Update on Messina Liquidation ZCI Limited (Bermudian registration number 661:1969) JSE share code: ZCI ISIN: BMG9887P1068 Euronext share code: BMG9887P1068 ("ZCI" or the “Company") UPDATE ON MESSINA LIQUIDATION Shareholders are referred to the previous cautionary announcements released by ZCI in connection with the liquidation of Messina Copper (Botswana) Proprietary Limited (in Liquidation) (“Messina” or “MCB”). Capitalised terms defined in previous announcements have the same meaning when used herein. Shareholders are reminded that on 16 December 2016 it was resolved that the Messina Liquidator be authorised to accept an Amended Offer from Leboam Holdings Proprietary Limited (“Leboam”) in respect of the disposal of the assets of Messina dependent on certain suspensive conditions being satisfied (the “Transaction”). Shareholders are advised that on 18 January 2017 the parties to the Transaction agreed to amend certain of the terms relating to the consideration contemplated in the Amended Offer whereby upon the admission of the ordinary shares of Cradle Arc plc (“Cradle Arc”) to trading on AIM (“Admission”), ZCI will receive a US$9.9 million secured loan payable by Leboam over 33 months (which includes a 9 month capital repayment holiday) carrying interest at 13.5%; ordinary shares in Leboam representing 40% of the share capital of Leboam; and a US$21 million unsecured shareholder loan recorded in the books of account of Leboam in favour of ZCI. It is currently expected that Admission will become effective and that trading of Cradle Arc’s ordinary share capital will commence on AIM at 08h00 (GMT) on 24 January 2018 (for further information please visit www.cradlearc.com). The Company will provide updates to stakeholders as and when further information in relation to the above matters, including the full financial impact thereof, is available. Bermuda 23 January 2018 Sponsor: Bridge Capital Advisors Proprietary Limited Date: 23/01/2018 02:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.