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GLOBAL METALS & MINING Our Commitment to Metals & Mining With nearly a century of service to the metals and mining sector, we understand the forces shaping the industry. Our dedicated team delivers a full range of investment and corporate banking services to our metals and mining clients through 30 offices worldwide. In 2011, for the second year in a row, Global Finance collectively covering more than 130 metals and named BMO Capital Markets the “World’s Best mining companies – one of the largest and strongest Metals & Mining Investment Bank.” This accolade mining equity research teams in the world. This effort speaks to our ongoing commitment to the sector. is backed by our team of over 150 equity sales and trading professionals in 11 offices in Canada, the We are a leading underwriter of equity issues for United States and Europe. metals & mining companies and can assist your business whether you are in the early stages of Our annual Global Metals & Mining Conference is exploration or in full production. Our extensive now widely recognized as the best event of its kind industry contacts and transactional experience anywhere. This year, the Conference marks its 21st enable us to provide expert support throughout the year of bringing companies and investors together. merger and acquisition process. We also offer you TOM MILROY complete treasury and risk management services. As you read through these pages, I am confident Chief Executive Officer that you will discover for yourself what makes BMO Capital Markets At the heart of our effort is our top-rated Equity BMO Capital Markets the ideal partner to help Research team, with nine dedicated analysts you achieve your ambitions. 1 What We Do BMO Capital Markets offers a complete suite of products and services. We are a single-stop provider, regardless of your company’s size, stage of development or target markets. Depending on your needs, you may use a combination of our capabilities, or only one. Our experience and deep sector knowledge enable us to develop the solution that fits you best. Access to Capital Strategy & Growth Research Distribution Treasury & Risk Management Initial Public Offerings Mergers Commodity Research Institutional Commodity Products Debt Financing Acquisitions Diversified Miners Direct Brokerage Money Markets Equity Financing Valuations & Fairness Opinions Base & Precious Metals Full-service Brokerage Trade Finance Private Equity Financing Divestitures Coal Private Banking Cash Management Corporate Lending Buyouts Iron Ore Retail Foreign Exchange Structured & Project Financing Restructurings Exploration & Development Equity Sales & Trading Securitization Recapitalizations Potash & Phosphates Fixed Income Sales & Trading 2 Our Philosophy & Focus Few sectors have changed as rapidly as metals and mining has in recent years. Consolidation has created a truly global industry, with companies making substantial investments far from home. BMO Capital Markets wants to be your As a member of BMO Financial Group (NYSE, partner of choice. No matter what stage of TSX: BMO), we leverage the financial strength development your company has reached, or and capabilities of one of North America’s which markets you choose to compete in, we leading financial services organizations. have the knowledge and the resources to help you succeed. With 30 offices spanning five continents, BMO Capital Markets is a one-stop provider We have been a trusted advisor to metals and of financial solutions to an industry where mining companies for nearly a century and vision, speed and the ability to transcend this tradition of excellence carries over in borders are the benchmarks for success. everything we do. 3 Global Financial Solutions Atlanta Calgary Boston Denver Chicago Houston Fort Lauderdale Los Angeles Montreal Beijing Mexico City Milwaukee Dublin Guangzhou San Francisco New York London Hong Kong Seattle Toronto Paris Shanghai Vancouver Washington D.C. Rio de Janeiro Zurich Abu Dhabi Delhi Taipei Melbourne 4 Our Capabilities Access to Capital Backed by BMO Financial Group’s total assets of US$479 billion*, BMO Capital Markets can provide the capital your ambitions require. Our lending solutions include traditional loans and commitments, asset-based lending, complex structured, acquisition and project financing. We also provide broad access to the world’s capital markets. BMO Capital Markets is an experienced We generate solutions on equity and equity- on timing, pricing and documentation of lender with a team dedicated to evaluating the related financings. Our reach and expertise investment grade and high-yield fixed income metals & mining environment. We have the allow us to support the origination and execu- securities. commitment to provide fully underwritten tion of public offerings of equity, equity-relat- facilities and the industry reputation to lead ed securities and private investment in public BMO Capital Markets is a leading provider of syndicated transactions. equity (PIPE) placements. securitization and structured finance services worldwide. We specialize in innovative For clients who need to raise money through BMO Capital Markets also provides compre- securitization solutions that are tailored to the equity markets, our Equity Capital Mar- hensive debt underwriting services, working meet your specific business needs. kets desk is a leader in global mining equity across the yield curve and credit spectrum to underwritings. provide bond issuance and strategic advice *As at October 31, 2011 BMO CAPITAL MARKETS HAS BEEN BOOKRUNNER FOR C$11+ BILLION IN METALS & MINING EQUITY ISSUANCES SINCE 2003, RANKING #1 IN NORTH AMERICA 6 Market Presence BMO Capital Markets has a powerful equity sales and trading platform with 11 offices across the U.S., Canada and Europe. Our more than 150 equity sales and trading professionals have close relationships with 1,000 institutional accounts globally, including the leading holders and buyers of mining equities. A key component of the BMO Capital Markets We leverage our strong corporate and equity distribution platform is our team of investor relationships to be a global leader dedicated mining institutional equity sales in investor marketing for mining companies. specialists. Our five mining sales specialists, With 12 professionals in Toronto, New York based in the U.S., Canada and Europe and London, the BMO Capital Markets Equity average 13 years of equity sales experience. Marketing group is dedicated to coordinating These specialists have close relationships investor marketing and investor feedback. with both our buy-side and corporate issuing clients and work in close coordination with our broader equity sales team. IN 2011 WE MARKETED 110 MINING COMPANIES AND ARRANGED MORE THAN 2,250 INSTITUTIONAL INvESTOR MEETINGS ACROSS THE U.S, CANADA AND EUROPE 7 Strategy & Growth BMO Capital Markets is in the business of big ambitions. We have the industry knowledge and expertise to help our clients at every stage: from exploration and development, to production, marketing and distribution. Your company needs a financial advisor Our team of M&A professionals has Our full range of advisory services includes: that understands world markets and can developed significant expertise and a • Mergers & Acquisitions differentiate between trend and proven track record of delivering high- • Strategic Advisory opportunity. With 30 offices worldwide, quality strategic advice. Since 2010, • Valuation and Fairness Opinions including Australia, Europe, India and BMO Capital Markets has ranked #1 for • Public Takeover Bids and Defenses China, we can offer thorough, dependable North American metals and mining M&A, • Share Buybacks and leading-edge strategic advice. with 32 transactions totaling more than • Leverage Buyouts US$32 billion in value. • Recapitalizations and Restructuring RANKED #1 FOR NORTH AMERICAN MINING M&A SINCE 2010, WITH 32 TRANSACTIONS EXCEEDING US$32 BILLION IN TOTAL vALUE 8 Commodity Products Risk management in volatile metals markets is more critical than ever as companies, their boards and their shareholders demand orderly and efficient strategies. BMO’s Commodity Products group, as a principal counterparty, provides strategies that enable our clients to reduce their price volatility risk. BMO Capital Markets has built a team of These tools can be combined to provide We leverage our lending capabilities and trading and marketing professionals to help tailored products and solutions for: research experience to develop strategies clients manage their metal price risks. These • Gold • Palladium that support complex structured and project clients range from producers and consumers • Platinum • Aluminum financings, along with your day-to-day to institutional investors and central banks. • Copper • Nickel hedging needs. Our products and services include: • Zinc • Spot • Forwards • Lead • Options • Swaps • Silver • Swaptions • Structured Products RISK MANAGEMENT STRATEGIES FOR CLIENTS RANGING FROM PRODUCERS AND CONSUMERS TO INSTITUTIONAL INvESTORS AND CENTRAL BANKS 9 Treasury & Risk Management As a global financial solutions provider, BMO Capital Markets offers a full range of products to manage day-to-day capital and mitigate risk. Our treasury management solutions give you the technology and the tools to accelerate collections and receivables processing, manage payables and generate incremental income from daily cash flow. Fluctuations in foreign exchange rates can derivatives, cross-currency swaps and affect cost competitiveness, profitability and swaptions. the valuation of internal operations. Our FX teams, with nine locations in Canada, the Our international trade experience assists U.S., the U.K. and China, use currency in managing trade documentation and mini- derivatives to help minimize these risks and mizing foreign credit risk. Our trade finance seize opportunities. professionals offer expert advice on structur- ing import, standby and export transactions. In We also provide customized risk mitigation addition, we maintain relationships with lead- techniques through a combination of credit ing financial institutions worldwide, providing derivatives, interest rate derivatives, equity support wherever your ambition takes you. GLOBAL FINANCIAL SOLUTIONS TO MANAGE DAY-TO-DAY CAPITAL AND MITIGATE RISK 10 Research The BMO Metals & Mining Research team of nine analysts covers more than 130 metals and mining companies, which is one of the strongest mining equity research teams in the world. Our analysts cover nearly 70 small and micro-cap companies, tracked by both the BMO Small Cap Gold and Precious Metals Index, and the Metals & Minerals Index. Our breadth of coverage is matched only In the 2011 U.S. Equity Analyst survey by by the quality of the coverage. In its 2011 Greenwich Associates, we improved four survey of institutional investors, independent places to 16th overall for U.S. equity research. consulting firm Brendan Wood International We were also recognized by The Wall Street (BWI) ranked the BMO Capital Markets Base Journal’s 2011 “Best on the Street Survey” with Metals & Minerals and Precious Metals Small/ three 1st place finishes and 6 total awards, Mid Cap teams with All-Star rankings. BWI placing the firm 5th out of a field of 86. And, in has ranked our Canadian Research team #1 for 2011, the BMO Research team also collected 29 of the past 31 years. over 20 awards from StarMine for the team’s stock picking and earnings estimates. ACTIvE EQUITY RESEARCH ON OvER 130 METALS AND MINING COMPANIES ON SIX CONTINENTS 11 Our Track Record Leading Metals & Mining M&A Advisory Franchise C$1.5 billion C$2.5 billion C$3.0 billion US$1.3 billion Advisor on Sale to Advisor on Sale to Advisor on Sale to Advisor on Acquisition of Pan American Silver Eldorado Gold KGHM Polska Miedz S.A. First Quantum’s residual claims and assets in respect of: Kolwezi, Frontier and Lonshi Pending Pending Pending Pending C O N S O L I DA T E D T HOM PSON C$1.3 billion C$559 million A$1.0 billion C$4.9 billion Advisor on Sale to Advisor on Acquisition of Advisor on Acquisition of Advisor on Sale to Minmetals Resources Iberian Minerals Mantra Resources Cliffs Natural Resources Pending Pending June 2011 May 2011 14 Leading Metals & Mining M&A Advisory Franchise MINERALS C$2.3 billion C$1.0 billion US$1.0 billion US$1.7 billion Advisor on Acquisition of Advisor on Acquisition of Advisor on Merger with Advisor on strategic acquisition of Fronteer Gold Gold Wheaton Avoca Resources 50% interest in Akbastau Uranium mine, 49.7% interest in Zarechnoye Uranium mine April 2011 March 2011 February 2011 December 2010 C$3.6 billion C$650 million C$8.0 billion C$1.7 billion Advisor on Sale to Advisor on Sale of Advisor on Acquisition of Advisor on Merger with Goldcorp 58% interest in Terrane Metals Red Back Mining Quadra Mining December 2010 October 2010 September 2010 May 2010 15 Leading Underwriter of Metals & Mining Equities MANABI C$391 million C$93 million C$428 million US$550 million Common Shares Common Shares Common Shares Private Placement of Convertible Preferred Shares Sole Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner November 2011 October 2011 August 2011 June 2011 C O N S O L I DA T E D T HOM PSON C$98 million C$152 million US$230 million C$653 million Common Shares & Flow-through Common Shares Senior Unsecured Convertible Secondary Sale of Common Shares Notes Equinox Minerals Common Shares Sole Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner March 2011 December 2010 November 2010 November 2010 16 Leading Underwriter of Metals & Mining Equities C$392 million C$130 million C$144 million C$235 million Secondary Sale of Common Shares Common Shares Common Shares Lake Shore Gold Common Shares Joint Bookrunner Sole Bookrunner Joint Bookrunner Joint Bookrunner November 2010 November 2010 October 2010 August 2010 C$144 million C$115 million C$460 million C$1.8 billion Common Shares & Warrants Common Shares Common Shares Common Shares & Convertible Senior Notes Joint Bookrunner Joint Bookrunner Joint Bookrunner Lead Manager September 2009 September 2009 March 2009 January 2009 17 Leading Lender to the Metals & Mining Sector US$4.0 billion US$2.0 billion US$1.25 billion US$1.2 billion Acquisition Financing Senior Credit Facility Senior Credit Facility Senior Credit Facility Co-Lead Arranger & Co-Arranger & Lender Administrative Agent Co-Documentation Agent Co-Documentation Agent January 2012 November 2011 November 2011 August 2011 US$175 million US$1.0 billion US$4.6 billion US$1.0 billion Senior Credit Facility Senior Credit Facility Acquisition Financing Senior Credit Facility Lead Arranger & Administrative Agent Co-Arranger Lender Lender July 2011 June 2011 June 2011 May 2011 18 Leading Lender to the Metals & Mining Sector US$2.5 billion US$1.2 billion US$3.7 billion US$150 million Senior Credit Facility Senior Credit Facility Acquisition Financing Senior Credit Facility Co-Documentation Agent Lender Documentation Agent Lender May 2011 March 2011 March 2011 February 2011 C O N S O L I DA T E D T HOM PSON US$250 million US$6.0 billion US$300 million US$1.0 billion Senior Credit Facility Senior Credit Facility Senior Credit Facility Senior Credit Facility Sole Bookrunner & Bookrunner & Mandated Administrative Agent Mandated Lead Arranger Co-Syndication Agent Lead Arranger December 2010 November 2010 September 2010 April 2010 19 A Long History of Landmark Transactions • The Voisey’s Bay discovery was • Western States, along with its joint the most significant nickel discovery venture partner PanCana Minerals, in the Americas and one of the was creditied for the discovery of greatest mineral discoveries of the deep sulphide mineralization our time on what is now known as the • The BMO Capital Markets Research C$41.5 million Goldstrike property team was early to identify its • After acquiring PanCana Minerals, potential American Barrick Resources • The rich orebody attracted interest Corporation (now known as from larger companies Barrick Gold Corporation) acquired the remaining 50% of the • BMO Capital Markets acted as Goldstrike property financial advisor when Diamond Fields Resources was acquired • BMO Capital Markets was there at by Inco the beginning and is proud to have been part of this landmark transaction 20 A Long History of Landmark Transactions Echo Bay Mines was the first International Corona followed Kinross emerged in the INTERNATIONAL significant new North CORONA in a succession of new North mid-1990s after a wave of American gold mining RESOURCES Ltd. American gold producers that consolidation swept through company that grew from the started in the mid-1980s. the North American precious C$80 million rising prominence of precious C$45.3 million C$43.5 million metals sector. Initial Public Offering Income Participating Securities Initial Public Offering metals in the early 1980s. The company was an amal- gamation of three smaller Joint Bookrunner Joint Bookrunner gold miners and developers. Joint Bookrunner January 1981 September 1986 May 1995 This transformational The purchase of Rio Algom Wheaton River’s purchase of transaction represented the by Billiton Plc occured at the Rio Tinto’s precious metals first major investment by an beginning of the most recent assets laid the foundation Australian major gold pro- consolidation in the Metals for the subsequent dramatic US$361 million ducer into North America. C$2.8 billion & Mining sector and posi- US$220 million growth of the company. Sale of Interest in its Acquisition of Rio Algom Acquisition Financing for operating assets to tioned Billiton for its eventual Rio Tinto Gold Assets Normandy Mining Limited merger with BHP Limited. Lead Financial Advisor to Financial Advisor to TVX Joint Bookrunner NBilliton June 1999 October 2000 February 