Growing A Gold Focused Royalty Companyg y y p y
February, 2011
1
Cautionary Statement
Forward-Looking StatementsCertain information contained in this presentation, including any information as to future financial or operating performance and other statements that express management'sexpectations or estimates of future performance, constitute "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements.The words “anticipates”, “plans”, "estimate", "expect", "expects", "expected" and similar expressions identify forward-looking statements. Forward-looking statements arenecessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economicand competitive uncertainties and contingencies. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties andother factors that may cause actual financial results, performance or achievements of Franco-Nevada to be materially different from the Company's estimated future results,performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Theserisks, uncertainties and other factors include, but are not limited to: fluctuations in the prices of the primary commodities that drive the Company’s royalty revenue (gold, platinumgroup metals, copper, nickel, oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican peso, and any other currency in which the Companygenerates revenue relative to the US dollar; changes in national and local government legislation including taxation policies; regulations and political or economicgenerates revenue, relative to the US dollar; changes in national and local government legislation, including taxation policies; regulations and political or economicdevelopments in any of the countries where the Company holds interests in mineral and oil and gas properties; influence of macroeconomic developments; businessopportunities that become available to, or are pursued by us; reduced access to debt and equity capital; litigation; title disputes related to our interests or any of the properties;operating or technical difficulties on any of the properties; risks and hazards associated with the business of development and mining on any of the properties, including, but notlimited to unusual or unexpected geological formations, cave-ins, flooding and other natural disasters or civil unrest; negotiation and finalization of definitive documentation forthe transaction (including the arrangement agreement, a fairness opinion and a formal valuation); approval of the listing of the Franco-Nevada shares by the Toronto StockExchange; and necessary security holder and court approvals. The forward-looking statements contained in this presentation are based upon assumptions managementbelieves to be reasonable, including, without limitation, the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with pastpractice, the accuracy of public statements and disclosures made by the owners or operators of such underlying properties, no material adverse change in the market price ofthe commodities, and any other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place unduereliance on forward-looking statements because of the inherent uncertainty. For additional information with respect to risks, uncertainties and assumptions, please also refer tothe “Risk Factors” section of our most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedar.com, as well as our annual andinterim MD&As. The forward-looking statements herein are made as of the date of this presentation only and Franco-Nevada does not assume any obligation to update or reviseth t fl t i f ti ti t i i f t t lt th i t i d b li bl lthem to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.Non-GAAP MeasuresNet Royalty Revenue, Free Cash-Flow, EBITDA, Margin and Adjusted Net Income are intended to provide additional information only and do not have any standardizedmeaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Definitions andreconciliations to GAAP can be found in our financial disclosures. These measures are not necessarily indicative of operating profit or cash flow from operations as determinedunder GAAP. Other companies may calculate these measures differently. The following notes are standardized for the attached presentation.(1) N t R lt R i d fi d b F N d h i d i bl f ti lt d t t t f h tl i d t h t d ti
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(1) Net Royalty Revenue is defined by Franco-Nevada as cash received or receivable from operating royalty and stream assets, net of any cash outlays required to purchase stream production.(2) Free Cash Flow is defined by the Company as operating income plus depletion and depreciation, non-cash charges, and any impairment of investments and royalty interests.(3) Margin is defined as Free Cash Flow as a percentage of Royalty Revenue.(4) Adjusted Net Income is defined by the Company as net income excluding impairment charges related to royalties, working interests and investments; fair value changes for royalties accounted
for as derivative assets; foreign currency gains/losses; gains/losses on sale of investments; and the impact of taxes on all these items. See Reconciliation of Non-GAAP Measures in the Appendix for calculation.
(5) Includes fair value gains on derivative assets.
Dow vs Gold:
40
45
32
30
35
16
Logarithmic Scale
20
258
DOW
/Gol
d
10
15
2
4
Arithmetic Scale
0
5
1
2
3Financial vs hard assetsDOW to GOLD DOW to Gold_Monthly
Franco-Nevada
Dec. 2007 IPO of new Franco-Nevada for $1.26B (C$15.20/sh.)
