Sales & Trading Research Coverage Supporting Our Clients: An Integrated Approach Follow-on Financings A/B IPO Financing • Cormark is the dominant trader of Painted Pony shares from initiation of coverage to present • Since February 2010 Cormark has marketed the company visiting 16 cities on 8 separate occasions arranging over 117 meetings • Cormark has participated in all eight of Painted Pony’s offerings to-date for gross proceeds of over $359 million • Cormark has been the sole bookrunner on the two most recent offerings totaling over $183 million • Cormark took a leadership role in marketing the company to institutional investors • Cormark initiated research coverage on July 16, 2009 with a “Buy” rating and a $4.00 target price • Painted Pony has consistently been rated a “

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