INFORMATION MEMORANDUM

Date: 15 Oct 2009

Sector: Gold Exploration 12-Month Share Price Performance

Canada
Price: CAD 0.40
FD Shares 86,009,740
Outstanding:
Market Cap CAD 34.4 MM
FD:
Ticker: EXS-V
Market: TSX-Venture
Exploring for gold and base metals in the Abitibi Greenstone Belt (ABS)

HIGHLIGHTS
Timmins Porcupine West Property
Recent acquisition of 1,930 ha Timmins Porcupine West Property immediately to the
east and on strike with the Lakeshore West Timmins properties. This property has
been explored since 1927 by Dome Mines, Teck and Cameco but only down to the
350 metre level. 111 drill holes defined the presence of a large gold system, similar to
the Lakeshore and West Timmins discoveries, occurring along a major deformation
corridor traced by drilling for more than 2,000 metres along strike, up to 1,500
metres wide and more than 600 metres deep.

This property overlays a very large porphyry located in a splay fault corridor where
most of the Timmins mines have been found. This porphyry appears to be much
larger than that supporting the recent Lakeshore and West Timmins (Rusk Zone)
discoveries (e.g. 83m at 12.75g/t Au). The recent merger of the two companies have
resulted in a combined value of Can$1bn+.

Thunder Creek (West Timmins) encountered high grade gold bearing zones at vertical depths greater than 500 metres highlighted
by 83m at 12.75 g/t Au from 889.4m to 972m in depth. None of the drilling at Timmins Porcupine West has gone as deep with an
average hole depth of 300m. The target model is the Hollinger-McIntyre-Coniaurum (HMC) system that produced over 30,000,000
ozs gold.

Eastford Lake Gold Property PG-101 Gold Property

Location 90 kms east of the Timmins-Porcupine Mining Camp. This
3,100 ha property has been previously explored by Kennco
Exploration and Denison Mines. Recent drill results from the Lynx
zone include 16.6 g/t gold over 12m and 142.6g/t over 3m. A
follow up drill programme is planned.
2,386 ha property adjacent to the east boundary of St
Andrew Goldfield‟s Holt McDermott Mine Property. Recent
assay results from a 5 hole drill programme (974m) included
52g/t over 3m. Highway runs through east side of the
property.

Other Properties - Ontario

Kidd Creek Township Cu-Zn Property, 1.5 kms south of Xstrata‟s Kidd Creek Mine.
Montrose. 3,432 ha property 10 kms west of Northgate‟s Young Davidson Mine. High grade historic grab samples.