2003 Norilisk Nickel’s purchase BMO Financial Group’s long The IPO of Franco-Nevada of this significant stake in track record of service in by Newmont Mining was Gold Fields Limited was China has resulted in the yet another landmark the company’s first major establishment of key transaction, resulting in the R$7.6 billion investment outside of US$840 million relationships - BMO is proud C$1.3 million re-emergence of one of the 20% Acquisition of Advisor on Acquisition of Initial Public Offering of Gold Fields Limited from a Russia. Peru Copper to have advised Chinalco in Franco-Nevada iconic brands in gold mining. subsidiary of Anglo American plc its purchase of Peru Copper. Exclusive Financial Advisor to Joint Bookrunner Norilsk September 2007 December 2007 21 Our Team Client Relationship Management BMO Financial Group has been supporting the metals and mining industry T: +1 416 359 6196 T: +1 416 359 5359 for nearly 100 years. We have a knowledgeable, experienced and deep E: email@example.com E: firstname.lastname@example.org team that includes an Investment & Corporate Banking coverage group EGIZIO BIANCHINI JASON NEAL Vice Chair, Global Co-Head, Managing Director, Global Co-Head, comprised of over 65 professionals on five continents. Global Metals & Mining, Toronto Global Metals & Mining, Toronto The senior core of our coverage group has been together for many years. Egizio is the Co-Head of the Global Metals & Jason, a team member for more than Mining coverage group. He has 11 years of 15 years, manages equity and debt We are supported by product specialists that are in their own right deeply experience as an investment banker. Prior financing, merger, acquisition, sale and knowledgeable and experienced. Our dedication to serving clients in the to joining Investment & Corporate Banking, defence transactions for clients ranging Egizio was a top-rated Research Analyst from junior growth companies to senior sector has earned us recognition from Global Finance as the “World’s Best covering precious metals and mineral metals & mining companies. He holds a Metals & Mining Investment Bank,” two years running. stocks. Bachelor of Business Administration from Simon Fraser University. Egizio joined BMO Capital Markets in 1989. We are continuously seeking to enhance our capabilities through reinvest- He holds an MBA from the University of Selected transactions closed or announced ment in our business. Our objective is to be successful alongside you, our British Columbia and a Bachelor of Science in 2011 include: the sale of Quadra FNX to Degree in Geology from the University of KGHM (C$3.0 billion); Newmont’s client. We strive to understand your needs and we align ourselves with Toronto. acquisition of Fronteer Gold (US$2.3 your long-term objectives. We are here to help you achieve your ambitions. billion); ARMZ’s acquisition of Mantra Key transactions include: the C$8 billion Resources (A$1.0 billion); Franco-Nevada’s purchase of Red Back Mining by Kinross acquisition of Gold Wheaton (C$1.0 billion); This year we are celebrating our 21st annual Metals & Mining Conference, Gold; the C$3.7 billion sale of Meridian and acting as sole bookrunner on a (C$391 an achievement that demonstrates our unwavering commitment to the Gold to Yamana Gold; UraMin Inc.’s million) equity offering for Franco-Nevada. US$2.5 billion sale to Areva; and Alcoa’s metals and mining clients of our firm. US$33 billion bid for Alcan. Egizio has led numerous key equity financings for a wide variety of metals and mining companies. 23 Client Relationship Management T: +1 416 359 6173 T: +1 416 359 8309 T: +44 20 7664 8102 T: +61 3 9094 3906 E: email@example.com E: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org JASON ATTEW PETER COLLIBEE JEFFREY COUCH KEN DRAKE Managing Director, Managing Director, Managing Director, Managing Director, Global Metals & Mining, Toronto Global Metals & Mining, Toronto Head of Investment & Corporate Banking, Head of Investment & Corporate Banking, Europe, London Asia Pacific Region, Melbourne Jason joined the Toronto office in 2007 to Peter works with domestic and focus on public and private financings international clients to arrange equity and Jeff joined the European I&CB team in 2011 Ken heads BMO investment and corporate and M&A engagements on behalf of both debt financing, M&A and restructurings. to focus on metals and mining transactions banking activities in the Asia Pacific region. domestic and international clients. Prior to Before joining BMO Capital Markets in including M&A, strategic advisory, equity He established our Australian office in joining BMO Capital Markets, he worked 2001, he spent seven years in mining and debt financing. Prior to joining BMO 2004, having previously been head of the at another investment bank. Jason has finance with Rothschild in Sydney and Capital Markets, Jeff was a head of Business firm’s European investment banking an MBA from Queen’s University and an Toronto. Peter has a Bachelor of Economics Development at Eurasian Natural activities. He has also been actively Honours Bachelor of Science from the from the University of Western Australia Resources Corporation and has gained involved in establishing our investment University of British Columbia. and is a Chartered Accountant (Australia). 15 years of investment banking and capital banking activities in China. Ken holds a markets experience at Credit Suisse, Bachelor of Business in Accountancy. Key recent transactions include: the Key recent transactions include: Anvil Citigroup and Kleinwort Benson. Jeff was C$4.9 billion acquisition of Consolidated Mining’s $1.3 billion sale to Minmetals called to the Ontario Bar after having Key transactions include: Moto Goldmines’ Thompson Iron Mines by Cliffs Natural Resources; Trafigura’s C$559 million graduated from Osgoode Hall Law School US$519 million sale to Randgold/Anglo- Resources; the C$3.6 billion acquisition of acquisition of Iberian Minerals; First and holds a Bachelor of Business Admin- Gold Ashanti; First Quantum’s C$464 Andean Resources by Goldcorp; the Quantum’s C$460 million acquisition of istration from The University of Western million acquisition of Antares and acquisitions of PDX Resources and Antares Minerals; First Quantum’s Ontario Business School. acquisitions by Chinalco, China Minmetals, TradeWinds Ventures by Detour Gold; C$653 million sale of its investment in Jinchuan and China National Nuclear the US$240 million strategic investment Equinox Minerals; Moto Goldmines’ Key transactions at ENRC include the ac- Corporation; and equity financing by Wuhan Iron and Steel in Consolidated US$519 million sale to Randgold; and Anvil quisitions of CAMEC and Bahia Mineracao transactions by CGA Mining, Extract Thompson Iron Mines; and raising equity Mining’s US$200 million strategic alliance Ltda Iron Ore, and the strategic investment Resources and Anvil Mining. of over C$1.9 billion for Detour Gold, C$375 with Trafigura; as well as numerous equity in Northern Platinum. Other transactions million for Andean Resources, and C$230 offerings for various companies. include Rio Tinto’s defense of BHP Billiton million for Romarco Minerals. and IPO’s for ENRC and EVRAZ. 24 Client Relationship Management T: +1 604 443 1491 T: +91 12 4484 9401 T: +44 20 7664 8120 T: +86 10 8588 1786 E: email@example.com E: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org JAMIE ROGERS ASHUTOSH SHARMA WILLIAM SMITH KEVIN SU Managing Director, Managing Director, Managing Director, Managing Director, Head of Investment & Corporate Banking, Head of Investment & Corporate Banking, Head of European & Middle East, Chief Representative, Investment & Corporate Vancouver India BMO Financial Group Banking, Beijing As the head of the Vancouver Investment & Ashutosh is responsible for building Bill is responsible for expanding BMO Kevin’s career at BMO has spanned over 13 Corporate Banking office, Jamie is relationships with Indian clients focused on Financial Group’s activities in Europe and years. Kevin is responsible for the firm’s in- responsible for working on public and pursuing cross-border M&A opportunities the Middle East. He is also a member of the vestment and corporate banking activities in private financing as well as mergers & and Capital raising on the NYSE, NASDAQ BMO Capital Markets Management China, and for developing relationships with acquisition engagements for a broad range or TSX. Ashutosh has over 20 years of Committee. Previously, Bill was Head of government departments to advance the of metals & mining clients. Jamie has 15 Investment & Corporate banking Investment & Corporate Banking, Europe, work of the Beijing Representative Office. years of investment banking experience, experience in India, Malaysia and Hong responsible for a wide range of transactions Previously, Kevin worked for Industrial and having joined BMO Capital Markets in Kong. Previously, he spent 14 