Research Report

March 15, 2010

MAJESTIC GOLD CORP. TARGET PRICE: $0.73 STRONG BUY

The Golden Eye Report is produced by Media Futures Limited, a worldwide provider of research on gold companies. This report is based on available information at the time of publication and does not constitute an offer or solicitation to buy or sell securities discussed herein in any jurisdiction. Investors should obtain advice based on their own individual circumstances before making an investment decision. For additional information on this company, investors are encouraged to contact the company directly or visit the companys website.

Media Futures Limited

21/F New World Tower One, 18 Queen's Road Central, Hong Kong Tel: +852-2782-8707, Fax: +852-3020-4257

Current Fair Value of Equity Fair Value (Mil) Fair Value per share De-risked upside potential Base scenario Optimistic scenario Un-risked Best case Company details Shares Quoted TSX Venture Frankfurt Shares issued (post close)

Highlights: $60,000,000 $0.30 Existing NI-43-101 Resource Estimate 1.2 Mi ounces Resource Update pending significant expansion expected In Production 1,500 tpd operation contract mining = low production costs Management with proven track record Technical and Financial teams have been here before Excellent entry point = low Market Cap

$0.50 $0.73 $1.54

MJS.V A0BK1D 396,299,986

Company Profile Majestic Gold Corp. is a Vancouver-based; TSX Venture Exchange and Frankfurt Exchange listed gold exploration and development company with a very advanced gold deposit in Shandong province of China. The company has a, NI 43-101-compliant, indicated and inferred gold resource on its Song Jiagou property with plans to publish a new resource estimate soon. A recently announced deal will increase Majestics effective ownership from 54 to 94% and has allowed the property to commence production at an initial rate of 1,500 tpd. Majestic is operating a gold mine. With a contract that fixes operating costs and allows use of land and equipment, Majestic will be cash flow positive in a matter of months Earnings in excess of $3.5 million in current year growing to over $30 million in 2013 and beyond. Using conservative P/E Majestic should achieve valuations in excess of $225 million in short order. Our upside scenarios resulting from consolidated financials from current projects indicate potential values in excess of $485 million for the company. Further upside potential will be derived from expanding the current mineable resources on the Song Jiagou property and from defining additional resources on other projects in China and developing them through to mining stage.

Overview Majestic Gold is a mineral exploration company focused on exploration and development of gold projects in China. The company currently has one main project on which prior work has demonstrated potential to host substantial gold ore bodies and is currently being exploited on a small scale. Rod Husband a geologist with more than 20 years of international exploration experience heads the company and recently hired Mike Hibbitts, a proven mine builder to guide the company through development and mining. The geographical focus is on China, with a strategy of getting into projects where previous work has demonstrated the geological merits of the project. In this way, investors avoid the high-risk initial discovery stage. Building on the available information, the projects can move forward quickly. Another important element in the companys strategy is to work with projects that are well located with respect to transportation, water, power and other infrastructure. The Song Jiagou project is located in Yantai which is in the northeastern Shandong Province. This well-known gold producing region produces over 25% of Chinas annual gold, nearly 2.5 million of 9.3 million ounces per year. Various government geological teams started exploring Song Jiagou in the 1960s. The majority of exploration by the Chinese occurred between 1998 and 2004 with exploratory mining of the deposit by commencing in 2001. It is not uncommon in China for mining to begin before a project has been fully evaluated as the country has always tried to encourage state-owned operations to pay their own way through small-scale mining operations. Since acquiring the property in 2004, Majestic has quickly expanded the known Chinese resource of 150,000 ounces to its current size of approximately 1,200,000 ounces. With a revised estimate due in the coming weeks it is expected to once again increase the resource to nearly 2 million ounces. Majestic has recently announced plans to acquire the remaining interest in the Song Jiagou property and will use a contract miner to produce gold. This is an excellent overall strategy for growth that will allow the company to generate cash flows immediately, and in turn, will allow for further expansion of the mine and resulting in very significant cash flows within 2 years. Majestic will now focus on mining operations and work to increase production levels as quickly as possible and become a very significant gold mining company with expected production levels increasing to around 125,000 ounces per year. Valuation As a general rule, companies become easier to value as they get closer to generating cash flows and earnings. Prior to this stage a great deal of comparative and market research is required to determine what values can be assigned to projects. Proven resources have more value in the ground than do the inferred resources and any resource is worth more than a grass roots project. The following expected values are a guideline to demonstrate current and potential value in a company if certain factors occur in the direction that the company expects. Expected Fair Values
Risked Mineable Resource Song Jiagou 200,000,000 120,000,000 293,000,000 617,000,000 Total Value Value per share $ 0.50 $ 0.30 $ 0.73 $ 1.54

