21.7% 20.5% 14.8% 8.8% 5.2% 29.1% $0.00 $0.50 $1.00 $1.50 $2.00 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Share Price (C$) Iberian Minerals - Share Price Iberian Minerals - Cormark Target Price M&A Advisory Supporting Our Clients – Iberian Minerals Case Study Financing Leadership Trading Support Research Coverage • Cormark initiated research coverage on Iberian Minerals in August 2009 with a ‘Buy’ rating and $1.00 target price • Cormark was a top 3 trader of Iberian Minerals shares prior to the company’s acquisition by Trafigura • Cormark helped Iberian Minerals raise over $115 million in two equity financings between 2009 and 2011 • Cormark was selected by Iberian’s Special Committee to act as financial advisor and to provide a fairness opinion on

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