| 1. | Albidon Limited |
| 2. | Exco Resources Limited |
| 3. | Havilah Resources NL |
| 4. | Indophil Resources NL |
| 5. | Sphere Investments Limited |
| 6. | Westonia Mines Limited |
| 7. | African Lion |
| 8. | Asian Lion |
Investment Summary Table
| At 31/07/2008 | Code | Country/Commodity | Lion Selection Holding % |
Investment $m |
Market Value $m |
|---|---|---|---|---|---|
| Lion Direct Investments | (Direct or Indirect) | ||||
| Exco Resources | EXS | Australia – copper/gold | 10.4% | 6.6 | 7.5 |
| Havilah Resources | HAV | Australia – gold/base metals | 18.6% | 4.3 | 17.9 |
| Indophil Resources | IRN | Philippines – copper/gold | 24.7% | 22.6 | 128.9 |
| Westonia Mines | WEZ | Australia – gold | 44.4% | 14.6 | 7.8 |
| Other (Investments less than 2% of Net Assets & includes ARX, DEG and IAU) | 31.7 | 11.6 | |||
| African Lion Funds | |||||
| Albidon | ALB | Zambia –nickel | 5.3% | 3.3 | 23.3 |
| Sphere Investments | SPH | Mauritania – iron ore | 1.8% | 1.4 | 6.1 |
| Other including cash | 6.9 | ||||
| Asian Lion Fund | |||||
| Total invested (including cash) | 5.0 | 3.1 | |||
| Cash committed | 7.2 | 7.2 | |||
| Total Investments | 220.4 | ||||
| Operations – 30% Cracow | 61.9 | ||||
| Net Cash | 96.4 | ||||
| Net Tangible Assets (NTA) ($m) | 378.6 | ||||
| NTA before tax & diluted for options (cents per share) | 197.1c | ||||
| NTA after tax & diluted for options (cents per share) | 197.1c | ||||
For NTA purposes, all listed investments at market price.