CANADA North American gold producers

Target Target

Agnico Eagle
Ticker
AEM CN
Rating
N
Previous
30.50
New
28.00
Price*
29.42
4Q13 preview
Alamos AGI CN N 16.00 15.00 13.21
Allied Nevada ANV CN UP 2.00 2.00 4.30 4Q13 earnings: lower metal prices bring our forecasts down. We have
Argonaut AR CN OP 7.50 6.75 5.48
Aurico AUQ CN OP 6.25 6.00 4.09
updated our 4Q13 estimates to reflect the average realized metal prices in the
Barrick ABX CN N 21.00 19.00 19.54 quarter ($1,273/oz Au down 4% QoQ, $20.84/oz Ag down 3%, $3.25/lb Cu
B2Gold BTO CN OP 3.85 3.85 2.27
Detour DGC CN OP 12.00 10.00 4.56 up 1%). Our estimates are down ~30% on average vs. our previous forecasts on
Eldorado ELD CN N 7.15 6.75 6.35
Elgin ELG CN N 0.15 0.15 0.15 the lower actual price in the quarter (vs. the $1,385/oz gold price we were
Goldcorp G CN OP 38.00 38.00 24.13
IAMGOLD IMG CN N 5.25 4.50 3.77
forecasting), and down 4% sequentially with lower prices offsetting ongoing cost-
Kinross K CN OP 6.75 6.50 4.80 cutting (see Fig 2).
Lachlan Star LSA CN N 0.20 0.20 0.23
Kirkland Lake KGI CN OP 6.50 4.00 2.82
OceanaGold OGC CN OP 2.50 2.25 1.68 Targets down on lower average sector multiples. Our targets have come down
Osisko OSK CN OP 6.25 6.25 4.91
Primero P CN OP 8.00 7.50 5.00 an average of 7% for the sector on the lower average sector operating NAV
Semafo
Silver Wheaton
SMF CN
SLW CN
OP
OP
3.75
31.00
3.75
31.00
2.87
22.71
multiple of 0.74x (vs. 0.78x previously). We continue to place greater emphasis on
Tahoe THO CN OP 24.25 24.25 17.82 near-term cash flow metrics, balance sheet strength, management strength, and
Timmins TMM CN N 1.65 1.50 1.21
Troy Resources TRY CN OP 2.20 2.00 0.80 on quality/fully-funded pipeline growth (see Fig 1).
Yamana YRI CN N 10.75 9.50 9.60
*Price as at close of 2 January 2014. The biggest target cuts include KGI (down 38% to $4.00), DGC (down 17% to
Source: Bloomberg, Macquarie Research, January 2014 $10.00), IMG (down 14% to $4.50) and YRI (down 12% to $9.50). We have left our
C$ 4Q13 EPS estimates targets for senior and intermediate top picks G, SLW, OSK and BTO unchanged.
Company Macquarie Consensus
Outlook
Agnico Eagle 0.11 0.21
Alamos 0.10 0.11
Allied Nevada 0.10 0.09 Cost-cutting still the focus. The focus for producers in 2014 will continue to be
Argonaut 0.05 0.05 on margins/FCF and involve more cost-cutting. With gold continuing to test the
Aurico 0.02 0.03
Barrick 0.42 0.44 $1,200/oz level, and average all-in sustaining costs for the sector at +$1100/oz,
B2Gold 0.05 0.04
Detour (0.11) (0.07) mine-level operating costs, sustaining capex, corporate G&A and exploration
Eldorado 0.07 0.08
Elgin (0.01) 0.01 expenses could all be further materially trimmed in the name of margin expansion.
Goldcorp 0.24 0.24 We forecast sector AISC falling to $986/oz in 2014, and $935/oz in 2015.
IAMGOLD 0.03 0.07
Kinross 0.02 0.04 While major input costs (labour, reagents, energy and contractor drilling) are
Lachlan Star (0.01) -
Kirkland Lake 0.06 0.14 starting to show signs of coming down, more hard choices will need to be made at
OceanaGold 0.03 0.05
Osisko 0.06 0.07 both the corporate and asset level across the precious metal sector. We expect
Primero
Semafo
0.01
(0.02)
0.02
0.01
asset-by-asset ROC reviews by most companies in preparation for the earnings
Silver Wheaton 0.26 0.25 conference calls.
Tahoe (0.01) (0.10)
Timmins 0.02 0.06
Troy Resources 0.05 - Our top equity picks are still defensive given the prospect for lower near-term
Yamana 0.10 0.11 metal prices. At the same time, each should see lower costs, better margins, and
Source: Bloomberg, Macquarie Research, January 2014
outperformance should gold/silver rebound, reflecting the best risk/reward potential
in our coverage universe.
Analyst(s)
Michael Gray Seniors: Goldcorp, Silver Wheaton
+1 604 639 6372 michael.gray@macquarie.com
Michael Siperco Intermediates: Osisko, B2Gold, Primero, Tahoe Resources
+1 416 848 3520 michael.siperco@macquarie.com
Pierre Vaillancourt Juniors: Troy, OceanaGold, SEMAFO
+1 416 848 3647 pierre.vaillancourt@macquarie.com
Duncan Lai, CFA We would continue to avoid names that could see survival risk at lower metal
+1 778 373 1379 duncan.lai@macquarie.com
Valeriy Dolgopolov prices, including Allied Nevada, Elgin Mining and Lachlan Star.
+1 416 848 3551 valeriy.dolgopolov@macquarie.com

