0. The Arctic Imperative Summit
Girdwood, Alaska
June 20th, 2011
Desjardins Securities Inc. is a wholly-owned subsidiary of the Desjardins Group

1. Access to Infrastructure/Financing
Introduction
Increased Resource Development in the Arctic and Alaska is Inevitable
Responsible and Sustainable Resource Development is the Goal of all Stakeholders
Responsible and Sustainable Resource Development and is ACHIEVABLE
Resource Development Driven by Positive Market Outlook (Strong Fundamentals)
Global Urbanization Declining Production Sustained High Commodity Prices   
Key Risks
Global Economy
Access to Infrastructure/Financing
Permitting
Slowdown in Global Economy
Rising Core Inflation
US $ Policy/End of QE2
Euro zone Weakness
Development Projects Increasingly Remote
Investors Require Minimum Risk Adjusted Return
Well Defined Timelines and Procedures are Essential to Attract Capital
Desjardins Securities is part of Desjardins Group, Canada’s 6th largest bank, is specialized in fundamental commodity research and providing advisory services to the global mining industry

2. Equity Capital Markets LTM Trading Performance – Mining Indices
S&P/TSX Capped Diversified Metals & Mining Index
S&P/TSX Global Mining Index
FTSE/JSE Mining Index
FTSE/All Share Mining Index
S&P/ASX 300 Metals & Mining Index

3. Desjardins’ Role – Integrated Advisory Approach
Mining Sector and Advisory Expertise
Desjardins has extensive contacts in the global mining industry, many of which would be interested in a major export coal development opportunity
We can provide relevant industry and company-specific feedback to ASRC to prioritize potential Partners / Buyers
We can review the financial and operating information of the Partners / Buyers and analyze their shareholder base and financial strength
Industry and Company Analysis
Valuation Analysis
Structure and M&A Tactics
Provide economic, industry and company-specific input
Review financial and operating information regarding the Partner / Buyer
Analyze the Partner / Buyer’s current shareholder base
Perform detailed value range analysis based on public and internal information of ASR
Comparable trading
Precedent transactions
DCF
Precedent premiums
Advise and assist in M&A tactics
Work with legal and tax advisors to determine the optimal transaction structure
Provide advice on structural alternatives in connection with the proposed transaction
Structure and manage all aspects of the competitive search / sale process, including final exclusive negotiations
Market Intelligence
Negotiations
Briefing and Documentation
Monitor market & rumors
Develop and implement a proactive communications strategy
Coordinate marketing message to all stakeholders
Lead the negotiation process between ASRC representatives and the targeted Partner / Buyer
Advise ASRC regarding the required pricing of the proposals
Assist in the preparation of any materials submitted to potentials Partners / Buyers to solicit higher / improved proposals
Advise and assist ASRC in preparing and delivering to the board, any materials required to consider and approve a transaction
Assist in preparing disclosure documents
Provide a fairness option to the board, if required
Desjardins’ team has the combination of M&A experience and industry contacts
to effectively advise global mining companies

