Coal of Africa Limited

Between 21 December 2006 and 8 June 2007 GCM purchased 20,300,000 shares in Coal of Africa Limited (CoAL) which as of 1 February 2010 represents 4% of its issued share capital. CoAL's principle activity is the exploration, development and mining of coal interests in South Africa. CoAL is listed on the Australian Stock Exchange, Johannesburg Stock Exchange and AIM. Mr Steve Bywater, the Chief Executive of GCM is a Non-Executive Director of CoAL.