Notice of Hearing: In the Matter of Baffinland Iron Mines Corporation et al.

IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5 AS AMENDED

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BAFFINLAND IRON MINES CORPORATION, IRON ORE HOLDINGS, LP
AND
NUNAVUT IRON ORE ACQUISITION INC.

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IN THE MATTER OF AN APPLICATION BY
NUNAVUT IRON ORE ACQUISITION INC.

NOTICE OF HEARING
(Section 127)

TAKE NOTICE that the Ontario Securities Commission (the “Commission”) will hold a hearing (the “Hearing”) at its offices at 20 Queen Street West, 17^th Floor, Toronto, Ontario commencing on Wednesday, December 22, 2010, at 10:00 a.m. or as soon thereafter as the Hearing can be held;

TO CONSIDER whether it is in the public interest to make certain temporary cease trade orders in respect of the Shareholder Rights Plan of Baffinland Iron Mines Corporation as set out in the application by Nunavut Iron Ore Acquisition Inc. dated December 20, 2010.

Dated at Toronto this 21^st day of December, 2010