In accordance with NASD Rule 2711 and IDA Policy No. 11, Salman Partners Inc. (“Salman Partners”) refers the reader to our website
(www.salmanpartners.com) for our firm’s specific disclosures, policies and procedures in respect of research analysts and research
reports. Salman Partners hereby confirms that as of the date of this report:
(i) the research analyst(s) referenced herein and any member of the research analyst’s household, or an individual directly
involved in the preparation of this report, does hold a financial interest in the securities of the company in this report;
(ii) the Pro Group holdings of the firm, whether long or short, do not exceed 1% of the outstanding securities of any class of
securities of the company mentioned in this report;
(iii) the research analyst(s) who prepared this report receives compensation that is based, in part, upon the firm’s overall investment
banking revenues;
(iv) Salman Partners Inc., including some or all of its officers, directors and employees, has provided services, including
investment banking services, to Curis Resources Ltd. during the past 24 months. Specifically, we acted as a Lead Agent for a
Cdn$5.91 million Initial Public Offering, which closed on November 24, 2010. Salman Partners Inc. may receive or may seek
compensation for investment banking services from the company herein within the next 3 months.
Salman Partners Inc., including some or all of its officers, directors and employees, has provided services, including investment
banking services, to Hana Mining Ltd. during the past 24 months. Specifically, we acted as Underwriter in a syndicate for a
Cdn$24.15 million bought deal common share offering that closed on May 20, 2010. Salman Partners Inc. may receive or may
seek compensation for investment banking services from the company herein within the next 3 months.
Salman Partners Inc., including some or all of its officers, directors and employees, has provided services, including investment
banking services, to Talon Metals Corp. during the past 24 months. Specifically, we acted as a Co-lead Underwriter for a
Cdn$28.75 million units offering that closed on April 29, 2011. Salman Partners Inc. may receive or may seek compensation for
investment banking services from the company herein within the next 3 months.
Salman Partners Inc., including some or all of its officers, directors and employees, have not provided services, including
investment banking services to the other company/companies herein during the past 24 months and may receive or may seek
compensation for investment banking services from the other company/companies herein within the next 3 months;
(v) Salman Partners Inc. does not make a market in the company’s/companies’ securities within the appropriate security laws;
(vi) no officer, director, employee or research analyst of the firm or a member of the research analyst’s household is an officer,
director or employee of the company/companies, nor does any officer, director, employee or research analyst of the firm or a
member of the research analyst’s household serve in any advisory capacity to the company/companies; and
(vii) other than what is disclosed above, Salman Partners Inc. is not aware of any actual, material conflicts of interest for the
research analyst, of which the research analyst knows or has reason to know in the preparation of this report.
(viii) an analyst/associate has visited some or all of the issuers’ material operations. Payment or reimbursement has been received, in
part or in whole, from the issuer(s) for travel costs in the past 12 months.
(ix) Analyst Certification: The views expressed in this report (which includes the rating assigned to the issuer’s shares as well as
the analytical substance and tone of the report) accurately reflect the personal views of the analyst(s) covering the subject
securities. No part of the analyst’s compensation was, is, or will be directly or indirectly related to the specific
recommendations.