3 January 2014
Macquarie Capital Markets Canada Ltd.

Please refer to the important disclosures and analyst certification on inside back cover of this document, or on our
website www.macquarie.com.au/disclosures.
Macquarie Research North American gold producers

Target price changes

Our target prices are predicated on prevailing forward curve commodity prices (updated 2 October 2013
at a spot price of $1,330/oz and a long-term price of $1,436/oz), and our operating NAV multiples.
For the sector, with the continued trend down in metal prices, we have generally reduced our average
operating NAV multiples to reflect higher conservatism in a pessimistic market (for now). The average
multiple has fallen to 0.74x from 0.78x, with the senior producer average falling to 0.88x from 0.91x.
We expect an average return to our revised targets of 18% for the seniors and 44% for the intermediate
producers, which continue to have stronger rebound potential in an upside metal price scenario. For the
juniors, dominated by single-asset production, we note a broad range of returns from (53%) to 150%.
The biggest target cuts include KGI (down 38% to $4.00), DGC (down 17% to $10.00), IMG (down
14% to $4.50) and YRI (down 12% to $9.50). We have left our targets for senior and intermediate top
picks G, SLW, OSK, BTO and P unchanged.

Fig 1 Summary of target price changes

Analyst Price Recommendation Target (C$) Operating NAV multiple
(C$) Previous New Previous New Change New Return Previous New
Senior producers
Agnico Eagle Mines Michael Siperco 29.42 Neutral Neutral 30.50 28.00 (8%) (5%) 0.90x 0.80x
Barrick Gold Michael Siperco 19.54 Neutral Neutral 21.00 19.00 (10%) (3%) 0.75x 0.70x
Eldorado Gold Michael Gray 6.35 Neutral Neutral 7.15 6.75 (6%) 6% 0.80x 0.75x
Goldcorp Michael Gray 24.13 Outperform Outperform 38.00 38.00 0% 57% 1.00x 1.00x
Kinross Gold Michael Siperco 4.80 Outperform Outperform 6.75 6.50 (4%) 35% 0.80x 0.80x
Silver Wheaton Michael Gray 22.71 Outperform Outperform 31.00 31.00 0% 37% 1.30x 1.30x
Yamana Gold Michael Siperco 9.60 Neutral Neutral 10.75 9.50 (12%) (1%) 0.85x 0.80x
Senior average (6%) 18% 0.91x 0.88x

Intermediate producers
Alamos Gold Michael Gray 13.21 Neutral Neutral 16.00 15.00 (6%) 14% 0.95x 0.90x
Argonaut Gold Michael Siperco 5.48 Outperform Outperform 7.50 6.75 (10%) 23% 0.85x 0.80x
AuRico Gold Michael Siperco 4.09 Outperform Outperform 6.25 6.00 (4%) 47% 0.80x 0.80x
B2Gold Michael Gray 2.27 Outperform Outperform 3.85 3.85 0% 70% 0.95x 0.95x
Detour Gold Michael Siperco 4.56 Outperform Outperform 12.00 10.00 (17%) 119% 0.60x 0.50x
IAMGOLD Corp Pierre Vaillancourt 3.77 Neutral Neutral 5.25 4.50 (14%) 19% 0.45x 0.35x
Osisko Mining Michael Siperco 4.91 Outperform Outperform 6.25 6.25 0% 27% 0.80x 0.80x
Primero Mining Michael Gray 5.00 Outperform Outperform 8.00 7.50 (6%) 50% 0.85x 0.80x
Semafo Pierre Vaillancourt 2.87 Outperform Outperform 3.75 3.75 0% 31% 0.95x 0.95x
Tahoe Resources Michael Gray 17.82 Outperform Outperform 24.25 24.25 0% 36% 0.90x 0.90x
Intermediate average (6%) 44% 0.81x 0.78x

