Mr. John Barakso reports

On Feb. 7, 2012, John J. Barakso acquired an aggregate of 1,359,524 common shares of Finlay Minerals Ltd. pursuant to the closing of Finlay's private placement financing. The shares were acquired at a purchase price of 5.25 Canadian cents representing an aggregate purchase price of $71,375 (Canadian).

Mr. Barakso further reports that, over the course of the previous 12 months, he has further acquired 536,500 common shares through purchases on the public market. Mr. Barakso has not disposed of any Finlay common shares since Finlay went public in 2002. Mr. Barakso now controls 20,236,800 common shares of Finlay representing 37.8 per cent of the issued and outstanding common shares of Finlay. Assuming the exercise of warrants and stock options, Mr. Barakso will have control of 25,896,384 common shares of Finlay representing 37.2 per cent of the fully diluted common shares of Finlay.

In addition, Mr. Barakso reports that, at the completion of Finlay's initial public offering in 2002, he controlled directly and indirectly 65 per cent of Finlay's issued and outstanding common shares. Through dilution over the years, he has variously held from 65 per cent to 35 per cent of Finlay's issued and outstanding common shares.

The common shares of Finlay were acquired by Mr. Barakso for investment purposes. Depending on Mr. Barakso's investment decisions, he may choose to purchase additional shares on the open market or in private transactions.

Mr. Barakso is Finlay's founder, director and chairman of the board.