LION SELECTION GROUP LIMITED. — Net Asset Value 2015

May 12, 2015

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ASX RELEASE : LSX

One Asia Carrying Value and Lion Net Tangible Asset Backing

Lion Selection Group (Lion) and Asian Lion own a combined 35% equity interest in One Asia Resources (One Asia), an Australian unlisted public company. One Asia is focused on the development of two gold mines in Sulawesi, Indonesia.

As announced on 11 May 2015, One Asia has signed an MOU with Provident Capital Partners Pte Limited (Provident) for the establishment of a Joint Venture on the Pani Gold Project. One Asia subsequently announced a $2.6m partially underwritten Rights Issue at 18¢ps and consequently Lion has reduced its carrying value from 30¢ps to 18¢ps. Lion is underwriting $1.1m of the rights issue, along with support from Macquarie Bank and the introduction of new shareholder Mr Gavin Bradley. In addition, the Lion Board has approved Lion Manager to underwrite $100,000 of the rights issue.

Lion views the MOU with Provident and the One Asia Rights Issue as positive steps and stresses that a wide range in valuation exists for One Asia and the Pani Gold Project in particular. The One Asia Rights Issue price of 18¢ps gave Lion directors no alternative but to reduce the carrying value and notes the contrary message this may convey at a time of otherwise positive developments.

The purpose of the arrangement between Provident and One Asia, as outlined in the previous announcement, is to resolve the current Pani IUP dispute dating back to December 2013, working in co‐operation with the KUD Dharma Tani Marisa (KUD) and the local community to develop the Pani Project.

Craig Smyth, Chief Executive Officer, said “despite reducing the carrying value of One Asia in the Lion NTA, Lion views the establishment of a joint venture between One Asia and Provident as a positive development for One Asia. One Asia now has a highly credentialed partner who has a close working relationship with an extended network of leading Indonesian businessmen who provide further financial capability and outstanding connections”.

The April 2015 NTA table is below with One Asia valued at 18 cps.

Lion Selection Group Limited ABN 26 077 729 572 Level 4, 15 Queen Street, Melbourne Vic 3000 T: +61 3 9614 8008 F: +61 3 9614 8009 www.lsg.com.au

Further enquiries: Craig Smyth E: csmyth@lsg.com.au

Net Tangible Asset Backing

Lion Selection Group Limited (Lion) advises that the unaudited net tangible asset backing of Lion as at 30 April 2015 is $0.31 per share (after tax).

		Commodity Market ValueA$M% PortfolioAustraliaDoray MineralsGold3.7Rum Jungle ResourcesPhosphate0.9Auricup ResourcesGold0.917%AfricaRoxgoldGold3.8Toro GoldGold1.1Other Africa1.5Kasbah ResourcesTin0.6Cash dedicated to Africa11.827%AsiaOne Asia Resources2Gold7.1Asian Mineral ResourcesNickel1.5Other Asia1.0Manas ResourcesGold0.530%AmericasIron Ore/Coal0.21%Uncommitted Net Cash8.225%Net Tangible Assets$32.8m31¢/ share	Commodity Market ValueA$M% PortfolioAustraliaDoray MineralsGold3.7Rum Jungle ResourcesPhosphate0.9Auricup ResourcesGold0.917%AfricaRoxgoldGold3.8Toro GoldGold1.1Other Africa1.5Kasbah ResourcesTin0.6Cash dedicated to Africa11.827%AsiaOne Asia Resources2Gold7.1Asian Mineral ResourcesNickel1.5Other Asia1.0Manas ResourcesGold0.530%AmericasIron Ore/Coal0.21%Uncommitted Net Cash8.225%Net Tangible Assets$32.8m31¢/ share	Commodity Market ValueA$M% PortfolioAustraliaDoray MineralsGold3.7Rum Jungle ResourcesPhosphate0.9Auricup ResourcesGold0.917%AfricaRoxgoldGold3.8Toro GoldGold1.1Other Africa1.5Kasbah ResourcesTin0.6Cash dedicated to Africa11.827%AsiaOne Asia Resources2Gold7.1Asian Mineral ResourcesNickel1.5Other Asia1.0Manas ResourcesGold0.530%AmericasIron Ore/Coal0.21%Uncommitted Net Cash8.225%Net Tangible Assets$32.8m31¢/ share	Commodity Market ValueA$M% PortfolioAustraliaDoray MineralsGold3.7Rum Jungle ResourcesPhosphate0.9Auricup ResourcesGold0.917%AfricaRoxgoldGold3.8Toro GoldGold1.1Other Africa1.5Kasbah ResourcesTin0.6Cash dedicated to Africa11.827%AsiaOne Asia Resources2Gold7.1Asian Mineral ResourcesNickel1.5Other Asia1.0Manas ResourcesGold0.530%AmericasIron Ore/Coal0.21%Uncommitted Net Cash8.225%Net Tangible Assets$32.8m31¢/ share	Commodity Market ValueA$M% PortfolioAustraliaDoray MineralsGold3.7Rum Jungle ResourcesPhosphate0.9Auricup ResourcesGold0.917%AfricaRoxgoldGold3.8Toro GoldGold1.1Other Africa1.5Kasbah ResourcesTin0.6Cash dedicated to Africa11.827%AsiaOne Asia Resources2Gold7.1Asian Mineral ResourcesNickel1.5Other Asia1.0Manas ResourcesGold0.530%AmericasIron Ore/Coal0.21%Uncommitted Net Cash8.225%Net Tangible Assets$32.8m31¢/ share	Commodity Market ValueA$M% PortfolioAustraliaDoray MineralsGold3.7Rum Jungle ResourcesPhosphate0.9Auricup ResourcesGold0.917%AfricaRoxgoldGold3.8Toro GoldGold1.1Other Africa1.5Kasbah ResourcesTin0.6Cash dedicated to Africa11.827%AsiaOne Asia Resources2Gold7.1Asian Mineral ResourcesNickel1.5Other Asia1.0Manas ResourcesGold0.530%AmericasIron Ore/Coal0.21%Uncommitted Net Cash8.225%Net Tangible Assets$32.8m31¢/ share
		AsiaOne	Asia Resources	2	Gold	7.1
		AsianOther	Mineral ResouAsia	rces	Nickel	1.51.0
		Mana	s Resources		Gold	0.5	30%

1 Includes committed cash of US$1.3 million to AFL3.

2 One Asia at a value of A$0.18/share.

Note: The above table includes investments held directly by Lion and the value to Lion of investments which are held by African and Asian Lion Funds