Junior producers
Allied Nevada Gold Michael Gray 4.30 Underperform Underperform 2.00 2.00 0% (53%) 0.65x 0.65x
Elgin Mining Michael Gray 0.15 Neutral Neutral 0.15 0.15 0% 3% 0.30x 0.30x
Kirkland Lake Gold Michael Siperco 2.82 Outperform Outperform 6.50 4.00 (38%) 42% 0.70x 0.55x
Lachlan Star Michael Siperco 0.23 Neutral Neutral 0.20 0.20 0% (13%) 0.50x 0.50x
OceanaGold Corporation Michael Siperco 1.68 Outperform Outperform 2.50 2.25 (10%) 34% 0.85x 0.80x
Timmins Gold Michael Siperco 1.21 Neutral Neutral 1.65 1.50 (9%) 24% 0.70x 0.60x
Troy Resources Michael Gray 0.80 Outperform Outperform 2.20 2.00 (9%) 150% 0.60x 0.55x
Junior average (10%) 27% 0.61x 0.56x

North American producer average (7%) 31% 0.78x 0.74x

*Price as at close of 2 January 2014

Source: Bloomberg, Macquarie Research, January 2014

3 January 2014 2
Macquarie Research North American gold producers

4Q13 preview
4Q13 earnings preview: lower metal prices QoQ and vs. our forecast. We have updated our 4Q13
estimates to reflect the average realized metal prices in the quarter ($1,273/oz Au down 4% QoQ,
$20.84/oz Ag down 3%, $3.25/lb Cu up 1%). We had forecast a gold price of $1,385/oz and a silver
price of $23.00/oz, 9% and 10% higher than the actual metal prices in the quarter.
We forecast a 7% average decrease in EPS in 4Q among the seniors, and a 15% decrease
among the intermediates as cost cutting continues to partially mitigate the impact of lower prices.
With these estimate changes, our forecasts are now almost 20% below consensus for the senior and
intermediate producers.
We highlight AEM, ABX and IMG as potential misses heading into quarterly reporting, with
potential beats including BTO, G, SLW and THO.

Fig 2 4Q13 Macquarie EPS estimates vs. consensus (US$)

3Q13A 4Q13E
Cons. Mac QoQ Diff Diff. %
Senior producers
Agnico Eagle Mines 0.31 0.21 0.11 (65%) (0.10) (47%)
Barrick Gold 0.58 0.44 0.42 (28%) (0.02) (4%)
Eldorado Gold 0.06 0.08 0.07 17% (0.00) (7%)
Goldcorp 0.23 0.24 0.24 4% 0.00 2%
Kinross Gold 0.05 0.04 0.02 (60%) (0.02) (53%)
Silver Wheaton 0.22 0.25 0.26 17% 0.00 1%
Yamana Gold 0.06 0.11 0.10 67% (0.01) (11%)
Senior average (7%) (17%)

Intermediate producers
Alamos Gold 0.07 0.11 0.10 43% (0.01) (9%)
Argonaut Gold 0.04 0.05 0.05 25% 0.01 11%
AuRico Gold 0.04 0.03 0.02 (50%) (0.01) (20%)
B2Gold 0.01 0.04 0.05 400% 0.01 32%
Detour Gold (0.09) (0.07) (0.11) NA (0.04) NA
IAMGOLD Corp 0.07 0.07 0.03 (57%) (0.04) (57%)
Osisko Mining 0.05 0.07 0.06 20% (0.01) (15%)
Primero Mining 0.09 0.02 0.01 (89%) (0.01) (44%)
Semafo 0.01 0.01 (0.02) (300%) (0.03) (386%)
Tahoe Resources (0.11) (0.10) (0.01) NA 0.09 NA
Intermediate average (15%) (18%)

Junior producers
Allied Nevada Gold 0.05 0.09 0.10 100% 0.02 18%
Elgin Mining (0.02) 0.01 (0.01) NA (0.02) (300%)
Kirkland Lake Gold (0.08) 0.14 0.06 NA (0.08) (58%)
Lachlan Star (0.01) - (0.01) NA - -
OceanaGold Corporation 0.14 0.05 0.03 (79%) (0.02) (40%)
Timmins Gold 0.03 0.06 0.02 (33%) (0.04) (64%)
Troy Resources 0.00 - 0.05 NA - -
Junior average (4%) (89%)

North American producer average (4%) (53%)

* Kirkland Lake 3Q estimates are for the quarter ending January 2014 (3QFY14)
* Lachlan Star and Troy Resources 3Q estimates are for the quarter ending December 2013 (2QFY14)
Source: Bloomberg, Macquarie Research, January 2014