4. Selected M&A Transaction Experience
Mining Sector Advisory Experience
Team members have advised on 21 publicly announced mining M&A transactions, totaling in excess of $85 bln since January 2005
Previous clients include: BHP Billiton, Xstrata, Vale SA, IAMGOLD, ArcelorMittal, China Development Bank / China Minmetals, Vedanta
Advised on Phelps Dodge’s $49 bln offer for Inco and Falconbridge
Advised on Xstrata’s winning $24 bln offer for Falconbridge
Gordon Glenn
Robert Chretien
$125 million Advised Spider on its sale to Cliffs Natural Resources
May 2010
$72 million Advised KGHM on its JV with Abacus Mining & Exploration
May 2010
$47 million
Advised Entrée Gold on its acquisition of PacMag Metals
June 2010
$485 million
Advised Skye on its sale to HudBay Minerals
August 2008
$176 million Advised CDPQ on its sale of Southern Star (US) to Morgan Stanley IP
March 2010
<$100 million
Advised Hathor on its acquisition of Northern Continental Resources
November 2009
<$100 million
Advised Solway on its minority interest purchase in Chariot Resources
October 2009
$2.5 billion
Advised IPIC on its acquisition of NOVA Chemicals
July 2009
$485 million
Advised on acquisition of 25% of silver production from Goldcorp’s Penasquito project
July 2007
$1.53 billion
Advised IAMGOLD on its acquisition of Cambor
November 2006
$24.1 billion Advised Xstrata on its acquisition of Falconbridge
August 2006
$388 million Advised Mexgold on its sale to Gammon Lake Resources
July 2006
$70 million
Advised Vedanta on its acquisition of Sterlite Gold
October 2006
$48.9 billion
Advised Phelps Dodge on its combined offer for Inco and Falconbridge
Withdrawn
September 2006
$173 million
Advised Hydro-Quebec Intl on its sale of power assets (Panama) to Enel
August 2006
$123 million
Advised Alliant Energy on its sale of power assets (China) to Banpu
March 2006

5. Desjardins’ Metals & Mining Team
Senior Leadership
Richard Nadeau
Managing Director
Vice-Chairman
Ken Manget
Head of Investment Banking
Paul Hardy
Head of Sales and Trading
Patrick Bartlett
Head of Research
Metals & Mining Investment Banking
Mergers & Acquisitions Investment Banking
Paul Carmel
Managing Director
Metals & Mining
Gorden Glenn
Navtej Sidhu
Associate
Vincent Metcalfe
Misha Plotkine
Analyst
Geoffrey Planas
Robert Chretien
Managing Director
Head of Mergers & Acquisitions
Salil Ratnaparkhe
Associate
Mergers & Acquisitions
Stuart Roberts
Marco Salvo
Eva Kubicka
Analyst
Alaska Resource Development
Research
Sales & Trading
ECM
Brian Christie
Vice President & Director
Senior Analyst Precious Metals
Graham Markham
Research Associate
Precious Metals
John Hughes
Senior Analyst Metals & Mining
Paul Medici
Metals & Mining
John Redstone
Aleem Ladak
Paul Pint
Vice President & Director
Head of Sales
Paul Sun
Institutional Sales & Trading
Chung Kim
Vice President
Beth Shaw
Managing Director
ECM & Syndication
Naglaa Pacheco
Vice President
Raymond Duong
Analyst

6. Desjardins Group
Desjardins Group is the largest financial institution in Québec, and 6th largest deposit taking institution in Canada, and the 6th largest cooperative in the world
More than 5.8 million retail banking customers (70% of the Québec population)
The largest private employer in Québec with 42,200 employees and 5,900 elected officers
Credit ratings of AA (DBRS), AA- (Standards and Poor’s) and Aa1 (Moody’s)
Desjardins continues to be the best capitalized financial institution in Canada with a Tier 1 Capital ratio of 17.3%
Named the Bank of the Year – Canada, by the Financial Times’ Banker Magazine
Desjardins Group comprises a network of financial services cooperatives, caisses and credit unions, and some twenty subsidiary companies in life and general insurance, securities brokerage, venture capital and asset management
Desjardins Group is an organization of caisses populaires and caisses d'économie (credit unions). The 513 caisses in Québec and Ontario and their 915 service centres are assembled under a single federation: the Fédération des caisses Desjardins du Québec
Federation des
Caisses
Desjardins du
Quebec
Wealth Management
and Life Insurance
General Insurance
Personal Services
Business Services
Securities -
Institutional
Caisse
Centrale
Venture
Capital
Asset
Management
Desjardins General
Insurance Group
Bank
Credit Union
Trust
DISNAT
Retail
Brokerage
Business Sectors
Carrefour

