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KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
KPMG @ PDAC 2014
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KPMG @ PDAC 2014

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KPMG's objective when managing capital is to provide value for shareholders by maintaining optimal short/long term capital structure, to safeguard our ability to support operating requirements, and to …

KPMG's objective when managing capital is to provide value for shareholders by maintaining optimal short/long term capital structure, to safeguard our ability to support operating requirements, and to ensure we maintain a strong balance sheet.

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  • 1. 2014 PDAC Seminar Show me the money! Lee Hodgkinson National Industry Leader, Mining Canada March 4, 2014
  • 2. © 2010 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independentmemberfirms of the KPMG network are affiliated KPMG – 14 Mining Centers of Excellence Around the Globe 14/03/2014 2© 2014 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
  • 3. © 2010 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independentmemberfirms of the KPMG network are affiliated KPMG – Industry tailored solutions through all stages of a mine 14/03/2014 3© 2014 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
  • 4. © 2010 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independentmemberfirms of the KPMG network are affiliated 14/03/2014 4© 2014 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. SHOW ME THE MONEY!
  • 5. © 2010 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independentmemberfirms of the KPMG network are affiliated • Our objective when managing capital is to provide value for shareholders by maintaining an optimal short-term and long-term capital structure in order to reduce the overall cost of capital while preserving our ability to continue as a going concern. • Our capital management objectives are to safeguard our ability to support our operating requirements on an ongoing basis, continue the development and exploration of our mineral properties and support any expansion plans. • Our objectives are also to ensure that we maintain a strong balance sheet and optimize the use of debt and equity to support our business and provide financial flexibility in order to maximize shareholder value. 14/03/2014 5© 2014 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
  • 6. © 2010 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independentmemberfirms of the KPMG network are affiliated Global Mining Equity Raised 14/03/2014Source (ThomsonOne) 6 $63 $52 $36 $28 $22 697 1,008 973 771 482 200 400 600 800 1,000 1,200 1,400 1,600 1,800 $ $10 $20 $30 $40 $50 $60 $70 2009 2010 2011 2012 2013 Volume Value($billions) Value Volume © 2014 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
  • 7. © 2010 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independentmemberfirms of the KPMG network are affiliated The State of the Mining Industry 817 companies with less than $200,000 left 14/03/2014 7 500 companies have a market cap of less than $1 million There are around 500 companies with negative working capital totaling $1.6 billion © 2014 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
  • 8. © 2010 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independentmemberfirms of the KPMG network are affiliated Panel 14/03/2014 8 David S. Bryson Senior Vice President & Chief Financial Officer HudBay Minerals Inc. Carol Banducci Executive Vice President & Chief Financial Officer IAMGOLD Corporation Mark Brennan Chief Executive Officer & President Largo Resources Ltd. © 2014 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
  • 9. TSX: IMG NYSE: IAG Carol Banducci EVP and CFO KPMG’s PDAC Seminar – March 4, 2014 Case Study: High-Yield Debt
  • 10. YATELA SADIOLA Boto Siribaya Introduction to IAMGOLD 10Mid-Tier Gold Producer Operating on Three Continents GOLD Mines Development Project Advanced Exploration Exploration Office ESSAKANESenegal Burkina Faso Mali WESTWOOD MOUSKA NIOBEC Val d’Or Côté Gold ROSEBEL Brazil Suriname Colombia Peru Niobium Mine  Founded 1990  6 gold mines  835,000 oz. in 2013  Niobium mine among world`s top 3 NORTH AMERICA WEST AFRICA SOUTH AMERICA
  • 11. 11 IAMGOLD’s Inaugural High-Yield Bond Offering $650M Senior Unsecured Notes 6.75% coupon 8-year term due 2020 Subordinated to Credit Facilities Private Placement (144A /Reg S) Primarily U.S. and Canadian institutional investors
  • 12. 12 Why High Yield Debt? Low interest rates driving demand for yield Balances capital structure No bank debt and $750M credit facilities Strong financial base and cash flow Ability to service debt
  • 13. 13 Key Steps Selection of lead banking partner(s) & ratings advisor Selection of credit rating agencies (Moody’s/S&P) Lengthy and intensive discussion to obtain ratings Offering memorandum and other legal due diligence 5-day roadshow targeting U.S./Canadian institutional investors Issuance amount established on last day of roadshow Announcement – key terms, structure, pricing, credit rating
