Management’s Discussion and Analysis of Financial Condition and Results of Operations for Fourth Quarter and Twelve Months Year Ending December 31, 2016

Management’s Discussion and Analysis of Financial Condition and Results of Operations for Fourth Quarter and Twelve Months Year Ending December 31, 2016

The downloadable PDF of the management’s discussion and analysis (“MD&A”) of Baylin Technologies Inc. (“Baylin”, the “Company”, “we” or “us”) as of March 9, 2017 should be read in conjunction with the audited consolidated financial statements for the years ended December 31, 2016 (“fiscal 2016”), December 31, 2015 (“fiscal 2015”) and the related notes included therein. All amounts are expressed in United States dollars unless otherwise indicated.

Additional information relating to the Company, including our most recent Annual Information Form, may be found at www.sedar.com. Unless otherwise stated, all amounts shown in this MD&A are in United States dollars.

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