Additional Regulatory Disclosures

Investment Research Disclosures

Investment analyst certification

This investment research is issued under the regulatory oversight of Brandon Hill Capital Limited and in accordance with the requirements of the FCA's rules.

Each Investment Analyst of Brandon Hill Capital Limited whose name appears as the Author of this Investment Research hereby certifies that the recommendations and opinions expressed in the Investment Research accurately reflect the Investment Analyst's personal, independent and objective views about any and all of the Designated Investments or Relevant Issuers discussed herein that are within such Investment Analyst's coverage universe.

Brandon Hill Capital Limited provides professional independent research services and all Analysts are free to determine which assignments they accept, and they are free to decline to publish any research notes if their views change.

Risk Qualifier:

SPECULATIVE: Stocks bear significantly higher risk that typically cannot be valued by normal fundamental criteria. Investments in the stock may result in material loss.

Research Disclosure Legend:

Description

1. The relevant issuer currently is, or in the past 12 months was, a client of Brandon Hill Capital Limited. During this period, Brandon Hill Capital Limited provided the following services to the relevant issuer:
A. investment banking services.
B. non-investment banking securities-related services.
C. non-securities related services.

In the past 12 months, Brandon Hill Capital Limited have received compensation for Corporate Finance/Investment Banking services from the relevant issuer.

3. In the past 12 months, Brandon Hill Capital Limited have been lead manager, co-lead manager or co-manager of a public offering of securities of the relevant issuer or any publicly disclosed offer of securities of the relevant issuer or in any related derivatives.

4. Brandon Hill Capital Limited acts as corporate broker for the relevant issuer and/or Brandon Hill Capital Limited may have an agreement with the relevant issuer relating to the provision of Corporate Finance/Investment Banking services.

5. Brandon Hill Capital Limited is a market maker or liquidity provider in the securities of the relevant issuer or in any related derivatives.

6. In the past 12 months, Brandon Hill Capital Limited, its partners, officers, directors, or any authoring analyst involved in the preparation of this investment research has provided services to the relevant issuer for remuneration, other than normal course investment advisory or trade execution services.

7. Brandon Hill Capital Limited intends to seek or expects to receive compensation for Corporate Finance/Investment Banking services from the relevant issuer in the next six months.

8. The authoring analyst, a member of the authoring analyst's household, or any individual directly involved in the preparation of this investment research, has a long position in the shares or derivatives, or has any other financial interest in the relevant issuer, the value of which increases as the value of the underlying equity increases.

9. The authoring analyst, a member of the authoring analyst's household, or any individual directly involved in the preparation of this investment research, has a short position in the shares or derivatives, or has any other financial interest in the relevant issuer, the value of which decreases as the value of the underlying equity decreases.

10. Those persons identified as the author(s) of this investment research, or any individual involved in the preparation of this investment research, have purchased/received shares in the relevant issuer prior to a public offering of those shares, and such person's name and details are disclosed above.

11. A partner, director, officer, employee or agent of Brandon Hill Capital Limited or a member of his/her household, is an officer, or director, or serves as an advisor or board member of the relevant issuer and/or one of its subsidiaries, and such person's name is disclosed above.

12. As of the month end immediately preceding the date of publication of this investment research, or the prior month end if publication is within 10 days following a month end, Brandon Hill Capital Limited, in the aggregate, beneficially owned 1% or more of any class of the total issued share capital or other common equity securities of the relevant issuer or held any other financial interests in the relevant issuer which are significant in relation to the investment research (as disclosed above).

13. As of the month end immediately preceding the date of publication of this investment research, or the prior month end if publication is within 10 days following a month end, the relevant issuer owned 1% or more of any class of the total issued share capital in Brandon Hill Capital Limited.

14. Other specific disclosures as described above.

About Brandon Hill Capital Limited

The authoring analysts who are responsible for the preparation of this investment research are employed by Brandon Hill Capital Limited, a securities broker-dealer with principal offices located in London (UK).

Brandon Hill Capital Limited has been advising and raising funds for the natural resource sector since February 2001. The firm specialises in assisting international resource companies gain access to the UK, European and North American capital markets and has a substantial background in emerging markets particularly in Africa, Asia, Russia and the CIS, raising over US$250mn in 2007.

Brandon Hill Capital Limited enjoys a successful track record in advising and undertaking fundraising transactions for its clients from private equity to IPO and secondary offerings and works with over 350 specialised institutional resource and emerging markets funds worldwide.

Brandon Hill Capital Limited provides professional advice based on effective analysis and research to assist its corporate clients in presenting their proposals to the investment community. Our strength lies in the oil & gas and mining sectors where as a company we have advised clients on AIM and ASX.

