Slide 0 - Proactive Investors

Marble Quarrying in Kosovo

Disclaimer
This document has been prepared by and is the sole responsibility of the directors (the "Directors") of Fox Marble Holdings Plc (the “Company"), and has
been prepared solely in connection with a presentation to be held in connection with the proposed admission of ordinary shares of the Company to trading
on the AIM market of London Stock Exchange plc (the "Offering"). Some of the information in this document is still in draft form and has not been legally
verified and will only be finalised in the final admission document relating to the Offering. This document is not an admission document or prospectus and
investors should not subscribe for or purchase any shares referred to in this document except on the basis of information in the final prospectus to be
published by the Company in due course. The information set out herein is subject to updating, completion, revision, verification and amendment, and such
information may change materially.
This document does not and is not intended to constitute, and should not be construed as, an offer, inducement, invitation or commitment to
purchase, subscribe to, provide or sell any securities, services or products of the Company in any jurisdiction or to provide any recommendations for
financial, securities, investment or other advice or to take any decision. You are encouraged to seek individual advice from your
personal, financial, legal, tax and other advisers before making any investment or financial decisions subscribing for or purchasing any securities.
None of the Directors nor Fox-Davies Capital Limited acting as Nominated adviser and joint broker to the Company ("Fox-Davies") nor Sanlam Securities
Limited acting as joint broker to the Company (“Sanlam Securities”) nor any of their directors, officers, employees, agents, affiliates or representatives or
advisers or any other person makes any representation or warranty, express or implied, as to the accuracy or completeness of the information or opinions
contained in this document. Nothing contained herein should be relied upon as a promise or representation as to the future. None of the Company, Fox-
Davies, Sanlam Securities nor their respective members, directors, officers, employees, agents, affiliates or representatives or advisers nor any other
person accepts any obligation or responsibility to advise any person of changes in the information set forth herein after the date hereof. Fox-Davies and
Sanlam Securities are acting for the Company in respect of the Offering and for no one else and will not be responsible to anyone other than the Company
for providing the protections afforded to clients of Fox-Davies and of Sanlam Securities nor for providing advice in relation to the Offering or any other matter
referred to herein. Further, neither Fox-Davies nor Sanlam Securities has authorised the contents of, or any part of, this document. To the fullest extent
permitted by law, none of the Company, Fox-Davies nor Sanlam Securities (nor their respective members, directors, officers, employees, agents or
representatives) nor any other person accepts any liability whatsoever for any errors, omissions or inaccuracies in such information or opinions or for any
loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this document or its contents or otherwise in connection
with the subject matter of this document or any transaction.
Certain statements in this document may be forward looking statements. By their nature, forward looking statements involve a number of risks, uncertainties
and assumptions about the Company and its subsidiaries and investments that could cause actual results or events to differ materially from those
expressed or implied by the forward looking statements. Forward looking statements contained in this document regarding past trends or activities should
not be taken as a representation that such trends or activities will continue in the future. The Company and the Financial Advisers do not undertake any
obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. You should not rely on
forward looking statements, which speak only as of the date of this document.
1

