Transaction update

Transaction update

Watermark Global

28 March 2012

Watermark Global Plc

(“Watermark” or the “Company”)

Posting of Circular

Watermark is pleased to advise shareholders that Capricorn Investment Holdings Limited (“Capricorn”) has received formal approval from the Johannesburg Stock Exchange (“JSE”) for the publication of its circular in connection with its acquisition of Watermark’s wholly-owned subsidiary, Western Utilities Corporation (Pty) Ltd. The circular will be posted to Capricorn shareholders on 30 March 2012 and is available from Capricorn’s website www.minerestoration.co.za An announcement by Capricorn to the JSE to this effect with a full timetable of events is also available on the same website.

Completion of this transaction, which is expected to occur on or around 28 May 2012, is conditional upon, inter alia, the approval of Capricorn shareholders at a general meeting which will take place on 30 April 2012 and the allotment and listing of the consideration shares being issued to Watermark. Capricorn shareholders will also be asked to approve the change in name of Capricorn to Mine Restoration Investments Limited at the general meeting.

Further announcements will be made as appropriate to update shareholders on the progress of the transaction.

Enquiries

Investor Relations

Charles Zorab Tel: + 44(0) 20 7233 1462

[e-mail]

Nominated Adviser: Cenkos Securities

Ian Soanes/Max Hartley Tel: [phone]