Management's Discussion & Analysis

Forward-looking Statements

This Annual Report contains forward–looking information within the meaning of applicable securities legislation, which reflects the MDA's current expectations regarding future events. Forward–looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond MDA's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward–looking information Please review the cautionary language, beginning at p. 3 of the Management Discussion & Analysis attached to this Annual Report regarding various factors, assumptions and risks that could cause actual results to differ. MDA does not undertake any obligation to update such forward–looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.