7. World’s 50 Safest Banks for 2010(3)
Desjardins Group: A Leading Canadian Financial Institution
Total Assets(1)
Employees in Canada
Branches in Canada(2)
Sixth largest bank in Canada and sixth largest cooperative financial group in the world
Third largest bank in Canada in terms of employees
More branches and service centers than any other bank in Canada for our 5.8 million members
World’s 50 Safest Banks for 2010(3)
Tier 1 Capital Ratio(4)
S&P Credit Rating
Ranked among the world’s safest banks, as per Global Finance 2010
Highest Tier 1 Capital ratio (17.6%) within the Canadian banking industry
Strong credit rating from all major agencies – AA (DBRS) and AA- (Standard and Poor’s)
(1) As of September 30, 2010 for Desjardins and as of October 31, 2010 for the other Canadian Banks; (2) Desjardins total branches is based on 1,396 service outlets, 113 points of service and 51 business centers; (3) Global Finance 2010; and (4) Tier 1 Capital Ratios for Desjardins as of September 30, 2010 and as of October 31, 2010 for the other Canadian Banks
Source: Company Reports and Bloomberg

8. A Canadian full service bank
Desjardins Group Business Lines
Key Takeaways
Desjardins Group
Full suite of banking services as Canada’s 6th largest bank
Fully integrated Capital Markets Group (Desjardins Securities) offers institutional clients research and sales and trading for both equity and fixed income, corporate finance, corporate banking, and retail distribution
Personal Services
Personal Banking Services
Mortgages
Credit Cards
Property and Casualty Insurance
Residential Insurance
Commercial Insurance
Group Property & Casualty Insurance
Wealth Management
Asset Management
Full Brokerage Services
Mutual Funds/ Segregated funds
Private Wealth Management
Business and Institutional Services
Capital Markets
SME Banking & Financing
International Financial Services
Venture Capital/ Private Equity
Cash Mgt/ Specialized Business Services
Invest. & Corp. Banking
Invest. & Corp. Banking
Equity Capital Markets
Equity Capital Markets
Fixed Income
Retail
20 investment banking professionals
20 corporate bankers for origination and syndication based in Montreal, Toronto and Calgary
12 foreign exchange and interest rate SWAP professionals and 10 treasury professionals
14 research analysts and 13 associates in Montreal, Toronto, Calgary
23 institutional sales and trading professionals
4 syndication professionals
4 DCM professionals responsible for origination and syndication
7 institutional traders, including a corporate trader and 2 proprietary traders
7 institutional sales professionals
4 retail fixed income sales and traders
3 preferred shares professionals
3 research analysts
3 structured credit professionals
325 investment advisors
Discount brokerage through Disnat Online
Full-service brokerage services through Desjardins Securities Investment Advisors, with 46 offices across Canada
A Canadian full service bank

9. Desjardins Group named Bank of the Year 2010 – Canada
Published by the British-based Financial Times Group, The Banker is an internationally renowned source for financial news
Desjardins Group was awarded Bank of the Year 2010 – Canada
According to The Banker, these awards reflect exceptional quality and innovation in the financial industry
Desjardins was selected for the following attributes:
Tier 1 capital ratio of 15.6% for 2009, up 18.5% over 2008
Gross impaired loan ratio of 0.46%, a rate more than three times lower than the other major Canadian banks
Highest credit ratings in the industry: S&P (AA-), Moody’s (Aa1), DBRS (AA)
Financial Performance Indicators
Community Involvement
6.5% of Desjardins Group’s surplus earnings are given back to the community; by comparison major Canadian businesses give back a median of 1.3%
Democratic Culture
In 2009, over 1,750 delegates of Desjardins’ caisses and credit unions attended a democratic governance conference to set strategic direction for the organization
Member Satisfaction
A 61% satisfaction rate (very satisfied) among individual members, compared to 56% for the other major Canadian banks
Sustainability Projects
The first Canadian financial institution to offer businesses energy-efficiency loans to help them reduce their greenhouse gas emissions
Dévelopment international Desjardins is focused on improving access to financial services in developing countries
Initiatives have enabled over 7 million families to access secure savings and credit facilities
Over $1 mln raised to support financial cooperatives in Haiti devastated by the earthquake in January 2010
Charitable Work