Brandon Hill Capital Limited is authorised and regulated by the Financial Conduct Authority (FCA) and is a member firm of the London Stock Exchange (LSE).

Managing Conflicts of Interest

This investment research has been prepared in accordance with Brandon Hill Capital Limited's policy on managing conflicts of interest, and information barriers or firewalls have been used where appropriate. Brandon Hill Capital Limited's policy is available under Regulatory Information: /. In this connection, we draw your attention to the specific disclosures stated or referred to in the investment research, together with the following matters.

The authoring analysts who are responsible for the preparation of this investment research have received (or will receive) compensation based upon (among other factors) the Corporate Finance/Investment Banking revenues and general profits of Brandon Hill Capital Limited as a whole. However, such authoring analysts have not received, and will not receive, compensation that is directly based upon or linked to one or more specific Corporate Finance/Investment Banking activities or transactions, or to recommendations contained in the investment research.

Brandon Hill Capital Limited may have a Corporate Finance/Investment Banking or other relationship with the company that is the subject of this investment research and may trade in any of the designated investments mentioned herein either for their own account or the accounts of their customers, in good faith or in the normal course of market making. Accordingly, Brandon Hill Capital Limited, principals or employees (other than the authoring analyst(s) who prepared this investment research) may at any time have a long or short position in any such designated investments, related designated investments or in options, futures or other derivative instruments based thereon.

Content of the research

The information contained in this investment research has been compiled by Brandon Hill Capital Limited from sources believed to be reliable, but (with the exception of the information about Brandon Hill Capital Limited) no representation or warranty, express or implied, is made by Brandon Hill Capital Limited or any other person as to its fairness, accuracy, completeness or correctness. Brandon Hill Capital Limited has not independently verified the facts, assumptions, and estimates contained herein.   Please note that unless otherwise stated, the share price used in this publication is taken at the close of business for the previous business day.

All estimates, opinions and other information contained in this investment research constitute Brandon Hill Capital Limited's judgement as of the date of this investment research, are subject to change without notice and are provided in good faith but without legal responsibility or liability.

In the event that this is compendium investment research (covering more than one relevant issuer), Brandon Hill Capital Limited may choose to provide specific disclosures of the subject companies by reference, as well as its policies and procedures regarding the dissemination of investment research. To access this material or for more information, please send a request to Brandon Hill Capital Limited Research, Attn: Disclosures, 1 Tudor Street, London EC4Y 0AH United Kingdom.

Brandon Hill Capital Limited salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and our proprietary trading desk that reflect opinions that are contrary to the opinions expressed in this investment research. Brandon Hill Capital Limited, proprietary trading desk, and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this investment research.

This investment research is provided for information purposes only and does not constitute an offer, solicitation, invitation or inducement to buy or sell any designated investments discussed herein. This investment research is not, and under no circumstances should be construed as, a solicitation to act as a securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction.

This material is prepared for general circulation and does not have regard to the investment objectives, financial situation or particular needs of any particular person.  It therefore does not constitute a personal recommendation to buy, sell or exercise any rights in relation to any designated investments discussed herein.  Investors should obtain advice based on their own individual circumstances before making an investment decision.

To the fullest extent as permitted by law, Brandon Hill Capital Limited or any other person accepts any liability whatsoever for any direct or consequential loss arising from or relating to any use of the information contained in this investment research.

Limitations on distribution

This investment research is only intended for the persons to whom it is addressed, in particular for persons in the categories described below.  No person must further distribute or pass on this research or its contents to any other person without the prior consent of Brandon Hill Capital Limited.
 
For United Kingdom Residents:
This material is not for distribution in the United Kingdom to retail clients, as defined under the rules of the Financial Conduct Authority. The information contained in this investment research is only intended for distribution in the UK to persons who qualify as professional clients or eligible counterparties, as defined under the rules of the Financial Conduct Authority.
 
For European Residents:

If this investment research is intended for disclosure in any jurisdiction other than the United Kingdom, then the relevant rules and regulatory requirements of that jurisdiction will apply.

For United States Residents:

BHC Capital Limited may distribute research in reliance on Rule 15a-6(a)(2) of the Securities and Exchange Act 1934 to persons that are major US Institutional investors, however, transactions in any securities must be effected through a US registered broker-dealer. Any failure to comply with this restriction may constitute a violation of the relevant country's laws for which BHC does not accept responsibility. By accepting this document you agree that you have read the above disclaimer and to be bound by the foregoing limitations/restrictions.

Additional information is available on request.

This document was produced by Brandon Hill Capital, a trading name of Brandon Hill Capital Limited ("BHC"), 1 Tudor Street, London EC4Y OAH. BHC is authorised and regulated by the Financial Conduct Authority ("the FCA") whose address is 25 The North Colonnade, Canary Wharf, London E14 5HS.

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