Disclaimer (continued)
This document is limited to and intended for distribution in the United Kingdom only to persons who (i) are qualified investors (within the meaning of the
Prospectus Directive 2003/71/EC) and (ii) who have professional experience in matters relating to investments who fall within the definition of "investment
professionals" in Article 19(5) of the FPO and/or to high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value
trusts as described in Article 49(2)(a) to (d) of the FPO or to those persons to whom it may otherwise be lawfully communicated (in each case referred to as
“Relevant Persons”). This document is only being provided by the Company to accredited investors (as defined in the Canadian National Instrument 45-106-
Prospectus and Registration Requirements) in Canada.
The information contained in this document is not intended to be viewed by, or distributed or passed on (directly or indirectly) to, and should not be acted
upon by any class of persons other than Relevant Persons.
None of the Company, Fox-Davies, Sanlam Securities, nor any adviser or person acting on their behalf, shall (without prejudice to any liability for fraudulent
misrepresentation) have any liability whatsoever for loss however arising, directly or indirectly, from the use of information or opinions communicated in
relation to this document. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be
engaged only with Relevant Persons.
This document is strictly confidential and is being provided to you solely for your information and for use at a presentation to be held in connection with the
Offering by the Company and may not be reproduced in any form or further distributed to any other person or published in whole or in part, for any purpose.
Any failure to comply with this restriction may constitute a violation of applicable securities laws. This document is not for publication, release or
distribution, directly or indirectly, and may not be taken or transmitted, in or into the United States, Canada, Japan, the Republic of South Africa or Australia
and may not be copied, forwarded, distributed or transmitted in or into the United States, Canada, Japan, the Republic of South Africa or Australia or any
other jurisdiction where to do so would be unlawful. The distribution of this document in any other jurisdictions may be restricted by law and persons into
whose possession this document comes should inform themselves about, and observe any such restrictions. Any failure to comply with such restrictions may
constitute a violation of the laws of the United States, Canada, Japan, the Republic of South Africa or Australia or any other such jurisdiction. By accepting
this document, you agree to be bound by these restrictions.
The securities referred to in this presentation have not been and will not be registered under the US Securities Act of 1933, as amended, (the „„US
Securities Act’‟) or under any securities laws of any state or other jurisdiction of the United States and may not be offered, sold, resold, taken
up, exercised, renounced, transferred or delivered, directly or indirectly, within the United States. There will be no public offer of the securities in the United
States. The securities will also not be registered under the applicable securities laws of Canada, Japan, the Republic of South Africa or Australia and, subject
to certain exemptions, may not be offered, sold, taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, within such
jurisdictions except pursuant to an applicable exemption from and in compliance with any applicable securities laws.
By attending this presentation and/or accepting a copy of this document, you agree to be bound by the foregoing limitations and, in particular, will be taken to
have represented, warranted and undertaken that you have read and agree to comply with the contents of this notice including without limitation the
obligation to keep this document and its contents confidential.
2

Key Selling Points
Substantial high quality
marble reserves
• In situ ~ €16 billion of marble resource (CPR: Golder Associates 2012)
• Full mining licenses granted in October 2011
• Quarrying operations commenced at Cervenilla and Malesheva
Attractive market
• Marble market shows long term positive growth trends and stable pricing
• First international company in Kosovo marble sector
• Low cost manufacturing base
Experienced management
team
• Extensive quarrying and marble experience
• Experience of working and operating in Kosovo
• Significant “plc” experience at Board level
Early cashflow
• Marble blocks are available for sale from Q2 2013
• Processing plant anticipated to be completed by Q1 2014 with slab sales anticipated Q1
2014
• Entered into an offtake agreement with Pisani Plc in Q2 2013
• Three sample blocks sold and shipped to potential long term customer in Lebanon Q3 2013
• Further enquiries from the USA, the UK, Korea, Africa and the Middle East
Opportunities
• Progressive dividend policy following repayment of any capitalised interest
• Establish Kosovo as a major marble industry centre
• Expand portfolio of quarries and production capacity
• Exploit growing demand for marble in BRIC economies and the Middle East
3

Overview
• Substantial JORC resource (91.3 million m³ indicated, 235.1
million m³ inferred) of high quality marble
• Mining licences awarded in October 2011
• Low cost, proven and established quarrying techniques
• Open pit, low overburden ratio for indicated resources
• Moderate topography in four of the six quarries
• Two quarry sites opened initially with subsequent two quarries
opening Q3 2013, ahead of schedule
• Marble block sales expected Q3 2013
• 2 quarries already in commercial production
• Plant to be located in Lipjan, central Kosovo
• Leading Italian company has completed design and specification
of plant and plans have been drawn up
• 10 hectare Factory site purchased Q2 2013 on 99 year lease
• Processed marble sales expected Q1 2014
• Good Infrastructure
• All sites, except one, next to access roads
• Water and electricity available in all sites except one
• Near to key markets in EU
• Durres port in Albania 6 hours by road from sites
4

Share Performance
Summary
Share Performance
Ticker:
FOX LN
Share Price: 17.75p
Market Cap:
£19.2M
52 Wk Range: 14.75 – 21.625p
Shs Outstanding: 108M
Shs Fully Diluted:
Debt:
Cash:
0.24
0.22
0.2
0.18
£
Volume, ‘00
0
2,000
1,800
1,600
1,400
1,200
Major Shareholders (fully diluted)
0.16
1,000
800
Mr Etrur Albani 19.2%
Mr Chris Gilbert 18.8%
Mr Dominic Redfern 9.9%
Majedie Asset Mgmt 6.95%
Amati Global Investors 4.9%
Mr Phillip Richards 4.9%
Artemis Inv Mgmt 2.3%
0.14
0.12
0.1
600
400
200
0
Analyst Coverage
Coverage Analyst Target Price
Fox Davies Capital Peter Rose 48p
Source: Bloomberg
5

