INVESTMENTS

CLIFTON AFRICA LIMITED

We have a 70% shareholding in Clifton Africa Limited, the company has two contracts for affordable housing in Cote d'Ivoire and Ghana, In Cote d'Ivoire the executing company is called Stratton Estates Sarl and has a contract with the government to build up to 10,000 units over 10 years. This is a very good contract in one of the best performing economies in Africa. The budget for this project reads very well and we have been working closely with the company to raise the funding for it.

In Ghana they have a contract with the Army to build affordable housing for their soldiers. The contract is for 5000 units over 5 years of two, three and four bedroom bungalows. They are also working on a contract for student housing. The Ghana economy is not so good and they are just waiting for things to improve.

Other contracts are being looked at once the Cote d'Ivoire contract is underway.

CONSEC COMMODITY TRADING DMCC

We own 50% of this company. The company have spent the last few years building up a team that have both very strong end buyers and also reliable suppliers of the products we are trading in. We can supply products from both Africa and South America and are at this time working on trades in Copper cathodes, Copper concentrate, Gold Dore, Zinc, Lithium, Cobalt and White Sugar. We have large end buyers from Taiwan, Korea, China, UK , India and countries in Africa.

The company has offtake agreements with mines in Kenya and Ivory Coast and owns equity in these companies.