Supporting Our Clients: An Integrated Approach

A/B IPO Financing

Follow-on Financings

Research Coverage

Sales & Trading

Market Share July 16, 2009 to March 20, 2012

All Others

Cormark

20%
$10 Million
Class A Shares

$38 Million
Class A Shares

$20 Million
Class A Shares

$52 Million
Class A Shares

Co-Manager

Co-Manager

Co-Manager

Co-Manager

December 2007

April 2008

June 2009

November 2009

39%

$12 Million
Class A/B Units
Initial Public Offering

19%

Co-Manager
May 2007

$44 Million
Class A Shares

$80 Million
Class A Shares

$104 Million
Class A Shares

Co-Manager

Sole Bookrunner

Sole Bookrunner

August 2010

Cormark acted as
Co-Manager in
Painted Ponys
Initial Public
Offering of A/B
Units in May 2007

$27.00
$24.00

Dealer 4

November 2011

Cormark has participated in all eight of Painted

Ponys 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

6%
6%

10%

Dealer 2

Dealer 3

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 Buy or Top Pick
throughout Cormarks 56
additional research reports

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

P P Y.A Share P rice

C o rm ark Target P rice

$21.00
Share Price (C$)

February 2011

Dealer 1

$18.00
$15.00
$12.00
$9.00
$6.00
$3.00
$0.00
May- A ug- Oct- Dec- Feb- May- Jul- Sep- Dec- Feb- A pr07
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09

Jul- Sep- Nov- Jan- A pr- Jun- A ug- Nov- Jan- Mar- Jun- A ug- Oct- Dec- Mar09
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