THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION Where applicable, the definitions on page numbers 11 to 18 of this Circular have been used on this front cover of this Circular.

ACTION REQUIRED If you are in any doubt as to the action that you should take in relation to this Circular, please consult your CSDP, broker, banker, attorney, accountant or other professional adviser immediately. Shareholders are referred to page 3 of this circular which sets out the action required by them.

CIRCULAR TO R&E SHAREHOLDERS relating to:– the proposed resolution of disputes between R&E, JCI and JCIIF, the terms whereof are set out more fully in the revised Settlement

Agreement;– the transfer of the settlement GFI shares from JCI and JCIIF to R&E;– the issue of the new JCI shares by JCI to R&E;– the capital distribution of the settlement GFI shares to R&E shareholders proportionate to their respective shareholdings; – the unbundling and distribution of R&E’s shareholding in JCI (which consists of both the new JCI shares per the proposed settlement

and its existing JCI shares owned pre-settlement) to the R&E shareholders in proportion to their respective shareholdings; and– the ratification of the transfer of 6 690 610 FSD ordinary shares from JCI Gold to R&E;

and incorporating:– the Revised Listing Particulars of R&E;– a Notice of a General Meeting of R&E shareholders; and– a form of proxy (grey) – for use by certificated R&E shareholders and “own name” dematerialised R&E shareholders only.

Having regard to prevailing laws in their relevant jurisdictions, foreign shareholders may be affected by the capital distribution of the settlement GFI shares and the unbundling of JCI shares by R&E. As such, foreign shareholders in certain jurisdictions outside of South Africa may not be entitled to take transfer of any of the settlement GFI shares distributed and JCI shares unbundled by R&E. In the case of any such shares which an ineligible foreign shareholder is precluded from taking transfer of, the Board of R&E recommends that such shares be lodged on behalf of the ineligible foreign shareholders with a trust company to be nominated by the R&E board, to be held by the said company on behalf of the ineligible foreign shareholders, to be disposed of by them for the benefit of the ineligible foreign shareholders so as to comply with the regulatory restraints of such jurisdictions, further details of which are set out in paragraph 6.2 of this Circular. Similarly, R&E shall distribute any of the settlement GFI shares and the unbundled JCI shares to which ADR holders are entitled, to the United States Depositary who will deal therewith in accordance with the laws governing such ADR holders. R&E will, in respect of ADR holders, transfer the settlement GFI shares and the unbundled JCI shares to ADR holders entitled to take transfer thereof, to BNY Mellon which may then dispose of the settlement GFI shares and/or the JCI shares on behalf of ADR holders for cash either independently or in combination and distribute the cash proceeds therefrom (net of applicable fees, expenses, taxes and charges) to such ADR holders, in proportion to such ADR holders’ entitlement to the settlement GFI shares and/or unbundled JCI shares, further details of which are set out in paragraph 6.3 of this circular.

There can be no assurance as to whether the proposed mechanism will be successfully implemented, what price such ineligible foreign shareholders and ADR holders will receive from the disposal of any of the settlement GFI shares and/or unbundled JCI shares (if given effect to) or the timing or exchange rate conversion of such receipt. It should futher be noted that the JCI shares currently largely trade in the over-the-counter market in South Africa and on a limited basis.

This is not an offer of securities for sale in the US or to or for the account or benefit of any “US person” and securities may not be offered or sold in the US or to a “US person” absent registration or an exemption from registration.

Date of issue: Wednesday, 12 May 2010

Randgold & Exploration Company LimitedRANDGOLD & EXPLORATION COMPANY LIMITED

(Incorporated in the Republic of South Africa)(Registration number 1992/005642/06)

Share code: RNG (suspended) ISIN: ZAE000008819 (“R&E” and “the Company”)

Auditors and Independent Reporting Accountants

Sponsor and corporate advisor Attorneys to R&E Independent expert

CORPORATE INFORMATION

Company Secretary and registered office of R&E: South African transfer secretaries to R&E and JCI:RP Pearcey FCIS, Computershare Investor Services (Proprietary) Limited 7th Floor, Fredman Towers, (Registration number 2004/003647/07)13 Fredman Drive, Ground Floor,Sandown, 2196 70 Marshall Street,(PO Box 650905, Benmore, 2010) Johannesburg, 2001Telephone: +27 11 676 2200 (PO Box 61051, Marshalltown, 2107)Facsimile: +27 11 783 9116 Telephone: +27 861 100 950 or +27 11 370 5000Website: www.randgoldexp.co.za Facsimile: +27 11 688 5210

South African Attorneys to R&E: Independent expert providing fairness opinion to Van Hulsteyns R&E directors:3rd Floor Sandton City Office Tower, Moore Stephens (Jhb) Corporate Finance (Proprietary) Limited158 5th Street, (Registration number 2007/023666/07)Sandhurst, 2196 7 West Street, (PO Box 783436, Sandton) Houghton, 2198, Telephone: +27 11 523 5300 (PO Box 1574, Houghton, 2041)Facsimile: +27 11 523 5326 Telephone: +27 11 728 7240

Facsimile: +27 11 388 6580United States Solicitors to R&E:Paul, Hastings, Janofsky & Walker (Europe) LLP European Solicitors to R&E:75 East 55th Street, First Floor Fox Williams LLPNew York NY 10022 Ten Dominion StreetTelephone: +1 (212) 318 6000 London EC2M 2EEFacsimile: +1 (212) 319 4090 Telephone: +44 (20) 7628 2000

Facsimile: +44 (20) 7628 2100Sponsor and Corporate Advisor to R&E:PSG Capital (Proprietary) Limited United Kingdom registrars to R&E and JCI:(Registration number 2006/015817/07) Capita Registrars Limited1st Floor, Ou Kollege Building, PXS,35 Kerk Street, 34 Beckenham Road,Stellenbosch, 7600 Beckenham,(PO Box 7403, Stellenbosch, 7599) Kent BR3 4TU,Telephone:+27 21 887 9602 United KingdomFacsimile: +27 21 887 9624 Telephone: 0870 162 3100 (local)

Telephone: +44 (20) 8639 2157 and at Facsimile: +44 (20) 8639 2342

Woodmead Estate, United States Depositary:1 Woodmead Drive, In the United States:Woodmead, 2128 BNY Mellon,(PO Box 987, Parklands, 2121) 101 Barclay Street,

New York, NY 10286Auditors and Independent Reporting Accountants to R&E: Telephone: +1 (212) 815 2077KPMG Inc.(Registration number 1999/021543/21) Registered Office of JCI:KPMG Crescent, JCI Limited85 Empire Road, Incorporated in the Republic of South AfricaParktown, 2193 (Registration number: 1894/000854/06)(Private Bag 9, Parkview, 2122) 10 Benmore Road, Telephone: +27 11 647 7111 Morningside,Facsimile: +27 11 647 8000 Sandton, 2196

(PO Box 650412, Benmore, 2010)Registered office of FSD: Telephone: +27 11 269 8400Free State Development and Investment Corporation Limited Fax: +27 11 269 8550Incorporated in the Republic of South Africa www.jci.co.za(Registration number: 1944/016931/06)7th Floor, Fredman Towers, Communications for R&E:13 Fredman Drive, Brian Gibson Issue ManagementSandown, 2196 23 Sutherland Avenue,(PO Box 650905, Benmore, 2010) Craighall Park, 2196Telephone: +27 11 676 2200 (PO Box 406, Parklands, 2121)Facsimile: +27 11 783 9116 Telephone: +27 11 880 1510

Facsimile: +27 11 880 1392

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TABLE OF CONTENTS

The definitions on pages 11 to 18 of this Circular apply to the following table of contents:

PAGE

CORPORATE INFORMATION Inside front cover

TABLE OF CONTENTS 1

ACTION REQUIRED BY R&E SHAREHOLDERS 3

FORWARD-LOOKING STATEMENT DISCLAIMER 4

SALIENT FEATURES OF THE PROPOSED SETTLEMENT AND FSD ExCUSSION 5

INTERPRETATION AND DEFINITIONS 11

IMPORTANT DATES AND TIMES 19

CIRCULAR TO R&E SHAREHOLDERS 201. Introduction 202. Purpose of this Circular and the R&E General Meeting 213. Background to the proposed settlement and re-listing 224. The business of R&E, JCI and Gold Fields 265. The proposed settlement 296. Foreign shareholders 337. Implementation of the proposed settlement, the capital distribution of the settlement GFI

shares and the unbundling of the JCI shares held by R&E 348. Tax consequences of the capital distribution of the settlement GFI shares and the unbundling of the JCI shares 359. The FSD excussion 3810. Support from various parties for the proposed settlement, the FSD excussion and for the Litigation Settlement Agreement 3911. Related party information and the Mediators’ Report 4012. The prospects of success of R&E claims 4113. Effect of the proposed settlement on the fate of the R&E claims 4214. The Litigation Settlement Agreement 4215. Impact of the proposed settlement and Litigation Settlement Agreement on recoveries against third parties

and settlements concluded between R&E and third parties post the newly constituted board of R&E 4316. Re-listing on the JSE 4417. Future strategy of R&E (and its subsidiaries, including FSD) and JCI post the

implementation of the proposed settlement the, FSD excussion and re-listing 4418. Opinions and recommendations of the R&E board 4519. The share capital of R&E 4620. The share capital of JCI 4621. Historical financial information and net asset value statement 4722. Unaudited pro forma financial information of the proposed settlement and the FSD excussion

based on the Consolidated Statement of Financial Position and the Statement of Comprehensive Income of R&E for the year ended 31 December 2009 47

23. Dividend policy 4824. Major and controlling shareholders and shareholder spread 4825. Material changes 4926. Directors information 4927. Service contracts, directors emoluments, remuneration and incentives 5028. Directors’ interests and dealings 5229. Working capital statement 5230. Litigation statement 5231. Directors’ responsibility statement 5332. Material contracts 5333. Material commitments, lease payments and contingent liabilities 5434. Loans and borrowing powers 5435. Additional information 5436. Expenses 5437. Exchange control approval 5538. Consents 5539. Documents available for inspection 5640. Notice of R&E General Meeting 57

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NOTICE OF GENERAL MEETING OF SHAREHOLDERS OF R&E Form of proxy for use by certificated R&E shareholders and “own name” dematerialised R&E shareholders only (grey) Attached

ANNExURES

Annexure 1 Report of the Mediators 63Annexure 2 Overview of the R&E claims against JCI 69Annexure 3 R&E’s Senior Counsel’s opinion on the claims by R&E 85Annexure 4 Curricula Vitae of the Mediators 88Annexure 5 Summary of motivation to the JSE regarding the Mediators’ Appointment 90Annexure 6 Historical financial information of R&E 92Annexure 7 Unaudited pro forma consolidated Statement of Comprehensive Income and Statement

of Financial Position of R&E after the proposed settlement and the FSD excussion 103Annexure 8 Independent Reporting Accountant’s Limited Assurance Report on the pro forma financial information of R&E 107Annexure 9 R&E’s Litigation Statement 109Annexure 10.1 Executive Summary of Mineral Asset Valuation Summary of the Du Preez Leger project effective 19 February 2010 116Annexure 10.2 Executive Summary of Mineral Asset Valuation of the Weltevreden and Jeanette Gold Projects 119 effective 19 March 2010Annexure 10.3 Executive Summary of Mineral Asset Valuation of the Doornbosch Platinum Project and

Kameelhoek Iron Ore Project effective 26 March 2010 121Annexure 11 Biographical Information of the Directors of R&E and other directorships held by R&E directors 124Annexure 12 Table of Entitlements of R&E’s shareholders 134Annexure 13 JCI group NAV Statement at 31 December 2009 incorporating the Limited Assurance

Report of the independent auditor 136Annexure 14 R&E Group Structure 159Annexure 15 Subsidiary companies of R&E at the last practicable date 160Annexure 16 Extracts from memorandum and articles of association of R&E 162Annexure 17 Statement of corporate practice of R&E 170Annexure 18 Details of the directors and officers of JCI and R&E who would be discharged from

claims by JCI and R&E, respectively, if the revised Settlement Agreement is implemented 173Annexure 19 Share trading history of Gold Fields Limited ordinary shares 174Annexure 20 JCI Litigation Statement 175Annexure 21 JCI group net pro forma effects at 31 December 2009 incorporating the Limited Assurance Reporting Accountants’ Report thereon 182Annexure 22 Revised Listing Particulars of R&E 184

R&E shareholders are informed that certain information contained in previously published annexures may contain information which has subsequently changed due to continued forensic investigations.

This Circular is only available in English and copies thereof may be obtained from the registered office of R&E and the office of the Sponsor, the addresses of which are set out in the “Corporate Information” section of this Circular. A copy of this Circular is also available on R&E’s website (www.randgoldexp.co.za).

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ACTION REQUIRED BY R&E SHAREHOLDERS

The definitions and interpretations commencing on page 11 of this Circular apply, mutatis mutandis, to the following action required by R&E shareholders

1. If you have disposed of all your R&E shares please forward this Circular to the purchaser of such R&E shares or the CSDP, broker, banker or other agent through whom such disposal was effected.

2. Certificated R&E shareholders or own name dematerialised shareholders who are unable to attend the R&E General Meeting to be held at 11h00 on Friday, 28 May 2010 at MW Business Centre, Michelangelo Hotel, Mandela Square, Sandton, South Africa and wish to be represented at such meeting, must complete and return the attached form of proxy in accordance with the instructions contained therein, to the South African transfer secretaries, Computershare Investor Services (Proprietary) Limited, Ground Floor, 70 Marshall Street, Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107) or the United Kingdom Registrars, Capita Registrars Limited, PXS, 34 Beckenham Road, Beckenham, Kent, BR3 4TU, which form of proxy, in order to be valid must be received by no later than 11h00 on Wednesday, 26 May 2010.

3. Dematerialised R&E shareholders, other than own name dematerialised R&E shareholders who wish to attend the R&E General Meeting must instruct their CSDP or broker to issue them with the necessary authority to attend. Should dematerialised shareholders, other than own name dematerialised R&E shareholders, wish to vote at the R&E General Meeting by proxy, they must provide their CSDP or broker with their voting instructions in terms of the custody agreement entered into between them and their CSDP or broker.

4. Holders of American Depositary Receipts (ADRs) will receive a form of proxy generated by the Company’s United States Depositary Bank, BNY Mellon. Holders of ADRs who wish to attend the R&E General Meeting must contact the United States Depositary to become registered owners of the ordinary shares corresponding to their ADRs prior to Monday, 24 May 2010, by presenting their ADRs to the United States Depositary for cancellation, and (upon compliance with the terms of the Depositary Agreement including payment of the United States Depositary’s fees and applicable taxes and governmental charges) delivery of the underlying ordinary shares represented thereby. The details of the United States Depositary are referred to in the Corporate Information section on the inside cover of this Circular.

5. For shareholders resident in the United States (US): The proposed settlement, incorporating a capital distribution and unbundling (“settlement”), and the FSD excussion as

contemplated herein pertains to the securities of a non-US company. The settlement is subject to the disclosure requirements of a country outside the US that are different from those of the US. Financial statements included in this document, if any, have been prepared in accordance with non-US accounting standards that may not be comparable to the financial statements of US companies.

It may be difficult for you to enforce your rights and any claim you may have arising under the US federal securities laws, since the issuer is located outside the US, and none of its officers or directors are US residents. You may not be able to sue a non-US company or its officers or directors in a non-US court for violations of the US securities laws. It may be difficult to compel a non-US company and its affiliates to subject themselves to a US court’s judgment.

Neither the US Securities and Exchange Commission nor any state securities commission has approved or disapproved of the conclusion of the settlement and the FSD excussion nor expressed a view as to whether to vote for or against the conclusion of the settlement, or determined if this Circular is truthful or complete. Any representation to the contrary is a criminal offence.

R&E shareholders in the US and R&E ADR holders are not entitled to appraisal rights in connection with the proposed settlement under South African law.

Furthermore, on 24 March 2008, the US Securities and Exchange Commission issued an Order pursuant to Section 12(j) of the Securities Exchange Act of 1934, as amended, pursuant to which the registration of R&E’s ordinary shares and ADRs in the United States was revoked. As a result of the Order by the US Securities and Exchange Commission, no member of a US national securities exchange, US broker, or US dealer may make use of the mails or any means or instrumentality of US interstate commerce to effect any transaction in, or to induce the purchase or sale of, R&E’s ordinary shares and ADRs in the US. The effect of this order is to prohibit trading in R&E’s ordinary shares and ADRs in the US. See paragraph 4.6.2 of the Revised Listing Particulars attached to this Circular.

This Circular is not being presented, directly or indirectly, in any jurisdiction where the capital distribution of the Gold Fields shares and the unbundling of the JCI shares to R&E shareholders or any other transactions contemplated herein would or might constitute a violation of the laws of such jurisdiction or require registration or approval under the securities laws of such jurisdiction and accordingly R&E shareholders in any such jurisdiction may not receive JCI shares or Gold Fields shares or otherwise accept the terms of the transaction or receive this Circular.

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FORWARD-LOOKING STATEMENT DISCLAIMER

Certain statements in this document as well as oral statements that may be made by the officers, directors or employees and advisors of R&E acting on its behalf relating to the information furnished in this document, contain “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995, specifically Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934. All statements, other than statements of historical facts, are “forward-looking statements”. These include, without limitation, those statements concerning the frauds and misappropriations which are alleged to have been perpetrated against R&E and/or any of its subsidiaries and the time periods affected thereby; the ability of the R&E group to recover any assets and/or investments allegedly misappropriated from the R&E group; the outcome of any proceedings on behalf of, or against the R&E group; the time period for completing any forensic investigation(s); the amount of any claims R&E is or is not able to recover against others and the ultimate impact hereof on the previously released financial statements and results, assets and investments of the R&E group including the business, operations, economic performance, financial condition, outlook and trading markets of R&E and/or any of the companies in which R&E has invested. Although R&E believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct, particularly in light of the extent of the frauds and misappropriations allegedly perpetrated against the R&E group and/or uncovered to date. Actual results could differ materially from those implied by or set out in the forward-looking statements.

Among other factors, these include the extent, magnitude and scope of any frauds and misappropriations that may ultimately be determined to have occurred and the time periods and facts related thereto following the completion of any forensic investigation and any other investigations that may be commenced and the ultimate outcome of such investigations; the ability of R&E to successfully assert any claim it may have against other parties for alleged fraud and/or misappropriation of the R&E group’s assets or otherwise and the solvency of any of such parties; the ability of any alleged perpetrators or any other party which has been sued by the R&E group to successfully countersue R&E and/or join JCI in any of the litigation in which the R&E group is engaged at any stage; the acceptance of any statement and opinion by the shareholders of R&E; the ability of R&E to successfully defend any counterclaim or proceedings against the R&E group; the ability of R&E and/or the forensic investigators to obtain the necessary information with respect to the transactions, assets, investments, subsidiaries and associated entities of R&E so as to complete the forensic investigations or any aspect thereof which may require further investigation; the willingness and ability of the forensic investigators to issue any final opinions with respect thereto; the ability of R&E to implement improved systems; changes in economic and market conditions; fluctuations in commodity prices and exchange rates; the success of any business and operating initiatives, including any prospecting or mining rights; changes in the regulatory environment and other government actions; business and operational risk management; other matters not yet known to R&E or not currently considered material by R&E; and the risks identified in R&E’s press releases and other filings and submissions previously made with the US Securities and Exchange Commission.

All forward-looking statements attributable to R&E, or persons acting on its behalf, are qualified in their entirety by these cautionary statements. R&E expressly disclaims any obligation to release publicly any update or revisions to any forward-looking statements to reflect any changes in expectations, or any change in events or circumstances on which those statements are based, unless otherwise required by law.

5

SALIENT FEATURES OF THE PROPOSED SETTLEMENT AND

THE FSD ExCUSSION

The definitions on pages 11 to 18 of this Circular apply to the following Salient Features.

1. INTRODUCTION

1.1 The proposed settlement

1.1.1 The timeline set out in paragraph 3 of this Circular provides a summary of the sequence of events which form the background to the proposed settlement between R&E, JCI and JCIIF, including the proposed merger, the details of which were contained in the Merger Circular distributed to shareholders on 5 December 2008. Following the distribution of the merger circular, an overwhelming majority of R&E shareholders passed the necessary resolutions on 19 January 2009, for R&E to pursue the proposed merger, by way of a scheme of arrangement with JCI. However, on 9 April 2009, R&E announced on SENS that the proposed merger of R&E and JCI had failed as a result of the required majority of scheme participants of JCI, excluding R&E, not approving the scheme.

1.1.2 Following the failure of the proposed merger, R&E, JCI and JCIIF concluded a MOU on 5 May 2009 as a precursor to a settlement to be concluded between the parties. This was aimed at avoiding costly and time consuming litigation.

1.1.3 On 31 August 2009 and again on 18 September 2009 the parties signed a settlement agreement, subject to the fulfilment of a number of suspensive conditions, one of which required certain shareholders of JCI and R&E to furnish irrevocable undertakings within a prescribed time period, to support the settlement agreement and to vote in favour of the resolutions to be passed at shareholders’ meetings of R&E and JCI. Such irrevocable undertakings were however not obtained from JCI shareholders resulting in the settlement agreement of 31 August 2009 and then again of 18 September 2009 lapsing.

1.1.4 On 21 January 2010 and then again on 28 January 2010, R&E and JCI jointly announced that the parties had concluded a revised Settlement Agreement on 20 January 2010, following the lapsing of the agreements as set out in paragraph 1.1.3 above, which agreement again included suspensive conditions requiring certain shareholders of JCI and R&E to furnish irrevocable undertakings to support the revised Settlement Agreement and vote in favour of the necessary resolutions to be passed at shareholders’ meetings of R&E and JCI. Such irrevocable undertakings have, in terms of the revised Settlement Agreement, been timeously procured from such shareholders of R&E and JCI as further set out in paragraph 10 of this Circular.

1.1.5 Subject to the fulfilment of the suspensive conditions to the revised Settlement Agreement as further set out in paragraph 5.3 of this Circular, the implementation of the revised Settlement Agreement will as between the R&E group and the JCI group only and certain directors and officers thereof, result in the JCI group and such directors and officers being discharged from the R&E group’s claims against the JCI group and such directors and officers, and vice versa, this without the parties making any admissions of liability or any concessions in regard to their respective claims.

1.1.6 A Litigation Settlement Agreement was concluded between R&E, JCI, Letseng, Hawkhurst, Investec, Investec PLC, JCIIF, Discus, Global, Latitude, Holdings and Azalia on 22 January 2010, the salient details whereof are set out in paragraph 14 of this Circular. The Litigation Settlement Agreement and the revised Settlement Agreement are separate agreements. The implementation of the Litigation Settlement Agreement will enable JCI and JCIIF to deliver the settlement GFI shares to R&E as contemplated in the revised Settlement Agreement.

1.2 The FSD excussion by R&E

1.2.1 On 17 April 2009, FSD formalised, by way of the FSD Loan Agreement, a historical loan of R105 396 864, including interest thereon at prime, which had been advanced by FSD to JCI Gold, prior to the reconstitution of the JCI board in August 2005, the original details of which could not be established for reasons that are well documented in paragraph 3 of this Circular.

1.2.2 Furthermore, R&E entered into a loan agreement with JCI Gold, a subsidiary of JCI, for an amount of R60 500 000 on 17 April 2009 and a further R25 000 000 on 18 December 2009.

1.2.3 R&E also acquired all rights and claims which FSD had against JCI Gold in terms of the FSD Loan Agreement (as set out in paragraph 1.2.1 above), on 18 December 2009.

1.2.4 The total loan from JCI Gold was repayable to R&E by 11 January 2010, failing which R&E would be entitled to exercise its rights in terms of the security provided by JCI Gold to R&E in terms of the Pledge Agreement.

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1.2.5 JCI Gold failed to pay the full loan amount outstanding at 11 January 2010, and as such R&E exercised the security provided by JCI Gold in terms of the Pledge Agreement (being a component of JCI Gold’s interest in FSD shares) against the outstanding loan amount of R161 960 265, as a result of which R&E became the beneficial owner of a further 6 690 610 FSD shares (approximately 30.10% of the equity share capital of FSD), bringing R&E’s total shareholding in FSD to 85.21%.

1.2.6 The FSD excussion is independent of the proposed settlement as contemplated in this document.

1.3 Re-listing of R&E

It has been the stated intention of R&E to comply with the necessary requirements of the JSE to re-list R&E and to provide R&E shareholders with a tradable share. Incorporated in this Circular are the Revised Listing Particulars of R&E (Annexure 22), as required by the JSE, to enable R&E to pursue a re-listing of its shares on the JSE.

2. PURPOSE OF THIS CIRCULAR AND THE R&E GENERAL MEETING

2.1 Proposed settlement

2.1.1 The purpose of this Circular is to provide R&E shareholders with the requisite information in accordance with the requirements of the Act and the JSE Listings Requirements and to enable R&E shareholders to make a decision in respect of the proposed resolutions as set out in the Notice of the R&E General Meeting enclosed with this Circular relating to:

2.1.1.1 the requisite shareholder approval required in order for the present Board of R&E to proceed with the proposed settlement;

2.1.1.2 the requisite shareholder approval required for R&E to be able to take transfer of the settlement GFI shares from JCI and JCIIF;

2.1.1.3 the requisite shareholder approval required for R&E to be able to receive, albeit without voting or exercising any other rights in respect thereof, the new JCI shares issued to R&E, in terms of the proposed settlement;

2.1.1.4 the requisite shareholder approval required for R&E to make a capital distribution of the settlement GFI shares to R&E shareholders out of share premium, in proportion to their respective shareholdings; and

2.1.1.5 the requisite shareholder approval required for R&E to unbundle its entire shareholding of JCI (which consists of both the new JCI shares per the proposed settlement and its existing JCI shares owned pre-settlement) to the R&E shareholders in terms of section 46 of the Income Tax Act in the proportion to R&E shareholders’ respective shareholdings.

2.1.2 The proposed settlement enjoys the support of the present Board of R&E.

2.1.3 The Mediators, as appears from the Mediators’ Report, being Annexure 1 hereto, consider the proposed settlement commercially prudent and not inequitable to the R&E and JCI shareholders in the particular circumstances.

2.2 The FSD excussion

2.2.1 The Board of R&E regards the exercise by it of its rights under the Pledge Agreement (which resulted in it taking transfer of 6 690 610 FSD shares from JCI Gold), to have occurred solely in consequence of JCI Gold having failed to meet its repayment obligations to R&E when they fell due, in terms of the R&E Loan Agreement, the FSD Loan Agreement and the Pledge Agreement, and to this extent maintains that such transfer occurred lawfully and in terms of the said agreements. The JSE have ruled that the transfer of the 6 690 610 FSD shares to R&E, as a result of R&E exercising the security provided by JCI Gold in terms of the Pledge Agreement (being a component of JCI Gold’s interest in FSD shares), is regarded as a related party transaction in terms of the JSE Listings Requirements and as such has requested R&E shareholders to ratify, by way of an ordinary resolution, the FSD excussion. Without in any way detracting from R&E’s position or conceding that it is obliged to do so, R&E shareholders, excluding related parties as set out in paragraph 11 of this Circular, are requested to ratify the FSD excussion, the further details of which are set out in paragraph 9 of the Circular. The requisite resolution is contained in the Notice of General Meeting attached to this Circular. R&E however makes no concessions or waives any of its rights in requesting shareholders to ratify the FSD excussion.

2.2.2 The FSD excussion enjoys the support of the present Board of R&E and certain shareholders as set out in paragraph 10 of this Circular. Moore Stephens, an independent expert providing the fairness opinion, whose report is set out in Annexure 23 to this Circular, have considered the FSD excussion to be fair to R&E shareholders.

3. BACKGROUND TO THE PROPOSED SETTLEMENT

3.1 The proposed settlement

3.1.1 As stated above, the timeline set out in paragraph 3 of this Circular provides a summary of the timeline and sequence of events which constitutes the background to the proposed settlement between the parties. In addition, insightful detail regarding the background leading up to the R&E claims and the proposed settlement is also to be found in Annexure 2 (Overview of R&E’s claims) and in the audited financial statements of R&E for the years ended 31 December 2007, 2008 and 2009, which is available for inspection in terms of paragraph 39 below.

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3.1.2 JCI has contested R&E’s claims and denies any liability to R&E in respect thereof. In particular, the factual and legal bases of R&E’s claims and the consequences thereof are disputed by JCI. An important legal question relates to whether the actions and conduct of Kebble and his accomplices can be attributed to JCI so as to render it liable for the losses which R&E has sustained in consequence thereof. R&E contends in this regard that the perpetrators comprised the controlling will and mind of JCI, directed the affairs of JCI and that their actions are imputable to JCI, although JCI does not admit this. R&E’s Counsel have opined that R&E enjoys a reasonable prospect of success in the arbitration, however, litigation cannot be predicted with any degree of certainty. A brief overview of JCI’s defences to R&E’s claims is set out in Annexure 2.

3.1.3 The Mediation Agreement provided that should a potential merger between R&E and JCI not eventuate, the legal disputes would be referred to arbitration. The notion of a merger between R&E and JCI stemmed from the realisation that regardless of the extent of R&E’s claims against JCI, any recovery which R&E may ultimately be able to achieve against JCI, would be constrained by the extent of JCI’s NAV. The present Board of R&E regarded the proposed merger as pragmatic and sensible and as a preferable option to immediate arbitration, for the reasons detailed in the Merger Circular.

3.1.4 Since April 2007, R&E has attempted to effect both the proposed merger and thereafter, a settlement with JCI as alternatives to costly and protracted litigation. Despite overwhelming support from the shareholders of R&E for this strategy, both the proposed merger and the initial settlement proposals were not approved by the requisite majority of JCI shareholders.

3.1.5 Following the failed merger and the initial settlement proposals, the present Board of R&E announced on SENS on 22 September 2009 that it had instructed its legal team to refer the matter to arbitration in keeping with the terms of the Mediation Agreement. JCI, despite the provisions of the Mediation Agreement, adopted the view that the Mediation Agreement is no longer binding on it and that it no longer needs to submit to the arbitration process. On 6 November 2009, JCI launched the JCI application against R&E out of the South Gauteng High Court (Johannesburg), seeking an order that the dispute referred to in the Mediation Agreement should not be referred to arbitration and that the provisions of the Mediation Agreement should cease to have any effect with reference to such dispute. Although R&E is opposing this application, R&E and JCI have agreed that pending the implementation of the proposed settlement, the JCI application will be held over and only resumed in the event of the proposed settlement not being implemented.

3.1.6 On 20 January 2010, the parties concluded a revised Settlement Agreement and subsequently obtained the irrevocable support of certain R&E and JCI shareholders, the details of which are further set out in paragraph 10 of this Circular. As indicated in paragraph 1.1.5 above, the implementation of the revised Settlement Agreement will result in the JCI group and certain directors and officers (whose names appear in Annexure 18) being discharged from the R&E group’s claims against the JCI group and such directors and officers, and vice versa, this, without the parties making any admissions of liability or any concessions in regard to their respective claims.

3.2 R&E shareholders should note at the outset that it is important to preface what is contained in this Circular with the following:

3.2.1 Much of what is described in this Circular occurred prior to the reconstitution of the Board of R&E on 24 August 2005.

3.2.2 The findings which gave rise to R&E’s claims against JCI in the circumstances more fully described herein, were made by R&E’s forensic investigators, JLMC, whose latest report was disclosed in the Merger Circular and is available for inspection in terms of paragraph 39 below. It was on the strength of such findings, that the Board of R&E directed that the R&E claims against JCI be formulated.

3.2.3 Many of the statements contained in this Circular, as set out in the forward-looking statement set out on page 4 of this Circular, have not yet been established as a matter of fact and/or law and have been made based on the assumption that such findings can be factually and legally sustained.

