1. Presentation to the European Investment Bank January 2012 SUKULU CARBONATITE PHOSPHATE PROJECT UGANDA

2. 2 The Developer  Madhvani International (MISA) was established in 1979 to recover assets of Madhvani Group in Uganda, confiscated by Idi Amin.  Madhvani Group and MISA manage, develop and invest in major agricultural, industrial, infrastructure and energy projects in Africa, Europe and India. The Madhvani Family owns and operates more than 25 business in 12 countries with 10,000 employees. Total assets exceed $500m with annual turnover of over $250 million.  Please visit www.kakirasugar.com and www.madhvani-misa.com. www.kakirasugar.comwww.madhvani-misa.comwww.kakirasugar.comwww.madhvani-misa.com  MISA’s affiliate Nilefos Minerals Ltd., a Uganda company, is developing the Sukulu deposit and secured an Investment License in December 2002.

3. 3 Nilefos Minerals Company Snapshot  Nilefos has a retention licence over Uganda’s largest phosphate deposit.  230Mt resource at 12.8% P 2 0 5  40% magnetite at 63% Fe  Nilefos has been working to develop this project for several years. Feasibility study to produce in 2 Phases 100K tons SSP/TSP and 1m tons rock is finalised. IRR > 18%  Nilefos has an experienced management team with strong local and international relationships.  Nilefos has made good progress in 2010-11 and is now ready to make the next step.  Phase 1 capex $ 180 million incl. working capital. Project finance in advanced stage. Total expenditure to-date $10 million  NML is privately held

4. 4 Tasks Completed To-date 1.Preliminary feasibility 1999/2001 2.Sampling and analyses – Initially done in 2001-02 with the help of Foskor (12 tons) and thereafter with SRK-USA (16 tons) in 2006. 3.Pilot and industrial trials – With Foskor/2002-03 SRK-RDI/2007-08. Pilot plant I set up in Tororo 4.Transportation Study completed in 2003-5. Conclusion investment $95 million for locomotives and wagons. RVR discussions inconclusive. 5.2005-06 Boundary Opening, Demarcation area and Surveying of site 6.Pitting of 25 pits at an average depth of 20 meters completed in 2006. 7.Port handling – Logistics survey concluded by 2007. 8.Wet beneficiation process technology – unique process developed to provide mine life > 35 years and highest quality phosphate ‘rock’. 9.Fertilizer market study for East African region conducted in conjunction with USAID in 2007-08. 10.Studies for iron beneficiation

5. 5 Tasks Completed To-date (cont.) 11.Bankable Feasibility Study: 1.Analysis of Bearden and Potter studies 2.Logistics studies 3.Preliminary feasibility study 4.Bench scale and pilot flow-sheets evaluated and finalized 5.Fertilizer market study for East Africa region 6.Publishing of pilot trials 7.Purchase and delivery of pilot plant 8.Slimes recovery study and optimization 9.Scoping study for the final BFS 12.EIA 1.Enumeration/sensitization activities 2006- to-date 2.Study on Socio – Economic Aspects Completed in June 2008. 3.Data collection for 90% of the residents at the site is completed in August 2008.

6. 6 Project scope Phase I  Phosphate rock 50/tph – 80K tpa  SAC – 250 tpd  PAC – 100 tpd  SSP/TSP – 50K-80K tpa Phase 2  Phosphate rock 1 m tons per annum  Tech/food grade acid  Tech/food grade salts

7. 7 Sukulu Project Features Positives  Near surface, and soft oxide core – low mining strip ratios  Ore body geometry and grade are relatively uniform.  Beneficiation process for high quality value addition  Sufficient resources for >30 years mine life  Access to power, road, and water  Government has agreed to re-locate and pay for re-settlement of residents – approx. $ 20 million  Project financing can be completed end 2012 Challenges  Balance Equity - $ 20-40 million  Distribution network for SSP/TSP fertilisers in East and Central Africa  Complete financing  Phase 2 Railway locomotives and wagons for export of volumes of rock

8. 8 Sukulu project site  Sukulu Hills are located adjacent to the town of Tororo in Eastern Uganda.  The site is 10km from the Kenya border  The main highway from Mombasa to Kampala joins the Northern edge of the site  The main railway line also runs adjacent to the site.  The main power line is next to the site.  Ample good labour is assured

9. 9 Sukulu location Sukulu Hills

10. 10 NML rock analysis SUKULU ANALYSIS Date of analysis 06-Mar-0724-04-07 H2O%0.100.32 P2O5 % (sur sec) 39.7640.00 Ca3(PO4)2 % (sur sec) 86.8887.41 Fe2O3 % (sur sec) 1.041.85 Al2O3 % (sur sec) 0.951.4 CaO % (sur sec) 52.0752.71 MgO % (sur sec) 0.060.09 CO2 % (sur sec) 0.180.2 CaCO3 % (sur sec) 0.410.45 As ppm (sur sec) 1.601.4 F % (sur sec) 2.082.68 CaF2 % (sur sec) 4.275.52 Mat Org% (sur sec) 0.210.3 SiO2 % (sur sec) 1.282.15 H2SO4 % (sur sec) 0.10.21 SO3 % (sur sec) 0.080.17 Insol HCl % (sur sec) 2.71

11. 11 NML rock analysis H2O comb. % (sur sec) 0.490.42 K2O % (sur sec) 0.040.03 Na2O % (sur sec) 0.330.52 Cl ppm (sur sec) 314117 Cd ppm (sur sec) < 0,1 TiO2 % (sur sec) 598563 V ppm (sur sec) 124 Facteur4.094.08 Granulométrie (refus cumulé) 2 mm 00 1 mm 0.020 20 mesh 0.020 40 mesh 0.040.12 60 mesh 0.120.4 80 mesh 0.40.7 100 mesh 0.41.4 200 mesh 7.420.3 270 mesh 17.436.5 H2O comb. % (sur sec) 0.490.42

12. 12 Next Steps  Confidentiality Agreement  Letter of Intent  Due diligence / Access to Data  Funding Agreement  Financial close  Project implementation