Kinam Gold Inc.
Report to the
Special Committee of the
Board of Directors
February 14, 2002
RAYMOND JAMES
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TABLE OF CONTENTS
Background
Overview of Series B Preferred Shares 1
Financial Overview of Kinam Gold
Overview of Kinross Corporation
Overview of Prior Purchases of Preferred Stock 2
Overview of Trading Value 3
Overview of Intrinsic Value of Kinam 4
Convertible Analysis 5
NAV Analysis of Kinam and Kinross 6
Comparative Company Analysis 7
Analysts Outlook on Kinross 8
Review of Precedent Transactions 9
RAYMOND JAMES 1 KINAM GOLD INC.
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BACKGROUND
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RAYMOND JAMES 2 KINAM GOLD INC.
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Financial Overview of Kinam - Overview of Series B Preferred Stock
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OFFER TO PURCHASE ALL PUBLICLY HELD SERIES B
CONVERTIBLE PREFERRED STOCK OF KINAM GOLD INC.
Security Overview:
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Issue: $3.75 Convertible Preferred Stock (the "Series B
Preferred Shares").
Dividends: At any annual rate of $3.75 pershare, payable in equal
cash quarterly installments on August 15, November 15,
February 15 and May 15 of each year.
Liquidation
Preference: An amount equal to dividends accrued and unpaid and
$50.00 per share. In the event the assets of the
Corporation shall be insufficient upon liquidation, to
pay in full the amounts payable, the holders of the
Preferred Stock, shall share ratably in any
distribution of the assets of the Corporation in
proportion to amounts to which they are entitled.
RAYMOND JAMES 3 KINAM GOLD INC.
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Financial Overview of Kinam - Overview of Series B Preferred Stock
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Redemption: At Corporation's option at the following prices during
a 12 month period commencing August 15 of year
indicated.
Years Price Per Share
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+ accrued and unpaid dividends
2001 $51.125
2002 $50.75
2003 $50.375
2004 and thereafter $50.00
Conversion: Into 4.8521 common shares of Kinross. No adjustment
shall be made for dividends accrued on any Series B
Preferred Shares converted.
RAYMOND JAMES 4 KINAM GOLD INC.
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Financial Overview of Kinam - Overview of Series B Preferred Stock
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General Voting Rights: Entitled to 1.4 votes for each Series B Share
held. The holders of the Series B Shares and
the common shares shall vote together as one
class for the election of directors.
Additional Voting Rights: Whenever dividends shall be in arrears for
six or more quarterly periods, holders of
Series B Shares shall have the right to elect
two additional directors to the Board of the
Corporataion.
Class Voting Rights: Without vote of 66 2/3% of all outstanding
Series B Preferred Shares, the Corporation
shall not (i) amend articles; (ii) issue
prior ranking shares; and (iii) or effect any
reclassification of the Series B Shares.
Accrued and Unpaid
Dividends: Only July 27, 2000 the Corporation announced
the nonpayment of dividends on the Preffered
Shares. The amount of accrued and unpaid
dividends from the last payment date of
May 15, 2000 to February 15, 2002 is equal to
$6.56 per share.
RAYMOND JAMES 5 KINAM GOLD INC.
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Financial Overview of Kinam Gold
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SUMMARY CONSOLIDATED FINANCIAL INFORMATION KINAM GOLD INC.
(000'000 OMITTED)
Sept. 30, 2001
1997 1998 1999 2000 (9 MOS.)
---- ---- ---- ---- --------
FOR THE YEAR
Revenue 259.5 210.8 214.1 268.1 147.3
Earnings from Operations(1) 1.9 (180.4) (107.5) (49.9) 10.5)
Net Loss(1) (33.4) (202.3) (112.7) (53.2) (12.8)
AT YEAR END
Current Assets 129.7 107.2 98.3 92.8 72.8
Current Liabilities 226.0 153,8 143.0 138.3 138.9
Working Capital Deficit (96.3) (46.6) (44.7) (45.5) (66.1)
Total Assets 870.6 602.0 463.9 372.8 358.0
Advance from Parent - 196.6 213.2 219.9 234.8
Long Term Debt 345.7 123.0 110.6 77.2 27.8
Shareholders' Equity 273.8 72.1 (47.5) (104.1) (81.3)
Ounces of Gold Sold 720,889 778,559 741,087 720,738 539,688
Average Cash Costs of Gold 198 185 186 192 186
Average Realized Price 360 344 289 292 277
NOTE:
(1) A change in the method of accounting for inventory from (LIFO) to a three
month rolling average has led to a $4.5 million reduction of the net loss.
RAYMOND JAMES 6 KINAM GOLD INC.
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Financial Overview of Kinam Gold
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>> July 27, 2000 Kinam announces suspension of the quarterly dividend
on the US$3.75 Series B Convertible Preferred Stock payable
August 15, 2000, due to persistent low level in the price of gold
and the need to conserve cash.
>> Management continues to reiterate this policy.
>> Discounted Cash Flow Analysis at varying levels of gold prices
reveal continued earnings difficulties and on-going dividend
impairment.
RAYMOND JAMES 7 KINAM GOLD INC.
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Financial Overview of Kinam Gold
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ASSESSING THE QUALITY OF KINAM PREFERRED STOCK
Four typical tests for the quality of preferred stock are as follows:
o Adequacy of Preferred Dividend Coverage
(a) net income before extraordinary items - equity income +
minority interest + CURRENT AND DEFERRED INCOME TAXES + TOTAL
INTEREST CHARGES total interest charges + total preferred
dividends adjusted for tax
1997 1998 1999 2000 Sept. 30/01
---- ---- ---- ---- -----------
NM NM NM NM NM
>> PREFERRED DIVIDEND COVERAGE HAS BEEN NON EXISTENT OVER THE
PAST 5 YEARS.
2. RECORD OF CONTINUOUS DIVIDEND PAYMENTS
>> Dividends were paid from inception until May 15, 2000.
Kinam's shareholder's deficit is $81.3 million as at
Sept. 30, 2001.
RAYMOND JAMES 8 KINAM GOLD INC.
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Financial Overview of Kinam Gold
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o Equity (or Book Value) per Preferred Stock
>> An adequate cushion should be equity per preferred stock of at least
two times the dollar value of assets that each preferred share would
be entitled to receive in the event of liquidation.
1997 1998 1999 2000 Sept. 30/01
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Shareholders' Equity
(million of $s) 273.4 72.1 (47.5) (104.1) (81.3)
Liquidation Value of
Preferreds 92.0 92.0 92.0 92.0 44.75
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2.97x .8x (.52x) (1.13x) (1.82x)
>> INDEPENDENT CREDIT ASSESSMENT
>> The Preferred's are rated by two Independent Credit Rating
Agencies:
S&P D
Moody's B3*
* Moody's rating anticipates that the convertible preferred shares
will be supported by all the assets and cash flow of Kinross.
RAYMOND JAMES 9 KINAM GOLD INC.
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Financial Overview of Kinam Gold
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Break Up Analysis
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>> Kinam's three major assets are its Fort Knox mine in Alaska, of
which its ownership is 100%, Kubaka in Russia of which it owns
54.7% and Refugio in Chile of which its owns 50%. Using the
company's life of mine assumptions with respect to the reserve
base of each of these mines and operating costs, the discounted
value of these assets at gold prices of $325.00 per ounce results
in negative equity value of $73.3m.
>> A break up of Kinam through the sale of individual properties
would not yield sufficient value to cover the company's
liabilities and preferred shares liquidation value.
Liquidation Analysis
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>> Preferreds currently possess insufficient asset coverage for this
type of analysis to be meaningful.
>> Asset coverage
>> Discounted cash flow analysis at base case and at optimistic case
reveals negative value for equity of $98.7 million and $73.3
million, respectively.
>> Liquidation of physical assets is difficult owing to the nature of
the mining business.
>> Conversations with management indicate sale of plant and equipment
would not be sufficient to cover liabilities.
RAYMOND JAMES 10 KINAM GOLD INC.
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Financial Overview of Kinross Gold Corporation
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SUMMARY CONSOLIDATED FINANCIAL INFORMATION
KINROSS GOLD
(000'000 omitted)
Sept. 30, 2001
1997 1998 1999 2000 (9 mos.)
---- ---- ---- ---- --------
For the Year
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Revenue $ 173.20 $ 269.20 $ 304.00 $ 271.00 $ 199.80
Earnings from Operations $ 3.20 $ (8.30) $ (26.90) $ (16.50) $ (5.90)
Net Loss $ (83.70) $ (251.30) $ (247.20) $ (133.30) $ (19.60)
At Year End
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Current Assets $ 246.50 $ 264.60 $ 215.10 $ 156.30 $ 136.80
Current Liabilities $ 16.90 $ 80.40 $ 90.50 $ 81.60 $ 82.00
Working Capital $ 229.60 $ 184.20 $ 124.60 $ 74.70 $ 54.80
Total Assets $ 461.00 $ 1,114.80 $ 882.40 $ 700.00 $ 605.30
Long Term Debt $ 53.70 $ 171.60 $ 151.90 $ 116.30 $ 63.30
Shareholders' Equity $ 353.60 $ 686.50 $ 475.60 $ 338.70 $ 339.80
RAYMOND JAMES 11 KINAM GOLD INC.
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Financial Overview of Kinross
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KINROSS TRADING HISTORY
[PERFORMANCE GRAPH]
COMMON (AS OF FEB 1/02)
Common
Price on Feb. 1, 2002 $1.04
Price on Jan. 22, 2002 (1) $0.88
Prior 30 day average (2) $0.86
Prior 60 day average (2) $0.79
Prior 90 day average (2) $0.78
Prior 365 day average (2) $0.75
52 wk High (2) $1.10
52 wk Low (2) $0.44
RAYMOND JAMES 12 KINAM GOLD INC.
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Financial Overview of Kinross
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KINROSS COMMON TRADING VOLUME
[PERFORMANCE GRAPH]
2/1/2001 395000 6/1/2001 388100 10/4/2001 320000
2/2/2001 257000 6/4/2001 410900 10/5/2001 469600
2/5/2001 242400 6/5/2001 276600 10/8/2001 188400
2/6/2001 150600 6/6/2001 636800 10/9/2001 257100
2/7/2001 116700 6/7/2001 295900 10/10/2001 275500
2/8/2001 112300 6/8/2001 781500 10/11/2001 574400
2/9/2001 316800 6/11/2001 532500 10/12/2001 418000
2/12/2001 119900 6/12/2001 655500 10/15/2001 235200
2/13/2001 154200 6/13/2001 703200 10/16/2001 111000
2/14/2001 160000 6/14/2001 1169800 10/17/2001 344000
2/15/2001 205900 6/15/2001 658200 10/18/2001 116300
2/16/2001 341400 6/18/2001 749700 10/19/2001 66400
2/20/2001 109400 6/19/2001 458000 10/22/2001 305200
2/21/2001 276000 6/20/2001 584800 10/23/2001 105900
2/22/2001 283100 6/21/2001 1089400 10/24/2001 86200
2/23/2001 626300 6/22/2001 366900 10/25/2001 575800
2/26/2001 699000 6/25/2001 599100 10/26/2001 532300
2/27/2001 473100 6/26/2001 812900 10/29/2001 234800
2/28/2001 276100 6/27/2001 751000 10/30/2001 569600
3/1/2001 296700 6/28/2001 803600 10/31/2001 279000
3/2/2001 207500 6/29/2001 640500 11/1/2001 425800
3/5/2001 355000 7/2/2001 277800 11/2/2001 104600
3/6/2001 158900 7/3/2001 220100 11/5/2001 131700
3/7/2001 311000 7/5/2001 378100 11/6/2001 185200
3/8/2001 465200 7/6/2001 289200 11/7/2001 128600
3/9/2001 1073900 7/9/2001 137800 11/8/2001 134200
3/12/2001 1068900 7/10/2001 342900 11/9/2001 183300
3/13/2001 198200 7/11/2001 639000 11/12/2001 167100
3/14/2001 264600 7/12/2001 271700 11/13/2001 147800
3/15/2001 135400 7/13/2001 205000 11/14/2001 211500
3/16/2001 185100 7/16/2001 154700 11/15/2001 371000
3/19/2001 377400 7/17/2001 218400 11/16/2001 388900
3/20/2001 204600 7/18/2001 1155400 11/19/2001 511100
3/21/2001 139000 7/19/2001 296400 11/20/2001 339100
3/22/2001 240500 7/20/2001 300500 11/21/2001 115600
3/23/2001 249100 7/23/2001 413400 11/23/2001 336600
3/26/2001 108500 7/24/2001 147400 11/26/2001 573700
3/27/2001 186800 7/25/2001 144100 11/27/2001 615800
3/28/2001 201600 7/26/2001 183500 11/28/2001 332400
3/29/2001 102300 7/27/2001 183900 11/29/2001 205500
3/30/2001 83400 7/30/2001 203200 11/30/2001 292700
4/2/2001 93700 7/31/2001 111100 12/3/2001 405000
4/3/2001 468900 8/1/2001 121900 12/4/2001 171400
4/4/2001 566400 8/2/2001 135800 12/5/2001 287500
4/5/2001 178800 8/3/2001 93700 12/6/2001 149900
4/6/2001 305900 8/6/2001 93100 12/7/2001 474200
4/9/2001 133700 8/7/2001 279300 12/10/2001 165200
4/10/2001 257300 8/8/2001 345600 12/11/2001 356800
4/11/2001 273800 8/9/2001 776900 12/12/2001 114200
4/12/2001 319200 8/10/2001 594800 12/13/2001 208300
4/16/2001 272700 8/13/2001 509200 12/14/2001 392400
4/17/2001 210200 8/14/2001 262100 12/17/2001 311500
4/18/2001 646400 8/15/2001 416400 12/18/2001 280900
4/19/2001 161500 8/16/2001 398000 12/19/2001 241100
4/20/2001 112400 8/17/2001 795800 12/20/2001 340000
4/23/2001 239200 8/20/2001 265200 12/21/2001 137100
4/24/2001 235800 8/21/2001 274200 12/24/2001 62900
4/25/2001 366200 8/22/2001 109900 12/26/2001 217700
4/26/2001 529000 8/23/2001 198500 12/27/2001 189900
4/27/2001 331300 8/24/2001 439000 12/28/2001 198900
4/30/2001 169300 8/27/2001 209500 12/31/2001 255100
5/1/2001 245900 8/28/2001 209500 1/2/2002 162400
5/2/2001 211900 8/29/2001 174100 1/3/2002 265900
5/3/2001 194700 8/30/2001 261400 1/4/2002 138500
5/4/2001 199500 8/31/2001 126100 1/7/2002 143800
5/7/2001 385400 9/4/2001 325700 1/8/2002 347900
5/8/2001 67800 9/5/2001 254900 1/9/2002 744600
5/9/2001 2176800 9/6/2001 449800 1/10/2002 1403900
5/10/2001 618900 9/7/2001 432200 1/11/2002 223900
5/11/2001 634600 9/10/2001 350000 1/14/2002 424100
5/14/2001 526400 9/17/2001 1259100 1/15/2002 299900
5/15/2001 619500 9/18/2001 668800 1/16/2002 894700
5/16/2001 1884600 9/19/2001 1857600 1/17/2002 270400
5/17/2001 1913500 9/20/2001 646200 1/18/2002 332700
5/18/2001 2552100 9/21/2001 1182500 1/22/2002 380600
5/21/2001 3326200 9/24/2001 420100 1/23/2002 536400
5/22/2001 2789200 9/25/2001 597100 1/24/2002 250900
5/23/2001 1405900 9/26/2001 1385600 1/25/2002 458100
5/24/2001 1484900 9/27/2001 343500 1/28/2002 484200
5/25/2001 1166700 9/28/2001 272100 1/29/2002 415800
5/29/2001 840600 10/1/2001 352700 1/30/2002 309400
5/30/2001 1168400 10/2/2001 274600 1/31/2002 295300
5/31/2001 873800 10/3/2001 327700 2/1/2002 1636700
Note: 12 month average daily volume = 435,998 (KGC-AMEX)
RAYMOND JAMES 13 KINAM GOLD INC.
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OVERVIEW OF PRIOR PURCHASES
OF PREFERRED STOCK
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RAYMOND JAMES 14 KINAM GOLD INC.
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Overview of Prior Purchasers of Preferred Stock
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FRANKLIN FUNDS
CAPITAL PRO INTERNATIONAL, INC.
THE TELL FUND
>> In June, 2001 management of Kinross concluded negotiations to
purchase 800,000 shares of Preferred Stock from Kinam's largest
Preferred stockholder, Franklin Funds. When this situation was
press released two other Institutional Shareholders - Capital Pro
International, Inc. and The Tell Fund approached Kinross to sell
their positions. The combined holding of all three funds was
945,400 shares of Preferred Stock.
>> Negotiations with Franklin Funds had commenced in early March and
according to management of Kinross were protracted and acrimonious
as a consequence of threatened litigation against Kinross by
Franklin Funds. Further, the negotiations were conducted during a
period of extreme volatility in the price of gold. Overview of
Prior Purchasers of Preferred Stock
RAYMOND JAMES 15 KINAM GOLD INC.
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Overview of Prior Purchasers of Preferred Stock
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>> According to Management, the methodology behind the negotiations
was based on a "cents on the dollar" approach to the face value
of the Preferred with consideration being an exchange of Kinross
common stock for Preferred Stock
>> Management's rule of thumb in the case of Franklin Funds was $.33
on the face value of the Preferred resulting in a price of $16.50
per Preferred Share and in the case of Capital Pro and The Tell
Fund, where the discount also included the accrued dividend, of
$17.74 per Preferred Share.
>> On closing, the respective values on an exchange basis, per
Preferred Share were $25.80 in the case of Franklin Funds and
$18.92 in the case of Capital Pro and The Tell Fund.
>> Throughout the negotiations with Franklin Funds, the common
shares of Kinross had fluctuated between a low of $.47 (April 17,
2001) and a high of $1.10 (May 21, 2001).
>> We have considered these transactions in arriving at our
determination of fairness in assessing these transactions we note
the following:
|X| significant increase in value for accounting purposes
was realized for Franklin Funds
|X| the apparent absence of any attempt to formally value
the Preferred Stock by any party
|X| nature of the negotiation with and threatened
litigation by Franklin Funds.
|X| the difference in consideration - common shares versus
cash
|X| the ongoing and forecast impairment of Kinam's ability
to pay dividends
RAYMOND JAMES 16 KINAM GOLD INC.
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OVERVIEW OF TRADING VALUE Overview of
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RAYMOND JAMES 17 KINAM GOLD INC.
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Overview of Trading Value
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TRADING HISTORY
>> Series B Preferred Shares were issued in August 1994 at a price
of $50.00 per share.
>> Previous 52 week high price was $15.70. >> Previous 52 week low
price was $5.75.
>> The average price respectively, for 365 days, 90 days and 30 days
prior to announcement of the consideration of the Offer on
February 4, 2002 was $8.93, $9.19, and $10.16, respectively.
>> Closing price of February 1, 2002, the last trading date before
the announcement of the consideration of the Offer, was $15.70.
>> Closing price on January 21, 2002, the last trading day before
the announcement of Kinross' common share financing was $8.75.
>> $15.00 offer price represents premiums of 68.0%, 63.2% and 47.6%
to average price during period 365 days, 90 days and 30 days
prior to announcement of consideration of the offer. It
represents a 4.5% discount to Feb 1, 2002 price and a 71.4%
premium to the January 21, 2002 price.
>> $18.00 offer price represents premiums of 101.6%, 95.9% and 77.2%
respectively, to average price during period 365 days, 90 days
and 30 days prior to the announcement of consideration of the
offer. It represents a 14.7% premium to the February 1, 2002
price and a 105.7% premium to the January 21, 2002 price.