Since IPO Franco Nevada has delivered:Since IPO, Franco-Nevada has delivered:>100% share price increase >$377m of Free Cash Flow(2)
>$83 i di id d idFNVFNV
250%
>$83m in dividends paid>300 royalty interests$670m in liquidity $3 6B in market cap*
150%
200%
$3.6B in market cap
Dec. 2010 announced:• Acquisition of 37% GLW
S&P / TSX S&P / TSX 100%
• Purchase of $100m GLW notes• Bid for balance of GLW
0%
50%
4* As at January 5, 2011
Franco-Nevada
A gold focused royalty company generating growing cash flow from a diversified portfolio of quality assets mostly in North America
Gold ETF Royalties OperatorsYield 0% ~1% 0-1%Yield 0% 1% 0 1%
Leverage to Gold Price 1 >1 >1
Exploration & Expansion U id 0% 100% 100%Upside 0% 100% 100%
Exposure to Opex, Capex & Environmental Costs (NSR) 0% 0% 100%
Franco-Nevada provides yield and more upside th ld ETF ith l i k th t
5
than a gold ETF with less risk than an operator
Growing Pipeline of Mineral Royalties
114 oil & gas royalties and 184 undeveloped oil & gas interests not shown
6
>25 MINERAL OPERATIONS
114 oil & gas royalties and 184 undeveloped oil & gas interests not shown
Over 300 mineral and oil & gas royalties
Quality Operators:
Core Operators:
Goldstrike
Up and Comers:
PalmarejoBald MountainHemlo
Gold QuarryS bika
j
MesquiteCerro San Pedro
Hollo aSubika
MarigoldMusselwhite
HollowayHislopHolt
D t L kStillwaterEast Boulder
Tasiast
Detour Lake
DuketonGarden Well
Marigold ‐ GoldcorpGoldstrike ‐ Barrick Tasiast ‐ Kinross Detour – Detour Gold
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Secure & Diverse Revenue*
By Country By Royalty
MidaleO&G
Other2%
Australia3%
Palmarejo
Edson8%
Midale2%
Other5%
US45%
Mexico25%
j23%
Goldstrike -NPI
Stillwater7%
Base Metals & Other
2%
Weyburn6%
Canada25%
17%
Goldstrike - NSR
9%
Gold Other13%
95% f f N th A i
Marigold5%
Gold Quarry3%
8* Royalty Revenue(1) - 9 Months to September 30, 2010
95% of revenue from North America
Royalty Revenue(1) by Commodity
50
60
Guidance for strong Q4
40
s)
20
30
($ millions
83% Precious
Oil + GasOil + Gas& Other& Other
PGMPGM
10
20
GoldGold
83% Precious Metals
PGMPGM
0Q4Q3
20102008 2009Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
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Diversified Portfolio with Growing Precious Metals Component
Key Long Life Assets*
Goldstrike- Major royalty revenue ~10 years- Stock pile revenue potential ~20 years
Gold Quarry
Palmarejo
- New layback potential ~ 20 years
- Guadalupe discovery > 10 years
Stillwater
Oil & Gas
- Existing reserves > 25 years
- Existing reserves 11 years- Weyburn potential > 40 years
Falcondo
Tasiast
y p y
- Existing resources > 20 years
- Expanding reserves > 20 years
0 5 10 15 20 25 30
Detour
2010 2015 2020 2025 2030 2035 2040+
p g y
- Expanding reserves > 15 years
10* Management expectation based on current public information provided by operators.** See Appendix for references & assumptions.
Most key asset lives > 20 years
A Long Life Portfolio with Growing Value
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Near Term Growth
Tasiast Mine 2% NSR - Mauritania
Kinross acquisition of Red Back valued at $7.1 B
Royalty becomes payable in 2011
Annual Production* Indicative Annual NSR Payments (@$1,200/oz)
2010 (286 koz) $0Royalty becomes payable in 2011
Possible expansion up to 1.5 Moz in future years*
New Kinross Plan TBD
2011/13 (346 koz) $8m
Mid-term (1.0Moz) $24m
Long-term (1.5Moz) $36m
New Kinross Plan TBD
Undiscounted in-situ royalty value >$0.5 billion**
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* Based on TD Equity Research, September 16, 2010.** Based on Kinross September 9, 2010 Presentation: Range of potential resources of 350-425 mt grading 1.5 -1.8 g/t at $1,200/oz. In-situ value based on upper end of range with no recovery rate applied.