  • 14. 14 Credit Rating Process Objective was to achieve strong, but sustainable ratings Lead bank ratings advisory service valuable to understanding rating agency methodologies and concerns Early introductory meetings with rating agency analysts Agency view of sector limited; lack of similar-sized comparable companies problematic and challenging Focus on enhancing rating agency knowledge and understanding of IAMGOLD Final rating committee meetings Three months turned into six months
  • 15. 15 Expected a Focus on: Business model and overall strategy Current and future cash flow volatility Financial stability and conservatism Financial and credit metrics Geographic diversification Sovereign risks Risk levels and ability to mitigate risk
  • 16. 16 Risk Management became Primary Focus Lack of familiarity with geographic regions Lack of sovereign/country credit ratings for Mali and Burkina Faso, compounded by coup in Mali Resource nationalism perceived to be predominant risk Cross-functional team with Corporate Affairs and Internal Audit playing a critical role In-depth review of Enterprise Risk Management  Identification and management of geopolitical risk  Global Corporate Affairs Program  Significant economic contribution to host countries Perception Gaps Intense Risk Management Review Required
  • 17. 17 Lessons Learned Executive level commitment Start months in advance of funding Use lead bank advisory services Tailor message to bond investors Anticipate hot buttons Perceptions can be reality Don’t underestimate need to address both qualitative and quantitative elements of the business Maintain ongoing relationships with bondholders
  • 18. TSX: IMG NYSE: IAG Investor Relations info@iamgold.com Bob Tait VP, Investor Relations T: 416-360-4743 Laura Young Director, Investor Relations T: 416-933-4952 Penelope Talbot-Kelly Analyst, Investor Relations T: 416-933-4738 KPMG’s PDAC Seminar March 4th, 2014
  • 19. March 4, 2014 HBM KPMG Financing Seminar
  • 20. About Hudbay KPMG FINANCING SEMINAR l 20 Integrated base and precious metals mining company that became publicly traded in 2004 Operating mines, development projects and processing facilities located in the Americas Long track record of operating success in Flin Flon Greenstone Belt Nearly 90 year history where we have developed and operated 28 mines Disciplined and clear growth strategy focused on enhancing per share metrics Focused on value creation through exploration, mine development and efficient operations TSX, NYSE, BVL Symbol HBM Market Capitalization1 $1.7 billion Shares Outstanding 193 million Available Liquidity $1.4 billion Long-Term Debt (2020) $750 million 1.Based on Hudbay’s TSX closing share price on February 20, 2014
  • 21. Precious Metal Stream Overview US$885 million in upfront deposit payments from Silver Wheaton for delivery of: 100% of payable gold and silver from 777 mine until the end of 2016; and 50% of payable gold and 100% of payable silver thereafter for the remainder of life of mine 100% of payable silver and 50% of payable gold from Constancia project Along with upfront payments, Hudbay will receive US$400 per ounce for gold and US$5.90 per ounce of silver1 Provided $885 million of approximately $1.8 billion in non-dilutive external financing arranged for Lalor and Constancia projects 1Subject to 1% annual escalation starting 2015 KPMG FINANCING SEMINAR l 21
  • 22. Stream Financing – Funding Objective Overall objective: Minimize cost of capital, while maintaining access to capital and strategic flexibility Stream characteristics: Aspects of both debt and equity (but more equity-like) Best thought of as the sale of an asset that produces (or is expected to produce) cash flow • Limited repayment obligations • No dilution to shareholders Selling a stream limits future debt capacity of the encumbered asset Most appropriate for assets that are non-core and receive a higher valuation in the stream than embedded in the core business e.g. Precious metal production from a base metal asset KPMG FINANCING SEMINAR l 22
  • 23. Comparison of Funding Options Capital Type Strategic Flexibility Capital Source Approximate After-Tax Cost of Capital Debt Low Bank Debt 5.1%1 Unsecured Bonds 6.9%2 Gold/Silver Stream <8.0%3 Equity High Common Equity >10.0%4 KPMG FINANCING SEMINAR l 23 1 Assumes long-term LIBOR rate of 2.5% and LIBOR margin of 4.5%, income tax rate of 27%. 2 Based on interest rate of 9.5% and income tax rate of 27% 3 Source: CIBC World Markets, “Streaming to Fund Constancia”, August 9, 2012 4 Hudbay estimate
  • 24. Conclusions Streaming has evolved to become a mainstream tool in mining finance Attractive cost of capital relative to equity More flexible than other non-equity funding options Most attractive for deposits with byproduct credits with the potential to unlock value Critical to ensure that the consequences of a stream are fully understood Typically a life-of-mine transaction – mistakes can be costly In mine development financing, need to understand how the stream affects other necessary sources of capital Accounting and tax considerations are complex KPMG FINANCING SEMINAR l 24