Base Case* Pessimistic Case** Optimistic Case*** Un-risked Best Case*****

200,000,000 120,000,000 293,000,000 617,000,000

All Cases use the current 400 million shares outstanding and have not allowed for additional equity to fund non-debt portion of exploration and development expenses *Base Case uses expected resource @ $100/oz **Pessimistic Case uses only existing resource @ $100/oz ***Optimistic Case uses 1,500 tpd expanding to 5,000 tpd ****Un-risked Best Case uses 10,000 tpd

Based on our review of available information a current value of $0.30 per share based on 400,000,000 shares outstanding is a fair evaluation and easily justified. Limited work is required to greatly enhance the value on a de-risked basis. If mine development proceeds as planned and Majestic continues to prove the feasibility of its project, total values in excess of $617 million are attainable for the company. Operating Environment History of gold From the first discoveries of gold in ancient times, its beauty and the ease with which it could be worked have inspired craftsmen to use it to create ornaments, not just for adornment, but as potent symbols of wealth and power. The first pure gold coins were struck by King Croesus of Lydia (present-day Turkey) during his reign between 560 and 547 BC and gold coins have continued as legal tender since that time. Gold as a reserve asset Central banks have been major holders of gold for more than 100 years and are expected to retain large stocks in future. They currently account for about 20% of above-ground stocks. The process of rebalancing reserve portfolios to adjust to changing conditions since the demise of the gold standard has led to a reduction in the amount of gold held by some central banks in the past ten years. This process may continue for some years to come. But the central banks have affirmed that gold will remain an important reserve asset for the foreseeable future and, importantly, since 1999 have accepted that sales be governed by international agreement. Price influences Historically gold mines are poor in precious yellow metal and despite all the difficulties the world production of gold was able to grow. It was multiplied by 4 in one century. However, since 2001 the world production of gold seems to have peaked. Gold production still has declined by 84 tonnes in 2008, despite a price of gold record ounces to 872 dollars. This year, the hierarchy of gold producing countries has been a further upset now that both China and Australia have overtaken South Africa as the most prolific gold producing countries. The peak of world gold production? Global mine production of gold was 2357 tons of gold in 2008, a decrease of 3.4% compared to that in 2007, and -10.9% compared to 2001. The price of an ounce of gold in 2008 averaged $872 compared with $695 in 2007 and $271 in 2001. Some of these results can be explained due to the lack of exploration that occurred in the late1990s and through 2003, but not nearly all. Gold mines have a much shorter time-line to production than porphyry copper mines and if exploration began in earnest in 2003/4, new discoveries should have been presented on-line by 2008. The reality is that the easy gold has been found and most of it has been mined out. The undeniable result will be the continuation of shirking mine supplies.

Gold production hit a peak in 2002 and has been declining each year since in spite of significant increases in prices since then

These charts illustrate the following: Wealthier countries consume more gold per capita than poorer ones Asia appears to have a higher affinity to gold than Europe and North America (relative wealth of India and South Korea versus Italy and US) Price has modest affect on per capita demand (average of 0.62 grams per person over last 9 years) 1997 Supply
Mine production Official sector sales Old gold scrap Net producer hedging Net disinvestment Total Supply 2527 326 631 504 229 4217 2574 363 1105 97 2602 477 615 506 2618 479 616 303 4139 4200 4016 2645 520 713 16 3894 4000 4181 2612 547 841 2620 617 944 2492 469 849 34 3844 4110 3907 2550 674 886 2471 328 1108

1998

1999

2000

2001

2002

2003

2004

2005

2006

Demand
Fabrication Jewelry Other Total Fabrication Bar hoarding/coins net producer de-hedging Net investment Total Demand 4217 3294 561 3855 362 3169 567 3736 174 3139 592 3731 269 3204 557 3761 242 15 229 4139 200 4200 4018 3894 3008 474 3482 261 151 2660 481 3141 264 412 184 4001 2482 513 2995 180 255 751 4181 2614 552 3166 257 422 2707 575 3282 263 86 480 4111 2280 639 2919 226 373 388 3906

