Client Support – Long Term and Integrated • PBS Coals is engaged in the mining and processing of high quality metallurgical and thermal coal in Somerset County, Pennsylvania • Cormark acted as sole advisor to PBS to refinance the Company to fund the expansion to 4.8 million tons of met and thermal coal production in 2011 • Cormark worked with PBS and shareholders to arrange a tax efficient going-public transaction in July/August 2008 • Cormark advised PBS on its sale to OAO Severstal, an international steel producer with over US$15.2 billion in annual revenues $1,350,000,000 Sale to OAO Severstal Sole Advisor November 2008 $360,000,000 RTO Private Placement Subscription Receipts Lead Bookrunner July 2008 $64,500,000 Pro Rata Private Placement Common Shares Sole Agent May 2008 $82,500,00

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