For many years, we have adhered to a consistent, low-risk strategy for strengthening our gold mining business and creating per share value. 1 Produce More Gold Agnico-Eagle has the most robust gold production growth profile of any intermediate or senior gold producer, and is expected to rank among the highest in ounces of production per share. With the imminent start-up of the Lapa mine followed by the Pinos Altos mine, annual payable gold production is forecast to double in 2009. It is expected to double again in 2010 when the Meadowbank mine comes on-stream. From 276,762 ounces in 2008, we expect to grow gold production from existing projects to average more than 1.2 million ounces per year from 2010 to 2018. Additional growth is possible as our deposits continue to expand.   2 Grow Gold Reserves Agnico-Eagle boasts a strong record of growing reserves per share, having increased gold reserves 13.9 times from 1998 levels, while the number of shares outstanding has grown only 3.1 times during that same period. From 18.1 million ounces at year-end 2008, gold mineral reserves are targeted to grow to between 20 million and 21 million ounces by year-end 2010. We are focused on additional reserve conversion at Pinos Altos, Kittila and Meadowbank, and see the potential for these reserves to grow to 5 million ounce gold deposits. The company’s flagship LaRonde operation is currently a 5 million ounce gold reserve. In 2009, we will invest approximately $54 million in exploration, largely on proven land positions within our portfolio.   Gold reserves (millions of ounces)   3 Acquire Small, Think Big Kittila, Pinos Altos and Meadowbank began as small investments in promising gold deposits. We take a conservative and measured approach to acquisitions, seeking out opportunities in regions of low political risk which are well matched to our skills and abilities and can significantly strengthen the business. In 2008, Agnico-Eagle made two $50 million equity investments, including a 15.6% stake in Comaplex Minerals, which has an interest in a gold project in the same Kivalliq region as Meadowbank.   4 Be a Low-Cost Leader Low-cost production is a competitive advantage that positions Agnico-Eagle to deliver value, even in lower gold price environments. It has allowed the payment of consecutive annual dividends since 1981. Once full production rates are achieved at our new mines, we anticipate being in the lowest quartile of our peers in total cash costs per ounce of gold, averaging approximately $320 from 2010 to 2018. Even in strongly inflationary environments, the nature and location of our operations, our focus on operating efficiency and robust cost- control programs enable Agnico-Eagle to meet evolving cost challenges.   5 Maintain a Solid Financial Profile A strong balance sheet gives us the financial resources to fund our aggressive growth program. Mine development projects are fully funded, despite the recent downturn in byproduct metal prices. At December 31, 2008, the company had a cash balance of approximately $100 million, and approximately $340 million available under its credit facilities.