RAYMOND JAMES 18 KINAM GOLD INC.
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Financial Overview of Kinam
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KINAM PREFERRED TRADING GRAPH
[PERFORMANCE GRAPH]
Date Px Last
7/1/1999 33.5
7/2/1999 33
7/5/1999 33
7/6/1999 33
7/7/1999 32.5
7/8/1999 32
7/9/1999 31.94
7/12/1999 31.94
7/13/1999 32.13
7/14/1999 32.13
7/15/1999 31.94
7/16/1999 32
7/19/1999 32
7/20/1999 31.25
7/21/1999 31.94
7/22/1999 31.94
7/23/1999 32.19
7/26/1999 32.19
7/27/1999 32.44
7/28/1999 32.44
7/29/1999 32
7/30/1999 32.38
8/2/1999 32.25
8/3/1999 31.44
8/4/1999 31.25
8/5/1999 31.19
8/6/1999 31.13
8/9/1999 30.88
8/10/1999 30.94
8/11/1999 30.88
8/12/1999 30.88
8/13/1999 30.88
8/16/1999 31
8/17/1999 31
8/18/1999 31
8/19/1999 31.25
8/20/1999 31.19
8/23/1999 31.19
8/24/1999 31.13
8/25/1999 31.38
8/26/1999 31.38
8/27/1999 31.81
8/30/1999 31.75
8/31/1999 31.94
9/1/1999 31.81
9/2/1999 31.81
9/3/1999 31.75
9/6/1999 31.75
9/7/1999 31.63
9/8/1999 31.75
9/9/1999 31.94
9/10/1999 31.94
9/13/1999 31.94
9/14/1999 31.94
9/15/1999 32
9/16/1999 31.63
9/17/1999 31.94
9/20/1999 31.5
9/21/1999 32
9/22/1999 32.13
9/23/1999 30
9/24/1999 31.25
9/27/1999 33.25
9/28/1999 34.5
9/29/1999 35.5
9/30/1999 35.5
10/1/1999 35.25
10/4/1999 35.88
10/5/1999 35.31
10/6/1999 34.88
10/7/1999 35
10/8/1999 34.88
10/11/1999 34.75
10/12/1999 35
10/13/1999 35
10/14/1999 34.56
10/15/1999 34.25
10/18/1999 34
10/19/1999 33.13
10/20/1999 33
10/21/1999 33
10/22/1999 33
10/25/1999 33.44
10/26/1999 33.19
10/27/1999 33.19
10/28/1999 33.13
10/29/1999 33.25
11/1/1999 33.5
11/2/1999 32.81
11/3/1999 32.25
11/4/1999 32.06
11/5/1999 31.88
11/8/1999 31.88
11/9/1999 31.5
11/10/1999 31.25
11/11/1999 31.06
11/12/1999 30.88
11/15/1999 31
11/16/1999 31.06
11/17/1999 31.06
11/18/1999 30.81
11/19/1999 30.81
11/22/1999 30.81
11/23/1999 30.75
11/24/1999 30.69
11/25/1999 30.69
11/26/1999 30.63
11/29/1999 30.75
11/30/1999 30.13
12/1/1999 28.44
12/2/1999 28
12/3/1999 26.94
12/6/1999 26.88
12/7/1999 26.5
12/8/1999 26.63
12/9/1999 26.63
12/10/1999 26.56
12/13/1999 26.69
12/14/1999 26.94
12/15/1999 26.63
12/16/1999 26.56
12/17/1999 26.06
12/20/1999 26.25
36515 26.75
36516 27.13
36517 26.94
36518 26.94
36521 26.5
36522 26.88
36523 26.63
36514 26.5
36525 26.38
1/3/2000 26.5
1/4/2000 26.38
1/5/2000 26.13
1/6/2000 26.5
1/7/2000 26.38
1/10/2000 26.56
1/11/2000 26.63
1/12/2000 26.56
1/13/2000 27.5
1/14/2000 27.94
1/18/2000 28.94
1/19/2000 28.88
1/20/2000 28.56
1/21/2000 28.63
1/24/2000 28.5
1/25/2000 28.25
1/26/2000 28.5
1/27/2000 28.81
1/28/2000 28.69
1/31/2000 28.75
2/1/2000 29.13
2/2/2000 28.94
2/3/2000 28.13
2/4/2000 28.88
2/7/2000 29.5
2/8/2000 29.88
2/9/2000 30
2/10/2000 29
2/11/2000 29.44
2/14/2000 29.81
2/16/2000 29.5
2/17/2000 30
2/18/2000 30.5
2/22/2000 29.5
2/23/2000 29.5
2/24/2000 29.88
2/25/2000 29.38
2/28/2000 28.5
2/29/2000 28.44
3/1/2000 28.5
3/3/2000 28.5
3/6/2000 28.44
3/7/2000 28
3/8/2000 28.25
3/9/2000 28.13
3/10/2000 28.13
3/13/2000 28.38
3/14/2000 28
3/15/2000 28
3/16/2000 28
3/17/2000 28
3/20/2000 27.5
3/21/2000 27.38
3/22/2000 27.5
3/24/2000 27.38
3/27/2000 26.88
3/28/2000 26.63
3/29/2000 26.63
3/31/2000 25.69
4/3/2000 25.44
4/4/2000 26
4/5/2000 26
4/6/2000 25.5
4/7/2000 25.5
4/10/2000 25.63
4/11/2000 25.88
4/13/2000 25.88
4/14/2000 26.38
4/17/2000 26
4/18/2000 26.5
4/19/2000 25.75
4/20/2000 26.13
4/24/2000 25.75
4/25/2000 24.94
4/26/2000 25.13
4/27/2000 25.63
4/28/2000 26.75
5/2/2000 26.56
5/4/2000 25.75
5/5/2000 25.5
5/8/2000 25.38
5/9/2000 25.25
5/10/2000 25
5/12/2000 25.38
5/15/2000 25.25
5/16/2000 24
5/17/2000 24
5/18/2000 24
5/19/2000 24
5/22/2000 23.56
5/23/2000 23.63
5/24/2000 23.38
5/25/2000 23.38
5/26/2000 23.63
5/30/2000 23.56
6/1/2000 23.31
6/2/2000 23.5
6/5/2000 23.5
6/6/2000 23.75
6/7/2000 23.06
6/8/2000 23.44
6/9/2000 23.44
6/12/2000 23.13
6/13/2000 23.69
6/14/2000 23.81
6/16/2000 23.69
6/19/2000 23.5
6/20/2000 23.31
6/21/2000 23.25
6/22/2000 23
6/23/2000 22.75
6/26/2000 22.81
6/28/2000 22.88
6/29/2000 23
6/30/2000 22.5
7/5/2000 23.25
7/6/2000 23.63
7/7/2000 23.63
7/10/2000 23.38
7/11/2000 23.5
7/12/2000 23.44
7/13/2000 23.75
7/14/2000 23.75
7/17/2000 23.38
7/18/2000 23.38
7/19/2000 23.75
7/20/2000 23.75
7/21/2000 24.31
7/24/2000 24.44
7/25/2000 24.44
7/26/2000 24.38
7/27/2000 24.38
7/28/2000 21.38
7/31/2000 13.81
8/1/2000 10
8/2/2000 9.25
8/3/2000 9
8/4/2000 9.44
8/7/2000 9.44
8/8/2000 9.25
8/9/2000 9.44
8/10/2000 9.75
8/11/2000 9.75
8/14/2000 9.38
8/15/2000 9
8/16/2000 9.44
8/17/2000 9.13
8/18/2000 9
8/21/2000 8.63
8/22/2000 8.69
8/23/2000 8.38
8/24/2000 8.13
8/25/2000 8.31
8/28/2000 8.06
8/29/2000 8.5
8/30/2000 8.63
8/31/2000 9.13
9/1/2000 9.25
9/5/2000 9.19
9/6/2000 9.38
9/7/2000 9.13
9/8/2000 9.06
9/11/2000 9
9/12/2000 9.06
9/13/2000 9
9/14/2000 9
9/15/2000 8.63
9/18/2000 8.63
9/19/2000 8
9/20/2000 8.25
9/21/2000 8.31
9/22/2000 8.31
9/25/2000 8.19
9/26/2000 7.44
9/27/2000 7.5
9/28/2000 7.44
9/29/2000 7.88
10/2/2000 7.81
10/3/2000 7.69
10/4/2000 7
10/5/2000 7.13
10/6/2000 7
10/9/2000 7
10/10/2000 7
10/12/2000 7.38
10/13/2000 7.5
10/16/2000 7.44
10/17/2000 7.38
10/18/2000 7.38
10/19/2000 7.44
10/20/2000 7.38
10/23/2000 7.38
10/24/2000 7.38
10/25/2000 7.25
10/26/2000 7.31
10/27/2000 7.5
10/31/2000 7.31
11/1/2000 7.56
11/2/2000 7.5
11/3/2000 7.5
11/6/2000 7.44
11/7/2000 7.75
11/8/2000 7.44
11/9/2000 7.25
11/10/2000 7.25
11/13/2000 7.31
11/14/2000 7.25
11/15/2000 7.25
11/16/2000 7.38
11/17/2000 7.31
11/20/2000 7.56
11/21/2000 8.06
11/24/2000 8.19
11/27/2000 8.13
11/28/2000 8.38
11/29/2000 8.44
11/30/2000 8.44
12/1/2000 8.44
12/4/2000 8.88
12/5/2000 8.81
12/6/2000 8.38
12/7/2000 8.75
12/8/2000 8.5
12/11/2000 8.5
12/12/2000 8.5
12/13/2000 8.31
12/14/2000 8.44
12/15/2000 8.25
12/18/2000 8.13
12/19/2000 7.63
12/20/2000 7.88
12/21/2000 8
12/22/2000 8.19
12/26/2000 8.13
12/27/2000 8.06
12/28/2000 7.75
12/29/2000 7.53
1/2/2001 7.5
1/3/2001 7.5
1/5/2001 7.25
1/8/2001 7.25
1/9/2001 6.81
1/10/2001 6.81
1/11/2001 6.63
1/12/2001 6.56
1/16/2001 6.5
1/17/2001 6.5
1/18/2001 6.25
1/22/2001 6.25
1/24/2001 6.38
1/25/2001 6.31
1/26/2001 6.44
1/30/2001 6.74
1/31/2001 6.6
2/5/2001 6.5
2/8/2001 6.59
2/9/2001 6.56
2/12/2001 6.55
2/13/2001 6.55
2/16/2001 6.5
2/21/2001 6.5
2/22/2001 6.5
2/23/2001 6.8
2/26/2001 7.3
2/27/2001 7.49
2/28/2001 7.39
3/1/2001 7.35
3/6/2001 7.25
3/7/2001 7.25
3/8/2001 7.42
3/9/2001 7.85
3/13/2001 8
3/15/2001 7.85
3/16/2001 7.95
3/20/2001 7.95
3/21/2001 8.4
3/22/2001 7.8
3/23/2001 7.75
3/26/2001 7.8
3/27/2001 7.55
3/28/2001 7.51
4/3/2001 6.7
4/6/2001 6.82
4/9/2001 6.82
4/10/2001 7
4/16/2001 6.95
4/17/2001 7
4/18/2001 6.5
4/19/2001 6.25
4/20/2001 6.3
4/23/2001 6.26
4/24/2001 6.06
4/26/2001 6.2
4/27/2001 5.75
4/30/2001 5.9
5/1/2001 5.83
5/2/2001 6.05
5/3/2001 6
5/4/2001 6.3
5/7/2001 6.6
5/8/2001 6.75
5/9/2001 7.15
5/10/2001 7.01
5/11/2001 7.03
5/14/2001 7.3
5/16/2001 7.6
5/17/2001 8
5/18/2001 9.21
5/21/2001 10.3
5/22/2001 9.7
5/23/2001 9
5/24/2001 9
5/25/2001 9.5
5/29/2001 9.5
5/30/2001 9
5/31/2001 8.5
6/1/2001 8.7
6/4/2001 8.1
6/5/2001 7.75
6/7/2001 7.8
6/8/2001 8.5
6/11/2001 8.1
6/12/2001 8.5
6/13/2001 12.2
6/14/2001 11.55
6/15/2001 12.1
6/18/2001 10.75
6/19/2001 10.5
6/20/2001 10
6/21/2001 10
6/22/2001 10.2
6/25/2001 10
6/26/2001 10
6/27/2001 9.7
6/28/2001 10.2
6/29/2001 10.25
7/2/2001 9.75
7/3/2001 10
7/6/2001 10
7/10/2001 9.76
7/11/2001 10.25
7/12/2001 10.75
7/13/2001 11
7/17/2001 11.75
7/18/2001 11
7/20/2001 11
7/23/2001 11
7/24/2001 10.75
7/27/2001 10.5
7/30/2001 10.3
8/1/2001 10.25
8/2/2001 10.3
8/3/2001 10.27
8/6/2001 10.35
8/7/2001 10.4
8/8/2001 10.4
8/9/2001 10.8
8/10/2001 10.7
8/13/2001 11.25
8/17/2001 11.25
8/21/2001 11
8/23/2001 10.9
8/27/2001 10.92
8/28/2001 10.92
8/29/2001 10.92
8/30/2001 11.02
9/4/2001 10.7
9/5/2001 10.55
9/6/2001 10.3
9/7/2001 10.26
9/10/2001 10.25
9/17/2001 11
9/18/2001 10.75
9/19/2001 10.25
9/20/2001 10.5
9/21/2001 11
9/24/2001 10.76
9/25/2001 10.5
9/26/2001 10.5
9/28/2001 10.79
10/1/2001 11.1
10/2/2001 11.3
10/4/2001 11.3
10/9/2001 11.3
10/10/2001 11.31
10/11/2001 10.5
10/12/2001 10.25
10/16/2001 10.45
10/17/2001 10.1
10/18/2001 10
10/22/2001 10.25
10/23/2001 10.2
10/24/2001 10.25
10/25/2001 10.31
10/30/2001 10.25
11/1/2001 10.15
11/2/2001 10
11/5/2001 10
11/7/2001 10
11/8/2001 10
11/9/2001 10
11/12/2001 10.2
11/13/2001 10
11/14/2001 9.87
11/15/2001 9.65
11/16/2001 9.65
11/19/2001 9.1
11/20/2001 9.01
11/21/2001 9.05
11/23/2001 9
11/26/2001 9.04
11/27/2001 9.45
11/28/2001 9.2
11/29/2001 9
11/30/2001 9.4
12/3/2001 9
12/4/2001 8.2
12/5/2001 8.5
12/6/2001 8.1
12/7/2001 8.3
12/10/2001 8.15
12/11/2001 7.9
12/12/2001 7.5
12/13/2001 7.3
12/14/2001 7.26
12/17/2001 7.5
12/18/2001 8
12/19/2001 7.35
12/20/2001 7.5
12/21/2001 7.75
12/26/2001 7.5
12/27/2001 7.35
12/28/2001 7.5
12/31/2001 8.41
1/4/2002 9.1
1/8/2002 9.01
1/9/2002 9
1/10/2002 9.2
1/11/2002 9.4
1/14/2002 9.06
1/15/2002 8.76
1/16/2002 9.4
1/17/2002 9
1/18/2002 8.8
1/22/2002 8.75
RAYMOND JAMES 19 KINAM GOLD INC.