3 January 2014 3
Macquarie Research
Important disclosures:
Recommendation definitions
Macquarie - Australia/New Zealand
Outperform return >3% in excess of benchmark return
Neutral return within 3% of benchmark return
Underperform return >3% below benchmark return
Benchmark return is determined by long term nominal
GDP growth plus 12 month forward market dividend yield
Macquarie Asia/Europe
Outperform expected return >+10%
Neutral expected return from -10% to +10%
Underperform expected return <-10%
Macquarie First South - South Africa
Outperform expected return >+10%
Neutral expected return from -10% to +10%
Underperform expected return <-10%
Macquarie - Canada
Outperform return >5% in excess of benchmark return
Neutral return within 5% of benchmark return
Underperform return >5% below benchmark return
Macquarie - USA
Outperform (Buy) return >5% in excess of Russell 3000
index return
Neutral (Hold) return within 5% of Russell 3000 index
return
Underperform (Sell) return >5% below Russell 3000
index return
Volatility index definition*
This is calculated from the volatility of historical price
movements.
Very highhighest risk Stock should be expected
to move up or down 60100% in a year investors
should be aware this stock is highly speculative.
High stock should be expected to move up or
down at least 4060% in a year investors should
be aware this stock could be speculative.
Medium stock should be expected to move up or
down at least 3040% in a year.
Lowmedium stock should be expected to move
up or down at least 2530% in a year.
Low stock should be expected to move up or
down at least 1525% in a year.
* Applicable to Asia/Australian/NZ/Canada stocks
only
Recommendations 12 months
Note: Quant recommendations may differ from
Fundamental Analyst recommendations
North American gold producers
Financial definitions
All "Adjusted" data items have had the following
adjustments made:
Added back: goodwill amortisation, provision for
catastrophe reserves, IFRS derivatives & hedging, IFRS
impairments & IFRS interest expense
Excluded: non recurring items, asset revals, property
revals, appraisal value uplift, preference dividends &
minority interests
EPS = adjusted net profit / efpowa*
ROA = adjusted ebit / average total assets
ROA Banks/Insurance = adjusted net profit /average
total assets
ROE = adjusted net profit / average shareholders funds
Gross cashflow = adjusted net profit + depreciation
*equivalent fully paid ordinary weighted average number
of shares
All Reported numbers for Australian/NZ listed stocks are
modelled under IFRS (International Financial Reporting
Standards).

Recommendation proportions For quarter ending 30 September 2013

AU/NZ Asia RSA USA CA EUR
Outperform 50.56% 56.87% 48.78% 41.00% 61.75% 47.10% (for US coverage by MCUSA, 5.85% of stocks followed are investment banking clients)
Neutral 38.95% 25.18% 42.68% 54.40% 34.43% 30.89% (for US coverage by MCUSA, 3.90% of stocks followed are investment banking clients)
Underperform 10.49% 17.94% 8.54% 4.60% 3.83% 22.01% (for US coverage by MCUSA, 0.00% of stocks followed are investment banking clients)

Company Specific Disclosures:

Macquarie Group Limited or one of its affiliates received compensation for products and services other than investment advisory services from B2Gold
during the past 12 months. During this time, Macquarie Group Limited or one of its affiliates provided non-securities services to B2Gold. Macquarie Group
Limited is currently providing B2Gold with non-securities services. The primary analyst for B2Gold has visited its material operations and development assets
within the past year; the company has furnished local transportation and accommodations as part of these site visits. Macquarie Capital Markets Canada Ltd
or one of its affiliates managed or co-managed a public offering of securities of Detour Gold in the past 12 months, for which it received compensation. An
associate has visited the material operations and development assets of Detour Gold within the past year; the company has furnished local transportation
and accommodations as part of these site visits. The analyst and/or analyst team principally responsible for the preparation of this report or a member of the
analyst's immediate household holds or exercises investment discretion over a long position in Goldcorp. An associate has visited the material operations
and development assets of IAMGold Corp. within the past year; the company has furnished local transportation and accommodations as part of these site
visits. Macquarie Group or one of its affiliates managed or co-managed a public offering of securities of Lachlan Star in the past 24 months, for which it
received compensation. The primary analyst for Kirkland Lake Gold has visited its material operations and development assets within the past year; the
company has furnished local transportation and accommodations as part of these site visits. The primary analyst for OceanaGold Corporation has visited its
material operations and development assets within the past year; the company furnished local transportation and accommodations as part of these site
visits. The primary analyst for Primero Mining has visited its material operations and development assets within the past year; the company furnished local
transportation and accommodations as part of these site visits. The analyst and/or analyst team principally responsible for the preparation of this report or a
member of the analyst's immediate household holds or exercises investment discretion over a long position in Silver Wheaton. Macquarie Group expects to
receive financial compensation for financial advisory services provided to OceanaGold Corporation. Dr Geoff Raby, Vice Chairman, Macquarie Group China,
is an Independent Director on the board of OceanaGold Corporation. Macquarie and its affiliates collectively and beneficially own or control 1% or more of
any class of OceanaGold Corporation's equity securities. Macquarie Capital Markets Canada Ltd or one of its affiliates has provided Lachlan Star Ltd with
non-investment advisory securities related service during the past 12 months, for which it received compensation. The primary analyst for Troy Resources
has visited its material operations and development assets within the past year; the company furnished local transportation and accommodations as part of
these site visits. Macquarie Group Limited together with its affiliates beneficially owns 1% or more of the equity securities of Troy Resources Ltd.
MacquarieGroup Limited together with its affiliates beneficially own 1% or more of the equity securities of Troy Resources Ltd. Macquarie Capital (Australia)
Limited or one of its affiliates has provided Troy Resources Limited with investment advisory services in the past 24 months, for which it received
compensation. Macquarie Capital Markets North America Ltd., which is a registered broker-dealer and member of FINRA, accepts responsibility for the
contents of reports issued by Macquarie Capital Markets Canada Ltd in the United States and sent to US persons. Any US person wishing to effect
transactions in the securities described in the reports issued by Macquarie Capital Markets Canada Ltd should do so with Macquarie Capital Markets North
America Ltd. The Research Distribution Policy of Macquarie Capital Markets Canada Ltd is to allow all clients that are entitled to have equal access to our
research.
Important disclosure information regarding the subject companies covered in this report is available at www.macquarie.com/disclosures.
Analyst Certification:
The views expressed in this research accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the
compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The
analyst principally responsible for the preparation of this research receives compensation based on overall revenues of Macquarie Group Ltd ABN 94 122
169 279 (AFSL No. 318062) (MGL) and its related entities (the Macquarie Group) and has taken reasonable care to achieve and maintain independence
and objectivity in making any recommendations.
General Disclaimers:
Macquarie Securities (Australia) Ltd; Macquarie Capital (Europe) Ltd; Macquarie Capital Markets Canada Ltd; Macquarie Capital Markets North America Ltd;
Macquarie Capital (USA) Inc; Macquarie Capital Securities Ltd and its Taiwan branch; Macquarie Capital Securities (Singapore) Pte Ltd; Macquarie
Securities (NZ) Ltd; Macquarie First South Securities (Pty) Limited; Macquarie Capital Securities (India) Pvt Ltd; Macquarie Capital Securities (Malaysia) Sdn
Bhd; Macquarie Securities Korea Limited and Macquarie Securities (Thailand) Ltd are not authorized deposit-taking institutions for the purposes of the
Banking Act 1959 (Commonwealth of Australia), and their obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008
583 542 (MBL) or MGL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of any of the above mentioned entities. MGL
provides a guarantee to the Monetary Authority of Singapore in respect of the obligations and liabilities of Macquarie Capital Securities (Singapore) Pte Ltd
for up to SGD 35 million. This research has been prepared for the general use of the wholesale clients of the Macquarie Group and must not be copied,
either in whole or in part, or distributed to any other person. If you are not the intended recipient you must not use or disclose the information in this research