3845

Gold price Mine Supply Deficit

331.29 1690

294.09 1565

278.57 1598

279.11 1400

271.04 1249

309.68 1389

363.32 1561

409.17 1353

444.45 1561

603.77 1435

The table shows the supply and demand for gold over a recent 10-year period and the following observations can be made: Price of gold affects demand for jewelry but has little affect on total demand Mine supply lags demand by an average of 1480 tonnes per year

Mine Production Price World Population Graph

This chart shows mine production (*10,000 oz) (red), gold price ($/10oz) (green) and population (in millions) (blue) from 1970 through 2008 and illustrates some interesting points: The last time the mine production trend line crossed below the population trend line, there was a significant spike in the price of gold. As the gap between mine production and population trend widens (1995-2002) the price of gold falls. Mine production shows little correlation to the price of gold Since 2002 the mine production-population gap is narrowing and if this trend continues, it will cross the population line in the next 2-3 years Operating in China It is now easier and more secure than ever for foreign mining companies to operate in China. Since the central government has taken several large strides to encourage foreign investment and participation in the development of China's mining industry since amending the laws regarding foreign investment in mining in 2003. These steps included: Issuance of new mineral law under the Ministry of Lands and Resources; Privatization and deregulation of the mining sector; Streamlining of permitting and approval procedures; Granting irrevocable and exclusive mining rights to foreign entities; Allowing the transfer of mining rights and; Relaxing of the rules regarding repatriation of capital profits There is no doubt that China has decided to enter the global mining arena and will continue to grow become a larger and more significant player in the industry. Consumption of all metal resources are rising in China more rapidly than any other country in the world and they are working to make ensure that they are in a position to service this demand.

Properties Song Jiagou Mine Introduction The Song Jiagou property is located on the Jaiodong peninsula in Muping County, the Shandong Province, the Peoples Republic of China. Gold production from the entire Jaiodong peninsula accounts for over 25% of Chinas annual gold production, presently estimated to be 288 tonnes or 9.3 million ounces. There are no known environmental liabilities and the necessary permits that are in place for the work being completed. History The area has been explored by various government geological teams since the 1960s. In 1998 the No.3 Geological Brigade conducted a detailed exploration in the Fayunkuang area and calculated a resource of 1.8 million tonnes with an average grade of 6.76 grams of gold per tonne gold. This estimate is considered relevant but of unknown reliability; it is not compliant with the standards of NI 43-101, and is included only for the purpose of historical documentation. During 1999 and 2000 Muping completed 20 shallow drill holes, and in 2003 carried out 1,600 meters of induced polarization geophysical surveying that resulted in the identification of nine anomalies. During 2003 2004, several of these anomalies were tested by drill holes. In total, 45 holes were drilled with an aggregate length of about 16,000 meters. Exploratory mining of the deposit by Muping commenced in 2001. Four levels have been developed, at elevations of 0, -40, -80, and -120 meters relative to sea level. Two parallel drifts about 300 meters in length have been driven on each of the levels within the trend of mineralization, and crosscuts have been established at 30-meter intervals along the strike zone. Mining has been intermittent; most stopes are from five to 10 meters in width, and most do not extend the full distance between crosscuts, however, several stopes have been developed for the full vertical interval between the third and fourth levels. In several areas, the relatively narrow stopes have been expanded laterally by room-and-pillar mining, presumably to exploit zones in which the distribution of gold mineralization is more extensive than normal. Regional Geology The Song Jiagou Property is situated in the Jiaodong gold province, along the southeastern margin of the North China craton. The tectonic evolution of China has been dominated by the interaction between, and the convergence, of a number of Precambrian microplates that have deformed sedimentary basins and accreted island arcs that developed along the intervening sutures. The two largest Precambrian blocks in China are the North China and Yangtze. Jiaodong Peninsula is located along the southeastern margin of the North China craton and on the western margin of the Pacific Plate. It is bounded to the west by the northeast-trending Tan-Lu fault zone that extends from the Yangtze River to the Russian Far East. To the south, the Jiaodong Peninsula extends into the Yangtze craton. Rocks on the peninsula were affected by two major orogenies, the Indosinian collision between the North China and Yangtze cratons, with the suture defined as the Qinling Dabie Sulu metamorphic belt (200 230 Ma), and the Yanshanian subduction of the Pacific plate beneath Eurasia during the Middle Jurassic. The Tan Lu fault zone has undergone hundreds of kilometers of left-lateral displacement between the Eurasia and Pacific plates, probably during the Mesozoic. The Jiaodong Peninsula is broadly divisible into two pre-Jurassic components: the Jiaobei Terrane in the north and the Su-Lu Terrane in the south. The two terranes are separated by the Wulian Qingdao Yantai suture and the Jiaolai or Laiyang basin, comprising Jurassic and Cretaceous-age sedimentary rocks. The Property is located in the eastern part of the Jiaobei Terrane. The Jiaobei Terrane is comprised of about 40% granitoid intrusions, 30% Archean greenstone, and the balance of Proterozoic and Mesozoic rock sequences and Quaternary alluvium. The Su-Lu terrane is characterized by the presence of high-pressure metamorphic minerals and is interpreted to be the eastern extension of the

