LME warehousing confidentiality and information barrier policy

1. Under the terms and conditions applicable to all LME listed warehouse companies (the "LME Warehouse Agreement"), Impala Terminals UK Ltd ("Impala UK") is obliged to comply with LME Notice 98/362, A:350, R:020, W:071(as amended from time to time) (the "LME Notice") relating to (i) the separation of LME Warehouses from LME Members; and (ii) the maintenance of confidentiality in respect of price sensitive and customer confidential information. Clause 6.3.3 of the LME Warehouse Agreement prohibits an LME Warehouse from revealing their stock of LME deliverable metal to any person with certain exceptions noted below.

2. This document contains the policies and procedures adopted by Impala UK for compliance with its obligations referred to in paragraph 1, above. No entity in the same group as Impala UK is a member of the LME and Impala UK does not have the power or authority to prescribe policies and procedures applicable to its shareholders or affiliates.

Confidential information

3. The LME Notice defines Confidential Information as any of the following in respect of a warehouse company's business ahead of general publication by the LME:

a. stock figures for LME deliverable metal;

b. all information relating to proposed or actual shipments of LME deliverable metal to be made or received by that warehouse company (including, in respect of shipments to be made by that warehouse company, any information of a commercially sensitive nature given to that warehouse company by the shipper, his agent or the recipient of that shipment, such as the identity of the customer, customs information, etc);

c. all information related to the issuance, holding and cancellation of LME warrants by that warehouse company; and

d. any other information in relation to specific LME brands which a warehouse company acquires through its warehousing activities.

4. Impala UK is prohibited from revealing Confidential Information to other entities (including Trafigura Beheer B.V. and its affiliates ("Trafigura")) except in the following circumstances:

a. information supplied to a customer (including Trafigura) about the stocks held for that customer

b. information supplied to a Warehouse's London Agent

c. information disclosed pursuant to any legal or regulatory requirement

d. information disclosed to a warehouse's professional advisers and to its usual bankers

e. historical information on aggregate stocks held by a Warehouse without differentiation between stocks held under LME Warrants and other stocks which is required to be disclosed to the shareholders of the Warehouse; or

f. historical information on aggregate stocks held by a warehouse without differentiation between stocks held under LME Warrants and other stocks which is required to be disclosed to a parent company of the Warehouse for the purpose of that parent company preparing its budgets and financial forecasts for the group.