4. THE PROPOSED SETTLEMENT

4.1 Salient terms of the revised Settlement Agreement

In terms of the revised Settlement Agreement, subject to the fulfilment of the suspensive conditions thereto and the implementation thereof:

4.1.1 JCI and JCIIF will cause the settlement GFI shares to be transferred to R&E;

4.1.2 JCI will allot and issue the new JCI shares to R&E; and

4.1.3 R&E will, following the transfer of the settlement GFI shares to R&E and the allotment of the new JCI shares to it, firstly make a capital distribution, out of share premium, of the settlement GFI shares to R&E shareholders in the ratio of 0.0809 settlement GFI shares for every one R&E share held and immediately thereafter, unbundle its entire shareholding of JCI (which consists of both the new JCI shares per the proposed settlement and its existing JCI shares owned pre-settlement) to the R&E shareholders in terms of section 46 of the Income Tax Act, in the ratio of 24.8739 JCI shares for every one R&E share held.

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4.2 Effective date of the revised Settlement Agreement

The effective date of the revised Settlement Agreement is the date on which the last of the settlement GFI shares and the new JCI shares are registered in the CSDP account of R&E following fulfilment of the suspensive conditions of the revised Settlement Agreement, being a date not more than 16 days after the fulfilment of such suspensive conditions.

4.3 Suspensive Conditions of the revised Settlement Agreement

The revised Settlement Agreement is subject to the fulfilment of various remaining suspensive conditions as set out in paragraph 5.3 of this Circular, which require, inter alia, the requisite shareholders’ of both R&E and JCI approving of the proposed settlement.

4.4 Other significant terms of the revised Settlement Agreement

The revised Settlement Agreement is subject to other significant terms which include, inter alia, the rights of R&E and R&E shareholders in respect of the settlement GFI shares and new JCI shares and the warranties provided by JCI in favour of R&E, details of which are set out in paragraph 5.4 of this Circular.

4.5 Indemnity by R&E

An R&E party, as defined, has, in terms of the revised Settlement Agreement, granted a JCI party, as defined, an indemnity in respect of all claims which may be made by third parties against a JCI party arising from any third party claims, subject to certain conditions, the details of which are further set out in paragraph 5.5 of this Circular.

4.6 Undertakings by JCI and JCIIF

JCI and JCIIF have further, in terms of the revised Settlement Agreement, provided certain irrevocable and unconditional undertakings to R&E in the event of the revised Settlement Agreement being cancelled or not implemented for any reason or pending the distribution of the settlement GFI shares. Further details of such undertakings are set out in paragraph 5.6 of this Circular.

4.7 Rationale for the proposed settlement agreement

4.7.1 R&E shareholders are referred to, inter alia, prior announcements and shareholder updates regarding the disputes between R&E and JCI, the proposed merger between R&E and JCI and the failure thereof, and the conclusion and lapsing of the initial settlement agreements between R&E and JCI. Such strategies where pursued by the boards of both R&E and JCI as an alternative to costly and protracted litigation as a result of the ongoing legal disputes between R&E and JCI. In keeping with such strategy, the parties have now again, for commercial reasons and in order to avoid costly and protracted litigation, concluded the revised Settlement Agreement.

4.7.2 The rationale for the proposed settlement as set out in paragraph 4.7.1 above follows the rationale for the proposed merger of R&E and JCI as was recorded in the Merger Circular. As previously reported to R&E shareholders, JCI has denied all liability to R&E in respect of the R&E claims and failing the revised Settlement Agreement being implemented, the impending arbitration or litigation (in the event of the relief sought in the JCI application being upheld) is inevitable. The board of R&E is however aware of the costs which may be incurred in protracted litigation against JCI before a resolution of R&E’s claims can be obtained. Furthermore, should R&E be successful in obtaining an award against JCI in respect of R&E’s claims, any recovery which R&E may make is likely to be constrained by JCI’s NAV of approximately R1.2 billion at 31 December 2009. There is no prospect of JCI being able to satisfy the R&E claims (if successful) beyond the extent of JCI’s NAV and furthermore R&E’s prospects of success against JCI cannot be assured. The board of R&E is also cognisant of the substantial time that executives and management of R&E would have to dedicate in prosecuting such claims which may impact the operations of R&E.

4.7.3 Based on the above, the present Board of R&E is of the opinion that costly and protracted litigation against JCI is not in the best interests of shareholders and R&E regards the proposed settlement as a pragmatic means to restore shareholder value and as representing a sensible resolution to the impasse with JCI.

4.7.4 The implementation of the revised Settlement Agreement will result in the JCI group and the directors and officers of JCI only being released from the R&E group’s claims against the JCI group, and vice versa, this, without the parties making any admissions of liability or any concessions in regard to their respective claims.

5. THE LITIGATION SETTLEMENT AGREEMENT

5.1 On 22 January 2010, R&E, JCI, Letseng, Hawkhurst, Investec, Investec PLC, JCIIF, Discus, Global, Latitude, Holdings and Azalia concluded a Litigation Settlement Agreement in terms of which the parties to the Litigation Settlement Agreement agreed, subject to the fulfilment of certain suspensive conditions, for commercial reasons and in order to avoid costly litigation, to resolve the Litigation Disputes on the basis set out in the Litigation Settlement Agreement, this without making any admissions or concessions as to liability.

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5.2 It should be noted that the Litigation Settlement Agreement and revised Settlement Agreement are separate agreements. The implementation of the Litigation Settlement Agreement will enable JCI and JCIIF to deliver the settlement GFI shares to R&E as contemplated in the revised Settlement Agreement.

5.3 The provisions of the Litigation Settlement Agreement and the payments to be made in terms thereof shall constitute a settlement of the Litigation Disputes between the parties to the Litigation Settlement Agreement only, without prejudice to any claims enjoyed by R&E and/or the controlled entities of R&E against a third party. The details of the Litigation Settlement Agreement are set out in paragraph 14 to this Circular and are further set out in the Circular to JCI shareholders distributed on 19 February 2010, a copy of which is available for inspection in terms of paragraph 39 below. Final implementation of the Litigation Settlement Agreement remains outstanding, but is expected to be fully implemented by the effective date of the revised Settlement Agreement.

6. THE FSD ExCUSSION

6.1 Further to the information as set out in paragraph 1.2 above, JCI Gold was required to repay in full all outstanding amounts owed to R&E on 11 January 2010, in terms of the FSD Loan Agreement, the R&E Loan Agreement and the Pledge Agreement.

6.2 At the due date the total amount owing by JCI Gold to R&E amounted to R208 139 856. As a result of JCI Gold failing to repay the full outstanding amount on the due date, R&E on 14 January 2010 exercised its right under the Pledge Agreement in respect of a remaining outstanding loan due by JCI Gold to R&E of R161 960 265 (net of cash already settled by JCI Gold), by excussing against a component of the security held by it, being the 6 690 610 FSD shares (approximately 30.1% of the equity share capital of FSD) owned by JCI Gold. The effective date of the FSD excussion was 14 January 2010.

6.3 The value at which the FSD shares were realised by R&E in terms of the security provided by JCI Gold was agreed by R&E and JCI Gold at R24.2071 per FSD share as set out in the Pledge Agreement. This price was based on FSD’s disclosed net asset value per FSD share at 31 December 2009. Such net asset value excluded any value for the exploration rights held in FSD on the grounds that the exploration rights had no realisable value.

6.4 The rationale for the FSD excussion was to enable R&E to recover the loan receivable from JCI Gold by exercising the security provided by JCI Gold in respect of such loans advanced by R&E. R&E furthermore provided the loans to JCI Gold following JCI’s limited access to cash and cash resources, the failure of JCI to successfully secure any further funding from financiers and as a result of the majority of JCI’s liquid assets being held by Investec as security in terms of the Investec Loan Agreement.

6.5 In terms of the FSD excussion R&E’s shareholding in FSD increased by 30.1% to 85.2%.

7. SUPPORT FROM VARIOUS PARTIES FOR THE PROPOSED SETTLEMENT, THE FSD ExCUSSION AND FOR THE LITIGATION SETTLEMENT AGREEMENT

7.1 The Mediators re-affirmed their support for a settlement between R&E and JCI on 19 April 2010 as a commercially realistic outcome for resolving the difficulties facing the companies as appears from the Mediators Report being Annexure 1 to this Circular. Faced with the alternatives to a settlement, the Board of R&E supports a settlement as a pragmatic means of resolving the difficulties which confront R&E and its shareholders.

7.2 R&E, JCI and JCIIF have procured irrevocable undertakings from the following shareholders to vote in favour of the resolutions required to effect the revised Settlement Agreement by JCI and R&E:

7.2.1 Letseng and Hawkhurst which do not hold any of the issued share capital of R&E and which collectively hold 17.52% (i.e. 7.98% and 9.54% respectively) of the issued share capital of JCI;

7.2.2 Investec which holds 26.26% of the issued share capital of R&E and 9.65% of the issued share capital of JCI; and

7.2.3 Allan Gray, in respect of which Allan Gray undertakes to vote in favour of the resolutions pertaining to the shares in respect of which it exercises the voting rights, and to recommend to its clients to vote in favour of the resolutions pertaining to the shares in respect of which its clients exercise the voting rights. Allan Gray directly and indirectly holds 24.35% of R&E and 22.87% of JCI.

7.3 Investec has further provided an irrevocable written confirmation, confirming that Investec has irrevocably released from any security held by Investec in respect of any obligation owed to it by JCI and/or JCIIF, whether directly or indirectly the settlement GFI shares, to facilitate the transfer of such shares by JCI and JCIIF to R&E as contemplated in the revised Settlement Agreement.

7.4 On 8 March 2010, the requisite majority of JCI shareholders approved the terms and implementation of the Litigation Settlement Agreement.

7.5 R&E has procured irrevocable undertakings from the following shareholders to vote in favour of the resolutions required to give effect to the FSD excussion:

7.5.1 Clear Horizon Multi-Strategy Fund which holds 1 271 168 R&E shares i.e. 1.7% of the issued share capital of R&E;

7.5.2 Investec which holds 26.26% of the issued share capital of R&E; and

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7.5.3 Allan Gray, in respect of which Allan Gray undertakes to vote in favour of the resolutions pertaining to the shares in respect of which it exercises the voting rights, and to recommend to its clients to vote in favour of the resolutions pertaining to the shares in respect of which its clients exercise the voting rights. Allan Gray directly and indirectly holds 24.35% of R&E.

8. PRO FORMA FINANCIAL EFFECTS

8.1 UNAUDITED PRO FORMA FINANCIAL EFFECTS OF THE PROPOSED SETTLEMENT AND THE FSD EXCUSSION BASED ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND THE STATEMENT OF COMPREHENSIVE INCOME OF R&E FOR THE YEAR ENDED 31 DECEMBER 2009

The unaudited pro forma financial effects of the proposed settlement and the FSD excussion, as set out below are the responsibility of the directors of R&E. The unaudited pro forma financial effects are presented in a manner consistent with the basis on which the historical financial information has been prepared and in terms of R&E’s accounting policies. The unaudited pro forma financial effects have been presented for illustrative purposes only and, because of their nature, may not give a fair reflection of R&E’s financial position nor of the effect on future earnings after the implementation of the proposed settlement and the FSD excussion.

The unaudited pro forma financial effects as set out below should be read in conjunction with the unaudited pro forma statement of financial position and statement of comprehensive income as set out in Annexure 7, together with the assumptions upon which the financial effects are based, as indicated in the notes thereto in Annexure 7.

The Independent Reporting Accountants’ report relating to the unaudited pro forma financial information of R&E for the year ended 31 December 2009 is set out as Annexure 8 of this Circular.

The table below sets out the unaudited pro forma financial effects of the proposed settlement (incorporating the capital distribution and unbundling) and the FSD excussion on R&E, based on the audited consolidated financial results for the year ended 31 December 2009. Detailed notes and assumptions thereto are contained in Annexure 7 of this circular.

“Before”(A)

“After FSD excussion”

(B)% Difference

(B/A-1)

“After FSD excussion

and settlement”

“After FSD excussion, settlement,

capital distribution and

unbundling”(C)

% Difference(C/A-1)

EPS (cents) 48 64 33% 1 240 1 240 2 483%HEPS (cents) 48 64 33% 1 240 1 240 2 483%Weighted average number of shares in issue 73 063 128 73 063 128 – 73 063 128 73 063 128 –NAV per share (cents) 674 674 – 1 928 601 (11%)NTAV per share (cents) 674 674 – 1 928 601 (11%)Number of shares in issue 71 813 128 71 813 128 – 71 813 128 71 813 128 –

1. For the avoidance of doubt, shareholders are reminded that the pro forma financial effects as set out above are based on the audited consolidated annual financial statements of R&E at 31 December 2009. Such audited consolidated annual financial statements have accounted for R&E’s investment in JCI at cost less impairments. The Mediators, in formulating their opinion regarding the revised Settlement Agreement have also considered, inter alia, the unaudited NAV of R&E in which R&E’s investment in JCI was valued based on the published NAV of JCI at 31 December 2009, as reflected in Annexure 13 to this Circular, the pre-distribution effect of the proposed settlement and the effect of the cross holding between R&E and JCI (which affects the NAV of both companies). The Mediators Report is attached as Annexure 1, further details of which are referred to in paragraph 11 of this Circular.

9. RE-LISTING ON THE JSE

9.1 The JSE has approved the re-listing of all of the ordinary shares in the issued share capital of R&E on the main board of the JSE in the “Mining: Gold Mining” sector of the JSE list under the abbreviated name “Randgold” and share code “RNG” with effect from the commencement of trade on or about Friday 4 June 2010.

9.2 Shareholders are referred to the Revised Listing Particulars (Annexure 22) for full details and required disclosures in regard to the re-listing.

10. NOTICE OF GENERAL MEETING

A General Meeting of the shareholders of R&E has been convened and will be held at 11h00 on Friday, 28 May 2010 at MW Business Centre, Michelangelo Hotel, Mandela Square, Sandton, South Africa in order to consider and, if deemed fit, pass with or without modification, the necessary resolutions required to give effect to the proposed settlement, the capital distribution, out of share premium, of the settlement GFI shares to R&E shareholders, the unbundling of R&E’s entire shareholding in JCI (which consists of both the new JCI shares per the proposed settlement and the existing JCI shares owned pre-settlement) to the R&E shareholders in proportion to their respective shareholdings and the FSD excussion.

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INTERPRETATION AND DEFINITIONS

Throughout this Circular, incorporating the Revised Listing Particulars, unless the context indicates otherwise, the words in the left hand column below shall have the meaning stated opposite them in the right hand column below. Reference to the singular shall include the plural and vice versa, words denoting one gender shall include the other genders, and words and expressions denoting natural persons shall include juristic persons and associations of persons:

“the 8th of May report” The forensic report prepared by KPMG Services at the instance of JCI dated 8 May 2006 for the purposes of the mediation;

“Act” The South African Companies Act. No. 61 of 1973, as amended;“ADRs” American Depositary Receipts, negotiable certificates issued by a US bank representing a specified

number of shares in a non-US share that is traded on a US exchange, each ADR exchange representing 1 (one) R&E share;

“AFSA” The Arbitration Foundation of South Africa;“affected transaction” An affected transaction as defined in section 440A (1) of the Act;“an affected JCI subsidiary” An affected JCI subsidiary as defined in clause 15 of the revised Settlement Agreement, a copy of

which is available for inspection as set out in paragraph 39 of the Circular;“AICPA” American Institute of Certified Public Accountants; “Allan Gray” Allan Gray Limited (Registration number 2005/002576/06), a company incorporated in South Africa

being a major shareholder of both JCI and R&E as more fully set out in paragraph 24 of the Circular; “annual financial statements”

A complete set of annual financial statements prepared in accordance with IFRS;

“the Articles” The Articles of Association of R&E;“AU$” Australian dollar, the unit of currency in Australia; “Azalia” The Azalia Trust, a discretionary trust constituted in the British Virgin Islands and administered in

Switzerland;“BNY Mellon” BNY Mellon Depository Receipts, being a US Bank which previously issued the ADRs and acts as the

United States Depositary in respect of the ADRs;“BBBEE Act” The South African Broad-Based Black Economic Empowerment Act, No 53 of 2003;“Blersch” Johann Blersch, a former director of R&E, he having served on the Board of R&E between

14 August 2006 to 9 March 2007;“BNC” BNC Investments (Proprietary) Limited (Registration number 1996/008143/07), a private company

incorporated in South Africa;“Board of JCI” or “the JCI directors” or “the JCI Board”

The board of directors of JCI as indicated in the context of this Circular as being either the present board of directors of JCI or a previously appointed board of directors of JCI;

“the Board of R&E” or “the R&E directors” or “the R&E Board” or “the present Board of R&E”

The board of directors of R&E as indicated by the context, being either the newly constituted Board of R&E or the present Board of R&E or the Board of R&E at the time referred to;

“Boschendal” Boschendal (Proprietary) Limited (Registration number 2002/023534/07), a private company incorporated in South Africa;

“Botha” Van Zyl Botha, the financial director of R&E, he having been appointed to the Board of R&E on 6 May 2010;

“Boschendal claims” The claims on loan account in the amount of R225 298 419 (two hundred and twenty five million two hundred and ninety eight thousand four hundred and nineteen Rand) which JCI had against Boschendal on the signature date of the initial settlement agreement;

“Boschendal shares” • Prior to the implementation of the share acquisition agreement, 792 026 shares in the issued share capital of Boschendal, held directly by JCI or through Moregate, constituting 57.42% of the issued share capital of Boschendal; and

• Following implementation of the share acquisition agreement, 864 427 shares in the issued share capital of Boschendal, which shares will be held directly by JCI constituting 62.67% of the issued share capital of Boschendal;

“capital distribution” Subject to the approval of the proposed settlement, the capital distribution by R&E of the settlement GFI shares to R&E shareholders out of share premium;

“cents” South African cents;“CEO” Chief executive officer;“certificated R&E shareholders”

R&E shareholders who hold certificated R&E shares;

“certificated R&E shares” R&E shares which have not been dematerialised and which are evidenced by share certificates or other physical documents of title;

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“Charles Orbach” Charles Orbach & Company, a firm of Accountants and Auditors carrying on business as such from Suite 17, Third Floor, 3 Melrose Boulevard, Melrose Arch, Melrose and who were the former auditors of R&E from 8 December 2004 to 5 September 2005;

“CIPRO” The Companies Intellectual Property Registration Office as established in terms of the Act;“Circular” or “the R&E Circular”

This Circular, together with the annexures thereto, the Notice of the R&E General Meeting and form of proxy enclosed therewith;

“Citation” Citation Holdings S.A. (Registration number: B 17 438), a company incorporated in Luxembourg;“CMMS” Consolidated Mining Management Services Limited (Registration number 1925/008135/06), a public

company incorporated in South Africa and a subsidiary of JCI;“the Code” The Securities Regulation Panel Code on Take-overs and Mergers established in terms of

section 440C of the Act;“Cohen” Advocate Clive Cohen SC, the independent legal advisor appointed by R&E and JCI in June 2008 to

furnish a prima facie view on the third party claims then in existence;“the Cohen report” The report by Cohen relating to certain of the third party claims, dated 26 June 2008;“common monetary area” South Africa, the Republic of Namibia, the Kingdom of Lesotho and the Kingdom of Swaziland;“the Company” or “R&E” or “Randgold”

Randgold & Exploration Company Limited (Registration number 1992/005642/06), a company incorporated in South Africa, the shares of which are listed on the JSE, and which are currently suspended;

“Competition Act” The South African Competition Act No 89 of 1998 as amended;“Competition Tribunal” The Competition Tribunal, South Africa created in terms of the Competition Act;“Computershare” Computershare Investor Services (Proprietary) Limited (Registration number 2004/003647/07), a

company incorporated in South Africa;“CPR” Competent Persons Report;“CSDP” A Central Securities Depository Participant accepted as a participant in terms of the Securities

Services Act;“Dale” Thomas Graham Dale, a former director of R&E, he having served on the Board of R&E between

14 August 2006 to 9 March 2007;“date of reconstitution” 24 August 2005;“day” or “days” Any day other than a Saturday, Sunday or an official public holiday in South Africa;“de Bruin” Daniel Izan de Bruin, a former independent non-executive director of the Company, he having been

appointed to the Board of R&E on 1 April 2007 and resigned on 19 February 2010;“dematerialised” The process whereby paper share certificates or other physical documents of title are replaced with

electronic records of ownership of shares or securities under Strate, with a duly appointed CSDP or broker;

“dematerialised R&E shareholders”

R&E shareholders who hold dematerialised shares;

“dematerialised shares” R&E shares which have been dematerialised and incorporated into Strate and which are no longer evidenced by share certificates or other physical documents of title;

“Depositary Agreement” The Deposit Agreement dated 3 March 1997, as amended and restated at 9 November 1998 and further amended and restated at 29 December 2004, concluded between R&E, the United States Depositary and each owner and holder from time to time of ADRs issued thereunder;

“Designated Actions” The actions and/or proceedings listed in Annexure A to the Litigation Settlement Agreement, a copy of which is available for inspection as set out in paragraph 39 of this Circular;

“directors and officers of the JCI group”

In terms of the revised Settlement Agreement the directors and officers of the JCI group referred to in Annexure 18;

“directors and officers of the R&E group

In terms of the revised Settlement Agreement, the directors and officers of the R&E group referred to in Annexure 18;

“disclosure schedule” Schedule 5 to the revised Settlement Agreement, a copy of which is available for inspection as set out in paragraph 39 of this Circular;

“Discus” Discus Limited (Registration number 050857C), a company incorporated in accordance with the laws of the Isle of Man;

“DMR” The South African Department of Mineral Resources, formerly the South African Department of Minerals and Energy (“DME”);

“documents of title” Share certificates, certified transfer deeds, balance receipts or any other physical documents of title pertaining to the R&E shares in question acceptable to the Board of R&E;

“DRD” DRD Gold Limited (Registration number 1895/000926/06), a company incorporated in South Africa, the shares of which are listed on the JSE;

“Du Preez Leger Project” A project encompassing the farms Du Preez Leger 324, Jonkersrus 72, Milo 639, Rebelkop 456, Tweepan 678 and Vermeulenskraal 223 located in the district of Virginia in the Free State Province;

“Effective Date of the revised Settlement Agreement”

The effective date of the revised Settlement Agreement, being the date on which the settlement GFI shares and the new JCI shares are registered in the CSDP account of R&E in accordance with the terms of the revised Settlement Agreement, being a date not more than 16 days after the fulfilment of the suspensive conditions of the revised Settlement Agreement;

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“Effective Date of the Litigation Settlement Agreement”

9 March 2010;

“Eljay Investments” Eljay Investments Incorporated, a company incorporated in Guernsey; “EPS” Earnings per share;“existing JCI shares” 305 186 049 JCI shares held by R&E prior to the proposed settlement, comprising 13.7% of the share

capital of JCI;“the forensic report of JLMC”

The report prepared by JLMC at the instance of R&E dated 20 June 2006 for the purposes of the mediation;

“form of proxy” The form of proxy (grey) for use by certificated R&E shareholders and “own name” dematerialised R&E shareholders which is attached to and forms part of this Circular;

“FSD” Free State Development and Investment Corporation Limited (Registration number 1944/016931/06), a company incorporated in South Africa, jointly held by JCI (14.8%) and by R&E (85.2%);

“FSD excussion” The transfer of 6 690 610 FSD shares to R&E from JCI Gold in consequence of R&E exercising its rights in respect of the security granted by JCI Gold to R&E in terms of the R&E Loan Agreement, the FSD Loan Agreement and the Pledge Agreement;

“FSD Loan Agreement” The loan agreement concluded between FSD and JCI Gold on 17 April 2009 formalising the terms of an existing loan advanced by FSD to JCI Gold in the amount of R105 396 864 (one hundred and five million three hundred and ninety six thousand eight hundred and sixty four Rand), together with an Addendum thereto concluded on 18 December 2009, which loan agreement was ceded, transferred and assigned to R&E in terms of a memorandum of agreement concluded between FSD and R&E on 18 December 2009;

“General Meeting” or “R&E General Meeting”

The General Meeting of R&E shareholders to be held at 11h00 on Friday, 28 May 2010 at MW Business Centre, Michelangelo Hotel, Mandela Square, Sandton for the purpose of considering and if deemed fit, passing, with or without modification, the resolutions as set out in the Notice of General Meeting attached to this Circular;

“Gold Fields” or “GFI” Gold Fields Limited, (Registration number 1968/004880/06), a public company incorporated in South Africa, the shares of which are listed on the JSE, the New York Stock Exchange, the Dubai International Financial Exchange, the Euronext and the Swiss Exchange;

“the Gold Fields transfer date”

The date on which the settlement GFI shares will be transferred to the CSDP account of R&E before distribution thereof to the R&E shareholders in accordance with the terms of the revised Settlement Agreement;

“GFO” or “Western Areas” Gold Fields Operations Limited (formerly Western Areas Limited) (Registration number 1959/003209/06), a public company incorporated in South Africa and a wholly-owned subsidiary of Gold Fields;

“GFO transaction” The relinquishment by R&E and Goldridge (a subsidiary of FSD) of rights contiguous to the South Deep gold mine to GFO, the details of which are included in the circular to R&E shareholders issued on 15 October 2007;

“Global” Global Management Overseas Limited (Registration number 487230), a company incorporated in accordance with the laws of the British Virgin Islands;

“Goldridge” Goldridge Gold Mining Company (Proprietary) Limited (Registration number 1974/003333/07), a private company incorporated in South Africa. Goldridge is a 100% owned subsidiary of FSD;

“Gray” Peter Henry Gray, the current CEO of JCI and former CEO of R&E (he having held such office until 11 July 2008), having been appointed as the CEO of JCI and R&E on 24 August 2005;

“g/t” Grams of gold per ton;“Harmony” Harmony Gold Mining Company Limited (Registration number 1950/038232), a company incorporated

in South Africa, the shares of which are listed on the JSE, the New York Stock Exchange and the Nasdaq;

“Hawkhurst” Hawkhurst Investments Limited (Registration Number 275187), a company incorporated in the British Virgin Islands;

“HEPS” Headline earnings per share;“Holdings” African Strategic Investment (Holdings) Limited, formerly Randgold Resources (Holdings) Limited

(Registration number 65832), a company incorporated in Jersey, Channel Islands;“IFRS” International Financial Reporting Standards of Accounting;“Information Update” The information update issued by the Company on 12 June 2009 to its shareholders providing an

updated unaudited NAV Statement at 31 March 2009 on the R&E group, an overview of the R&E claims and an updated forensic report relating to the R&E claims against third parties;

“including” To include without limitation;“Income Tax” Income Tax levied in terms of the Income Tax Act;“Income Tax Act” The South African Income Tax Act 1962 (Act 58 of 1962), as amended;“ineligible foreign shareholders”

R&E shareholders in jurisdictions outside of South Africa who are precluded from taking transfer of any of the settlement GFI shares and/or the unbundled JCI shares;

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“initial settlement agreements”

The settlement agreement concluded between R&E, JCI and JCIIF on 18 September 2009, which agreement lapsed due to the non-fulfilment of its suspensive conditions, having initially been concluded on 31 August 2009, which initial agreement also lapsed due to the non-fulfilment of its suspensive conditions;

“Investec” Investec Bank Limited (Registration number 1969/004763/06), a public company incorporated in South Africa, the shares of which are listed on the JSE;

“Investec Loan Agreement” The agreement between JCI and Investec as amended, in terms of which Investec undertook to arrange a loan facility of up to R460 million to JCIIF. For the avoidance of doubt, the latest agreement, incorporating all respective amendments was signed on 16 January 2006;

“Investec loan facility” The loan facility made available by Investec to JCIIF in terms of a loan agreement in terms whereof Investec loaned JCIIF an initial amount of R460 million, which later escalated to in excess of R1.1 billion in aggregate, in consideration for which Investec claims an entitlement to the Investec raising fee;

“Investec PLC” Investec Bank PLC (previously Investec Bank UK Limited), a company duly registered in accordance with the laws of England and Wales;

“Investec raising fee” A raising fee equal to the greater of R50 million, or an amount equal to 30% of the increase in the value of the assets of JCIIF, together with an additional 10% of the amount representing the increase in the price of approximately 2,218 billion JCI ordinary shares;

“Jaganda” Xelexwa Investment Holdings (Proprietary) Limited, (formerly known as Jaganda (Proprietary) Limited (Registration number 2004/005559/07) a private company incorporated in South Africa;

“Jaganda matter” The summons action by JCI and JCIIF against Jaganda, issued out of the High Court of South Africa in terms whereof JCI and JCIIF seek an order directing Jaganda to register JCIIF in its register as the owner of 200 000 000 preference shares in the share capital of Jaganda, which relief is disputed by Jaganda and which in turn seeks an order that the preference shares in the name of JCI and JCIIF be cancelled and that the share register of Jaganda be rectified to remove JCI and JCIIF therefrom;

“JCI” JCI Limited (Registration number 1894/000854/06), a company incorporated in South Africa, the shares of which are listed on the JSE but which are suspended;

“JCI application” The application launched by JCI against R&E out of the South Gauteng High Court on 6 November 2009;

“JCI circular” The circular to the shareholders of JCI relating to the proposed settlement;“JCI General Meeting” The General Meeting of JCI shareholders to be held on or about Friday, 4 June 2010 for the purpose

of considering and if deemed fit, passing, with or without modification, the resolutions required to implement the proposed settlement with R&E;

“JCI Gold” JCI Gold Limited (Registration number 1998/005215/06), a public company incorporated in South Africa and a wholly owned subsidiary of JCI;

“JCI group” JCI and its subsidiaries and associated companies as specified in schedule 3 of the revised Settlement Agreement;

“JCI group Net Asset Value Statement”

The JCI group unaudited NAV Statement at 31 December 2009 published on 16 February 2010 and incorporating KPMG’s limited assurance report thereon;

“a JCI party” JCI and a JCI subsidiary as defined in the revised Settlement Agreement;“JCI Resolution” The resolution passed by the shareholders of JCI on 8 March 2010, authorising the payment of the

Loan Settlement Fee to Investec as well as the payment of any interest thereon;“JCI shares” The existing JCI shares and the new JCI shares;“JCI scheme” or “scheme of arrangement”

The failed scheme of arrangement in terms of section 311 of the Act proposed by R&E between JCI and its shareholders (excluding R&E), aimed at bringing about a merger of R&E and JCI;

“JCI subsidiaries” The subsidiaries and associated companies of JCI as contemplated in the revised Settlement Agreement;

“the JCI transfer date” The date on which the new JCI shares will be transferred to the CSDP account of R&E and immediately thereafter unbundled and distributed to the R&E shareholders in accordance with the terms of the revised Settlement Agreement;

“JCIIF” JCI Investment Finance (Proprietary) Limited (Registration number 2005/021440/07), a private company incorporated in South Africa and a wholly-owned subsidiary of JCI;

“JLMC” or “Umbono” John Louw & Co (Proprietary) Limited (Registration number 2004/034874/07), a private company incorporated in South Africa, formerly known as John Louw McKnight and Company (Proprietary) Limited, previously known as Umbono Financial Advisory Services (Proprietary) Limited, being the independent forensic auditors appointed by R&E to investigate the affairs of R&E and inter alia the misappropriation of R&E’s assets;

“JORC” The Australasian Joint Ore Reserves Committee, based in Australia that has developed an internationally accepted code for defining ore “resources” and “reserves”;

“JSE” JSE Limited (Registration number 2005/022939/06), a public company incorporated in South Africa, which is licensed as an exchange under the Securities Services Act;

“JSE Listings Requirements”

The listings requirements of the JSE, as amended from time to time;

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“Kebble” The late Roger Brett Kebble, the former CEO of R&E and JCI, who passed away on 27 September 2005;

“the Kebble era” The era during which Kebble was the former CEO of R&E and JCI, he having served as the CEO of R&E between 24 July 2003 to 24 August 2005 and 1 September 1997 to 24 August 2005, in the case of JCI;

“Kelgran” Kelgran Limited (Registration number 1975/004595/06), a public company incorporated in South Africa, which has been liquidated;

“Kovarsky” David Chaim Kovarsky, the current independent non-executive Chairman of the Company, he having been appointed to the Board of R&E on 12 December 2007;

“KPMG” KPMG Inc. (Registration number 1999/021543/21), the Company’s auditors and independent reporting accountants, as referred to in this Circular;

“KPMG Services” KPMG Services (Proprietary) Limited (Registration number 1999/012876/07), a company incorporated in South Africa and appointed as JCI’s forensic auditors;

“Lamprecht” John Chris Lamprecht, the former Financial Director of R&E and JCI, he having served on the Board of R&E between 24 August 2005 and 16 May 2006;