Qinling Dabie belt, probably part of the leading edge of the Yangtze craton that was subducted during the Triassic collision. The granitoid rocks of the peninsula are dominated by Mesozoic-age intrusions as well as by Precambrian granitoids, but economic mineralization is exclusively associated with Mesozoic intrusives. Property Geology The Fayunkuang gold deposit is located along the northeastern margin of the Jiaolai Basin, about 10 kilometers northeast of the geologically similar and well-documented Pengjiakuang gold deposit. Paleoproterozoic metamorphic rocks of the Jingshan Group are mainly distributed to the north of the basin and are comprised of biotite granulite, graphite-bearing gneiss, leucogranulite and marble. Cretaceous-age rocks comprised of conglomerate and sandstone of the Liayang Group, volcanics of the Qingshan Group, and mudstone and shale of the Wangshi Group are distributed to the south. The Property is underlain by polymictic conglomerate belonging to the Linshishan Formation, a member of the Liayang Group. Clasts are predominantly derived from granitoid Proterozoic gneiss, although mafic gneiss and clastic sedimentary clasts are present in subordinate quantities. Clasts vary in size from pebble to cobble, mostly in the range of 10 to 30 centimeters in diameter, and are typically well rounded. No sorting or stratification is recognizable in surface or underground exposures of the conglomerate at the Fayunkuang Mine. Early Mesozoic granites are widely distributed in the northern and eastern parts of the area. Mineralization is contained within shear or fault zones of the Zhuwu-Dianji Fault, along the basin margin and at or near the contact between metamorphic Proterozoic and overlying Cretaceous-age conglomeratic rocks. The fault zone strikes about 45o and dips 45o to 75o to the southeast. Alteration minerals associated with the fault zone include sericite, silica, pyrite, carbonate, chlorite and potassium feldspar and are present in a large halo around the fault zone and contained mineralization. Deposit types Gold occurrences on the Jiaodong Peninsula are of vein-type as well as disseminated and stockwork styles. The veins typically occur within second and third-order faults cutting Mesozoic granitoids and are relatively continuous, measuring from a few centimeters to several meters in thickness by as much as five kilometers in strike. The stockworks occur along first-order regional faults and are surrounded by broad alteration halos. The vein- type mineralization is appropriately described as mesothermal; the disseminated and stockwork style have some aspects of epithermal mineralization, but are both spatially and genetically associated with the veintype, and so can be considered a variant of that type. Mineralization Regional The Jiaodong gold province is divided from west to east into the Zhao-Ye, Xixia, and Muping-Rushan gold belts. The Property is located within the Muping-Rushan gold belt that is situated in the eastern part of the Jiaobei Terrane and contains about 20% of the gold reserves of the Jiaodong Peninsula. Gold deposits in this belt are hosted by the Early Proterozoic Jingshan Group metamorphic rocks, and by the Kunyushan Batholith, and the distribution of mineralization is commonly controlled by fault zones. Gold mineralization is characterized as either vein-filling type or as disseminated and stockwork type. Property The Fayunkuang deposit is situated to the southeast of the Zhuwu-Dianji Fault, within conglomerate of the Upper Cretaceous Linsishan Formation which unconformably overlies metamorphic rocks of the Proterozoic Jinshan Group. The fault strikes about 045 and dips from 45 to 75 to the southeast. Although the morphology of the underground workings suggests that most mineralization is confined to relatively narrow, linear zones, there is also evidence, by way of room-and-pillar stopes, that in some areas mineralization extends laterally away from the controlling structures for 10 or more meters.

