Mitl Loan Stock Summary Document

METALS INVESTMENT TRUST LTD Offering: USD 6,048,000 Guaranteed fixed return product offering 10% interest per year for three years. Maturing 15th February 2005

Index Page 1

Introduction & the opportunity

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Investment background The demand The niche The Meretec Process Added Value Operations

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The Meretec process Conclusion

Index

Introduction This MITL issue represents a unique opportunity to exploit the outstanding investment potential of a young, exciting and dynamic eco-tech company, dominating its niche within an established and essential global market, with exceptional medium and long-term profit and growth forecasts.

The Opportunity Discerning investors require superior and flexible products that combine security with opportunity. This MITL issue has been designed to meet those needs by delivering the benefits of a dual investment strategy. As a Secured Convertible Loan Stock, this issue features a 10% coupon payable annually, and a three year maturity with the principle being redeemed at nominal face value. This issue is fully secured against copious MITL assets and provides a low-risk, fixed income instrument with the benefits of security and portfolio enhancement in a market of falling interest rates and low economic growth. As a second-tier strategy, this issue is also convertible into MITL common stock, providing investors with a low risk instrument for substantial capital gains through the eventual MITL initial public offering or future sale. Conversion can be exercised at maturity or earlier if it is beneficial to the investor. This issue is strictly limited to USD 6,048,000 in denominations of USD 50,000 and is being distributed exclusively by Meyado International Ltd.

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Investment background MITL removes the zinc coating from scrap galvanized steel before recycling, recovering premium-grade melt stock and high quality zinc dust as resources to sell with profit, whilst adding value to customers by preventing pollution and its associated costs. The demand Environmental considerations are now firmly and permanently on the boardroom agenda; corporations are facing the prospect of unlimited legal liability, increasing material and production costs, negative publicity and consumer rejection. Reducing the environmental impact of a company s output has become a strategic corporate goal. The solution is ecoefficiency; the combination of environmental considerations with the practical reality of business economics. The key components of eco-efficiency are pollution prevention (P2) and resource recovery (R2). The niche With its Meretec process, MITL is a world leader in P2R2 technology and the market leader in its niche. That niche is the multi-billion USD a year market of recycling galvanised steel. Steel is the most recycled material on earth, a process realised by melting scrap within the steel making and metal casting industries. But when melting galvanised steel, the zinc coating vaporises to become a costly contaminant, pollutant and chemical waste, with operational, metallurgical, and environmental consequences. The current costs and production penalties, plus the potential future legal liabilities, resulting from the collection, treatment, disposal and reuse of this waste are neither economically nor environmentally intelligent, when its production can be significantly reduced or eliminated altogether.

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Investment background The patented Meretec process removes the zinc coating before the recycling process, preventing the pollution that would otherwise be generated, and recovering the resources that would otherwise be lost. The Meretec process removes the zinc coating via a chemical reaction with sodium hydroxide in solution, leaving the steel in a virtually identical chemical state to when it was first produced. The Meretec process then recovers the zinc via electrowinning, a form of electrolysis, to produce zinc dust of 99.98% purity. The Meretec process is itself eco-efficient, with all processing chemicals being internally recycled, and only oxygen and hydrogen combined as water vapour, released into the atmosphere. The resulting residual-free steel is a premium-grade melt stock, the in-feed of choice for much of the metal casting industry. The high quality zinc dust is an altogether unique product, with highly specialised industrial and manufacturing applications, and realises a premium over the LME price. Added value For each tonne of galvanised steel processed, MITL generates approximately 60 USD of tangible added-value. MITL s profitability is only limited by the volume of galvanised steel that it can process. Operations Currently focusing on the US market, MITL is positioning itself to process the 2 million tonnes of scrap galvanised steel produced annually as stamping plant off-cuts by the US automotive industry. Additional growth will come from processing the galvanised steel from end-life automotive vehicles. Capitalising on 15 years of R&D in conjunction with the US Department of Energy, General Motors and the US Iron and Steel Association, MITL s 11-acre East Chicago facility is the world s first commercial operation and is only 26 weeks away from going on-line.

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Conclusion The MITL Secured Convertible Loan Stock provides both a secure fixed interest vehicle as well as the opportunity to convert into MITL stock providing opportunity. This MITL issue meets the demands of today s investor. In an economic climate where superior and intelligent investment opportunities are increasingly hard to find, MITL offers investors a unique instrument essential to the wellness of any portfolio. MITL is dedicated to a future of a better way of doing things. As an investor in MITL, you access that future now.

This fact sheet does not form part of any prospectus; it is intended for professional advisers only and if you are not a professional advisor you should read it in conjunction with the Key Features document or Prospectus. Applications should only be considered on the basis of the full prospectus for the offering concerned. An investment in the offering entails risks, which are described in the prospectus. However you should be aware that the value of Loan Stock, as well as the income you receive from them, can fall as well as rise and consequently you may not get back the amount originally invested. Past performance is not necessarily a guide to the future. Investing in Private Equity / Venture Capital caries a high level of risk as it may take some time before the proceeds of the investment can be realised. It may be impossible to exit the investment at a price that the Investment Advisor considers to be fair. Our charges may have to rise in the future, which could reduce the value of the investment. Changes in exchange rates between currencies may cause the value of your investment to diminish or increase. Performance of your investment may be affected by uncertainties in government policies, taxation, currency repatriation restrictions and other developments in the law and regulations of the countries it invests in. All or most of the protections provided by the UK regulatory system do not apply under this investment, compensation under the UK s investor Compensation scheme will not be available and UK cancellation rules do not apply. This fund does not attempt to track the performance index illustrated; it is merely shown as an indication of the performance of the market(s) in which the service invests. The service is available only in jurisdictions where its promotion and the sale are permitted. Nothing in this fact sheet should be construed as advice. The service is not offered for sale in the US, its territories or possessions, nor in any jurisdiction in which the service is not authorised to be publicly sold. This fact sheet had been issued by Meyado and does not promote the products of any other companies.

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