“last practicable date” 16 April 2010, being the last practicable date prior to the finalisation of this Circular;“Latitude” Latitude Investments Limited (Registration number 61252), a company incorporated in accordance

with the laws of the British Virgin Islands;“Letseng” Letseng Diamonds Limited (Guernsey) (Registration number 31750), a company incorporated in

Guernsey;“Letseng application” The application launched by Letseng out of the South Gauteng High Court (Johannesburg) against

JCI, Investec, JCIIF and Gem Diamond Mining Company of Africa Limited;“Letseng Indemnity Costs” The amount of R40 000 000 (forty million Rand) to be paid by JCI to Letseng in accordance with the

terms of the Litigation Settlement Agreement;“Litigation Disputes” The Designated Actions and all other claims, actions, proceedings and disputes which any party to

the Litigation Settlement Agreement may have, or believes it may have or intends bringing against one or more of the other parties thereto, as more fully defined in the Litigation Settlement Agreement; but excluding, inter alia, the JCI Claims and the R&E Claims as defined therein, any claims instituted by the R&E group against an R&E third party as defined therein and by the JCI group against a JCI third party as defined therein;

“Litigation Settlement Agreement”

The Litigation Settlement Agreement concluded between R&E, JCI, Letseng, Investec, Investec PLC, JCIIF, Hawkhurst, Discus, Global, Latitude, Holdings and Azalia on 22 January 2010;

“Loan Settlement Fee” The amount of R267 500 000 (two hundred sixty seven million and five hundred thousand Rand), together with interest thereon, if applicable, that JCI will pay to Investec as contemplated in the Litigation Settlement Agreement;

“Madumise” Motsehoa Brenda Madumise, a current independent non-executive director of R&E;“Maxwell” Leslie Arthur Maxwell, the current Financial Director of JCI appointed on 13 December 2006;“Mediators” Advocate SF Burger SC, Professor HE Wainer CA (SA), and Mr C Nupen, appointed in terms of the

Mediation Agreement as mediators; “Mediation Agreement” The Mediation/Arbitration Agreement executed by R&E and JCI on 7 April 2006, together with the

Addenda thereto, which provides inter alia for the determination of the R&E and JCI claims as defined therein and for the appointment of the Mediators;

“mediation” The mediation and arbitration in which R&E and JCI were engaged, pursuant to the Mediation Agreement;

“merger” or “proposed merger”

The proposed merger between R&E and JCI by way of a scheme of arrangement which was rejected by certain shareholders of JCI, the further details whereof are set out in the Merger Circular;

“Merger Circular” The circular issued on 5 December 2008 by R&E to its shareholders seeking approval for the proposed merger on the terms set out in such circular;

“Minxcon” Minxcon (Proprietary) Limited, (Registration number 2004/029587/07), a private company incorporated in South Africa and the competent person producing the CPR for R&E in terms of the JSE Listings Requirements;

“Moore Stephens” or “independent expert”

Moore Stephens (Jhb) Corporate Finance (Proprietary) Limited (Registration number 2007/023666/07), a private company incorporated in South Africa and the independent expert performing the fairness opinion in respect of the FSD excussion as required in terms of the JSE Listings Requirements;

“Moregate” Moregate Investments Limited (Registration number 358251), a company incorporated in the British Virgin Islands and which is a wholly owned subsidiary of JCI;

“MOU” Memorandum of Understanding;“Moz” Million ounces;“the MPRDA Act” The South African Mineral and Petroleum Resources Development Act No.28 of 2002;“MTO” Mineral and Petroleum Titles Registration Office;“Nasdaq” Nasdaq National Market, an automated inter-dealer quotation system in the United States on which

the ADRs were previously quoted before being de-listed; “NAV” Net asset value;

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“new share(s)” or “new JCI share(s)”

1 555 710 220 (one billion five hundred and fifty five million seven hundred and ten thousand two hundred and twenty) new ordinary shares of R0.01 cent each in JCI that will be allotted to R&E in terms of the proposed settlement, representing approximately 44% of the issued share capital of JCI post the issue of such new JCI shares;

“newly constituted Board of R&E”

The Board of R&E as reconstituted on 24 August 2005 to comprise Messrs. Gray, Lamprecht, Madumise and Nissen and later Nurek (with effect from 7 October 2005);

“Nissen” Andrew Christoffel Nissen, a former director of R&E and a current director of JCI (he having resigned as a director of R&E on 1 April 2007);

“Notice of the R&E General Meeting”

The notice of the R&E General Meeting attached to this Circular;

“NTAV” Net tangible asset value;“Nurek” David Morris Nurek, the former non-executive Chairman of R&E and JCI and an employee of Investec,

he having been appointed as the non-executive chairman of R&E on 7 October 2005 and having resigned therefrom on 10 July 2008;

“NI 43-101 National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators;

“oz” Ounces (troy);“own name dematerialised R&E shareholders”

R&E shareholders who have dematerialised their R&E shares and have instructed their CSDP to hold their R&E shares in their own name on the sub-register (being the list of shareholders maintained by the CSDP and forming part of the Company’s register);

“Pan Palladium” Pan Palladium Limited (Registration number ALN 093 178 388), a company incorporated in Australia, the shares of which are listed on the Australian Exchange;

“PAYE” Pay As You Earn and Site (Standard Income Tax on Employees) falls within the Fourth Schedule of the Income Tax Act and is a withholding tax deducted from an employee’s remuneration;

“the perpetrators” The persons whom R&E asserts are perpetrators and whom it alleges comprise a number of persons, some of whom were formerly employed by JCI alternatively associated with the JCI group and/or who served as directors of JCI/the JCI group prior to 24 August 2005. R&E alleges that such persons at all times acted within the fields of operation assigned to them by JCI when assisting either directly or indirectly in some or all of the schemes more fully detailed in the Overview of R&E claims (being Annexure 2 hereto) on behalf of JCI, with the objective of benefiting JCI and/or the JCI group and whose knowledge and conduct R&E alleges is, as a matter of law, imputable to JCI;

“Phikoloso transaction” The Phikoloso transaction referred to in Annexure 2 (Overview of the R&E Claims) hereto;“Pledge Agreement” The pledge agreement concluded between R&E, JCI Gold and FSD on 18 December 2009, in terms

of which JCI Gold pledged unto and in favour of R&E, 9 933 850 (nine million nine hundred and thirty three thousand eight hundred and fifty) fully paid up ordinary shares in FSD, as security for any amounts owing by JCI Gold to R&E in terms of the R&E Loan agreement and the FSD Loan agreement;

“previous Mediators Report”

The previous reports of the Mediators, dated 14 April 2008 and 3 November 2008, which are available for inspection as per paragraph 39 in this Circular;

“promoter” The individual(s), company, partnership or association responsible for promoting a company;“the proposed settlement” The proposed settlement between R&E and JCI as regulated by the terms of the revised Settlement

Agreement;“Purple Plum” Purple Plum Properties 59 (Proprietary) Limited (Registration number 2002/014687/07), a private

company incorporated in South Africa;“Purple Plum shares” • Prior to the implementation of the share acquisition agreement, such number of shares in the issued

share capital of Purple Plum, held directly by JCI or through Moregate, constituting 57.42% of the issued share capital of Purple Plum; and

• Following implementation of the share acquisition agreement, such number of shares in the issued share capital of Purple Plum which will be held directly by JCI constituting 62.67% of the issued share capital of Purple Plum;

“PWC” PricewaterhouseCoopers Inc (Registration number 1998/012055/21), a company incorporated in South Africa in accordance with the provisions of section 53(b) of the Act and who prior to 8 December 2004 were the auditors of R&E;

“PWC claim” The claim for recovery of approximately R7,6 billion which R&E has brought against PWC in the High Court of South Africa which claim is being defended by PWC, the details whereof are more fully set out in Annexure 9;

“PWP” Prospecting work programme;“Rand” or “R” or “ADR holders”

South African Rand, the unit of currency in use in South Africa;

“R&E ADR holder” The holder of ADR’s with each ADR exchange representing 1 (one) R&E ordinary share;“R&E claims” or “R&E’s claims”

The alleged claims proffered by R&E against JCI by way of its Statement of Claim, an overview of which is detailed in Annexure 2 to this Circular, none of which have yet been proven;

“R&E Counsel” or “R&E’s Counsel”

Advocate G. Farber SC and N. Konstantinides, being practising advocates in South Africa and members of the Johannesburg Bar;

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“Record Date” The date on which shareholders must be registered in the share register of R&E in order to be eligible to participate in the capital distribution and the unbundling;

“Registrar” The Registrar of Companies and Intellectual Property, South Africa;“R&E group” R&E and its subsidiary and associated companies as specified in schedule 4 of the revised Settlement

Agreement;“re-list” or “re-listing” The means by which R&E will lift the suspension in the trading of its shares on the JSE, which

application to re-list the entire issued ordinary share capital of R&E on the main board of the JSE in the “Mining: Gold Mining” sector of the JSE has been approved by the JSE. R&E will re-list on the JSE with effect from the commencement of trade on or about Friday, 4 June 2010;

“R&E Loan Agreement” The loan agreement concluded between R&E, JCI Gold, Jubilee Prospectors Limited and FSD on 17 April 2009 in terms whereof, inter alia, R&E lent and advanced an amount of R60 500 000 (sixty million five hundred thousand Rand) to JCI Gold, together with an Addendum thereto dated 18 December 2009 in terms whereof, inter alia, R&E lent and advanced a further amount of R25 000 000 (twenty five million Rand) to JCI Gold against, inter alia, the security of 9 933 850 (nine million nine hundred thirty three thousand eight hundred and fifty) shares held by JCI Gold in FSD;

“an R&E party” R&E as well as the R&E subsidiaries as defined in the revised Settlement Agreement;“Refraction Investments” Refraction Investments (Proprietary) Limited (Registration number 2003/023671/06), a private

company incorporated in South Africa, and a wholly owned subsidiary of R&E, through its 100% interest in Lunda Alluvial Operation (Proprietary) Limited;

“Report of the Mediators” or “Mediators Report”

The report of the Mediators being Annexure 1 to this Circular dated 19 April 2010;

“Revised Listing Particulars”

The Revised Listing Particulars incorporated as Annexure 22 to this Circular setting out the details of and required disclosures for the re-listing;

“revised Settlement Agreement”

The revised Settlement Agreement concluded between R&E, JCI and JCIIF on 20 January 2010, the salient terms whereof are set out in paragraph 5 of this Circular;

“Roger” Roger Ainsley Ralph Kebble, the former Chairman of R&E and JCI;“RGR” or “RRL” Randgold Resources Limited (Registration number 62686), a company incorporated in Jersey,

Channel Islands, the shares of which are listed on the Nasdaq and the London Stock Exchange;“SAMREC Code” South African code for reporting of mineral resources and mineral reserves;“SARS” The South African Revenue Services, being a division of the government that collects revenue and

regulates all forms of tax payable by South African tax payers. SARS relies upon the Income Tax Act for these collections and regulations;

“Second Addendum” The second addendum to the Mediation Agreement, concluded between R&E and JCI on 28 September 2007;

“SEC” The United States Securities and Exchange Commission, Washington D.C;“security assets” All assets pledged, ceded, mortgaged or otherwise encumbered in favour of Investec as security for

any obligations which arose in terms of the Investec loan facility;“security documents” All documents or agreements (including any pledges, cessions, guarantees or other intercessions)

pursuant to which Investec was granted any form of security for any obligations which arose in terms of the Investec loan facility;

“Securities Exchange Act” US Securities Exchange Act of 1934, as amended; “Securities Services Act” The South African Securities Services Act No. 36 of 2004, as amended;“SENS” The Securities Exchange News Service of the JSE;“settlement GFI shares” or “GFI shares”

6 051 632 (six million and fifty one thousand six hundred and thirty two) ordinary shares in Gold Fields, as contemplated in the revised Settlement Agreement;

“shareholders” or “R&E shareholders”

The certificated, dematerialised and own name dematerialised shareholders of R&E recorded in the shareholders register of the Company as at the date of issue of this Circular;

“share acquisition agreements”

The agreements whereby JCI will acquire shares in the issued share capital of each of Boschendal and Purple Plum from Citation pursuant to which JCI will increase its shareholding in the issued share capital of each of Boschendal and Purple Plum to 62.67%;

“Signature Date of the Litigation Settlement Agreement”

The date of conclusion of the Litigation Settlement Agreement, being 22 January 2010;

“Signature Date of the revised Settlement Agreement”

The date of conclusion of the revised Settlement Agreement, being 20 January 2010;

“Simmer and Jack” Simmer and Jack Mines Limited, (Registration number 1924/007778/06), a company incorporated in South Africa and listed on the JSE, in respect of which Jaganda holds shares;

“South Deep” South Deep, being a gold mine situated in the Magisterial District of Westonia and Vanderbijlpark (Gauteng Province), owned by Gold Fields;

“SRP” The Securities Regulation Panel established in terms of section 440B of the Act; “South Africa” The Republic of South Africa;

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“Statement of Claim” R&E’s Statement of Claim in the mediation, which was served on JCI on 3 August 2006 and which has since been amended by the introduction of new claims;

“STC” Secondary Tax on Companies levied in terms of section 64B of the Income Tax Act;“Strate” Strate Limited (Registration number 1998/022242/06), a registered Central Securities Depository in

terms of the Securities Services Act;“Steyn” Marais Steyn, the current CEO of R&E, he having been appointed as a director of R&E on

13 December 2006;“St Helena” St Helena Gold Mines Limited (Registration number 1905/020743/06), a public company registered

in South Africa;“suspensive condition fulfilment date”

The date on which the last of the suspensive conditions to the revised Settlement Agreement is fulfilled or waived as the case may be;

“suspensive conditions of the revised Settlement Agreement”

The remaining suspensive conditions to the revised Settlement Agreement, as recorded in paragraph 5.3 of this Circular;

“suspensive conditions of the Litigation Settlement Agreement”

The suspensive conditions to the Litigation Settlement Agreement, the last of which was fulfilled on 8 March 2010;

“third party ” In the context of an R&E party, any person against whom an R&E party has proceeded or will be proceeding with a claim (other than the directors and officers of the JCI group), and, in the context of a JCI party, any person against whom a JCI party has proceeded or will be proceeding with a claim (other than the directors and officers of the R&E group);

“third party claims” In the context of: • an R&E party, any claim instituted/to be instituted by an R&E party against a third party, the details

of all such claims instituted prior to the Signature Date of the revised Settlement Agreement being set out in Schedule 6 thereof;

• a JCI party, any claim instituted/to be instituted by a JCI party against a third party, the details of all such claims instituted prior to the Signature Date of the revised Settlement Agreement being set out in Schedule 7 thereof;

“transfer secretaries” The South African transfer secretaries of R&E and/or JCI as the context indicates, being Computershare; “unbundling” or “unbundling process”

The unbundling of R&E’s shareholding in JCI (which consists of both the new JCI shares per the proposed settlement and the existing JCI shares pre-settlement) to the R&E shareholders as contemplated in this Circular, in terms of section 46 of the Income Tax Act;

“United States” or “US” The United States of America;“USD” or “$” United States dollar, being the unit of currency in the United States;“United States Depositary” BNY Mellon;“US GAAP” Generally Accepted Accounting Principles in the United States;“VAT” Value Added Tax levied in terms of the Value Added Tax Act, being a form of indirect taxation imposed

on the value of goods and services supplied by vendors (being persons who are required to register for VAT), the current rate of which is 14%;

“Value Added Tax Act” The Value Added Tax Act No. 89 of 1991, as amended; “VWAP” The volume weighted average traded price on the JSE; and“White Water Resources” White Water Resources Limited (formerly Matodzi Resources Limited) (Registration number

1933/004523/06), a public company incorporated in South Africa, the shares of which are listed on the JSE.

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IMPORTANT DATES AND TIMES

DATE

Abridged Revised Listing Particulars published on SENS on Wednesday, 12 May 2010

Circular and Notice of the R&E General Meeting posted to R&E shareholders on Wednesday, 12 May 2010

Abridged Revised Listing Particulars published in the press on Thursday, 13 May 2010

Last day for lodging forms of proxy with the transfer secretaries for the R&E General Meeting by no later than 11h00 on Wednesday, 26 May 2010

R&E General Meeting to be held at 11h00 on Friday, 28 May 2010

Results of the R&E General Meeting published on SENS on Friday, 28 May 2010

Results of the R&E General Meeting published in the press on Monday, 31 May 2010

Listing of R&E on the JSE at commencement of trade on Friday, 4 June 2010

JCI General Meeting to be held on or about Friday, 4 June 2010

Results of JCI General Meeting published on SENS on or about Friday, 4 June 2010

Results of JCI General Meeting published in the press on or about Monday, 7 June 2010

Special resolution of JCI shareholders registered by CIPRO Thursday, 17 June 2010

Finalisation announcement on SENS in respect of capital distribution and unbundling on or about Friday, 18 June 2010

Finalisation announcement in press in respect of capital distribution and unbundling on or about Monday, 21 June 2010

Last day to trade to participate in the capital distribution of the settlement GFI shares and the unbundling Friday, 25 June 2010

Shares trade ex right to participate in the capital distribution of the settlement GFI shares and ex entitlement to participate in the unbundling Monday, 28 June 2010

Record date Friday, 2 July 2010

Settlement GFI shares transferred to R&E and new JCI shares issued to R&E Friday, 2 July 2010

Settlement GFI shares distributed to R&E shareholders and unbundling implemented Monday, 5 July 2010

Notes:

1. The definitions on pages 11 and 18 of this Circular apply to these important dates and times.

2. The above dates and times are subject to change. Any such changes to the above dates and times will be published on SENS.

3. All times indicated above are in South African times.

4. R&E shares may not be dematerialised or rematerialised between Monday, 28 June 2010 and Friday, 2 July 2010, both days inclusive.

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Directors of R&E DC Kovarsky (Independent Non-executive Chairman)M Steyn (Chief Executive Officer) JH Scholes (Independent Non-executive Director) MB Madumise (Independent Non-executive Director)V Botha (Financial Director)

CIRCULAR TO R&E SHAREHOLDERS

1. INTRODUCTION

1.1 The proposed settlement

1.1.1 The timeline set out in paragraph 3 of this Circular provides a summary of the sequence of events which forms the background to the proposed settlement between R&E, JCI and JCIIF, including the merger, the details of which were contained in the Merger Circular distributed to shareholders on 5 December 2008. Following the distribution of the Merger Circular, an overwhelming majority of R&E shareholders passed the necessary resolutions, on 19 January 2009, for R&E to pursue the proposed merger, by way of a scheme of arrangement, with JCI. However, on 9 April 2009, R&E announced on SENS that the proposed merger of R&E and JCI had failed as a result of the required majority of scheme participants of JCI, excluding R&E, not approving the scheme.

1.1.2 Following the failure of the proposed merger, R&E, JCI and JCIIF concluded the MOU on 5 May 2009 as a precursor to a settlement to be concluded between the parties. This was aimed at avoiding costly and time consuming litigation.

1.1.3 On 31 August 2009 and again on 18 September 2009, the parties signed a settlement agreement, subject to the fulfilment of a number of suspensive conditions, one of which required certain shareholders of JCI and R&E to furnish irrevocable undertakings within a prescribed time period, to support the settlement agreement and to vote in favour of the resolutions to be passed at shareholders’ meetings of R&E and JCI. Such irrevocable undertakings were however not obtained from JCI shareholders resulting in the aforementioned settlement agreements lapsing.

1.1.4 On 21 January 2010 and then again on 28 January 2010, R&E and JCI jointly announced that the parties had concluded the revised Settlement Agreement on 20 January 2010, following the lapsing of the initial settlement agreement. The revised Settlement Agreement again includes suspensive conditions requiring certain shareholders of JCI and R&E to furnish irrevocable undertakings to support the revised Settlement Agreement and vote in favour of the necessary resolutions to be passed at shareholders’ meetings of R&E and JCI. Such irrevocable undertakings have, in terms of the revised Settlement Agreement, been timeously procured from such shareholders of R&E and JCI as further set out in paragraph 10 of this Circular.

1.1.5 Subject to the fulfilment of the suspensive conditions to the revised Settlement Agreement as further set out in paragraph 5.3 of this Circular, the implementation of the revised Settlement Agreement will as between the R&E group and the JCI group only and certain directors and officers thereof, result in the JCI group and such directors and officers being discharged from the R&E group’s claims against the JCI group and such directors and officers, and vice versa, this without the parties making any admissions of liability or any concessions in regard to their respective claims. Further details of such directors and officers are set out in Annexure 18 to this Circular.

1.1.6 A Litigation Settlement Agreement was concluded between R&E, JCI, Letseng, Hawkhurst, Investec, Investec PLC, JCIIF, Discus, Global, Latitude, Holdings and Azalia on 22 January 2010, the salient details whereof are set out in paragraph 14 of this Circular. The Litigation Settlement Agreement and the revised Settlement Agreement are separate agreements. The implementation of the Litigation Settlement Agreement will enable JCI and JCIIF to deliver the settlement GFI shares to R&E as contemplated in terms of the revised Settlement Agreement.

1.2 The FSD excussion by R&E

1.2.1 On 17 April 2009, FSD formalised, by way of the FSD Loan Agreement, a historical loan of R105 396 864, including interest thereon at prime, which had been advanced by FSD to JCI Gold prior to the reconstitution of the JCI board in August 2005, the original details of which could not be established for reasons that are well documented in paragraph 3 of this Circular.

1.2.2 Furthermore, R&E entered into a loan agreement with JCI Gold, a subsidiary of JCI, for an amount of R60 500 000 on 17 April 2009 and a further R25 000 000 on 18 December 2009.

Randgold & Exploration Company Limited

RANDGOLD & EXPLORATION COMPANY LIMITED(Incorporated in the Republic of South Africa)

(Registration number 1992/005642/06)Share code: RNG (suspended) ISIN: ZAE000008819

(“R&E” and “the Company”)

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1.2.3 R&E also acquired all rights and claims which FSD had against JCI Gold in terms of the FSD Loan Agreement, as set out in paragraph 1.2.1 above, on 18 December 2009.

1.2.4 The total loan from JCI Gold was repayable to R&E on 11 January 2010, failing which R&E would be entitled to exercise its rights in terms of the security provided by JCI Gold to R&E in terms of the Pledge Agreement.

1.2.5 JCI Gold failed to pay the full loan amount outstanding at 11 January 2010, and as such R&E exercised the security provided by JCI Gold in terms of the Pledge Agreement (being a component of JCI Gold’s interest in FSD shares), against the outstanding loan amount of R161 960 265 (net of cash already received by JCI Gold), and as a result of which R&E became the beneficial owner of a further 6 690 610 FSD shares (approximately 30.10% of the equity share capital of FSD), bringing R&E’s total shareholding in FSD to 85.21%.

1.2.6 The FSD excussion is independent of the proposed settlement as contemplated in this document.

1.3 Re-listing of R&E

It has been the stated intention of R&E to comply with the necessary requirements of the JSE to re-list R&E and to provide R&E shareholders with a tradable share. Incorporated in this Circular are the Revised Listing Particulars of R&E (Annexure 22), as required by the JSE to enable R&E to pursue a re-listing of its shares on the JSE. The JSE has granted approval for the re-listing of R&E shares on the JSE with commencement of trade on or about Friday, 4 June 2010. Such re-listing will occur irrespective of whether the proposed settlement is effected or not.

Shareholders are referred to the Revised Listing Particulars, as set out in Annexure 22, wherein the Company has made all the disclosures and furnished all information required in terms of the JSE Listings Requirements in regard to the re-listing.

2. PURPOSE OF THIS CIRCULAR AND THE R&E GENERAL MEETING

2.1 Proposed settlement

2.1.1 The purpose of this Circular is to provide R&E shareholders with the requisite information in accordance with the requirements of the Act and the JSE Listings Requirements and to enable R&E shareholders to make a decision in respect of the proposed resolutions as set out in the Notice of the R&E General Meeting enclosed with this Circular relating to:

2.1.1.1 the requisite shareholder approval required in order for the present Board of R&E to proceed with the proposed settlement;

2.1.1.2 the requisite shareholder approval required for R&E to take transfer of the settlement GFI shares from JCI and JCIIF;

2.1.1.3 the requisite shareholder approval required for R&E to be able to receive, albeit without voting or exercising any other rights in respect thereof, the new JCI shares issued to R&E, in terms of the proposed settlement;

2.1.1.4 the requisite shareholder approval required for R&E to make a capital distribution of the settlement GFI shares to R&E shareholders out of share premium, in proportion to their respective shareholdings; and

2.1.1.5 the requisite shareholder approval required for R&E to unbundle and distribute its entire shareholding in JCI (which consists of both the new JCI shares per the proposed settlement and its existing JCI shares owned pre-settlement) in terms of section 46 of the Income Tax Act, to R&E shareholders in proportion to their respective shareholdings.

2.1.2 The proposed settlement enjoys the support of the present Board of R&E. The Mediators, as appears from the Mediators’ Report, being Annexure 1 to this Circular, consider the proposed settlement commercially prudent and not inequitable to the R&E and JCI shareholders in the particular circumstances.

2.1.3 The adoption of the resolutions referred to in paragraphs 2.1.1 above is subject to such resolutions being approved by the requisite majority of R&E shareholders, excluding related parties as set out in paragraph 11 to this Circular where applicable, entitled to vote thereon, at the R&E General Meeting.

2.1.4 For the purposes of the proposed settlement, incorporating the transfer of the settlement GFI shares from JCI and JCIIF to R&E and the issue of the new JCI shares to R&E, the board of R&E has elected to treat such settlement as a Category 1, related party transaction, in terms of the JSE Listings Requirements. Accordingly, R&E is required to obtain shareholder approval (excluding approval of the related parties as set out in paragraph 11 of this Circular). The related parties as described in paragraph 11 below will be taken into account for the purposes of determining whether a quorum in respect of Ordinary Resolutions Numbers 1, 2 and 3 as set out in the Notice of the R&E General Meeting, is present, but will not be entitled to vote thereon. All other R&E shareholders will be entitled to vote thereon, including the ADR holders. Save for the restrictions placed on related parties from voting in terms of the JSE Listings Requirements in respect of Ordinary Resolutions 1, 2 and 3, all shares in issue as held by R&E shareholders, are entitled to vote at the R&E General Meeting, including ADR holders.

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2.1.5 In addition, in terms of the JSE Listings Requirements pertaining to related party transactions, the present Board of R&E is required to obtain a fairness opinion in respect of the proposed settlement incorporating the transfer of the settlement GFI shares to R&E and the issue of the new JCI shares to R&E. The inability to produce a fairness opinion was motivated to the JSE, details of which are set out in Annexure 5 of this Circular. The Mediators’ Report (as set out in Annexure 1 to this Circular) has been included in this Circular and contains the opinion of the Mediators in respect of the proposed settlement.

2.2 The FSD excussion

2.2.1 The Board of R&E regards the exercise by it of its rights under the Pledge Agreement (which resulted in it taking transfer of 6 690 610 FSD shares from JCI Gold), to have occurred solely in consequence of JCI Gold having failed to meet its repayment obligations to R&E when they fell due, in terms of the R&E Loan Agreement, the FSD Loan Agreement and the Pledge Agreement, and to this extent maintains that such transfer occurred lawfully and in terms of the said agreements. The JSE have ruled that the transfer of the 6 690 610 FSD shares to R&E, as a result of R&E exercising the security provided by JCI Gold in terms of the Pledge Agreement (being a component of JCI Gold’s interest in FSD shares), is regarded as a related party transaction in terms of the JSE Listings Requirements and as such has requested R&E shareholders to ratify, by way of an ordinary resolution, the FSD excussion. Without in any way detracting from R&E’s position or conceding that it is obliged to do so, R&E shareholders, excluding related parties as set out in paragraph 11 of this Circular, are requested to ratify the FSD excussion, the further details of which are set out in paragraph 9 of the Circular. The requisite resolution is contained in the Notice of General Meeting attached to this Circular. R&E however makes no concessions or waives any of its rights in requesting shareholders to ratify the FSD excussion.

2.2.2 The FSD excussion enjoys the support of the present Board of R&E and certain shareholders as set out in paragraph 10 of this Circular. Moore Stephens, an independent expert providing the fairness opinion, whose report is set out in Annexure 23 to this Circular, have considered the FSD excussion to be fair to R&E shareholders.

2.3 Re-listing of R&E

As set out in paragraph 1.2 above, this Circular contains the Revised Listing Particulars of R&E, as set out in Annexure 22, as required by the JSE, pursuant to R&E re-listing its shares on the JSE.

3. BACKGROUND TO THE PROPOSED SETTLEMENT AND RE-LISTING

3.1 The background to the R&E claims and the JCI dispute and the events following the date of reconstitution of the board of R&E can be illustrated with reference to the following timeline:

Prior to 24 August 2005 • Kebble was the CEO of both R&E and JCI.(the Kebble era) • R&E alleges that during the Kebble era, it was the victim of widespread frauds and thefts of its

assets on a scale unprecedented in South African corporate history.• Dr Mark Bristow, the CEO of RRL, questioned whether R&E continued to hold its substantial

investment in RRL (which comprised the majority of R&E’s asset base).• Kebble maintained throughout that R&E still held its investment in RRL.• The uncertainty surrounding R&E’s investment in RRL prevented R&E from publishing annual

financial statements for the financial year ended 31 December 2004.• On 8 December 2004, PWC resigned as R&E’s auditors.• On 8 December 2004, Charles Orbach was appointed as R&E’s auditors.

1 August 2005 • As at August 2005, JCI was in a precarious financial position requiring funding.• R&E was suspended on the JSE (having failed to comply with the requirements of both the JSE

and Nasdaq) as a result of it not being able to produce audited annual financial statements for the year ended 31 December 2004.

24 August 2005 • The boards of directors of R&E and JCI (as well as Western Areas and White Water Resources) were reconstituted in consequence of Investec agreeing to extend a financial rescue package to JCIIF, (with the support of Allan Gray), which gave rise to Kebble and Roger, together with other R&E and JCI directors, resigning.

• Gray and Lamprecht were appointed to the board of R&E as CEO and Financial Director, respectively.

• Newly constituted R&E Board appointments resulted in an overlap between the boards of JCI and R&E in respect of Gray, Lamprecht and Nissen, and later Nurek (with effect from 7 October 2005).

• Subject to the re-constitution of the various boards, Investec agreed to extend a financial rescue package to JCIIF of R460 million aimed, inter alia, at enabling JCI to settle a judgment granted in favour of Benoryn Investments (Pty) Limited for approximately R70 million.

5 September 2005 • Charles Orbach resigned as auditors of R&E due to an inability to reconcile the financial affairs of the Company and validate the existence of R&E’s investment in RRL (and various other listed investments), thus precluding them from being able to finalise the audit for the year ended 31 December 2004.

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21 September 2005 • R&E was delisted from Nasdaq as a result of it not being able to produce annual financial statements for the year ended 31 December 2004.

14 October 2005 • The newly constituted Board of R&E appointed independent forensic auditors, JLMC (formerly Umbono), to embark on a forensic investigation on behalf of R&E.

Mid October 2005 • JCI also appointed forensic investigators, KPMG Services, to undertake a forensic investigation into the affairs of JCI.

27 October 2005 • The newly constituted Board of R&E appointed KPMG to act as R&E’s statutory auditors.

End October 2005 • JLMC established that CMMS had not properly recorded the inter-company loan accounts between JCI and R&E as one of many mechanisms used to disguise alleged misappropriations. No meaningful explanation could be provided as to the whereabouts of the proceeds derived from the sale of R&E’s shares in RRL.

• The 1st interim forensic report of JLMC indicated that it appeared that there had been wide scale misappropriations of R&E assets from which it appeared further that the JCI group had benefitted therefrom.

• JLMC continued with their investigations and the newly constituted Board of R&E appointed an independent legal team.

• The forensic reports that followed indicated that the greater majority of R&E’s assets had been misappropriated and that legal claims existed between R&E and JCI.

7 April 2006 • The Mediation Agreement was concluded. This provided for the mediation of the claims between the companies arising out of the Kebble era, and in the event of the mediation failing, arbitration.

• Based on the findings of JLMC and contributions from witnesses, the R&E claims were formulated against JCI.