The underground sampling carried out by Majestic, substantially confirms that the highest grades of gold mineralization are confined to relatively narrow, although vertically and horizontally persistent zones. Away from these higher-grade corridors, gold grades drop to 0.5 grams per tonne or less, with rare, interspersed higher values. The open cast mining operation begun in early 2005 indicates that at least one zone, is persistent over a vertical distance of a minimum of several hundred meters. The other zones, if extended to the surface, would underlie the present mine complex. Gold mineralization is associated with sulphides that include pyrite, chalcopyrite, galena, sphalerite and bornite. Gold is most abundantly associated with pyrite as a matrix cement in breccia, and sulphide veins. Galena and chalcopyrite are present in minor quantities. There is an apparent positive, however, not necessarily linear correlation between the abundance of pyrite and the abundance of gold. Conclusions Gold mineralization of the Song Jiagou deposit occurs within and around the surrounding fractures that cut Cretaceous-age conglomerates near the edge of a depositional basin. The deposit is characterized by a large envelope of gold mineralization with an average grade of about 0.5 g/t which contains irregularly distributed, highly restricted higher values of gold. The disposition of both the higher-grade values and the surrounding envelope is controlled by fractures that trend northeast and dip to the southeast. The resource is estimated by the inverse distance squared interpolation at a cutoff grade of 0.5 g/t gold and a capping level of 50 g/t is: Indicated 8.0 million tonnes at an average grade of 1.67 g/t gold and Inferred 18.1 million tonnes at an average grade of 1.28 g/t gold. At a cutoff grade of 0.5 g/t and a capping level of 50 g/t, the deposit is estimated by kriging to contain an Indicated resource of about 8.8 million tonnes at an average grade of 1.46 g/t gold, and an Inferred resource of about 18.2 million tonnes at an average grade of 1.26 g/t gold. Because of the high nugget effect, the inverse distance estimate is considered to be a more realistic estimate than the kriged estimate.

Projected Project Cash Flows

2010 1,500 405,000 1.32 17,190 0.85 14,611 $1,100 1,215,000 $16,072,379 2011 5,000 1,750,000 1.32 74,277 0.85 63,135 $1,100 5,250,000 $69,448,553 2012 5,000 1,750,000 1.32 74,277 0.85 63,135 $1,100 5,250,000 $69,448,553 2013 10,000 3,500,000 1.32 148,553 0.85 126,270 $1,100 10,500,000 $138,897,106 2014 10,000 3,500,000 1.32 148,553 0.85 126,270 $1,100 10,500,000 $138,897,106

Tonnes per day Tonnes per year Grade (avg g/t) Gold milled (oz) Recovery (%) oz produced $/oz Tonnes of waste Revenues Costs Mining/processing Waste Smelting/royalties Total Costs Net Revenues G/A costs EBIDT Taxes Profit

4,673,077 3,037,500 1,215,000 8,925,577 $7,146,802 1,000,000 $6,146,802 1,844,041 $4,302,762

20,192,308 13,125,000 5,250,000 38,567,308 $30,881,245 3,000,000 $27,881,245 8,364,374 $19,516,872

20,192,308 13,125,000 5,250,000 38,567,308 $30,881,245 3,000,000 $27,881,245 8,364,374 $19,516,872

40,384,615 26,250,000 10,500,000 77,134,615 $61,762,491 3,000,000 $58,762,491 17,628,747 $41,133,744

40,384,615 26,250,000 10,500,000 77,134,615 $61,762,491 3,000,000 $58,762,491 17,628,747 $41,133,744

Management and Directors Recent additions to the management team at Majestic completed the needed experience to succeed in the transition from an exploration to a production company. One of these recent additions is, Mike Hibbitts, a mine geologist with over 30 years of proven experience in leading companies through development and on to successful production, which is a key ingredient to the future success of Majestic. Rod Husband, P. Geo Position: President and Director Rod Husband has over 20 years of experience in all areas of economic geology. Mr. Husband is president of chief geologist for Pro Group Ltd and is presently on the board of Majestic Gold Corp., Global Hunter Corp., and Verona Development Corp Mike Hibbitts- P. Geo B.S. Geology Position: VP Development and Exploration 30 + years of extensive progressive experience from early exploration through feasibility, mine development and production. Mr. Hibbitts is an experienced officer of mining companies including New Gold Inc., Northgate Exploration Ltd., Royal Oak Mines, and Noranda Mines with a solid proven track record of exploration, development, production and safety. Rudy Brauer Position: Director Mr. Brauer has 20 years of international experience in the money brokering and investment banking business. He served as president and member of the board for several companies in Germany and the USA. His expertise is identifying the value of promising projects throughout various business sectors. Shaohui Chen Position: Director Former president of Northern China Planning and Design Institute of the Ministry of Chemical Industry and has over 25 years experiences in the mining industry. Dan Pisenti, B. Sc, CPA Position: Director Dan Pisenti has over 20 years experience in the mining industry including the past 15 years of providing investment advice as the president of Whitehall-Parker Securities, Inc.