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 INFORMATION MEMORANDUM
Date: 15 Oct 2009
CORPORATE STRATEGY
 Focused exploration strategy on the Timmins Gold Camp.
 Test the deeper levels at Timmins Porcupine West.
 Follow up drilling at PG – 101.
 Establish new drill targets at Eastford Lake.
 Raise development funding via warrant exercise and private placement.
Property Visit Report
Following a recent property visit, I conclude that Explor
Resources (EXS-V) has the potential to join the historic
legendary mining companies in the AGB. The gold reserve
potential of the recently acquired Timmins Porcupine
West Gold Project (TPW), together with the Eastford
Lake and PG-101 properties comprise a portfolio more
commonly owned by the majors. The company deserves to
be compared to its immediate neighbours to the west,
because the TPW property appears to overlay a gold
porphyry significantly larger than that being developed by
Lakeshore Gold and West Timmins Mining.
EXS has a dominant land position along the Abitibi
Greenstone Belt („AGB‟), a geologic phenomenon which has
produced over 180,000,000 ounces of gold since 1910, and
centred around the mining town of Timmins, Ontario. There
is strong evidence that this extraordinary production history
will continue for many years yet due to the discovery of a
whole new gold bearing „camp‟ at depth west of the
Mattagami River fault (see Map - Appendix 1) by Lakeshore
Gold and West Timmins Mining. Lakeshore is in the process
of commissioning the West Timmins Mine project via the
acquisition of Holmer Gold Mines. Reserves are stated as
830,000 ozs (probable). This 1,000 tonne/day project has
an IRR of 38% at $600/gold. The mine is due to come on
stream in Q1 2010.
EXPLOR Resources has a number of 100% owned properties
along the AGB. The most prospective in my view, on the
basis of historic work on the property and the potential
indicated by 130 drill holes, is the 100% owned Timmins
Porcupine West property. This property immediately adjoins
the West Timmins Mining claims and runs north easterly to
and beyond the influential Mattagami River Fault. This
1,900 ha gold property appears to immediately overlay the
deeper discoveries to the west of Lakeshore and West
Timmins.
The Timmins Porcupine West claims were extensively drilled
by a number of mining companies in the past down to the
400 metre level. In 1984, Dome Exploration discovered and
delineated a gold mineralized zone approximately 350
metres long, 45 metres wide, and open below 350 metres
of vertical depth. This zone strikes east northeast and dips
to the north at 70 to 70 degrees. The gold mineralization to
date appears to be associated with a major deep seated
porphyry unit. It is now evident, from the work carried out
by Lakeshore and West Timmins that the main target will
probably be found below the 600 metre level. It will be the
aim of EXPLOR management, an experienced team of
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geologists and engineers, to drill for this deeper target in
the upcoming months as a priority. Two large Marcotte drills
with the capacity to drill 2,500m holes have been readied
on site with work due to start imminently.
On September 11th, the Company put out a news release
explaining the geologic model pertaining to the Timmins
Porcupine West property that is generally known as „The
Hollinger-McIntyre-Coniaurum System‟, a system that has
produced over 30 million ounces of gold to date. The
release details aspects of Explor‟s modelling, specifically the
association of gold mineralization with Quartz feldspar (QFP)
and syenite porphyry, found at both the Lakeshore and
West Timmins Properties. Because so much is known about
where and how the great discoveries along the AGB have
been made, Explor is able to state that the initial drill target
will be the intersections of the major (splay) faults and the
contacts of the favourable high Fe-tholeitic volcanic host
rocks especially near the synclinal fold hinge.
As Cameco, that owned the property for seven years, wrote
in an internal report in 2005: “The (drill results) although
not economic so far, are indicative of a large gold system.
The mineralization occurs along a major deformation
corridor traced by drilling for more than two kms along
strike, up to 1.5 kms wide and more than 600 metres
deep”. Further corroboration of the depth target.
Other Properties
Explor owns a 100% interest in two other properties to the
east of the AGB, Eastford Lake, where hole 7 intercepted
12.2m of 16.6 g/t in association with a large porphyry
structure and PG 101 where hole 2 intercepted 3m of 52 g/t
located less than 2 kms from the Holt McDermott Mine
which contained 2.01m ounces of gold.
Also: The Kidd South Property (a large land position
adjacent to the Kidd Creek Massive Sulphide Cu/Zn/Pb/Ag
property) and a large land position in East Bay, Quebec
surrounding the recent discovery by Clifton Star of a large
gold bearing zone including a drill intercept of 11.8m of
12.2 g/t.
I conclude that the valuation of Explor, currently trading in
a tight range on good volumes, is poised to move strongly
ahead on any encouraging news from the upcoming drill
programmes at PG -101, Eastford Lake and in due course,
Timmins Porcupine West.
2
 INFORMATION MEMORANDUM
Date: 15 Oct 2009

EXECUTIVE SUMMARY
The writer visited the Explor Resources Inc properties, Ontario from 26th – 30th August 2009. I was accompanied by Chris
Dupont, P.Eng. the CEO of Explor, and Mike Ballanger of Union Securities, Toronto.