• An analysis of the R&E claims and JLMC’s findings indicated a series of complex and intricate transactions which occurred over many years.

• The R&E claims amounted to R5,6 billion (based on the highest value thereof at the time), excluding interest. (JCI has contested such claims and denied any liability to R&E).

• The Mediation Agreement provided for the appointment of the Mediators.

20 June 2006 • KPMG Services and JLMC exchanged the 8th of May report and forensic report of JLMC, respectively, which were prepared for the purposes of the mediation.

• Subsequent to the 8th of May report, JCI in September 2006, served a further report on R&E (which was not contemplated under the Mediation Agreement).

19 July 2006 • R&E and JCI concluded an addendum to the Mediation Agreement, extending the time period for the filing of statements of claim and by when the mediation should be resolved by.

8 September 2006 • JCI served a statement of defence on R&E, denying any indebtedness to R&E.

Mid December 2006 • The Mediators requested additional financial information regarding the flow of funds between the R&E group and the JCI group, especially with regard to the disposal of R&E’s listed investments.

19 – 22 February 2007 • The newly constituted Board of R&E and the Board of JCI endorsed the notion of a merger between the companies and resolved to canvass such possibility with the Mediators.

28 February 2007 • The Mediators issued an interim recommendation, followed by an explanatory note on 5 March 2007, in which they suggested that based on the NAV of JCI at the time, an imputed settlement of between R1,2 billion to R1,5 billion represented a realistic starting point to resolve the disputes between the companies.

15 March 2007 • An update to R&E shareholders regarding the merger was published on SENS.

23 April 2007 • A joint SENS announcement was made by R&E and JCI indicating that pursuant to the recommendation of the Mediators, the respective boards proposed to recommend the proposed scheme of arrangement to their shareholders.

19 June 2007 • An application was submitted by R&E and JCI to the JSE and SRP for dispensation from complying with certain rulings and regulations regarding the proposed merger.

• The shareholders of R&E and JCI were called upon to make submissions to the SRP in regard to the merger.

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September 2007 • A Second Addendum to the Mediation Agreement was signed providing for the mediation to be referred to arbitration in the event of a merger failing for any reason whatsoever.

October 2007 • R&E and JCI made a joint application to the JSE and SRP in respect of certain of the disclosure requirements relating to the presentation of financial information for the purposes of proceeding with the proposed merger.

13 December 2007 • Both R&E and JCI published unaudited NAV statements as at 31 March 2007 on SENS, incorporating limited assurance reports from KPMG.

7 March 2008 • R&E proceeded with an action against PWC out of the High Court of South Africa for approximately R7,6 billion, based on the highest value of R&E’s claims at the time. (Such action is presently being defended by PWC.)

12 March 2008 • JCI denied that it was “holding substantial monies (R767 million) owing to R&E which should be reflected in the assets of R&E.”

24 March 2008 • The SEC issued an Order pursuant to Section 12(j) of the Securities Exchange Act pursuant to which the registration of R&E’s shares and ADRs in the United States was revoked. The effect of this order is to prohibit trading in R&E’s shares and ADRs in the United States. See paragraph 4.6.2 of the Revised Listing Particulars (Annexure 22) attached to this Circular.

15 July 2008 • JCI denied the existence of any common cause indebtedness (allegedly acceded to by JCI).• JCI also denied any liability towards R&E based on the causes of action relied upon by R&E in

the Statement of Claim.

21 July 2008 • R&E and JCI signed an MOU, aimed at settling the disputes between the companies and to pave the way for the conclusion of a possible settlement agreement within 21 days.

24 July 2008 • The Information Update was posted to all R&E shareholders.

August 2008 • R&E and certain of its subsidiaries issued summons against third parties for damages allegedly sustained by R&E and its subsidiaries.

26 August 2008 • A SENS announcement was made by R&E that a settlement (which ultimately proved to be commercially and legally unsatisfactory), had not been achieved and the merger having failed, the dispute between the companies would be referred to arbitration.

September 2008 • Major shareholders of R&E approached the present Board of R&E and requested R&E to revisit a possible merger with JCI as opposed to immediate arbitration.

31 October 2008 • R&E announced that it had engaged in discussions with JCI, without prejudice, regarding the possibility of a merger between the two companies.

6 November 2008 • R&E and JCI issued a joint announcement setting out that the boards of both R&E and JCI had resolved to proceed with a merger of the companies based on the ratio of 1 R&E share in exchange for every 95 JCI shares, which was the ratio proposed in the announcement of 23 April 2007. The proposed merger would be subject to the necessary regulatory and shareholder approvals as well as the scheme of arrangement proposed by R&E to JCI shareholders (excluding R&E) being implemented in all respects by 31 March 2009 or such later date agreed to between the parties but not later than 29 June 2009.

4 – 5 December 2008 • R&E announced that it had made a proposal to the board of JCI on 4 November 2008, which was later updated on 2 December 2008 pertaining to the merger between R&E and JCI. A circular to R&E shareholders was posted on 5 December 2008 containing a notice of general meeting seeking the necessary approvals from R&E shareholders to proceed with the merger and obtain the necessary ratification from R&E shareholders for the making of the proposal, in terms of which it was proposed that R&E and JCI merge by way of a scheme of arrangement in terms of section 311 of the Act.

19 January 2009 • An overwhelming majority of R&E shareholders approved all ordinary and special resolutions tabled in respect of the proposed merger with JCI as circulated to shareholders on 5 December 2008.

• The scheme meeting of JCI shareholders (excluding R&E) as proposed by R&E to effect the merger was adjourned until 2 February 2009 upon application for adjournment by certain JCI shareholders.

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2 February 2009 • The requisite majority of at least 75% of the votes of JCI shareholders/scheme participants was not obtained at the adjourned scheme meeting of JCI.

12 February 2009 • The South Gauteng High Court (Johannesburg) granted an order, inter alia, regarding the setting aside of the proceedings (including the vote and outcome of the JCI scheme meeting held on 2 February 2009) and reconvened the scheme meeting for 9 March 2009.

March 2009 • The scheme meeting of JCI shareholders (excluding R&E) was further adjourned until 29 April 2009 or such earlier date agreed to by JCI provided that appropriate notice was given to the relevant parties. R&E and JCI shareholders were advised that the adjourned scheme meeting was to be reconvened on 9 April 2009. R&E and JCI announced, on 30 March 2009, that R&E and JCI had agreed to extend the date of fulfilment of the relevant suspensive conditions to effect the merger to 15 May 2009.

9 April 2009 • The requisite majority of at least 75% of the votes of JCI shareholders/scheme participants was not obtained at the adjourned scheme meeting of JCI and the proposed merger between R&E and JCI had therefore lapsed.

17 April 2009 • R&E announced that, without prejudice to any of its rights in terms of the Mediation Agreement, R&E and JCI had entered into negotiations regarding a possible settlement of the disputes between them.

5 May 2009 • JCI, JCIIF and R&E concluded an MOU as a precursor to the settlement agreement to be entered into between such parties on terms acceptable to them by 31 May 2009.

12 June 2009 • An Information Update, comprising an updated Net Asset Value Statement for the R&E group dated 31 March 2009, was published and distributed to R&E shareholders and in terms of which R&E shareholders were advised that the settlement as envisaged in the MOU had not been achieved by the target date. The board indicated to shareholders that a settlement may still be achieved but all options including arbitration were being assessed by R&E.

31 August 2009 • JCI, JCIIF and R&E signed a settlement agreement subject to a number of suspensive conditions, one such condition requiring that certain of JCI and R&E shareholders furnish irrevocable undertakings within 2 days of the date of signature of the settlement agreement to support the settlement agreement and vote in favour of the resolutions to be passed at the shareholders meetings of R&E and JCI. Such irrevocable undertakings were however not forthcoming from JCI shareholders resulting in the lapsing of the settlement agreement.

18 September 2009 • JCI, JCIIF and R&E re-signed the settlement agreements, however, the aforementioned suspensive conditions were still not fulfilled.

22 September 2009 • R&E shareholders were advised that the settlement agreement between JCI, JCIIF and R&E had lapsed and that R&E would refer the disputes between it and JCI to arbitration in terms of the Mediation Agreement. Instructions were given to the R&E legal team to make the necessary arrangements in this regard.

6 November 2009 • JCI launched an application out of the South Gauteng High Court (Johannesburg) to declare that the dispute between JCI and R&E should not be arbitrated.

16 November 2009 • R&E filed a notice to oppose such application made by JCI on 6 November 2009.

27 November 2009 • The R&E board of directors approved the annual financial statements for the years ended 31 December 2007 and 2008.

8 December 2009 • R&E published audited annual financial statements for the years ended 31 December 2007 and 31 December 2008 and R&E further published unaudited, disclaimed and consolidated financial statements for the years ended 31 December 2004, 31 December 2005 and 31 December 2006, including a notice of annual general meeting to R&E shareholders in terms of section 179(4) of the Companies Act.

20 January 2010 • R&E, JCI and JCIIF concluded the revised Settlement Agreement.

21 January 2010 • R&E held its first annual general meeting since 2004 for purposes of passing all requisite resolutions to adopt the audited financial statements for the years ended 31 December 2007 and 2008 and unaudited, disclaimed, consolidated financial statements for the years ended 31 December 2004, 31 December 2005 and 31 December 2006 and various other resolutions required at an annual general meeting. R&E shareholders approved all resolutions, except for ordinary resolution 9, placing the ordinary shares under the control of R&E directors.

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21 January 2010 • R&E and JCI jointly announced in an update to shareholders that they had concluded a revised Settlement Agreement which once implemented would as between the R&E group and the JCI group only and certain directors and officers thereof, give rise to the JCI group and certain directors and officers being released from R&E’s claims against the JCI group and such directors and officers and vice versa, this without the R&E group and the JCI group making any admissions of liability or any concessions in regard to their respective claims.

22 January 2010 • R&E, JCI, Letseng, Hawkhurst, Investec, Investec Bank PLC, JCIIF, Discus, Global, Latitude, Holdings and Azalia concluded the Litigation Settlement Agreement.

28 January 2010 • R&E and JCI jointly published a detailed announcement regarding the terms of the revised Settlement Agreement, incorporating the terms of the Litigation Settlement Agreement.

8 March 2010 • The shareholders of JCI voted in favour of the payment of the Investec Raising Fee to Investec and the Letseng Indemnity Costs to Letseng, in consequence of which the Litigation Settlement Agreement became unconditional.

29 March 2010 • R&E published consolidated audited financial statements for the year ended 31 December 2009, including a notice of annual general meeting to R&E shareholders.

20 April 2010 • R&E held its annual general meeting for the purposes of passing all requisite resolutions to adopt the audited financial statements for the year ended 31 December 2009 and to carry out such other business as required at an annual general meeting. R&E shareholders approved of all resolutions tabled at the annual general meeting.

To date • R&E is in the process of fulfilling all the necessary requirements in order to give effect to the revised Settlement Agreement and is embarking upon all steps necessary to re-list.

3.2 The matters referred to above are in no way intended to be exhaustive of what follows in this Circular and shareholders are

required to carefully study the contents thereof, as well as prior information disclosed to shareholders (to the extent referred to in this Circular), and give consideration to the complex issues detailed herein.

4. THE BUSINESS OF R&E, JCI AND GOLD FIELDS

4.1 Business of R&E

4.1.1 IncorporationofR&E

R&E was incorporated as a public company in South Africa under the name Randgold & Exploration Company Limited on 29 September 1992 to take over the gold interests of Rand Mines Limited, being South Africa’s oldest mining house.

4.1.2 ThebusinessofR&E

R&E is an investment holding company with assets (held directly or indirectly through its subsidiaries, including FSD) in the mining industry. An organogram of R&E is contained in Annexure 14 hereto, which sets out investments held directly and indirectly through R&E subsidiaries. FSD currently holds the prospecting rights in Du Preez Leger and Jeanette projects.

The Company aims to invest in high quality assets in the mining industry that will ensure maximum return for its shareholders. R&E will only consider mining where the resource analysis proves that it is commercially prudent to do so. There are currently no operational mines in the group.

R&E currently holds prospecting rights directly and indirectly through subsidiary companies which, if proven viable, it plans to develop further in order to increase the value of its investments.

More particularly, approximately 26% of the assets of R&E at 31 December 2009, being the date of the last audited financial statements, constitutes investments in the gold market through R&E’s investment in Gold Fields and gold-related prospecting rights. For more detail in this regard, shareholders are referred to the overview of the Competent Person’s Reports (Annexures 10.1, 10.2 and 10.3 to the Circular) and the condensed audited consolidated statement of financial position at 31 December 2009 (Annexure 6) to this Circular). The balance of the assets of R&E are comprised of cash and secured loans to the JCI group, making R&E extremely liquid and well placed to take advantage of viable investment opportunities in the mining industry.

4.1.3 RecoveryofassetsbyR&E

R&E alleges that it was the victim of widespread frauds and thefts of its assets during the Kebble era which resulted in the Company being stripped of the majority of its assets. Based on forensic investigations, legal assessments and the opinion of R&E’s Counsel, R&E has embarked on a process of attempting to recover damages allegedly sustained by it in respect of the alleged misappropriation of its assets, including against JCI.

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This process has culminated in the conclusion of the revised Settlement Agreement, the Litigation Settlement Agreement and the institution of various claims against third parties (see Annexure 9 for more detail regarding the current status of the claims against third parties). Shareholders are further referred to paragraph 15 as read with Annexure 9 of this Circular for details of settlements that have been concluded between R&E and third parties post the newly constituted board of R&E.

4.1.4 ProspectingRights

4.1.4.1 The R&E group has several prospecting rights as described below which it intends to develop further. Shareholders are further referred to the Competent Persons’ Reports that have been prepared in this regard, overviews whereof are attached to this Circular as Annexures 10.1, 10.2 and 10.3.

4.1.4.2 The information furnished in this Circular (other than that disclosed in the Company’s annual financial statements for the financial year ended 31 December 2009) regarding the possible value attached to the prospecting rights as set out in Annexure 10.1, 10.2 and 10.3 is made available for purposes of disclosure only and should in no way be relied upon or accepted as representing the actual value that can be derived by R&E from such prospecting rights and/or as indicative of any future economic benefits which may flow to the company in respect hereof. The company has recorded such prospecting rights at the historical cost thereof (see page 52 of the Company’s audited annual financial statements for the financial year ended 31 December 2009), a copy of which is available for inspection in terms of paragraph 39 of this circular. In so far as any value ascribed to the prospecting rights as contained in Annexure 10.1, 10.2 and 10.3 in this Circular varies from the historical cost as disclosed in the audited annual financial statements, the Company cautions against any reliance being placed thereon by R&E shareholders. Should circumstances change in future which give rise to the need to re-assess the value ascribed to the prospecting rights as contained in Annexure 10.1, 10.2 and 10.3, the value thereof will be revisited at such stage, in the light of the circumstances which may arise.

4.1.4.3 The MPRDA came into effect on 1 May 2004 and has played a significant role in the transformation of the South African mining industry. The MPRDA, which effectively transferred the ownership of privately held mineral rights to the state, has enabled third parties to apply to the DME, for new order prospecting rights over the previously privately owned mineral rights. R&E and its subsidiary companies have embraced this transformation and have converted old order mineral rights to new order prospecting rights. New order prospecting rights are generally valid for up to five years, with options for extensions. The new order prospecting rights require 26% Black economic empowerment which R&E and its subsidiaries have achieved. All new order rights have been executed and prospecting on the various projects has commenced over those areas with the best potential.

4.1.4.4 Doornbosch Project (Platinum Prospecting Right)

R&E holds the prospecting rights for platinum group metals (PGMs) nickel (Ni) and copper (Cu) over the farm Doornbosch 294 KT north of the town Steelpoort, Mpumalanga Province. Prospecting work has focused on a small portion of the farm in the north-west corner, where there is a known occurrence of upper group 2 (UG2) chromitite reef. Ground mapping was done to confirm the position of the outcrop on the property and was followed up by drilling a diamond borehole to retrieve a sample of the reef and estimate a resource.

During the last reporting period, the field mapping done was followed by the drilling of a borehole (DBH1), which intersected the UG2 chromitite reef at around 135 metres below surface. Samples were analysed for PGMs and gold as well as Cu and Ni from which a SAMREC compliant, indicated resource was estimated at 184 000 oz at 4.67 g/t (3PGE+Au) over a selected stoping width of 102 cm (including part of a hanging wall and footwall).

It is believed that the resource is too small for a stand-alone operation and discussions were initiated between R&E and Anglo Platinum Limited (APL) as to a possible transaction. Through technical discussions with APL, it was agreed that the values obtained from borehole DBH1 varied from the local average in terms of thickness and grade for the chromitite reef and that a final resource estimate amounts to 157 026 oz at 7.77 g/t (3PGE + Au) over 61,5 cm (chromitite reef portion only).

It should further be noted that R&E is considering amending the PWP, as the current PWP refers to a three year prospecting period whereas the DMR granted the right for a five year period. An application will be lodged with the DMR for the amendment of such PWP if the DMR deem it necessary.

4.1.4.5 Kameelhoek Project (Iron Ore Prospecting)

The prospecting rights for iron covers the southern portion of the farm Kameelhoek 477 which is located in the iron and manganese district south of Postmasburg in the Northern Cape Province. The property adjoins the new Sishen South iron ore mine, currently under development. Negotiations with Kumba Iron Ore concerning prospecting and potential incorporation of the area into the future mine have progressed well.

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Potential iron ore associated with the Manganore Iron formation (Blinkklip Breccia), the underlying Wolhaarkop Breccia (Manganese Marker) and the overlying Doornfontein Conglomerate of the Gamagara Formation outcrop over about 1.5 km south-east of the property and dips to the east towards Sishen-South Mine covering an area of about 90 ha. This is an extension of the shallow, high grade ore body to the south on the Sishen-South Mine.

This prospecting right has been lodged at the MTO and is in the process of being registered in the name of Doornrivier. Doornrivier is considering amending the PWP for Kameelhoek to indicate the actual prospecting activities done by Doornrivier.

4.1.4.6 Du Preez Leger Project (Gold Prospecting Right)

The Du Preez Leger Project comprises four exploration areas in the southern Free State Goldfield of the Witwatersrand Basin, adjoining producing gold mines including Harmony’s St Helena, Unisel and Merrispruit shafts and Gold Fields’ Beatrix Mine. The new order prospecting rights, issued on 7 November 2006, is held by FSD, a subsidiary of R&E, and is valid until 6 November 2011. The four exploration areas include the farms Du Preez Leger 324 and Jonkersrust 72 (the Du Preez Leger area), Vermeulenskraal 223 (the Vermeulenskraal area), Tweepan 678 and Millo 639 (the Tweepan area) and Rebelkop 456 (the Rebelkop area).

Areas of interest

The potential of the properties, with the exception of Rebelkop, has been well demonstrated by historical drilling both on and around the properties. No invasive physical exploration activities have been conducted by FSD to date, and accordingly the environment has not been impacted.

The placers of primary economic interest at the adjacent mines as well as at the Du Preez Leger project area are the Basal and Leader Reefs. The Leader Reef underlying the three blocks of ground represented by Du Preez Leger, Vermeulenskraal and Tweepan all occur in a relatively similar depositional setting near the unconformity of the Basal Reef against the overlying Leader Reefs. The potential exists in these areas for the Leader Reef to be enriched where it has eroded the underlying Basal Reef.

The two areas of Du Preez Leger and Vermeulenskraal are both partially underlain by Basal Reef of good grade at relatively shallow depth that are strategically located adjacent to current mining development. On the Vermeulenskraal and Tweepan 678 properties, which have more marginal Leader Reef, depth is the critical economic factor. The eastern part of both properties have potential where the Leader and Beatrix reefs occur at moderate depths associated with upthrown structural blocks.

The Rebelkop property may have potential for shallow Leader and Beatrix reefs. However, it is untested and its remote location renders it unfavourable for the development of a mine. Due to the limited information available regarding the Rebelkop area, it has not been evaluated for a mineral resource.

Minxcon was recently commissioned to compile a CPR using historical drillhole data and have estimated a SAMREC-compliant diluted inferred resource for the combined Basal and Leader reefs of 56.91 Mt at a grade of 5.02 g/t, using a cut-off grade of 250 cm.g/t, stoping width of 120 cm and 5% geological loss.

A full mineral asset valuation of the Du Preez Leger project was also conducted by Minxcon, effective 19 February 2010. A 2010 forecast rand/dollar exchange rate of R7.59 to the USD was used in the conversion of the USD. The valuation range for the total value for the project was established at between R153.988 million and R252.003 million respectively; with a fair value of R240.684 million. No account of any modifying factors such as mining methods, metallurgical treatment processes and parameters, taxation, socio-economic, marketing or political factors were taken into account.

Owing to its significant resources and strategic location, a number of parties have expressed interest in the Du Preez Leger project, and negotiations are in progress. Although significant data are available on the project, the company is also considering the possibility of drilling additional geological boreholes during 2010 and 2011 to further enhance the value of the project. The estimated funding requirements for exploration for the 2009 – 2010 combined year is R5.185 million and for 2011 is R350 000. R&E has sufficient cash resources to fund future exploration and environmental work.

It should further be noted that this prospecting right has not yet been registered at the MTO due to certain amendments to be effected after the re-execution of the prospecting right. An appointment is being waited on with the DMR to finalise this. This does not affect the validity of this prospecting right.

4.1.4.7 The Weltevreden Project (Gold Prospecting Right)

The prospecting right for gold, silver and uranium covers 272 ha of portions of the farms Leeuwbosch 285 and Kutlwanong 451 in the Free State goldfield, adjoining the northern boundary of Harmony’s Tshepong gold

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mine. The prospecting right was granted on 21 January 2010 and desktop studies have been initiated to assess the potential of the property on which the Basal Reef is believed to be developed.

This prospecting right has been lodged at the MTO for registration. It should further be noted that R&E is considering amending the PWP, as the current PWP refers to a three year prospecting period whereas the DMR granted the right for a five year period. An application will be lodged with the DMR for the amendment of such PWP if the DMR deem it necessary.

4.1.4.8 The Jeanette Project

The prospecting rights for gold, silver and uranium ores covers contiguous portions of three farms which include Buitendachshoop 122, Weltevreden 59 and Emmanuel 433 which adjoin the previously defined Jeanette mining lease area in the Free State Gold Field. Historical drilling records indicate encouraging mineral grades associated with the Basal and A reefs that, if consolidated with adjoining ground, could support a potential mining project. The right was granted on 1 June 2009, and desktop studies have been implemented as well as discussions with parties who are interested in consolidating potential resources for a future mine.

It should further be noted that R&E is considering amending the PWP, as the current PWP refers to a three year prospecting period whereas the DMR granted the right for a five year period. An application will be lodged with the DMR to obtain consent for the amendment of such PWP if the DMR deem it necessary.

4.1.4.9 The Sterkfontein Project

The Sterkfontein project is located south of the Weltevreden and Tau Lekota gold mines of the Klerksdorp Gold Field in the Free State Province. The project was assessed by an external independent geological consultant using historically available data and concluded to contain VCR reef typical of thin low-grade facies which was determined to have low potential for economically viable gold mining. The necessary application to close this project was made to the DMR in March 2010, in order to prevent prospecting costs accruing to the Company.

4.2 The Business of JCI

JCI has invested in various industries having formerly had a strong mining background. The majority of assets of JCI post the proposed settlement will consist mainly of its investment in Boschendal and its investment in Jaganda as set out in the NAV statement of JCI (Annexure 13 of this Circular). R&E has lodged various claims against JCI, totalling approximately R19 billion based on the highest value of such claims up to 31 December 2009, the details of which are set out in Annexure 2 of this Circular.

4.3 Prospects of JCI

Following the implementation of the revised Settlement Agreement, JCI’s major asset will be its controlling interest in Boschendal, as more fully disclosed in the JCI group NAV statement set out in Annexure 13. The directors of JCI are actively pursuing the development of Boschendal and the enhancement of the value of JCI’s investment therein.

JCI is in the course of preparing annual financial statements for the financial years 2005 to 2010 inclusive. Once these have been finalised, they will be reported to shareholders and an annual general meeting of shareholders called, one of the purposes of which will be to approve the annual financial statements and to transact the business normal for an annual general meeting. At or before the holding of this meeting, shareholders will be advised of the directors’ plans for the future direction of the company.

4.4 The Business of Gold Fields

Gold Fields is one of the world’s largest producers of gold, operating in four key gold mining regions of the world, South Africa, Ghana, Peru and Australia. In addition, exploration for gold and other precious metals is conducted worldwide. Gold Fields is listed on the JSE (primary listing), the New York Stock Exchange (NYSE), the Dubai International Financial Exchange (DIFX), the Euronext in Brussels (NYX) and the Swiss Exchange (SWX). The transfer of the settlement GFI shares will comprise approximately 0.9% of the issued share capital of Gold Fields. Further information pertaining to Gold Fields can be obtained on the Gold Fields website at www.goldfields.co.za. A detailed analysis of the share price movements of Gold Fields is contained in Annexure 19 of this Circular.

5. THE PROPOSED SETTLEMENT

5.1 Salient terms of the revised Settlement Agreement

Subject to the fulfilment of the remaining suspensive conditions to the revised Settlement Agreement and the implementation thereof:

5.1.1 JCI and JCIIF will cause the settlement GFI shares to be transferred to R&E;

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5.1.2 JCI will allot and issue the new JCI shares to R&E; and

5.1.3 R&E will, following the transfer of the settlement GFI shares to R&E and the allotment of the new JCI shares to it, firstly make a capital distribution, out of share premium, of the settlement GFI shares to R&E shareholders in the ratio of 0.0809 GFI shares for every one R&E share held and immediately thereafter, unbundle its entire shareholding of JCI (which will consist of both the new JCI shares per the proposed settlement and its existing JCI shares owned pre-settlement) to the R&E shareholders in terms of section 46 of the Income Tax Act, in the ratio of 24.8739 JCI shares for every one R&E share held.

5.2 Effective date of the revised Settlement Agreement

The effective date of the revised Settlement Agreement is the date on which the last of the settlement GFI shares and the new JCI shares are registered in the CSDP account of R&E following fulfilment of the suspensive conditions of the revised Settlement Agreement, being a date not more than 16 business days after the fulfilment of such suspensive conditions.

5.3 Suspensive conditions of the revised Settlement Agreement

R&E shareholders should note that notwithstanding their approval of the proposed settlement as contemplated in this Circular, in order for the proposed settlement to proceed there are various remaining suspensive conditions that will need to be fulfilled, which will include, inter alia, the following:

5.3.1 By 21 May 2010 Investec shall have released all the security assets, as defined in the revised Settlement Agreement, after settlement of the Investec Raising Fee to JCIIF;

5.3.2 within 90 calendar days of the Signature Date of the revised Settlement Agreement, which the parties have agreed to extend by a further 20 business days or such later date as the parties thereto may agree in writing, the shareholders of JCI in a general meeting will have adopted the appropriate resolutions, approving of and ratifying the conclusion and implementation of the revised Settlement Agreement, including but not limited to the passing of:

5.3.2.1 a special resolution to increase the authorised share capital of JCI from R27 000 000 divided into 2 700 000 000 JCI shares, to R38 000 000, divided into 3 800 000 000 JCI shares, through the creation of 1 100 000 000 additional JCI shares (which shall include the new JCI shares) in the authorised share capital of JCI, such additional JCI shares to rank pari passu in every respect with the existing JCI shares (save that in respect of the new JCI shares only, the voting rights attaching thereto shall be suspended until 48 hours after the distribution thereof to the R&E shareholders as envisaged in the revised Settlement Agreement) and amending the Memorandum of Association of JCI, if necessary, it being acknowledged that nothing contained in the revised Settlement Agreement shall prohibit JCI from legally issuing JCI shares at any time after the Effective Date of the revised Settlement Agreement;

5.3.2.2 the requisite resolution ratifying the transfer of the settlement GFI shares by JCI to JCIIF in August 2005;

5.3.2.3 the requisite resolution approving of the transfer of the settlement GFI shares to R&E;

5.3.2.4 the requisite resolution approving of the issue of the new JCI shares to R&E;

5.3.2.5 the requisite resolution providing that in the event of the new JCI shares being issued to R&E and the revised Settlement Agreement failing for any reason whatsoever and the new JCI shares being required to be returned to JCI and a court not sanctioning the cancellation thereof (following an application being made to it therefore), that in such event, JCI buys back the new JCI shares from R&E at a purchase price of R1.00 (such new JCI shares being deemed by the parties to have been issued and allotted for no consideration and to be void ab initio);

5.3.3 within 90 calendar days of the Signature Date of the revised Settlement Agreement, which the parties have agreed to extend by a further 20 business days, or such later date as the parties thereto may agree to in writing:

5.3.3.1 the R&E shareholders in a general meeting will have adopted the appropriate resolutions (including and to the extent necessary, in terms of section 228 of the Act), approving and ratifying the conclusion and implementation of the revised Settlement Agreement, including such authority and consent as may be required from the R&E shareholders in order to give effect to the settlement GFI shares being transferred to R&E and the new JCI shares to be issued to R&E, being distributed as soon as possible to the R&E shareholders in accordance with the unbundling provisions of section 46 of the Income Tax Act.

5.3.4 within 120 calendar days of the Signature Date of the revised Settlement Agreement, which the parties have agreed to extend by a further 20 business days, or such later date as the parties thereto may agree to in writing:

5.3.4.1 the special resolution referred to in paragraph 5.3.2.1 above will have been registered at CIPRO; and

5.3.4.2 the JSE will have approved of the issue of the new JCI shares to R&E and/or have imposed conditions which are acceptable to the parties.

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5.4 Other significant terms of the revised Settlement Agreement

5.4.1 Save as provided for in terms of the revised Settlement Agreement, R&E shall for so long as it has taken delivery of the new JCI shares as set out in paragraph 5.1.2 above, but not distributed such new JCI shares to the R&E shareholders, exercise no control over the new JCI shares and shall not vote such shares nor shall it be entitled to receive any dividends in respect of the new JCI shares (as such right is suspended) nor shall it alienate, transfer, cede, assign, pledge, encumber, furnish as collateral or by way of a guarantee, or in any other manner or form, deal with the new JCI shares until they are unbundled to R&E shareholders or transferred back to JCI or to JCIIF should the revised Settlement Agreement not be implemented for any reason.

5.4.2 Following the distribution of the new JCI shares to the R&E shareholders, the R&E shareholders shall be entitled to exercise full control over the new JCI shares (including the right to exercise voting rights in respect thereof), save that such voting rights shall be suspended until 48 hours after the distribution thereof to the R&E shareholders, and to receive any dividends which JCI may from time to time declare, and generally to deal therewith free of any limitation.

5.4.3 R&E shall, save for the rights of R&E as provided for in terms of the revised Settlement Agreement, not have any rights of any nature in respect of the settlement GFI shares nor shall it be entitled to sell, alienate, transfer, pledge, hypothecate, or in any other manner or form, deal with the settlement GFI shares while they are registered in R&E’s CSDP account, and until they are either distributed to the R&E shareholders or transferred to JCIIF’s CSDP account should the revised Settlement Agreement not be implemented for any reason whatsoever.

5.4.4 It is recorded in terms of the Mediation Agreement that JCI has assumed liability for any indebtedness found to be owing by JCI and/or the JCI subsidiaries to the R&E parties. JCI in terms of the revised Settlement Agreement has recorded its intention to allocate the settlement GFI shares to claims which the R&E group may have against the JCI subsidiaries and the issue of the new JCI shares to claims which the R&E group has against JCI. (The fact that the distribution of the settlement GFI shares will be treated by the JCI group so as to release the JCI group from the claims which the R&E group allegedly has against the JCI subsidiaries and the distribution of the new JCI shares will be treated by the JCI group so as to release the JCI group from all claims which the R&E group has against JCI, does not imply that the R&E group allegedly enjoyed claims against JCI and/or the JCI subsidiaries, the R&E claims being as asserted by it in the Statement of Claim, nor does it imply that any party in concluding the revised Settlement Agreement is making any admission or concession in respect of the Statement of Claim or Statement of Defence).

