70438 (69304) — 1,597,423 1.597,423 Cornarehenslve loss (357 327) 70 438 1316889) (2 528 805) 1 597 423 (931 383) Statement of cash lbws Cashflows from operatng actrates 2,779,537 234,793 3.014303 (5,160,852) 2354062 (2806,790) Cash flews from investing activities (80.717.554) (234,793

om 2016 onwards. We value the company with a DFC model, we assume a WAAC of 12.7% and LTG of 2.3% which lead to a target price of C$67. Discounted Cashflows Free Cash Flow 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E Free Cash Flow -8 -9 33 38 57 97 122 169 217 222 PV of cashf

utpace the fall in prices. We continue to see further capex declines and cost cutting, but we believe the ability to cut much more is now limited. Cashflows and balance sheets remain under pressure. Dividends in all but a select few companies will be cut, asset sales are likely to accelerate and we expe