ZCI : 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 visitwww.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