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Chairman's statement I am pleased to report on the Company's results for the 15 month period to 31 December 2011. During the period under review, the Company disposed of its loss-making trading activities in audit, stocktaking and investigatory services to a company connected with two of its former directors, Ken Dulieu and Paul Jackson, which was completed and approved by shareholders on 26 October 2011. At the same time, the Company raised gross proceeds of approximately £500,000 through a placing with new investors to be put towards the implementation of a new investing policy. Following the sale of the Company's entire trading operations it became an Investing Company under the AIM Rules and the Company has adopted an investing policy to invest in companies operating in the natural resources sector, with a focus mainly, but not exclusively, on the mining sector. The Company's name was also changed from Capcon Holdings plc to Brady Exploration plc. Ken Dulieu, Paul Jackson, Cliff Cavender and Jane Fowler stepped down from the Board following shareholder approval of the disposal and I would like to express my thanks to them for their contribution to the Company. In addition, I would like to welcome Nicholas Lee to the Board as a non-executive director. Nicholas joined the Board on 26 October 2011. The audited results for the period under review show a profit on ordinary activities before taxation of £1.33 million and EPS of 6.4p reflecting a profit on the write-off of the intercompany balances of £0.25 million and a profit on the disposal of subsidiaries of £1.13m. The detailed results for the former trading activities are not disclosed in either the period under review or the comparative figures for the year ended 30 September 2010 as they were disposed of during the period. Net assets at 31 December 2011 amounted to £407,042 and cash balances at that date were £463,816. The Board believes that value can be generated for shareholders through the implementation of the Company's investing policy through investments or acquisitions, or a combination of both. Such an acquisition or investment may be deemed to be a reverse takeover transaction of the Company under the AIM Rules and would therefore be subject to shareholders' approval. We are currently considering a number of potential opportunities within the natural resources sector although our discussions remain at an early stage. We recognise that the Company has limited cash resources but believe they are sufficient for us to implement the initial stages of the Company's investing policy and, in the meantime, we are maintaining tight control over costs. I look forward to updating shareholders as we progress our discussions and am confident that we can implement our investing policy for the benefit of the Company and its shareholders. Alex Borrelli Chairman

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