years at in the resource sector, including M&A, Commercial Bank of China’s Beijing branch 1996. He holds an Honours Bachelor of Citigroup, most recently as Managing strategic advisory, and equity financing. as Deputy Manager of the International De- Commerce from the University of British Director, Corporate and Investment Before joining BMO Capital Markets in partment. Kevin has a Bachelor of Science Columbia and is a CFA Charterholder. Banking, in Malaysia. He has advised on 2004, Bill gained 17 years of investment from Beijing Polytechnic University and an M&A transactions as well as complex banking experience working in London, MBA from Renmin University of China. Key transactions include: Teck’s debt and equity financings across various Toronto and Tokyo. This included work C$1.0 billion sale of its gold assets; industries. in fixed income, derivatives and foreign Key transactions include: CNOOC’s Miramar’s C$1.5 billion sale to Newmont; exchange as well as spending one year as a acquisition of OPTI Canada Inc.; Bema’s C$3.7 billion sale to Kinross; Ashutosh holds an MBA from the Indian credit analyst. Chinalco’s C$840 million acquisition of Canico’s C$941 million sale to Vale; Institute of Management (IIM) – Ahmeda- Peru Copper; Minmetals & Jiangxi Copper’s Goldcorp’s C$650 million sale of its stake bad and a Bachelor of Economics from St. Bill holds an MBA from York University, C$455 million acquisition of Northern in Terrane; Far West’s C$725 million sale to Stephen’s College, Delhi University. a Master’s in Political Economy from the Peru Copper; Jinchuan’s C$214 million Capstone; Red Back’s C$165 million equity University of Toronto and a Bachelor of Arts acquisition of Tyler Resources; and issue; and Platinum Group Metals’ C$144 from St. Lawrence University. Canadian Royalties’ C$192 million million equity issue. acquisition by Jien Nickel. 25 Client Relationship Management T: +1 604 443 1442 T: +44 20 7664 8118 T: +1 604 443 1445 T: +44 20 7664 8125 E: email@example.com E: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org CARTER HOHMANN SIMON KERSEY MORTEN EISENHARDT DERK HARTMAN Managing Director, Managing Director, Director, Director, Global Metals & Mining, Vancouver Global Metals & Mining, London Global Metals & Mining, Vancouver Global Metals & Mining, London Carter joined the BMO Capital Markets Simon joined the BMO Capital Markets Morten is responsible for public and Derk joined the London office of Vancouver office in 2001. Since that time he London office in 2011 to provide M&A private financing and merger & acquisition BMO Capital Markets in 2007 to focus has been involved in a wide range of public advice with a focus on Africa and emerging engagements for clients in the Vancouver on public and private equity financings and private financings and M&A mandates markets. Previously, Simon worked for the region. He joined BMO Capital Markets in and M&A engagements for metals & for metals & mining clients. Carter holds a mining M&A teams at Standard Bank and 2005. Morten holds a Bachelor of Applied mining clients. Prior to joining BMO Bachelor of Commerce from the University Deutsche Bank, and was also instrumental Science in Mechanical Engineering from Capital Markets, he worked in the natural of British Columbia. He is also a Chartered in establishing a London-based mining- the University of British Columbia and an resources sector team for a large European Accountant and a Chartered Business focused finance advisory boutique. He is MBA from the Rotman School of Business investment bank. Derk has been working Valuator. a chartered accountant, having worked at the University of Toronto. on deals in the metals and mining sector for within PwC’s M&A tax advisory team. He more than 12 years, with particular focus on Key transactions include: Far West’s has completed M&A transactions for clients Key transactions include: Bema’s Europe, FSU and Africa. C$725 million sale to Capstone; Bear including BHP Billiton, Anglo American, C$3.7 billion sale to Kinross; Anglo’s Creek’s C$130 million equity financing; ENRC and Lonmin, as well as junior US$1.5 billion purchase of a 50% stake Derk has a Master of Science in Mining Silvercorp’s C$117 million equity exploration and development companies in Northern Dynasty’s Pebble project; and Petroleum Engineering from Delft financing; Newmont’s C$1.5 billion and private equity funds. Simon has a BA Thompson Creek’s C$690 million University of Technology in The acquisition of Miramar; and Canico’s degree in Philosophy from Bristol purchase of Terrane Metals; Goldcorp’s Netherlands and is a Professional C$135.4 million equity financing and University. US$505 million sale of Escobal to Tahoe Member of the Society for Mining, C$941 million sale to CVRD. He also Resources; and Aurizon’s hostile defence. Metallurgy and Exploration. played a key role in Copper Mountain’s Recent transactions include: the sale of C$52.5 million equity offering and Peru Chambishi Metals to ENRC; the strategic Copper’s C$56.6 million IPO. investment in Northam Platinum by ENRC; and the sale of Metorex to Jinchuan. 26 Client Relationship Management T: +86 10 8588 1711 T: +1 212 702 1854 T: + 1 416 359 5547 T: +1 416 359 5051 E: email@example.com E: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org JON JIN JONATHAN ROSE ILAN BAHAR CHRIS EGER Director, Director, Vice President, Vice President, Investment & Corporate Banking, Beijing Global Metals & Mining, New York Global Metals & Mining, Toronto Global Metals & Mining, London Jon joined the firm in Aug 2011 as a Based out of New York, Jonathan focuses on Ilan joined the Global Metals & Mining Chris is focused on merger, acquisition and Director, promoting the BMO Capital metals and mining clients, with particular team in 2005 and has broad experience in defense transactions as well as public and Markets investment and corporate banking concentration on the coal sector. Jonathan equity / convertible debenture financing, private equity financings. He joined BMO activities in China. Prior to joining BMO, has over 10 years of global investment merger, acquisition, and defence Capital Markets in 2007 working in the Jon worked 7 years for Anglo American banking experience within the Metals & transactions. Ilan holds a Bachelor of Mergers & Acquisitions group in Chicago Plc, took positions as Head of Corporate Mining industry. He has been involved in Applied Science degree in Industrial and transferred to the Metals & Mining Finance and Interim Chief Representative over 30 successful coal transactions and Engineering from the University of Toronto. group in 2011. Chris has over 12 years of of the China Representative Office, as well numerous transactions in metals distribu- corporate finance experience and prior to as senior corporate finance executive in tion as well as base and precious metals. He Key transactions include: Newmont’s joining BMO Capital Markets, he worked Anglo’s London headquarters. He worked joined BMO Capital Markets in 2010. acquisition of Fronteer (C$2.3 billion); for a hedge fund specializing in the base on a number of M&A and large capital the sale of Quadra FNX (C$3.0 billion metals. Chris also worked for seven years at projects for the global leading mining Jonathan holds a Master’s degree in Inter- transaction); the C$3.7 billion hostile a private equity firm specializing in indus- company. Before Anglo, Jon worked with national Affairs from Columbia University, defence and sale of Meridian to Yamana; trial transactions. Ernst & Young LLP transaction services a Certificate from the Institute of East Cen- the C$1.5 billion sale of Gold Eagle to team in London, advising clients over M&A tral Europe at Columbia University, and an Goldcorp; raising equity and convertibles Chris has an MBA from the J. L. Kellogg transactions in financial services sector in undergraduate degree in Economics from of over C$1.9 billion for Detour Gold; the Graduate School of Management of emerging markets. the University of Virginia. US$550 million private placement of Northwestern University and a Bachelor convertible preferred shares of Manabi; of Arts from Colgate University. Jon holds an MBA from INSEAD and a and the C$392 million secondary sale of Bachelor degree from Beijing Foreign Stud- Lake Shore shares by Hochschild. ies University. 