5.4.5 If any dividends are declared by Gold Fields in respect of the settlement GFI shares in the period between the Signature Date of the revised Settlement Agreement and the date that the revised Settlement Agreement is implemented, such dividends shall, if the revised Settlement Agreement is implemented, be for the benefit of R&E, subject to 5.4.3 above. If the revised Settlement Agreement is not implemented, such dividends shall be for the benefit of JCI.

5.4.6 The revised Settlement Agreement makes provision for limited warranties by JCI in favour of R&E relating in essence to matters concerning the business of JCI. JCI warrants inter alia that unless otherwise disclosed in the disclosure schedule, neither it nor any JCI subsidiary are parties to any legal action in respect of which a cause of action arose subsequent to the date of reconstitution; no action is threatened or pending for the winding up of JCI; the NAV statement published by JCI on 5 December 2008 constituted a true and accurate record of the financial position of JCI as at that date in respect of which there have not been any material changes; neither JCI nor any JCI subsidiary is a party to any tax objection or appeal; during the period between the signature date of the revised Settlement Agreement and the Effective Date of the revised Settlement Agreement, JCI will not have caused a material adverse change in the financial position of JCI and the affected JCI subsidiaries.

5.5 Indemnity by R&E

5.5.1 An R&E party, has in terms of the revised Settlement Agreement, granted a JCI party an indemnity in respect of all claims which may be made by third parties against a JCI party arising from any third party claims, where such third party has secured a contribution/award from a competent court of final instance against a JCI party arising from the alleged liability of that third party to an R&E party in terms of a third party claim, provided always that a JCI party becomes obliged to pay a contribution/award to such third party in respect of any order made by a competent court of final instance against the third party in favour of an R&E party.

5.5.2 In any of the events contemplated in the revised Settlement Agreement, the indemnity shall not exceed the extent of the award secured by an R&E party against the third party and shall only become due upon a JCI party being ordered by a court of final instance in respect of an award granted in favour of an R&E party, to pay such contribution/award to such third party. Subject to a JCI party being found to be liable, the operation of the indemnity will in effect reduce the amount recoverable by an R&E party from the third party which amount has been awarded by a competent court in favour of an R&E party against the third party. The full and further details of the indemnity provision (including the manner in which costs are to be dealt with), appear from the revised Settlement Agreement which agreement is available for inspection by shareholders as provided for in paragraph 39 of this Circular. A reciprocal indemnity has in terms of the revised Settlement Agreement been furnished by JCI to R&E and the R&E subsidiaries.

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5.5.3 The effect of the indemnity on the third party claims will be considered by the R&E board in the light of such steps as may be taken by third parties against JCI in due course.

5.6 Undertakings by JCI and JCIIF

5.6.1 Following the security assets being released by Investec to JCIIF, JCI and JCIIF have irrevocably and unconditionally undertaken unto and in favour of R&E:

5.6.1.1 that pending the distribution of the settlement GFI shares to R&E shareholders; and/or

5.6.1.2 in the event that the revised Settlement Agreement is cancelled and/or not implemented for any reason whatsoever, except for the cancellation of such agreement as a result of R&E shareholders not passing the requisite resolutions; and, until such time as the R&E claims and the JCI claims have been finally resolved, not without the written consent of R&E (which consent shall not be unreasonably withheld) to alienate, transfer, cede, assign, make over, pledge, encumber, furnish as collateral or by way of guarantee or in any way deal with (whether directly and/or indirectly) any or all of:

5.6.1.2.1 the settlement GFI shares; and/or

5.6.1.2.2 the Boschendal shares, the Purple Plum shares and the Boschendal claims (other than in terms of the share acquisition agreements).

5.6.2 The revised Settlement Agreement makes provision for the fact that this agreement supersedes the initial settlement agreement with effect from the date that the revised Settlement Agreement becomes unconditional. The rights of the parties in respect of clause 17 of the initial settlement agreement will however continue to apply between them until such time as the initial settlement agreement is superceded. In this regard JCI and JCIIF irrevocably and unconditionally undertook unto and in favour of R&E by way of the initial settlement agreement that:

5.6.2.1 pending the distribution of the settlement GFI shares to R&E shareholders; and/or

5.6.2.2 in the event of the initial settlement agreements being cancelled and/or not being implemented for any reason whatsoever, except where the cancellation of such agreement is a result of R&E shareholders not passing the requisite resolutions to implement same, and, until such time as R&E’s claims and JCI’s claims have been finally resolved,

not without the written consent of R&E (which consent R&E agreed would not be unreasonably withheld) to alienate, transfer, cede, assign, make over, pledge, encumber, furnish as collateral or by way of guarantee or in any way deal with (whether directly and/or indirectly) any or all of:

5.6.2.2.1 the settlement GFI shares; and/or

5.6.2.2.2 inter alia the Boschendal shares, the Purple Plum shares and the Boschendal claims (other than in terms of the share acquisition agreements).

5.7 Rationale for the proposed settlement agreement

5.7.1 R&E and JCI shareholders are referred to, inter alia, prior announcements and shareholder updates regarding the disputes between R&E and JCI, the proposed merger between R&E and JCI and the failure thereof, and the conclusion and lapsing of the initial settlement agreement between R&E and JCI. Such strategies were pursued by the boards of both R&E and JCI as an alternative to costly and protracted litigation as a result of the ongoing legal disputes between R&E and JCI. In keeping with such strategy the parties have again, for commercial reasons and in order to avoid costly and protracted litigation, concluded the revised Settlement Agreement.

5.7.2 The rationale for the proposed settlement as set out in paragraph 5.7.1 above follows the rationale for the proposed merger of R&E and JCI as was recorded in the Merger Circular. As previously reported to R&E shareholders, JCI has denied all liability to R&E in respect of the R&E claims and failing the revised Settlement Agreement being implemented the impending arbitration or litigation (in the event of the relief sought in the JCI application being upheld) is inevitable. The board of R&E is however aware of the costs which may be incurred in protracted litigation against JCI before a resolution of R&E’s claims can be obtained. Furthermore, should R&E be successful in obtaining an award against JCI in respect of R&E’s claims, any recovery which R&E may make is likely to be constrained by JCI’s NAV of approximately R1.2 billion at 31 December 2009. There is no prospect of JCI being able to satisfy the R&E claims (if successful) beyond the extent of JCI’s NAV and furthermore R&E’s prospects of success against JCI cannot be assured.

The board of R&E is also cognisant of the substantial time that executives and management of R&E would have to dedicate in prosecuting such claims which may impact the operations of R&E.

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5.7.3 Based on the above, the present Board of R&E is of the opinion that costly and protracted litigation against JCI is not in the best interests of shareholders and R&E regards the proposed settlement as a pragmatic means to restore shareholder value and as representing a sensible resolution to the impasse with JCI.

5.7.4 The implementation of the revised Settlement Agreement in its entirety will thus result in the JCI group and the directors and officers of the JCI group only being released from the R&E group’s claims against the JCI group and such directors and officers, and vice versa, this, without the parties making any admissions of liability or any concessions in regard to their respective claims.

6. FOREIGN SHAREHOLDERS

6.1 General

The proposed settlement incorporating the capital distribution of the settlement GFI shares and the unbundling of R&E’s entire shareholding in JCI shares (which includes both the new JCI shares per the proposed settlement and the existing JCI shares pre-settlement) to R&E shareholders, is governed by the laws of South Africa and is subject to all applicable laws and regulations, including exchange control regulations (shareholders are referred to paragraph 37 of this Circular).

Having regard to prevailing laws in their relevant jurisdictions, foreign shareholders may be affected by the capital distribution of the settlement GFI shares and the unbundling of JCI shares by R&E. Such foreign shareholders should inform themselves about and observe any applicable legal requirements of such jurisdictions in relation to all aspects of this Circular that may affect them, including the capital distribution and the unbundling. Foreign shareholders may be prohibited from beneficially holding any of the settlement GFI shares and the JCI shares unbundled and distributed to them.

It is the responsibility of each foreign shareholder to satisfy itself as to the full observation of the laws and regulatory requirements of the relevant foreign jurisdiction in connection with the capital distribution and the unbundling, including the obtaining of any governmental, exchange or other consents or the making of any filings which may be required, the compliance with other necessary formalities and the payment of any issue, transfer or other taxes or other requisite payments due in such jurisdiction.

Any foreign shareholder who is in doubt as to his position with respect to the capital distribution and unbundling in any jurisdiction, including, without limitation, his tax status, should consult an appropriate professional advisor in the relevant jurisdiction without delay. In particular, foreign shareholders must take their own advice on whether they are entitled to beneficially hold any settlement GFI shares or JCI shares unbundled and distributed to them and take the appropriate action in accordance with that advice.

6.2 Ineligible foreign shareholders

Foreign shareholders in certain jurisdictions outside of South Africa may not be entitled to take transfer any of the settlement GFI shares distributed and JCI shares unbundled by R&E.

The R&E board recommends the following mechanism for distribution of any of the settlement GFI shares and/or the unbundled JCI shares to ineligible foreign shareholders. In the case of any of such shares which an ineligible foreign shareholder is taking transfer of, such shares are to be lodged on behalf of the ineligible foreign shareholders with a trust company to be nominated by the R&E board in its sole discretion and to be held by the said company on behalf of the ineligible foreign shareholders, to be disposed of by them for the benefit of the ineligible foreign shareholders so as to comply with the regulatory restraints of such jurisdictions.

Subject to the above, the trust company will be requested to coordinate the disposal of any the settlement GFI shares and/or the unbundled JCI shares (as the case may be) on behalf of such ineligible foreign shareholders for cash in South Africa and distribute the cash proceeds therefrom (net of applicable fees, expenses, taxes and charges) to ineligible foreign shareholders, in proportion to such ineligible foreign shareholders’ entitlement to the settlement GFI shares and/or unbundled JCI shares. There can be no assurance as to what price such ineligible foreign shareholders will receive from the disposal of such settlement GFI shares or unbundled JCI shares or the timing or exchange rate conversion of such receipt. The JCI shares currently largely trade in the over-the-counter market in South Africa and on a limited basis. No assurance can be given that such mechanism, will be successfully implemented.

6.3 Holders of ADRs

R&E shall distribute any of the settlement GFI shares and the unbundled JCI shares to which ADR holders are entitled, to the United States Depositary who will deal therewith in accordance with the laws governing such ADR holders. BNY Mellon may dispose of the settlement GFI shares and/or the JCI shares on behalf of ADR holders for cash either independently or in combination and distribute the cash proceeds therefrom (net of applicable fees, expenses, taxes and charges) to such ADR holders, in proportion to such ADR holders’ entitlement to the settlement GFI shares and/or unbundled JCI shares.

There can be no assurance as to what price such ADR holders will receive from the disposal of any of the settlement GFI shares and/or unbundled JCI shares or the timing or exchange rate conversion of such receipt. It should further be noted that the JCI shares currently largely trade in the over-the-counter market in South Africa and on a limited basis.

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This is not an offer of securities for sale in the US or to or for the account or benefit of any “US person” and securities may not be offered or sold in the US or to a “US person” absent registration or an exemption from registration. There will be no public offering of the settlement GFI securities or unbundled JCI securities in the US or to a “US person” that would require registration.

7. IMPLEMENTATION OF THE PROPOSED SETTLEMENT, THE CAPITAL DISTRIBUTION OF THE SETTLEMENT GFI SHARES AND THE UNBUNDLING OF THE JCI SHARES HELD BY R&E

7.1 Procedure and implementation of the proposed settlement in terms of the revised Settlement Agreement

7.1.1 Following the fulfilment of all suspensive conditions to the revised Settlement Agreement as set out in paragraph 5.3 to this Circular, JCIIF and JCI shall, within 14 business days deliver to R&E:

7.1.1.1 an irrevocable and unconditional written instruction from JCIIF and JCI to Computershare, JCIIF’s CSDP, instructing Computershare to transfer the settlement GFI shares to R&E’s CSDP account;

7.1.1.2 a certified copy of a Special Resolution from JCI (as the sole shareholder of JCIIF), unconditionally and irrevocably approving of the transfer of the settlement GFI shares to R&E; and

7.1.1.3 a certified copy of a resolution of the directors of JCI and JCIIF, unconditionally and irrevocably approving of the transfer of the settlement GFI shares to R&E.

7.1.2 The parties to the revised Settlement Agreement agree that following the transfer of the documents to R&E as set out in paragraph 7.1.1 above, the settlement GFI shares shall be transferred to R&E’s CSDP account with Computershare, and shall be held by Computershare, pending the issue of the new JCI shares to R&E as set out in paragraph 5.1.2 above.

7.1.3 On the next business day following the Gold Fields transfer date or so soon as possible thereafter, a duly authorised representative of JCI shall communicate simultaneously and telephonically with Computershare for purposes of confirming that Computershare is in a position to register the new JCI shares in the name of R&E and to immediately following the distribution of the settlement GFI shares to the R&E shareholders as a capital distribution, and on the same day, to transfer its entire holding of JCI shares (which consists both the new JCI shares in terms of the proposed settlement and the existing JCI shares pre-settlement) to the R&E shareholders. Upon receipt of the verbal confirmation from Computershare to the satisfaction of JCI that Computershare is in such a position, the following shall occur on the same day:

7.1.4 R&E shall be informed by JCI of such verbal confirmation;

7.1.5 the new JCI shares will be registered in the name of R&E with Computershare;

7.1.6 immediately upon the new JCI shares having been registered in the name of R&E, Computershare shall:

7.1.6.1 firstly cause the settlement GFI shares to be distributed to the R&E shareholders as a capital distribution;

7.1.6.2 immediately following the distribution of the settlement GFI shares, Computershare shall distribute the JCI shares (which comprises both of the new JCI shares per the proposed settlement and its existing JCI shares owned pre-settlement) to the R&E shareholders as part of an unbundling process.

7.1.7 If Computershare is, for whatever reason, not in a position to immediately give effect to paragraph 7.1.6 then:

7.1.7.1 the settlement GFI shares will continue to remain in R&E’s CSDP account pending the JCI transfer date; and

7.1.7.2 The new JCI shares will not be issued to R&E until Computershare confirms to the satisfaction of the person representing JCI that it is able to immediately register the new JCI shares in the name of R&E and immediately following the distribution of the settlement GFI shares to the R&E shareholders to thereafter on the same day unbundle the JCI shares to the R&E shareholders.

7.1.8 If, within 10 days of the Gold Fields transfer date, the JCI transfer date has not occurred, R&E shall immediately cause the settlement GFI shares to be transferred into JCIIF’s CSDP account, simultaneously with which, the parties to the revised Settlement Agreement shall be restored to the status quo ante which subsisted immediately prior to the Signature Date of the revised Settlement Agreement.

7.1.9 Immediately following the suspensive condition fulfilment date the parties to the revised Settlement Agreement undertake each to the other to sign forthwith all such documents and to do all such things as may be necessary in order to give effect to the distribution of the settlement GFI shares and the unbundling of the JCI shares to the R&E shareholders.

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7.1.10 The transfer and issue referred to in clauses 7.1.2 and 7.1.3 and 7.1.8 hereof, shall be made free of set-off, counterclaim and any withholding or the like whatsoever.

7.1.11 JCI shall be liable to make payment of the transfer taxes associated with:

7.1.11.1 the transfer of the settlement GFI shares to R&E; and

7.1.11.2 the issue of the new JCI shares to R&E.

7.2 Procedure and implementation of capital distribution

7.2.1 Following the fulfilment of the procedures as set out in paragraph 7.1, subject to the fulfilment of all suspensive conditions as set out in paragraph 5.3 of this Circular and subject to an ordinary resolution being passed by the requisite majority of R&E shareholders entitled to vote thereon, approving of the capital distribution of the settlement GFI shares out of share premium to R&E shareholders in proportion to their respective shareholdings, R&E shall distribute to R&E shareholders, registered at the close of business on the Record Date for the capital distribution, the settlement GFI shares in proportion to their shareholding. The capital distribution will be effected on or about Monday, 5 July 2010.

7.2.2 Certificated R&E shareholders recorded in the register on the Record Date will receive a share certificate for the GFI shares distributed to them, in proportion to their shareholding, sent to their registered postal address by registered mail on or about Tuesday, 6 July 2010, at their risk. Certificated shareholders will be required to dematerialise such share certificates in order to sell such GFI shares on the JSE.

7.2.3 Dematerialised shareholders recorded in the register on the Record Date will have their accounts at their CSDP or broker credited with their portion of the settlement GFI shares due to them on Monday, 5 July 2010.

7.2.4 Ineligible foreign shareholders and ADR holders in certain jurisdictions outside of South Africa may not be entitled to take transfer of any settlement GFI shares in terms of the capital distribution. Such shareholders are referred to paragraphs 6.2 and 6.3 for the procedure thereon.

7.3 Procedure and implementation of the unbundling

7.3.1 Following the fulfilment of the procedures as set out in 7.1, subject to the fulfilment of all suspensive conditions as set out in paragraph 5.3 of this Circular and subject to an ordinary resolution being passed by the requisite majority of R&E shareholders entitled to vote thereon, approving of the distribution and unbundling of R&E’s entire shareholding in JCI (which consists of both the new JCI shares in terms of the proposed settlement and the existing JCI shares pre-settlement) firstly out of share premium to R&E shareholders in proportion to their respective shareholding, R&E shall unbundle to R&E shareholders, registered at the close of business on the Record Date its entire shareholding in JCI in proportion to their shareholding. Should the share premium prove to be insufficient, reserves will be applied to the extent necessary. The unbundling will be effected on or about Monday, 5 July 2010.

7.3.2 The unbundling will amount to a payment in terms of section 90 of the Companies Act and be in accordance with articles 119 and 120 of the Articles and section 46 of the Income Tax Act.

7.3.3 Certificated R&E shareholders recorded in the register on the record date for the unbundling of the JCI shares will receive a share certificate for the JCI shares distributed to them, in proportion to their respective shareholding, sent to their registered postal address by registered mail on or about Tuesday, 6 July 2010, at their risk. Certificated shareholders will be required to dematerialise such share certificate in order to sell such JCI shares on the JSE. Shareholders are further referred to paragraph 6 setting out the details relating to the JCI shares i.e. the JCI shares largely only trading in the over-the-counter market in South Africa on a limited basis. It is the stated intention of JCI to pursue a re-listing of JCI shares on the JSE.

7.3.4 Dematerialised shareholders recorded on the register on the record date for the unbundling will have their accounts at their CSDP or broker credited with the JCI shares due to them on Monday, 5 July 2010.

7.3.5 Ineligible foreign shareholders and ADR holders in certain jurisdictions outside of South Africa may not be entitled to take transfer of the unbundled JCI shares in terms of the unbundling. Such shareholders are referred to paragraph 6.2 and 6.3 of this circular for the procedure thereon.

8. TAx CONSEQUENCES OF THE CAPITAL DISTRIBUTION OF THE SETTLEMENT GFI SHARES AND THE UNBUNDLING OF THE JCI SHARES

Set out below is a guide only and is not intended to be a complete analysis of the tax implications of the proposed settlement incorporating the capital distribution of the settlement GFI shares and the unbundling of the JCI shares. It is not intended to be, nor should it be considered to be, legal or tax advice. Shareholders should therefore, consult their own tax advisors on the tax consequences of the proposed settlement in both South Africa and their jurisdiction of residence, for which neither R&E nor its advisors will be held responsible.

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8.1 Tax considerations for R&E and the nature of distributions to R&E shareholders

It is important to appreciate that R&E will enter into two separate transactions even though they are interlinked. These two transactions will result in separate tax consequences for the R&E shareholders.

In terms of the proposed distributions:

• R&E will first distribute to R&E shareholders the settlement GFI shares, out of share premium, that it will receive from JCI and JCIIF pursuant to the proposed settlement;

• thereafter and as a separate transaction, R&E will embark upon an unbundling transaction in terms of which it will distribute to the R&E shareholders its existing shareholding in JCI (amounting to approximately 8.5% of the issued share capital of JCI after the implementation of the proposed settlement) as well as the new JCI shares issued to R&E pursuant to the proposed settlement (amounting to approximately 43.7% of the issued share capital of JCI after settlement). In other words, a total of 52.2% of the total issued shares in the share capital of JCI will be distributed by R&E to the R&E shareholders as part of the unbundling transaction.

The tax consequences of each transaction are summarised below. Please note that this summary is not intended to be an exhaustive analysis of the tax consequences of the capital distribution of the settlement GFI shares and the subsequent unbundling of the JCI shares. Shareholders are advised to consult their professional advisors in regard to the tax treatment of the relevant transactions in the context of their specific circumstances. The general outline of the tax consequences of the transactions as set out herein is not intended to be tax advice to the R&E shareholders.

8.1.1. Capital distribution to R&E shareholders of the settlement GFI shares

Pursuant to the revised Settlement Agreement, R&E will receive the settlement GFI shares from JCI and JCIIF.

The settlement GFI shares will be distributed by R&E to the R&E shareholders as a capital distribution by the reduction of its share premium account.

In terms of subsection (f) of the definition of a dividend in section 1 of the Income Tax Act a distribution which represents a reduction in the share premium account of a company does not constitute a dividend for tax purposes (provided that it does not constitute a repayment of capitalised profits previously transferred to the share premium account). Accordingly the distribution of the settlement GFI shares by R&E as a capital reduction will not constitute a dividend. The distribution will therefore also not attract any STC from the perspective of R&E.

Where a company makes a distribution of an asset in specie to a shareholder, such company is treated for tax purposes as having disposed of the asset to the shareholder on the date of distribution for an amount equal to the market value thereof on such date. In other words, the distribution of the settlement GFI shares will be deemed to be a disposal of the settlement GFI shares by R&E. However, in view of the fact that R&E will distribute the settlement GFI shares to the R&E shareholders on the same date that it has received same from JCI in terms of the settlement agreement, it is not expected that there will be any gain or loss in the hands of R&E pursuant to such a distribution.

The transfer of the settlement GFI shares to the R&E shareholders will be subject to securities transfer tax at the rate of 0.25%.

8.1.2 Distribution and unbundling of the JCI shares held by R&E

The existing JCI shares held by R&E as well as the new JCI shares that will be issued by JCI to R&E in terms of the revised Settlement Agreement will be distributed to R&E shareholders in terms of an unbundling transaction as envisaged in section 46 of the Income Tax Act. Corporate roll-over relief is afforded to R&E and the R&E shareholders to the extent that one meets the relevant requirements as set out in section 46 of the Income Tax Act. Effectively R&E will distribute its entire shareholding of JCI shares to the R&E shareholders in accordance with the effective interest of the R&E shareholders in R&E. Because the shares in JCI are listed on the JSE, the requirement is that the unbundled shares in JCI must constitute more than 25% of the equity shares in JCI in the case where no other shareholder holds an equal or greater amount of equity shares in the unbundled company. Otherwise the minimum threshold is 35%. Given the fact that the JCI shares to be distributed by R&E to the R&E shareholders will constitute 52.2% of the entire issued shares in the share capital of JCI, the relevant requirements of the unbundling provisions will thus be met.

Pursuant to the unbundling provisions contained in section 46 of the Income Tax Act:

• R&E must disregard the distribution of the JCI shares for purposes of determining its taxable income or assessed loss;

• the distribution by R&E will not be deemed to be a dividend; and

• the JCI shares are deemed to have been distributed first from the remaining share premium account of R&E.

Attention is drawn to the fact that the unbundling provisions do not apply if, immediately after the distribution of the JCI shares, 20% or more of the shares in JCI are held by so-called disqualified persons either alone or together with any connected person in relation to the disqualified person. A disqualified person is amongst others defined as a non-resident or certain exempt entities.

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The unbundling provisions will apply automatically and it is not necessary to make any specific election to such effect. The transfer of the JCI shares will also not be subject to securities transfer tax in terms of section 8(1)(a) of the Securities Transfer Tax Act No 25 of 2007 given the fact that the public officer of R&E will make a sworn affidavit that the transfer of the JCI shares complies with the provisions of section 46 of the Income Tax Act.

8.2 Tax considerations for South African resident shareholders

8.2.1 Capital distribution to R&E shareholders of the settlement GFI shares

The capital distribution of the settlement GFI shares to R&E shareholders will have tax implications for the shareholders concerned. The distribution may either be deemed to be on revenue account or capital account, depending on the intention of the R&E shareholder concerned.

To the extent that the current shares in R&E are held on capital account, paragraph 76A of the Eighth Schedule to the Act provides that a shareholder is deemed to have made a part disposal of the R&E shares on the date that the capital distribution is received by the shareholder. Paragraph 33 of the Eighth Schedule determines the way in which the proceeds are to be calculated. The tax consequences would depend on the way in which the relevant R&E shares have been accounted for by the R&E shareholder to date, for instance on a weighted average base cost methodology or specific identification methodology.

Paragraph 33 of the Eighth Schedule provides that, in a case of a part disposal:

• the proportion of the expenditure attributable to the part disposed of is an amount which bears to the expenditure allowable in terms of paragraph 20 of the Eighth Schedule in respect of the entire asset the same proportion as the market value of the part disposed of bears to the market value of the entire asset immediately prior to the disposal; and

• the market value on 1 October 2001 (to the extent that the shares have been held prior to such date) attributable to the part disposed of is an amount which bears to the market value adopted or determined in terms of paragraph 29(4) in respect of the entire asset the same proportion as the market value of the part disposed of bears to the market value of the entire asset immediately prior to the disposal.

The provisions of paragraph 76A and paragraph 33 of the Eighth Schedule will have the following effect:

• the proceeds received by an R&E shareholder is equal to the market value of a settlement GFI share on the date of the capital distribution (being the date indicated by R&E to be the date that shareholders should be registered in R&E’s share register);

• the base cost of the existing R&E shares is divided between the settlement GFI shares and the R&E shares. This base cost is calculated by firstly determining the ratio between the market value of the settlement GFI shares over the market value of the R&E shares prior to the distribution and then multiplying the ratio with the original base cost of the R&E share;

• the R&E share will also have a new base cost by deducting from the original base cost of the R&E share the base cost allocated to the GFI share.

8.2.2 Distribution and unbundling of the JCI shares

R&E shareholders must first determine the new base cost of an R&E share pursuant to the capital distribution of the settlement GFI shares. Once the new R&E base cost for an R&E share has been determined pursuant to the capital distribution of the settlement GFI shares, a new base cost is again determined for the remaining R&E shares as well as the JCI shares received in terms of the unbundling process. Effectively the new base cost (for both the R&E and JCI shares) is determined in accordance with the ratio that the market value of the unbundled JCI shares (as at the end of the day after the distribution) bears to the sum of the market value (as at the end of that day) of the R&E shares as well as the JCI shares. The base cost for the JCI shares is effectively the percentage that the market value of the JCI shares is compared to the market value of both the R&E shares as well the JCI shares. Once this ratio is determined, it is then used to effectively “split” the existing R&E base cost between the JCI shares and the remaining R&E shares. No immediate tax result follows from the unbundling, but the tax liability will effectively be higher once the shares are sold given the fact that the existing base cost is divided between the R&E shares and the JCI shares.

8.3 Tax considerations for non-South African residents shareholders

R&E has not attempted to qualify the capital distribution of the settlement GFI shares or the unbundling of the JCI shares as a tax-free transaction to shareholders in terms of the rule of any jurisdiction other than South Africa. Accordingly the capital distribution of the settlement GFI shares and the unbundling of the JCI shares may constitute a taxable transaction in any other such jurisdiction. Shareholders who are non-resident for tax purposes in South Africa, are advised to consult their professional advisors as regards the tax treatment of the capital distribution of settlement GFI shares and the unbundling of the JCI shares in light of the tax laws in their respective jurisdictions and tax treaties between South Africa and their countries of tax residence.

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8.4 Certain US Federal Income Tax considerations for ADR holders and US shareholders

8.4.1 Capital distribution to R&E shareholders of the settlement GFI shares

BNY Mellon may dispose of the settlement GFI shares and then distribute the cash to ADR holders as referred to in paragraph 6.3 of this circular.

R&E has not attempted to qualify the capital distribution of the settlement GFI shares as a tax-free transaction to shareholders in terms of the rule of any jurisdiction other than South Africa. Accordingly the capital distribution of the settlement GFI shares may constitute a taxable transaction in any such jurisdiction. Shareholders who are non-resident for tax purposes in South Africa, are advised to consult their professional advisors as regards the tax treatment of the capital distribution of settlement GFI shares in light of the tax laws in their respective jurisdictions and tax treaties between South Africa and their countries of tax residence.

8.4.2 Distribution and unbundling of the JCI shares

BNY Mellon may dispose of the JCI shares and then distribute the cash to ADR holders as referred to in paragraph 6.3 of this circular.

R&E has not attempted to qualify the unbundling of the JCI shares as a tax-free transaction to shareholders in terms of the rule of any jurisdiction other than South Africa. Accordingly the unbundling of the JCI shares may constitute a taxable transaction in any other such jurisdiction. Shareholders who are non-resident for tax purposes in South Africa, are advised to consult their professional advisors as regards the tax treatment of the unbundling of the JCI shares in light of the tax laws in their respective jurisdictions and tax treaties between South Africa and their countries of tax residence.

9. THE FSD ExCUSSION

9.1 Background to FSD excussion

9.1.1 Prior to the reconstitution of the JCI board in August 2005, JCI Gold had obtained a loan from FSD. It is not clear when the loan arose, nor does JCI have any copy of a loan agreement, for reasons which are further documented in paragraph 3 of this Circular.

9.1.2 On 17 April 2009, FSD formalised the aforementioned existing loan of R105 396 864, including interest thereon, owing to it by JCI Gold by concluding the FSD Loan Agreement in which it recorded the terms of the loan and concluded a pledge agreement which formalised the terms of an existing pledge of 79 000 000 JCI ordinary shares that had been pledged to FSD by JCI Gold.

9.1.3 It must be noted that JCI, while it had a portfolio of assets, had restricted cash and no operating business to meet its ongoing cash requirements. Consequently, when the settlement date for a long outstanding obligation arrived (in respect of which the JCI group was indebted to Letseng in an amount of R60 500 000 in respect of the disposal of Letseng Diamonds in Lesotho in June 2006) the JCI group was unable to raise the funds from banking channels. In addition, the major part of its assets were tied up as security pledged to Investec in terms of the Investec Loan Agreement.

9.1.4 R&E offered, however, to lend the required amount to JCI Gold, on an arm’s length basis and concluded the R&E Loan Agreement on 17 April 2009, which loan was granted against a pledge by JCI Gold of its 44.69% shareholding in FSD, which was the last material unencumbered asset that the JCI group held.

9.1.5 During December 2009, JCI was required to fund a cash call in respect of its shareholding in Boschendal which was under pressure from JCI’s bankers and, if the funds were not provided, JCI would have faced a severe dilution of its holding in Boschendal, to the detriment of JCI shareholders. As such R&E, on 18 December 2009, advanced a further R25 000 000 under the R&E Loan Agreement, on an arm’s length basis. As a pre-condition to making this advance, R&E required that it take cession from FSD of the JCI Gold loan by purchasing the rights and claims enjoyed by FSD against JCI Gold for the outstanding amount in terms of the FSD Loan Agreement which included the initial loan amount and any interest accrued thereon at prime.

9.2 The FSD excussion

9.2.1 Further to the information as set out in paragraph 9.1 above, JCI Gold was required to repay in full all outstanding amounts owed to R&E on 11 January 2010, in terms of the FSD Loan Agreement, the R&E Loan Agreement and the Pledge Agreement.

9.2.2 At the due date the total amount owing by JCI Gold to R&E amounted to R 208 139 856. As a result of JCI Gold failing to repay the full outstanding amount on the due date, R&E on 14 January 2010 exercised its right under the Pledge Agreement in respect of the remaining outstanding loan due by JCI Gold to R&E, (net of cash already received by R&E), of R161 960 265, by excussing against a component of the security it held, being the 6 690 610 FSD shares (approximately 30.1% of the equity share capital of FSD) owned by JCI Gold. The effective date of the FSD excussion, was 14 January 2010.

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9.2.3 The value at which the FSD shares were realised by R&E in terms of the security provided by JCI Gold was agreed by R&E and JCI Gold at R24.2071 per FSD share as set out in the Pledge Agreement. This price was based on FSD’s disclosed net asset value per FSD share at 31 December 2009. Such net asset value excluded any value for the exploration rights held in FSD on the grounds that the exploration rights had no realisable value.

