Marula Mining

DISCLAIMER 2 The information and opinions contained in this document are provided as at the date hereof and are subject to amendment (without notice), further verification and completeness. This document is directed at investment professionals as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and at organisations of a kind described in and to whom Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (High Net Worth Companies, Unincorporated Associations, etc.) applies, and all such persons together are referred to herein as "relevant persons". This document must not be acted on, or relied on by, or passed on to (directly or indirectly) persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons (save as set out below). This document is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part for any purpose. This document is being provided to recipients on the basis that they keep confidential any information contained herein or otherwise made available, whether orally or in writing, in connection with the Company. Neither this document or any part of this document nor any copy of it may be sent to or taken into the United States of America, Canada, Australia, Japan, the Republic of South Africa or the Republic of Ireland, nor may it be distributed, directly or indirectly, to any US person (within the meaning of regulation S promulgated under the United States Securities Act of 1933, (as amended) (the "US Securities Act")). This document does not constitute an offer to buy or to subscribe for, or the solicitation of an offer to buy or to subscribe for, securities in the Company in any jurisdiction in which such an offer or solicitation is unlawful and is not for distribution in or into any of such jurisdictions. To the extent this document is received or used in jurisdictions outside the UK, any such recipient or user should inform themselves about and observe any applicable legal requirements. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. Potential investors who are concerned about possible tax implications of purchasing foreign securities, for their taxable status under their 'home country' (or other) tax regimes applicable to them, should consult their personal tax advisors. This document does not constitute or form any part of any offer or invitation or other solicitation or recommendation to purchase any securities in the Company and does not constitute or form part of a prospectus or admission document. No reliance may be placed for any purpose whatsoever on the information, representation or opinions contained in this document or in the oral presentation which accompanies it. Any decision to purchase or subscribe for securities in the Company in connection with the Offer should be made solely on the basis of the information contained in an admission document on the Company to be published in due course and any acquisition of securities in the Company should be made only on the basis of the information contained in such document. Neither the issue of this document nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right is reserved to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. In furnishing this document, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this document or to correct any inaccuracies in, or omissions from, this document which may become apparent. This document should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. Each party to whom this document is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters. Neither the Company nor any other person makes any guarantee, representation or warranty, express or implied, as to the accuracy, completeness or fairness of the information and opinions contained in this document, nor does the Company accept any responsibility or liability whatsoever for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection therewith. Certain statements contained in this document are or may constitute "forward looking statements". Such forward looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievement of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such risks, uncertainties and other factors include, among others, changes in the credit markets, changes in interest rates, changes in exchange rates (particularly in relation to the US Dollar), legislative and regulatory changes, changes in taxation regimes, and general economic and business conditions. Such forward- looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Any forward-looking statements speak only as at the date of this document. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this document to reflect any change in the Company's expectations with regard to these or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, the events described in the forward-looking statements in this document may not occur either partially or at all. Nothing in this Important Notice shall be effective to limit or exclude any liability which, by law or regulation, cannot be so limited or excluded.

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