From 2nd Quarter MD&A: Tagliamonte Loan As announced in its press release of April 7, 2022, the board of the directors of Belo (the “Board of Directors”) have amended the term of the loan between the Company and Mr. Tagliamonte (the “Tagliamonte Note”) to extend the maturity date of the Tagliamonte Note for a further six months resulting in a new maturity date of October 23, 2022. To date, Mr. Tagliamonte has made principal and interest payments of $760,736 under the Tagliamonte Note, reducing the outstanding principal amount thereof to $3,916,644. The interest rate under the Tagliamonte Note remains at London Inter-Bank Offered Rate per annum. The Company has no current intentions to further extend the maturity of the Tagliamonte Note. The Company understands that Mr. Tagliamonte will be required to sell the some or all of the Common Shares acquired using the proceeds of the Tagliamonte Note to finance the repayment of amounts owing thereunder on or prior to its new maturity date.