Explor Resources is a TSX Venture listed junior gold explorer with a dominant 19,900 ha land
position in one of the world‟s most prolific gold camps – the Abitibi Greenstone Belt,
Ontario/Quebec (commonly known as the AGB). Explor has a market cap of Can$40m @
Can$0.50/share. The company is lead by Chris Dupont as CEO, a mining engineer with more
than 30 years of industry experience. He was chief engineer for Exall Resources, senior mining
engineer for Noranda in Timmins, mine manager for Normetal and projects manager for
Luzenac. Chris is well supported by a team of seasoned geologists either directly employed or
as consultants.

It was the discovery, in 1909, of the prospect that became the Dome Mine that started the gold rush to the AGB. The Hollinger
mine was first discovered in East Timmins in 1910 by Benny Hollinger, a barber by trade. Benny and his geologist partner, Alec
Gilles, sold their claims later to Noah Timmins who developed the mine. Approximately 65 million ounces of gold, and over 140
million tonnes of copper/zinc ore have been produced since then from several local mines, according to government sources.
This phenomenal production would not and could not have occurred had it not been underpinned by a rock-solid Canadian
mining law. There are variants in this law as they pertain to each province, environmental issues being paramount. However
Canadian mining law has withstood the challenges of an almost endless procession of Canadian world class discoveries,
diamond, gold, copper, nickel etc and emerged intact.

There is an abundance of power, water, paved highway access to all of Explor‟s AGB properties and an experienced workforce
in Timmins, a mining township of 50,000 people (also home to the singer Shania Twain) lying at the eastern end of the Gold
Belt.

West Timmins

Since 2005/6, an important new gold discovery has been made to the west of
the Mattagami River Fault, an influential structural feature that hitherto had
been thought to be the limit of the historic Destor Porcupine Fault zone, (also
known as the Timmins Gold Belt). Deep drilling by Holmer Gold Mines and
others over the past 10 years confirmed the theory that although most
significant discoveries along the AGB are associated with porphyry units
associated with north trending splay faults (Burrows-Benedict, Mattagami
River) creating a mineralised corridor, these faults displaced the mineralization
but did not cut it off.

Deep drilling to 800 meters by Lakeshore Gold and West Timmins Mining on
their jointly owned Rusk and Porphyry Gold Zones intersected some of the
thickest and highest grade intersections ever reported from the West Timmins
district including 8.86 g/t over 24.35 metres and more conclusively 83.40
metres (273.55 feet) grading 12.75 g/t (0.37 oz/t) from their Thunder
Creek/Rusk zone. A feature of the West Timmins discoveries is that their
structure gets wider and richer below the 800 meter level.

Lakeshore Gold is in the process of commissioning their new 1,000 tpd

underground Timmins gold mine due to commence production in Q1 2010.

Whilst I was in Canada, Lakeshore and West Timmins agreed a merger, valuing
the business combination at over Can$1bn. The merger consolidates an
important west Timmins land position as well as giving the Timmins Mine
access to West Timmins‟ higher grade ore at depth. Probable reserves of
around 850,000 ounces at the Timmins Mine will be substantially increased as
Lakeshore drifts east into the West Timmins Thunder/Creek Rusk zone, host to
the extraordinary gold intersection highlighted above.

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 INFORMATION MEMORANDUM
Date: 15 Oct 2009

The Explor AGB Portfolio

Explor has several claims along the Destor Porcupine Fault zone: to the east, the Eastford Lake zone, and the PG-101, and to
the west, the recently acquired and highly prospective Timmins Porcupine West property. This huge property (see map
Appendix 1) is sandwiched immediately to the east of the Thunder Creek discoveries of West Timmins Mining and Lakeshore
Gold and continues north east to the Mattagami River fault.

Timmins Porcupine West

Since we are in historic elephant country, I propose to

initially review the 100% owned Timmins Porcupine
West (TPW) property due to its immediate proximity
to the new Lakeshore/ Timmins combination, the
displacement/downthrow argument having not only
been proved but also a new producing mine at the 650
metre level being months away from production. The
relevance of these recent discoveries is that they lend
independent authority to the Explor model that
previous operators on the property didn‟t drill deep
enough and that a new major gold porphyry system
will probably be located below the 500 meter level.
Earlier drilling programmes by Dome Exploration,
Cameco and Teck on the Explor West property
terminated at the 400 metre level despite encouraging
intersections.

