1. Lion Selection Group Ltd – a mining investment company Presentation by Howard Walker - March 2003

2. Lion Selection Group Limited The Team Lion Robin Widdup Chris Melloy Howard Walker Kevin Robinson AFL Mike Brook The Board Robin Widdup, Ewen Tyler, John OReilly & Graham Freestone The Team (previous J B Were Mining team)

3. Lion Selection Group Limited 1997 Plan Raised A$100 million 12 to 15 Investments $5m to $10m each 50/50 Australian / Overseas Gold / Metals Make Shareholders money 2 ways Growth projects Resource cycle

4. Lion Selection Group Limited Growth

5. Growth

6. Selection Process Filter Analyse (Visit) In-depth review (due diligence) Recommend Only work with people we know, like and trust.

7. Lion Selection Group Limited ASX Code:LSG Share Price:135¢ Shares Invested:100.1 m Market Cap:$135 m 2002 Net Profit:$9.5 m Dividend (Feb 03):3 cps NTA :125 cps

8. Lion Selection Group Limited 12 New Gold Mines Australia Golden Gift Empress Cracow Westonia Africa Tanzania North Mara Buckreef Kitongo Nyakafuru Botswana Mupane South East Asia Philippines Tampakan Rapu Rapu Java Cibaliung Lion Equity Gold : 4.5mozs (including 2.1mozs IRN)

9. Lion Selection Group Limited Lion vs US$ Gold Price

10. Lion Selection Group Limited 3 Examples East African Gold Mines Gallery Gold Lafayette Mining

11. Lion Selection Group Limited East African Gold Mines Ltd – 11%

12. Lion Selection Group Limited East African Gold Mines Limited New 210,000oz pa gold mine

13. Lion Selection Group Limited East African Gold Mines Limited Gokona cross section 12830E

14. Lion Selection Group Limited East African Gold Mines Limited Nyabigena North chargeability feature showing location of drill traverse

15. Lion Selection Group Limited Summary Right time in cycle for gold Keys to investment Growth & exploration Seek new mines & discoveries Lion offers multiple new mines Portfolio approach for investors Tax free profits and dividends