TR-1: Notifications of Major Interests in Shares

For filings with the FSA include the annex

For filings with issuer exclude the annex

TR-1: Notifications of Major Interests in Shares

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Polo Resources Limited

2. Reason for notification (yes/no)

An acquisition or disposal of voting rights

YES

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

NO

An event changing the breakdown of voting rights

NO

Other (please specify):______________

NO

3. Full name of person(s) subject to notification obligation:

Ingalls & Snyder LLC ("I&S") ") and Ingalls & Snyder Value Partners LP ("ISVP").

4. Full name of shareholder(s) (if different from 3):

I I&S, on behalf of its clients, has dispositive authority over (i.e. the power and authorisation to sell at I&S's discretion) 10,253,030 shares. In respect of 10,000,005 of such 10,253,030 shares ISVP (as beneficial owner) shares dispositive authority with I&S and has voting authority. Therefore, in respect of the 10,000,005 shares beneficially held by ISVP, I&S has and ISVP shares dispositive authority and ISVP has voting authority.

5. Date of transaction (and date on which the threshold is crossed or reached if different):

June 2, 2014

6. Date on which issuer notified:

June 10, 2014

7. Threshold(s) that is/are crossed or reached:

Interest less than 5% of issued share capital.

8: Notified Details

A: Voting rights attached to shares

Class/type of shares

If possible use ISIN code

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of shares

Number of voting rights

Number of shares

Number of voting rights

Percentage of voting rights

Direct

Indirect

Direct

Indirect

Ordinary Shares ISIN VGG6844A1075

11,843,995

-

10,253,030

See note 4 above. I&S has dispositive authority over 10,253,030 shares and ISVP has voting authority and shares dispositive authority in respect of 10,000,005 of such shares.

-

3.70% (Note: For these purposes we have assumed that dispositive authority is equivalent to voting rights).

-

B: Financial Instruments N/A

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ conversion period/date

No. of voting rights that may be acquired (if the instrument exercised/converted)

Percentage of voting rights

Total (A+B)

Number of voting rights

Percentage of voting rights

10,253,030 (Note: For these purposes we have assumed that dispositive authority is equivalent to voting rights.)

3.70% (Note: For these purposes we have assumed that dispositive authority is equivalent to voting rights).

9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable:

N/A

Proxy Voting:

10. Name of proxy holder:

N/A

11. Number of voting rights proxy holder will cease to hold:

N/A

12. Date on which proxy holder will cease to hold voting rights:

N/A

13. Additional information:

14 Contact name:

Frank Stolba

15. Contact telephone name:

(001) (212) 269 7814