This property consists of 106 unpatented mining units

totalling 1,990 ha. The TPW property has been
explored since 1927 by numerous ground geophysical
surveys and approx 111 holes of diamond drilling. In 1984, Dome Mining, one of the founding father mining companies in the
district, discovered and delineated a mineralised gold zone 350 metres long and 45 metres wide. The zone strikes ENE and dips
70 to 80 degrees. Drill programmes by Teck, Cameco Gold and TOM Exploration Inc have extended the mineralization to 350
meters of depth. The gold mineralization to date appears to be associated with a major porphyry unit. The Target Model for this
property is known as the „Hollinger-McIntyre-Coniaurum (HMC) System‟ which has historically produced a total of over 30
million ounces of gold.

Explor Resources has two new, powerful Marcotte drills, capable of drilling to 2,500
meters on site. Subject to a combination of exercise of warrants which could bring
in approx Can$4,000,000 to the Explor treasury and a new financing in the
autumn, the company will prepare a programme to drill a sequence of deeper holes
below the levels of previous exploration. I conclude that the likelihood of
intersecting the same highly mineralised gold porphyry structure as
Lakeshore/Timmins, is high. Explor Resources has the land position and gold
bearing potential to earn a similar market rating as the companies to the west in
due course.

The size of the Timmins Porcupine West property and its geology based on historic
evidence to the east (a century of mining) and new discoveries to the West, (the
Lakeshore Mine), suggest world class and multi-million ounce gold potential.

Geologic Summary

The porphyry-hosted gold mineralization of the West Timmins Area (WTA) exhibits several of the structural and lithological
features typical of well-known world class gold camps. Its mineralization resembles that of the Porcupine Camp‟s Hollinger and
McIntyre Gold Mines. However, Leslie Tihor, a local geologist who has written a paper on the geology of the AGB, suggests that
there may be actually two distinct gold camps with two primary gold target types:

1. Hollinger/Mc Intyre type porphyry related gold deposits. The best examples are found on Explor‟s
Timmins Porcupine West Property.

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 INFORMATION MEMORANDUM
Date: 15 Oct 2009

2. Sediment-hosted Arsenopyrite/gold deposits. Examples are Lakeshore Gold‟s Timmins Mine (former
Holmer Mine) and West Timmins Mining‟s Thorne Property.
The Model

The world‟s major Archean and Proterozoic gold camps share certain key lithological, structural and chemical features. To
summarise the five key features:

1. Major gold camps are usually located adjacent to major regional thrust faults (Destor-Porcupine Fault
Zone, Larder Lake Break, Ashanti Structural Belt).
2. Presence of a precipitating agent. Pyrite in iron-rich volcanics (Kerr-Addison, Porcupine, Kirkland Lake)
or iron formation, manganese-rich metasediments and arsenopyrite (Ashanti) or graphite.
3. Rock competency contrast: mafic/ultramafic volcanic contacts, especially where secondary deformation
has created brecciation of the more brittle rock.
4. Intense regional and local carbonate alteration with the change calcite to dolomite to ankerite usually
vectoring towards strongest gold mineralization.
5. There is always syn, or post-deformational intrusive activity. This may take the form of quartz-feldspar
or feldspar porphyries (Porcupine and Ashanti), mafic syenite (Kirkland Lake), albitite dykes (Kerr
Addison), tholeiitic gabbro (Kalgoorlie) and mafic sills (Ashanti). Important gold deposits may be found
immediately adjacent to these intrusions (Hollinger and McIntyre Mines, Porcupine) or entirely within
them (Kirkland Lake and Kalgoorlie).
Comparing the Timmins Porcupine West to this Model