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Financial Overview of Kinam
- --------------------------------------------------------------------------------
KINROSS COMMON TRADING HISTORY
[PERFORMANCE GRAPH]
Date Last Price
7/1/1999 1.75
7/2/1999 1.75
7/5/1999 1.75
7/6/1999 1.625
7/7/1999 1.625
7/8/1999 1.5625
7/9/1999 1.625
7/12/1999 1.5625
7/13/1999 1.5625
7/14/1999 1.625
7/15/1999 1.5625
7/16/1999 1.625
7/19/1999 1.625
7/20/1999 1.6875
7/21/1999 1.8125
7/22/1999 1.75
7/23/1999 1.75
7/26/1999 1.6875
7/27/1999 1.6875
7/28/1999 1.6875
7/29/1999 1.6875
7/30/1999 1.875
8/2/1999 1.875
8/3/1999 1.875
8/4/1999 2
8/5/1999 2
8/6/1999 2
8/9/1999 2.125
8/10/1999 2.25
8/11/1999 2.375
8/12/1999 2.4375
8/13/1999 2.5
8/16/1999 2.4375
8/17/1999 2.5625
8/18/1999 2.375
8/19/1999 2.3125
8/20/1999 2.3125
8/23/1999 2.1875
8/24/1999 2.125
8/25/1999 2.0625
8/26/1999 2.125
8/27/1999 2.125
8/30/1999 2.0625
8/31/1999 2.125
9/1/1999 2.125
9/2/1999 2.0625
9/3/1999 1.9375
9/6/1999 1.9375
9/7/1999 2
9/8/1999 1.9375
9/9/1999 2.0625
9/10/1999 2
9/13/1999 2.0625
9/14/1999 2.0625
9/15/1999 2
9/16/1999 2
9/17/1999 2.0625
9/20/1999 2.0625
9/21/1999 2.3125
9/22/1999 2.375
9/23/1999 2.375
9/24/1999 2.5
9/27/1999 3.125
9/28/1999 3.1875
9/29/1999 2.625
9/30/1999 2.875
10/1/1999 2.9375
10/4/1999 3.125
10/5/1999 3.125
10/6/1999 2.8125
10/7/1999 2.8125
10/8/1999 2.8125
10/11/1999 3
10/12/1999 2.75
10/13/1999 2.75
10/14/1999 2.625
10/15/1999 2.6875
10/18/1999 2.625
10/19/1999 2.625
10/20/1999 2.625
10/21/1999 2.625
10/22/1999 2.625
10/25/1999 2.625
10/26/1999 2.5625
10/27/1999 2.5625
10/28/1999 2.5625
10/29/1999 2.5625
11/1/1999 2.4375
11/2/1999 2.5
11/3/1999 2.375
11/4/1999 2.25
11/5/1999 2.125
11/8/1999 2.25
11/9/1999 2.3125
11/10/1999 2.3125
11/11/1999 2.3125
11/12/1999 2.25
11/15/1999 2.1875
11/16/1999 2.0625
11/17/1999 2.0625
11/18/1999 2.1875
11/19/1999 2.125
11/22/1999 2.25
11/23/1999 2.3125
11/24/1999 2.3125
11/25/1999 2.3125
11/26/1999 2.3125
11/29/1999 2.1875
11/30/1999 2
12/1/1999 2
12/2/1999 2
12/3/1999 1.9375
12/6/1999 1.75
12/7/1999 2
12/8/1999 1.8125
12/9/1999 1.75
12/10/1999 1.8125
12/13/1999 1.875
12/14/1999 1.8125
12/15/1999 1.875
12/16/1999 2
12/17/1999 2
12/20/1999 1.8125
12/21/1999 1.75
12/22/1999 1.875
12/23/1999 1.875
12/24/1999 1.875
12/27/1999 1.8125
12/28/1999 1.8125
12/29/1999 1.875
12/30/1999 1.8125
12/31/1999 1.875
1/3/2000 1.875
1/3/2000 1.875
1/4/2000 1.8125
1/5/2000 1.8125
1/6/2000 1.875
1/7/2000 1.75
1/10/2000 1.8125
1/11/2000 1.6875
1/12/2000 1.5625
1/13/2000 1.6875
1/14/2000 1.625
1/18/2000 1.75
1/19/2000 1.625
1/20/2000 1.6875
1/21/2000 1.6875
1/24/2000 1.625
1/25/2000 1.625
1/26/2000 1.5586
1/27/2000 1.625
1/28/2000 1.6289
1/31/2000 1.5899
2/1/2000 1.5781
2/2/2000 1.6016
2/3/2000 1.5938
2/4/2000 1.9493
2/7/2000 2.1797
2/8/2000 1.8125
2/9/2000 2
2/10/2000 2.0586
2/11/2000 1.9961
2/14/2000 1.875
2/15/2000 1.9375
2/16/2000 1.9493
2/17/2000 1.9336
2/18/2000 1.9609
2/22/2000 1.9609
2/23/2000 1.9219
2/24/2000 1.8281
2/25/2000 1.6875
2/28/2000 1.6641
2/29/2000 1.6055
3/1/2000 1.625
3/2/2000 1.6875
3/3/2000 1.6875
3/6/2000 1.6094
3/7/2000 1.6406
3/8/2000 1.625
3/9/2000 1.6875
3/10/2000 1.625
3/13/2000 1.6719
3/14/2000 1.5625
3/15/2000 1.6055
3/16/2000 1.625
3/17/2000 1.6875
3/20/2000 1.6875
3/21/2000 1.6875
3/22/2000 1.625
3/23/2000 1.625
3/24/2000 1.625
3/27/2000 1.625
3/28/2000 1.625
3/29/2000 1.4375
3/30/2000 1.625
3/31/2000 1.5625
4/3/2000 1.5
4/4/2000 1.4375
4/5/2000 1.4375
4/6/2000 1.3946
4/7/2000 1.3125
4/10/2000 1.375
4/11/2000 1.375
4/12/2000 1.3125
4/13/2000 1.375
4/14/2000 1.375
4/17/2000 1.3125
4/18/2000 1.375
4/19/2000 1.25
4/20/2000 1.3125
4/24/2000 1.3125
4/25/2000 1.3125
4/26/2000 1.25
4/27/2000 1.3125
4/28/2000 1.25
5/1/2000 1.25
5/2/2000 1.375
5/3/2000 1.3125
5/4/2000 1.4375
5/5/2000 1.25
5/8/2000 1.375
5/9/2000 1.25
5/10/2000 1.25
5/11/2000 1.25
5/12/2000 1.25
5/15/2000 1.1875
5/16/2000 1.1875
5/17/2000 1.1875
5/18/2000 1.1875
5/19/2000 1.125
5/22/2000 1.1875
5/23/2000 1.0625
5/24/2000 1.0625
5/25/2000 0.9805
5/26/2000 1.0625
5/30/2000 0.9375
5/31/2000 0.9375
6/1/2000 0.9375
6/2/2000 1.0625
6/5/2000 1.0625
6/6/2000 1.125
6/7/2000 1.0625
6/8/2000 1.0625
6/9/2000 1
6/12/2000 1.0625
6/13/2000 1
6/14/2000 1.125
6/15/2000 1.0625
6/16/2000 1
6/19/2000 1.0196
6/20/2000 0.9922
6/21/2000 1
6/22/2000 1
6/23/2000 0.9336
6/26/2000 0.9375
6/27/2000 0.9375
6/28/2000 0.875
6/29/2000 0.9375
6/30/2000 0.9375
7/3/2000 0.875
7/5/2000 0.8125
7/6/2000 0.875
7/7/2000 0.75
7/10/2000 0.8125
7/11/2000 0.8125
7/12/2000 0.8125
7/13/2000 0.75
7/14/2000 0.75
7/17/2000 0.8125
7/18/2000 0.6875
7/19/2000 0.75
7/20/2000 0.75
7/21/2000 0.6875
7/24/2000 0.8125
7/25/2000 0.6875
7/26/2000 0.8125
7/27/2000 0.6875
7/28/2000 0.6875
7/31/2000 0.6875
8/1/2000 0.6875
8/2/2000 0.625
8/3/2000 0.5625
8/4/2000 0.625
8/7/2000 0.625
8/8/2000 0.625
8/9/2000 0.625
8/10/2000 0.6875
8/11/2000 0.75
8/14/2000 0.6875
8/15/2000 0.6875
8/16/2000 0.6875
8/17/2000 0.6875
8/18/2000 0.6875
8/21/2000 0.625
8/22/2000 0.6875
8/23/2000 0.6875
8/24/2000 0.625
8/25/2000 0.6875
8/28/2000 0.625
8/29/2000 0.625
8/30/2000 0.6875
8/31/2000 0.625
9/1/2000 0.6875
9/5/2000 0.75
9/6/2000 0.6875
9/7/2000 0.6875
9/8/2000 0.625
9/11/2000 0.6875
9/12/2000 0.6875
9/13/2000 0.6875
9/14/2000 0.625
9/15/2000 0.6875
9/18/2000 0.625
9/19/2000 0.6875
9/20/2000 0.5625
9/21/2000 0.625
9/22/2000 0.625
9/25/2000 0.5625
9/26/2000 0.5625
9/27/2000 0.625
9/28/2000 0.5625
9/29/2000 0.5625
10/2/2000 0.5625
10/3/2000 0.5
10/4/2000 0.5625
10/5/2000 0.5625
10/6/2000 0.5
10/9/2000 0.5
10/10/2000 0.5
10/11/2000 0.5
10/12/2000 0.5625
10/13/2000 0.5
10/16/2000 0.4688
10/17/2000 0.4375
10/18/2000 0.4375
10/19/2000 0.4688
10/20/2000 0.4688
10/23/2000 0.4688
10/24/2000 0.4063
10/25/2000 0.4063
10/26/2000 0.4063
10/27/2000 0.4375
10/30/2000 0.4688
10/31/2000 0.4063
11/1/2000 0.4063
11/2/2000 0.4375
11/3/2000 0.4688
11/6/2000 0.4688
11/7/2000 0.4375
11/8/2000 0.4688
11/9/2000 0.4375
11/10/2000 0.4375
11/13/2000 0.4375
11/14/2000 0.4375
11/15/2000 0.4375
11/16/2000 0.4063
11/17/2000 0.4375
11/20/2000 0.4688
11/21/2000 0.4688
11/22/2000 0.5625
11/24/2000 0.625
11/27/2000 0.625
11/28/2000 0.625
11/29/2000 0.625
11/30/2000 0.5625
12/1/2000 0.625
12/4/2000 0.625
12/5/2000 0.6172
12/6/2000 0.6875
12/7/2000 0.75
12/8/2000 0.625
12/11/2000 0.625
12/12/2000 0.625
12/13/2000 0.625
12/14/2000 0.5625
12/15/2000 0.625
12/18/2000 0.5625
12/19/2000 0.5
12/20/2000 0.5625
12/21/2000 0.5625
12/22/2000 0.5625
12/26/2000 0.5625
12/27/2000 0.5625
12/28/2000 0.5
12/29/2000 0.5
1/2/2001 0.5
1/3/2001 0.5
1/4/2001 0.5625
1/5/2001 0.5
1/8/2001 0.625
1/9/2001 0.5625
1/10/2001 0.5
1/11/2001 0.5625
1/12/2001 0.5625
1/16/2001 0.5
1/17/2001 0.5625
1/18/2001 0.5
1/19/2001 0.5
1/22/2001 0.5625
1/23/2001 0.5625
1/24/2001 0.5
1/25/2001 0.5
1/26/2001 0.4688
1/29/2001 0.45
1/30/2001 0.48
1/31/2001 0.48
2/1/2001 0.5
2/2/2001 0.47
2/5/2001 0.46
2/6/2001 0.46
2/7/2001 0.46
2/8/2001 0.47
2/9/2001 0.47
2/12/2001 0.46
2/13/2001 0.45
2/14/2001 0.47
2/15/2001 0.44
2/16/2001 0.5
2/20/2001 0.48
2/21/2001 0.52
2/22/2001 0.55
2/23/2001 0.58
2/26/2001 0.6
2/27/2001 0.6
2/28/2001 0.57
3/1/2001 0.57
3/2/2001 0.53
3/5/2001 0.56
3/6/2001 0.54
3/7/2001 0.55
3/8/2001 0.6
3/9/2001 0.64
3/12/2001 0.63
3/13/2001 0.57
3/14/2001 0.59
3/15/2001 0.55
3/16/2001 0.51
3/19/2001 0.53
3/20/2001 0.54
3/21/2001 0.54
3/22/2001 0.54
3/23/2001 0.54
3/26/2001 0.52
3/27/2001 0.51
3/28/2001 0.51
3/29/2001 0.49
3/30/2001 0.5
4/2/2001 0.48
4/3/2001 0.5
4/4/2001 0.49
4/5/2001 0.47
4/6/2001 0.51
4/9/2001 0.48
4/10/2001 0.46
4/11/2001 0.47
4/12/2001 0.51
4/16/2001 0.51
4/17/2001 0.47
4/18/2001 0.5
4/19/2001 0.52
4/20/2001 0.52
4/23/2001 0.49
4/24/2001 0.56
4/25/2001 0.46
4/26/2001 0.56
4/27/2001 0.56
4/30/2001 0.55
5/1/2001 0.59
5/2/2001 0.6
5/3/2001 0.56
5/4/2001 0.54
5/7/2001 0.56
5/8/2001 0.53
5/9/2001 0.61
5/10/2001 0.62
5/11/2001 0.61
5/14/2001 0.63
5/15/2001 0.6
5/16/2001 0.75
5/17/2001 0.85
5/18/2001 0.95
5/21/2001 1.1
5/22/2001 0.92
5/23/2001 0.9
5/24/2001 0.84
5/25/2001 0.94
5/29/2001 0.85
5/30/2001 0.76
5/31/2001 0.78
6/1/2001 0.84
6/4/2001 0.87
6/5/2001 0.89
6/6/2001 0.86
6/7/2001 0.81
6/8/2001 0.92
6/11/2001 0.89
6/12/2001 0.96
6/13/2001 0.98
6/14/2001 1.04
6/15/2001 1.03
6/18/2001 0.99
6/19/2001 0.91
6/20/2001 0.82
6/21/2001 0.8
6/22/2001 0.84
6/25/2001 0.88
6/26/2001 0.95
6/27/2001 0.83
6/28/2001 0.83
6/29/2001 0.79
7/2/2001 0.77
7/3/2001 0.82
7/5/2001 0.8
7/6/2001 0.85
7/9/2001 0.84
7/10/2001 0.87
7/11/2001 0.92
7/12/2001 0.87
7/13/2001 0.86
7/16/2001 0.88
7/17/2001 0.89
7/18/2001 0.87
7/19/2001 0.81
7/20/2001 0.83
7/23/2001 0.8
7/24/2001 0.83
7/25/2001 0.79
7/26/2001 0.78
7/27/2001 0.81
7/30/2001 0.8
7/31/2001 0.77
8/1/2001 0.82
8/2/2001 0.87
8/3/2001 0.83
8/6/2001 0.85
8/7/2001 0.81
8/8/2001 0.81
8/9/2001 0.89
8/10/2001 0.89
8/13/2001 0.93
8/14/2001 0.92
8/15/2001 0.93
8/16/2001 0.91
8/17/2001 0.97
8/20/2001 0.92
8/21/2001 0.94
8/22/2001 0.9
8/23/2001 0.91
8/24/2001 0.84
8/27/2001 0.82
8/28/2001 0.89
8/29/2001 0.89
8/30/2001 0.89
8/31/2001 0.88
9/4/2001 0.84
9/5/2001 0.85
9/6/2001 0.85
9/7/2001 0.86
9/10/2001 0.84
9/17/2001 0.99
9/18/2001 0.98
9/19/2001 1
9/20/2001 0.97
9/21/2001 1.01
9/24/2001 0.95
9/25/2001 1
9/26/2001 1
9/27/2001 0.97
9/28/2001 0.97
10/1/2001 0.97
10/2/2001 0.97
10/3/2001 0.91
10/4/2001 0.9
10/5/2001 0.97
10/8/2001 0.97
10/9/2001 0.93
10/10/2001 0.91
10/11/2001 0.85
10/12/2001 0.91
10/15/2001 0.89
10/16/2001 0.89
10/17/2001 0.92
10/18/2001 0.87
10/19/2001 0.87
10/22/2001 0.9
10/23/2001 0.87
10/24/2001 0.88
10/25/2001 0.82
10/26/2001 0.83
10/29/2001 0.82
10/30/2001 0.85
10/31/2001 0.86
11/1/2001 0.87
11/2/2001 0.87
11/5/2001 0.85
11/6/2001 0.84
11/7/2001 0.86
11/8/2001 0.83
11/9/2001 0.82
11/12/2001 0.84
11/13/2001 0.81
11/14/2001 0.79
11/15/2001 0.76
11/16/2001 0.74
11/19/2001 0.7
11/20/2001 0.7
11/21/2001 0.68
11/23/2001 0.67
11/26/2001 0.63
11/27/2001 0.66
11/28/2001 0.7
11/29/2001 0.69
11/30/2001 0.69
12/3/2001 0.74
12/4/2001 0.72
12/5/2001 0.66
12/6/2001 0.69
12/7/2001 0.68
12/10/2001 0.66
12/11/2001 0.62
12/12/2001 0.65
12/13/2001 0.67
12/14/2001 0.75
12/17/2001 0.71
12/18/2001 0.75
12/19/2001 0.71
12/20/2001 0.74
12/21/2001 0.75
12/24/2001 0.74
12/26/2001 0.73
12/27/2001 0.7
12/28/2001 0.7
12/31/2001 0.76
1/2/2002 0.75
1/3/2002 0.77
1/4/2002 0.77
1/7/2002 0.75
1/8/2002 0.78
1/9/2002 0.84
1/10/2002 0.88
1/11/2002 0.86
1/14/2002 0.83
RAYMOND JAMES 20 KINAM GOLD INC.
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- --------------------------------------------------------------------------------
Overview of Trading Value
- --------------------------------------------------------------------------------
KINAM $3.75 SERIES B PREFERRED TRADING HISTORY
[PERFORMANCE GRAPH]
PREFERRED (AS OF FEB 1/02)
Preferred
Price on Feb. 1, 2002 $15.70
Price on Jan. 21, 2002 $8.75
Prior 30 day average (1) $10.16
Prior 60 day average (1) $9.00
Prior 90 day average (1) $9.19
Prior 365 day average (1) $8.93
Prior 365 day average (1) $8.93
52 wk High (1) $15.70
52 wk Low (1) $5.75
(1) Period prior to announcement of consideration of offer on Feb. 4/02.
RAYMOND JAMES 21 KINAM GOLD INC.
- -------------
- --------------------------------------------------------------------------------
Overview of Trading Value
- --------------------------------------------------------------------------------
KINAM PREFERRED 12 MONTH TRADING GRAPH
[PERFORMANCE GRAPH]
Date Px Last
1/2/2001 7.5
1/3/2001 7.5
1/5/2001 7.25
1/8/2001 7.25
1/9/2001 6.81
1/10/2001 6.81
1/11/2001 6.63
1/12/2001 6.56
1/16/2001 6.5
1/17/2001 6.5
1/18/2001 6.25
1/22/2001 6.25
1/24/2001 6.38
1/25/2001 6.31
1/26/2001 6.44
1/30/2001 6.74
1/31/2001 6.6
2/5/2001 6.5
2/8/2001 6.59
2/9/2001 6.56
2/12/2001 6.55
2/13/2001 6.55
2/16/2001 6.5
2/21/2001 6.5
2/22/2001 6.5
2/23/2001 6.8
2/26/2001 7.3
2/27/2001 7.49
2/28/2001 7.39
3/1/2001 7.35
3/6/2001 7.25
3/7/2001 7.25
3/8/2001 7.42
3/9/2001 7.85
3/13/2001 8
3/15/2001 7.85
3/16/2001 7.95
3/20/2001 7.95
3/21/2001 8.4
3/22/2001 7.8
3/23/2001 7.75
3/26/2001 7.8
3/27/2001 7.55
3/28/2001 7.51
4/3/2001 6.7
4/6/2001 6.82
4/9/2001 6.82
4/10/2001 7
4/16/2001 6.95
4/17/2001 7
4/18/2001 6.5
4/19/2001 6.25
4/20/2001 6.3
4/23/2001 6.26
4/24/2001 6.06
4/26/2001 6.2
4/27/2001 5.75
4/30/2001 5.9
5/1/2001 5.83
5/2/2001 6.05
5/3/2001 6
5/4/2001 6.3
5/7/2001 6.6
5/8/2001 6.75
5/9/2001 7.15
5/10/2001 7.01
5/11/2001 7.03
5/14/2001 7.3
5/16/2001 7.6
5/17/2001 8
5/18/2001 9.21
5/21/2001 10.3
5/22/2001 9.7
5/23/2001 9
5/24/2001 9
5/25/2001 9.5
5/29/2001 9.5
5/30/2001 9
5/31/2001 8.5
6/1/2001 8.7
6/4/2001 8.1
6/5/2001 7.75
6/7/2001 7.8
6/8/2001 8.5
6/11/2001 8.1
6/12/2001 8.5
6/13/2001 12.2
6/14/2001 11.55
6/15/2001 12.1
6/18/2001 10.75
6/19/2001 10.5
6/20/2001 10
6/21/2001 10
6/22/2001 10.2
6/25/2001 10
6/26/2001 10
6/27/2001 9.7
6/28/2001 10.2
6/29/2001 10.25
7/2/2001 9.75
7/3/2001 10
7/6/2001 10
7/10/2001 9.76
7/11/2001 10.25
7/12/2001 10.75
7/13/2001 11
7/17/2001 11.75
7/18/2001 11
7/20/2001 11
7/23/2001 11
7/24/2001 10.75
7/27/2001 10.5
7/30/2001 10.3
8/1/2001 10.25
8/2/2001 10.3
8/3/2001 10.27
8/6/2001 10.35
8/7/2001 10.4
8/8/2001 10.4
8/9/2001 10.8
8/10/2001 10.7
8/13/2001 11.25
8/17/2001 11.25
8/21/2001 11
8/23/2001 10.9
8/27/2001 10.92
8/28/2001 10.92
8/29/2001 10.92
8/30/2001 11.02
9/4/2001 10.7
9/5/2001 10.55
9/6/2001 10.3
9/7/2001 10.26
9/10/2001 10.25
9/17/2001 11
9/18/2001 10.75
9/19/2001 10.25
9/20/2001 10.5
9/21/2001 11
9/24/2001 10.76
9/25/2001 10.5
9/26/2001 10.5
9/28/2001 10.79
10/1/2001 11.1
10/2/2001 11.3
10/4/2001 11.3
10/9/2001 11.3
10/10/2001 11.31
10/11/2001 10.5
10/12/2001 10.25
10/16/2001 10.45
10/17/2001 10.1
10/18/2001 10
10/22/2001 10.25
10/23/2001 10.2
10/24/2001 10.25
10/25/2001 10.31
10/30/2001 10.25
11/1/2001 10.15
11/2/2001 10
11/5/2001 10
11/7/2001 10
11/8/2001 10
11/9/2001 10
11/12/2001 10.2
11/13/2001 10
11/14/2001 9.87
11/15/2001 9.65
11/16/2001 9.65
11/19/2001 9.1
11/20/2001 9.01
11/21/2001 9.05
11/23/2001 9
11/26/2001 9.04
11/27/2001 9.45
11/28/2001 9.2
11/29/2001 9
11/30/2001 9.4
12/3/2001 9
12/4/2001 8.2
12/5/2001 8.5
12/6/2001 8.1
12/7/2001 8.3
12/10/2001 8.15
12/11/2001 7.9
12/12/2001 7.5
12/13/2001 7.3
12/14/2001 7.26
12/17/2001 7.5
12/18/2001 8
12/19/2001 7.35
12/20/2001 7.5
12/21/2001 7.75
12/26/2001 7.5
12/27/2001 7.35
12/28/2001 7.5
12/31/2001 8.41
1/4/2002 9.1
1/8/2002 9.01
1/9/2002 9
1/10/2002 9.2
1/11/2002 9.4
1/14/2002 9.06
1/15/2002 8.76
1/16/2002 9.4
1/17/2002 9
1/18/2002 8.8
1/22/2002 8.75
1/23/2002 9.25
1/24/2002 10.2
1/25/2002 10.9
RAYMOND JAMES 22 KINAM GOLD INC.
