Summ ary 18 H 1 2014 Del i v er ed a 15 R e turn on E qu i ty c ape x l o w er i n H2 2014 Fr ee c ash flo w posit i v e a t c urr en t g ol d p ri c es de c l i ning c as h c os ts s hould i mpr o v e thi s me tr i c on a g o f or w ar d b as i s Or g anic gr o wt h in 2015 and 2016 fr om Mi sh i pit fun ded thr ough c ash flo w Curr en t use of fr ee c as h us ed t o bu y back and r e ti r e sha r es and deb en tur es Opport un i ty t o div es t non c or e a ss e ts and t o us e W DO s i n fr as tr uct ur e f or t ol l mil l i ng or JV