Estimated Values of Properties
Quarry Area Classification Volume
(M cubic
metres)
Value per
cubic metre
Yield of quarry
Value in Euro
(€) (estimated) (€M)
Rahovec Cervenilla Indicated 32.51 400 33% 4, 290
Varrezat Indicated 16.83 200 33% 1, 110
Peja Parcel 1 Indicated 22.11 800 33% 5, 277
Parcel 2 Indicated 19.99 800 33% 5, 837
Total Indicated 91.3 16, 515
Rahovec Antena Inferred 97.2 (not evaluated)
Suhogerlla Inferred 36.6 (not evaluated)
Peja Parcel 3 Inferred 101.3 (not evaluated)
Total Inferred 235.1
Source: Golder Associates Competent Person’s Report May 2012
Value in € estimated from using 2005 USAID report published by KCBS Project team of Chemonics International Inc. for the US Agency for
International Development
6

Management
Executive Directors
Chris Gilbert
Chief Executive Officer
Substantial business development
experience in media and technology sector
Most recently backed by Cargill to
complete buy and build in music industry
and subsequently sold to Kohlberg Kravis
Roberts
Senior Management
Dr Ibrahim Milushi
Quality Control
Ph.D Geology
Worked at Institute of Geological Research
in Albania
Over 20 years in the mining sector
Dr Etrur Albani
Managing Director
Previously chief executive of PTK, the
national telephone company and largest
company in Kosovo
Formerly a director of Rex Marble, a
marble processing business
UK & Kosovan dual national
Professor Orlando Pandolfi
Quarry Strategy
20 years experience on quarry development
projects across numerous countries, former master
planner at Carrara quarries in Italy
Professional advisor on marble and safety
Fiona Hadfield
Finance Director
Chartered Accountant
Managed disposal to KKR
Previously at Deloitte LLP
Dr Naim Rrustemi
Health & Safety
Former MP in Kosovo
CEO of KIPA (Kosovo Institute for
Public Administration)
Former minister of education
Non Executive Directors
Andrew Allner
Non-Executive Chairman
Chairman of Marshalls plc, a hard
landscape products business
NED of CSR plc, Go-Ahead Group
plc, Northgate plc and AZ Electronic
Materials SA
Former partner at Price Waterhouse
Roy Harrison OBE
Non-Executive Director
Former CEO of Tarmac plc prior to
sale to Anglo American
Chairman of Renew Holdings plc
Former senior independent director
of BSS Group Plc
Sir Colin Terry KBE CB DL
Non-Executive Director
Chairman of Meggitt plc
Former Air Marshal of RAF
Fellow of Imperial College &
Royal Academy of Engineering
Chartered Engineer
Dr Paul Jourdan
Non-Executive Director
Co-founder and CEO of Amati Global
Investors
Former Head of Equities at Noble Fund
Group
7

Six Quarries in Kosovo
Peja
•Honey yellow onyx
•1,780,000 m²
•20+20 year lease
•20% royalty
•80km from Prishtine
Suhogerll
•Grey and white marble
•540,000 m²
•20 year lease
•25% royalty
•50km from Prishtine
Rahovec
•10+10 year lease
•3 quarries
•2,557,000 m²
•60km from Prishtine
Rahovec - Cervenilla
• Red and grey limestone
Rahovec - Verezat
• Grey dolomite
Rahovec - Antena
• Black basalt and grey granite
Rahovec - Drini
• Grey dolomite
Malesheva
• Grey/white and cream
• 20+20 year lease
• 21% royalty
• 50km from Prishtina
Prilep (Macedonia)
• Joint Venture arrangement
funded by 3 rd party partners
• Fox Marble receives 25%
gross royalty of quarry
revenue
• White Sivec
• 20+20 year lease
• 180km from Prishtina
8

Expected Timeline to Sales
Surface Clearing Quarry Equipment Polishing Plant Early Sales
Critical path to completing processing plant Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014
Order quarrying equipment and plant
Site overburden clearance
Quarrying equipment delivered to site
Commence extraction of blocks at two quarry sites
Marble blocks available for sale
Obtain building permit for plant, site preparation
Processing plant equipment delivered to site
Install plant on site, testing and trials of plant
Begin processing and selling marble slabs
Commence extraction of blocks at third and fourth sites
Source: Photographs on this slide are illustrative only.
9