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- --------------------------------------------------------------------------------
Overview of Trading Value
- --------------------------------------------------------------------------------
KINROSS 12 MONTH TRADING GRAPH
[PERFORMANCE GRAPH]
Date Px Last
1/2/2001 0.5
1/3/2001 0.5
1/4/2001 0.5625
1/5/2001 0.5
1/8/2001 0.625
1/9/2001 0.5625
1/10/2001 0.5
1/11/2001 0.5625
1/12/2001 0.5625
1/16/2001 0.5
1/17/2001 0.5625
1/18/2001 0.5
1/19/2001 0.5
1/22/2001 0.5625
1/23/2001 0.5625
1/24/2001 0.5
1/25/2001 0.5
1/26/2001 0.4688
1/29/2001 0.45
1/30/2001 0.48
1/31/2001 0.48
2/1/2001 0.5
2/2/2001 0.47
2/5/2001 0.46
2/6/2001 0.46
2/7/2001 0.46
2/8/2001 0.47
2/9/2001 0.47
2/12/2001 0.46
2/13/2001 0.45
2/14/2001 0.47
2/15/2001 0.44
2/16/2001 0.5
2/20/2001 0.48
2/21/2001 0.52
2/22/2001 0.55
2/23/2001 0.58
2/26/2001 0.6
2/27/2001 0.6
2/28/2001 0.57
3/1/2001 0.57
3/2/2001 0.53
3/5/2001 0.56
3/6/2001 0.54
3/7/2001 0.55
3/8/2001 0.6
3/9/2001 0.64
3/12/2001 0.63
3/13/2001 0.57
3/14/2001 0.59
3/15/2001 0.55
3/16/2001 0.51
3/19/2001 0.53
3/20/2001 0.54
3/21/2001 0.54
3/22/2001 0.54
3/23/2001 0.54
3/26/2001 0.52
3/27/2001 0.51
3/28/2001 0.51
3/29/2001 0.49
3/30/2001 0.5
4/2/2001 0.48
4/3/2001 0.5
4/4/2001 0.49
4/5/2001 0.47
4/6/2001 0.51
4/9/2001 0.48
4/10/2001 0.46
4/11/2001 0.47
4/12/2001 0.51
4/16/2001 0.51
4/17/2001 0.47
4/18/2001 0.5
4/19/2001 0.52
4/20/2001 0.52
4/23/2001 0.49
4/24/2001 0.56
4/25/2001 0.46
4/26/2001 0.56
4/27/2001 0.56
4/30/2001 0.55
5/1/2001 0.59
5/2/2001 0.6
5/3/2001 0.56
5/4/2001 0.54
5/7/2001 0.56
5/8/2001 0.53
5/9/2001 0.61
5/10/2001 0.62
5/11/2001 0.61
5/14/2001 0.63
5/15/2001 0.6
5/16/2001 0.75
5/17/2001 0.85
5/18/2001 0.95
5/21/2001 1.1
5/22/2001 0.92
5/23/2001 0.9
5/24/2001 0.84
5/25/2001 0.94
5/29/2001 0.85
5/30/2001 0.76
5/31/2001 0.78
6/1/2001 0.84
6/4/2001 0.87
6/5/2001 0.89
6/6/2001 0.86
6/7/2001 0.81
6/8/2001 0.92
6/11/2001 0.89
6/12/2001 0.96
6/13/2001 0.98
6/14/2001 1.04
6/15/2001 1.03
6/18/2001 0.99
6/19/2001 0.91
6/20/2001 0.82
6/21/2001 0.8
6/22/2001 0.84
6/25/2001 0.88
6/26/2001 0.95
6/27/2001 0.83
6/28/2001 0.83
6/29/2001 0.79
7/2/2001 0.77
7/3/2001 0.82
7/5/2001 0.8
7/6/2001 0.85
7/9/2001 0.84
7/10/2001 0.87
7/11/2001 0.92
7/12/2001 0.87
7/13/2001 0.86
7/16/2001 0.88
7/17/2001 0.89
7/18/2001 0.87
7/19/2001 0.81
7/20/2001 0.83
7/23/2001 0.8
7/24/2001 0.83
7/25/2001 0.79
7/26/2001 0.78
7/27/2001 0.81
7/30/2001 0.8
7/31/2001 0.77
8/1/2001 0.82
8/2/2001 0.87
8/3/2001 0.83
8/6/2001 0.85
8/7/2001 0.81
8/8/2001 0.81
8/9/2001 0.89
8/10/2001 0.89
8/13/2001 0.93
8/14/2001 0.92
8/15/2001 0.93
8/16/2001 0.91
8/17/2001 0.97
8/20/2001 0.92
8/21/2001 0.94
8/22/2001 0.9
8/23/2001 0.91
8/24/2001 0.84
8/27/2001 0.82
8/28/2001 0.89
8/29/2001 0.89
8/30/2001 0.89
8/31/2001 0.88
9/4/2001 0.84
9/5/2001 0.85
9/6/2001 0.85
9/7/2001 0.86
9/10/2001 0.84
9/17/2001 0.99
9/18/2001 0.98
9/19/2001 1
9/20/2001 0.97
9/21/2001 1.01
9/24/2001 0.95
9/25/2001 1
9/26/2001 1
9/27/2001 0.97
9/28/2001 0.97
10/1/2001 0.97
10/2/2001 0.97
10/3/2001 0.91
10/4/2001 0.9
10/5/2001 0.97
10/8/2001 0.97
10/9/2001 0.93
10/10/2001 0.91
10/11/2001 0.85
10/12/2001 0.91
10/15/2001 0.89
10/16/2001 0.89
10/17/2001 0.92
10/18/2001 0.87
10/19/2001 0.87
10/22/2001 0.9
10/23/2001 0.87
10/24/2001 0.88
10/25/2001 0.82
10/26/2001 0.83
10/29/2001 0.82
10/30/2001 0.85
10/31/2001 0.86
11/1/2001 0.87
11/2/2001 0.87
11/5/2001 0.85
11/6/2001 0.84
11/7/2001 0.86
11/8/2001 0.83
11/9/2001 0.82
11/12/2001 0.84
11/13/2001 0.81
11/14/2001 0.79
11/15/2001 0.76
11/16/2001 0.74
11/19/2001 0.7
11/20/2001 0.7
11/21/2001 0.68
11/23/2001 0.67
11/26/2001 0.63
11/27/2001 0.66
11/28/2001 0.7
11/29/2001 0.69
11/30/2001 0.69
12/3/2001 0.74
12/4/2001 0.72
12/5/2001 0.66
12/6/2001 0.69
12/7/2001 0.68
12/10/2001 0.66
12/11/2001 0.62
12/12/2001 0.65
12/13/2001 0.67
12/14/2001 0.75
12/17/2001 0.71
12/18/2001 0.75
12/19/2001 0.71
12/20/2001 0.74
12/21/2001 0.75
12/24/2001 0.74
12/26/2001 0.73
12/27/2001 0.7
12/28/2001 0.7
12/31/2001 0.76
1/2/2002 0.75
1/3/2002 0.77
1/4/2002 0.77
1/7/2002 0.75
1/8/2002 0.78
1/9/2002 0.84
1/10/2002 0.88
1/11/2002 0.86
1/14/2002 0.83
1/15/2002 0.88
1/16/2002 0.9
1/17/2002 0.88
1/18/2002 0.87
1/22/2002 0.88
1/23/2002 0.87
1/24/2002 0.87
1/25/2002 0.91
1/28/2002 0.87
1/29/2002 0.92
1/30/2002 0.91
1/31/2002 0.96
2/1/2002 1.04
2/4/2002 1.07
RAYMOND JAMES 23 KINAM GOLD INC.
- -------------
- --------------------------------------------------------------------------------
Overview of Trading Value
- --------------------------------------------------------------------------------
($US) Share Price Performance
Since March 2000
[PERFORMANCE GRAPH]
Date GOLD SPOT Kinam Pref Kinross Common Phila Gold & Silver Index
4/3/2000 100.0% 100.0% 100.0% 100.0%
4/4/2000 102.1% 102.2% 95.8% 103.3%
4/5/2000 101.1% 102.2% 95.8% 104.0%
4/6/2000 100.8% 100.2% 93.0% 101.0%
4/7/2000 100.7% 100.2% 87.5% 99.1%
4/10/2000 101.2% 100.7% 91.7% 99.9%
4/11/2000 101.1% 101.7% 91.7% 99.1%
4/12/2000 101.1% 101.7% 87.5% 97.7%
4/13/2000 101.0% 101.7% 91.7% 96.6%
4/14/2000 101.5% 103.7% 91.7% 102.0%
4/17/2000 101.3% 102.2% 87.5% 100.1%
4/18/2000 100.9% 104.2% 91.7% 98.4%
4/19/2000 100.8% 101.2% 83.3% 100.0%
4/20/2000 100.4% 102.7% 87.5% 98.4%
4/21/2000 100.4% 102.7% 87.5% 98.4%
4/24/2000 100.3% 101.2% 87.5% 99.4%
4/25/2000 99.9% 98.0% 87.5% 97.8%
4/26/2000 99.1% 98.8% 83.3% 98.0%
4/27/2000 99.6% 100.7% 87.5% 99.2%
4/28/2000 98.4% 105.1% 83.3% 96.7%
5/1/2000 98.4% 105.1% 83.3% 98.1%
5/2/2000 99.3% 104.4% 91.7% 107.8%
5/3/2000 100.1% 104.4% 87.5% 105.7%
5/4/2000 100.9% 101.2% 95.8% 109.8%
5/5/2000 100.6% 100.2% 83.3% 105.9%
5/8/2000 99.8% 99.8% 91.7% 105.3%
5/9/2000 100.0% 99.3% 83.3% 106.0%
5/10/2000 100.3% 98.3% 83.3% 106.7%
5/11/2000 99.7% 98.3% 83.3% 105.0%
5/12/2000 100.0% 99.8% 83.3% 104.6%
5/15/2000 99.9% 99.3% 79.2% 105.4%
5/16/2000 99.7% 94.3% 79.2% 105.8%
5/17/2000 99.0% 94.3% 79.2% 101.2%
5/18/2000 99.0% 94.3% 79.2% 99.9%
5/19/2000 99.2% 94.3% 75.0% 100.2%
5/22/2000 99.8% 92.6% 79.2% 101.2%
5/23/2000 99.3% 92.9% 70.8% 102.2%
5/24/2000 99.0% 91.9% 70.8% 101.8%
5/25/2000 97.9% 91.9% 65.4% 99.9%
5/26/2000 98.3% 92.9% 70.8% 100.3%
5/29/2000 98.3% 92.9% 70.8% 100.3%
5/30/2000 98.5% 92.6% 62.5% 101.9%
5/31/2000 98.2% 92.6% 62.5% 99.4%
6/1/2000 98.3% 91.6% 62.5% 99.9%
6/2/2000 101.1% 92.4% 70.8% 104.7%
6/5/2000 102.5% 92.4% 70.8% 108.9%
6/6/2000 103.7% 93.4% 75.0% 109.7%
6/7/2000 103.2% 90.6% 70.8% 106.1%
6/8/2000 102.1% 92.1% 70.8% 105.2%
6/9/2000 102.0% 92.1% 66.7% 103.4%
6/12/2000 102.7% 90.9% 70.8% 106.3%
6/13/2000 102.4% 93.1% 66.7% 106.1%
6/14/2000 104.4% 93.6% 75.0% 108.7%
6/15/2000 103.6% 93.6% 70.8% 106.3%
6/16/2000 102.8% 93.1% 66.7% 106.4%
6/19/2000 101.9% 92.4% 68.0% 103.1%
6/20/2000 101.9% 91.6% 66.1% 101.7%
6/21/2000 101.8% 91.4% 66.7% 102.0%
6/22/2000 101.5% 90.4% 66.7% 101.8%
6/23/2000 100.7% 89.4% 62.2% 100.0%
6/26/2000 100.9% 89.7% 62.5% 99.8%
6/27/2000 101.9% 89.7% 62.5% 101.0%
6/28/2000 104.3% 89.9% 58.3% 104.6%
6/29/2000 103.1% 90.4% 62.5% 100.2%
6/30/2000 103.4% 88.4% 62.5% 102.1%
7/3/2000 103.4% 88.4% 58.3% 101.3%
7/4/2000 103.4% 88.4% 58.3% 101.3%
7/5/2000 101.1% 91.4% 54.2% 96.9%
7/6/2000 100.9% 92.9% 58.3% 97.8%
7/7/2000 100.9% 92.9% 50.0% 96.4%
7/10/2000 101.0% 91.9% 54.2% 97.7%
7/11/2000 100.5% 92.4% 54.2% 100.6%
7/12/2000 99.9% 92.1% 54.2% 99.2%
7/13/2000 99.8% 93.4% 50.0% 98.4%
7/14/2000 100.1% 93.4% 50.0% 96.5%
7/17/2000 101.0% 91.9% 54.2% 97.5%
7/18/2000 100.7% 91.9% 45.8% 97.2%
7/19/2000 99.5% 93.4% 50.0% 94.2%
7/20/2000 99.6% 93.4% 50.0% 92.3%
7/21/2000 99.7% 95.6% 45.8% 89.7%
7/24/2000 99.2% 96.1% 54.2% 88.9%
7/25/2000 99.2% 96.1% 45.8% 88.7%
7/26/2000 99.3% 95.8% 54.2% 90.2%
7/27/2000 99.0% 95.8% 45.8% 89.8%
7/28/2000 98.8% 84.0% 45.8% 90.6%
7/31/2000 98.5% 54.3% 45.8% 89.8%
8/1/2000 98.5% 39.3% 45.8% 91.5%
8/2/2000 98.5% 36.4% 41.7% 91.9%
8/3/2000 97.3% 35.4% 37.5% 87.6%
8/4/2000 97.0% 37.1% 41.7% 89.3%
8/7/2000 97.2% 37.1% 41.7% 89.8%
8/8/2000 97.1% 36.4% 41.7% 90.1%
8/9/2000 96.6% 37.1% 41.7% 88.9%
8/10/2000 96.4% 38.3% 45.8% 89.5%
8/11/2000 97.4% 38.3% 50.0% 93.6%
8/14/2000 97.1% 36.9% 45.8% 93.7%
8/15/2000 97.2% 35.4% 45.8% 93.7%
8/16/2000 98.1% 37.1% 45.8% 96.3%
8/17/2000 98.2% 35.9% 45.8% 93.5%
8/18/2000 97.8% 35.4% 45.8% 91.9%
8/21/2000 97.3% 33.9% 41.7% 90.3%
8/22/2000 96.8% 34.2% 45.8% 90.3%
8/23/2000 95.9% 32.9% 45.8% 89.6%
8/24/2000 96.4% 32.0% 41.7% 90.4%
8/25/2000 96.8% 32.7% 45.8% 91.5%
8/28/2000 96.7% 31.7% 41.7% 90.1%
8/29/2000 96.4% 33.4% 41.7% 89.3%
8/30/2000 96.6% 33.9% 45.8% 89.9%
8/31/2000 97.9% 35.9% 41.7% 92.5%
9/1/2000 97.5% 36.4% 45.8% 93.4%
9/4/2000 97.5% 36.4% 45.8% 93.4%
9/5/2000 97.2% 36.1% 50.0% 94.0%
9/6/2000 96.6% 36.9% 45.8% 95.8%
9/7/2000 96.6% 35.9% 45.8% 95.4%
9/8/2000 96.3% 35.6% 41.7% 96.7%
9/11/2000 96.3% 35.4% 45.8% 95.8%
9/12/2000 96.2% 35.6% 45.8% 94.8%
9/13/2000 96.2% 35.4% 45.8% 94.5%
9/14/2000 96.0% 35.4% 41.7% 92.8%
9/15/2000 95.8% 33.9% 45.8% 90.5%
9/18/2000 95.6% 33.9% 41.7% 89.4%
9/19/2000 95.7% 31.4% 45.8% 87.8%
9/20/2000 94.7% 32.4% 37.5% 86.0%
9/21/2000 95.0% 32.7% 41.7% 87.3%
9/22/2000 95.5% 32.7% 41.7% 87.5%
9/25/2000 96.2% 32.2% 37.5% 87.6%
9/26/2000 96.3% 29.2% 37.5% 86.6%
9/27/2000 97.7% 29.5% 41.7% 89.9%
9/28/2000 96.9% 29.2% 37.5% 87.8%
9/29/2000 96.2% 31.0% 37.5% 88.2%
10/2/2000 96.0% 30.7% 37.5% 86.4%
10/3/2000 95.5% 30.2% 33.3% 85.8%
10/4/2000 95.0% 27.5% 37.5% 86.0%
10/5/2000 95.0% 28.0% 37.5% 83.2%
10/6/2000 94.6% 27.5% 33.3% 81.2%
10/9/2000 94.9% 27.5% 33.3% 83.3%
10/10/2000 95.6% 27.5% 33.3% 83.5%
10/11/2000 94.9% 27.5% 33.3% 79.8%
10/12/2000 96.8% 29.0% 37.5% 84.2%
10/13/2000 95.4% 29.5% 33.3% 80.8%
10/16/2000 95.1% 29.2% 31.3% 79.6%
10/17/2000 94.9% 29.0% 29.2% 77.9%
10/18/2000 94.5% 29.0% 29.2% 77.5%
10/19/2000 94.5% 29.2% 31.3% 77.1%
10/20/2000 94.8% 29.0% 31.3% 76.7%
10/23/2000 94.4% 29.0% 31.3% 76.9%
10/24/2000 94.3% 29.0% 27.1% 75.6%
10/25/2000 92.9% 28.5% 27.1% 74.9%
10/26/2000 92.5% 28.7% 27.1% 75.6%
10/27/2000 92.3% 29.5% 29.2% 76.7%
10/30/2000 92.3% 29.5% 31.3% 78.9%
10/31/2000 92.4% 28.7% 27.1% 77.5%
11/1/2000 92.1% 29.7% 27.1% 76.7%
11/2/2000 92.3% 29.5% 29.2% 76.3%
11/3/2000 92.4% 29.5% 31.3% 77.1%
11/6/2000 92.4% 29.2% 31.3% 77.9%
11/7/2000 92.2% 30.5% 29.2% 78.6%
11/8/2000 92.4% 29.2% 31.3% 77.5%
11/9/2000 92.7% 28.5% 29.2% 77.5%
11/10/2000 92.3% 28.5% 29.2% 76.3%
11/13/2000 92.2% 28.7% 29.2% 75.7%
11/14/2000 92.3% 28.5% 29.2% 75.6%
11/15/2000 92.4% 28.5% 29.2% 75.4%
11/16/2000 92.6% 29.0% 27.1% 76.0%
11/17/2000 92.5% 28.7% 29.2% 73.9%
11/20/2000 92.8% 29.7% 31.3% 74.5%
11/21/2000 92.5% 31.7% 31.3% 77.1%
11/22/2000 92.7% 31.7% 37.5% 79.7%
11/23/2000 92.7% 31.7% 37.5% 79.7%
11/24/2000 92.7% 32.2% 41.7% 78.7%
11/27/2000 94.0% 32.0% 41.7% 82.8%
11/28/2000 93.9% 32.9% 41.7% 83.2%
