Endeavour Silver Corporate Presentation August 8, 2012
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  • 1. Building a Premier Mid-Tier Silver ProducerCorporate PresentationAugust 2012 1
  • 2. Cautionary Note: Forward Looking StatementsThis news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements andinformation herein include, but are not limited to, statements regarding Endeavour’s anticipated performance in 2012, including revenue, cashcost and capital cost forecasts, silver and gold production, timing and expenditures to develop new silver mines and mineralized zones, silverand gold grades and recoveries, cash costs per ounce, capital expenditures and sustaining capital and the use of the Company’s workingcapital. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, otherthan as required by applicable law.Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results,level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by suchstatements. Such factors include, among others: fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularlythe Mexican peso, Canadian dollar and U.S. dollar); fluctuations in the price of consumed commodities, changes in national and localgovernments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; operating or technicaldifficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining(including environmental hazards, industrial accidents, unusual or unexpected geological conditions, pressures, cave-ins and flooding);inadequate insurance, or inability to obtain insurance; availability of and costs associated with mining inputs and labour; the speculativenature of mineral exploration and development, reliability of calculation of mineral reserves and resources and precious metal recoveries,diminishing quantities or grades of mineral reserves as properties are mined; risks in obtaining necessary licenses and permits, global marketevents and conditions and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors”contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continuedoperation of the Company’s mining operations, no material adverse change in the market price of commodities, mining operations will operateand the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, andsuch other assumptions and factors as set out herein.Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained inforward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated,described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to beaccurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly,readers should not place undue reliance on forward-looking statements or information. 2
  • 3. Introduction • One of North America’s fastest growing silver Endeavour Silver Corp: mining companies • Two high grade producing silver-gold operations in Producing Mines: Mexico; Guanacevi Mine in Durango, Bolanitos Mine in Guanajuato • Acquisition of the El Cubo Mine in Guanajuato Accretive Acquisition: makes Endeavour a premier mid-tier silver producer • Four district-scale exploration properties in Exploration Projects: Mexico; San Sebastian, La Brisa, Parral, Guadalupe y Calvo • Create a premier senior silver producer (+10 Strategic Goal: million oz per year) through continued organic growth and strategic acquisitions 3
  • 4. Investor Highlights Experienced Board Proven Operating Focus on Quality and Management: Track Record: Assets: 200+ years in mining 966% production growth Large districts, big veins, industry in last 7 years high grades, low costs Accretive New Compelling Organic Acquisition: Growth: El Cubo Mine in 60% expansion at Guanajuato, same district Bolanitos Mine in 2012 to as current operation 1,600 tpd Strong Financials: Pure Silver-Gold Good Liquidity: Working capital est. Leverage: Listed on the NYSE, TSX, US$50 million, no debt, Frankfurt access to $75 million 75/25 silver/gold in dore, credit facility no base metals 4