Pricing
Prices of marble will vary considerably by type of stone, as well as for the appearance of the same kind of stone.
Processing of marble into polished slabs can substantially increase value.
Firm pricing is unavailable until wholesalers can verify large samples, and processing operations to confirm reliability of
the resource
The table below sets out the directors‟ understanding of available pricing, based upon the best independent data
available to the company at this time
Quarry Rahovec -
Cevenilla
Rahovec -
Verrezat
Rahovec -
Antena
Banja e Pejes
Marble colour Red /Light red Grey Black Honey yellow onyx White
Suhogerll
Grey with white &
yellow veins
Market value unprocessed
(1)
(€/m 3 )
€400-€800 €200-€400 Not available €800+ Not available Not available
Similar to (2) Rosso Bilbao Grey Emperador Nero Marquino Honey yellow onyx White Breccias Salome
Indicative market value
processed slabs (3) (€/m²)
Illustrative market value
processed (3) (€/m 3 )
€70-€120 €60-€110 €60-€110 €300-€345 Not available Not available
€2,100-€3,600 €1,800-€3,300 €1,800-€3,300 €9,000-€10,350 Not available Not available
(1) Market value is as per USAID report published in 2005 prepared by the KCBS Project team of Chemonics International Inc. for the United States Agency for International
Development.
(2) Estimated market value is based upon prices quoted for similar marble by major wholesalers in the UK. The Directors believe these will be a reasonable approximation of the sales
prices that will be available to the Company.
(3) Assuming an average cubic metre of stone would produce 30 slabs of 1 square metre. Based on Company market research
10

Cervenilla Quarry Site Preparation
Cabin for quarry site office delivered to site
Hydraulic excavator preparing the quarry bench
Surface resource measured
Marble block cut with diamond wire saw
11

Processing Marble Blocks Into Samples
First block quarried from Cervenilla, in
storage prior to processing
Slabs cut from the Cervenilla red marble
block
Sample tiles produced from the cut
slabs at the polishing station
Finished, polished marble tiles for samples
12

Operations at Cervenilla Quarry Site
Quarry bench development
Hot food provided for quarry workers
Diamond-wire saw in operation
Quarry master measuring block
13

Quarry Development at Cervenilla
Overburden removed and large resource prepared for cutting at Cervenilla Quarry
14

Cervenilla Cait Red slabs in Carrara, Italy
Large slabs of Cervinella Cait Red cut and polished
Close up of the material texture
15

Illustrative Marble Samples
Rahovec Cervenilla
Dark & light red and grey limestone
Rahovec Antena
Group sample black basalt and grey
granite. Gabbros and ultrabasics also on
site.
Rahovec Verezat
Light and dark grey dolomite
Suhogerll
Grey and white marble
Marble is a metamorphic rock composed
mostly of calcium carbonate, most
commonly calcite or dolomite
Coloured marble includes swirls/veins
usually due to mineral impurities (e.g.
clay, silt, sand, iron oxides or chert)
Selection is a function of aesthetics attached
with the particular purpose and end use
Stones are graded colour, pattern and grain
size
Rarity value will have an impact on price
Peja
Light brown, yellow honey coloured onyx
Prilep
White Sivec
Onyx is a cryptocrystalline sedimentary rock
with translucent characteristics and high
decorative appeal
White Sivec is a material chosen on many
high profile projects such as the Grand
Mosque in Abu Dhabi
16

Commercially Available Materials
Red Cervenilla Cait
Rosato Grey Cervenilla
White Sivec
Cremo Fiorito Olta
Illyric White
17

Market Analysis
• World dimension stone production was estimated
at 105 million tons in 2009 and 111.5 million tons
in 2010
• The top five producing countries in 2010 were
China, India, Turkey, Italy, and Iran
• Fragmented industry due to large number of
privately owned producers
• Worldwide resources of dimensional stone are
sufficient; however resources can be limited on a
local or regional level due to the lack of a
particular kind of stone
Marble producers 2010 (000 tons)
1%
1% 16%
30%
2% 1%
2%
5%
6%
12%
8%
7% 9%
China
India
Turkey
Italy
Iran
Brazil
Spain
Portugal
USA
Greece
France
South Africa
Others
Source: Data from XXII World Marble and Stones Report 2011 by Carlo C. Montani
18

