Fort Capital Investment Banking Pitch Book
Conclusion
Valuation and Fairness Opinion
It is the opinion of Fort Capital Partners that, based upon the preceding analysis, assumptions, limitations and
other relevant factors, the Fair Market Value range of the Corvus Shares is $3.40 to $4.20 per share and the
Consideration to be received under the Transaction is within the Fair Market Value range.
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As the Consideration of $4.10 falls within the range of Fair Market Value, it is the opinion of Fort Capital Partners
that, based upon the preceding analysis, assumptions, limitations and other relevant factors, the Consideration
to be received under the Transaction is fair, from a financial point of view, to the shareholders of Corvus,
excluding AngloGold
If agreement with respect to a transaction is reached, Fort Capital would be in a position to deliver to the Special
Committee its written Opinions for inclusion in a shareholders circular, based on the analysis contained in this presentation,
and assumptions, limitations and other relevant factors we would set forth
This presentation is highly confidential, and is not to be distributed to any parties other than as agreed by Fort Capital
Corvus
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