Key Risks Majestic Gold holds several mineral concessions in China, however, none have yet received scoping or pre-feasibility studies. The company has a NI 43-101-compliant mineral resource for one project, however, the value of the company depends on the ability to further advance key prospects sufficiently to demonstrate in order economic viability. Although the companys key mineral prospects offers potential for success, each prospect can also carry significant risk. Majestics success depends on the company confirming existing resources will support mining To date, the Song Jiagou property has a NI 43-101-compliant mineral resource, and although it currently supports a mining operation, additional work is required to fully de-risk this project. We base our valuation of Majestic on the reasonable assumption that the company will prove the economic mineability of these resources. Failure to confirm these economics will materially affect our valuations. the companys ability to control capital and operating costs All the companys properties contain smaller-scale deposits at present, and development will require careful planning and execution. The typical project scale creates the risk that future cash flow will be insufficient to repay the required initial capital investment. Further, there is the risk that revenues will be insufficient to cover operating costs. Mining developments and operations continue to face significant inflationary pressures due to shortages of equipment, supplies and labour. We expect that these pressures have abated for the time being, however, there is a risk that inflationary pressures could exceed our assumed rates. Gold prices remaining robust Gold continues to trade at or near all time highs. Although our modeled price of $1,100/oz supports the economic viability of the companys projects, there is the risk of materially lower gold prices occurring in the longer term that could adversely affect our valuation. the companys ability to raise further funds for exploration and development Majestic is a junior exploration company with limited access to capital and we expect it will need increasing amounts of cash to fund its exploration programs. In addition, the company will need capital to cover development costs for its projects, should it have exploration success. The need for further private placements of Majestic shares could result in significant dilution to shareholders. the companys ability to obtain permits and environmental approvals Majestic is operating in China and although all necessary permits are currently in place to support current levels of mining, the company will have to complete detailed engineering and environmental assessments in order to obtain approvals for further project development. Although the risk of failing to obtain permission is low in this established district, there is the risk of added costs and delays.

Disclaimer This report has been forwarded to you solely for information and should not be considered as an offer or solicitation of an offer to sell, buy or subscribe to any securities or any derivative instrument or any other rights pertaining thereto. The information and opinions expressed in this report have been compiled from sources believed to be reliable but neither Media Future Limited nor any of its directors, officers or employees accept liability from any loss arising from the use hereof or makes any representations as to its accuracy and completeness. Any opinions, forecasts or estimates herein constitute a judgment as of the date of this report. There can be no assurance that future results or events will be consistent with any such opinions, forecast or estimates. Past performance should not be taken as an indication of future performance, and no representation or warranty, express or implied is made regarding future performance. This information is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the company and its subsidiaries. Media Future Limited is not agreeing nor is it required to update the opinions, forecasts or estimates contained herein. The value of any security or financial instrument mentioned in this report can fall as well as rise. Foreign currency denominated securities or financial instruments are subject to fluctuations in exchange rates that may have a positive or adverse effect on the value and price or income of such securities or financial instruments. Investors should seek financial advice regarding the appropriateness of investing in any securities or financial instruments or investment strategies discussed in this report. Media Future Limited (or its directors, officers or employees) may to the extent permitted by law, own or have a position in the securities or financial instruments of any company or related company referred to herein, and may add or dispose of any such position or may make a market or act as principle in any transaction in such securities or financial instruments. Directors of Media Future Limited may also be directors of any of the companies mentioned in this report Media Future Limited may from time to time provide or solicit investment banking or other financial services to, or from any company referred to herein. Media Future Limited (or its directors, officers or employees) may, to the extent permitted by law, act upon or use the information or opinions presented herein, or research or analysis on which they are based prior to the material being published.
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