3 January 2014 4
Macquarie Research North American gold producers
in any way. If you received it in error, please tell us immediately by return e-mail and delete the document. We do not guarantee the integrity of any e-mails
or attached files and are not responsible for any changes made to them by any other person. MGL has established and implemented a conflicts policy at
group level (which may be revised and updated from time to time) (the "Conflicts Policy") pursuant to regulatory requirements (including the FSA Rules)
which sets out how we must seek to identify and manage all material conflicts of interest. Nothing in this research shall be construed as a solicitation to buy
or sell any security or product, or to engage in or refrain from engaging in any transaction. In preparing this research, we did not take into account your
investment objectives, financial situation or particular needs. Macquarie salespeople, traders and other professionals may provide oral or written market
commentary or trading strategies to our clients that reflect opinions which are contrary to the opinions expressed in this research. Macquarie Research
produces a variety of research products including, but not limited to, fundamental analysis, macro-economic analysis, quantitative analysis, and trade ideas.
Recommendations contained in one type of research product may differ from recommendations contained in other types of research, whether as a result of
differing time horizons, methodologies, or otherwise. Before making an investment decision on the basis of this research, you need to consider, with or
without the assistance of an adviser, whether the advice is appropriate in light of your particular investment needs, objectives and financial circumstances.
There are risks involved in securities trading. The price of securities can and does fluctuate, and an individual security may even become valueless.
International investors are reminded of the additional risks inherent in international investments, such as currency fluctuations and international stock market
or economic conditions, which may adversely affect the value of the investment. This research is based on information obtained from sources believed to be
reliable but we do not make any representation or warranty that it is accurate, complete or up to date. We accept no obligation to correct or update the
information or opinions in it. Opinions expressed are subject to change without notice. No member of the Macquarie Group accepts any liability whatsoever
for any direct, indirect, consequential or other loss arising from any use of this research and/or further communication in relation to this research. Clients
should contact analysts at, and execute transactions through, a Macquarie Group entity in their home jurisdiction unless governing law permits otherwise.
The date and timestamp for above share price and market cap is the closed price of the price date. #CLOSE is the final price at which the security is traded
in the relevant exchange on the date indicated.
Country-Specific Disclaimers:
Australia: In Australia, research is issued and distributed by Macquarie Securities (Australia) Ltd (AFSL No. 238947), a participating organisation of the
Australian Securities Exchange. New Zealand: In New Zealand, research is issued and distributed by Macquarie Securities (NZ) Ltd, a NZX Firm. Canada:
In Canada, research is prepared, approved and distributed by Macquarie Capital Markets Canada Ltd, a participating organisation of the Toronto Stock
Exchange, TSX Venture Exchange & Montral Exchange. Macquarie Capital Markets North America Ltd., which is a registered broker-dealer and member of
FINRA, accepts responsibility for the contents of reports issued by Macquarie Capital Markets Canada Ltd in the United States and sent to US persons. Any
person wishing to effect transactions in the securities described in the reports issued by Macquarie Capital Markets Canada Ltd should do so with
Macquarie Capital Markets North America Ltd. The Research Distribution Policy of Macquarie Capital Markets Canada Ltd is to allow all clients that are
entitled to have equal access to our research. United Kingdom: In the United Kingdom, research is issued and distributed by Macquarie Capital (Europe)
Ltd, which is authorised and regulated by the Financial Conduct Authority (No. 193905). Germany: In Germany, this research is issued and/or distributed by
Macquarie Capital (Europe) Limited, Niederlassung Deutschland, which is authorised and regulated by the UK Financial Conduct Authority (No. 193905).
and in Germany by BaFin. France: In France, research is issued and distributed by Macquarie Capital (Europe) Ltd, which is authorised and regulated in the
United Kingdom by the Financial Conduct Authority (No. 193905). Hong Kong & Mainland China: In Hong Kong, research is issued and distributed by
Macquarie Capital Securities Ltd, which is licensed and regulated by the Securities and Futures Commission. In Mainland China, Macquarie Securities
(Australia) Limited Shanghai Representative Office only engages in non-business operational activities excluding issuing and distributing research. Only non-
A share research is distributed into Mainland China by Macquarie Capital Securities Ltd. Japan: In Japan, research is issued and distributed by Macquarie
Capital Securities (Japan) Limited, a member of the Tokyo Stock Exchange, Inc. and Osaka Securities Exchange Co. Ltd (Financial Instruments Firm, Kanto
Financial Bureau (kin-sho) No. 231, a member of Japan Securities Dealers Association and The Financial Futures Association of Japan and Japan
Investment Advisers Association). India: In India, research is issued and distributed by Macquarie Capital Securities (India) Pvt Ltd., 92, Level 9, 2 North
Avenue, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai 400 051, India, which is a SEBI registered Stock Broker having membership with
National Stock Exchange of India Limited (INB231246738) and Bombay Stock Exchange Limited (INB011246734). Malaysia: In Malaysia, research is issued
and distributed by Macquarie Capital Securities (Malaysia) Sdn. Bhd. (Company registration number: 463469-W) which is a Participating Organisation of
Bursa Malaysia Berhad and a holder of Capital Markets Services License issued by the Securities Commission. Taiwan: In Taiwan, research is issued and
distributed by Macquarie Capital Securities Ltd, Taiwan Branch, which is licensed and regulated by the Financial Supervisory Commission. No portion of the
report may be reproduced or quoted by the press or any other person without authorisation from Macquarie. Nothing in this research shall be construed as a
solicitation to buy or sell any security or product. Research Associate(s) in this report who are registered as Clerks only assist in the preparation of research
and are not engaged in writing the research. Thailand: In Thailand, research is produced with the contribution of Kasikorn Securities Public Company
Limited, issued and distributed by Macquarie Securities (Thailand) Ltd. Macquarie Securities (Thailand) Ltd. is a licensed securities company that is
authorized by the Ministry of Finance, regulated by the Securities and Exchange Commission of Thailand and is an exchange member of the Stock
Exchange of Thailand. Macquarie Securities (Thailand) Limited and Kasikorn Securities Public Company Limited have entered into an exclusive strategic
alliance agreement to broaden and deepen the scope of services provided to each parties respective clients. The strategic alliance does not constitute a
joint venture. The Thai Institute of Directors Association has disclosed the Corporate Governance Report of Thai Listed Companies made pursuant to the
policy of the Securities and Exchange Commission of Thailand. Macquarie Securities (Thailand) Ltd does not endorse the result of the Corporate
Governance Report of Thai Listed Companies but this Report can be accessed at: http://www.thai-iod.com/en/publications.asp?type=4. South Korea: In
South Korea, unless otherwise stated, research is prepared, issued and distributed by Macquarie Securities Korea Limited, which is regulated by the
Financial Supervisory Services. Information on analysts in MSKL is disclosed at
http://dis.kofia.or.kr/fs/dis2/fundMgr/DISFundMgrAnalystPop.jsp?companyCd2=A03053&pageDiv=02. South Africa: In South Africa, research is issued and
distributed by Macquarie First South Securities (Pty) Limited, a member of the JSE Limited. Singapore: In Singapore, research is issued and distributed by
Macquarie Capital Securities (Singapore) Pte Ltd (Company Registration Number: 198702912C), a Capital Markets Services license holder under the
Securities and Futures Act to deal in securities and provide custodial services in Singapore. Pursuant to the Financial Advisers (Amendment) Regulations
2005, Macquarie Capital Securities (Singapore) Pte Ltd is exempt from complying with sections 25, 27 and 36 of the Financial Advisers Act. All Singapore-
based recipients of research produced by Macquarie Capital (Europe) Limited, Macquarie Capital Markets Canada Ltd, Macquarie First South Securities
(Pty) Limited and Macquarie Capital (USA) Inc. represent and warrant that they are institutional investors as defined in the Securities and Futures Act.
United States: In the United States, research is issued and distributed by Macquarie Capital (USA) Inc., which is a registered broker-dealer and member of
FINRA. Macquarie Capital (USA) Inc, accepts responsibility for the content of each research report prepared by one of its non-US affiliates when the
research report is distributed in the United States by Macquarie Capital (USA) Inc. Macquarie Capital (USA) Inc.s affiliates analysts are not registered as
research analysts with FINRA, may not be associated persons of Macquarie Capital (USA) Inc., and therefore may not be subject to FINRA rule restrictions
on communications with a subject company, public appearances, and trading securities held by a research analyst account. Information regarding futures is
provided for reference purposes only and is not a solicitation for purchases or sales of futures. Any persons receiving this report directly from Macquarie
Capital (USA) Inc. and wishing to effect a transaction in any security described herein should do so with Macquarie Capital (USA) Inc. Important disclosure
information regarding the subject companies covered in this report is available at www.macquarie.com/research/disclosures, or contact your registered
representative at 1-888-MAC-STOCK, or write to the Supervisory Analysts, Research Department, Macquarie Securities, 125 W.55th Street, New York, NY
10019.
Macquarie Group

