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Reno De Medici - Cascades

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(M CAN$)<br />

1,600<br />

1,500<br />

1,400<br />

1,300<br />

1,200<br />

YTD 2011 DEBT REDUCTION<br />

1,454<br />

1,508<br />

1,462<br />

NET DEBT<br />

1,397<br />

1,445<br />

1,288<br />

Net debt down 10% since Q2 2010 through the sale of Dopaco<br />

1,360<br />

Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011<br />

Including net debt of <strong>Reno</strong> <strong>De</strong> <strong>Medici</strong> since Q2 2011 ($148M as of September 30, 2011).<br />

10

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