  • 5. Share Capital Exchange Listings: • EXK: NYSE EDR: TSX EJD: Frankfurt Shares Issued: • 99.1 Million Warrants/Options: • 6.0 Million (adds $29.9 Million) Fully Diluted: • 105.2 Million Share Price (Aug 8, 2012): • US $7.84 USD Market Cap: • US $778 Million Daily Volume (3 Mo. Ave.): • 1.5 Million Shares (TSX & NYSE) Strategic Shareholder: • Fresnillo Plc 2.8% Majority Shareholder: • AuRico Gold Inc 11.1% • BMO (Andrew Kaip), Euro Pacific Capital Analyst Coverage: (Heiko Ihle), Haywood (Chris Thompson), Salman Partners (Ash Guglani) 5
  • 6. Board and Management Board of DirectorsGeoff Handley Rex McLennan Mario Szotlender Ricardo Campoy Bradford Cooke Godfrey Walton B.Sc. B.Sc., M.B.A B.IR B.Sc. M.Sc., P.Geo. M.Sc., P.Geo. Chairman Director Director Director Director Director CEO President & COO Additional Management Dan Dickson David Howe Barry Devlin Hugh Clarke Miguel Ordaz CA M.Sc. M.Sc., P.Geo. VP, Corporate Ing. CFO VP, Operations VP, Exploration Communications Mexico Projects Director 6
  • 7. Corporate Strategy Business Model:• Acquire under-explored, under-performing mines in historic silver districts that are built, permitted, staffed and about to close• Invest the capital and expertise needed to discover new ore-bodies, turn-around operations and re-open the mines• Expand silver resources and reserves each year to drive annual mine and plant expansions which fuel continuous growth Three producing mines, Five exploration projects 7
  • 8. Reserves/Resources: 656% Growth Last 7 Years Silver Equivalent Reserves and Resources (million oz’s) 180 163 160 EC 140 121 120Millions 100 BO 90 80 76 62 60 53 46 GCVI 40 20 16 Other 0 Other 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 Note: 2010 Silver equivalents based on 55:1 silver: gold ratio, base metals are not included 8
  • 9. Silver Production: 966% Growth Last 7 Years Annual Silver Production 6 5 4.9-5.0 EC 4 3.73 BO 3.30 Millions 3 2.60 2.35 2.15 2 GCVI 1.35 1 0.95 0.35 0 2004 2005 2006 2007 2008 2009 2010 2011 20121 Peers include: AXR, CDE, FR, FVI, GPR, HL, PAAS, SSRI and SVM. Target2 Calculated as the simple average of peer group production CAGR between 2004 and 2011 (emerging producers adjusted for their first full year of production).Source: Intierra Ltd. 9
  • 10. Cash Costs: 46% Lower Last 4 Years $10.00 Endeavour Cash Costs Peer Group Cash Costs $9.38 $9.03 (14%) CAGR $8.00 Peers1: 27% CAGR2 $6.83 $6.00 $6.04 $6.00-$7.00 $5.71$/oz $5.08 $4.85 $4.00 $4.13 $2.00 $2.59 $2.44 $- 2007 2008 2009 2010 2011 20121 Peers include: AXR, CDE, FR, FVI, GPR, HL, PAAS, SSRI and SVM.2 Calculated as the simple average of cash cost CAGR between 2007 and 2011.Source: Intierra Ltd. 10
  • 11. Gross Margin: Fastest Growth in Silver Sector $40.00 Gross Margin Realized Silver Price $35.61 $35.00 $30.00 $25.00 $19.62$/oz $20.00 $14.51 $15.49 $15.00 $30.53 $11.55 $10.00 $13.91 $5.00 $9.48 $5.48 $2.17 $- 2007 2008 2009 2010 2011 11
  • 12. GUANACEVI MINE 12
  • 13. Guanacevi: A Top 5 Mexican Silver District District Highlights:• Located in the Sierra Madre Occidental gold-silver belt• Produced over 450 million oz silver historically• Multiple silver veins span 10 km x 5 km area• Classic epithermal ore-bodies in Lower Tertiary andesites• Excellent infrastructure near paved state highway, on state power grid• Porvenir Cuatro, Porvenir Dos, Porvenir Norte & Santa Cruz Mines now in production• Now drilling new high-grade mineralized zone at Milache 13