27 Client Relationship Management T: +44 20 7664 8135 T: +1 416 359 5574 T: +1 416 359 5745 E: email@example.com E: firstname.lastname@example.org E: email@example.com SAPAN GHAI TOM JAKUBOWSKI CARLOS RAMIREZ Vice President, Vice President, Vice President, Global Metals & Mining, London Global Metals & Mining, Toronto Global Metals & Mining, Toronto Sapan joined the BMO Capital Markets Tom works with clients to arrange equity Carlos joined the Global Metals & Mining London Office in 2011 with a focus on and debt financing, merger, acquisition and team in 2010 to focus on M&A and defense providing M&A advice to the metals and defence mandates. His experience includes engagements as well as public and private mining sector. Prior to joining BMO, Sapan transactions and equity financings for financings. Prior to joining BMO Capital worked at Standard Bank within its Global precious metal, base-metal and uranium Markets, he worked in the Global Mining Advisory team. Sapan has advised on a mining companies. Tom spent two years team at another investment bank. Carlos broad range of M&A transactions involving in BMO’s Equity Research group covering has an MBA from the Schulich School of London-listed miners, Russian investment metals and mining companies before join- Business and an Honours Bachelor degree funds and Chinese mining companies. ing the Investment & Corporate Banking in Industrial Engineering from Sabana Notable clients include BHP Billiton, Vale, group in 2006. Tom holds a Bachelor of University. ENRC and Chinalco. Commerce from McGill University. Key transactions include: Franco-Nevada’s Sapan is a Chartered Accountant having Key transactions include: Western Gold- C$1.0 billion acquisition of Gold Wheaton; qualified with PricewaterhouseCoopers. fields’ C$548 million merger with New Andean Resources’ C$3.6 billion sale to He holds a BSc in Mathematics and an Gold; New Gold’s US$513 million exercise Goldcorp; Kinross Gold’s C$8.0 billion MSc in Finance. of El Morro ROFR and C$115 million equity acquisition of Red Back Mining; Golden financing; Aquiline’s C$626 million sale Minerals’ C$600 million merger with ECU to Pan American Silver; Franco- Nevada’s Silver; Vale’s C$263 million acquisition C$1.3 billion IPO; numerous M&A and of TEAL Exploration jointly with African equity mandates for Uranium One, as Rainbow Minerals; and raising equity of well as for small cap metals & mining over C$230 million for Romarco Minerals companies. and C$85 million for San Gold. 28 Equity Capital Markets T: +1 416 359 4184 T: +1 416 359 4241 T: +1 416 359 8130 T: +1 416 359 5201 E: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org E: email@example.com PETER MILLER ELIZABETH WADEMAN MANNY DHILLON FAHEEM TEJANI Managing Director, Managing Director, Director, Director, Head of Equity Capital Markets Canada, Equity Capital Markets, Toronto Equity Capital Markets, Toronto Equity Capital Markets, Toronto Toronto Elizabeth has over a decade of experience Manny joined BMO Capital Markets Faheem joined the Equity Capital Markets Peter heads the Equity Capital Markets in advising private and public companies Investment Banking in July of 2001 as group in 2009, after spending three years in group in Canada, and is responsible for on equity capital markets solutions. She an Analyst. Over the last decade, Manny London, England, selling North American developing and executing equity and specializes in the metals & mining sector gained experience working in a number of equities to European investors for BMO equity-linked financing solutions. He has and has a depth of expertise in originat- different teams within the firm, joining the Capital Markets. Faheem began his overseen a variety of follow-on and initial ing and executing equity transactions, Equity Capital Markets group in July of investment banking career at BMO Nesbitt public equity offerings primarily in the including IPOs, follow-on and secondary 2004. As a part of ECM, Manny has been Burns in 2000 in the M&A group and then mining, energy, industrial, real estate, offerings, and equity-linked securities. She instrumental in number of financings the Financial Services group. He has technology and financial services indus- has been instrumental in the structuring across various sectors for common equity, completed a number of initial public tries. Prior to joining BMO Capital Markets of complex offerings for a wide range of convertible debentures, preferred shares offerings, follow-on and equity-linked in 2003, he spent five years with Salomon domestic and international clients. and income trust transactions for both financings for a wide range of clients Smith Barney in London. He began his Elizabeth has been with BMO Capital public and private companies. Most during his time with the firm. Prior to investment banking career in 1994 at Burns Markets since 1998, where she started in recently, Manny has been focused in the working at BMO Capital Markets, Faheem Fry in the M&A group. the Mergers & Acquisitions group. execution role of BMO Capital Markets led spent two years with an international financings. accounting firm in its financial institutions Peter holds an MBA and a Bachelor of Engi- Elizabeth holds a Bachelor of Commerce group. neering and is a CFA Charterholder. from McGill University and is a CFA Manny holds a Bachelor of Commerce Charterholder. She also holds a degree in degree (Honours) from the University of Faheem holds a Bachelor of Arts with Piano Performance (ARCT) from The Royal Toronto and a Chartered Financial Analyst Honours from the University of Western Conservatory of Music. (CFA) designation. Ontario and is a Chartered Accountant. 29 Mergers & Acquisitions T: +1 416 359 4744 T: +1 416 359 4754 T: +1 416 359 6575 T: +1 416 359 6425 E: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org E: email@example.com ANDRE L. HIDI DANIEL BARCLAY JOHN ARMSTRONG GARY A. MATTAN Executive Managing Director, Managing Director, Managing Director, Managing Director, Global Head, Mergers & Acquisitions, Head of Canadian Mergers & Acquisitions, Mergers & Acquisitions, Toronto Mergers & Acquisitions, Toronto Toronto Toronto John has been involved in a wide range Gary has over 15 years of experience Andre heads the BMO Capital Markets Daniel heads the BMO Capital Markets of public and private advisory mandates, advising on purchase and sale mandates, Global M&A group. He joined BMO Capital Canadian Mergers & Acquisitions group. but focuses much of his time on advising merger transactions, and valuations and Markets in 2004, following 12 years with Prior to joining BMO Capital Markets in clients in resource-based industries. Prior fairness opinions. Previously, Gary worked two leading international investment banks 2003, he spent a combined 13 years in to joining BMO Capital Markets in 2003, in an M&A capacity with another major and teaching an MBA course on M&A at investment banking at Morgan Stanley and he worked with other investment banks Canadian investment bank in Toronto and the University of Toronto. Andre holds an Scotia Capital. Daniel has a Bachelor of in Toronto and New York. John received New York. He holds an MBA from Wake MBA from Stanford University’s Graduate Science with Honours from the University a Bachelor of Commerce from the Sauder Forest University’s Babcock Graduate School of Business as well as a BA and MA of Alberta and an MBA from the University School of Business at the University of School of Management and a Bachelor of in Political Economy from the University of of Calgary. British Columbia and an MBA with Science from the University of Western Toronto. Honours from the Rotman School of Ontario. Gary is a CFA Charterholder. His key assignments include: QuadraFNX Management at the University of Toronto. His advisory experience includes: pending on its sale to KGHM; CNOOC’s acquisition Key mining transactions include: ENRC’s $3.6 billion sale of TMX Group to Maple of OPTI Canada Inc.; Canadian Tire’s Notable advisory mandates include: acquisition of First Quantum’s copper Acquisition Corp; BMO Financial Group’s acquisition of Forzani; Consolidated Newmont’s acquisition of Fronteer Gold assets in the Democratic Republic of Congo; US$4.1 billion acquisition of Marshall & Thompson Iron Ore’s sale to Cliffs; and its consolidation of the Boddington European Goldfields on its sale to Eldorado Ilsley; Newmont’s C$2.3 billion acquisition Goldcorp’s sale of its interest in Terrane; gold mine; Consolidated Thompson Iron Gold; Anvil on its sale to Minmetals; of Fronteer Gold and $1.0 billion consolida- Woodbridge on its sale of CTVglobeme- Ore’s sale to Cliffs; Andean’s Sale to Gold- Kinross’s acquisition of Red Back Mining; tion of its Boddington project; Meridian dia; Value Creation Inc on its oil sands JV corp; Far West Mining’s sale to Capstone ARMZ/Uranium One’s acquisition of Gold’s $3.8 billion merger with Yamana with BP plc; TransAlta Power LP’s sale to Mining; Aquiline’s sale to Pan American Mantra Resources; Nyrstar’s acquisition of Gold and Northern Orion Resources; Cheung Kong Infrastructure; Miramar’s sale Silver; Chinalco’s acquisition of Peru Farallon Mining; Anatolia Minerals’ merger Wheaton River’s $2.6 billion acquisition of to Newmont; Kensington Resources’ sale Copper; Teck’s sale of various gold assets; with Avoca Resources; and Meridian Gold’s Goldcorp and Goldcorp’s $1.6 billion to Shore Gold; and EnCana’s sale of its oil Gold Eagle’s sale to Goldcorp and Uramin’s defence and successful sale to Yamana acquisition of