Undiscounted in situ royalty value $0.5 billion
Near Term Growth
Detour Lake 2% NSR- Canada
Detour Gold has started construction with $1.0 billion of funding in place
Total M+I project resources ~18 Moz* (plus additional 2 Moz on adjacent Trade Winds Block A JV)
Potential incremental annual revenue >$15m**$
Opportunity to expand from 55 to 90 ktpdcould lead to further royalty revenue growth
Undiscounted in-situ royalty value ~$0.5 billion***
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* Based on press release dated May 25, 2010 from Detour Gold and December 31, 2010 from Trade Winds Block A.** Based on Detour feasibility study production of 649/koz at $1,200/oz.*** Based on $1,200/oz. No recovery rate applied.
Additional GrowthCategory Royalty Operator
New mines: • Duketon (2%)• Lounge Lizard (2%)• Red October (1 75%)
• Regis Resources• Kagara Ltd• Saracen• Red October (1.75%) • Saracen
Project restarts: • Falcondo (4.1% equity)• Holt (up to 10%)
• Xstrata• St Andrew Goldfields
Royalties reaching hurdles: • Subika (2%)• Ity (1%)
• Newmont Mining• La Mancha• Ity (1%) • La Mancha
NPI’s pending payout: • Hemlo (50%)• Musselwhite (5%)• Pandora Platinum (5%)
• Barrick Gold• Goldcorp• Anglo Platinum/Lonmin
Permitting projects: • Rosemont (1 5%) • Augusta ResourcesPermitting projects: • Rosemont (1.5%)• Perama Hill (2%)
• Augusta Resources• Eldorado Gold
Pre-feasibility stage: • Sandman (0.5 – 5%)• Garden Well (2%)• Goldfields (2%)
• Newmont/Fronteer Gold• Regis Resources• Brigus Gold
• Courageous Lake (1%)• Gurupi (1%)• Mara Rosa (1%)• Agi Dagi (2%)• Kizitepe (1.5 – 2.5%)
• Seabridge Gold• Jaguar Mining• Amarillo Gold• Alamos Gold• Ariana
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p ( )
*Note: Certain royalties do not cover the entire property. See Annual Information Form for further details.** Undiscounted value reflecting total in-situ resources disclosed by operators on or before January 18, 2011. Values are calculated at $1,300/oz Au, $4/lb Cu, $28/oz Ag and $15/lb Mo. No recovery rates are applied.
Potential royalty value > $1.0 billion**
Gold Wheaton Combination
December 11, 2010 – FNV agrees to purchase 34% of GLW from Quadra FNX
December 13, 2010 – FNV & GLW agreed to friendly business combination
December 31, 2010 – Purchased GLW secured notes from Sprott for C$110m
January 5, 2011 – Closed acquisition of Quadra FNX block for C$262m
J 5 2011 E t d i t d fi iti t t i GLW f C$830January 5, 2011 – Entered into a definitive agreement to acquire GLW for C$830m
Transaction expected to close in March, 2011
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Gold Wheaton Combination – A New Catalyst for Growth
Enhances FNV position as the leading gold-focused royalty companyAccelerated cash flow growth – continued industry leading free cash flow margin
Increases near-term annual Net Royalty Revenue (1) by approximately $100 million*
Pro forma contribution of precious metals to Net Royalty Revenue (1) greater than 85%
Increases leverage to gold prices via stream structure
Additi f i ifi t t S db F t ll d MWSAddition of significant assets – Sudbury Footwall and MWSAcquiring 2 of top 5 assets pro forma*
Long life production profiles with near-term growth prospects
Diversified portfolioNo asset greater than 15% of pro forma NAV*
Adds further platinum and palladium exposure
Capital available for growthPro forma cash balance of US$200 million plus undrawn credit facility of US$175 million available for further acquisitions**
A ti t F N d ll h t i
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Accretive to Franco-Nevada on all per share metrics
* Based on broker estimates** Includes broker estimated cash flow for Q4/2010 and Q1/2011 cash flow to a mid-March, 2011 closing; includes purchase of GLW senior secured notes from Sprott and
excludes proceeds from ITM options and warrants
Gold Wheaton Combination - Increased Diversification
