Badger Daylighting Q1 MDA 2015

Management’s Discussion and Analysis

The following Management’s Discussion and Analysis (MD&A) should be read in conjunction with the unaudited interim consolidated financial statements of Badger Daylighting Ltd. (the “Company” or “Badger”) for the period ended March 31, 2015. Readers should also refer to the audited consolidated financial statements and MD&A for the year ended December 31, 2014, which along with all previous public filings, including the Company’s Annual Information Form for the year ended December 31, 2014, may be found on SEDAR at www.sedar.com.

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