Market Analysis
• The driving force in the sector is international trade
• Total value of dimensional stone international trade in 2009
was $14 billion
• In the last 15 years, shipping of marble has nearly tripled
with an average growth rate of 8.1%
Source: Data from XXI World Marble and Stones Report 2010 by Carlo C. Montani
• The largest exporter of processed stone product, is China
which exported 9.5 million metric tons in 2009, primarily to
South Korea (24%), Japan (12%) and the US (5%)
• In Europe, the largest exporter is Italy (1.4 million tons)
whose major markets lie in Germany (11%), Saudi Arabia
(9%) and the US (10%)
Source: Data from XXI World Marble and Stones Report 2010 by Carlo C. Montani
19

Demand for Marble
Global demand is divided into sale of processed
marble slabs and raw marble blocks
China is the largest importer of raw marble and
travertine with over 64% of the global trade
fuelled by growth in construction
Italy is the second largest importer of raw marble
and travertine, which it processes into finished
product for resale to the global market
The market for processed stone is far broader
than that for raw material; USA is the largest
importer, importing 3 million tons (15%) of
processed stone in 2010
The 7 largest European markets imported 2.7
million tons in 2010, with Germany and Belgium
leading consumption in Europe
Saudi Arabia represents a significant market for
high quality processed marble from Italy, Portugal
and Turkey
Source: Data from XXII World Marble and Stones Report 2011 by Carlo C. Montani
Source: Data from XXII World Marble and Stones Report 2011 by Carlo C. Montani
20

Kosovo Overview
Size Independence Official Recognition Capital
10,908 sq km 2008 80+ Countries
30+ Foreign Embassies
Pristina
(Prishtine)
Nation formed in 2008 following disintegration of the former Yugoslavia
Kosovo is in south east Europe (3 hours by air from London)
Multi ethnic state land locked by Albania, Macedonia, Serbia and Montenegro
Euro € currency adopted
Kosovo was a key provider to the economy of the former Yugoslavia - especially in natural resources
(dimension stones, bauxite, nickel, chrome, lead and zinc).
$21.2 billion of foreign direct investment
Peace accord signed between Kosovo and Serbia in April 2013, prior to application for membership to the
EU
21

Kosovo – Government & Law
Parliamentary Seats Cabinet Minsters Prime Minister Elections
120 23 Every 4 Years
Reserved seats for ethnic minorities
Presidential Elections
20 Every 5 Years
Democratic republic led by a President and Prime Minister
Current government is based on coalition
Administration of constitution overseen by EULEX and ICO
Constitutional court with 9 sitting judges
EU based legal system
President
Atifete Jahjaga
Prime Minister –
Hashim Thaci
22

Kosovo - People
Population Average Age Ethnicity
c.1.8 million 70% under 35
50% under 25
92% Albanian
Major Languages – Albanian, Serbian
Religion – Islam, Serbian Orthodox, Roman Catholic
Literacy rate 91.9%
Modern police force and education system
23

Kosovo - Economy
Currency Average monthly Wage GDP Per Capita
€ Euro ~€262 $6,600
Inflation Unemployment GDP
~3.5% ~45% $11.97 Billion
Member of World Bank and IMF since 2009
Member of Central European Free Trade Agreement (CEFTA) and Southeast European Cooperative
Initiative (SECI)
Principal economic activity – agriculture, mining & micro-enterprises
Low cost economy
24

Mining Law in Kosovo
Mining law has been developed from UN standard since 1999
Independent Commission on Mining & Metals (“ICMM”) oversees all applications and grants of mining rights
(www.kosovo-mining.org)
Exploration licence (2 years + 2)
Mining licence (25 years +25)
Royalties in relation to marble are €0.5 per cubic metre extracted
Corporate tax in Kosovo is 10%
Over 230 licences granted since 2005
Strong domestic knowledge base in Kosovo due to historic mining sector in the Yugoslav regime
25

Contact Information
The Company
Nominated Adviser
& Joint Broker
Joint Broker
Fox Marble Holdings plc
15 Kings Terrace
London NW1 0JP
44 (0)207 380 0999
Christopher Gilbert
Chief Executive
chris@foxmarble.net
Fox Davies
1 Tudor Street
London EC4Y 0AH
Daniel Fox-Davies
Managing Director, Head of Sales
Tel: 44 (0)20 3463 5060
daniel@fox-davies.com
Sanlam Securities
10 King William Street
London EC4N 7TW
Max Bascombe
Institutional Sales
Tel: 44 (0)20 7628 2200
max.bascombe@sanlamsecuritiesuk.com
Fiona Hadfield
Finance Director
fiona@foxmarble.net
Susan Walker
Director
Tel: 44 (0)20 3463 5028
susan.walker@fox-davies.com
26