11/29/2000 92.8% 33.2% 41.7% 81.7%
11/30/2000 93.9% 33.2% 37.5% 83.2%
12/1/2000 93.4% 33.2% 41.7% 85.9%
12/4/2000 94.0% 34.9% 41.7% 89.0%
12/5/2000 93.7% 34.6% 41.1% 84.8%
12/6/2000 95.0% 32.9% 45.8% 89.2%
12/7/2000 94.6% 34.4% 50.0% 89.4%
12/8/2000 94.3% 33.4% 41.7% 90.2%
12/11/2000 93.6% 33.4% 41.7% 88.0%
12/12/2000 93.7% 33.4% 41.7% 88.1%
12/13/2000 92.9% 32.7% 41.7% 84.8%
12/14/2000 92.9% 33.2% 37.5% 84.8%
12/15/2000 93.4% 32.4% 41.7% 87.3%
12/18/2000 93.1% 32.0% 37.5% 87.7%
12/19/2000 93.1% 30.0% 33.3% 90.0%
12/20/2000 94.0% 31.0% 37.5% 93.8%
12/21/2000 94.3% 31.4% 37.5% 92.3%
12/22/2000 94.1% 32.2% 37.5% 92.6%
12/25/2000 94.1% 32.2% 37.5% 92.6%
12/26/2000 94.3% 32.0% 37.5% 92.7%
12/27/2000 94.6% 31.7% 37.5% 92.3%
12/28/2000 93.6% 30.5% 33.3% 92.0%
12/29/2000 93.6% 29.6% 33.3% 90.8%
1/1/2001 93.6% 29.6% 33.3% 90.8%
1/2/2001 92.3% 29.5% 33.3% 91.5%
1/3/2001 92.0% 29.5% 33.3% 89.3%
1/4/2001 91.5% 29.5% 37.5% 88.0%
1/5/2001 91.6% 28.5% 33.3% 87.0%
1/8/2001 91.5% 28.5% 41.7% 87.9%
1/9/2001 91.4% 26.8% 37.5% 87.2%
1/10/2001 90.5% 26.8% 33.3% 86.9%
1/11/2001 90.2% 26.1% 37.5% 85.1%
1/12/2001 90.3% 25.8% 37.5% 86.4%
1/15/2001 90.3% 25.8% 37.5% 86.4%
1/16/2001 90.1% 25.6% 33.3% 86.4%
1/17/2001 90.0% 25.6% 37.5% 85.3%
1/18/2001 90.3% 24.6% 33.3% 86.3%
1/19/2001 90.3% 24.6% 33.3% 86.4%
1/22/2001 91.0% 24.6% 37.5% 91.9%
1/23/2001 90.9% 24.6% 37.5% 90.0%
1/24/2001 90.3% 25.1% 33.3% 86.1%
1/25/2001 90.4% 24.8% 33.3% 86.2%
1/26/2001 89.7% 25.3% 31.3% 85.7%
1/29/2001 89.6% 25.3% 30.0% 84.0%
1/30/2001 90.5% 26.5% 32.0% 85.7%
1/31/2001 90.5% 25.9% 32.0% 86.3%
2/1/2001 91.3% 25.9% 33.3% 87.9%
2/2/2001 90.9% 25.9% 31.3% 86.4%
2/5/2001 90.3% 25.6% 30.7% 85.9%
2/6/2001 89.7% 25.6% 30.7% 84.0%
2/7/2001 89.5% 25.6% 30.7% 84.1%
2/8/2001 88.7% 25.9% 31.3% 81.9%
2/9/2001 88.6% 25.8% 31.3% 82.4%
2/12/2001 88.7% 25.7% 30.7% 82.3%
2/13/2001 88.6% 25.7% 30.0% 81.8%
2/14/2001 88.3% 25.7% 31.3% 81.0%
2/15/2001 87.0% 25.7% 29.3% 81.1%
2/16/2001 87.8% 25.6% 33.3% 83.7%
2/19/2001 87.8% 25.6% 33.3% 83.7%
2/20/2001 87.1% 25.6% 32.0% 82.0%
2/21/2001 87.6% 25.6% 34.7% 82.8%
2/22/2001 87.6% 25.6% 36.7% 85.5%
2/23/2001 88.3% 26.7% 38.7% 88.7%
2/26/2001 89.6% 28.7% 40.0% 94.6%
2/27/2001 90.1% 29.4% 40.0% 94.6%
2/28/2001 90.1% 29.0% 38.0% 92.8%
3/1/2001 89.7% 28.9% 38.0% 93.4%
3/2/2001 88.7% 28.9% 35.3% 92.5%
3/5/2001 88.8% 28.9% 37.3% 95.3%
3/6/2001 87.8% 28.5% 36.0% 93.4%
3/7/2001 88.1% 28.5% 36.7% 94.5%
3/8/2001 89.2% 29.2% 40.0% 100.3%
3/9/2001 90.9% 30.9% 42.7% 97.2%
3/12/2001 91.4% 30.9% 42.0% 97.4%
3/13/2001 89.9% 31.4% 38.0% 94.6%
3/14/2001 88.4% 31.4% 39.3% 93.0%
3/15/2001 87.5% 30.9% 36.7% 89.2%
3/16/2001 86.9% 31.3% 34.0% 85.5%
3/19/2001 87.3% 31.3% 35.3% 86.9%
3/20/2001 87.6% 31.3% 36.0% 87.5%
3/21/2001 88.0% 33.0% 36.0% 87.8%
3/22/2001 87.8% 30.7% 36.0% 87.5%
3/23/2001 87.9% 30.5% 36.0% 86.4%
3/26/2001 88.0% 30.7% 34.7% 86.6%
3/27/2001 87.8% 29.7% 34.0% 85.3%
3/28/2001 87.3% 29.5% 34.0% 84.2%
3/29/2001 86.9% 29.5% 32.7% 83.2%
3/30/2001 86.5% 29.5% 33.3% 84.0%
4/2/2001 85.6% 29.5% 32.0% 81.6%
4/3/2001 86.1% 26.3% 33.3% 84.4%
4/4/2001 86.5% 26.3% 32.7% 88.9%
4/5/2001 86.4% 26.3% 31.3% 88.7%
4/6/2001 86.9% 26.8% 34.0% 89.1%
4/9/2001 86.4% 26.8% 32.0% 89.7%
4/10/2001 86.1% 27.5% 30.7% 90.1%
4/11/2001 86.5% 27.5% 31.3% 89.3%
4/12/2001 86.9% 27.5% 34.0% 91.1%
4/13/2001 86.9% 27.5% 34.0% 91.1%
4/16/2001 88.1% 27.3% 34.0% 93.0%
4/17/2001 87.3% 27.5% 31.3% 91.5%
4/18/2001 87.3% 25.6% 33.3% 93.6%
4/19/2001 88.6% 24.6% 34.7% 93.3%
4/20/2001 88.3% 24.8% 34.7% 91.9%
4/23/2001 87.9% 24.6% 32.7% 91.4%
4/24/2001 88.0% 23.8% 37.3% 93.9%
4/25/2001 87.3% 23.8% 30.7% 92.0%
4/26/2001 87.9% 24.4% 37.3% 97.3%
4/27/2001 87.8% 22.6% 37.3% 98.5%
4/30/2001 87.9% 23.2% 36.7% 97.4%
5/1/2001 88.0% 22.9% 39.3% 100.2%
5/2/2001 88.3% 23.8% 40.0% 100.0%
5/3/2001 88.5% 23.6% 37.3% 96.9%
5/4/2001 88.4% 24.8% 36.0% 96.8%
5/7/2001 88.4% 25.9% 37.3% 98.0%
5/8/2001 88.0% 26.5% 35.3% 98.1%
5/9/2001 89.7% 28.1% 40.7% 104.5%
5/10/2001 89.4% 27.6% 41.3% 105.1%
5/11/2001 89.1% 27.6% 40.7% 103.4%
5/14/2001 89.1% 28.7% 42.0% 104.3%
5/15/2001 89.0% 28.7% 40.0% 103.5%
5/16/2001 90.3% 29.9% 50.0% 109.5%
5/17/2001 90.9% 31.4% 56.7% 110.8%
5/18/2001 95.5% 36.2% 63.3% 115.3%
5/21/2001 94.7% 40.5% 73.3% 116.2%
5/22/2001 94.6% 38.1% 61.3% 111.0%
5/23/2001 94.1% 35.4% 60.0% 108.4%
5/24/2001 92.5% 35.4% 56.0% 104.8%
5/25/2001 92.2% 37.3% 62.7% 107.8%
5/28/2001 92.2% 37.3% 62.7% 107.8%
5/29/2001 90.8% 37.3% 56.7% 105.8%
5/30/2001 88.3% 35.4% 50.7% 101.9%
5/31/2001 88.2% 33.4% 52.0% 100.9%
6/1/2001 88.5% 34.2% 56.0% 102.7%
6/4/2001 88.0% 31.8% 58.0% 103.0%
6/5/2001 88.2% 30.5% 59.3% 104.2%
6/6/2001 88.2% 30.5% 57.3% 100.8%
6/7/2001 88.3% 30.7% 54.0% 99.9%
6/8/2001 90.6% 33.4% 61.3% 103.9%
6/11/2001 88.8% 31.8% 59.3% 100.9%
6/12/2001 90.0% 33.4% 64.0% 103.7%
6/13/2001 90.2% 48.0% 65.3% 104.0%
6/14/2001 91.2% 45.4% 69.3% 105.4%
6/15/2001 89.9% 47.6% 68.7% 103.1%
6/18/2001 90.3% 42.3% 66.0% 101.6%
6/19/2001 90.6% 41.3% 60.7% 101.3%
6/20/2001 90.3% 39.3% 54.7% 98.3%
6/21/2001 90.4% 39.3% 53.3% 97.1%
6/22/2001 90.3% 40.1% 56.0% 97.5%
6/25/2001 90.7% 39.3% 58.7% 97.8%
6/26/2001 91.5% 39.3% 63.3% 98.7%
6/27/2001 90.1% 38.1% 55.3% 97.2%
6/28/2001 89.2% 40.1% 55.3% 94.5%
6/29/2001 89.7% 40.3% 52.7% 94.1%
7/2/2001 89.3% 38.3% 51.3% 91.0%
7/3/2001 88.8% 39.3% 54.7% 92.6%
7/4/2001 88.8% 39.3% 54.7% 92.6%
7/5/2001 88.0% 39.3% 53.3% 91.7%
7/6/2001 88.2% 39.3% 56.7% 91.5%
7/9/2001 88.4% 39.3% 56.0% 91.6%
7/10/2001 88.3% 38.4% 58.0% 93.2%
7/11/2001 89.0% 40.3% 61.3% 96.0%
7/12/2001 88.4% 42.3% 58.0% 96.0%
7/13/2001 88.6% 43.2% 57.3% 95.2%
7/16/2001 88.5% 43.2% 58.7% 93.6%
7/17/2001 89.0% 46.2% 59.3% 94.9%
7/18/2001 89.7% 43.2% 58.0% 98.4%
7/19/2001 89.4% 43.2% 54.0% 98.2%
7/20/2001 89.5% 43.2% 55.3% 98.5%
7/23/2001 89.1% 43.2% 53.3% 97.6%
7/24/2001 89.4% 42.3% 55.3% 99.8%
7/25/2001 88.7% 42.3% 52.7% 98.1%
7/26/2001 88.2% 42.3% 52.0% 95.3%
7/27/2001 88.6% 41.3% 54.0% 96.5%
7/30/2001 87.8% 40.5% 53.3% 93.9%
7/31/2001 88.3% 40.5% 51.3% 93.7%
8/1/2001 88.7% 40.3% 54.7% 93.5%
8/2/2001 88.7% 40.5% 58.0% 93.0%
8/3/2001 88.8% 40.4% 55.3% 93.2%
8/6/2001 88.5% 40.7% 56.7% 94.2%
8/7/2001 88.5% 40.9% 54.0% 93.0%
8/8/2001 88.8% 40.9% 54.0% 94.2%
8/9/2001 90.6% 42.5% 59.3% 98.8%
8/10/2001 90.8% 42.1% 59.3% 97.4%
8/13/2001 91.4% 44.2% 62.0% 100.1%
8/14/2001 91.5% 44.2% 61.3% 98.7%
8/15/2001 91.3% 44.2% 62.0% 100.1%
8/16/2001 91.1% 44.2% 60.7% 100.8%
8/17/2001 92.4% 44.2% 64.7% 101.7%
8/20/2001 91.3% 44.2% 61.3% 100.9%
8/21/2001 90.9% 43.2% 62.7% 101.6%
8/22/2001 90.9% 43.2% 60.0% 101.0%
8/23/2001 91.0% 42.8% 60.7% 102.1%
8/24/2001 90.1% 42.8% 56.0% 102.9%
8/27/2001 90.1% 42.9% 54.7% 101.4%
8/28/2001 90.0% 42.9% 59.3% 100.5%
8/29/2001 90.5% 42.9% 59.3% 100.1%
8/30/2001 91.0% 43.3% 59.3% 100.6%
8/31/2001 90.7% 43.3% 58.7% 99.9%
9/3/2001 90.7% 43.3% 58.7% 99.9%
9/4/2001 89.8% 42.1% 56.0% 97.6%
9/5/2001 89.9% 41.5% 56.7% 98.4%
9/6/2001 90.2% 40.5% 56.7% 96.3%
9/7/2001 90.2% 40.3% 57.3% 97.2%
9/10/2001 89.8% 40.3% 56.0% 98.1%
9/11/2001 89.6% 40.3% 56.0% 98.1%
9/12/2001 89.6% 40.3% 56.0% 98.1%
9/13/2001 89.6% 40.3% 56.0% 98.1%
9/14/2001 89.6% 40.3% 56.0% 98.1%
9/17/2001 95.5% 43.2% 66.0% 100.5%
9/18/2001 94.8% 42.3% 65.3% 101.6%
9/19/2001 95.6% 40.3% 66.7% 102.0%
9/20/2001 94.8% 41.3% 64.7% 104.8%
9/21/2001 95.8% 43.2% 67.3% 102.8%
9/24/2001 95.2% 42.3% 63.3% 99.5%
9/25/2001 95.5% 41.3% 66.7% 98.4%
9/26/2001 96.5% 41.3% 66.7% 102.1%
9/27/2001 96.0% 41.3% 64.7% 102.2%
9/28/2001 96.2% 42.4% 64.7% 102.1%
10/1/2001 95.9% 43.6% 64.7% 103.8%
10/2/2001 95.2% 44.4% 64.7% 104.5%
10/3/2001 95.5% 44.4% 60.7% 100.4%
10/4/2001 95.5% 44.4% 60.0% 99.8%
10/5/2001 95.8% 44.4% 64.7% 102.4%
10/8/2001 96.0% 44.4% 64.7% 100.9%
10/9/2001 94.8% 44.4% 62.0% 97.6%
10/10/2001 93.9% 44.5% 60.7% 94.7%
10/11/2001 92.5% 41.3% 56.7% 91.8%
10/12/2001 93.5% 40.3% 60.7% 96.2%
10/15/2001 92.5% 40.3% 59.3% 95.6%
10/16/2001 92.6% 41.1% 59.3% 97.9%
10/17/2001 93.0% 39.7% 61.3% 99.3%
10/18/2001 91.6% 39.3% 58.0% 95.5%
10/19/2001 91.9% 39.3% 58.0% 93.2%
10/22/2001 90.4% 40.3% 60.0% 91.0%
10/23/2001 90.6% 40.1% 58.0% 91.5%
10/24/2001 90.5% 40.3% 58.7% 92.5%
10/25/2001 91.1% 40.5% 54.7% 94.0%
10/26/2001 91.1% 40.5% 55.3% 93.5%
10/29/2001 91.6% 40.5% 54.7% 93.7%
10/30/2001 92.1% 40.3% 56.7% 96.3%
10/31/2001 91.9% 40.3% 57.3% 96.3%
11/1/2001 92.0% 39.9% 58.0% 96.3%
11/2/2001 92.0% 39.3% 58.0% 98.6%
11/5/2001 91.6% 39.3% 56.7% 97.5%
11/6/2001 91.8% 39.3% 56.0% 97.3%
11/7/2001 92.1% 39.3% 57.3% 99.0%
11/8/2001 90.7% 39.3% 55.3% 95.2%
11/9/2001 91.0% 39.3% 54.7% 96.7%
11/12/2001 91.3% 40.1% 56.0% 96.5%
11/13/2001 91.1% 39.3% 54.0% 94.4%
11/14/2001 91.1% 38.8% 52.7% 93.5%
11/15/2001 90.3% 37.9% 50.7% 91.8%
11/16/2001 90.1% 37.9% 49.3% 89.9%
11/19/2001 89.5% 35.8% 46.7% 87.4%
11/20/2001 89.6% 35.4% 46.7% 88.9%
11/21/2001 89.6% 35.6% 45.3% 88.1%
11/22/2001 89.6% 35.6% 45.3% 88.1%
11/23/2001 89.6% 35.4% 44.7% 88.0%
11/26/2001 89.4% 35.5% 42.0% 88.0%
11/27/2001 89.7% 37.1% 44.0% 90.9%
11/28/2001 89.9% 36.2% 46.7% 92.0%
11/29/2001 89.8% 35.4% 46.0% 91.3%
11/30/2001 89.9% 36.9% 46.0% 92.9%
12/3/2001 90.8% 35.4% 49.3% 94.3%
12/4/2001 90.3% 32.2% 48.0% 93.5%
12/5/2001 89.8% 33.4% 44.0% 94.3%
12/6/2001 89.9% 31.8% 46.0% 95.6%
12/7/2001 89.8% 32.6% 45.3% 93.4%
12/10/2001 89.2% 32.0% 44.0% 92.7%
12/11/2001 89.2% 31.1% 41.3% 92.5%
12/12/2001 89.7% 29.5% 43.3% 94.7%
12/13/2001 89.8% 28.7% 44.7% 94.8%
12/14/2001 91.1% 28.5% 50.0% 98.5%
12/17/2001 91.0% 29.5% 47.3% 97.3%
12/18/2001 91.8% 31.4% 50.0% 100.3%
12/19/2001 90.2% 28.9% 47.3% 96.1%
12/20/2001 90.4% 29.5% 49.3% 98.2%
12/21/2001 91.0% 30.5% 50.0% 97.1%
12/24/2001 91.0% 30.5% 49.3% 97.5%
12/25/2001 91.0% 30.5% 49.3% 97.5%
12/26/2001 91.4% 29.5% 48.7% 96.7%
12/27/2001 90.8% 28.9% 46.7% 95.6%
12/28/2001 90.5% 29.5% 46.7% 94.6%
12/31/2001 91.2% 33.1% 50.7% 96.2%
1/1/2002 91.2% 33.1% 50.7% 96.2%
1/2/2002 91.3% 33.1% 50.0% 96.8%
1/3/2002 91.0% 33.1% 51.3% 98.4%
1/4/2002 91.3% 35.8% 51.3% 98.9%
1/7/2002 91.2% 35.8% 50.0% 100.5%
1/8/2002 91.3% 35.4% 52.0% 98.7%
1/9/2002 92.7% 35.4% 56.0% 102.6%
1/10/2002 94.0% 36.2% 58.7% 103.5%
1/11/2002 94.1% 36.9% 57.3% 103.4%
1/14/2002 93.4% 35.6% 55.3% 103.4%
1/15/2002 93.1% 34.4% 58.7% 105.2%
1/16/2002 94.0% 36.9% 60.0% 106.5%
1/17/2002 93.1% 35.4% 58.7% 104.5%
1/18/2002 92.6% 34.6% 58.0% 103.1%
1/21/2002 92.6% 34.6% 58.0% 103.1%
1/22/2002 92.1% 34.4% 58.7% 103.3%
1/23/2002 91.2% 36.4% 58.0% 101.7%
1/24/2002 91.0% 40.1% 58.0% 101.2%
1/25/2002 91.2% 42.8% 60.7% 104.5%
1/28/2002 91.0% 43.4% 58.0% 103.5%
RAYMOND JAMES 24 KINAM GOLD INC.
- -------------
- --------------------------------------------------------------------------------
OVERVIEW OF INTRINSIC
VALUE OF KINAM
- --------------------------------------------------------------------------------
RAYMOND JAMES 25 KINAM GOLD INC.
