10.25% per Interest: 6.25% per annum, being US$ the bonds of the issue, to 5% per annum on October 12, being RUB 243,100,000 each annum, being RUB 18,750,000 each year in two equal RUB/foreign currency 2010, being CDN$ 13,000 each year in two equal instalments 1,277,750,000 each year instalments year in two equal payments. in two equal instalments Principal: RUB Principal: US$300,000,000 on maturity(1) Principal: CDN$ 260,000,000 14,300,000,000 on maturity Principal: RUB on maturity (reduced to CDN$ (reduced to RUB 12,500,000,000 on 259,985,000 by the end of 2010, 2,500,000,000 as of August maturity and to CDN$ 259,961,000 by the 23, 2013, and RUB 43,000 as end of 2013, due to conversion of December 5, 2016) of principal amount into common shares of the Issuer) scheduled maturity of the bonds March 13, 2013 November 30, 2016 August 14, 2020 December 13, 2018

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form of payment on the bonds Cash Cash Cash Cash (cash, other assets) total amount of yield paid on all 2010 – Interest: US$ 14.0 2010 – Not issued yet 2010 – Not issued yet 2010 – Not issued yet bonds of the issue million 2011 – Interest: nil 2011 – Not issued yet 2011 – Not issued yet 2011 – Interest: US$ 13.0 2012 – Interest: US$ 3.7 2012 – Not issued yet 2012 – Not issued yet million million 2013 – Interest: nil 2013 – nil 2012 – Interest: US$ 12.9 2013 – Interest: US$34.3 million 2014 – Interest: 2014 – Interest: US$ 18.8 million million US$34.6 million 2013 – Interest: US$ 12.4 2015 – Interest: US$ 10.2 million Principal: RUB million 2015 – Interest: US$ 11,800,000,000 (repurchase Principal: 20.0 million 2014 – Interest: US$ 1.6 million on August 23, 2013 pursuant US$29.6 million (repurchase on September to offer to repurchase made 2016 – 24, 2015 pursuant to tender offer made 2014 – Principal: CDN$ through the facilities of the Interest: US$20.1 through the facilities of the Luxembourg 227,461,000 (repurchase on Moscow Exchange) million Stock Exchange) January 2, 2014 pursuant to mandatory offer) 2014 – Interest: US$ 6.6 2017 – Interest: 2016 – Interest: US$ 9.4 million million US$24.1 million 2015: – Interest: US$0.3 million Principal: 2015 – Interest: US$4.1 2018 – Interest: Principal: CDN$ 32,524,000 US$270.5 million million US$23.2 million (voluntary early repayment on (US$60.5 million repurchased on July 7, February 5, 2015) 2016 – Q1 2019 – 2016 pursuant to tender offer made through Interest: US$3.7 million Interest: US$10.8 the facilities of the Luxembourg Stock Principal: RUB 2,499,957,000 million Exchange, and US$210.0 million, excluding (repayment on December 5, a premium of 3.125% to the face amount, 2016 in accordance with the redeemed on December 13, 2016 in terms of the Series 01 Bonds) accordance with the terms of the Senior Secured Notes) share of yield paid on the bonds 100% 100% 100% 100% in the total amount of the yield payable on the relevant issue, %

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if the yield on bonds has not Not applicable; all amounts Not applicable; all amounts Not applicable; all Not applicable; all amounts owed have been been paid in full or at all, the owed have been paid when due. owed have been paid when amounts owed have paid when due. reasons for failure to pay the due. been paid when due. relevant amounts other information on the yield on None None None None the bonds provided by the issuer at its own discretion

Notes: (1) On 24 September 2015, the Issuer purchased US$ 29,591,000 in principal amount of the Senior Secured Notes. (2) On June 29, 2016, the Issuer closed the tender offer for, and accepted for purchase, $60.5 million of the principal amount of the Senior Secured Notes at a price of $1,000 per $1,000 of face value. The total amount of the transaction was $60.8 million including $0.3 million of accrued interest, as well as legal fees. The settlement of the tender offer was completed on July 7, 2016. (3) On December 5, 2016, the Issuer repaid RUB2,499,957,000 aggregate principal amount of its Series 1 Ruble Bonds at their face value. RUB43,000 aggregate principal amount of Series 1 Ruble Bonds remains outstanding, but such bonds ceased to bear interest after November 30, 2016. (4) On December 13, 2016, the Corporation redeemed the remaining US$ 209,959,000 in principal amount of Senior Secured Notes at a redemption price equal to 103.125% of the principal amount outstanding, plus accrued and unpaid interest.

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If the Issuer has not issue any bonds or for stated period no payments were made, this should be specified.

8.8 Other Information

The issuer may optionally provide other information on the issuer and its securities not included in the foregoing sections of this chapter.

The Issuer does not believe that there is any other material information to disclose.

8.9 Information on underlying securities and the issuer of underlying securities the rights to which are certified by the Russian depositary receipts

For issuers of circulated Russian depositary receipts specify: information on underlying securities and the issuer of underlying securities the rights to which are certified by the Russian depositary receipts of each issuance state registration of which (assignment of identification number) was performed as of the end of reporting quarter.

Not applicable

8.9.1 Information on underlying securities

Specify information on underlying securities to the extent required under Section VII of part B of this annex. Such information shall be provided to the extent related to the underlying securities subject to the provisions of the legislation of the country of issuer’s incorporation. If underlying securities have been listed in foreign stock exchanges which were included in the list of foreign exchanges for the purposes of issuing Russian depositary receipts, information on underlying securities may be provided to the extent required to be disclosed for foreign investors by the foreign law or rules of foreign exchange. Information on underlying securities may be disclosed in appendixes to the quarterly report of the issuer of Russian depositary receipts.

8.9.2 Information on the issuer of underlying securities

Specify information on the issuer of underlying securities to the extent required under Sections I -VIII of part B of this annex. Such information shall be provided to the extent related to the issuer of underlying securities subject to the provisions of the legislation of the country of issuer’s incorporation. Annual and interim accounting (financial) statements, annual and interim consolidated financial statements (if available), of the issuer of Russian deposit receipts shall be composed in compliance with IFRS or other internationally-recognised rules. Annual accounting (financial) statements and (or) annual consolidated financial statements of the issuer of underlying securities shall be audited by foreign auditor (foreign audit firm), which in accordance with foreign law is entitled to audit such statements, or by Russian auditor (audit firm) and the audit report shall to be attached to accounting (financial) statements of the issuer of underlying securities. If underlying securities have been listed in foreign stock exchanges which were included in the list of foreign exchanges for the purposes of issuing Russian depositary receipts, information on the issuer of underlying securities may be provided to the extent required to be disclosed for foreign investors by the foreign law or rules of foreign exchange. Information on the issuer of underlying securities may be disclosed in appendixes to the quarterly report of the issuer of Russian depositary receipts.

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