Pro‐forma NPV Breakdown Pro‐forma NPV Breakdown
Ezulwini Other
Other FNV Assets
Gold Quarry5%
Detour5%
Ezulwini5%
Oil & Gas11%
Other3%
Assets18%
Sudbury12%Tasiast
8%
Stillwater8%
Gold67%
PGM19%
Palmarejo12%
Gold StrikeOil & Gas
MWS8%
8%
Contributes two of the top five assets
No asset greater than 15% by value
Strike10%9%
Increases precious metal contribution to 86%
PGM di i i t b l th
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No asset greater than 15% by value
Increases precious metal value
Source: Broker consensus estimates
PGM division to become larger than oil & gas
Gold Wheaton Valuation Impact
2010 FNV Estimated Cash Flow(1) $184mApproximate Gold Wheaton Cash Flow (2) $100mPro-forma Cash Flow Estimate $284m
Pro-forma Shares Outstanding(3) 124.3 millionPro-forma Cash Flow per Share $2.28Trading Multiple Range(4) 19x – 24xImplied Share Price Range(5) ~C$43.30 - $54.70
>$100 million in additional annual precious metal revenue
8.4% dilution of existing shares outstanding
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(1) RBC Capital Markets , January 10, 2011 valuation tables. Estimate for FNV 2010 cash flow.(2) Broker consensus estimates ex eed $100 million in cash flow.(3) Pro-forma shares outstanding -Assumes no exercise of GLW warrants.(4) From RBC Capital Markets, January 10, 2011. Multiples for Intermediate gold companies and royalty companies for 2010.(5) Based on USD/CDN exchange of 1:1
Potential Royalty Revenue Growth
Precious Metal
Non‐Precious Metal
400
450
Up to ~$200m incremental
Precious Metal
300
350
incremental revenue*
200
250
($ M
illions)
100
150
0
50
2008A 2009A 2010E GLW Tasiast Detour Other 2015+
19*Asset estimates reflect potential revenue for upcoming advanced assets and assumes top ranges for operator or analyst projections and $1,200/oz gold. Gold Wheaton estimate represents broker consensus estimate for 2011.** Estimate of Compounded Annual Growth Rate from 2008 to 2015.
23% CAGR in precious metal revenue**
Franco-Nevada
23% Annual Growth from IPO to 2015 strik
e
Driven by New Discoveries (Tasiast, Detour)
G ld Wh t C t l t f R ti
Gol
dsar
ry
Gold Wheaton Catalyst for Re-rating
>90% Free Cash Flow Margins Gol
dQ
ua
>$375m in Capital for Further Deals
Record of Dividend Increases
Palm
arej
o
Record of Dividend Increases
GLW
20The strongest business model in gold
Appendix - Gold Wheaton Transaction Summary
Consideration:C$5.20 per Gold Wheaton common share
23% premium based on the 20-day volume-weighted average price
Transaction value of C$830 million
Structure:Plan of Arrangement supported by both Boards of Directors and management
Consideration payable approx. 60% in stock and 40% in cash with proration flexibility
Shareholders can elect to receive either 0.1556 of a FNV share or C$5.20 in cash subjects to caps and prorationp
Capped at approximately 9.66 million FNV shares and C$215 million in cash
Purchase of 34.5% of Gold Wheaton shares from Quadra FNX for C$4.65 per share for 100% cash (subject to top-up provision)
C t d l t ti f F N d ( i ht t t h C$25 illi b k f )Customary deal protections for Franco-Nevada (right to match, C$25 million break fee)
Conditions:662/3% shareholder approval by Gold Wheaton shareholders
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No shareholder vote is required by Franco-Nevada shareholders
Closing of the proposed transaction is expected in March 2011
Appendix - Gold Wheaton Assets – Sudbury Footwall
Operator: Quadra FNX
Location: Sudbury, Canada
Attributable Production (k Au Eq. oz) (First 5 years)
60 5864 67 67
Royalty: 50% of Au, Pt, Pd contained in mined ore above $400/oz Au Eq
Purchased by GLW: C$400 million in June, 2008
Net Revenue (9 Months to Sep 2010): $31 million
Description:
World class mining districtSource: Broker Estimates
2011 2012 2013 2014 2015
3 separate operations exploiting 5 deposits
High grade Cu-PGM assets
Significant resource upside at MorrisonSignificant resource upside at Morrison