  • 25. For more information contact: David Bryson, Senior Vice President and Chief Financial Officer Tel: 416.362.4759 Email: david.bryson@hudbayminerals.com The Northern Lights at 777 Mine
  • 26. TSXV: LGO Best Mining Deal www.largoresources.com Near Term VANADIUM Producer PDAC March 2014 CORPORATE PRESENTATION Metals and Mining Deal of the Year
  • 27. TSXV: LGO Forward Looking Statements The information presented contains “forward-looking statements,” within the meaning of the United States Private Securities Litigation Reform Act of 1995, and “forward-looking information” under similar Canadian legislation, concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; metal prices and demand for materials; capital expenditures; success of exploration and development activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; and title disputes or claims. Generally, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans,” “expects” or “does not expect,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or “does not anticipate,” or “believes,”, “projects” or variations of such words and phrases or state that certain actions, events or results “may,” “could,” “would,” “might” or “will be taken,” “occur” or “be achieved.” Forward-looking statements and forward-looking information are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward- looking statements or forward-looking information, including, but not limited to, unexpected events during operations; variations in ore grade; risks inherent in the mining industry; delay or failure to receive board approvals; timing and availability of external financing on acceptable terms; risks relating to international operations; actual results of exploration activities; conclusions of economic valuations; changes in project parameters as plans continue to be refined; and fluctuating metal prices and currency exchange rates. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. Investors are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reported separately. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources The information presented uses the terms “measured,” “indicated” and “inferred” mineral resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable. 27
  • 28. TSXV: LGO 28 Production in sight. As at October 10, 2013 Project as at February 20, 2013
  • 29. TSXV: LGO Maracas Vanadium Project  Vanadium Project in Brazil  Highest grade, quality; lowest cost project  Funded and in construction  Commissioning in Q1, 2014  Glencore Off-take: 100% Take-or-Pay 29 Metals and Mining Deal of the Year Best Mining Deal Recent Construction Milestones  Electrical power line commissioned Oct/13  Crushing commissioned Oct/13  Milling & beneficiation commissioned Feb/14
  • 30. TSXV: LGO Vanadium – Few Substitutes 30 2lbsV 1 Tonne of Steel 2XStrength Highest strength to weight ratio of any alloy Source: vanitec.org
  • 31. TSXV: LGO Uses of Vanadium 31Source: Roskill, 2013 91% 4.5% 3.5% 1% Steel Alloy Titanium Alloy Chemical Catalyst Other 48% 35% 14% 3% High Strength Low Alloy Full Alloy Carbon Steel Other Uses of Vanadium Vanadium in Steel High Strength Low Alloy Steels are the leading market for vanadium in the steel industry Steel is the largest end- use for vanadium
  • 32. TSXV: LGO 32  Rebar for construction  Buildings, bridges, tunnels  Automotive parts  Pipelines  Aviation and aerospace  Power lines and power pylons  Chemical plants, oil refineries, offshore-platforms  Various tools and dies  High strength steel structures  Construction machinery and equipment  Cast iron used for rolls in steel mills Vanadium is Everywhere Source: Vanitec
  • 33. TSXV: LGO Maracas – Ideal Location 33 Mining friendly jurisdiction  Government and local support  Arid climate, ideal topography  Management with regional experience  Strong tax incentives  Local familiarity with mining Metals and Mining Deal of the Year Best Mining Deal
  • 34. TSXV: LGO 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 South African Australian Maracas Cost Advantage *Average grade comparisons compiled by Les Ford, presentation March 8, 2011 34 Highest Grade/Quality Vanadium Deposit in the World Ore V2O5% Concentrate SiO2%Concentrate V2O5% Higher head-grade and higher iron content Concentrate has much higher V2O5 Concentrate has fewer contaminants like silica = LOWEST COST PRODUCTION Higher Recoveries Less Energy Required Lower reagent costs Results in
  • 35. TSXV: LGO Maracas Project Economics* 35 *As outlined in 2013 Preliminary Economic Assessment **including iron ore byproduct credit – OPEX without credit is $3.18 (still lowest cost producer) ***Average years 1-15 Net Present Value $554 million After tax IRR 26.3% Discount rate 8% Exchange rate (BRL:USD) 2:1 Average Production 11,400 t V2O5 equiv Mine life 29 Years Initial CAPEX 235 million OPEX $2.10** V2O5 price – 3 year avg $6.37 Average annual cashflow $89 million*** Includes taxes, royalties, and sustaining capex