certain Placer Dome assets. pipelines. sale to AREVA. Gold. 30 Mergers & Acquisitions T: +1 416 359 5864 T: +1 416 359 6361 T: +1 416 359 6292 E: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org SARFRAZ VISRAM GEOFF BARSKY BRADLEY WELLS Managing Director, Director, Vice President, Mergers & Acquisitions, Toronto Mergers & Acquisitions, Toronto Mergers & Acquisitions, Toronto Sarfraz has extensive experience advising Geoff has been involved in a wide array of Since joining BMO Capital Markets in 2007, clients on a wide array of M&A M&A assignments. While he has worked Brad has been involved in a wide array of assignments, including purchase and sale for clients in a variety of industries, Geoff M&A assignments, including purchase and mandates, hostile defense assignments, spends the majority of his time advising sale mandates, strategic alternatives valuations, strategic alternatives reviews, clients in the natural resources sector with reviews and several restructuring and restructuring mandates. He joined a specific focus on mining. Prior to joining mandates. After spending three years in BMO Capital Markets in 1998. BMO in 2006, Geoff spent over six years the Diversified Industries group, covering with GE Capital. Geoff holds an MBA from a range of clients and industries, he Sarfraz has taken lead roles in the firm’s McGill University and a Bachelor of transferred to the M&A group and now metals and mining M&A transactions for Business Administration from Simon spends a significant portion of his time Franco Nevada, Quadra FNX, Trafigura Fraser University. Geoff is also a CFA focused on the metals and mining sector. Beheer as well mandates for Chinese- Charterholder. Prior to joining BMO Capital Markets, based companies, like China Minmetals, Brad spent three years with Ernst & Young Jiangxi Copper, Northwest Nonferrous Notable advisory mandates include: working in the Assurance & Advisory International, Jinduicheung Molybdenum, European Goldfield’s sale to Eldorado Business Services Group in Montreal, Jinchuan Group, China National Nuclear, Gold; Golden Minerals’ merger with ECU Quebec. Zijin Mining Group, and the China-Africa Silver; Anatolia Minerals’ merger with Development Fund. He has also been Avoca Resources; Kinross’ acquisition of Brad holds a Bachelor of Commerce with involved in a number of successful defenses Red Back Mining; Moto Gold Mines’ sale to First Class Honours in Accounting from of hostile bids, including advisory roles for Randgold; Teck’s sale of various gold assets; McGill University. He is a Chartered Meridian Gold, Air Canada, SMED Teck’s acquisition of Global Copper; China Accountant and a Certified Public International, Canico Resource and Minmetals/Jiangxi Copper’s acquisition of Accountant (IL). Canadian Royalties. Northern Peru Copper; and Cambior’s sale to IAMGOLD. 31 Loan Products T: +1 416 359 6835 T: +1 416 359 6306 T: +44 20 7664 8041 T: +1 604 443 1436 E: email@example.com E: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org STEPHEN KELLY BOB DEOL ANTHONY EBDON JERRY KAYE Managing Director, Director, Director, Director, Loan Products, Toronto Loan Products, Toronto Loan Products, London Loan Products, Vancouver Steve is responsible for the Loan Products Bob joined the Loan Products group with Tony is responsible for the Loan Products Jerry is responsible for the Loan Products group’s metals and mining accounts BMO Capital Markets in 2011. Bob’s area group’s activities in Europe and Africa. group’s activities in British Columbia. He globally. He has been with BMO Capital of expertise is in the structuring of lending He has been with BMO Capital Markets has been with BMO Capital Markets for Markets for over 25 years and has transactions for clients in the metals and for 20 years and has extensive experience over 25 years and has extensive experience extensive experience in project financing, mining sector. These transactions include in structured, project, acquisition, and in corporate lending, acquisition and mergers and acquisition financing as well acquisition, project and corporate financ- corporate financings in the natural project financing in the mining sector, as traditional corporate finance for the ings. Prior to joining BMO Capital Markets, resources sector in various geographical as well as bonds, preferred shares, metals and mining sector. Prior to joining Bob was with another financial institution locations. commercial paper and derivatives. BMO, he was a mining engineer for for five years where he played a key role in Syncrude Canada Ltd. establishing many corporate, acquisition Tony holds a Bachelor of Commerce from Jerry holds an MBA and an Honours and project financings for a diverse range the University of Cape Town and is a Bachelor of Science, both from the Steve holds a Mining Engineering Degree of mining clients. Bob had a lead role on Chartered Accountant. University of British Columbia. and an MBA, both from Queen’s University. the US$1.035 billion Pueblo Viejo project financing for Barrick/Goldcorp, which was recognized as 2010 Americas Mining Deal of the Year by PFI. Bob has an MBA from the Rotman School of Management at the University of Toronto and a Bachelor of Applied Science in Mechanical Engineering also from the University of Toronto. 32 Loan Products T: +1 416 359 4313 T: +1 416 359 6890 E: email@example.com E: firstname.lastname@example.org DEREK TOVICH ROBERT WRIGHT Director, Director, Loan Products, Toronto Loan Products, Toronto Derek joined BMO Capital Markets in 2007 Robert is responsible for managing credit as a member of the Loan Products group relationships with many of the with a particular responsibility for the Loan Products group’s mining clients mining sector. Prior to joining BMO Capital based in Canada and the US. He has been Markets, Derek spent several years with with BMO Capital Markets for more than another financial institution where he 20 years and has extensive experience in completed numerous general corporate corporate lending, project finance, and and project financings in the mining sector. acquisition financing. Prior to this role, Derek worked for a private equity firm assisting in the management of He holds a Bachelor’s degree in Chemical a $350 million fund across a diverse range Engineering from the University of Toronto, of industries. an MBA from York University and is a Certified Management Accountant. Derek holds a Bachelor of Business Administration from Wilfrid Laurier University and is a CFA Charterholder. 33 Technical Services T: +1 416 359 7716 T: +1 416 359 7732 T: +1 416 359 4263 E: email@example.com E: firstname.lastname@example.org E: email@example.com LEONARD KILPATRICK CHRIS MORETON TOM RANNELLI Senior Mining Engineer & Consultant, Senior Consulting Geologist, Senior Mining Engineer, Global Metals & Mining, Toronto Global Metals & Mining, Toronto Loan Products, Toronto Leonard R. Kilpatrick, A.C.S.M. (Camborne Chris is a consulting geologist working Tom joined the Loan Products group in School of Mines), G.D.E. (Wits), P. Eng., a exclusively for BMO Capital Markets. 2008 and contributes to the technical due mining engineer, has over 40 years of world In this role he performs technical due diligence and financial analysis of mining wide operating and consulting experience diligence on projects and companies for sector clients. Tom has 26 years of experi- in base metals, precious metals, platinum Investment & Corporate Banking. Chris is ence in the mining industry. His expertise group metals, iron ore, uranium, thermal a Professional Geoscientist and Qualified includes mine engineering and production and coking coals, diamonds, potash and Person for various commodities including in underground and open pit operations, other industrial minerals. Len consulted for gold, silver, PGMs, base metals, REEs, tin, geotechnical and mine design, new mine Canadian, European, American and Aus- tungsten, molybdenum and uranium. Chris commissioning, operational supervision, tralian banks, as well as for senior North is skilled in block model resource estima- mineral processing and mining contractor American mining and oil companies, junior tion techniques and the geo-statistical services. Prior to joining BMO, Tom was mining and exploration companies, law treatment of geological data. He has worked involved with asset valuation and due firms, accounting firms, utilities and crown in mining and exploration for more than 25 diligence for projects in North America, corporations. years on grassroots and brownfields South America, Eastern Europe, and Africa. projects in such places as the Canadian Presently, Len’s consulting services are Arctic, Mexico and Saudi Arabia. Tom is a P.Eng with a Bachelor of Science exclusive to BMO Capital Markets. with Honors in Mine Engineering from Chris holds a PhD in structural geology Queen’s University and an MBA from the from the University of New Brunswick, Richard Ivey School of Business. Canada. 