SHERBOURNE CAPITAL LIMITED - Equity Partners Funding

Equity Partners Funding

Sherbourne Capital Limited
(Previously trading as IFCA Technologies Limited)
Incorporated in the Republic of South Africa
(Registration number 2006/030759/06)
Share code: SHB ISIN: ZAE000165403
("Sherbourne" or “the Company”)

EQUITY PARTNERS FUNDING

Shareholders are advised that it has received its first funding from the Special Private Placement
Agreement (“SPPA”) as previously announced with Equity Partners Fund (“EPF”). The SPPA structure
known as equity line funding, has been in use in the United States for about ten years. Sherbourne is
making use of this structure to assist with its funding needs and is of the opinion that it provides a long
term solution and flexibility while not restricting the Company from raising additional capital at the same
time.

Sherbourne recently announced on SENS on 18 October 2012 the acquisition of 51% of Arkein
International Limited (“Arkein”) for a total purchase consideration of USD 9 562 500. This will be settled
by a cash payment of USD 3 750 000 over 5 months the details of which are:

    *    26 October 2012                          USD 625 000
    *    20 November 2012                         USD 625 000
    *    20 December 2012                         USD 625 000
    *    20 January 2013                          USD 937 500
    *    20 February 2013                         USD 937 500

A further USD 4 218 750 will be paid through the issue of Sherbourne ordinary shares at ZAR 0.50 per
share totaling 67 500 000 new shares, as well as a Control Premium of USD 1 593 750 payable within
three years.

Arkein is a Mauritian based investment holding company which focuses on early stage projects within the
industrials sectors across the African continent. Arkein currently has five active projects including but not
limited to:

    *    A Titanium pigment project in South Africa,

    *    A Methane extraction plant in Rwanda

    *    A Copper concentrate tolling concession in Zambia

The portfolio size under development is projected to be in excess of USD 500 000 000 over the next five
years.

Equity Partners Fund focuses on investments in public companies as well as private companies that will
be listed on a securities exchange within six months of a funding commitment. The fund invests in all
sectors including media, infrastructure, manufacturing, construction, mining, communications, healthcare
and finance.

Sandton
23 October 2012
Designated Adviser: Bridge Capital Advisors (Pty) Ltd

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