Production Guidance for 2010: 75,000 oz TPM*
22Source: Quadra FNX Website
*Quadra FNX 2010 guidance from June 19, 2010 Press Release
Appendix - Gold Wheaton Assets – Mine Waste Solutions
Operator: First Uranium
Location: South Africa 2934 33 30 31 33 30 30 30 32 33 32
29 29
Attributable Production (k Au oz)
Royalty: 25% of Au produced above $400/oz
Purchased by GLW: US$125 million in November, 2008
Net Revenue (9 Months to Sep 2010): $12 million 1 2 3 4 5 6 7 8 9 0 1 2 3 4( )
Mine Life: 15 years *
Description:
Uranium & gold tailings recovery operation
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Source: First Uranium Investor Presentation
Uranium & gold tailings recovery operation
3rd gold plant to be commissioned next year
Low cost and low technical risk
Annual production of ~120 koz/yr**
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Source: First Uranium Website
* First Uranium Technical Report dated January 1, 2010** FIU forecast when all three gold plants are operational
Appendix - Gold Wheaton Assets - Ezulwini
Operator: First Uranium
Location: South Africa16 141618192122
Attributable Production (k Au oz)
Royalty: 7% of Au produced above $400/oz Au Eq
Purchased by GLW: US$50 million in November, 2009
Net Revenue (9 Months to Sep 2010): $10 million
16131314 6
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9( )
Mine life: 20 years*
Description:
Rehabilitation of past producing mine
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
Source: First Uranium Disclosure
Rehabilitation of past producing mine
Gold and uranium plants complete
Shaft rehabilitation complete & ramping up
Ramping up production over next 8 years
Capacity to produce >300,000 oz/yr.
Total Resource: 25.5 Moz (Dec, 2009)
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Minimum Payment: 19.5 koz in 2011
Source: First Uranium 2010 Annual Report
* First Uranium Technical Report dated March 22, 2010
Appendix: Strong Financial Position
Pre-Transaction(September 30 2010)
Post-Transaction(est at closing)(September 30, 2010) (est. at closing)
Cash US$610 million US$200 million (1)
Debt None None (2)
Revolver Available US$175 million US$175 million$ $
Total Available Capital US$785 million US$375 million
Franco-Nevada has capital for further acquisitions
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1. Includes broker estimated cash flow for Q4/2010 and Q1/2011 cash flow to a mid‐March, 2011 closing; includes purchase of GLW senior secured notes from Sprott and excludes proceeds from ITM options and warrants
2. Assumes remaining GLW debt called by the debt holder at 110% of face value
Appendix – Asset Life Assumptions & References
Goldstrike - Barrick 2009 Annual Report. December 2009 reserve of 12.2 moz and 2009 production of 1.36 mozimplies mine life of 9 years. Barrick 2009 Annual report states Barrick expects to fully process ore in stockpiles by 2035. (www.barrick.com)
Gold Quarry – Newmont Investor Day Presentation from May 27, 2010. Gold Quarry West Wall Layback has potential to add 10 years of additional mine life beginning in 2019. (www.newmont.com)
Palmarejo - Coeur d’Alene Mines, Palmarejo Technical Report, January 2010. States mine life of 13 years. (www.coeur.com)
Stillwater – Stillwater press release dating February 25, 2010. Reserve of 20.6 moz at December 31, 2009 and 2009 production rate of 530 koz. Implies mine life >25 yrs. (www.stillwatermining.com)
Oil & Gas – Oil & Gas Reserve Report by GLJ Petroleum Consultants Ltd.. (www.franco-nevada.com).
F l d X t t Ni k l O t b 2009 t f 74 2 Mt di 1 29% Ni P l f X t tFalcondo – Xstrata Nickel October 2009 reports a reserve of 74.2 Mt grading 1.29% Ni. Press release from Xstrata Nickel dated October 12, 2010 indicates capacity at 50% of approximately 14,000 tonnes of Ni per annum or implied full capacity of 28,000 tonnes of Ni per annum. Implies >20 yr mine life.