- -------------
- --------------------------------------------------------------------------------
Overview of Intrinsic Value of Kinam
- --------------------------------------------------------------------------------
INTRINSIC VALUE ANALYSIS
>> Raymond James analyzed the market price of Kinam and other D
rated preferred shares in comparison to their intrinsic value,
defined as the sum of the value of accrued dividends plus the
value of the underlying common shares received upon conversion.
>> Since the announcement of the suspension of dividends in July
2000, the premium of Kinam's preferred share price to intrinsic
value has declined steadily to a discount in December 2001.
>> Recent Kinross announcements including that related to its latest
equity financing and its consideration of an offer for the Kinam
preferred have restored the premium to intrinsic value.
>> Other similarly rated issuers are trading at a 31.4% discount to
their intrinsic value with the discount increasing with the
passage of time and the size of the accrued dividend.
>> We expect that over time the discount of the Kinam preferred
share value to the intrinsic value will increase in the absence
of an improvement in the underlying fundamentals of Kinam.
>> Page 31 is a comparison of preferred share prices of Kinam to its
intrinsic value. A price range of $15.00 to $18.00 per preferred
share represents a premium of 27.7% to 53.2% to intrinsic value.
RAYMOND JAMES 26 KINAM GOLD INC.
- -------------
- --------------------------------------------------------------------------------
Overview of Intrinsic Value of Kinam
- --------------------------------------------------------------------------------
KINAM INTRINSIC VALUE ANALYSIS
[PERFORMANCE GRAPH]
Date Kinam Preferred Accrued Dividend Intrinsic Premium (Preferred-Intrinsic)
Aug 1/00 $10.00 $0.7955 $0.7955 $9.20
Aug 15/00 $9.00 $0.9375 $0.9375 $8.06
Sept 1/00 $9.25 $1.1222 $1.1222 $8.13
Sept 15/00 $8.63 $1.2500 $1.2500 $7.38
Oct 2/00 $7.81 $1.4219 $1.4219 $6.39
Oct 16/00 $7.44 $1.5625 $1.5625 $5.88
Nov 1/00 $7.56 $1.7260 $1.7260 $5.83
Nov 15/00 $7.25 $1.8750 $1.8750 $5.38
Dec 1/00 $8.44 $2.0395 $2.0395 $6.40
Dec 15/00 $8.25 $2.2039 $2.2039 $6.05
Jan 3/01 $7.50 $2.4062 $2.4062 $5.09
jan 16/01 $6.50 $2.5373 $2.5373 $3.96
Jan 31/01 $6.60 $2.7039 $2.7039 $3.90
Feb 16/01 $6.50 $2.8125 $2.8125 $3.69
Mar 1/01 $7.35 $2.9972 $2.9972 $4.35
Mar 15/01 $7.85 $3.1414 $3.1414 $4.71
Apr 3/01 $6.70 $3.3578 $3.3578 $3.34
Apr 16/01 $6.95 $3.4539 $3.4539 $3.50
May 1/01 $5.83 $3.6101 $3.6101 $2.22
May 16/01 $7.60 $3.7500 $3.7500 $3.85
June 1/01 $8.70 $3.9383 $3.9383 $4.76
June 15/01 $12.10 $4.0789 $4.0789 $8.02
July 2/01 $9.75 $4.2699 $4.2699 $5.48
July 17/01 $11.75 $4.3925 $4.3925 $7.36
Aug 1/01 $10.25 $4.5211 $4.5211 $5.73
Aug 17/01 $11.25 $4.6877 $4.6877 $6.56
Sept 4/01 $10.70 $4.8700 $4.8700 $5.83
Sept 17/01 $11.00 $5.0002 $5.0002 $6.00
Oct 1/01 $11.10 $5.1760 $5.1760 $5.92
Oct 16/01 $10.45 $5.3127 $5.3127 $5.14
Nov 1/01 $10.15 $5.4598 $5.4598 $4.69
Nov 15/01 $9.65 $5.6250 $5.6250 $4.03
Dec 3/01 $9.00 $5.7889 $5.7889 $3.21
Dec 14/01 $7.26 $5.9229 $5.9229 $1.34
Jan 4/02 $9.10 $6.1523 $6.1523 $2.95
Jan 15/02 $8.76 $6.2502 $6.2502 $2.51
Feb 1/02 $15.70 $6.4288 $6.4288 $9.27
RAYMOND JAMES 27 KINAM GOLD INC.
- -------------
- --------------------------------------------------------------------------------
Overview of Intrinsic Value of Kinam
- --------------------------------------------------------------------------------
KINAM PREFERRED STOCK INTRINSIC VALUE ANALYSIS
[PERFORMANCE GRAPH]
30 day average 60 day average 365 day average
Preferred $10.16 $9.00 $8.93
Common $0.86 $0.79 $0.74
Intrinsic Value* $10.48 $9.93 $8.05
Preferred Market Premium -$0.32 -$0.93 $0.88
RAYMOND JAMES 28 KINAM GOLD INC.
- -------------
- --------------------------------------------------------------------------------
Overview of Intrinsic Value of Kinam
- --------------------------------------------------------------------------------
KINAM INTRINSIC VALUE ANALYSIS: PREFERRED DIVIDEND SUSPENDED
KINAM ACCRUED KINROSS INTRINSIC VALUE OF PREFERRED PREMIUM TO
PREFERRED DIVIDEND COMMON PREFERRED INTRINSIC VALUE
--------------------------------------------------------------------------------------
30 DAYS PRIOR ^ $10.16 $6.29 $0.86 $10.48 -3.0%
60 DAYS PRIOR ^ $9.00 $6.11 $0.79 $9.93 -9.3%
365 DAYS PRIOR ^ $8.93 $4.48 $0.74 $8.05 10.9%
^ Averages, prior to 2/4/02, date of news release announcing consideration preferred share buyback.
KINAM INTRINSIC VALUE ANALYSIS: PRIOR TO DVD SUSPENDED
KINAM ACCRUED KINROSS INTRINSIC VALUE OF PREFERRED PREMIUM TO
PREFERRED DIVIDEND COMMON PREFERRED INTRINSIC VALUE
--------------------------------------------------------------------------------------
30 DAYS PRIOR ^ $23.57 $0.59 $0.81 $4.54 419.5%
^^ Average, 30 days prior to 6/26/00, date of dividend suspension news release.
RAYMOND JAMES 29 KINAM GOLD INC.
- -------------
- --------------------------------------------------------------------------------
Overview of Intrinsic Value of Kinam
- --------------------------------------------------------------------------------
INTRINSIC ANALYSIS OF D RATED CONVERTIBLE PREFERRED SHARES
----------------------------------------------------------
PREFERRED PRICE ACCRUED DVD CONVERSION COMMON PREFERRED PREMIUM
ISSUER @ FEB 1/02 @ FEB 1/02 FACTOR @ FEB 1/02 INTRINSIC VALUE TO INTRINSIC
- ------ ---------- ---------- ------ ---------- --------------- ------------
Hecla $10.50 $5.46 3.2154 $1.13 $9.09 15.5%
Chiquita Brands (1) $6.60 $5.25 3.3333 $0.85 $8.08 -18.4%
McLeod USA Inc (1) $17.15 $7.78 25.7998 na na na
Enron (1) $3.25 $0.39 0.8475 $0.40 $0.73 347.1%
Kmart (1) $7.40 $0.50 3.3333 $1.55 $5.66 30.7%
WHX Corp Series B $2.50 $4.98 2.4510 $1.03 $7.50 -66.7%
WHX Corp Series A $3.60 $4.31 3.1686 $1.03 $7.57 -52.5%
LSB Industries $16.40 $8.54 4.3290 $2.89 $21.05 -22.1%
AVERAGE (1) -31.4%
Note:
(1) Average excluding Enron and companies in Chapter 11.
RAYMOND JAMES 30 KINAM GOLD INC.
- -------------
- --------------------------------------------------------------------------------
Overview of Intrinsic Value of Kinam
- --------------------------------------------------------------------------------
OFFER PRICE VS. INTRINSIC VALUE
A B KINROSS C
OFFER ACCRUED COMMON INTRINSIC PREMIUM OF
PRICE DIV. (1) PRICE (2) VALUE (3) A TO C
----- -------- --------- --------- ------
$14.00 $6.56 $1.07 $11.75 19.14%
- --------------------------------------------------------------------------------
$15.00 $6.56 $1.07 $11.75 27.65%
$16.00 $6.56 $1.07 $11.75 36.16%
$17.00 $6.56 $1.07 $11.75 44.67%
$18.00 $6.56 $1.07 $11.75 53.18%
- --------------------------------------------------------------------------------
$19.00 $6.56 $1.07 $11.75 61.69%
$20.00 $6.56 $1.07 $11.75 70.20%
NOTES:
------
(1) As at Feb.15, 2002.
(2) The Closing Price on Feb. 14, 2002.
(3) Intrinsic value =accrued dividends+(Kinross common price x 4.8512).
RAYMOND JAMES 31 KINAM GOLD INC.
- -------------
- --------------------------------------------------------------------------------
CONVERTIBLE ANALYSIS
- --------------------------------------------------------------------------------
RAYMOND JAMES 32 KINAM GOLD INC.
- --------------------------------------------------------------------------------
CONVERTIBLE ANALYSIS
- --------------------------------------------------------------------------------
CONVERTIBLE ANALYSIS - METHOD 1
>> One method of analyzing convertible preferred shares is to separate
the security into two components: (i) a fixed income security; and
(ii) a basket of options to buy common stock.
>> In the case of the Series B preferred shares we established an
implicit fixed income value of $7.50 by applying a net yield of 50% to
Kinam's dividend of $3.75. The 50% yield is well below the range of
net yields for similar companies. For example, D rated convertible
preferred shares are trading at current dividend yields of 63.5%, and
after deducting for option value, at net yields of over 200%. (see pg.
37)
>> We used Black Scholes to calculate an option value embedded in the
preferred on the basis of a 10 year call on Kinross common.
>> Adding the Black Scholes value to the fixed income value we establish
what we call economic value.
>> Comparing the offering prices in the range of $15.00 to $18.00 to
economic value reveals premiums in the 39% to 69% range. (see pg. 38).
Applying net yield levels that were more in line with market
comparables would result in a lower fixed income value of the
security.
RAYMOND JAMES 33 KINAM GOLD INC.
- --------------------------------------------------------------------------------
CONVERTIBLE ANALYSIS
- --------------------------------------------------------------------------------
CONVERTIBLE ANALYSIS - METHOD 2
>> For D rated preferreds our conversion premium analysis assumed little
or no value for the fixed income component of the security and looked
at the security in terms of the underlying common stock. It compared
the conversion price to the price of the common share in the open
market. Conversion price is defined as the price of the preferred
share divided by its conversion ratio.
>> As outlined on page 37, D rated convertible preferred shares are
currently trading at conversion premiums of 184%, and 88%, if we
exclude companies in Chapter 11 and Enron Corporation.
>> As outlined on page 39, an offering price range of $15.00 to $18.00
represents conversion premiums of 189% to 247% for Kinam Series B.
RAYMOND JAMES 34 KINAM GOLD INC.
- --------------------------------------------------------------------------------
CONVERTIBLE ANALYSIS
- --------------------------------------------------------------------------------
CONVERTIBLE ANALYSIS - METHOD 3
>> As a third method, we compared a range of offering prices with the sum
of the accrued dividend and Black Scholes option value.
>> Page 40 compared the sum of the accrued dividends and Black Scholes
option value for D rated convertible preferred shares to their market
value. D rated securities are currently trading at a 22% discount to
the sum of option and accrued dividend values.
>> As set forth on page 41, the offering prices in the $15.00 to $18.00
range represent a 52% to 85% premium to the combined value of options
plus accrued dividends.
RAYMOND JAMES 35 KINAM GOLD INC.
- --------------------------------------------------------------------------------
CONVERTIBLE ANALYSIS
- --------------------------------------------------------------------------------
PHOTOCOPY AND INSERT
KINAM GOLD - OVERVIEW OF D RATED CONV. PREF. SH.
LEGAL SPREADSHEET - CALL DATES
KINAM GOLD INC
OVERVIEW OF D RATED CONVERTIBLE PREFERRED SHARES: YIELD ANALYSIS
ISSUER SECURITY PAR VALUE # SHARES ISSUED S&P MOODY'S
- ------ -------- ----------- ------------------ ---- -------
Kinam Gold Convertible Preferred $3.75 Series B $ 50.00 1,840,000 D B3
Kinam Gold Convertible Preferred $3.75 Series B $ 50.00 1,840,000 D B3
Hecla Mining Convertible Preferred $3.50 Series B $ 50.00 2,300,000 D Caa3
Chiquita Brands CVT $3.75 Series B $ 50.00 2,300,000 D C
McLeodUSA Inc. CVT 6.75% Series A $ 250.00 1,150,000 D C
Enron Corporation Convertible Preferred 7% CVT $ 22.25 11,500,000 D Ca
Kmart CVT 7.75% 6/15/16 Series $ 50.00 20,000,000 D C
WHX Corp CVT $3.75 Series B $ 50.00 3,500,000 D C
WHX Corp CVT 6.5% Series A $ 50.00 3,000,000 D C
LSB Industries Convertible Preferred $3.25 $ 50.00 920,000 na (6) na
RSL Communications CVT 7.5% 2/01/12 Series A $ 50.00 2,300,000 D Caa3
CURRENT MARKET PRICE
PREFERRED PRICE DIVIDEND CONVERSION CONVERSION COMMON
(@ FEB 1/02) YEILD EXPIRATION RATIO (2) (@ FEB 1/02)
---------------- ------------ -------------- ------------ ----------------
$15.70 24.6% 12/31/49 4.8512 $1.04
10.16 (1) 36.9% 12/31/49 4.8512 $1.04
$10.50 33.3% 12/31/49 3.2154 $1.13
$6.60 56.8% 7/26/06 3.3333 $0.85
$17.15 98.4% 12/31/49 25.7998 na
$3.25 47.9% 7/31/02 0.8475 $0.40
$7.40 52.4% 6/15/16 3.3333 $1.55
$2.50 150.0% 12/31/49 2.4510 $1.03
$3.60 90.3% 12/31/49 3.1686 $1.03
$16.40 19.8% 12/31/49 4.3290 $2.89
no quote na 2/1/12 2.2584 $0.01
AVERAGE 62.5%
ADJUSTED AVERAGE (5) 63.6%
CONVERSION CONVERSION
PRICE (3) PREMIUM (4) DATE DIVIDEND SUSPENDED CALL DATES
------------- --------------- ----------------------- ----------
$3.14 202.3% last effective dividend paid 5/15/00; 6 qtrs unpaid. Callable 5/15/01 @ $51.125.
$2.09 101.4% last effective dividend paid 5/15/00; 6 qtrs unpaid. Callable 5/15/01 @ $51.125.
$3.27 189.0% last effective dividend paid 7/1/00; 6 qtrs unpaid. Callable 7/1/01 @ $50.70.
$1.98 132.9% last effective dividend paid 9/7/00; filed Ch 11 Callable 9/10/99d@ $50.
11/28/01; 5qtrs unpaid
$0.66 na last effective stock dividend paid was 8/15/01, Callable 08/15/02 @ $258 7/16.
filed Ch. 11 1/30/02; price quote at jan 30/02
McLeod acq'd by Yell Group, private UK co, announced
1/21/02; 1 qtr unpaid.
$3.83 858.7% Last effective dvd paid 10/31/01; 1 qtr unpaid.
$2.22 43.2% last effective dividend paid 12/17/01; filed Ch 11 Callable 26/15/01 @ $51.938.
effective 1/22/02
$1.02 -1.0% last dividend pmt 10/1/00; 5 qtrs unpaid. Callable 10/1/01 @ $51 1/8.
$1.14 10.3% last dividend pmt 10/1/00; 5 qtrs unpaid. Callable 7/1/01 @ $50.65.
$3.79 31.1% last effective dividend payment was 6/15/99; 10 qtrs Callable 6/15/01 @ $50.65.
unpaid.
na na Last effective dividend paid on 11/1/00; 5 qtrs Callable 2/1/05 @ $51 7/8.
unpaid
- -------------------------------------------------------------------------------------------------------
Footnotes:
(1) Kinam average price over the 30 days prior to Feb 4/02 press release.
(2) The number of common shares received for each preferred share converted.
(3) The convertible preferred price divided by the conversion ratio.
(4) The conversion price divided by the common price.
(5) Average excluding Kinam 30 day avg. price, companies in Chapter 11 and Enron.
(6) LSB Industries has omitted dividends since 6/15/99 and is not rated by S&P or Moody's.
- -------------------------------------------------------------------------------------------------------
RAYMOND JAMES 36 KINAM GOLD INC.
- --------------------------------------------------------------------------------
CONVERTIBLE ANALYSIS
- --------------------------------------------------------------------------------
PHOTOCOPY AND INSERT
KINAM GOLD - OVERVIEW OF D RATED CONV. PREF. SH.
LEGAL SPREADSHEET
KINAM GOLD INC
OVERVIEW OF D RATED CONVERTIBLE PREFERRED SHARES: YIELD AND CONVERSION PREMIUM ANALYSIS
ISSUER SECURITY PAR VALUE S&P
------ -------- ---------- -----
Kinam Gold spot price Convertible Preferred $3.75 Series B $ 50.00 D .00
Kinam Gold 30 avg price Convertible Preferred $3.75 Series B $ 50.00 D .00
Hecla Mining Convertible Preferred $3.50 Series B $ 50.00 D .00
Chiquita Brands CVT $3.75 Series B $ 50.00 D .00
McLeodUSA Inc. CVT 6.75% Series A $ 250.00 D 00
Enron Corporation Convertible Preferred 7% CVT $ 22.25 D .25
Kmart CVT 7.75% 6/15/16 Series $ 50.00 D .00
WHX Corp CVT $3.75 Series B $ 50.00 D .00
WHX Corp CVT 6.5% Series A $ 50.00 D .00
LSB Industries Convertible Preferred $3.25 $ 50.00 na (13)
RSL Communications CVT 7.5% 2/01/12 Series A $ 50.00 D .00
MARKET PRICE
PREFERRED PRICE CONVERSION CONVERSION COMMON (@ FEB
(@ FEB 1/02) DVD YIELD EXPIRATION RATIO (1) 1/02)
------------------- --------- -------------- ------------- ---------------
$15.70 23.9% 12/31/49 4.8512 $1.04
10.16 (11) 36.9% 12/31/49 4.8512 $1.04
$10.50 33.3% 12/31/49 3.2154 $1.13
$6.60 56.8% 7/26/06 3.3333 $0.85
17.15 (12) 98.4% 12/31/49 25.7998 na
$3.25 47.9% 7/31/02 0.8475 $0.40
$7.40 52.4% 6/15/16 3.3333 $1.55
$2.50 150.0% 12/31/49 2.4510 $1.03
$3.60 90.3% 12/31/49 3.1686 $1.03
16.4 (14) 19.8% 12/31/49 4.3290 $2.89
no quote na 2/1/12 2.2584 $0.01
AVERAGE (8) 63.6%
ADJUSTED AVERAGE (9) 63.5%
ADJUSTED AVERAGE (10) 66.1%
CONVERSION PRICE PER OPTION VALUE OF CONVERSION NET PREFERRED PRICE
COMMON SHARE (2) PREFERRED (10 YRS) (3) PREMIUM (10 YRS) (4)
---------------------- ------------------------- ------------- -----------------------
$3.24 3.16 211.2% $12.54
$2.09 3.47 101.4% $6.69
$3.27 2.38 189.0% $8.12
$1.98 2.60 (6) 132.9% $4.00
$0.66 na na na
$3.83 0.34 (7) 858.7% $2.91
$2.22 5.16 43.2% $2.24
$1.02 2.17 -1.0% $0.33
$1.14 2.77 10.3% $0.83
$3.79 9.24 31.1% $7.16
na na na na
AVERAGE (8) 184.4%
ADJUSTED AVERAGE (9) 88.1%
ADJUSTED AVERAGE (10) 66.2%
BLACK-SCHOLES
NET PREFERRED YIELD ACCRUED OPTION VALUE
(10 YRS) (5) DIVIDEND (15) (10 YRS) (4)
---------------------- ------------------ -------------------
29.9% $6.43 0.65
56.0% $6.43 0.72
43.1% $5.46 0.74
93.8% $5.25 0.78
na $7.78 na
54.1% $0.39 0.40
173.1% $0.50 1.55
1126.7% $4.89 0.88
393.7% $4.31 0.88
45.4% $8.54 2.13
na $4.69
245.0%
327.8%
333.0%
- --------------------------------------------------------------------------------------------------------
Footnotes:
(1) The number of common shares received for each preferred share converted.
