Order: 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

AND

IN THE MATTER OF BAFFINLAND IRON MINES CORPORATION, IRON ORE
HOLDINGS, LP AND ITS WHOLLY-OWNED SUBSIDIARY NUNAVUT IRON ORE
ACQUISITION INC.

ORDER
(Section 127)

WHEREAS a shareholders rights plan was adopted by the Board of Directors of Baffinland Iron Mines Corporation (“Baffinland”) on December 18, 2010 (the “Rights Plan”);

AND WHEREAS all the parties involved in this matter have agreed to an order being issued substantially on the following terms;

AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order;

IT IS HEREBY ORDERED THAT:

The Rights Plan and all securities issued or to be issued under the Rights Plan shall be cease traded at 5:00 p.m. on Wednesday, December 29, 2010, unless waived by Baffinland with respect to all take-over bids prior to that time.

DATED at Toronto this 22^nd day of December, 2010.