AGNICO-EAGLE MINES (AEM $28.61 rated Overweight; $43 up from $38 price target) HIGHER 2016 AND BEYOND GOLD PRICES BENEFIT TO AEM’S VALUATION; ASSUME MELIADINE PROJECT DELAYED; STRESS TEST AEM CAN LIVE WITHIN FREE CASH FLOW AT $1,200/OZ BUT NOT $1,000/OZ GOLD. 7/1/2013

AGNICO-EAGLE MINES (AEM $28.61 rated Overweight; $43 up from $38 price
target) HIGHER 2016 AND BEYOND GOLD PRICES BENEFIT TO AEM’S
VALUATION; ASSUME MELIADINE PROJECT DELAYED; STRESS TEST AEM
CAN LIVE WITHIN FREE CASH FLOW AT $1,200/OZ BUT NOT $1,000/OZ GOLD. 7/1/2013