EXEL FINANCE LIMITED

None observed in current sources.

• ■
  JOANA EQUITIES ASSETS CORP.

  shareholder of
• ■
  LIEPA GROUP CAPITAL CORP.

  shareholder of
• ■
  CEMF INTERNATIONAL LTD.

  shareholder of
• ■
  FUTURENET HOLDINGS EQUITIES INC.

  shareholder of
• ■
  ONE TREE GROUP LIMITED

  shareholder of
• ■
  TYLERWICK ASSETS INC.

  shareholder of
• ■
  BAYQUAI FINANCIAL S.A.

  shareholder of
• ■
  BAOBAB HOLDINGS GROUP INC.

  shareholder of
• ■
  MOLUNA ASSET MANAGEMENT INC.

  shareholder of
• ■
  KOLVIR INVESTMENTS INC.

  shareholder of
• ■
  BIRCH PROPERTIES S.A.

  shareholder of
• ■
  ERIDANUS ASSOCIATES LIMITED

  shareholder of
• ■
  COPPER INTERNATIONAL TRADING LTD.

  shareholder of
• ■
  SCM Financial Ltd.

  shareholder of
• ■
  KIWEB MANAGEMENT S.A.

  shareholder of
• ■
  BENOAL S.A.

  shareholder of
• ■
  DAWN FINANCE CAPITAL S.A.

  shareholder of
• ■
  PROVIDENCE REAL ESTATE LTD.

  shareholder of