34 Commodity Products T: +1 212 702 1817 T: +1 212 702 1819 E: firstname.lastname@example.org E: email@example.com GARY SPENCER TAI WONG Director, Director, Commodity Products, New York Commodity Products, New York Gary is the senior metals trader for BMO Tai is a senior metals trader for BMO Capital Markets, based in our New York Capital Markets, based in our New York office. With more than 20 years of trading office. With 20 years of trading experience experience in both precious and base in precious metals, foreign exchange and metals, Gary joined BMO Capital Markets emerging markets Tai joined BMO Capital from a leading investment bank in New Markets from a leading international York, where he established the firm’s investment bank in 2011 where he precious metals option trading business. established the firm’s precious metals trading operation in North America. During his earlier career at an investment Previously Tai was global head of bank, Gary served as the Head of Precious precious metals spot trading at a US Metals Option Trading in London, Global investment bank. Earlier in his career he Head of Precious and Base Metals Option built a market-leading electronic trading Trading in New York, and Asia Pacific Head platform for foreign exchange. of Foreign Exchange and Commodity Option Trading in Singapore. Tai holds an AB in Government from Harvard College and is a CFA Charterholder. 35 Equity Sales Team T: +1 416 359 5270 T: +1 416 359 4027 T: +33 1 4450 4381 T: +1 212 885 4049 E: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org E: email@example.com MIKE MILLER JAMSHEED MEHTA MATTHIEU DEBOST ALAN TANNENBAUM Executive Managing Director, Managing Director, Managing Director, Managing Director, Head of Equity Products, Toronto Head of Global Equity Sales, Toronto Head of European Sales, Paris Head of U.S. Equity Sales, New York Since joining BMO Capital Markets in 1987, Jamsheed joined Burns Fry Ltd., a Matthieu heads the European sales team. Prior to joining BMO Capital Markets in Mike has been involved in various Cana- predecessor to BMO Capital Markets, in Previously, he oversaw Canadian equity 2010, Alan spent 13 years at Lehman dian and U.S. equity research and portfolio 1992. He was appointed Head of Global sales in Europe for a major European bank, Brothers Inc., including four years as Head management capacities. He was appointed Equity Sales in 2009 and is responsible and worked for 18 years at that bank’s office of U.S. Institutional Sales, and two years as Director of Research in 2000, Co-Head of for BMO’s institutional equity sales and and predecessor firm Bunting Warburg in Head of European Equity Capital Markets Equity Products in 2006, and Head of Equity new issue efforts. Prior to joining the Toronto. He joined BMO Capital Markets in London. Alan joined Lehman Brothers Products in 2008. He is responsible for the institutional equity group in 1995, in 2009. in 1993 in Institutional Sales and moved BMO Capital Markets institutional equity Jamsheed worked in equity capital into Equity Capital Markets in 1996. Prior research, sales and trading businesses in markets. Matthieu holds a Master of Business & Tax to joining Lehman Brothers, he worked at Canada, the U.S. and globally. Laws from the University of Paris-Dau- HSBC James Capel in Equity Sales. Jamsheed holds a Bachelor of Commerce phine. Matthieu is a citizen of France, the Mike holds a Bachelor of Commerce from from the University of Toronto and is a CFA U.S. and Canada. Alan holds a Bachelors Degree with High the University of Toronto and a Master of Charterholder. Honors from the University of Michigan. Economics from the University of Western Ontario. He is also a CFA Charterholder. He has been a member of the Board of Directors of the Toronto Society of Financial Analysts and the Investment Industry Association of Canada, as well as both private equity and pension advisory boards. 36 Equity Sales Team T: +44 20 7246 5444 T: +1 416 359 4132 T: +1 212 702 1916 T: +1 212 702 1270 E: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org E: email@example.com ALEX ARAUJO DOUG FLEGG CHUCK VITTON PETER BURES Managing Director, Managing Director, Managing Director, Director, Equity Sales, London Global Mining Sales, Toronto Global Equity Sales, New York Global Mining Sales, New York Alex heads the Equity Sales team in Doug is a Mining Specialist on the Chuck received his securities license in Peter joined the BMO Capital Markets London. He was most recently institutional sales desk in Toronto. He 1987 and joined Burns Fry, a predecessor institutional sales desk in New York in 2011. Executive Director of Institutional Equity is responsible for covering institutional to BMO Capital Markets in 1988. He has His first few years in the mining industry Sales at UBS, covering clients in both North mining investors and providing support helped build our institutional sales were at Placer Dome in Timmins, followed America and Europe for more than a to BMO’s sales and trading desks on efforts in the United States over the past by eight years on the sell side in equity decade. He started his career in the mining-related issues. He has over 23 years 23 years. Chuck is a resource specialist research. Peter worked at Deutsche Bank, research department at Burns Fry, having of investment experience on both the buy on the institutional sales desk in New York HSBC in New York and Toronto, and at served as a Financial Economist. Alex and sell-sides of the street. Doug has also and is actively involved in public and Yorkton. In 2007 he transitioned to the re-joined BMO Capital Markets in 2009. worked in the mining industry as an private placements. buy side with Sentry Investments as an Exploration Geologist. associate portfolio manager, specializing in Alex holds a Bachelor of Commerce and Chuck holds a Bachelor of Science from the metals and mining. a Master’s degree in Economics from the Doug holds an MBA and a Bachelor of University of Nebraska, majoring in finance. University of Toronto. He is a CFA Science (Honours Geology) from Queen’s Peter holds a Bachelor of Applied Science Charterholder and a member of the UK University. He is a CFA Charterholder. (geological and mineral engineering) from Society of Investment Professionals. the University of Toronto. 37 Equity Sales Team T: +44 20 7246 5427 T: +1 416 359 7062 E: firstname.lastname@example.org E: email@example.com JACK GABB HEATHER TAYLOR Vice President, Associate, Global Mining Sales, London Equity Sales, Toronto Jack joined the institutional sales desk in Heather is an Associate in the BMO Capital London in 2011 as a Mining Specialist. Markets Global Mining Equity Sales group, His expertise and responsibilities are in covering Canadian investors. Heather covering UK and European institutional has over 5 years of experience in Capital mining investors and supporting BMO sales Markets, both on buy and sell sides. Most and trading desks on all mining-related recently, she worked in the Global Metals issues. Prior to joining BMO, Jack spent & Mining Research group at BMO. During several years working at Liberum Capital in her tenure in research she helped launch London, at Her Majesty’s Treasury (United coverage on over 25 various precious Kingdom’s economics and finance metals and minerals stocks and played a ministry) and at the Citi Private Bank in significant part in creating the largest silver New York. Jack holds a Bachelor of Science coverage worldwide. with Honors in Economics from the University of Bath, as well as Diploma Heather holds a Bachelor of Social Science from the Chartered Institute for Securities from the University of Western Ontario. and Investment. Notable transactions include: the IPOs of Glencore, UC Rusal and London Mining. 