The Company’s Class B shares are convertible (at the option of the Company) at any time after June 1, 2010 and before May 31, 2012, into Class A Shares. The number of Class A shares obtained upon the conversion of each Class B share will be equal to $10.00 divided by the greater of $1.00 and the weighted average trading price of the Class A shares during the thirty days prior to the conversion date. If conversion has not occurred by the close of business on May 31, 2012, the Class B shares become convertible (at the option of the holder) into Class A shares on the same basis. Effective June 30, 2012, all remaining Class B shares will automatically convert to Class A shares on the same basis.

As a result of the strategic four company merger, announced November 21, 2011 [insert link to press release], note that the Class B shares will be converted to Class A shares on the basis of 1 Class A for every 10 Class B shares held. Upon completion of the Plan of Arrangement, Seaview's shares will be consolidated on the basis of 1:5.