9.2.4 The rationale for the FSD excussion was to enable R&E to recover the loan receivable from JCI Gold by exercising the security provided by JCI Gold in respect of such loans advanced by R&E. R&E furthermore provided the loans to JCI Gold following JCI’s limited access to cash and cash resources, the failure of JCI to successfully secure any further funding from financiers and as a result of the majority of JCI’s liquid assets being held by Investec as security in terms of the Investec Loan Agreement.

9.2.5 In terms of the FSD excussion R&E’s shareholding in FSD increased by 30.1% to 85.2%.

9.3 Ratification of the FSD excussion

9.3.1 R&E regards the exercise by it of its rights under the Pledge Agreement (which resulted in it taking transfer of 6 690 610 FSD shares), to have occurred solely in consequence of JCI Gold having failed to meet its repayment obligations to R&E when they fell due, in terms of the FSD Loan Agreement, the R&E Loan Agreement and the Pledge Agreement and to this extent maintains that such transfer occurred lawfully and in terms of the said agreements.

9.3.2 The JSE however has adopted the view that the aforesaid exercise by R&E of its rights (resulting in R&E taking transfer of the 6 690 610 FSD shares) amounts to an acquisition as contemplated under the JSE Listings Requirements, and has requested R&E to obtain by way of ordinary resolution the ratification of its shareholders for the FSD excussion. Without detracting from R&E’s position and in requesting its shareholders to ratify the FSD excussion, R&E in no way makes any concessions or waives any of its rights.

10. SUPPORT FROM VARIOUS PARTIES FOR THE PROPOSED SETTLEMENT, THE FSD ExCUSSION AND FOR THE LITIGATION SETTLEMENT AGREEMENT

10.1 The Mediators re-affirmed their support for a settlement between R&E and JCI on 19 April 2010 as a commercially realistic outcome for resolving the difficulties facing the companies as appears from the Mediators Report being Annexure 1 to this Circular. Faced with the alternatives to a settlement, the Board of R&E supports a settlement as a pragmatic means of resolving the difficulties which confront R&E and its shareholders.

10.2 R&E, JCI and JCIIF have procured irrevocable undertakings from the following shareholders to vote in favour of the resolutions required to effect the revised Settlement Agreement by JCI and R&E:

10.2.1 Letseng and Hawkhurst which do not hold any of the issued share capital of R&E and which collectively hold 17.52% (i.e. 7.98% and 9.54% respectively) of the issued share capital of JCI;

10.2.2 Investec which holds 26.26% of the issued share capital of R&E and 9.65% of the issued share capital of JCI; and

10.2.3 Allan Gray, in respect of which Allan Gray undertakes to vote in favour of the resolutions pertaining to the shares in which it exercises the voting rights, and to recommend to its clients to vote in favour of the resolutions pertaining to the shares in which its clients exercise the voting rights. Allan Gray directly and indirectly holds 24.35% of R&E and 22.87% of JCI.

10.3 Investec has further provided an irrevocable written confirmation, confirming Investec has irrevocably released from any security held by Investec in respect of any obligation owed to it by JCI and/or JCIIF, whether directly or indirectly the settlement GFI shares, to facilitate the transfer of such shares by JCI and JCIIF to R&E as contemplated in the revised Settlement Agreement.

10.4 On 8 March 2010, the requisite majority of JCI shareholders, representing not less than 75% of the shareholders present and entitled to vote thereat, approved the terms and implementation of the Litigation Settlement Agreement.

10.5 R&E has procured irrevocable undertakings from the following shareholders to vote in favour of the resolutions required to give effect to the FSD excussion:

10.5.1 Clear Horizon Multi-Strategy Fund which holds 1 271 168 R&E shares i.e. 1.7% of the issued share capital of R&E;

10.5.2 Investec which holds 26.26% of the issued share capital of R&E; and

10.5.3 Allan Gray, in respect of which Allan Gray undertakes to vote in favour of the resolutions pertaining to the shares in respect of which it exercises the voting rights, and to recommend to its clients to vote in favour of the resolutions pertaining to the shares in respect of which its clients exercise the voting rights. Allan Gray directly and indirectly holds 24.35% of R&E.

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11. RELATED PARTY INFORMATION AND THE MEDIATORS’ REPORT

11.1 In view of the fact that JCI (and certain of its subsidiaries) hold in aggregate 8 305 427 shares in R&E, at the last practicable date, comprising 11.11% of the issued share capital of R&E, the proposed settlement, incorporating the transfer of the settlement GFI shares from JCI and JCIIF to R&E and the issue of the new JCI shares to R&E, was deemed by the Board of R&E to be a related party transaction in terms of the JSE Listings Requirements.

11.2 Furthermore, the FSD excussion, is regarded as a related party transaction in terms of the JSE Listings Requirements.

11.3 Therefore JCI (and its associates, being CMMS and JCIIF), are regarded as related parties to R&E in terms of the JSE’s Listings Requirements and will, in respect of Ordinary Resolution Numbers 1 to 3 and Ordinary Resolution Number 6 as set out in the Notice of the R&E General Meeting attached to this Circular, be taken into account in determining whether a quorum is present, but will be excluded from voting on such resolution.

ThesuitabilityoftheMediatorsandtheirreports

11.4 The inability of R&E and JCI to produce a fairness opinion has been motivated to the JSE as set out in Annexure 5 to this Circular. The Mediators report has been included in this Circular, as set out in Annexure 1, as it was not possible to produce a fairness opinion (as ordinarily required in terms of the JSE Listings Requirements, having regard to the fact that the proposed settlement, incorporating the transfer of the settlement GFI shares from JCI and JCIIF to R&E and the issue of the new JCI shares to R&E, is deemed by the Board of R&E to be a related party transaction in terms of the JSE Listings Requirements).

11.5 With effect from January 2010, the board of R&E and JCI appointed the Mediators to express an opinion on the proposed settlement. In order to enable them to do so, the companies agreed inter alia to make available to the Mediators all necessary reports in respect of the proposed settlement, the companies’ calculations relevant to the proposed settlement amount and generally undertook to act with the utmost good faith towards the Mediators in order to enable the Mediators to furnish an opinion.

11.6 On 19 April 2010, the Mediators’ Report was issued, a copy of which is Annexure 1 hereto. The Mediators concluded by way thereof that:

“...the Randgold/JCI settlement agreement is in our opinion, commercially prudent and not inequitable to the shareholders of Randgold or JCI”.

11.7 Shareholders are further advised that in arriving at their opinion, the Mediators had consideration for, inter alia, the fair net asset value of both R&E and JCI. The statement of financial position of R&E as set out in Annexure 6 to this Circular and the NAV of JCI as set out in Annexure 13 of this Circular do not reflect the underlying attributable value of R&E and JCI. The fair value of both R&E and JCI is dependent on the market prices of certain investments held by JCI, which are variable over time.

TheMediators’Reportconsidered

11.8 In terms of the Mediators’ Report it will be noted that:

11.8.1 The Mediators were appointed during 2006, to mediate the dispute that had arisen between the companies;

11.8.2 After considering the voluminous documentation, various reports, engaging with the companies and in particular board members, the financial directors of the companies, the forensic investigators and lawyers, the Mediators issued a statement on 28 February 2007 followed by an explanatory note thereto (copies of which are available for inspection in terms of paragraph 39 below);

11.8.3 By way of their statement, the Mediators recommended that a merger between the companies be pursued. The Mediators were subsequently approached by the companies to furnish an opinion on the terms of the share swap arrangement then being proposed by the directors of the companies in order to effect a merger;

11.8.4 In considering the matter at the time of their April 2008 opinion, the Mediators contend that they were subject to a number of constraints, inter alia, the background to the dispute related to the misuse of assets (belonging to R&E) by Kebble and others, a significant portion of which accrued to the benefit of the JCI group; the financial records of the R&E group and JCI group were in some respects incomplete; past financial statements appeared to have been materially misstated; KPMG were unable to audit the financial positions of the companies and could only provide limited assurances in respect of certain aspects thereof; prior to Kebble’s death, certain arrangements were concluded between JCI and Investec providing, inter alia, for a profit share to be paid to Investec (the arrangement pertaining thereto being the subject of then unresolved litigation regarding its validity and enforceability); at April 2008 there were certain directors who served on both of the boards of R&E and JCI (one of whom was Nurek, an employee of Investec) and potential conflicts of interest had to be considered by the Mediators. In addition, the Mediators could not verify the accuracy of any of the information provided by any of the directors or the auditors and relied on that information in arriving at their expressed opinion;

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11.8.5 On 14 April 2008, the Mediators issued an opinion that “In the unusual and variable circumstances enumerated above, the swap ratio proposed by the companies is in our opinion commercially prudent and not inequitable to the shareholders of R&E and JCI.” In arriving at their assessment, the Mediators had regard, inter alia, to the financial position of each of the companies at 31 March 2007; the subsequent changes in the financial position of the companies between March 2007 and 31 July 2007; the potential outcomes of the dispute regarding the Investec loan facility; the quantum of the sustainable R&E claims against JCI; the probable value which would be lost in a litigation scenario and the costs associated therewith; the fact that any settlement proposal which left no value for JCI shareholders would, from JCI’s perspective be unrealistic and a poor alternative to litigation, (irrespective of its probable outcome); the swap ratio was sensitive to relatively small changes in the NAV’s of the companies and dependent on market prices of certain investments held by the companies, including the possible value of the Investec claim by JCI and the indicative range of settlement values referred to in the Mediators’ February 2007 Statement. (The further factors which the Mediators took into account were set out in the then Mediators’ Report, a copy of which is available for inspection as set out in paragraph 39 of this Circular.);

11.8.6 In October 2008, the Mediators were requested to advise whether the opinion issued by them on 14 April 2008 still applied “in the significantly changed financial circumstances of R&E and JCI since issuing that opinion”. The Mediators issued an opinion on 3 November 2008 that having regard to the various circumstances “our 14 April 2008 opinion remains of application.”;

11.8.7 In reaching their conclusion, as set out in paragraph 11.8.6 above, the Mediators drew attention to the fact, inter alia, that various delays were encountered by the companies in finalising the revised Settlement terms, namely, the failure of the proposed merger; R&E and JCI unsuccessfully attempted to negotiate a settlement of their dispute on the basis of a payment by JCI to R&E; the asset values of both R&E and JCI had reduced materially, primarily as a consequence of the dramatic fall in stock exchange prices; certain of the assets were realised and in the case of JCI exchanged for further shares in R&E (thus increasing the extent of the cross-holdings of shares between JCI and R&E); R&E had recently proceeded with the third party claims and changes to the board of directors of R&E and JCI had resulted in the elimination of certain of the potential conflicts of interest which previously existed (although a director of JCI was at that stage also a director of Investec);

11.8.8 Given the failure of the proposed merger contemplated between R&E and JCI, and the conclusion of the revised Settlement Agreement, the Mediators were again approached by the Boards of both R&E and JCI to provide an opinion as to the proposed settlement between R&E and JCI;

11.8.9 In assessing the revised Settlement Agreement the Mediators had regard to, inter alia, the financial position of the JCI group at 31 December 2009, the protracted period over which future litigation/arbitration might run, the likely costs involved and the inherent uncertainty of the outcome; the Mediators view that the sustainable claims of R&E against JCI are likely to run into amounts that might well exceed the net asset value of JCI; the fact that a protracted litigation/arbitration between R&E and JCI followed by possible liquidation proceedings is commercially and practically unattractive and will be value destructive for both sets of shareholders and that valuable management time will be sterilised in the process; the estimated amount that R&E would receive in the event of liquidation relative to the Rand value of the settlement; the fact that any settlement which leaves no value for JCI shareholders would be unrealistic and may, persuade JCI, to entertain such litigation, irrespective of the outcome, the negative effects on shareholder value of the continued share suspension and ongoing uncertainty and the cross-holding that presently exists between R&E and JCI (the companies hold shares in each other); the fair net asset value of JCI is dependent, inter alia, on the market prices of certain investments held by JCI, which have been variable over time and the fact that no exact settlement figure can be calculated due to inherent uncertainties involved.

11.9 A copy of the full Mediators’ Report is annexed to this Circular as Annexure 1. The curricula vitae of the Mediators are contained in Annexure 4 hereto.

11.10 The previous Mediators’ Reports are available for inspection in terms of paragraph 39 below.

Thefairnessopinionconsidered

11.11 On 28 April 2010, the independent expert issued a fairness opinion, in which they opined that the FSD excussion was fair to R&E shareholders. A copy of the full independent expert opinion is annexed to this Circular as Annexure 23 and is available for inspection in terms of paragraph 39 below.

12. THE PROSPECTS OF SUCCESS OF R&E’S CLAIMS

12.1 R&E’s legal team were instructed to formulate the R&E claims with reference to the findings of JLMC, the forensic reports and the input of various witnesses. R&E’s Counsel have furnished an opinion to R&E in terms whereof (on the basis of their analysis of the forensic reports and witnesses interviewed) they indicate that in their view, a reasonable prospect of success exists in respect of R&E’s claims, subject to the qualifications as more fully set out in the formal opinion by R&E’s Counsel which is attached to this Circular as Annexure 3 (R&E’s Senior Counsel’s Opinion on claims made by R&E).

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12.2 Shareholders are reminded that in June 2008, Cohen was appointed by R&E and JCI to provide a “prima facie assessment” of, inter alia, the R&E claims. Based on a consideration of the information, pleadings and submissions in respect thereof, Cohen expressed a prima facie view in regard to the values of such claims (which at that stage comprised 15 in number), “that the total of the values assessed …… is R1 892 085 155.00.” Cohen went on to state (with reference to an amount of R208 142 593.00 in respect of an alleged payment made by CMMS on behalf of R&E that “it seems to me prima facie that JCI is entitled to set-off the amount of R208 142 593.00 against the assessed claims totalling R1 892 085 155.00, resulting in a net liability of R1 683 942 562.00 by JCI to Randgold”. Cohen’s view did not amount to a legal opinion on the merits of R&E’s claims.

13. EFFECT OF THE PROPOSED SETTLEMENT ON THE FATE OF THE R&E CLAIMS

13.1 Subject to the fulfilment of the suspensive conditions of the revised Settlement Agreement and following the transfer of the settlement GFI shares and the new JCI shares to R&E, the capital distribution of such settlement GFI shares to R&E shareholders and the unbundling of R&E’s entire shareholding in JCI to R&E shareholders;

13.1.1 the R&E group will have no further claims against the JCI group or any of the directors and officers of the JCI group in connection with R&E’s claims;

13.1.2 the JCI group only will be released from R&E’s claims;

13.1.3 the JCI group will have no further claims against the R&E group or any of the directors and officers of the R&E group in connection with JCI’s claims;

13.1.4 the R&E group only will be released from JCI’s claims.

13.2 No admission of liability or any concessions are made by the JCI group in respect of R&E’s claims or by the R&E group in relation to JCI’s claims.

14. THE LITIGATION SETTLEMENT AGREEMENT

A Litigation Settlement Agreement was concluded between R&E, JCI, Letseng, Hawkhurst, Investec, Investec PLC, JCIIF, Discus, Global, Latitude, Holdings and Azalia on 22 January 2010, the salient details of which are set out below. It must be noted that the Litigation Settlement Agreement and the revised Settlement Agreement are separate agreements. The implementation of the Litigation Settlement Agreement will enable JCIIF to deliver the settlement GFI shares to R&E as contemplated in terms of the revised Settlement Agreement.

Shareholders are informed that R&E has no relationship with Letseng and Hawkhurst, save to the extent that they are parties to the Litigation Settlement Agreement. R&E is the largest creditor in the insolvent estate of BNC, and in terms of the Litigation Settlement Agreement has procured that the liquidators of BNC waive all existing and future legal claims against Letseng and Hawkhurst as set out in clause 14.2.5 below.

Letseng is the registered owner of 212 165 328 ordinary shares and Hawkhurst is the registered owner of 177 455 684 ordinary shares in the issued ordinary share capital of JCI.

On 8 March 2010, the shareholders of JCI voted in favour of the payment of the Investec Raising Fee to Investec and the Letseng Indemnity Costs to Letseng, in consequence of which the Litigation Settlement Agreement has become unconditional.

Final implementation of the Litigation Settlement Agreement remains outstanding but is expected to be fully implemented by the effective date of the revised Settlement Agreement.

14.1 Purpose of the Litigation Settlement Agreement

14.1.1 The directors of JCI established that in order to resolve the deadlock situation and in order to put themselves in a position to fully control their own assets and to settle the R&E claims they had to resolve the following:

14.1.1.1 Firstly, the payment or settlement of the Investec Raising Fee, as Investec would not release the security assets held in terms of the Investec Loan Facility until the Investec Raising Fee was either paid or settled. Release of this security was required to enable JCI to release all security assets as defined in the revised Settlement Agreement.

14.1.1.2 Secondly, the Letseng Application prevented the Investec Raising Fee from being paid until the Letseng Application was either withdrawn or settled.

14.1.1.3 Thirdly, Letseng would not withdraw or settle the Letseng Application until it received the Letseng Indemnity Costs.

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14.1.2 Had the Litigation Disputes continued unresolved, the parties thereto would have faced costly and time-consuming litigation, causing a further erosion of shareholder value and a further delay in commencing the process of enabling JCI shareholders to access such value as remains.

14.1.4 Accordingly, the Litigation Settlement Agreement was entered into by the parties to the Litigation Settlement Agreement.

14.2 Salient terms of the Litigation Settlement Agreement

Details of the Litigation Settlement Agreement are contained in a circular to JCI shareholders, dated 19 February 2010. A summary of the salient terms of the Litigation Settlement Agreement follows. A copy of the Litigation Settlement Agreement is available for inspection as set out in paragraph 39 below. For an appreciation of the full terms of the Litigation Settlement Agreement, shareholders should read the agreement in its entirety.

14.2.1 Fullandfinalsettlement

The Litigation Settlement Agreement and the payments to be made in terms thereof constitute a full and final resolution of the Litigation Disputes (which includes the Designated Actions).

14.2.2 LetsengIndemnityPayment

In terms of the Litigation Settlement Agreement having become unconditional on 8 March 2010, JCI is obliged to pay into an account nominated by Letseng, an amount of R40 000 000 in respect of the Letseng Indemnity Costs as set out in paragraph 14.1.1.3 above.

14.2.3 PaymenttoInvestecoftheLoanSettlementFee

14.2.3.1 Following the Litigation Settlement Agreement having become unconditional on the effective date of the Litigation Settlement Agreement, in settlement of the Investec Raising Fee, JCI became obliged to pay to Investec an amount of R267 500 000, in respect of which arrangements are being made to give effect hereto. In order to enable JCI to make payment, should JCI not have the requisite cash, Investec shall release the security assets held in security for the Investec Loan Agreement for the sole purpose of those assets being realised and the proceeds of such realisation being applied in the payment of the Loan Settlement Fee. Interest on any amount outstanding after the effective date of the Litigation Settlement Agreement shall be payable at the SAFEX Call Rate until date of payment.

14.2.3.2 Immediately after receiving payment, Investec shall release all JCI and JCIIF’s security assets held as security under the Investec Loan Agreement.

14.2.4 Letseng shall transfer 42 000 ordinary shares in the share capital of RGR to R&E. (On 26 April 2010, the 42 000 RGR shares were transferred to R&E.)

14.2.5 R&E, in its capacity as the largest creditor of BNC procured that BNC waive any and all claims, actions, proceedings and/or enquiries of BNC against Hawkhurst and undertook not to institute, at any point in the future, any claims, actions proceedings and/or enquiries on behalf of BNC against each of Letseng, Global, Discus, Latitude, Azalia and/or Hawkhurst, the cause of action of which arose before the Signature Date of the Litigation Settlement Agreement, or in circumstances which arose after the Signature Date of the Litigation Settlement Agreement in respect of transactions, dealings, conduct and/or acts or omissions which arose prior to the Signature Date of the Litigation Settlement Agreement.

14.2.6 The remaining terms of the Litigation Settlement Agreement are set out therein and in a circular to JCI shareholders dated 19 February 2010, copies whereof are available for inspection as set out in paragraph 39 below. This Circular is not intended to detail all of the terms of the Litigation Settlement Agreement nor to be an exhaustive summary thereof.

14.3 Effective date of the Litigation Settlement Agreement

The effective date of the Litigation Settlement Agreement is 9 March 2010.

15. IMPACT OF THE PROPOSED SETTLEMENT AND LITIGATION SETTLEMENT AGREEMENT ON RECOVERIES AGAINST THIRD PARTIES AND SETTLEMENTS CONCLUDED BETWEEN R&E AND THIRD PARTIES POST THE NEWLY CONSTITUTED BOARD OF R&E

15.1 As already mentioned, R&E has formulated a number of claims against third parties, namely the third party claims. These claims are detailed in Annexure 9 to this Circular, being R&E’s Litigation Statement.

15.2 Whilst litigation is by its very nature uncertain, it is not possible to determine either whether R&E will meet with success against the third parties or whether such third parties will be able to satisfy any judgment which may be awarded against them. Any recovery which R&E may make against these parties would be for the benefit of R&E and its shareholders only.

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15.3 In terms of the revised Settlement Agreement, subject to its implementation and its terms, R&E and its subsidiaries have indemnified JCI and its subsidiaries in the respects detailed in paragraph 5.5 of this Circular.

15.4 Details of the Settlements concluded post the date of reconstitution are set out in Annexure 9 to this Circular.

16. RE-LISTING ON JSE

16.1 JSE approval

The JSE has granted approval for the re-listing of all of the ordinary shares in the issued share capital of R&E on the main board of the JSE in the “Mining” sector of the JSE list under the abbreviated name “Randgold” and share code “RNG” with commencement of trade on or about Friday, 4 June 2010. Such re-listing will occur irrespective of whether the proposed settlement is effected or not.

Shareholders are referred to the Revised Listing Particulars (Annexure 22), that are incorporated with this Circular for further details and all required disclosures regarding the re-listing of R&E.

16.2 No action required from existing R&E shareholders on re-listing

16.2.1 No action is required from shareholders on the re-listing of R&E.

16.2.2 Upon the re-listing of the ordinary shares of R&E, the existing share certificates which have been issued to certificated shareholders shall remain the valid documents of title. Certificated shareholders who wish to trade their R&E shares on the JSE following the re-listing, must have their share certificates dematerialised before they can trade such shares in electronic form.

16.2.3 The shares of dematerialised shareholders will be reflected as freely tradeable in their accounts with their CSDPs or brokers, as the case may be, on re-listing.

17. FUTURE STRATEGY OF R&E (AND ITS SUBSIDIARIES, INCLUDING FSD) AND JCI POST THE IMPLEMENTATION OF THE PROPOSED SETTLEMENT, THE FSD ExCUSSION AND RE-LISTING

17.1 R&E continues to operate as an investment and exploration company in the gold mining sector, while the recovery of misappropriated assets remains a high priority. Management accordingly continues to strike a balance between investing in litigation and preserving and growing current assets.

17.2 The Company is managed by a small but skilled and committed team that endeavors at all times to contain operating expenses.

17.3 As set out in paragraph 5.7.2 above, in the opinion of the present Board, any increase in value beyond the current NAV of R&E will be largely dependent on R&E’s ability to prove and extract value from its civil claims and in particular upon the implementation of the revised Settlement Agreement, or failing such implementation, its ability to prove its claims against JCI.

17.4 R&E’s legal team were instructed to formulate the R&E claims with reference to the findings of JLMC, the forensic reports and the input of various witnesses. R&E’s Counsel have furnished an opinion to R&E in terms whereof (on the basis of their analysis of the forensic reports and witnesses interviewed) they indicate that in their view, a reasonable prospect of success exists in respect of the R&E claims, subject to the qualifications as more fully set out in the formal opinion by R&E’s Counsel attached to the Circular as Annexure 3.

17.5 R&E was historically a mining investment company. R&E’s main objective at present is to resolve the current impasse with JCI, in respect of which R&E has lodged the R&E claims against JCI amounting to approximately R19 billion based on the highest value thereof up to 31 December 2009.

17.6 Subsequent to the proposed settlement and the FSD excussion being implemented, R&E’s strategic objectives (including that of FSD) are as follows:

• To seek commercial opportunities and to successfully exploit them for the benefit of R&E and its shareholders;

• To utilise its assets as leverage to further develop other assets or acquire and invest in assets to grow the current portfolio;

• To continue pursuing its claims against third parties and where possible to make recoveries against such parties; and

• To realise value (insofar as is possible) from the existing prospecting rights portfolio.

17.7 Further to 17.6 above and more specifically, R&E, will, in the following 12 to 18 months:

17.7.1 be assessing various options at its disposal regarding its existing prospecting rights (which are valued in terms of the CPR’s provided, in excess of R 300 million), which will include further exploration, joint ventures with strategic players or disposal (where the other opportunities have no long term viability), and other mining related opportunities. Depending on the market conditions the prospecting rights can yield as much as the values included in the CPR’s but have to be developed

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over a long period and as such the income to be generated in the short term cannot be reflected with any degree of certainty. R&E has sufficient cash resources (approximately R450 million of free cash or liquid resources) to perform further feasibility studies where necessary with a view to prospect or mine such rights further, or acquire further rights;

17.7.1.1 more specifically with respect to the existing prospecting rights held and as further set out in paragraph 4.1.4:

• In respect of the Kameelhoek Project (CPR value of approximately R22 million), R&E is carrying out prospecting work and will seek to carry out feasibility studies with a view of entering into arrangements with adjacent project owners.

• In respect of the Weltevreden and Jeanette Project ( combined CPR value of between R19 million and R49 million), R&E will seek to carry out feasibility studies with a view to prospecting further and/or entering into joint venture agreements with appropriate parties to prospect or mine. R&E has also applied at the DMR for additional prospecting rights to add onto these projects, which applications have been accepted by the DMR. Although in the early stages the grant of such prospecting right will serve to bolster R&E’s exposure to gold ounces.

• R&E will carry out further drilling in respect of the Du Preez Leger Project with a view to enhancing the value further. Once completed, R&E may elect to prospect further, mine and/or elect to dispose of such right (disposal is the less preferable option and will only be undertaken if the costs of prospecting/mining further do not outweigh the potential benefit that R&E shareholders can derive from such right). The current CPR valuation range, as set out in Annexure 10, is between R154 million to R252 million, reflecting approximately 9 million ounces of gold); and

• R&E will seek to enhance the value of the Doornbosch prospecting right (CPR value of between R2million and R20 million) as the resource estimate may prove to be beneficial. R&E have entered into negotiations with various parties, to seek to prospect or mine such such right further, but there can be no guarantee that they will be successful. To the extent that the negotiations fail, R&E will explore other opportunities to extract further value from this right held;

17.7.2 look to acquire further prospecting rights should the opportunity arise. R&E, will post the implementation of the proposed settlement, have largely resolved the major outstanding issues and as such the board of R&E is focused on enhancing value for shareholders by seeking out viable opportunities in the exploration and mining sector. The board has already instructed the executive management team to investigate various potential transactions and obtain options for the Company to expand its foothold in the resources industry. The board believes that the strong cash position that R&E is in (approximately R 450 million of free cash or liquid resources), puts R&E in a strong position to be a significant player in the resources sector; and

17.7.3 review its legal claims against 3rd parties with a view to make recoveries against third parties. The income to be recorded in the next 12 to 18 months in respect of such recoveries are uncertain, but the prospect of success in some outstanding 3rd party claims remains intact.

17.8 Following the implementation of the proposed settlement and the transfer of the 6 690 610 FSD shares to R&E by JCI Gold, JCI’s future strategy will include the following:

• Dealing with JCI’s major asset, being its controlling interest in Boschendal, as more fully disclosed in the JCI group NAV statement set out in Annexure 13. The directors are actively pursuing the development of Boschendal and the enhancement of the value of JCI’s investment therein.

• JCI is in the course of preparing annual financial statements for the financial years ended 2005 to 2010 inclusive. Once these have been finalised, they will be reported to shareholders and an annual general meeting of shareholders called, one of the purposes of which will be to approve the annual financial statements and to transact the business normal for an annual general meeting. At or before the holding of this meeting, shareholders will be advised of the directors’ plans for the future direction of the company.

18. OPINIONS AND RECOMMENDATIONS OF THE R&E BOARD

18.1 The Board of R&E has considered the terms and conditions of the proposed settlement, and specifically the recommendation of the Mediators as set out in paragraph 11 above insofar as the proposed settlement is concerned. The board members unanimously support the proposed settlement and are of the opinion that the terms thereof are fair and reasonable and in the interests of R&E shareholders given the current circumstances of R&E and JCI.

18.2 The Board of R&E has considered the terms and conditions of the FSD excussion, and specifically the fairness opinion provided by the independent expert as set out in Annexure 23, the details of which are set out in paragraph 11 above insofar as the FSD excussion is concerned. The board members unanimously support the FSD excussion and are of the opinion that the terms thereof are fair and in the interests of R&E shareholders.

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18.3 Accordingly, the Board of R&E supports the proposed settlement and the FSD excussion and recommends that R&E shareholders vote in favour of the resolutions to be proposed at the R&E General Meeting.

19. THE SHARE CAPITAL OF R&E

19.1 At the last practicable date:

19.1.1 The authorised share capital of R&E was R1 050 000, divided into 105 000 000 ordinary shares of 1 cent each;

19.1.2 The issued share capital of R&E was R74 813.13 divided into 74 813 128 ordinary shares of 1 cent each;

19.1.3 As at 28 February 2009, JCI held 8,305,427 R&E shares comprising approximately 11.1% of R&E’s issued share capital;

19.1.4 All of the issued R&E shares are listed in the “Mining: Gold Mining” sector of the JSE. Trading in R&E shares was suspended by the JSE on 1 August 2005 and remains so suspended;

19.1.5 ADRs were formerly listed on the Nasdaq. R&E’s listing was terminated by the Nasdaq on 19 September 2005. Furthermore, on 24 March 2008, the US Securities and Exchange Commission issued an Order pursuant to Section 12(j) of the Securities Exchange Act of 1934, as amended, pursuant to which the registration of R&E’s ordinary shares and ADRs in the United States was revoked. As a result of the Order by the US Securities and Exchange Commission, no member of a US national securities exchange, US broker, or US dealer may make use of the mails or any means or instrumentality of US interstate commerce to effect any transaction in, or to induce the purchase or sale of, R&E’s ordinary shares and ADRs in the US. The effect of this order is to prohibit trading in R&E’s ordinary shares and ADRs in the US.

19.1.6 No debentures have been created or issued by R&E.

19.1.7 R&E has no loan capital outstanding.

19.2 The share capital of R&E, before and following the proposed settlement, will be as follows:

Prior to proposed settlement

R’000

Post the proposed settlement

R’000Authorised share capital105 000 000 ordinary shares of 1 cent each 1 050 1 050

Issued share Capital74 813 128 ordinary shares of 1 cent each 748 748 Share premium on ordinary shares 986 054 37 640Total ordinary share capital 986 802 38 388Treasury shares3 000 000 ordinary shares of 1 cents each held by a subsidiary of R&E

19.3 In May 2009, R&E made a partial recovery of 3 000 000 of its own shares from JCI in terms of the claims made in respect of the Phikoloso transaction, further details of which are set out in Annexure 2 of this Circular. The 3 000 000 R&E shares, being disputed shares in terms of the Phikoloso transaction, have been transferred to Refraction Investments. The Board of R&E have undertaken, that following the approval of the requisite resolutions to approve and implement the proposed settlement as set out in the Notice of General Meeting attached hereto, that R&E may cancel or validate the issue of the aforementioned disputed 3 000 000 R&E shares in its share capital.

19.4 Save as otherwise set out in paragraph 19.3 and as disclosed in Annexure 2, there are no irregular or invalid allotments of shares and reservations of rights.

20. THE SHARE CAPITAL OF JCI

20.1 As at the last practicable date:

20.1.1 The authorised share capital of JCI was R27 000 000, divided into 2 700 000 000 ordinary shares of 1 cent each;

20.1.2 The issued share capital of JCI was R22 247 989.93 divided into 2 224 798 993 ordinary shares of 1 cent each;

20.1.3 Subsidiaries of JCI held a total of 217 656 187 JCI shares comprising approximately 9.8% of JCI’s issued share capital;

20.2 R&E held 305 186 049 JCI shares comprising approximately 13.7% of JCI’s issued share capital;

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20.3 All of the issued JCI shares are listed in the “Mining: Gold Mining” sector of the JSE. Trading in JCI shares was suspended by the JSE on 1 August 2005 and remains so suspended.

