Cautionary Announcement

ZCCM INVESTMENTS HOLDINGS PLC

[Incorporated in the Republic of Zambia]

Company registration number: 771

Share Code: ZCCM -IH

ISIN: ZM0000000037

CAUTIONARY ANNOUNCEMENT

Shareholders of ZCCM Investments Holdings Plc ("ZCCM-IH") are advised that there are circumstances and developments relating to some companies where ZCCM-IH Plc has a shareholding, the full impact of which are currently being determined and which may have a material effect on the price of the company's securities.

The developments relate to the following:-

Offer by Barrick Gold Corporation:

·; Barrick Gold Corporation of Canada has offered to purchase all outstanding common shares of Equinox Minerals Limited ("Equinox") by way of a negotiated take-over bid as detailed in the announcement posted on the Equinox website [http://www.equinoxminerals.com]. Equinox currently owns 100% shares in Lumwana Mining Company Limited which operates in Zambia.

Offer by Vale Limited:

·; Vale Limited has issued an announcement of a firm intention to acquire the entire issued and to be issued ordinary share capital of Metorex Limited ("Metorex") as detailed in the announcement posted on the Metorex Limited website [http://www.metorexgroup.com]. Metorex owns 85% shares in Chibuluma Mines Plc which operates in Zambia.

Investors and the general public are hereby informed that ZCCM-IH has a circa 2% shareholding in Equinox Minerals Limited and a 15% shareholding in Chibuluma Mines Plc.

Accordingly shareholders are advised to exercise caution when dealing in the company's securities until a full announcement is made.

Lusaka, Zambia - 06 May 2011

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Sponsoring Broker

 STOCKBROKERS ZAMBIA LIMITED

[MEMBER OF THE LuSE and REGULATED BY THE SECURITIES AND EXCHANGE COMMISSION OF ZAMBIA]

FIRST ISSUED ON 06 May 2011