3 January 2014 5
Macquarie Research North American gold producers

Auckland Bangkok Calgary Denver Frankfurt Geneva Hong Kong

Tel: (649) 377 6433 Tel: (662) 694 7999 Tel: (1 403) 218 6650 Tel: (303) 952 2800 Tel: (069) 509 578 000 Tel: (41) 22 818 7777 Tel: (852) 2823 3588
Jakarta Johannesburg Kuala Lumpur London Manila Melbourne Montreal
Tel: (62 21) 515 1818 Tel: (2711) 583 2000 Tel: (60 3) 2059 8833 Tel: (44 20) 3037 2000 Tel: (63 2) 857 0888 Tel: (613) 9635 8139 Tel: (1 514) 925 2850
Mumbai Munich New York Paris Perth Seoul Shanghai
Tel: (91 22) 6653 3000 Tel: (089) 2444 31800 Tel: (1 212) 231 2500 Tel: (33 1) 7842 3823 Tel: (618) 9224 0888 Tel: (82 2) 3705 8500 Tel: (86 21) 6841 3355
Singapore Sydney Taipei Tokyo Toronto
Tel: (65) 6601 1111 Tel: (612) 8232 9555 Tel: (886 2) 2734 7500 Tel: (81 3) 3512 7900 Tel: (1 416) 848 3500
Available to clients on the world wide web at www.macquarieresearch.com and through Thomson Financial, FactSet, Reuters, Bloomberg, and CapitalIQ.

3 January 2014 6
Research
Heads of Equity Research Financials contd TMET contd
John OConnell (Global - Head) (612) 8232 7544 Mortgage & Consumer Finance Internet
Greg MacDonald (Canada) (1 416) 628 3934 Sean Dargan (New York) (1 212) 231 0663 Ben Schachter (Head of TMET) (1 212) 231 0644
Andrew Root (US) (1 212) 231 2336 Asim Imran (Toronto) (1 416) 848 3521 Tom White (New York) (1 212) 231 0643

Consumer Discretionary & Healthcare Property & Casualty Insurance Semiconductors

Amit Kumar (New York) (1 212) 231 8013 Deepon Nag (New York) (1 212) 231 8014
Life Sciences & Technology Asim Imran (Toronto) (1 416) 848 3521
Software & IT Hardware
Jon Groberg (Head of US Consumer Discretionary
& Healthcare) (1 212) 231 2612 Industrials Brad Zelnick (New York) (1 212) 231 2618