20.4 The share capital of JCI, before and following the settlement, will be as follows:

Number of shares prior to proposed

settlement

Prior to proposed

settlementR’000

Number of shares post settlement

Post the proposed

settlementR’000

Authorised share capitalOrdinary shares of 1 cent each 2 700 000 000 27 000 3 800 000 000 38 000

Issued share CapitalOrdinary shares of 1 Cent each 2 224 798 993 22 248 3 780 509 213 37 805 Treasury shares 217 656 187 (2 177) 217 656 187 ( 2 177)

Notes1. JCI and its subsidiary companies hold 217 656 187 JCI shares.

2. R&E and its subsidiary companies hold 305 186 049 JCI shares.

3. JCI is undertaking investigations into the basis upon which certain of its shares were allotted and issued with a view to determining whether or not such allotments and issues were valid. Dependent upon the outcome of such investigation and on legal advice obtained, they may take steps to declare void and accordingly set aside the allotment and issue of some or all of its shares which are found to be irregularly or invalidly allotted and issued, including, without limitation, applying for the rectification of its share register.

21. HISTORICAL FINANCIAL INFORMATION AND NET ASSET VALUE STATEMENT

21.1 The condensed consolidated audited historical financial information of R&E for the three financial years ended 31 December 2007, 2008 and 2009 are set out in Annexure 6 to this Circular. The historical financial information should be read in conjunction with the annual report, containing the report of the independent auditors as distributed to R&E shareholders on 29 March 2010, a copy of which is available for inspection as set out in paragraph 39 below.

21.2 Annexure 13 to this Circular summarises the NAV Statement of JCI at 31 December 2009, which was prepared by the Board of JCI and examined by KPMG in terms of the limited assurance report prepared by them and incorporated in Annexure 13 to this Circular. The JSE have accepted the presentation of the JCI NAV Statement for disclosure purposes and have waived the requirement for audited financial statements on the basis that JCI is currently unable to produce annual financial statements. The preparation of the JCI NAV Statement as set out in Annexure 13 of this Circular is the responsibility of the board of JCI and not of R&E. The board of R&E accepts responsibility for the presentation of such Annexure 13 (including Annexure 13A, 13B and 13C) to the extent that it reflects the JCI NAV Statement at 31 December 2009 as published on SENS on 16 February 2010. Attention is also drawn to the “Purpose of the Group NAV Statement” and the “Basis of Preparation” contained in Annexure 13 to this Circular.

21.3 The historical financial trading history of Gold Fields has been set out in Annexure 19 to this Circular. R&E shareholders are advised to visit the website of Gold Fields i.e. www.goldfields.co.za, which contains up to date and audited historical financial information of Gold Fields for the years ended 30 June 2009, 2008 and 2007, unaudited historical financial information of Gold Fields for the six months ended 31 December 2009 and for the quarter ended 31 December 2009. Copies of such financial information is available for inspection as set out in paragraph 39 below. Gold Fields is listed on the JSE (primary listing), the New York Stock Exchange (NYSE), the Dubai International Financial Exchange (DIFX), the Euronext in Brussels (NYX) and the Swiss Exchange (SWX).

21.4 The audited consolidated annual financial statements of FSD for the 3 financial years ended 31 December 2007, 2008 and 2009 are available for inspection in terms of paragraph 39 below.

22. UNAUDITED PRO FORMA FINANCIAL INFORMATION OF THE PROPOSED SETTLEMENT AND THE FSD ExCUSSION BASED ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND THE STATEMENT OF COMPREHENSIVE INCOME OF R&E FOR THE YEAR ENDED 31 DECEMBER 2009

The unaudited pro forma financial effects of the proposed settlement and the FSD excussion are presented in a manner consistent with the basis on which the historical financial information has been prepared and in terms of R&E’s accounting policies. The unaudited pro forma financial effects have been presented for illustrative purposes only and, because of their nature, may not give a fair reflection of R&E’s financial position nor of the effect on future earnings after the implementation of the proposed settlement and the FSD excussion.

The unaudited pro forma financial effects as set out below should be read in conjunction with the unaudited pro forma statement of financial position and statement of comprehensive income as set out in Annexure 7, together with the assumptions upon which the financial effects are based, as indicated in the notes thereto in Annexure 7.

The Independent Reporting Accountants’ report relating to the unaudited pro forma financial information of R&E for the year ended 31 December 2009 is set out as Annexure 8 of this Circular.

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The table below sets out the unaudited pro forma financial effects of the proposed settlement (incorporating the capital distribution and unbundling), and the FSD excussion on R&E, based on the audited consolidated financial results for the year ended 31 December 2009.

“Before”(A)

“After FSD excussion”

(B)% Difference

(B/A-1)

“After FSD excussion

and settlement”

“After FSD excussion, settlement,

capital distribution and

unbundling”(C)

% Difference(C/A-1)

EPS (cents) 48 64 33% 1 240 1 240 2 483%HEPS (cents) 48 64 33% 1 240 1 240 2 483%Weighted average number of shares in issue 73 063 128 73 063 128 – 73 063 128 73 063 128 –NAV per share (cents) 674 674 – 1 928 601 (11%)NTAV per share (cents) 674 674 – 1 928 601 (11%)Number of shares in issue 71 813 128 71 813 128 – 71 813 128 71 813 128 –

Salient notes and assumptions:

1. The “Before” EPS and HEPS have been extracted without adjustment from the audited consolidated statement of comprehensive income for the year ended 31 December 2009.

2. The “Before” NAV and NTAV per share have been extracted without adjustment from the notes to consolidated annual financial statements for the year ended 31 December 2009.

3. The “After FSD excussion” EPS, HEPS, NAV per share and NTAV per share have been adjusted to include the effects of the FSD excussion which would increase only the profit attributable to R&E shareholders.

4. The “After FSD excussion and settlement” EPS, HEPS, NAV per share and NTAV per share have been adjusted to include the FSD excussion referred to in note 3 above, the proposed settlement of 6 051 632 settlement GFI shares and 1 555 710 222 new JCI shares issued to R&E.

5. The “After FSD excussion, settlement, capital distribution and unbundling” EPS , HEPS, NAV per share and NTAV per share have been adjusted to include the FSD excussion referred to in note 3 above, the proposed settlement referred to in note 4 above and incorporating the capital distribution of the settlement GFI shares to R&E shareholders and the distribution and unbundling of the JCI shares to R&E shareholders in proportion to their respective shareholdings.

6. Transaction costs of R4.61 million have been adjusted for.

For the avoidance of doubt, shareholders are reminded that the pro forma financial effects as set out above are based on the audited consolidated annual financial statements of R&E at 31 December 2009. Such audited consolidated annual financial statements have accounted for R&E’s investment in JCI at cost less impairments. The Mediators, in formulating their opinion regarding the revised Settlement Agreement, have also considered, inter alia, the unaudited NAV of R&E in which R&E’s investment in JCI was valued based on the published NAV of JCI at 31 December 2009, as reflected in Annexure 13 to this Circular, the pre-distribution effect of the proposed settlement and the effect of the cross holding between R&E and JCI (which affects the NAV of both companies). The Mediators Report is attached as Annexure 1, further details of which are referred to in paragraph 11 of this Circular.

23. DIVIDEND POLICY

For information regarding the Company’s dividend policy, shareholders are referred to paragraph 5.1 of the Revised Listing Particulars, contained in Annexure 22 of this Circular.

24. MAJOR AND CONTROLLING SHAREHOLDERS AND SHAREHOLDER SPREAD

24.1 Major and controlling shareholders of R&E:

24.1.1 As at 26 March 2010, being the most recent share register date of R&E, the following R&E shareholders beneficially held, directly or indirectly, an interest of 5% or more of the 74 813 128 ordinary R&E shares currently in issue:

R&E shareholders Number of R&E shares Percentage holding of R&E shares

Investec 19 648 046 26.26%BNY Mellon (ADRs) 8 577 546 11.47%Allan Gray¹ 9 094 903 12.16%JCIIF2 5 039 318 6.74%

Notes:1 As at 26 March 2010, Allan Gray in their capacity as fund managers had under their control (inclusive of their beneficial holding in R&E

of 12.16%), 18 220 066 ordinary R&E shares comprising 24.35% of the issued share capital of R&E.2 JCIIF will be excluded from voting as it is a related party as defined in terms of the JSE Listings Requirements as more fully set out in

paragraph 11 above.

24.1.2 R&E has not, in the past five years, had a controlling shareholder and currently does not have a controlling shareholder.

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24.2 Major and controlling shareholders of JCI:

At the last practicable date, the following persons held, controlled or managed 5% or more of JCI’s issued shares:

NameDirect Beneficial

Number of shares held % of sharesAllan Gray Limited 508 908 377 22.87%R&E 305 186 049 13.72%Investec 214 696 486 9.65%Hawkhurst 212 165 626 9.54%Letseng Guernsey 177 455 684 7.98%Total before JCI 1 418 412 222 63.75%JCI and its subsidiaries 217 656 187 9.78%Total 1 636 066 509 73.54%

24.2.1 R&E and its subsidiaries (including FSD) have not had, during the preceding 5 years, a controlling shareholder (as defined in the JSE Listings Requirements).

25. MATERIAL CHANGES

25.1 In relation to R&E:

Save as specifically disclosed herein and for the implementation of the proposed settlement, the implementation of the Litigation Settlement Agreement and the FSD excussion, there have been no material changes in the financial or trading position of R&E (and its subsidiaries including FSD) and JCI since 31 December 2009 until the last practicable date, other than in the ordinary course of business.

Details of changes in the financial and trading position of R&E over the last 5 years have been set out in paragraph 3 of this Circular. There have been no changes in the financial or trading position of FSD over the last 5 years.

25.2 In relation to JCI:

Save for the loan agreement between R&E and JCI Gold, the FSD excussion, the implementation of the revised Settlement Agreement and the implementation of the Litigation Settlement Agreement contemplated herein, there have been no other material changes in the business of the company or its subsidiaries between 31 December 2009, being the date of the last published JCI group NAV Statement and the last practicable date.

26. DIRECTORS INFORMATION

26.1 The table below reflects the name and designation of the present board of R&E:

Name Designation Appointment DateM B Madumise Independent Non-Executive Director 24/07/2003M Steyn CEO 13/12/2006D C Kovarsky Independent Non-Executive Chairman 05/12/2007J H Scholes Independent Non-Executive Director 19/02/2010V Botha Financial Director 06/05/2010

26.2 Further biographical details of the present board of R&E, including their full names, ages, business address, capacities, qualification and experience, are set out in Annexure 11 of the Circular. All of the present Board of R&E are South African citizens.

26.3 Directors of JCI

The directors of JCI together with their contact and other details are set out below:

Name and age of director Address Designation Curriculum Vitae Peter RS Thomas (65)CA (SA)Appointed 12 September 2005

10 Benmore Road,Morningside,Sandton, 2196

Independent non-executive chairman

Peter is a Chartered Accountant and former Managing Director of the Unisec Group Limited. His current directorships include Investec PLC, Investec Bank Limited and various unlisted companies.

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Peter Henry Gray (62)C.A.I.B (SA)Appointed 23 August 2005

10 Benmore Road,Morningside,Sandton, 2196

CEO Peter joined Nedbank Limited before being appointed Senior Credit Investigation Officer at Hill Samuel Merchant Bank. He then joined the French Bank of SA Limited (Indosuez), now Credit Agricole. He held numerous positions including those of General Manager and Deputy Chief Executive. He later joined Société Générale and became Managing Director. He retired in 2002 to follow his own interests and then decided to play a guiding role in a structured empowerment financial services group, Tlotlisa Holdings Limited. Peter serves on numerous other private boards.

Leslie Arthur Maxwell (63)B. Comm. CA (SA)Appointed 13 December 2006

10 Benmore RoadMorningsideSandton, 2196

Financial director Les is a chartered accountant who was formerly financial director of Joy Manufacturing (Pty) Limited and of Fralex Limited/Fraser Alexander Limited. Thereafter he was involved in consulting and private business ventures before joining JCI.

Andrew Christoffel Nissen (51)BA Hons, MAAppointed 12 September 2005

10 Benmore Road,Morningside,Sandton, 2196

Independent non-executive director

Chris has been extensively involved in the development and upliftment of communities both as a Minister in the Presbyterian Church and subsequently as a member of the African National Congress party. Furthermore he has managerial experience in a number of businesses, and as a non-executive director has proactively led empowerment and transformation at a number of listed companies. He is a past president of the Cape Regional Chamber of Commerce.

Hylton Wilson Cochrane (63)Appointed 15 August 2008

10 Benmore Road,Morningside,Sandton, 2196

Independent non-executive director

After completing his degrees at the University of the Witwatersrand, Hylton joined Bowman Gilfillan and Blacklock (as it was then known) in 1969. He was appointed a director of that firm in March 1978 and served as manager of the Litigation Department and on the Executive Committee.

He moved to Routledge Modise (now known as Eversheds) as a director in February 2004. He is still practising as an attorney and as a consultant with Eversheds

26.4 Experience of management of R&E

The subsidiaries of R&E are each guided by independent boards with the necessary skills and expertise to ensure that each of R&E’s investments are managed by capable, skilled teams.

27. SERVICE CONTRACTS, DIRECTORS EMOLUMENTS, REMUNERATION AND INCENTIVES

Servicecontractsandcontractsofengagement

27.1 There are no service contracts between R&E and its non-executive directors. All directors have been appointed for an indefinite period of time and retire by rotation in terms of the Articles of R&E.

27.2 R&E concluded a contract of engagement with Kronen Investments 96 (Pty) Limited (a company in which Steyn has an interest), and Steyn, the Chief Executive Officer of R&E which was concluded on 12 September 2007 and became effective from 1 November 2006, the date on which Steyn was appointed as an accountant of R&E, which provided that Steyn would serve as R&E’s financial director with effect from 13 December 2006. The contract of engagement contains normal terms and conditions relative to such engagement contracts.

27.3 In terms of Steyn’s contract of engagement, either party may terminate this contract upon the giving of ninety days notice in writing to the other party.

27.4 The contract of engagement pertaining to Steyn is available to shareholders for inspection in terms of paragraph 39 below.

27.5 R&E further, concluded a contract of engagement with Fin5 Incorporated, an entity in which Botha has an interest, and Botha on 8 September 2009, and effective 1 August 2009, in terms of which Botha shall fulfill the role of chief financial officer of R&E. The contract of engagement contains normal terms and conditions relative to such engagement contracts.

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27.6 In terms of Botha’s contract of engagement, either party may terminate this contract upon giving of ninety days notice in writing to the other party. No further contract was entered into with Botha following his appointment as a director of R&E effective 29 April 2010.

27.7 At the date of this Circular, no further candidates have been nominated or proposed as directors of R&E. Accordingly, no other service contracts with any proposed directors have been entered into.

Directors’emolumentsandincentives

27.8 In terms of his contract of engagement, Steyn is entitled to receive an all-inclusive, package of R2 292 000 per annum. In addition to the all-inclusive package, R&E may award an annual bonus based on the performance of Steyn. His remuneration package will be reviewed on an annual basis.

27.9 The Board of R&E has resolved that the non-executive directors would be entitled to receive R250 000 per annum and that R&E’s Chairman would receive R400 000 per annum.

27.10 Other than as disclosed in the contract of engagement with Steyn and the amounts paid to Xenium Securities (Proprietary) Limited as set out in paragraph 27.14 below, R&E has not paid any management, consulting, technical or other fees for services rendered by directors, directly or indirectly, including payments to management companies, a part of which was then paid to a director for the period commencing 1 January 2009 and ending on the last practicable date.

27.11 No share options are held by any directors and therefore none were exercised for the period commencing 1 January 2009 and ending on the last practicable date. Furthermore, no commission, gain or profit sharing arrangements were concluded with any directors.

27.12 Save as disclosed in paragraph 36, no cash or securities were paid or any benefit given within the three years preceding the date of this Circular, or are proposed to be paid or given, to any promoter or director of R&E. No promoter had any direct or indirect beneficial interest in any transaction made by the R&E group within the three years preceding the date of this Circular.

27.13 The total emoluments received by the directors will not be varied as a consequence of the proposed settlement.

Directors’remuneration

27.14 The following remuneration was paid to the directors of R&E for the period commencing 1 January 2009 to 31 December 2009:

DirectorSalary

RBonus

R

Pension Contribution

RRetrenchment

R

Directors’ fees

RTOTAL

RSteyn 2 233 333 – – – – 2 233 333Madumise – – – – 225 000 225 000De Bruin2 – – – – 715 000¹ 715 000Kovarsky – – – – 362 500 362 500Scholes2 – – – – – –Botha 3 – – – – – –Total 2 233 333 – – – 1 302 500 3 535 833

Note:

1. R490 000 of the total amount of R715 000 was paid to Xenium Securities (Proprietary) Limited, of which de Bruin is a director, for services rendered by de Bruin in the protection and development of the company’s exploration rights.

2. On 19 February 2010, de Bruin resigned as a director of R&E and Scholes was appointed as an independent non-executive director.

3. Botha was appointed to the Board of R&E as financial director effective 6 May 2010.

27.15 Directors’ emoluments of the directors of JCI

Remuneration paid to directors of JCI for the period 1 March 2008 to 28 February 2009 was as follows:

DirectorSalary

RBonus

RDirectors’ fees

RTOTAL

RDM Nurek – – 123 472 123 472PH Gray * 2 081 454 5 181 474 – 7 262 928LA Maxwell * 1 965 000 5 165 000 – 7 130 000AC Nissen – – 483 333 483 333HW Cochrane – – 79 217 79 217PRS Thomas – – 250 000 250 000Total 4 046 454 10 346 474 936 022 15 328 950

* Executive directors

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Remuneration paid to the directors of JCI for the period 1 March 2009 to 28 February 2010 was as follows:

DirectorSalary

RBonus

RDirectors’ fees

RTOTAL

RPH Gray * 3 298 141 233 333 – 3 531 471LA Maxwell * 2 465 000 191 667 – 2 656 667AC Nissen – – 191 667 191 667HW Cochrane – – 191 667 191 667PRS Thomas – – 325 000 325 000Total 5 763 141 425 000 708 334 6 896 475

* Executive directors

There will be no variation in the remuneration of the directors of R&E and JCI as a result of the implementation of the revised Settlement Agreement.

28. DIRECTORS’ INTERESTS AND DEALINGS

R&E directors’ interests in R&E:

28.1R&Edirectors’interestsinR&Esharesbeforeandaftertheproposedsettlement

As at the last practicable date, no directors held any beneficial or non-beneficial interest, either in the past nor as at the last practicable date, whether directly or indirectly, in R&E shares nor will any such directors hold any such interests post the implementation of the proposed settlement. Accordingly, there has been no change in the directors’ interests in R&E shares nor will there be any such change post the implementation of the proposed settlement between the end of the preceding financial year and the last practicable date.

28.2R&Edirectors’interestsinR&Etransactions

Save as set out in paragraphs 28.1, none of the directors have any material direct or indirect beneficial interests in any transactions which were effected by R&E during:

• the current or immediately preceding financial year; or

• an earlier financial year and which remain in any respect outstanding or unperformed.

JCI directors’ interests in JCI:

28.3 JCIdirector’sinterestsinsecurities

At the last practicable date, LA Maxwell held 100 JCI shares directly and beneficially. No other directors of JCI held any beneficial or non-beneficial interest, whether directly or indirectly, in JCI shares. There has been no change in the JCI directors’ interests in JCI shares at the last practicable date.

28.4 JCIdirectors’interestsintransactions

None of the directors have any direct or indirect beneficial interest in any transaction effected by JCI either during the current or immediately preceding financial year or during an earlier financial year that remains in any respect outstanding or unperformed.

29. WORKING CAPITAL STATEMENT

29.1 The Board of R&E is of the opinion that the working capital resources of R&E and its subsidiaries are sufficient for the R&E group’s (including FSD) current working capital requirements and will be adequate for a period of 12 months from the date of this Circular following the completion of the proposed settlement and the FSD excussion in its entirety.

30. LITIGATION STATEMENT

30.1 Other than as disclosed in Annexure 9 in respect of R&E, there are no legal or arbitration proceedings (including any such proceedings that are pending or threatened) in relation to R&E and its subsidiaries (including FSD), of which the Board of R&E is aware which may have, or have had, a material effect on the R&E group’s financial position during the past 12 months preceding the date of this Circular.

30.2 Other than as disclosed in Annexure 20 in respect of JCI, there are no legal or arbitration proceedings (including any such proceedings that are pending or threatened) in relation to JCI of which the Board of R&E is aware which may have, or have had, a material effect on the JCI group’s financial position during the past 12 months preceding the date of this Circular.

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30.3 R&E is currently in negotiations with SARS in regard to various historic tax issues of the group.

SARS has firstly queried R&E’s original 1998 – 2001 assessments in relation to foreign exchange gains and losses that were made. Subsequently SARS issued revised assessments which resulted in an additional tax liability of R19.2 million in the hands of R&E. SARS and R&E are at a very advanced stage in settling this matter.

In addition, R&E has also objected to the 2003 assessment that was raised by SARS in circumstances where the assessment was based on incorrect information which resulted in an additional tax liability of R10.3 million. R&E has and will continue to challenge this assessment as raised by SARS based on the fact that the information supplied to SARS was incorrect and fraudulent. It should be noted that, if the argument of R&E is not accepted by SARS, it could infringe on future tax periods which will include related group companies.

The objections which were raised by R&E and its subsidiaries have all been reviewed by various independent legal and tax consultants. In view of the fact that these issues are under dispute and that management believes that the amounts concerned are not payable, no additional tax liability has been raised by R&E. This is consistent with R&E’s published and audited annual financial statements.

31. DIRECTORS’ RESPONSIBILITY STATEMENT

31.1 The current Board of R&E cannot provide any assurances as to the correctness of the historical facts and allegations and financial information contained in this Circular which relates to the period preceding the reconstitution of the Board of R&E on 24 August 2005. Subject to the content of the Forward-Looking Statement (which features at page 4 of this Circular), the current directors (whose names are specified on page 20 of this Circular), collectively and individually accept full responsibility for the accuracy of the information furnished relating to the R&E group, and certify that to the best of their knowledge and belief, that there are no facts which have been omitted which would make any statement false or misleading, and that all reasonable enquiries to ascertain such facts have been made, and that this Circular contains all information required by law and the JSE Listings Requirements.

31.2 Similarly, the current Board of JCI, which is responsible for and has prepared Annexures 13 and 21 as well as the JCI Litigation Statement (Annexure 20 to this Circular ) only, has, not provided any assurances as to the correctness of the historical facts and allegations and financial information pertaining to JCI contained in this Circular which relates to the period preceding the reconstitution of the Board of JCI on 24 August 2005. Subject to the content of the Forward-Looking Statement (which features at page 4 of this Circular), the current Board of JCI has however, collectively and individually accepted full responsibility for the accuracy of the information furnished in respect of Annexure 13, 20 and 21 only, and has certified that to the best of their knowledge and belief, there are no facts which have been omitted which would make any statement included in such Annexures 13, 20 and 21 false or misleading, and that all reasonable enquiries to ascertain such facts as they regarded as necessary have been made and that the aforementioned Annexures 13, 20 and 21 contain as much of the information required by law and the JSE Listings Requirements. R&E shareholders must under no circumstances construe the reference to JCI and/or the current Board of JCI in either this section or with reference to the aforementioned annexures as a representation or indication that the Board of R&E has in any way assisted in the compilation of those documents or verified such facts or is in any way agreeable to carrying responsibility therefor. Accordingly, such information including that contained in the aforementioned annexures is disclaimed.

32. MATERIAL CONTRACTS

JCIandR&Erelinquishmineralrights

32.1 On 27 July 2007, Gold Fields, GFO (formerly Western Areas), R&E, Goldridge (a subsidiary of FSD) and JCI and certain of its subsidiaries concluded an agreement in terms whereof R&E, Goldridge and JCI and certain of its subsidiaries relinquished certain rights contiguous to the South Deep Gold Mine to GFO. (The details hereof are contained in the Circular to R&E’s and JCI’s shareholders dated 15 October 2007 which is available for inspection in terms of paragraph 39 below).

SalebyJCI(andcertainofitssubsidiaries)ofitsassetstoJCIIF

32.2 JCI (and certain of its subsidiaries) disposed of certain of their assets with effect from 1 July 2006 to JCIIF on loan account, and also ceded and pledged such assets, as well as certain loan accounts, to Investec as security for the Investec loan facility and for the subscription by JCI for Western Areas shares in terms of the Western Areas rights offer and the underwriting of JCI of a portion of the Western Areas rights offer, up to a maximum of R250 million. The entering into of such transaction by JCI and the provision of such security required the ratification of JCI shareholders as more fully set out in the circular to JCI shareholders dated 14 September 2006. Letseng launched an urgent application to obtain an interdict to prevent such general meeting from being held and resolutions in respect of such ratification from being tabled on 29 September 2006. The JCI circular of 14 September 2006 is available for inspection in terms of paragraph 39 below.

LoanfromR&EtoJCIGold,asubsidiaryofJCI

32.3 The details pertaining to the FSD Loan Agreement, R&E Loan Agreement and Pledge Agreement are set out in paragraph 9 of this Circular.

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32.4 Copies of the loan agreements are available for inspection as set out in paragraph 39 below.

32.5 Save as is disclosed in paragraphs 32.1 to 32.3 above, the conclusion of the Mediation Agreement and addenda thereto, the Phikoloso transaction agreement (referred to in Annexure 2), the revised Settlement Agreement, the Litigation Settlement Agreement, and as disclosed in Annexure 9, to the best of the directors’ (of R&E, FSD and JCI) belief, the R&E group (including FSD) and JCI group have not entered into, verbally or in writing, any material contract other than in the ordinary course of business either:

• within the last two years prior to the date of this Circular; or

• at any time which contains an obligation or settlement that is material to the R&E group and the JCI group at the date of this Circular.

32.6 No material assets have been acquired by the R&E group (including FSD) and/or JCI (as far as the board is aware) within the last three years prior to the date of this Circular. As a consequence, there are no book debts or other assets that have been guaranteed by any vendors to the R&E group and/or JCI group (as far as the Board of R&E is aware) nor are there any liabilities for taxation that have to be settled in terms of such acquisitions.

32.7 With the exception of the revised Settlement Agreement, the Litigation Settlement Agreement, and prior settlement agreements which lapsed for non-fulfilment, and save as set out in paragraph 32 above as far as the board of R&E is aware, JCI has not entered into any material contracts, being a contract entered into otherwise than in the ordinary course of the business of the company within the two years prior to the date of this circular or at any time and containing an obligation or settlement which is material to the group at the date of this circular.

33. MATERIAL COMMITMENTS, LEASE PAYMENTS AND CONTINGENT LIABILITIES

The R&E group had no material commitments, lease payments or contingent liabilities at the last practicable date other than its obligations arising from the Litigation Settlement Agreement and the revised Settlement Agreement.

34. LOANS AND BORROWING POWERS

34.1 As at the last practicable date, R&E and JCI had no material borrowings.

34.2 No material loans have been made by R&E and JCI or any of their subsidiaries, save as disclosed in 32.3 and 32.4 above.

34.3 No material loans have been made to R&E and JCI or any of their subsidiaries, save as disclosed in 32.3 and 32.4 above.

35. ADDITIONAL INFORMATION

35.1 Secretarial and technical fees

R&E and its subsidiaries have, to 31 December 2009, in aggregate paid a total of R1 090 859 to third parties in respect of secretarial fees over the past three years. R11 207 700, in aggregate, was paid as consulting fees, and R9 676 127, in aggregate, was paid in respect of forensic fees, over the past three years. Secretarial fees relate to company secretarial work done by various companies for the R&E group. Forensic fees relate largely to the alleged misappropriation of R&E’s assets as set out further in paragraph 3 to this Circular. Consulting fees relate to fees charged in respect of financial and other services performed on behalf of R&E.

36. ExPENSES

36.1 The expenses of the proposed settlement and the FSD excussion, excluding VAT where applicable, for R&E are estimated at approximately R4 617 265, made up as follows:

Expenses of R&E RPrinting, including publication in the press and distribution – Greymatter and Finch (Proprietary) Limited 450 000Documentation and inspection fee – JSE 62 265Reporting Accountants reports – KPMG 150 000Competent Person’s fee – Minxcon 180 000Attorneys fees – Van Hulsteyns 600 000Sponsor and corporate Advisor – PSG Capital (Proprietary) Limited 1 750 000Senior Counsel – Gerald Farber 100 000Mediators (R&E’s portion) 1 325 000Estimated total 4 617 265

36.2 The expenses of the proposed settlement borne by R&E will be funded by R&E from available cash resources.

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36.3 The expenses of the proposed settlement, excluding VAT where applicable, for JCI are estimated at approximately R10 625 000. Such expenses borne by JCI will be funded out of available cash resources.

37. ExCHANGE CONTROL APPROVAL

The following summary is not a comprehensive statement of the South African Exchange Control Regulations. Shareholders who are in any doubt as to the action to be taken should consult their professional advisers.

Note: The following provisions only apply to shareholders who are recorded on the South African register, either in their own name or through an intermediary.

37.1 Residents of the common monetary area

For all shareholders whose addresses are within the common monetary area and whose documents of title or accounts have not been restrictively endorsed in terms of the South African Exchange Control Regulations, the capital distribution of the settlement GFI shares and the distribution and unbundling of the JCI shares to R&E shareholders will be freely made to those eligible R&E shareholders.

37.2 Emigrants from the common monetary area

37.2.1 Certificated shareholders

The share certificates for the settlement GFI shares and the JCI shares issued in favour of any emigrant shareholder pursuant to the capital distribution and the unbundling will be restrictively endorsed “non-resident” and sent to the authorised dealer controlling such emigrant’s blocked assets. In terms of the exchange control regulations, such settlement GFI shares and JCI shares are not freely transferable from the common monetary area. The authorised dealer or its CSDP will ensure that all requirements of exchange control are adhered to in respect of their clients falling into this category of investor.

37.2.2 Dematerialised shareholders

The settlement GFI shares and JCI shares credited to the shareholder’s account with his CSDP or broker will be flagged “non-resident” and linked to the applicable emigrant blocked account in the books of the authorised dealer or authorised bank concerned. In terms of the exchange control regulations, such settlement GFI shares and JCI shares are not freely transferrable from the common monetary area. The CSDP or broker will ensure that all exchange control requirements are adhered to in respect of their clients falling into this category of investor.

37.3 All other non-residents of the common monetary area

37.3.1 Certificated shareholders

Non-resident shareholders whose documents of title are endorsed “non-resident” will receive certificates for their settlement GFI and JCI shares which are similarly endorsed. The broker or the transfer secretary will ensure that all exchange control requirements are adhered to in respect of these shares.

37.3.2 Dematerialised shareholders

The settlement GFI shares and JCI shares credited to the shareholders account with his CSDP or broker will be flagged “non-resident” and linked to the applicable non-resident account in the books of the authorised dealer or authorised bank concerned. The CSDP or broker will ensure that all requirements of exchange control are adhered to in respect of their clients falling into this category of investor.

38. CONSENTS

The Sponsor and Corporate Advisor, Mediators, Independent Auditors and Independent Reporting Accountants, Attorneys, Senior Counsel, Independent Expert, South African transfer secretaries and United States Depositary have consented in writing to act in the capacity stated and to their names being stated in this Circular, and in the case of the Auditors and Independent Reporting Accountants, the Mediators and the Independent Expert have consented to the reference to their respective reports in the form and context in which they appear and have not withdrawn their consents prior to the publication of this Circular.