  • 14. Guanacevi: Four Underground Mines 2011 Reserves/Resources1:P+P: 13.5 million oz AgM+I: 19.9 million oz AgInf: 15 million oz Ag Q2 2012 ProductionProduction: 669,754 oz Ag 2,499 oz AuThroughput: 1100 tpdGrades: 269 gpt Ag 0.87 gpt AuRecoveries: 77.4% Ag 89.2% AuMines: Porvenir Norte Porvenir Dos Porvenir Norte is the largest mine Porvenir Cuatro operating in the Guanacevi district Santa Cruz1) See Page 40 for details 14
  • 15. Guanacevi: Upgrading the Mines & Plant 2012 Capital Projects: Total: $21.3 million Plant: Upgrading conveyors, concentrate handling, crushing, expanding fine ore bins Mine: New underground development Surface: New 115 Kv power line Mine: New undergroundPlant Currently Operating at 1000 tonnes per day; equipment Expanding to 1200 tonnes per day in 2012 15
  • 16. Guanacevi: Reserves and Resources Endeavour Discovered Five New Silver Deposits In Five Years 773,000 tonnes @ 304 Ag gpt + 0.65 Au gpt = 7.55 million Oz Ag (8.4 million Oz Ag-Eq) 799,000 tonnes @ 231 Ag gpt + 0.39 Au gpt = 5.93 million Oz Ag (6.5 million Oz Ag-Eq) 2.8 million tonnes @ 217 Ag gpt + 0.42 Au gpt = 19.92 million Oz Ag (22.1 million Oz Ag-Eq) 2.0 million tonnes @ 217 Ag gpt + 0.40 Au gpt = 14.05 million Oz Ag (15.5 million Oz Ag-Eq) 16
  • 17. BOLANITOS MINE 17
  • 18. Bolanitos: 2nd Largest Mexico Silver District District Highlights:• Located in the Sierra Madre silver-gold belt• Produced over 1.2 billion oz Vetas De Vetas De silver historically and 5 La Luz Sierras million oz gold• Three main vein systems span 20 km x 20 km area• Classic epithermal ore-bodies in Lower Tertiary andesites• Excellent infrastructure- paved state highway, on state power grid• Cebada, Bolanitos and Lucero Mines now in production, 5 new ore bodies in last 5 years• Now drilling multiple veins in Bolanitos area 18
  • 19. Bolanitos: Three Underground Mines 2011 Reserves/Resources1: P+P: 3.3 Million Oz Ag M+I: 14.6 Million Oz Ag Inf: 9.8 Million Oz Ag Q2 2012 Production Production: 370,272 Oz Ag 5,196 Oz Au Throughput: 1100 tpd Grades: 149 gpt Ag 2.05 gpt Au Recoveries: 75% Ag 77% Au Mines: Bolanitos/Lucero/ Cebada View of New Lucero Mine Portal Development: Asuncion/ Karina/ Fernanda/1) See Page 40 for details Daniela 19
  • 20. Bolanitos: Expanding the Mines & Plant2012 Capital Projects: Total: $20.6 million Plant: Complete tailings piping & pumps, expand flotation cells & concentrate handling Mine: New underground development Mine: New underground equipment Plant currently operating at 1000 tpd; Expanding to 1600 tpd capacity by end of 2012 20
  • 21. Bolanitos: New Discoveries Near Lucero Recent Drill Results • 250 gpt Ag, 5.35 gpt Au / 9.35 m • 404 gpt Ag, 6.50 gpt Au / 7.35 m • 448 gpt Ag, 14.0 gpt Au / 4.61 m • 170 gpt Ag, 7.73 gpt Au / 7.14 m 2012 Exploration Targets • Daniela-Karina • La Joya- Puertocito • La Luz- Asuncion • Belen-Ericka 21
  • 22. Bolanitos: Daniela Vein Long. Section Daniela Discovery is 800m long x150m vertical x 3-10m thick 22
  • 23. El Cubo Mines-New AcquisitionEndeavour Silver Acquires El Cubo Silver-Gold Mine in Guanajuato & Guadalupe y Calvo Exploration Property in Chihuahua 23
