ZBA

ZAREBA issued on Monday 14th February: size of offer £1.5M
Shares in issue: 203.3million

Brian Moritz 10,000,000 5.0%, John Woolgar 5,000,000 2.5%,
James Burgess 10,000,000 5.0% , Jo Malins 10,000,000 5.0%
FGL Asset Management Ltd 10,000,000 5.0%, RAB Energy Fund Limited 10,000,000 5.0%

Business:
Making investments in the mining and minerals sector in Australasia, Africa and the former Soviet Union
website: http://www.zarebaplc.com


08 June 2005
INVESTMENT IN NAMIBIAN DIAMOND MINER
This investment of Namibian Dollars 500,000 (#40,000) has secured an interest of
5% of the total issued capital of a company currently commencing diamond
production in the Northern section of the Skeleton Coast area of Namibia.
Zareba has agreed to subscribe up to a further Namibian Dollars 1,500,000 on similar terms, should this be required.

Cash resources - June 2005 : £1.35million


30 September 2005
From the chairman's statement (Brian Moritz)
Zareba's first investment, announced on 8 June, was in a company developing a
diamond mine in Northern Namibia. The total investment represents
10% of the investee company, which is named Shelfco 21 Pty Limited.
The mine is scheduled to be formally opened on 15 October 2005 by the Minister of Mines and Energy of Namibia, and the opening is likely to appear on the Namibian national television.

Other investments are also under examination, including investments which would
constitute reverse acquisitions under the AIM rules, but no firm agreements for
such investments have been made.