Summary of November 23rd Meeting

Though a different topic had been planned, the seventh Task Force meeting revolved around the update of the Property Value Maintenance Program (PVMP) at the request of members. The PVMP sub-working group members wanted to return to the Task Force for further discussion. More permanent changes were also made to the meeting schedule to allow as much time as possible for discussion.

The meeting began with a request for information, as several people mentioned seeing a helicopter do a series of low passes over the neighbourhood that day. Project superintendent Marcel St-Pierre said that this activity had not been sanctioned by Yamana and that he had no other information on the subject.

The meeting provided an opportunity for group discussion of the PVMP and its history, guiding principles, and objectives, Yamana's commitments and neighbourhood expectations. Several members indicated that they consider this a priority topic and that they want to expedite the process of updating the document. Yamana also took the occasion to more formally share with the group its intention to continue discussions of neighbourhood commitments with the aim of grouping them in a co-existence framework agreement. The PVMP would thus be a chapter within that agreement.

The presentation began with Yamana's philosophy of co-existence and its four components: terminate, mitigate, compensate, contribute. This was followed by a reminder that the current PVMP proposal, which originated with Monarch Gold, addressed just one issue – the sale and acquisition of properties with a guarantee of market value for sellers. Yamana's vision for the PVMP is to improve the document to provide a framework that is transparent and equitable for all.

The sub-group had already convened twice to update the program and had discussed several improvements. Presented to all Task Force members, these included elements regard the implementation and termination of the program, its retroactivity, simplification of the process for homeowners, limitations on Yamana's right of first refusal, an increase in refundable expenses, and proposals regarding monitoring and updating the PVMP. Several members asked that replacement value be considered for a homeowner who wishes to move.

As many of these proposals represent significant changes to the terms, conditions, and objectives of the document, it was agreed that Marc-André Lavergne, Yamana's Director of Community and External Affairs, would bring them to the attention of senior management for further discussion at the next meeting. The group’s members also reiterated their desire to discuss opportunities for Yamana's contributions in the immediate vicinity of the project and emphasized the desire to make this topic a priority. Thus, the December 14 meeting, which had come close to being cancelled, went ahead with the agreement that members would resume these discussions.

Summary of November 23^rd Meeting