  • 24. El Cubo: A Great Fit for Endeavour in Guanajuato El Cubo Highlights:• Discovered in the 1860’s more than 300 years after mining began in the Guanajuato District.• Producing silver-gold mine currently operating at 1200 tpd with 965 Vetas De Vetas De La Luz Sierras employees• Produced 556,379 oz Ag and 8,670 oz Au or 990,000 oz silver equivalents in 2011 and over 80 million ounces of silver & 2 million ounces of gold historically• Multiple silver-gold veins over 9 km long, up to 10 m wide & 600 m deep• San Nicolas Vein averaged 10-15 gpt Au & 100-150 gpt Ag• 61 mineral concessions covering 8,144 hectares, including several mine adits, ramps and shafts and a 400 tpd leach plant, plus a lease until May 2013 on the adjacent Las Torres Mine Complex, which includes a 2,000 tpd flotation plant owned by Fresnillo plc 24
  • 25. El Cubo: Underground Silver-Gold Mine 2012 Reserves/Resources1: P+P: 7.0 million oz Ag M+I: 4.4 million oz Ag Inf: 11.4 million oz Ag Aurico 2011 Production (9 months) Production: 556,379 oz Ag 8,670 oz Au Throughput: 1100 tpd Grades: 80.5 gpt Ag 1.24 gpt Au Recoveries: 83.9% Ag 84.8% Au Mines: Villalpando Peregrina Development: Dolores1) See Page 40 for details 25
  • 26. El Cubo: Dolores Discovery Cross Section DOLORES SE New Drilling 2012• Present known vertical No Detectable on Surface interval of 200 m open at depth• Now being developed for production 1.6m @ 621 AgEq 5.8m @ 239 AgEq 2.6m @ 334 AgEq 4.1m @ 304 AgEq 1.7m @ 523 AgEq 10.4m @ 285 AgEq 2.03m @ 750 AgEq 26
  • 27. El Cubo: Property, Mines, Veins & Geology 27
  • 28. El Cubo: Transaction Rationale • Adds a third producing silver-gold mine (El Cubo) nearby Endeavour’s Bolanitos mine and launches Endeavour into the mid-tier of primary silver producers • Adds an advanced gold-silver exploration project (GyC) to Endeavour’s exploration portfolio with further exploration potential • Immediately accretive to Endeavour on NAVPS (23%1 ), AgEq production, reserves, resources with substantial turn-around potential on cash-flow and cash costs • Increases 2012 silver production by 12%-14% to 4.9-5.0 million oz based on Q1, 2012 production and 6 months production, potential to boost 2013 production to 6 million oz Ag (9 million oz AgEq), revised production guidance to be provided after Closing • Increases prospective mineral land-holdings by six-fold and enhances Endeavour’s exploration potential in Mexico1 Assuming a purchase price of US$250 million ($100 million in cash and $150 million in shares). NAVPS based on analyst consensus estimates for El Cubo and Guadalupe y Calvo as at April 15, 2012.Source: Thomson One Analytics and Bloomberg. 28
  • 29. El Cubo: Operating Synergies• Two mines in one district should lead to savings in administration, human resources and purchasing• Expertise in turning around two other underperforming mines at Guanacevi in 2004 and Bolanitos in 2007• El Cubo mine methods and equipment are oversized, Bolanitos mine methods and equipment are undersized, so introduce cut-and-fill methods and buy smaller equipment to improve output and productivity and reduce ore dilution and cash costs• El Cubo has 965 employees producing 1.8 million oz Ag Eq. in 2012, Endeavour has 900 employees producing 3x that (5.5 million oz Ag Eq) in 2012 so retrain, relocate or reduce work force at El Cubo• Bolanitos currently produces silver-gold concentrates and trucks them 1000 km north to the leach plant at Guanacevi, but El Cubo has a smaller older leach plant and after a modernization and expansion program, Bolanitos will only truck 15 km• Expertise in discovering new ore-bodies in old districts at Guanacevi and Guanajuato, 16 exploration targets identified for drilling at El Cubo 29