(2) Preferred price divided by the conversion ratio.
(3) Option Value implicit in Preferred issue using Black-Scholes with a 10 yr. expiration date.
(4) Preferred price less option value.
(5) Dividend divided by net preferred price.
(6) Chiquita value calculated to maturity at 7/26/06.
(7) Enron value calculated to maturity at 7/31/02.
(8) Average, with Kinam spot price.
(9) Average, with Kinam spot price, and excluding companies in Chapter 11 and Enron.
(10) Average, with Kinam 30 day average price, excluding companies in Chapter 11 and Enron.
(11) Kinam Preferred 30 day average price, pre-Feb 4/02 press release.
(12) McLeod USA last quoted price at 1/30/02.
(13) LSB Industries has omitted dividends since 6/15/99 and is not rated by S&P or Moody's.
(14) LSB Industries quote on 1/31/02; no trading on 2/1/02.
(15) Calculated on a 1/360 basis as of 1/1/02.
- --------------------------------------------------------------------------------------------------------
RAYMOND JAMES 37 KINAM GOLD INC.
- --------------------------------------------------------------------------------
CONVERTIBLE ANALYSIS
- --------------------------------------------------------------------------------
KINAM GOLD INC.
YIELD AND OPTION ANALYSIS
IMPLIED NET YIELD: 50.00%
B D
IMPLIED C=A-B BLACK SCHOLES
A Straight Implied Option VALUE OF OPTION (A/E)-1
OFFER PREF VALUE VALUE IN OFFER CURRENT PRICE TO PURCHASE KINROSS E=B+D PREMIUM TO
PRICE AT 50% NETYIELD (1) PRICE OF KINROSS AT CURRENT PRICE ECONOMIC VALUE ECONOMIC VALUE
----- ------------------- ----- ---------- ---------------- -------------- --------------
$15.00 $7.50 $7.50 $1.07 $3.31 $10.81 38.8%
$16.00 $7.50 $8.50 $1.07 $3.26 $10.76 48.7%
$17.00 $7.50 $9.50 $1.07 $3.21 $10.71 58.8%
$18.00 $7.50 $10.50 $1.07 $3.16 $10.66 68.9%
$19.00 $7.50 $11.50 $1.07 $3.11 $10.61 79.1%
$20.00 $7.50 $12.50 $1.07 $3.07 $10.57 89.2%
Note:
(1) $3.75 dividend/50%.
RAYMOND JAMES 38 KINAM GOLD INC.
- --------------------------------------------------------------------------------
CONVERTIBLE ANALYSIS
- --------------------------------------------------------------------------------
KINAM GOLD INC.
CONVERSION PREMIUM ANALYSIS
EFFECTIVE MARKET PRICE
CONVERSION OF KINROSS CONVERSION
OFFER PRICE PRICE (1) COMMON (2) PREMIUM (3)
------------- --------------- ----------------- --------------
$ 14.00 $ 2.89 $ 1.07 169.7%
$ 15.00 $ 3.09 $ 1.07 189.0%
$ 16.00 $ 3.30 $ 1.07 208.2%
$ 17.00 $ 3.50 $ 1.07 227.5%
$ 18.00 $ 3.71 $ 1.07 246.8%
$ 19.00 $ 3.92 $ 1.07 266.0%
$ 20.00 $ 4.12 $ 1.07 285.3%
NOTES:
(1) Offer price divided by 4.8512.
(2) Kinross common as of Feb 1/02.
(3) (Conversion price divided by Kinross Common Price)-1.
RAYMOND JAMES 39 KINAM GOLD INC.
- --------------------------------------------------------------------------------
CONVERTIBLE ANALYSIS
- --------------------------------------------------------------------------------
CONVERSION OPTION ANALYSIS ON D RATED PREFERRED SECURITIES
PREFERRED PRICE @ CONVERSION
ISSUER FEB 1/02 ACCRUED DVD NET PRICE FACTOR
------ ------------------ ------------- ------------ ------------
Hecla $10.50 $5.46 $5.04 3.2154
Chiquita Brands $6.60 $5.25 $1.35 3.3333
McLeod USA Inc $17.15 $7.78 na 25.7998
Enron $3.25 $0.39 $2.86 0.8475
Kmart (2) $7.40 $0.50 $6.90 3.3333
WHX Corp Series B $2.50 $4.98- $2.48 2.4510
WHX Corp Series A $3.60 $4.31- $0.71 3.1686
LSB Industries $16.40 $8.54 $7.86 4.3290
PRICE OF BLACK SCHOLESPER PREFERRED PREFERRED PRICE
BLACK- COMMON @ FEB OPTION OVAL + ACC PREF PREMIUM TO
NET PRICE/ CONV SCHOLES 1/02 VALUE(1) DIVIDEND (OPTION VALUE)
----------------- --------- -------------- ----------- ------------- -----------------
$1.57 0.7406 $1.13 2.38 7.84 33.9%
$0.41 0.7791 $0.85 2.60 7.85 -15.9%
na na na na na na
$3.37 0.4000 $0.40 0.34 0.73 345.8%
$2.07 1.5484 $1.55 5.16 5.66 30.8%
-$1.01 0.8842 $1.03 2.17 7.15 -65.0%
-$0.22 0.8756 $1.03 2.77 7.08 -49.2%
$1.82 2.1345 $2.89 9.24 17.78 -7.8%
AVERAGE (2) -22.0%
Note:
All numbers as of Feb 1/02
(1)Value of option on common multiplied by Conversion Factor.
Option calculated with Black Scholes option formula .
(2) Average excluding McLeod, Enron and companies in Chapter 11.
RAYMOND JAMES 40 KINAM GOLD INC.
- --------------------------------------------------------------------------------
CONVERTIBLE ANALYSIS
- --------------------------------------------------------------------------------
VALUATION
OPTION ANALYSIS
D
OPTION VALUE
A B C PLUS ACCRUED
OFFER ACCRUED STRIKE PRICE PRICE OF BLACK SCHOLES PER PREFERRED PREFERRED PRICE
PRICE DIV. (1) PER KGC SHARE (2) KINROSS COMMON OPTION VALUE (3) SHARE PREMIUM (4)
--------- --------- ------------------ ---------------- ------------------ ------- -----------------
$15.00 $6.56 $3.09 $1.07 $3.31 $9.87 52.0%
$16.00 $6.56 $3.30 $1.07 $3.26 $9.82 63.0%
$17.00 $6.56 $3.50 $1.07 $3.21 $9.77 74.1%
$18.00 $6.56 $3.71 $1.07 $3.16 $9.72 85.3%
$19.00 $6.56 $3.92 $1.07 $3.11 $9.67 96.5%
$20.00 $6.56 $4.12 $1.07 $3.07 $9.63 107.7%
Note:
(1) Accrued Dividend at Feb. 15, 2002.
(2) Kinross common at Feb. 14/02.
(3) Value of option on Kinross common multiplied by 4.8512.
Option calculated with Black Scholes option formula.
(4) Premium of Column A, to Column D.
RAYMOND JAMES 41 KINAM GOLD INC.
- --------------------------------------------------------------------------------
NAV ANALYSIS OF
KINAM AND KINROSS
- --------------------------------------------------------------------------------
RAYMOND JAMES 42 KINAM GOLD INC.
- --------------------------------------------------------------------------------
NAV ANALYSIS OF KINAM
- --------------------------------------------------------------------------------
BASE CASE
Assumptions:
>> Life of mine operating information provided by management
>> Gold price at $300 increasing to $325 in 2005
>> Balance sheet information as per September 30, 2001 quarterly report
Conclusions:
>> Net asset value at 5% discount rate: ($98.7 million)
Optimistic Case
Assumptions: - Gold price at $325 for entire life of mine period
Conclusions: - Net asset value at 5% discount rate: ($73.3 million)
Pessimistic Case
Assumptions: - Gold price of $300 increasing to $315 in 2004
Conclusions: - Net asset value at 5% discount rate: ($116 million)
RAYMOND JAMES 43 KINAM GOLD INC.
- --------------------------------------------------------------------------------
NAV ANALYSIS OF KINAM
- --------------------------------------------------------------------------------
SCENARIO SUMMARY - KINAM
- -------------------------------------------------------------------------------
Base Case
- ---------------- -------------- ---------------- -------------- ---------------
Year 2002 2003 2004 Long Term
- ---------------- -------------- ---------------- -------------- ---------------
Gold Price $ 300 $ 310 $ 320 $ 325
- ---------------- -------------- ---------------- -------------- ---------------
NPV for Mines Equity Value Equity/Share
- ---------------- -------------- ---------------- --------------
0.0% $ 371,244 $ (26,256)
- ---------------- -------------- ---------------- --------------
5.0% $ 298,763 $ (98,737)
- ---------------- -------------- ---------------- --------------
7.5% $ 270,335 $ (127,165)
- ---------------- -------------- ---------------- --------------
10.0% $ 245,899 $ (151,601)
- ---------------- -------------- ---------------- --------------
- -------------------------------------------------------------------------------
Optimistic Case
- ---------------- -------------- ---------------- -------------- ---------------
Year 2002 2003 2004 Long Term
- ---------------- -------------- ---------------- -------------- ---------------
Gold Price $ 325 $ 325 $ 325 $ 325
- ---------------- -------------- ---------------- -------------- ---------------
NPV for Mines Equity Value Equity/Share
- ---------------- -------------- ---------------- --------------
0.0% $ 398,495 $ 995
- ---------------- -------------- ---------------- --------------
5.0% $ 324,159 $ (73,341)
- ---------------- -------------- ---------------- --------------
7.5% $ 294,889 $ (102,611)
- ---------------- -------------- ---------------- --------------
10.0% $269,664 $ (127,836)
- ---------------- -------------- ---------------- --------------
- -------------------------------------------------------------------------------
Pessimistic Case
- ---------------- -------------- ---------------- -------------- ---------------
Year 2002 2003 2004 Long Term
- ---------------- -------------- ---------------- -------------- ---------------
Gold Price $ 300 $ 310 $ 315 $ 315
- ---------------- -------------- ---------------- -------------- ---------------
NPV for Mines Equity Value Equity/Share
- ---------------- -------------- ---------------- --------------
0.0% $ 348,295 $ (49,205)
- ---------------- -------------- ---------------- --------------
5.0% $ 281,398 $ (116,102)
- ---------------- -------------- ---------------- --------------
7.5% $ 255,116 $ (142,384)
- ---------------------------------------------------------------
10.0% $ 232,500 $ (165,000)
- ---------------------------------------------------------------
RAYMOND JAMES 44 KINAM GOLD INC.
- --------------------------------------------------------------------------------
NAV ANALYSIS OF KINROSS
- --------------------------------------------------------------------------------
BASE CASE
Assumptions:
>> Gold price at $300 increasing to $325 in 2005
>> Operating information provided by management
>> Balance sheet information as per September 30, 2001 financial reports
Conclusions:
>> Net asset value per share at 5% discount rate: $0.69
Optimistic Case
Assumptions: - Gold price at $325 for entire life of mine period
Conclusions: - Net asset value per share at 5% discount rate: $0.73
Pessimistic Case
Assumptions: - Gold price of $300 in 2002 increasing to $315 in 2004
Conclusions: - Net asset value per share at 5% discount rate: $0.59
RAYMOND JAMES 45 KINAM GOLD INC.
- --------------------------------------------------------------------------------
NAV Analysis of Kinross
- --------------------------------------------------------------------------------
SCENARIO SUMMARY - KINROSS
- -------------------------------------------------------------------------------
BASE CASE
- ---------------- -------------- ---------------- -------------- ---------------
Year 2002 2003 2004 Long Term
- ---------------- -------------- ---------------- -------------- ---------------
Gold Price $ 300 $ 310 $ 320 $ 325
- ---------------- -------------- ---------------- -------------- ---------------
NPV for Mines Equity Value Equity/Share
- ---------------- -------------- ---------------- --------------
0.0% $ 550,689 $ 354,147 $ 1.06
- ---------------- -------------- ---------------- --------------
5.0% $ 425,457 $ 228,915 $ 0.69
- ---------------- -------------- ---------------- --------------
7.5% $ 378,657 $ 182,115 $ 0.55
- ---------------- -------------- ---------------- --------------
10.0% $ 339,483 $ 142,942 $ 0.43
- ---------------- -------------- ---------------- --------------
- -------------------------------------------------------------------------------
OPTIMISTIC CASE
- ---------------- -------------- ---------------- -------------- ---------------
Year 2002 2003 2004 Long Term
- ---------------- -------------- ---------------- -------------- ---------------
Gold Price $ 325 $ 325 $ 325 $ 325
- ---------------- -------------- ---------------- -------------- ---------------
NPV for Mines Equity Value Equity/Share
- ---------------- -------------- ---------------- --------------
0.0% $ 565,436 $ 368,894 $ 1.11
- ---------------- -------------- ---------------- --------------
5.0% $ 438,692 $ 242,150 $ 0.73
- ---------------- -------------- ---------------- --------------
7.5% $ 391,222 $ 194,680 $ 0.58
- ---------------- -------------- ---------------- --------------
10.0% $ 351,426 $ 154,885 $ 0.46
- ---------------- -------------- ---------------- --------------
- -------------------------------------------------------------------------------
PESSIMISTIC CASE
- ---------------- -------------- ---------------- -------------- ---------------
Year 2002 2003 2004 Long Term
- ---------------- -------------- ---------------- -------------- ---------------
Gold Price $ 300 $ 310 $ 315 $ 315
- ---------------- -------------- ---------------- -------------- ---------------
NPV for Mines Equity Value Equity/Share
- ---------------- -------------- ---------------- --------------
0.0% $ 506,118 $ 309,577 $ 0.93
- ---------------- -------------- ---------------- --------------
5.0% $ 393,296 $ 196,754 $ 0.59
- ---------------- -------------- ---------------- --------------
7.5% $ 351,017 $ 154,475 $ 0.46
- ---------------- -------------- ---------------- --------------
10.0% $ 315,563 $ 119,021 $ 0.36
- ---------------- -------------- ---------------- --------------
RAYMOND JAMES 46 KINAM GOLD INC.
- --------------------------------------------------------------------------------
COMPARATIVE COMPANY ANALYSIS
- --------------------------------------------------------------------------------
RAYMOND JAMES 47 KINAM GOLD INC.
- --------------------------------------------------------------------------------
COMPARABLE COMPANY ANALYSIS
- --------------------------------------------------------------------------------
CASH FLOW ANALYSIS
>> Pages 50 and 51 provide a survey of stock market data for leading
North American gold producers.
>> Kinross is trading at 5.0x 2002 cash flow compared to an industry
average of 9.4x and at 8.1x 2003 cash flow compared to industry
average of 10.9x
>> An offer range of $15.00 to $18.00 implies a price to 2002 cash flow
ratio of 8.3x to 11.2x compared to an industry average of 9.4x. The
offer range of $15.00 to $18.00 implies a price to 2003 cash flow
ratio of 13.4x to 18.1x. (see pg. 52)
>> Lower price/cash flow ratios than industry reflect high operating cash
costs per ounce of production, and lower annual production of gold
than industry leaders such as Barrick, Placer and Newmont.
RAYMOND JAMES 48 KINAM GOLD INC.
- --------------------------------------------------------------------------------
COMPARABLE COMPANY ANALYSIS
- --------------------------------------------------------------------------------
>> Using Merrill Lynch's NAV estimates based on $300 gold and assuming a
$15.00 to $18.00 preferred share price range the implicit equity(1)
value per share is 3.8x to 5.1x NAV compared to Kinross currently at
2.3x NAV and an industry average of 1.92x NAV.
>> Using Nesbitt Burns' NAV estimates assuming $300 gold and assuming a
preferred share price range of $15.00 to $18.00 the implicit equity
value per share is 2.3x to 3.1x NAV, compared to Kinross' current
price/NAV ratio of 1.4x and an industry average ratio of 1.3x.
>> Using RBC Capital Market's estimates of NAV at $300 gold and assuming
a $15.00 to $18.00 preferred share price range, the implicit equity
value per share is in the range of 4.1x NAV to 5.6x NAV compared to
Kinross at 2.5x and an industry average ratio of 2.1x.
>> Using Merrill Lynch's estimates of NAV at $325 gold and assuming a
$15.00 to $18.00 preferred share price range, the implicit equity
value per share is in the range of 2.4x NAV to 3.2x NAV compared to
Kinross at 1.4x and an industry average of 1.64x.
RAYMOND JAMES 49 KINAM GOLD INC.
- --------------------------------------------------------------------------------
COMPARATIVE STOCK MARKET ANALYSIS
- --------------------------------------------------------------------------------
COMPARABLE COMPANY ANALYSIS
BARRICK PLACER NEWMONT GOLDCORP MERIDIAN KINROSS TVX CAMBIOR IAMGOLD
TICKER SYMBOL ABX PDG NEM GG MDG KGC TVX CBJ IMG
- ------------- --- --- --- -- --- --- --- --- ---
Share Price $17.84 $12.51 $23.50 $15.49 $13.54 $1.05 $0.63 $0.72 $3.17
Shares out 559.6 327.9 195.6 83.1 77.9 330.4 357.2 106.2 75.22
52 wk.hi $19.50 $13.85 $25.90 $16.48 $14.75 $1.20 $1.70 $0.88 $3.33
low $13.70 $7.88 $14.00 $5.37 $5.75 $0.41 $0.28 $0.30 $1.30
Mkt Cap
(000US) $ 9,983.26 $ 4,102.03 $ 4,596.60 $ 1,287.54 $ 1,054.77 $ 346.72 $ 224.90 $ 76.70 $ 238.20
EPS
IBIS 02 $0.59 $0.34 $0.42 $0.67 $0.54 ($0.05) ($0.05) ($0.08) $0.24
IBIS 03 $0.63 $0.38 $0.73 $0.75 $0.47 ($0.05) $0.00 $0.02 $0.35
IBIS 02/03/2 $0.61 $0.36 $0.58 $0.71 $0.51 ($0.05) ($0.03) ($0.03) $0.30
P/E
2002 30.2x 36.8x 56.0x 23.1x 25.1x n.a. n.a. n.a. 13.2x
2003 28.3X 32.9X 32.2X 20.7X 28.8X N.A. N.A. 36.1X 9.0X
----- ----- ----- ----- ----- ---- ---- ----- ----
AVERAGE 2002/2003 29.2X 34.8X 40.9X 21.8X 26.8X N.A. N.A. N.A. 10.7X
CASH FLOW PER SHARE
IBES '02 $1.43 $1.08 $2.44 $1.13 $0.86 $0.21 $0.10 $0.31 $0.33
IBES '03 $1.38 $1.07 $2.65 $1.02 $0.68 $0.13 $0.09 $0.28 $0.26
AVERAGE IBIS 02/03/2 $1.41 $1.08 $2.55 $1.08 $0.77 $0.17 $0.10 $0.30 $0.30
P/CPS
2002 12.5x 11.6x 9.6x 13.7x 15.7x 5.0x 6.3x 2.3x 9.6x
2003 12.9X 11.7X 8.9X 15.2X 19.9X 8.1X 7.0X 2.6X 12.2X
----- ----- ---- ----- ----- ---- ---- ---- -----
AVERAGE 2002/2003 12.7X 11.6X 9.2X 14.4X 17.6X 6.2X 6.6X 2.4X 10.7X
CASH COST 2001E $156.00 $157.00 $180.00 $107.00 $89.00 $195.00 $180.00 $215.00 $144.00
PRODUCTION(000'S OZ)
Company 2001E 3,831 2,845 5,400 500 400 950 244 585 198
Merrill Lynch 25,700 2,565 5,200 550 400 890 250 587 297
Nesbitt Burns 25,883 2,570 5,251 568 405 863 245 512 290
ECHO BAY AVERAGE
ECO
---
$0.84
140.6
$1.23
$0.49
$ 118.03 $ 2,202.87
($0.03) $0.26
($0.07) $0.32
($0.05) $0.29
n.a. 30.73
N.A. 26.87
---- -----
N.A. 27.37
$0.11 $0.80
$0.08 $0.76
$0.10 $0.78
7.6x 9.40
10.5X 10.89
----- -----
8.8X 10.04
$225.00
570
507
N.A.
