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Principal Differences Between Swedish Corporate Laws and Rules Applicable to SEMAFO in Canada

Dividends paid by SEMAFO Inc. to Canadian residents are eligible dividends for Canadian income tax purposes.

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The following is a list of analysts currently covering SEMAFO or have issued a report or opinion in the last year. This list is current to the best of the Company’s knowledge.
(As at May 28, 2014)

BMO Capital Markets Andrew Breichmanas 416-359-8387
CIBC World Markets Cosmos Chiu 416-594-7106
Clarus Securities Inc. Nana Sangmuah 416-343-3350
Cormark Securities Inc. Mike Kovak 416-943-6749
GMP Europe Felipe Martins (+44) 20-7016-1905
Goldman Sachs Andrew Quail 212-902-0515
Haywood Securities Inc. Kerry Smith 416-507-2306
Jennings Capital Stuart McDougall 416 304-3964
Macquarie Equities Research Ron Stewart 416-848-3512
National Bank Financial Raj Ray 416-507-8105
Paradigm Capital Don Blyth 416-360-3461
Raymond James Chris Thompson 604-659-8439
RBC Capital Markets Jonathan Guy (+44) 207 653-4603
Scotia Capital Ovais Habib 416-863-7141
TD Securities Steven Green 416 307 6304

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