  • 30. Guadalupe y Calvo: Prospective Gold-Silver Project GyC Highlights • Advanced gold-silver exploration project • Well located & accessible in southern Chihuahua State 300 km SW of Chihuahua City • Huge property covers 54,872 hectares, most of the historic gold-silver district • District produced 1.5+million oz Au & 20+ million oz Ag historically • Two major veins up to 60 m wide & 6 km long • Classic epithermal ore-bodies in lower tertiary andesites • Historic indicated resources1 of 7.6 million oz silver and 126,000 oz gold and inferred resources of 4.4 million oz silver and 67,000 oz gold11 Endeavour has not verified the historic reserves/resources, so they should not be relied upon 30
  • 31. San Sebastian: Historic Silver-Gold District Property Highlights• Discovered in 1542, mined for centuries, largely un-explored• Four large silver-gold vein systems each 3 km long• Covers +50 small historic mines on +20 separate veins• Classic epithermal ore-bodies in Lower Tertiary andesites• Located 40 km northwest of Puerto Vallarta in Jalisco State• One small mine (La Quiteria) operates in the district• Recent grab samples assay up to 11,824 gpt Ag, 40.3 gpt Au 31
  • 32. San Sebastian: New High Grade Discovery RECENT DRILL RESULTS TR02-1 1,489 gpt Ag, 0.85 gpt Au / 5.66m TR12-1 500 gpt Ag, 1.15 gpt Au / 11.48m TR13-1 222 gpt Ag, 10.73 gpt Au / 13.34m TR15-1 287 gpt Ag, 1.08 gpt Au / 4.37m 32
  • 33. Financial Performance: Annual Growth Financial Performance: 2010 2011 Q1 2012Sales Revenues: US$86.5 million US$128.0 million US$40.4 million, Up 11%Mine Op. Cash Flow: $45.0 million $86.4 million $24.1 million, Up 2%Operating Cash Flow: $32.7 million $47.4 million $16.9 millionAdjusted Net Earnings: $ 1.7 million $32.4 million $5.9 million $0.02/share $0.37/share $0.06/share Operating Performance: 2010 2011 Q2 2012Silver Production 3,285,634 oz 3,730,128 oz 1,040,026 oz, Up 22%Gold Production 17,711 oz 21,807 oz 7,695 oz, Up 59%Realized Silver Price $19.62 $35.61 $29.21 per oz 2012 Guidance:Silver Production: 4.9-5.0 million oz, Up 32%Gold Production: 33,500-35,000 oz, Up 54%Cash Cost: US$6.00 - $7.00 33
  • 34. A Premier Low-Cost Mid-Tier Producer 2011 Silver Production1 2011 Cash Costs2 AgEq Resources3 (Moz Ag) ($US/oz Ag) (Moz AgEq) Pan Silver Pan 21.9 20.9 1,820 American Standard American Senior Coeur Great Silver 19.1 10.8 1,734 dAlene Panther Standard Coeur Hecla 9.5 Alexco 10.2 779 dAlene Pan First Majestic 7.2 9.4 Hecla 502 American Silver First 7.1 First Majestic 8.2 314 Mid-Tier Standard Majestic Coeur Endeavour Silvercorp 5.3 7.1 260 dAlene Pro Forma 4 Endeavour Endeavour 5.1 249 5.0 Silvercorp Pro Forma 4 Endeavour Endeavour 3.7 4 4.7 Endeavour 121 Pro Forma Fortuna 2.5 Hecla 1.2 Fortuna 117 Emerging Alexco 2.0 Fortuna 0.4 Alexco 35 Great Great 1.5 Silvercorp (6.8) 26 Panther Panther1 Presented on a silver only basis. Silvercorp production based on March 31 fiscal year end.2 Cash cost net of by-product credits as reported. El Cubo cash costs calculated on the bases of ounces produced during 2011.3 Reflects silver and gold reserves & resources only; equivalent calculations based on 55:1 silver to gold ratio.4 Combination analysis for El Cubo includes production, cash costs and reserve & resource estimates from Guadalupe y Calvo. Endeavour has not verified Aurico’s reserves/resources, they are considered to be historic & should not be relied uponSource: Thomson One Analytics, Bloomberg and Intierra Ltd. 34
  • 35. Near Term Catalysts for Growth• Deliver 8th consecutive year of growth in revenues, cash flow, earnings, production, reserves & resources• Optimize El Cubo mine, 2012 focus on turning around mine operations and exploration, then expand production in 2013• Expand Bolanitos mine 60% to 1600 tpd, now underway• Expand Guanacevi mine 20% to 1200 tpd, now underway• Expand reserves and resources by aggressive brown-fields exploration at three mines• Make new discoveries by green-fields exploration at exploration properties• Continue to acquire new silver-gold exploration properties to build project pipeline and fuel organic growth We have the core assets, management team, track record, balance sheet and share structure to continue delivering out-performance 35