This property has environmental and gold occurrences which show potential for economic deposits of two main types:

a) The sheared regional sediment/volcanic contact which traverses the northern portion of the property
may contain economic deposits similar to the Ashanti Gold Camp of Ghana, West Africa (60 million
ounces). Drilling is likely to concentrate on portions of the contact that have coincident magnetic low
anomalies and/or where historic work has shown string carbonate alteration and/or gold mineralization.
b) The large highly deformed quartz-feldspar and syenite porphyries of the central portion of the property
contain many gold occurrences and have potential for large tonnage of low to locally high grade gold
mineralization similar to the porphyries of the Ashanti area and the great Hollinger and McIntyre Gold
Mines in Timmins. Most of these porphyries occupy a wide intense deformation zone striking roughly 230
degs (extension of the Destor-Porcupine Fault Zone).
The Diamond drilling programme will aim to fill in gaps in previous exploration and continue stepping out along strike to the
east and west.

A Brief History of Previous Work on the Timmins Porcupine West Property.

1945. The Hoyle Mining Company. Drilled a 1,195ft hole (364.235 metres) in the SW corner of the property intersecting
feldspar porphyry and felsic volcanics. (Note: This area is close to the recent WTM/LSG discovery.)

1981-84. Texasgulf Canada. Airborne EM and magnetic survey over townships west of Timmins. This survey covered the NW
of the TPW claims. Drilled seven overburden holes immediately north of the TPW boundary to test airborne conductors marking
the north sediment/mafic volcanic contact.

1984-1994. Placer Dome. Cut a north-south grid with 100m spaced lines. Mapped the property with two trenches
intersecting mafic volcanics. Completed an HLEM and magnetic survey in 1984 and VLF survey over the southern half of the
property in 1985. Completed 14 kms of IP work in 1987 and an additional 7.5 kms of IP in 1988. Following this work, a total of
81 holes were drilled totalling 20,143 metres over 4 years. All of this drilling targeted shallow mineralization above the 300m
elevation. The average depth of hole was approx 248.68 m.

1994-5. Teck Corporation. Optioned from Placer Dome. Programme included new line cutting and the drilling of four
diamond drill holes averaging 400 metres each.

1998. Cameco. optioned the property from Placer Dome. The agreement allowed Cameco (via a wholly owned private
subsidiary CGI) to earn a 100% interest in the property subject to a comprehensive work programme. Highlight summary:

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 INFORMATION MEMORANDUM
Date: 15 Oct 2009

a) May 2000. Four hole, 1,006m drill programme to test the gold-bearing porphyry discovered by Placer.
„Elevated gold‟ was discovered in all four holes with the best assay returning 11.4 g/t Au over 0.7m.
b) Nov 2000. 368m to test the mafic volcanic-sedimentary contact. Areas of bleaching, veining etc reported
similar to „Hoyle Pond‟. Weakly anomalous gold assays.
c) 2001. Three hole programme totalling 1,483 metres to test the mineralization at depth between 400 and
60 metres. All holes intersected gold mineralization hosted by strong deformed and altered quartz-
feldspar porphyry along a 300-400 metres wide deformation corridor. The best intervals returned 3.8 g/t
Au over 5.0m and 2.4 g/t Au over 6.1m.
d) The 2002 Cameco drilling programme was split into two phases totalling 5609m, a total of 13 holes. The
writer has more detail of this programme if required. In summary, all 2002 drill holes intersected
significant gold mineralization (Au greater than 1 g/t or Au greater than 0.2 g/t over 5.0m core length).
Our analysis is that “these results, although not economic so far, are indicative of a large gold system. It
is part of a major deformation corridor, traced by drilling for more than two kilometres along strike, up
to 1.5 kilometres wide and more than 600 metres deep”.
Several other similar gold-anomalous deformed and altered zones were intersected in all holes but they appeared discontinuous
and are difficult to correlate between drill holes.