Tasiast – September 22, 2010 Denver Gold Forum Presentation by Kinross. Estimate 425m tonnes of ore and processing of 60ktpd. Implies mine life of +19 years. (www.kinross.com)p g p p y ( )
Detour - May 25, 2010 Feasibility Study for Detour Lake describes16 year mine plan. (www.detourgold.com).
Franco-Nevada does not operate or explore but relies on others. Because it is not an operator, it must rely on decisions made by others, decisions on which it has little or no influence. It must also assume that public disclosure by its operators is accurate and true Information contained herein is based on information made available by these
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by its operators is accurate and true. Information contained herein is based on information made available by these operators.
Franco-Nevada Directors
Position with Franco-Nevada Current or Past Major Experience
Pierre Lassonde Director, Chairman Chairman, World Gold Council Vice-Chairman, Director and President, Newmont Mining Co-CEO and Co-Founder, Old Franco-Nevada
David Harquail Director, President & CEO Executive V.P., Newmont Mining President & MD, Newmont Capital S.V.P., Old Franco-Nevada
Derek Evans(1) Director President & CEO Pengrowth Energy TrustDerek Evans( ) Director President & CEO, Pengrowth Energy TrustCEO, Focus Energy Trust Renaissance Energy Limited
Graham Farquharson(2) Director President, Strathcona Mineral Services Ltd. Board Member, Placer Dome and Cambior Inc.
Louis Gignac(1) Director President, G Mining Services Inc. President and CEO, Cambior Inc.
Randall Oliphant(1) Director Executive Chairman, New Gold Inc. CEO, Barrick Gold Corporation
Hon. David R. Peterson(2) Director Partner and Chairman, Cassels Brock & Blackwell LLP Twentieth Premier of Ontario Board Member, Old Franco-Nevada
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(1) Member of the Audit and Risk Committee(2) Member of the Compensation and Corporate Governance Committee
Franco-Nevada Team
Title Canada David Harquail President & CEO Sandip Rana Chief Financial Officer Jacqueline Jones Chief Legal Officer & Corporate Secretary Geoff Waterman Chief Operating Officer Paul Brink S.V.P. Business Development Petra Decher VP, Finance & Assistant Secretary
Phili Wil VP T h i l Philip Wilson VP, Technical Sharon Dowdall VP, Special Projects Jason O’Connell Director, Business Development Debbie McEnaney Controller
Cindy Smith Land Analyst Cindy Smith Land Analyst Lena Miller Senior Accountant Donna Andrejek Corporate & Contract Administrator Candida Hayden Office Manager – Executive Assistant
U.S. Stephen Alfers Chief of U.S. OperationsU.S. Stephen Alfers Chief of U.S. Operations Steven Aaker SVP, Acquisitions Jeff Jenkins Director of Finance ‐ U.S. Operations
Australia Kevin McElligott Managing Director
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Franco-Nevada Corporation
Capital Structure(2)
Shares Outstanding 114.56m
Warrants @ C$32/sh March 2012 5 75m
Analyst CoverageBMO Capital Markets David Haughton
BOA/Merrill Lynch Mike JalonenWarrants @ C$32/sh March 2012 5.75m
Warrants @ C$75/sh June 2017 5.75m
Options (avg C$18.61/sh) 2.73m
Other 0.11m
yCIBC Capital Markets Cosmos Chiu
Credit Suisse Anita Soni
GMP Securities Craig West
Paradigm Capital Don MacLean128.90m
Share Price Range(1) C$35.79-C$25.37
Market Capitalization(2) $3.6B
Paradigm Capital Don MacLean
RBC Capital Markets Stephen Walker
Scotia Capital David Christie
TD Securities Greg Barnes
UBS Securities Brian MacArthurWorking Capital + Marketable Investments(3) $670.4m
Available Credit Facilities $175m
Debt or Hedges Nil
UBS Securities Brian MacArthur
Wellington West Paolo Lostritto
Major ShareholdersFidelity US
2011 Dividends (Indicative) (4) $35m
Management Ownership (3) 5.0%(6.6% diluted)
Fidelity US
Invesco Trimark Canada
T. Rowe Price US
Blackrock Europe
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(1) Previous 52 weeks(2) As at January 5, 2011(3) As at September 30, 2010 (4) @ $CAN/$US = 1.00
Oppenheimer US