  • 36. TSXV: LGO Low Cost Environment  Open pit mining  At surface deposit  Highly magnetic ore  Few contaminants  Water leaching process 36 Ore provides better recoveries and reduces input costs *including iron ore byproduct credit - OPEX without credit is $3.18 (still lowest cost producer)
  • 37. TSXV: LGO Production Profile 37 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 $0 $20 $40 $60 $80 $100 $120 $140 2014 2015 2016 2017 2018 Production Cash-flow(MILLIONS) Free Cashflow ($M) Operating Cashflow ($M) Tonnes V2O5 Equiv. Phase 1 (10,000 Tonnes Capacity) Initial Ramp Up, Implementing Expansion & FeV Plant Phase 2 (15,000 Tonnes Capacity) Expanded Production rates & FeV *As outlined in 2013 Preliminary Economic Assessment **Does not include debt repayment
  • 38. TSXV: LGO Maracas Environment 38 Gulcari “A” Open Pit Main Access Road Admin Facilities Roasting (kiln) Crushing 1 km Milling Leaching Desilication Precipitation Final Product Project as at December 11, 2013 Tailings Tailings
  • 39. TSXV: LGO Maracas Deposit Outcrop 39 25 meters of ore at surface 150 meters Magnetite (ore) Gabbro (waste) ◦Dips at 65
  • 40. TSXV: LGO Maracas Construction 40 Project as at February 20, 2013
  • 41. TSXV: LGO Corporate Structure 41 Stock symbol: LGO – TSX-V Share price (Jan 24, 2013): $0.28 Shares issued (Basic): 982 million Market Cap C$275 million 52-week High/Low: $0.305 / $0.155 Management & Institutions: 75% Warrants & Options (Basic): 253 million Cash: $38.5 million Debt: $159 million Institutional Shareholders Arias Resource Capital - 25.9% Mackenzie Investments - 14.3% Eton Park Capital Management - 11.1% Ashmore Investment Management - 11.4% Shareholders & Project Partners Project Finance Deal of the Year Awards - March 2013 Project Partners Glencore International 100% 6 yr take-or-pay off-take for Maracas Business Development Bank of Brazil Bank Itau, Votorantim, Bradesco *Cash based on last reported financial statement – September 30, 2013
  • 42. Questions & Answers
  • 43. © 2010 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independentmemberfirms of the KPMG network are affiliated Q&A 14/03/2014 43© 2014 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
  • 44. © 2010 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independentmemberfirms of the KPMG network are affiliated Q&A How important is an effective communication strategy with your shareholders and other stakeholders when executing a financing, and what does that look like? 14/03/2014 44© 2014 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
  • 45. © 2010 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independentmemberfirms of the KPMG network are affiliated Q&A There has been lots of discussion around Private Equity in the mining space, and about new funds being created. There is also a view that these funds will need to deploy some of the capital raised sooner rather than later, do you think we will need significant activity in 2014, and what may that look like? 14/03/2014 45© 2014 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
  • 46. © 2010 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independentmemberfirms of the KPMG network are affiliated Q&A We have discussed streaming at Hudbay. Streaming seems to bring out passions in the industry unlike other forms of financing. Some love it, others do not! When is the right time for streaming? 14/03/2014 46© 2014 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
  • 47. © 2010 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independentmemberfirms of the KPMG network are affiliated Q&A How do you factor in capital allocation in terms of your financing strategy, does the ability to raise money drive what you can spend, or does what you want to spend money on drive your financing? 14/03/2014 47© 2014 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
  • 48. © 2010 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independentmemberfirms of the KPMG network are affiliated Q&A How do you get noticed in the marketplace? The Canadian landscape is very crowded with companies, and projects and any investors who want to invest in the industry have a plethora of choices, how do you get your story out there? 14/03/2014 48© 2014 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
  • 49. © 2010 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independentmemberfirms of the KPMG network are affiliated Q&A 14/03/2014 49© 2014 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
  • 50. © 2010 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independentmemberfirms of the KPMG network are affiliated “There is nothing so disastrous as a rational investment policy in an irrational world” John Maynard Keynes 14/03/2014 50© 2014 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
  • 51. Thank You The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. Any trademarks represented in this communication are the property of their respective owner(s). © 2014 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International.

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