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

Page 2 Investment background

The demand
The niche
The Meretec Process
Added Value
Operations

Page 3 The Meretec process

Page 4 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.

Page 1
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 eco-
efficiency; 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.

Page 2
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.

Page 3
 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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