38 Equity Research Team T: +1 416 359 4478 T: +1 416 359 5424 T: +1 416 359 4052 T: +1 416 359 4034 E: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org E: email@example.com IAN DE VERTEUIL PAUL CAMPBELL DAVID HAUGHTON TONY ROBSON Managing Director, Executive Managing Director, SENIOR PRECIOUS METALS DIVERSIFIED MINERS Global Head of Research, Toronto Co-Head of Equity Research, Toronto Managing Director, Managing Director, Co-Head, Mining Research, Toronto Co-Head, Mining Research, Toronto Prior to joining a predecessor firm of Paul’s extensive experience in institutional BMO Capital Markets in 1987 as a Research equities includes work as both a Research David joined BMO Capital Markets in 2007 Tony joined BMO Capital Markets in 2007 Analyst, Ian worked in his native Trinidad Analyst and Portfolio Manager. Paul has as Co-Head of Mining Research and to as a sell-side Mining Analyst. He has 25 and Tobago for a diversified holding covered a variety of sectors for BMO Capital cover global mining stocks. He has worked years of prior experience in financial company, in both restructuring and Markets including real estate, conglomer- for over 15 years researching global min- markets, covering all precious metal, base operating management. For over 15 years, ates and non-bank financial services – ing companies as a Senior Equity Analyst metal and bulk commodity sectors. He Ian was a top-ranked analyst in banks, reaching the top ranking in the real estate for international stockbrokers, and has co-founded Global Mining Research, a life insurance and consumer products. In sector as measured by the Brendan Wood a further seven years of experience as a boutique firm providing research to 2009, Ian joined the Canada Pension Plan International Survey. In 1998, Paul left Financial Analyst in the resources sector. financial institutions, and is a former Investment Board as Head of Fundamental BMO to work for a Canadian investment David co-founded and built Global Mining Senior Mining Analyst at BNP Paribas Research to help develop the $150 billion counsellor as a Portfolio Manager of Research into an internationally recognized and Prudential Securities. Fund build-out of its global research Canadian equities. He rejoined BMO in business, providing world-class mining capability. In 2011, Ian rejoined BMO 2000 to assume the role of Associate equity research for institutional investors. Tony holds a Master of Mineral Economics Capital Markets as Global Head of Director of Research and was appointed He has analyzed major Australian, North from Macquarie University, and a Master of Research. to his current position in 2008. American, South African, U.K., European, Science and Bachelor of Science (Honours), Asian and Russian precious metals and both in Geology, from the University of Ian holds a Bachelor of Science in Paul holds a Bachelor of Commerce (Hon- mining companies. Sydney, as well as a Graduate Diploma in chemistry from McGill University (1984) ours) from the University of Manitoba and Applied Finance and Investment Analysis and an MBA from the University of Western an MBA from the University of Western David holds an MBA from the University from the Securities Institute of Australia. Ontario (1986). Ontario. of Queensland and a Master of Applied He is a Fellow of the Financial Services Science (Geology) from the Queensland Institute of Australasia. University of Technology. 39 Equity Research Team T: +1 416 359 8456 T: +1 416 359 6189 T: +1 416 359 7224 T: +1 303 436 1113 E: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org E: email@example.com STEPHEN BONNYMAN JOHN P. HAYES ANDREW KAIP MEREDITH BANDY BASE METALS EXPLORATION & DEVELOPMENT PRECIOUS METALS COAL Managing Director, Managing Director, Director, Vice President, Research Analyst, Toronto Research Analyst, Toronto Research Analyst, Toronto Research Analyst, Denver Stephen joined BMO Capital Markets in John covers select precious and base Andrew’s research covers gold and silver Meredith’s research covers coal stocks. 2012 and covers Base Metal equities. He has metals exploration companies and stocks. Previously, Andrew worked as a Meredith has 10 years of financial markets over 25 years of experience in the financial emerging producers. He joined BMO Mining Analyst at Haywood Securities, experience as a metals & mining Equity markets. Stephen started his career as an Capital Markets as an Associate in 2003 most recently covering gold and silver Research Associate at Barclays (Lehman exploration geologist, before moving on and has more than 17 years of geologi- junior exploration and mining companies. Brothers), an Investment Banking Analyst to corporate and structured finance, and cal work experience, including precious Prior to that, he served as a Project and at Legg Mason and a Research Assistant equity research as a mining, metals and and base metals exploration. In the 2010 Consulting Geologist for more than 10 at Sands Capital Management. She joined fertilizer analyst. He has worked in leading Brendan Wood International Survey, John years. He joined BMO Capital Markets in BMO Capital Markets in 2006. Canadian brokerages for over 13 years as a achieved an all-star ranking in Precious 2009. mining analyst, and as a top-ranked global Metals & Diamonds – Small/Mid Cap. Meredith holds an MBA from the Kenan- resources analyst and portfolio manager for Andrew holds a Master of Science in Flagler Business School at the University of the past five years. John holds an Honours Bachelor of Sci- Economic Geology from the University of North Carolina, and a Bachelor of Science ence in Geology and a Master of Science British Columbia, a Bachelor of Science in in Business Administration from George- Stephen holds an MBA from Dalhousie in Geology from Memorial University of Geology from Carleton University, and is a town University. She is a CFA Charter- University, a B.Sc. in Geology from Newfoundland. He also holds an MBA Professional Geologist. holder. McMaster University and is a CFA from Dalhousie University. He is a member Charterholder. (P.Geo.) of the Professional Engineers and Geoscientists of Newfoundland and Labrador. 40 Equity Research Team T: +1 416 359 8387 T: +44 20 7246 5421 T: +1 416 359 5254 E: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org ANDREW BREICHMANAS EDWARD STERCK JOHANNES FAUL PRECIOUS METALS DIAMONDS, PLATINUM GROUP BASE METALS Vice President, METALS & URANIUM Research Analyst, Toronto Research Analyst, Toronto Vice President, Research Analyst, London Johannes rejoined the BMO Mining Andrew focuses on senior and intermediate Research team in 2010, as an analyst in gold producers. His previous experience in- Edward focuses on uranium, platinum base metals and bulk materials. Previously, cludes roles with a technical consultancy in group metal and diamond stocks. Prior he spent two years as an energy and the design, construction and commission- to joining BMO Capital Markets, Edward resources analyst at the Royal Bank of ing of capital projects in the mining sector. worked as a Mining Analyst at Hargreave Scotland and three years as a research He joined BMO Capital Markets in 2006. Hale, specializing in uranium and associate at BMO Capital Markets and diamonds. He also spent over four years Global Mining Research. He also worked Andrew holds an MBA from the University trading government bond futures on a as a corporate finance consultant of Michigan, and an Honours Bachelor of proprietary basis. He joined BMO Capital at PricewaterhouseCoopers for three years. Science in Mathematics and Engineering Markets in 2007. from Queen’s University. He is a member Johannes has an MBA from the University (P.Eng) of Professional Engineers Ontario. Edward holds a Bachelor of Science (Hon- of Cologne and is a CFA Charterholder. ours.) in Geology from the Royal School of Mines, Imperial College. 41 Global Metals & Mining Group Contacts AMERICAS EUROPE ASIA & AUSTRALIA CHICAGO RIO DE JANEIRO LONDON BEIJING 111 West Monroe Street Av. Rio Branco, 143 - 18 andar 95 Queen Victoria Street 27th Floor, Tower 3 Chicago, IL 60603 20040-006 London EC4V 4HG China Central Place Rio de Janeiro - RJ, Brazil United Kingdom 77, Jianguo Road Beijing 100025 DENVER TORONTO People’s Republic of China Dominion Plaza 100 King Street West PARIS Suite 2240, South Tower P.O. Box 150 7, Place Vendome 600 17th Street Toronto, ON M5X 1H3 75001 Paris DELHI Denver, CO 80202 France Suite 412, Time Tower, MG Road Gurgaon, Delhi, India 122 002 VANCOUVER HOUSTON 885 West Georgia Street ZURICH 700 Louisiana Street Suite 1800 40 Clarindenstrasse MELBOURNE Suite 2100 Vancouver, BC V6C 3E8 8002 Zurich 120 Collins Street, Level 23 Houston, TX 77002 Switzerland Melbourne, Australia 3000 MEXICO CITy SHANGHAI Boulevard Manuel Avila Camacho Suite 3208, Haitong Securities Tower No. 40 - Piso 18 689 Guangdong Road Edificio Torre Esmeralda Shanghai 200001 Lomas de Chapultepec People’s Republic of China 11000 Mexico, D.F. MONTREAL Tour McGill College 1501, avenue McGill College Montréal, QC H3A 3M8 NEw yORk 3 Times Square New York, NY 10036 42 ABOUT BMO CAPITAL MARKETS BMO Capital Markets is a leading, full-service North American financial services provider offering corporate, institutional and government clients access to a complete range of products and services. These include equity and debt underwriting, corporate lending and project financing, merger and acquisitions advisory services, securitization, treasury management, market risk management, debt and equity research and institutional sales and trading. With 2,300 professionals in offices in 30 locations around the world, including 17 in North America, BMO Capital Markets works proactively with clients to provide innovative and integrated financial solutions. BMO Capital Markets is part of BMO Financial Group (NYSE, TSX: BMO), one of the largest diversified financial services providers in North America with US$479 billion total assets and more than 47,000 employees as at October 31, 2011. 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