Private Banking Services & Trusts Mr Hong Kong, 22" August 2003 Dear Mr Me cestment Trust Ltd (“MITL”) As you are aware, you purchased MITL shares or 10% convertible loan stock as the result of a recommendation from our sales staff. During a recent inspection of our Hong Kong Client records, we have raised some concer as to whether investments offered by MITL were suitable instruments for clients of a registered Investment Adviser as there is not a readily available market for the trading of privately held shares. Therefore we have concluded that it would be appropriate to help to find you the opportunity to exit your position in MITL if you so wish You will know from recent communications from MITL, that the company is moving rapidly into what could be considered the final stage of the project which involves production commencement and ramp up at the East Chicago plant and the sale of the first Zine and Black Scrap as well as the hopefial introduction of industrial companies who may wish to invest in the project over the coming years. In the detailed budget for the plant, they are forecasting that Meretec (wholly owned by MITL) will process some 85,000 tonnes of steel scrap during its first twelve months of operation. This in turn will generate approximately 1,800 tonnes of high quality, particulate Zine. These forecasts are in line with the detailed long-term planning for the business. Ifyou area shareholder in MITL Meyado International Ltd, our assaciate company, is offering you the possibility of selling your MITL interests at a price equivalent to your initial investment, plus a premium of 6 %. Meyado Intemational Ltd, as your agent, wil] attempt to sell your interest in MITL over the next 3 months; there can be no guarantee that it will be successful. If you choose to do so you should be aware that any speculative returns that you were hoping to make in the future from MITL would cease and any future entitlement over and above what you would receive now would be null and void Operations Worldwide Aap inte Cn Ts tl Renee adeientepcaniaea a agate de Hoang eo tee tid ras os ees ‘Stier Pum Cen Sue wus SE HES thin Saget Carmen Mo, 7A Fac ai FEB) aay. nono, 2249023 Why not visit cur Wadd Wide Web site wwrwe.meyade.comIf you are a 10% Convertible loanstock holder, Meyado International Ltd, our associate company, is offering you the possibility of selling your MITL interests at 2 price equivalent to your initial investment, plus whatever interest has been accrued up unto the point of sale. Meyado International Ltd, as your agent, will attempt to sell your interest in MITL over the next 3 months; there can he no guarantee that it will be successful. If you choose to do so you should be aware that any fixed returns that you were hoping to make in the future from MITL would cease and any future entitlement over and above what you would receive now would be null and void Alternatively, you may wish to retain your investments in MIL. If'you choose to do so, you should be aware that MITL. is a private company and there is no readily available market in which the interests can be transferred easily. Further information is available at the MITL website www metalstrust com. Please be aware that we have informed the Securities and Futures Commission of our decision and that we will copy them into all communication on this issue. I shall be away from August 22"! until September 2™ inclusive and will be available to answer questions from 3" September onwards. Please notify Meyado CBHK Ltd of your decision by returning the enclosed reply slip on or before September 17". ‘Yours sincerely, Dr. J.A. Graham Brown Managing Director Meyado CBHK Lid ce, Securities & Futures CommissionTo: Meyado CBHK Lid 18/F One International Finance Centre 1 Harbour View Street Central Hong Kong (Attn, Dr. J.A. Graham Brown-Managing Director) Re. Metals Investment Trust Ltd (“MITL”) I refer to your letter dated 22" August 2003 in which you informed me that you expressed some concern as to whether investments offered by MITL were suitable investments of a registered investment advisor. Subsequent to that letter: a | wish to accept the offer and for Meyado International Limited to attempt to sell my interests in (units) of shares / 10% convertible loan stock of MITL to Meyado International Lid at a price equivalent to my initial investment (plus a premium of 6% if I hold shares). | am aware that any speculative or fixed returns that I was hoping to make in MITL. would cease and that any future entitlement would cease if you are successful and | understand that there can be no guarantee that my agents Meyado International Limited accept any liability for failure to complete a sale on my behalf. AX 1. do not wish to accept the offer by Meyado International Ltd to be my sales agent and wish to retain my investments in MITL st@ess/ convertible loan stock. I am aware that MITI is a private company and there is no readily available market in which the interests can be transferred easily (subject to the normal terms and conditions of my investment with MITL) and I have decided that | am happy to retain my interests with potential speculative returns or fixed interest at my own discretion Signature, Date (Name printed in full)