Hello Bennett,

Given your familiarity with Baffinland and what ArcelorMittal paid for it: What do you
think would be a fair valuation of Baffinland, given what’s known about it today?

Right now, the funny thing is not so much that Baffinland is “the biggest Iron Ore deposit
in the world” which “was sold to AC Mital for next to nothing” (as you put it). In terms of
the “quick buck,” which rightfully worries you, the funny thing is ArcelorMittal, itself, right
now, is the “quick buck” waiting to be made.

Have you tracked it lately? What do you think? Friday, MT closed at $19.78. That gives it
a market capitalization of $30.87 billion, which is 54% of its book value (for the biggest
steel company in the world, employing over 260,000 people in 60 countries). Of course,
book value understates the real value of the world class iron resources.

Perhaps now, you can turn the tables. Don’t you agree, the irony is, presently, to a degree
rarely seen, it is ArcelorMittal which is low-hanging fruit? Given well-timed trades, in and
out, it will be you who is making the “quick buck.”