Highlights included:

159.9 g/t Au/0.5m

4.5 g/t Au/2.5m
8.9 g/t Au/2.3m
7.5 g/t Au/1.0m
6.7 g/t Au/1.7m
7.9 g/t Au/3.0m

The Report concluded with a number of recommendations.

1. Additional drilling to follow up on the SW zone intersected in hole BRS02-12 (4.2g/t Au/3.4m). The next
closest hole to this is BRS02-11 nearly 400 metres away to the northeast. The other area to follow up
with drilling is the northeast extension of the East Zone (See Appendix xx) intersected in hole BRS02-16
(3.6g/t Au/5.5m). It is completely open to the northeast and at depth.
2. The gold mineralization previously indicated by Placer Dome and Teck differs from the main
mineralised zones as it is associated with quartz-tourmaline veinlet stockworks accompanied by pyrite
disseminations hosted by well-defined shear zones at the contact between QFP dykes and sediments.
This setting is more similar to the Timmins-style gold deposits and could be prospective for higher-grade
mineralization. There is a 600 metre-long prospective section between (BRS95-01) and (246-7) which
has not been tested by drilling and should be targeted. In addition the gold-bearing shear zones have
not been tested east of hole (248-18) and west of hole (BRS02-14).
3. All but three of the 13 2002 drill holes intersected significant gold mineralization over variable widths.
These results although not so far economic are indicative of a large gold system. The mineralization
occurs along a major deformation corridor traced by drilling for more than two kms along strike, up to
1.5 kms wide and more than 600 metres deep.

Dec 2005. Cameco transfers 100% of Property to TOM Exploration.

Note: The reason that Cameco abandoned these claims was because they were looking to exit Canada and focus entirely on
exploration for uranium. This was a root and branch policy decision. Quoting from their 2004 Annual Report:

“We have transferred substantially all our gold assets to Centerra Gold Inc as part of our strategy to unlock the value contained
in these gold properties.

In the longer term Cameco will look for the right opportunity to reduce its gold investment and ultimately to fully divest. It is
not our intention to sell quickly but rather to encourage Centerra to grow and gain value for Cameco‟s shareholders. The
decision whether to divest will also depend on the need to fund other investment opportunities in the nuclear energy business.”
Source: Page 30. Cameco 2004 Annual Report MD&A Section.

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 INFORMATION MEMORANDUM
Date: 15 Oct 2009

In Cameco‟s 2006 Annual Report (P. 46) the company states:

“Gold is not a core business for Cameco. Centerra was created as a vehicle for Cameco to eventually exit the gold business.
The geographic focus of Centerra‟s exploration, development and acquisition efforts is Central Asia, the former Soviet Union
and other emerging markets.”

By 2005, Cameco was the world‟s largest uranium producer.

“TOM carries out 10,000 metres of drilling and encounters two new significant mineralised gold zones. However with deeper
and expensive drilling now required, Tom elected to focus on developing their Lalonde Gold property in Ontario as a lower risk
option. It came down to cash, not potential.”

Other significant AGB Properties

Eastford Lake

Had it not been for the noise surrounding the West Timmins Mining Inc Rusk Zone
discoveries, it is likely that results at Eastford Lake would have been enough to
generate enough momentum and „buzz‟ for most explorers. In fact it was hole
number 7, 12.2m of 16.6 g/t that was the intercept that drove the Explor stock -
price to the old Can$0/90 high. The Eastford Lake property is comprised of 57
contiguous mining claims covering a total area of 3,140 ha. The Company has
completed 7 drill holes to date primarily to determine the location and direction of
the Lynx gold zone. The main vein of this zone seems to strike in a north-north
westerly direction and dips to the south-south westerly direction. Numerous rock
types have been identified including QFP, altered ultramafics, tholeiitic basalts and
metasediments: these are reminiscent of the style of gold mineralization found in major gold camps (e.g Hollinger-McIntyre
System and Dome Mine in the Porcupine Gold Camp).