RAYMOND JAMES 50 KINAM GOLD INC.
- --------------------------------------------------------------------------------
COMPARATIVE STOCK MARKET ANALYSIS
- --------------------------------------------------------------------------------
COMPARABLE COMPANY ANALYSIS
Barrick Placer Newmont Goldcorp Meridian Kinross TVX Cambior
TICKER SYMBOL ABX PDG NEM GG MDG KGC TVX CBJ
- ------------- --- --- --- -- --- --- --- ---
Share Price $17.84 $12.51 $23.50 $15.49 $13.54 $1.05 $0.63 $0.72
Shares out 559.60 327.90 195.60 83.10 77.90 330.40 357.20 106.20
52 wk.hi $19.50 $13.85 $25.90 $16.48 $14.75 $1.20 $1.70 $0.88
low $13.70 $7.88 $14.00 $5.37 $5.75 $0.41 $0.28 $0.30
Mkt Cap
(000US) $9,983.26 $4,102.03 $4,596.60 $1,287.54 $1,054.77 $346.72 $224.90 $76.70
NAV AT $275 Barrick Placer Newmont Goldcorp Meridian Kinross TVX Cambior
Nesbitt $9.71 $7.71 $12.24 $9.09 $8.30 $0.38 $0.71 $0.44
ML $6.45 $5.68 $6.30 $5.87 $5.02 $0.36 $0.45 $0.70
CIBC $6.52 $5.70 n.a. $5.37 $4.86 n.a. n.a. n.a.
MSDW (a) $7.43 $7.11 $7.52 $7.07 $5.65 $0.36 $0.49
AVG $7.53 $6.55 $9.27 $6.85 $5.96 $0.37 $0.58 $0.57
NAV AT $300
Nesbitt $11.25 $8.84 $18.27 $10.16 $9.29 $0.76 $0.80 $0.68
ML $7.20 $6.45 $9.05 $6.37 $5.33 $0.46 $0.55 $0.86
RBC Capital Mkt $10.78 $6.90 $8.47 $5.94 $6.12 $0.42 ur ur
NAV AT $310
Scotia Capital $10.09 $5.87 $13.01 $9.77 $5.31 restricted $0.73 $1.05
PRICE/NAV NESBITT AT $300 1.6X 1.4X 1.3X 1.5X 1.5X 1.4X 0.8X 1.1X
Price/ NAV ML at 2.5X 1.9X 2.6X 2.4X 2.5X 2.3X 1.1X 0.8X
Price/ NAV RBC at 1.7X 1.8X 2.8X 2.6X 2.2X 2.5X NA NA
NAV AT $325
ML $8.20 $7.03 $10.95 $6.85 $5.67 $0.73 $0.62 $0.97
PRICE/NAV ML AT $2.2X 1.8X 2.1X 2.3X 2.4X 1.4X 1.0X 0.7X
ADJ. MKT. CAP/REC OZ.
Adj Mkt CapNes $11,367.61 $5,123.63 $7,466.70 $1,257.54 $994.28 $667.32 $422.45 $194.79
Adj Mkt Cap ML $11,842.96 $5,747.03 $6,666.50 $1,253.94 $1,018.17 $554.42 $795.90 $222.10
AVERAGE NESBIT $11,605.29 $5,435.33 $7,066.60 $1,255.74 $1,006.22 $610.87 $609.18 $208.45
P&P Mineable Res 84.60 47.00 56.70 4.27 1.90 6.92 10.00 2.80
(millions of ounces)
AVGADJ MKT CAP/
P&P Mineab $137.18 $115.65 $124.63 $294.36 $529.59 $88.28 $60.92 $74.50
Iamgold Echo Bay Average
IMG ECO
--- ---
$3.17 $0.84
75.22 140.60
$3.33 $1.23
$1.30 $0.49
$238.20 $118.03
Iamgold Echo Bay
$2.05 na
$2.84 ($0.50)
n.a. n.a.
$2.45 ($0.50)
$2.44 na
$3.16 ($0.40)
$2.53 ur
$2.71 $0.33
1.3X NA 1.31
1.0X NA 1.92
1.3X NA 2.12
$3.90 ($0.36)
0.8X NM 1.64
$262.26 na
$294.50 $233.43
$278.38 $223.66
3.30 3.50
$84.36 $63.90
(a) MSDW - Gold Price assumption $270 US (2001), $285 US (2002), $300 US (2003).
(b) Scotia Capital NAV for Cambior, Echo Bay and IAMGOLD Corp. have been converted to USD $ ($1 CDN = $0.625 USD)
(c) RBC Capital Markets - Gold Price assumption $270 US (2001) and $300 US (2002).
(d) Nesbitt NAV for TVX and IAMGOLD Corp. have been converted to USD $ ($1 CDN = $0.625 USD)
(e) Scotia Capital NAV for Cambior, Echo Bay and IAMGOLD Corp. have been converted to USD $ ($1 CDN = $0.625 USD)
RAYMOND JAMES 51 KINAM GOLD INC.
- --------------------------------------------------------------------------------
COMPARABLE COMPANY ANALYSIS
- --------------------------------------------------------------------------------
VALUATION
FUNDAMENTAL ANALYSIS
Assumptions
-----------
1. IBES Cash Flow 02E $0.21
2. IBESCash Flow 03E $0.13
3.IBES Average (Cash Flow 02+03) $0.17
4.Adjusted Market Cap $610.87
5.Mineable Reserves(millions of ounces) 6.92
6.KinrossNav@US $325 ML $0.73
7.Kinross Nav@US $300 ML $0.46
8. Kinross Nav@US $300 NB $0.76
9. Kinross Nav@US $300 RBC $0.42
10.Kinam accrued div.to Feb.15,2002 $6.56
METHOD 1
CASH FLOW ANALYSIS
A-B C
A B Offer Price Net Offer Price
OFFER ACCRUED MINUS PER P/
PRICE DIV. ACCRUED KGC SHARE P/CF02 P/CF 03 AVG.(CF03+CF02)
----- ---- ------- --------- ------ ------- ---------------
$ 14.00 $ 6.56 $ 7.44 $ 1.53 7.30 11.80 9.02
$ 15.00 $ 6.56 $ 8.44 $ 1.74 8.28 13.38 10.23
$ 16.00 $ 6.56 $ 9.44 $ 1.95 9.27 14.97 11.45
$ 17.00 $ 6.56 $ 10.44 $ 2.15 10.25 16.55 12.66
$ 18.00 $ 6.56 $ 11.44 $ 2.36 11.23 18.14 13.87
$ 19.00 $ 6.56 $ 12.44 $ 2.56 12.21 19.73 15.08
$ 20.00 $ 6.56 $ 13.44 $ 2.77 13.19 21.31 16.30
METHOD 2
NAV AND RESERVE ANALYSIS
A-B C ADJ. MKT.
A B OFFER PRICE NET OFFER PRICE CAP/OZ.
OFFER ACCRUED MINUS PER P&P PRICE/ PRICE / PRICE / PRICE /
PRICE DIV. ACCRUED KGC SHARE MINEABLE RES NAV $325 ML NAV $300 ML NAV $300 NB NAV $300 RBC
----- ---- ------- --------- ------------ ----------- ----------- ----------- ------------
$ 14.00 $ 6.56 $ 7.44 $ 1.53 $ 112.80 2.10x 3.33x 2.02x 3.65x
$ 15.00 $ 6.56 $ 8.44 $ 1.74 $ 122.64 2.38x 3.78x 2.29x 4.14x
$ 16.00 $ 6.56 $ 9.44 $ 1.95 $ 132.48 2.67x 4.23x 2.56x 4.63x
$ 17.00 $ 6.56 $ 10.44 $ 2.15 $ 142.33 2.95x 4.68x 2.83x 5.12x
$ 18.00 $ 6.56 $ 11.44 $ 2.36 $ 152.17 3.23x 5.13x 3.10x 5.61x
$ 19.00 $ 6.56 $ 12.44 $ 2.56 $ 162.01 3.51x 5.57x 3.37x 6.11x
$ 20.00 $ 6.56 $ 13.44 $ 2.77 $ 171.85 3.80x 6.02x 3.65x 6.60x
RAYMOND JAMES 52 KINAM GOLD INC.
- --------------------------------------------------------------------------------
ANALYSTS OUTLOOK ON KINROSS
- --------------------------------------------------------------------------------
RAYMOND JAMES 53 KINAM GOLD INC.
- --------------------------------------------------------------------------------
Analysts Outlook on Kinross
- --------------------------------------------------------------------------------
Analyst's View
>> Page 55 is a summary of research analysts' current target prices for
Kinross. The highest twelve month target price is US$1.25.
>> In comparison, On page 56 we calculate the implied price per Kinross
share (after deducting accrued dividends) for a range of offering
prices at $15.00 to $18.00. The implied price is US$1.74 to US$2.36.
RAYMOND JAMES 54 KINAM GOLD INC.
- --------------------------------------------------------------------------------
ANALYSTS OUTLOOK ON KINROSS
- --------------------------------------------------------------------------------
KINROSS GOLD CORPORATION
DATE OF US$ 12-MONTH C$ 12-MONTH C$ 24-MONTH US$ C$
INVESTMENT BANK REPORT TARGET PRICE TARGET PRICE TARGET PRICE CFPS 2002E CFPS 2002E
- --------------- ------ ------------ ------------ ------------ ----------- ----------
Canaccord Jan. 15/02 $1.25 $2.00 n.a. $0.21 $0.34
Scotia Capital Jan. 15/02 $1.09 $1.75 $1.75 n.a. n.a.
Haywood Securities Jan. 15/02 $1.25 $2.00 n.a. $0.25 $0.40
Morgan Stanley Nov. 12/01 n.a. n.a. n.a. $0.17 $0.27
Merrill Lynch Nov. 09/01 n.a. n.a. n.a. $0.21 $0.34
Griffiths Aug. 7/01 $0.78 $1.25 n.a. $0.24 $0.38
BMO Nesbitt Burns Q4-2001 $1.09 $1.75 n.a. $0.15 $0.24
JP Morgan Oct.05/01 n.a. n.a. n.a. n.a. n.a.
National Bank Oct.02/01 $1.25 $2.00 n.a. $0.27 $0.43
Salman Partners Aug. 13/01 $0.78 $1.25 n.a. $0.17 $0.27
CIBC Aug. 07/01 n.a. n.a. n.a. $0.26 $0.42
AVERAGE $1.07 $1.71 $1.75 $0.21 $0.34
HI $1.25 $2.00 $1.75 $0.27 $0.43
LOW $0.78 $1.25 $1.75 $0.15 $0.24
RAYMOND JAMES 55 KINAM GOLD INC.
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ANALYSTS OUTLOOK ON KINROSS
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EFFECTIVE PRICE PER KINROSS COMMON
OFFER PRICE EFFECTIVE
ACCRUED MINUS PRICE PER
OFFER PRICE DIVIDENDS (1) ACCRUED KINROSS SH. (2)
----------- ------------- -------- ---------------
$14.00 $6.56 $ 7.44 $1.53
$15.00 $6.56 $ 8.44 $1.74
$16.00 $6.56 $ 9.44 $1.95
$17.00 $6.56 $10.44 $2.15
$18.00 $6.56 $11.44 $2.36
$19.00 $6.56 $12.44 $2.56
$20.00 $6.56 $13.44 $2.77
Note:
(1) As of Feb. 15, 2002.
(2) (Offer price - accrued)/conversion ratio.
RAYMOND JAMES 56 KINAM GOLD INC.
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REVIEW OF PRECEDENT TRANSACTIONS
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RAYMOND JAMES 57 KINAM GOLD INC.
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REVIEW OF PRECEDENT TRANSACTIONS
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GOING PRIVATE TRANSACTIONS
>> The following page is a summary of recent going private transactions
pursuant to Rule 13E - 3. The average premium to market price was
33.4% compared to premiums of 47.6% to 77.2% for Kinam assuming $15.00
to $18.00 offer prices.
EN BLOC ANALYSIS: M&A Transactions
>> On page 60 we reviewed recent M&A activity in the mining industry in
order to assess en bloc values.
>> The average premium paid to the market price one day prior to
announcement was 40.8%. The average price to cash flow ratio for M&A
transactions in the mining industry was 18.5x.
>> This ratio is in line with our 2003 price to cash flow ratios (P/CF)
and above our 2002 P/CF ratios, assuming a $15.00 to $18.00 offer
price (pg. 52). We believe that higher en bloc cash flow ratios for
the industry are justified because of Kinross' short life of mines and
higher costs of production.
>> As stated earlier, a $15.00 offering price implies a discount of 4.5%
to the price one day prior and a premium of 47.6% to the average price
30 days prior to the announcement of the consideration of the offer.
>> An $18.00 offer price implies a premium to the market prices one day
prior and the 30 day average price prior to the announcement of the
consideration of the offer of 14.6% and 77.2%, respectively.
RAYMOND JAMES 58 KINAM GOLD INC.
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REVIEW OF PRECEDENT TRANSACTIONS
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PRECEDENT TRANSACTIONS: RULE 13E - 3
>> We were unable to identify precedent transactions comparable to this
Offer.
>> We reviewed a number of "going private" transactions by way of 13E - 3
>> Premiums paid over the volume weighted 30 day average price prior to
bid announcement are as follows:
Premium Over
30 Day Average Price
Acquiror Acquiree Date Prior to Bid
-------- -------- ---- ------------
E. Services Organic Sub LLC Organic, Inc. Jan/02 26.9%
Rasmala Distribution Limited Aramex International Inc. Dec/01 31.3%
St. Francis Resources Great Northern Gas July/01 20.0%
Ranger Holding LLC NCH Corporation Jan/02 54.8% (1)
-----
Average 33.4%
Kinross Gold Corp. Kinam Inc. @ $15.00 Feb/02 47.6%
Kinross Gold Corp. Kinam Inc. @ $18.00 Feb/02 77.2%
(1) Illiquid stock. Premium calculated to last trade.
RAYMOND JAMES 59 KINAM GOLD INC.
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Review of Mining Industry Precedent Transactions
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Premium Analysis on M&A Activity in the Mining Industry
From January 1, 1997 to January 31, 2002
(In Millions $)
Date Date Target Business Transaction
Announced Effective Target Name Description Acquiror Name Value
=============================================================================================================================
1 02/09/1998 06/02/1998 Amax Gold Inc Gold and silver mining Kinross Gold Corp 365.5
2 05/25/1998 12/08/1998 Prime Resources Group Inc. Gold and silver mining Homestake Mining Company 300.0
3 11/16/1998 01/06/1999 CalMat Co Mnfr,whl aggregates,concrete Vulcan Materials Co 886.6
4 12/13/1998 05/28/1999 Getchell Gold Corp Gold mining Placer Dome Inc 1,078.7
5 02/17/1999 04/08/1999 Sutton Resources Ltd. Gold mining Barrick Gold Corp 493.4
6 08/20/1999 12/02/1999 Cyprus Amax Minerals Co Copper mining company Phelps Dodge Corp 1,990.5
7 09/24/1999 11/18/1999 ASARCO Inc Mine, smelt, refine metals Grupo Mexico SA de CV 1,073.3
8 06/21/2000 01/11/2001 Battle Mountain Gold Co Gold and silver mining svcs Newmont Mining Corp 794.2
9 06/25/2001 12/14/2001 Homestake Mining Co Gold,silver,copper mining Barrick Gold Corp 2,294.7
10 11/14/2001 In process Franco Nevada Mining Corp. Gold mining Newmont Mining Corp 4,777.9
11 11/21/2001 In process Normandy Mining Ltd. Gold mining Newmont Mining Corp 4,359.7
=====================================
Mean $1,674.0
Median 1,073.3
=====================================
Premium 1 Day Prior Premium 4 Weeks
Date Enterprise to Prior to
Announced Value Consideration P/CFPS Announcement Announcement
====================================================================================================
1 02/09/1998 851.6 Shares 5.1x -9.0% 36.5%
2 05/25/1998 300.0 Shares 12.2x 23.1% 36.6%
3 11/16/1998 887.0 Cash 16.4x 14.0% 33.0%
4 12/13/1998 1,094.1 Shares 187.4x 114.4% 90.8%
5 02/17/1999 493.4 Shares 45.3x 89.0% >100.0%
6 08/20/1999 2,574.6 Shares & Cash n.m. 36.5% 48.7%
7 09/24/1999 2,127.9 Cash 15.5x 56.6% 70.0%
8 06/21/2000 883.6 Shares 5.6x 25.0% 17.4%
9 06/25/2001 2,296.1 Shares 21.3x 31.1% 20.2%
10 11/14/2001 3,698.8 Shares 29.1x 28.4%
11 11/21/2001 5,310.7 Shares & Cash 15.9x 39.3% 44.4%
================================================================================================
Mean $1,865.3 18.5x(12) 1 40.8% 44.1%
Median 1,094.1 16.1x 2 31.1% 36.5%
================================================================================================
Source: Securities Data Corporation
1 Kinross Gold offered 0.8004 Kinross shares for each Amax Gold share.
Kinross shares closed at US$3.875 on the effective date.
2 Homestake offered 0.74 Homestake shares for each Prime Resources Group
share. Homestake shares closed at US$12.00 and exchange rate was
C$1.52/US$. Prime financial information in C$.
3 Vulcan offered US$31.00 per Calmat share.
4 Placer Dome offered 2.45 Placer shares for each Getchell share. Placer
shares closed at C$16.40 on the effective date and exchange rate was
C$1.4765/US$.
5 Barrick offered 0.463 Barrick shares for each Sutton share. Barrick shares
closed at US$16.25.
6 Phelps Dodge offered 0.2203 Phelps Dodge shares for each Cyprus share plus
$7.61 in cash. Phelps Dodge shares closed at US$54.625 on the effective
date.
7 Grupo Mexico offered $29.75 cash for each ASARCO share.
8 Newmont Mining offered 0.105 Newmont shares for each Battle Mountain
common share and each Battle Mountain Canada exchangeable shares. Newmont
closed at US$16.563 on the effective date.
9 Barrick offered 0.53 Barrick shares for each Homestake share, including
exchangeables. Barrick closed at US$16.37 on the effective date.
10 Newmont Mining is offering 0.8 Newmont shares for each Franco Nevada
share.
11 Newmont Mining is offering 0.385 Newmont shares plus A$0.50 per Normandy
share.
12 Average excluding Placer Dome/Gettchell.
RAYMOND JAMES 60 Kinam Gold Inc.