Healthcare Services Chemicals Media & Entertainment

Dane Leone (New York) (1 212) 231 6369 Cooley May (New York) (1 212) 231 2586 Tim Nollen (New York) (1 212) 231 0635

Gaming & Leisure Construction and Engineering/Machinery Utilities & Alternative Energy
Chad Beynon (New York) (1 212) 231 2634 Sameer Rathod (San Francisco) (1 415) 762 5034
Angie Storozynski (Head of US Utilities &
Department Stores & Softlines Electrical Equipment & Building Products Alternative Energy) (1 212) 231 2569
Mike Wood (New York) (1 212) 231 6590 Andrew Weisel (New York) (1 212) 231 1159
Liz Dunn (New York) (1 212) 231 8066 Transports & Logistics Rob Catellier (Toronto) (1 416) 848 3512
Kelly Dougherty (New York) (1 212) 231 2493
Energy Commodities & Precious Metals
US Exploration & Production Materials Colin Hamilton (Global) (44 20) 3037 4061
Joe Magner (Denver) (1 303) 952 2751 Paper & Packaging Jim Lennon (London) (44 20) 3037 4271
Paul Grigel (Denver) (1 303) 952 2754 Al Kabili (New York) (1 212) 231 0683 Kona Haque (London) (44 20) 3037 4334
US Refining Steel & Metals Oil & Gas
Chi Chow (Denver) (1 303) 952 2757 Aldo Mazzaferro (New York) (1 212) 231 0693
Vikas Dwivedi (Houston) (1 713) 275 6352
Europe Integrated Coal
David Farrell (London) (44 20) 3037 4465 Luke McFarlane (New York) (1 212) 231 2637 Economics and Strategy
US Natural Gas Vehicle Industry Global Metals & Mining Dane Leone (New York) (1 212) 231 6369
Matthew Blair (Denver) (1 303) 952 2759 Daniel Greenspan (Toronto) (1 416) 848 3541 David Doyle (Toronto) (1 416) 848 3663
Pierre Vaillancourt (Toronto) (1 416) 848 3647
Canadian Oil Sands/Heavy Oil Producers Michael Siperco (Toronto) (1 416) 848 3520 Quantitative Analysis
Chris Feltin (Calgary) (1 403) 539 8544 Michael Gray (Vancouver) (1 604) 639 6372 Gavin Smith (New York) (1 212) 231 0588
Canadian Independents Real Estate
Chris Feltin (Calgary) (1 403) 539 8544 Find our research at
REITs
Canadian Integrateds Michael Smith (Toronto) (1 416) 848 3696 Macquarie: www.macquarie.com.au/research
Chris Feltin (Calgary) (1 403) 539 8544 Shahzeb Zakaria (New York) (1 212) 231 0647 Thomson: www.thomson.com/financial
International/Canadian Oil & Gas Producers Reuters: www.knowledge.reuters.com
Cristina Lopez (Calgary) (1 403) 539 8542
TMET Bloomberg: MAC GO
David Popowich (Calgary) (1 403) 539 8529 Factset: http://www.factset.com/home.aspx
Telecommunications
Ray Kwan (Calgary) (1 403) 539 4355 Kevin Smithen (New York) (1 212) 231 0695 CapitalIQ www.capitaliq.com
Greg MacDonald (Toronto) (1 416) 628 3934 Contact Gareth Warfield for access (612) 8232 3207
Financials
Business & Computer Services Email addresses
Banks/Trust Banks Kevin McVeigh (New York) (1 212) 231 6191 FirstName.Surname@macquarie.com
David Konrad (Head of Banks) (1 212) 231 0525
Thomas Alonso (New York) (1 212) 231 8047
Cable, Satellite & Entertainment eg. john.oconnell@macquarie.com
Amy Yong (New York) (1 212) 231 2624
John Moran (Denver) (1 212) 231 0662
Life Insurance
Sean Dargan (New York) (1 212) 231 0663

Equities Sales Trading

Head of Global Cash Equities US Sales US Sales Trading
Stevan Vrcelj (Sydney) (612) 8232 5999 Austin Graham (New York) (1 212) 231 2494 Austin Graham (New York) (1 212) 231 2494
Peter Doerr (Chicago) (1 312) 660 9052
Head of US Equities Ross Peet (San Francisco) (1 415) 762 5069 Canada Trading
Ken Savio (New York) (1 212) 231 1184 Perry Catellier (Toronto) (1 416) 848 3619
Canada Sales
Head of Canadian Equities Roy McDowall (Montreal) (1 514) 925 2864 International Sales Trading
Alex Rothwell (Toronto) (1 416) 848 3677 Chris Reale (New York) (1 212) 231 2555
US Quantitative Specialist Sales
Victor Morange (New York) (1 212) 231 2538