  • 36. Contact Us Endeavour Silver Corp. Suite 301-700 West Pender Street Vancouver, BC, V6C 1G8 Canada hugh@edrsilver.com lmccray@edrsilver.com www.edrsilver.com Phone: 1-604-685-9775 Fax: 1-604-685-9744 Canada and US Toll-Free: 1-877-685-9775 36
  • 37. Appendix 37
  • 38. Why Silver?• Silver is an Industrial Metal: Demand 2010 unlike gold, silver is consumed & the number of industrial uses is multiplying• Silver is a Precious Metal: like gold, silver is money & its role as a store of value and a hedge against monetary inflation is Denarius % Silver growing• Currency debasement is not new – governments throughout history have “printed” money eg. Falling silver % in the Roman Denarius coin 38
  • 39. Social Responsibility 2011 Highlights• Endeavour Silver strives to improve the quality of life for every employee & each community in which it works by operating in the most socially responsible manner• Placed 2nd out of 20 teams in First Aid & 3rd out of 27 teams in Mine Rescue at recent Mexico National Mine Safety Competition• Given two top national 2011 safety awards for Guanacevi & Guanajuato mines• Granted Clean Industry Award for environmental responsibility at Guanacevi & another one pending for Guanajuato• Launched $1 million 5 year university scholarship endowment program in Canada & Mexico• Funded 100 wheelchair program in Mexico for people in need 39
  • 40. Endeavour Reserves & Resources (as of June 1, 2012) Tonnes Ag g/t Au g/t Ag oz Au oz Aq Eq TotalProvenGCVI 773,000 304 0.65 7,555,500 16,200 891,000 8,446,500GTO 337,000 186 2.40 2,019,700 26,000 1,430,000 3,449,700EC 285,000 138 2.14 1,270,000 19,600 1,078,000 2,348,000Total 1,395,000 242 1.38 10,845,200 61,800 3,399,000 14,244,200ProbableGCVI 799,000 231 0.39 5,935,400 10,100 555,500 6,490,900GTO 179,000 225 2.63 1,297,200 15,200 836,000 2,133,200EC 1,310,000 137 2.20 5,770,000 92,500 5,087,500 10,857,500Total 2,288,000 177 1.60 13,002,600 117,800 6,479,000 19,481,600MeasuredGTO 258,000 177 2.51 1,470,900 20,800 1,144,000 2,614,900EC 256,000 78 1.58 640,000 13,000 715,000 1,355,000Total 514,000 128 2.05 2,110,900 33,800 1,859,000 3,969,900IndicatedGCVI 2,849,000 217 0.42 19,922,300 38,800 2,134,000 22,056,300GTO 2,539,000 161 2.20 13,154,500 179,600 9,878,000 23,032,500San Seb 307,000 199 0.55 1,965,800 5,400 297,000 2,262,800EC 1,095,000 108 1.81 3,790,000 63,500 3,492,500 7,282,500Total 6,790,000 178 1.32 38,832,600 287,300 15,801,500 54,634,100Resources InferredGCVI 2,013,000 217 0.40 14,050,900 26,200 1,441,000 15,491,900GTO 1,858,600 164 1.91 9,779,600 114,100 6,275,500 16,055,100San Seb 354,000 211 0.52 2,401,700 5,900 324,500 2,726,200EC 2,480,000 143 2.77 11,410,000 220,000 12,100,000 23,510,000Total 6,705,600 175 1.70 37,642,200 366,200 20,141,000 57,783,200 Tonnes Ag g/t Au g/t Ag oz Au oz Aq Eq Total Pb% Zn%IndicatedParral 934,000 49 1.46 1,471,400 43,800 2,409,000 3,880,400 3.18 3.20Total 934,000 49 1.46 1,471,400 43,800 2,409,000 3,880,400 3.18 3.20Resources InferredGCVI 307,000 98 0.1 962,900 1,000 55,000 1,017,900 2.36 4.36Parral 528,000 61 1.45 1,035,500 24,600 1,353,000 2,388,500 3.00 2.74Arroyo Seco 738,181 220 0.07 5,226,785 1,617 88,935 5,315,720 0.65 0.18Total 1,573,181 143 0.54 7,225,185 27,217 1,496,935 8,722,120 1.77 1.85 40