MANAGEMENT
Chris Dupont P.Eng President and Director
 Over 30 years experience: senior mining engineer for Noranda, VP Exploration Tom Exploration, President Kayorum Gold
Mines Ltd. Considerable experience of the AGB.
 Chief engineer for Exall Resources (Gold Eagle Mines) sold to Goldcorp July 2008 for $1.2bn.
Jacques Frigon CFO/Director
 Lawyer involved in exploration since 1992.
Geoff Carter P.Eng. Director
 Mining Engineer with + 40 years in the mining industry and 30 years with public companies.
 Previously with Anglo American Plc, Hudson Bay Mining and Smelting, VP Inspiration Mining Corporation.
Mario Colantonio
 Engineer, active in the mining industry since 1980‟s; has held senior engineering management positions for AMEC and is
presently President of a privately owned engineering consultancy firm.

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 INFORMATION MEMORANDUM
Date: 15 Oct 2009

SHARE STRUCTURE

TSX Venture: EXS

Share Price: $0.40
Market Cap FD (mm): $34.4
52 week high/low: $0.48/$0.08

Shares o/s (mm): 65.1

Warrants o/s (mm): 14.1
Broker warrants (mm): 1.6
Option o/s (mm): 5.3
Fully diluted (mm) : 86.1

Warrant Exercise Prices

4,755,143 @ Can$0.50 Exp 11-8-2009

557,429 @ Can$0.50 Exp 12-21-2009
2,000,000 @ Can$0.30 Exp 11-7-2010
1,578,948 @ Can$0.24 Exp 12-30-2010
755,263 @ Can$0.24 Exp 12-31-2010
62,500 @ Can$0.30 Exp 12-31-2010
4,377,600 @ Can$ 0.24 Exp 02-31-2011
Total: 14,086,883

Broker Warrants

610,004 @ Can$0.35 Exp 11-8-2009

12,300 @ Can$0.20 Exp 12-31-2010
117,684 @ Can$ 0.19 Exp 06-30-2010
398,940 @ Can$0.20 Exp 11-07-2010
443,929 @ Can0.19 Exp 02-20-2011
Total: 1,582,857

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 INFORMATION MEMORANDUM
Date: 15 Oct 2009

CONTACT

SCARAB CAPITAL PARTNERS, LLP PARTNERS

2 Eaton Gate Andrew F. de P. Malim

London SW1W 9BJ Direct: +44.776.800.4809
United Kingdom Email: amalim@scarabcap.com
Tel. +44.203.043.0178
Fax. +44.203.043.0176 Owen Ryan
Direct: +44.771.077.8148
Email: oryan@scarabcap.com

Johannes T. Petersen
Direct: +44.796.722.8878
Email: jp@scarabcap.com

DISCLAIMER

This information memorandum does not provide individually tailored investment advice. It has been prepared without regard to
the individual financial circumstances and objectives of persons who receive it. The securities discussed in this information
memorandum may not be suitable for all investors. Scarab Capital Partners, LLP recommends that investors independently
evaluate particular investments and strategies, as the appropriateness of a particular investment or strategy will depend on an
investor‟s individual circumstances and objectives. This information memorandum is not an offer to buy or sell any security or
to participate in any trading strategy. Scarab Capital Partners, LLP employees and its affiliates not involved in the preparation
of this information memorandum may have investments in securities or derivatives of securities of companies mentioned in this
information memorandum, and may trade them in ways different from those discussed in this memorandum. Scarab Capital
Partners, LLP makes every effort to use reliable, comprehensive information, but we make no representation that it is accurate
or complete. We have no obligation to tell you when opinions or information in this memorandum change apart from when we
intend to discontinue research coverage of a subject company. With the exception of information regarding Scarab Capital
Partners, LLP, reports prepared by Scarab Capital Partners, LLP personnel are based on public information.

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