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39. DOCUMENTS AVAILABLE FOR INSPECTION

The following documents or copies thereof will be available for inspection during normal business hours at the registered office of R&E (in Johannesburg) and the office of the Sponsors from Wednesday, 12 May 2010 up to and including Friday, 28 May 2010:

39.1 the Memorandum and Articles of Association of R&E and its subsidiaries;

39.2 service and consultancy agreements with directors and managers entered into during the last 3 years;

39.3 the Phikoloso transaction agreement as referred to in Annexure 2 (Overview of R&E’s Claims);

39.4 the JCI group NAV Statement at 31 December 2009, as set out in Annexures 13 to this Circular, including the limited assurance reports of KPMG;

39.5 valuation report in respect of Boschendal to the extent relied upon for purposes of compiling the JCI group NAV Statement;

39.6 the valuation report in respect of FSD and R&E to the extent relied upon for the purposes of compiling the JCI group NAV Statement;

39.7 the audited consolidated annual financial statements of R&E for the financial years ended 31 December 2007, 2008 and 2009;

39.8 the Independent Reporting Accountants’ Report on the pro forma financial information of the proposed settlement and the FSD excussion as set out in Annexure 8 to the Circular;

39.9 the Mediation Agreement and Addenda thereto;

39.10 the Mediators’ Statement of 28 September 2007 and explanatory note in respect thereof;

39.11 a certified copy of the previous Mediators’ Report of 14 April 2008 and 3 November 2008;

39.12 a signed summary of forensic findings of JLMC prepared for shareholders of R&E by JLMC;

39.13 all forensic reports prepared by JLMC for for R&E;

39.14 all forensic reports prepared by KPMG for JCI;

39.15 R&E Counsel’s opinion;

39.16 the circular to R&E and JCI shareholders regarding the agreement in terms whereof R&E, Goldridge and JCI and certain on its subsidiaries relinquished certain rights contiguous to the South Deep Gold Mine to Gold Fields Operations Limited of 15 October 2007, as set out in paragraph 32 of this Circular;

39.17 the Clive Cohen report pertaining to third party claims;

39.18 the Circular to JCI shareholders regarding the disposal of the Western Areas ordinary shares dated 30 October 2006;

39.19 the Circular to JCI shareholders regarding the Investec loan facility of 14 September 2006;

39.20 R&E shareholders Information Update to R&E shareholders dated 12 June 2009;

39.21 the initial settlement agreement;

39.22 the revised Settlement Agreement;

39.23 the Litigation Settlement Agreement;

39.24 the circular to JCI shareholders dated, 19 February 2010 setting out the terms of the Litigation Settlement Agreement;

39.25 copies of irrevocable undertakings issued by Letseng, Hawkhurst, Investec and Allan Gray;

39.26 the competent person report on the Du Preez Leger project, dated 19 February 2010 (a copy of which is available on R&E’s website and the JSE’s website, www.jse.co.za);

39.27 the competent persons report on the Weltevreden and Jeanette projects, dated 19 March 2010 (a copy of which is available on R&E’s website and the JSE’s website, www.jse.co.za);

39.28 the competent persons report on the Doornbosch and Kameelhoek projects, dated 26 March 2010 (a copy of which is available on R&E’s website and the JSE’s website, www.jse.co.za);

39.29 audited financial statements of Gold Fields for the years ended 30 June 2009, 2008 and 2007;

39.30 unaudited interim results of Gold Fields for the six months ended 31 December 2009 and unaudited quarterly results for the quarter ended 31 December 2009;

39.31 the FSD Loan Agreement and any addenda thereto;

39.32 the R&E Loan Agreement and any addenda thereto;

39.33 the Memorandum of Agreement concluded between R&E and FSD on 18 December 2009;

39.34 the audited annual financial statements of FSD for the financial years ended 31 December 2007, 2008 and 2009; and

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39.35 the independent fairness opinion issued by independent expert in respect of FSD excussion;

39.36 the signed copy of this circular; and

39.37 a copy of the circular to JCI shareholders in respect of the proposed settlement.

40. NOTICE OF R&E GENERAL MEETING

40.1 A General Meeting of the shareholders of R&E has been convened and will be held at MW Business Centre, Michelangelo Hotel, Mandela Square, Sandton, South Africa on Friday, 28 May 2010 at 11h00 for the purpose of considering and, if deemed fit, passing, with or without modification, resolutions to ratify and implement the proposed settlement, the capital distribution and the unbundling. The notice convening the R&E General Meeting is attached to this Circular.

40.2 Any certificated R&E shareholder or “own name” dematerialised R&E shareholder who is unable to attend the R&E General Meeting, but wishes to vote by proxy at the R&E general meeting, is required to complete and return the form of proxy in accordance with the instructions contained therein. Duly completed forms of proxy must be received by the South African transfer secretaries, Computershare Investor Services (Proprietary) Limited, Ground Floor, 70 Marshall Street, Johannesburg, 2001, PO Box 61051, Marshalltown, 2107 or the United Kingdom Registrars, Capita Registrars Limited, PXS, 34 Beckenham Road, Beckenham, Kent, BR3 4TU, no later than 11h00 on Wednesday, 26 May 2010.

40.3 Dematerialised R&E shareholders other than “own name” dematerialised R&E shareholders must inform their CSDP or broker of their intention to attend the R&E General Meeting and obtain the necessary letter of authorisation from their CSDP or broker to permit them to attend the R&E General Meeting. Alternatively, they may provide their CSDP or broker with their voting instructions should they not be able to attend the R&E General Meeting, but wish to be represented thereat.

40.4 Holders of ADRs will receive a form of proxy generated by the Company’s United States Depositary Bank, BNY Mellon. Holders of ADRs who wish to attend the R&E General Meeting to be held at 11h00 on Friday, 28 May 2010 at MW Business Centre, Michelangelo Hotel, Mandela Square, Sandton, South Africa, must contact the United States Depositary to become registered owners of the ordinary shares corresponding to their ADRs prior to Monday, 24 May 2010, by presenting their ADRs to the United States Depositary for cancellation, and (upon compliance with the terms of the Depositary Agreement, including payment of the United States Depositary’s fees and applicable taxes and governmental charges) delivery of the underlying ordinary shares represented thereby. The details of the United States Depositary are referred to in the Corporate Information section on the inside cover of this Circular.

SIGNED AT JOHANNESBURG ON 28 APRIL 2010 BY MR ROGER PEARCEY ON BEHALF OF ALL THE DIRECTORS OF R&E, AS LISTED BELOW, IN TERMS OF POWERS OF ATTORNEY SIGNED BY SUCH DIRECTORS

DC Kovarsky M Steyn V Botha

JH Scholes MB Madumise

RP PearceyCompany Secretary Johannesburg28 April 2010

P GRAYDirector of JCIin respect of Annexure 13 (including Annexure 13A, 13B, 13C), Annexure 20 and Annexure 21 only

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NOTICE OF GENERAL MEETING OF SHAREHOLDERS OF R&E

Notice is hereby given that a General Meeting of ordinary shareholders of R&E will be held at MW Business Centre, Michelangelo Hotel, Mandela Square, Sandton, South Africa at 11h00 on Friday, 28 May 2010 for the purpose of considering, and if deemed fit, passing, with or without modification, the ordinary resolutions listed below in the manner required by the Companies Act (No. 61 of 1973), as amended (“the Act”) and the Listings Requirements of the JSE Limited (“the Listings Requirements”).

Each resolution listed below is subject to the passing of each of the other resolutions contained herein by the requisite majority.

ORDINARY RESOLUTION NUMBER 1

“Resolved, as an ordinary resolution, that the conclusion of the revised Settlement Agreement between R&E, JCI Limited (“JCI”) and JCI Investment Finance (Proprietary) Limited (“JCIIF”) on 20 January 2010 (“the revised Settlement Agreement”) and any addendums thereto, be and is hereby approved and to the extent necessary ratified by the shareholders of R&E, entitled to vote thereon.”

The JSE Listings Requirements provide that Ordinary Resolution Number 1, must be approved by a simple majority of votes cast in favour of this resolution, by all shareholders present in person or by proxy and entitled to vote at the General Meeting convened to consider the resolution, excluding any related parties and their associates as set out in paragraph 11 of the Circular to which this Notice of General Meeting is attached.

ORDINARY RESOLUTION NUMBER 2

“Resolved, as an ordinary resolution, that subject to the adoption of Ordinary Resolution Number 1, R&E be and is hereby authorised to receive 6 051 632 Gold Fields Limited shares from JCI and JCIIF pursuant to the proposed settlement between JCI, JCIIF and R&E and subject to the terms and conditions set out in the revised Settlement Agreement.”

The JSE Listings Requirements provide that Ordinary Resolution Number 2, must be approved by a simple majority of votes cast in favour of this resolution, by all shareholders present in person or by proxy and entitled to vote at the General Meeting convened to consider the resolution, excluding any related parties and their associates as set out in paragraph 11 of the Circular to which this Notice of General Meeting is attached.

ORDINARY RESOLUTION NUMBER 3

“Resolved, as an ordinary resolution, that subject to the adoption of Ordinary Resolution Numbers 1 and 2, R&E be and is hereby authorised to have issued to it 1 555 710 220 new JCI shares which JCI is to issue to R&E in accordance with the proposed settlement concluded between JCI, JCIIF and R&E and subject to the terms and conditions set out in the revised Settlement Agreement.”

The JSE Listings Requirements provide that Ordinary Resolution Number 3, must be approved by a simple majority of votes cast in favour of this resolution, by all shareholders present in person or by proxy and entitled to vote at the General Meeting convened to consider the resolution, excluding any related parties and their associates as set out in paragraph 11 of the Circular to which this Notice of General Meeting is attached.

ORDINARY RESOLUTION NUMBER 4

“Resolved, as an ordinary resolution, that subject to the adoption of Ordinary Resolution Numbers 1 to 3 (inclusive), the board of directors of R&E (“R&E board”) be and is hereby authorised to make a payment to all ordinary shareholders of R&E (“R&E shareholders”) registered as such at the close of business on Friday, 2 July 2010 or such later date as the board of R&E may determine (“the Record Date”) in accordance with the provisions of section 90 of the Act, the Listings Requirements, and R&E’s articles of association in the manner recommended by the R&E board in the Circular, 6 051 632 (six million fifty one thousand six hundred and thirty two) ordinary shares of R0,50 in Gold Fields Limited (“the Gold Fields shares”) by way of a capital distribution out of share premium, which shares shall be distributed and transferred to the R&E shareholders in the ratio of 0.0809 settlement GFI shares for every one R&E share held on the date contemplated in the revised Settlement Agreement, which date is anticipated to be on or about Monday, 5 July 2010) and which shall be effected by a reduction in the share premium of R&E.”

ORDINARY RESOLUTION NUMBER 5

“Resolved, as an ordinary resolution, that subject to the adoption of Ordinary Resolution Numbers 1 to 4 (inclusive), the R&E board be and is hereby authorised in accordance with the provisions of section 90 of the Act, the Listings Requirements, and R&E’s articles of association to distribute in the manner recommended by the R&E board, to R&E shareholders pro-rata to their respective holdings of

Randgold & Exploration Company Limited

RANDGOLD & EXPLORATION COMPANY LIMITED(Incorporated in the Republic of South Africa)

(Registration number 1992/005642/06)Share code: RNG (suspended) ISIN: ZAE000008819

(“R&E” or “the Company”)

59

ordinary shares in the Company, as an unbundling transaction as contemplated in terms of section 46 of the Income Tax Act, 1962 (Act 58 of 1962), as amended, R&E’s entire holding of shares in the issued share capital of JCI comprising of:

a. the new JCI shares, amounting to 1 555 710 220 (one billion five hundred and fifty five million seven hundred and ten thousand two hundred and twenty) new ordinary shares of R0.01 cent each in the issued share capital of JCI which will be allotted to R&E in terms of the revised Settlement Agreement; and

b. 305 186 049 ordinary shares of R0.01 cent each in JCI, which shares constituted R&E’s shareholding in JCI prior to the conclusion of the revised Settlement Agreement;

upon terms and conditions as set out in the Circular to which this Notice of General Meeting is attached and which shares shall be distributed firstly out of the share premium account of R&E.”

ORDINARY RESOLUTION NUMBER 6

“Resolved, as an ordinary resolution, that the transfer of 6 690 610 shares in Free State Development and Investment Corporation Limited (“FSD”), to R&E, following the exercise by R&E of the security held against JCI Gold in terms of the loans advanced by R&E to JCI Gold, be ratified and approved.”

The JSE Listings Requirements provide that Ordinary Resolution Number 6, must be approved by a simple majority of votes cast in favour of this resolution, by all shareholders present in person or by proxy and entitled to vote at the General Meeting convened to consider the resolution, excluding any related parties and their associates as set out in paragraph 11 of the Circular to which this Notice of General Meeting is attached.

ORDINARY RESOLUTION NUMBER 7

“Resolved, as an ordinary resolution, that any director of the Company be and is hereby authorised to do all such things and sign all such documentation as are necessary to give effect to the ordinary resolutions set out in this notice, hereby ratifying and confirming all such things already done and documentation already signed.”

VOTING AND PROxIES

On a show of hands, each shareholder who is present in person or by proxy at the R&E General Meeting, is entitled to one vote irrespective of the number of shares he holds or represents, provided that a proxy shall, irrespective of the number of shareholders he represents, have only one vote. On a poll, a shareholder present in person or by proxy at the R&E General Meeting shall be entitled to one vote for each share held or represented.

Each shareholder who is entitled to attend and vote at the R&E General Meeting may appoint one or more proxies (none of whom needs to be a shareholder of R&E), to attend, speak and vote in his stead. The completion and lodging of forms of proxy will not preclude an R&E shareholder from attending, speaking and voting to the exclusion of the proxy or proxies so appointed.

A form of proxy (grey) is included with this notice for use by certificated shareholders and “own name” dematerialised shareholders only who are unable to attend the R&E General Meeting but who wish to be represented thereat. Duly completed forms of proxy must be received by the South African transfer secretaries (Computershare Investor Services (Proprietary) Limited, Ground Floor, 70 Marshall Street, Johannesburg, 2001, PO Box 61051, Marshalltown, 2107) or by the United Kingdom registrars, Capita Registrars Limited, PXS, 34 Beckenham Road, Beckenham, Kent, BR3 4TU) by not later than 11h00 on Wednesday, 26 May 2010.

For and on behalf of the Board of R&E

Randgold & Exploration Company Limited

RP PearceyCompany Secretary

Johannesburg12 May 2010

Registered office Transfer secretaries United Kingdom registrars7th Floor, Fredman Towers,13 Fredman Drive,Sandown 2196(PO Box 650905, Benmore 2010)

Computershare Investor Services (Proprietary) Limited70 Marshall StreetJohannesburg2001(PO Box 61051, Marshalltown, 2107)

Capita Registrars LimitedPXS34 Beckenham RoadBeckenhamKent BR3 4TUUnited Kingdom

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FORM OF PROxY

Dematerialised shareholders, other than “own name” dematerialised shareholders, who wish to attend the General Meeting must instruct their CSDP or broker to issue them with the necessary letter of authority to attend. Should dematerialised shareholders, other than “own name” dematerialised shareholders, be unable to attend the General Meeting in person, but wish to vote by proxy, they must provide their CSDP or broker with their voting instructions in terms of the custody agreement entered into between them and their CSDP or broker.

This form of proxy is for use by certificated ordinary shareholders and “own name” dematerialised ordinary shareholders of R&E only, at the General Meeting of R&E shareholders (“the General Meeting”) to be held at MW Business Centre, Michelangelo Hotel, Mandela Square, Sandton at 11h00 on Friday, 28 May 2010.

Shareholders who have dematerialised their shares, other than “own-name” dematerialised shareholders, must inform their CSDP or broker of their intention to attend the General Meeting and request their CSDP or broker to issue them with the necessary letter of representation to attend or provide their CSDP or broker with their voting instructions should they not wish to attend the R&E General Meeting in person. Such shareholders must not return this form of proxy to the transfer secretaries.

For shareholders resident in the United States: Holders of American Depositary Receipts (ADRs) will receive a form of proxy generated by the Company’s United States Depositary Bank, BNY Mellon. Holders of ADRs who wish to attend the R&E General Meeting to be held at MW Business Centre, Michelangelo Hotel, Mandela Square, Sandton, South Africa at 11h00 on Friday, 28 May 2010 must contact the United States Depositary to become registered owners of the ordinary shares corresponding to their ADRs prior to Monday, 24 May 2010, by presenting their ADRs to the United States Depositary for cancellation, and (upon compliance with the terms of the Depositary Agreement including payment of the United States Depositary’s fees and applicable taxes and governmental charges) delivery of the underlying ordinary shares represented thereby. The details of the United States Depositary are referred to in the Corporate Information section on the inside cover of the Circular to which this form of proxy forms a part.

The exchange offer or business combination contemplated herein is made for the securities of a non-US company. The offer is subject to the disclosure requirements of a country outside the US that are different from those of the United States. Financial statements included in this document, if any, have been prepared in accordance with non-US accounting standards that may not be comparable to the financial statements of United States companies.

It may be difficult for you to enforce your rights and any claim you may have arising under the US federal securities laws, since the issuer is located outside the US, and none of its officers or directors are US residents. You may not be able to sue a non-US company or its officers or directors in a non-US court for violations of the US securities laws. It may be difficult to compel a non-US company and its affiliates to subject themselves to a US court’s judgment.

You should be aware that the issuer may purchase securities otherwise than under the exchange offer, such as in open market or privately negotiated purchases.

Neither the US Securities and Exchange Commission nor any state securities commission has approved or disapproved of the new securities to be distributed and transferred by R&E to R&E shareholders in the proposed settlement, or expressed a view as to whether to vote for or against the proposed settlement, or determined if this Circular is truthful or complete. Any representation to the contrary is a criminal offence.

On 24 March 2008, the US Securities and Exchange Commission issued an Order pursuant to Section 12(j) of the Securities Exchange Act of 1934, as amended, pursuant to which the registration of R&E’s ordinary shares and ADRs in the United States was revoked. As a result of the Order by the US Securities and Exchange Commission, no member of a US national securities exchange, US broker, or US dealer may make use of the mails or any means or instrumentality of US interstate commerce to effect any transaction in, or to induce the purchase or sale of, R&E’s ordinary shares and ADRs in the United States. The effect of this order is to prohibit trading in R&E’s Ordinary Shares and ADRs in the United States. See paragraph 4.6.2 of the Revised Listing Particulars, attached as Annexure 22 to this Circular.

Randgold & Exploration Company Limited

RANDGOLD & EXPLORATION COMPANY LIMITED(Incorporated in the Republic of South Africa)

(Registration number 1992/005642/06)Share code: RNG (suspended) ISIN: ZAE000008819

(“R&E” or “the Company”)

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I/We (please print name in full)

of address(please print)

being the holder of ordinary shares in R&E, hereby appoint (see note 2)

1. or failing him/her

2. or failing him/her

3. the chairman of the General Meeting.

as my/our proxy to attend, speak and vote for me/us on my/our behalf at the R&E General Meeting which is to be held for the purpose of considering and, if deemed fit, passing with or without modification, the ordinary resolutions to be proposed thereat and at each adjournment thereof and to vote for or against the ordinary resolutions or to abstain from voting in respect of their ordinary shares in the issued share capital of R&E registered in my/our name/s, in accordance with the following instructions (see note 4).

For Against AbstainOrdinary Resolution Number 1 – authorisation and ratification of the conclusion and implementation of the revised Settlement Agreement between R&E, JCI and JCIIFOrdinary Resolution Number 2 – authorisation for R&E to take transfer of the Gold Fields shares transferred by JCI and JCIIFOrdinary Resolution Number 3 – authorisation for R&E to take transfer of the new JCI shares issued by JCIOrdinary Resolution Number 4 – authorisation of the capital distribution of the Gold Fields shares to the ordinary shareholders of R&E Ordinary Resolution Number 5 – authorisation of the unbundling of the JCI shares to the ordinary shareholders of R&EOrdinary Resolution Number 6 – ratification of the transfer of 6 690 610 ordinary shares in FSD from JCI Gold to R&EOrdinary Resolution Number 7 – authority to act and sign documents on behalf of the company

Insert an “X” in the relevant spaces above according to how you wish your votes to be cast. However, if you wish to cast your votes in respect of a lesser number of shares than you own in R&E, insert the number of R&E ordinary shares held in respect of which you desire to vote (see note 4).

Signed at on 2010

Signature

Assisted by me (where applicable)

Each shareholder is entitled to appoint one or more proxies (who need not be a shareholder) to attend, speak and vote in place of that member at the R&E General Meeting.

Please read the notes and instructions on the reverse hereof.

Randgold & Exploration Company Limited

RANDGOLD & EXPLORATION COMPANY LIMITED(Incorporated in the Republic of South Africa)

(Registration number 1992/005642/06)Share code: RNG (suspended) ISIN: ZAE000008819

(“R&E” or “the Company”)

NOTES:

1. All R&E shareholders are entitled to attend, be represented and vote at the R&E General Meeting. Each R&E shareholder present in person or by proxy at the General Meeting shall be entitled, on a show of hands, to one vote irrespective of the number of shares he holds or represents, provided that a proxy shall irrespective of the number of shareholders he represents have only one vote. On a poll, at the R&E General Meeting, an R&E shareholder who is present in person or by proxy shall be entitled to one vote for each share held or represented.

2. An R&E shareholder may insert the name of a proxy or the names of two alternate proxies of the shareholder’s choice in the space/s provided, with or without deleting “the chairman of the general meeting”. If a deletion is made, such deletion must be initialled by the shareholder. The person whose name stands first on the form of proxy and who is present at the R&E General Meeting will be entitled to act as proxy to the exclusion of those whose names follow.

3. An R&E shareholder’s instructions to the proxy as to whether to vote for, against or abstain from voting, and in respect of the relevant number of shares to vote in such a manner, shall, in respect of the resolution, be indicated as follows:

a. by the insertion of an “X” in the appropriate box provided to indicate whether to vote for, against or abstain from voting. Such an insertion, without the insertion of the relevant number of shares as contemplated in paragraph (b) below, shall require the proxy to vote or abstain from voting at the R&E General Meeting as indicated by the “X” in respect of all (and not some) of the shareholder’s votes exercisable thereat;

b. by the insertion, of the relevant number of shares held by the shareholder in R&E to indicate the number of shares to be voted for, against or abstain from voting (which will indicate the number of votes exercisable by the proxy on behalf of the shareholder on a poll), in the appropriate box provided. Such an insertion, with or without the insertion of an “X”, shall require the proxy to vote or abstain from voting at the R&E General Meeting as indicated by the number so inserted in respect of such inserted number (and not a portion) of shares;

c. by the failure to insert anything in the appropriate box. Such failure will be deemed to authorise the chairman of the meeting, if he is the proxy to vote in favour and any other proxy to vote or abstain from voting at the R&E General Meeting as he/she deems fit in respect of all (or a portion) of the shareholder’s votes exercisable thereat.

5. Holders of ADRs will receive a form of proxy generated by the Company’s United States Depositary Bank, BNY Mellon. Holders of ADRs who wish to attend the R&E general meeting to be held at 11h00 on Friday, 28 May 2010 at MW Business Centre, Michelangelo Hotel, Mandela Square, Sandton, South Africa, must contact the United States Depositary to become registered owners of the ordinary shares corresponding to their ADRs prior to Monday, 24 May 2010, by presenting their ADRs to the United States Depositary for cancellation, and (upon compliance with the terms of the Depositary Agreement, including payment of the United States Depositary’s fees and applicable taxes and governmental charges) delivery of the underlying ordinary shares represented thereby. The details of the United States Depositary are referred to in the Corporate Information section on the inside cover of this Circular to which this form of proxy forms a part.

6. An R&E shareholder is not obliged to use all the votes exercisable by the shareholder, but the total of the votes cast, and in respect of which abstention is recorded, whether by the shareholder or the proxy, may not exceed the total of the votes exercisable by the shareholder.

7. A duly completed form of proxy must be lodged with or posted to the South African transfer secretaries, Computershare Investor Services (Proprietary) Limited, Ground Floor, 70 Marshall Street, Johannesburg, 2001, PO Box 61051, Marshalltown, 2107 or the United Kingdom Registrars, Capita Registrars Limited, PXS, 34 Beckenham Road, Beckenham, Kent, BR3 4TU so as to reach them by no later than 11h00 on Wednesday, 26 May 2010.

8. The completion and lodging of this form of proxy will not preclude the relevant shareholder from attending the General Meeting and speaking and voting in person thereat to the exclusion of any proxy appointed in terms thereof.

9. Documentary evidence establishing the authority of a person signing this form of proxy in a representative or other legal capacity must be attached to this form of proxy unless previously recorded by the transfer secretaries or waived by the chairman of the General Meeting, as the case may be.

10. Any alteration or correction made to this form of proxy must be initialled by the signatory/ies.

11. The chairman of the General Meeting may reject or accept any form of proxy, which is completed and/or received, other than in compliance with these notes.

12. I n respect of joint holders, any such persons may vote at the R&E General Meeting in respect of such joint shares as if he were solely entitled thereto; but if more than one of such joint holders are present or represented at the R&E General Meeting, the one of the said persons whose name stands first in the register in respect of such shares or his proxy, as the case may be, is alone entitled to vote in respect thereof.

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ANNEXURE 1

REPORT OF THE MEDIATORS

BAckgROUND

1. Wewereappointedduring2006 tomediateadispute thathadarisenbetweenRandgold&ExplorationCompanyLimited(“Randgold”)andJCILimited(“JCI”).Pursuanttothatappointmentweissuedastatementon28February2007.Thatstatementwithapostscripttheretoisattachedmarked“A”and“A1”.

2. In the statement we recommended that a merger between the two companies be pursued. The proposed solution wassupportedbytheboardsofbothcompanies.

3. Itshouldbenotedthatthenotionalsettlementrange(toarriveattheproposedmergerratio)referredtointhestatementofR1.2billiontoR1.5billion,isnolongervalidduetosignificantchangestothenetassetvalueofJCIsinceFebruary2007.

4. AmergerbetweenRandgoldandJCIwasproposedbythecompanies.In2008,wewererequestedtofurnishanopiniononthe termsof a shareswaparrangementproposedby thecompanies, and issuedanopinion thereon inApril andagain inOctober2008.

5. Theproposedmergerofthetwocompanieswaseventuallynotapprovedbytheshareholders.

6. ParalleltothedisputebetweenRandgoldandJCI,anongoingdisputeexistedbetweenLetsengDiamondsLimited(“Letseng”),JCI,InvestecBankLimited(“Investec”)andothersrelatingtoanarrangementthathadbeenenteredintobyJCIwithInvestecpriortothedeathofthelateBrettKebble.

7. InJanuary2010:

7.1 asettlementagreementwasconcludedbetweenRandgoldandJCI(“theRandgold/JCIsettlementagreement”);

7.2 asettlementagreementwasconcludedbetweenLetseng,JCI, Investecandcertainothers (“theLetsengsettlementagreement”).

8. TheRandgold/JCIsettlementagreementprovidesinter aliaforthetransferof6.051millionsharesinGoldFieldsLimited(“theGoldFieldsshares”)fromtheJCIgrouptoRandgoldandtheissueof1.555billionnewordinarysharesinJCItoRandgold.

9. TheLetsengsettlementagreementprovidesinter aliaforthepaymentbyJCIofR267.5milliontoInvestecandR40milliontoLetseng,andthereleaseofcertainJCIassets(includingGoldFieldsshares)securingJCI’sindebtednesstoInvestec.

10. WhilsttheRandgold/JCIsettlementagreementandtheLetsengsettlementagreementarenotconditionaluponeachother,withouttheLetsengsettlementagreement,JCIwillbeunabletodelivertheGoldFieldssharestoRandgoldascontemplatedintheRandgold/JCIsettlementagreement.

11. InJanuary2010wewererequestedtoprovideanopiniononwhetherthetermsoftheRandgold/JCIsettlementagreementarefair&reasonabletotheshareholdersofRandgoldandJCI.

12. Forthesakeofgoodorder,itisnotedthatin2009(aftercompletionofthe2006/2007mediationprocessandthe2007/2008failedmergerattempts),Prof.WainerwasappointedbyRandgoldasanexpertinthelitigationagainsttheirerstwhileauditors.RandgoldandJCIhaveconfirmedthatthisdoesnotaffecthisindependenceforpurposesofthisreport.

MATTERS cONSIDERED

13. InassessingtheRandgold/JCIsettlementagreementwehavehadregardinter aliatothefollowing:

13.1 the financialpositionof theJCIgroupasat31December2009and theunderlyingRandvalueof thesettlementofapproximately R950 million relative to the JCI net asset value of approximately R1.2 billion (based on values at31December2009);

13.2 theprotractedperiodoverwhichfuturelitigation/arbitrationmightrun,thelikelycostsinvolvedandtheinherentuncertaintyoftheoutcome;

13.3 ourviewthatthesustainableclaimsofRandgoldagainstJCIarelikelytorunintoamountsthatmightwellexceedthenetassetvalueofJCI;

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13.4 aprotractedlitigation/arbitrationbetweenRandgoldandJCIfollowedbypossibleliquidationproceedingsiscommerciallyandpracticallyunattractiveandwillbevaluedestructiveforbothsetsofshareholdersandthatvaluablemanagementtimewillbesterilisedintheprocess;

13.5 theestimatedamountthatRandgoldwouldreceiveintheeventofaliquidation(whichcanonlyberoughlyestimatedduetothevariousvariablesanduncertainties),relativetotheRandvalueofthesettlement;

13.6 anysettlementwhichleavesnovalueforJCIshareholderswouldbeunrealistic,andmaypersuadeJCI,toentertainsuchlitigation, irrespective of the outcome. After the settlement (and taking into account its effect on the value of JCI’sshareholdinginRandgold),theremainingnetassetvalueofJCIwillnotbeinconsequential;

13.7 thenegativeeffectsonshareholdervalueofthecontinuedsharesuspensionandongoinguncertainty;

13.8 thecross-holdingthatexistsbetweenRandgoldandJCI(thecompaniesholdsharesineachother),oneoftheeffectsofwhich is thatJCIeffectivelyparticipates in the increasedvalueofRandgoldpursuant tothesettlementreceivablebyRandgold. (At31December2009,JCIheldapproximately12%ofRandgold.After the issueof thenewJCIshares,Randgoldwillholdapproximately52%ofJCI).Duetothecross-holding,thevalueofRandgoldandJCIaremutuallydependent;

13.9 thefairnetassetvalueofJCI(whichisafundamentaldeterminantofthesettlementvalue)isdependentinter aliaonthemarketpricesofcertaininvestmentsheldbyJCI,whichhavebeenandarevariableovertime.(Bywayofexample,ifthe12monthhighorlowpointinthemarketvalueoftheinvestmentheldbyJCIinGoldfieldsisutilised,thenetassetvalueavailableinJCIwouldbeconsequentlyhigherorlower);

13.10 thefactthatnoexactsettlementfigurecanbecalculatedduetotheinherentuncertaintiesinvolved.

LIMITATIONS

14. Ouropinionissubjecttothefollowinglimitations:

14.1 noauditedfinancialstatementsofJCIareavailable;

14.2 theopinionrelatesonlytotheRandgold/JCIsettlementagreement;weexpressnoopinionontheLetsengsettlementagreement;

14.3 weexpressnoviewonthevalueofsharesinJCIorRandgold.

OPINION

15. Having regard toallof theabove, theRandgold/JCIsettlementagreement is inouropinion,commerciallyprudentandnotinequitabletoshareholdersofRandgoldorJCI.

SCHALK BURGER SC CHARLES NUPEN PROF HE WAINER CA(SA)

19 April 2010

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INTHEMEDIATIONBETWEEN:

RANDGOLD AND EXPLORATION

COMPANY LTD (“RANDGOLD”) Claimant

and

JCI LIMITED (“JCI”) Defendant

STATEMENT BY THE MEDIATORS

1. Themediationagreementintermswhereofwewereappointed

“... to mediate the disputes and insofar as is possible makerecommendationstothepartiesastohowtheRGEClaims1andtheJCIClaims2shouldberesolved”

provided,asaprecursortothemediationprocess,foranexchangeofpleadingin thenatureofHighCourtpleadings,accompaniedbyalldocuments reliedupon by each party to support its respective claim and the exchange ofcomprehensivereportsfromforensicaccountantsforbothRandgoldandJCI.

2. Inviewofthesecomprehensiveprocedures,theoptimistictimetabletoaddressand try and resolve the issues between the parties3 soon turned out to beunachievableandledtoanamendedtimetable.

3. Randgoldfiledastatementofclaim.InitspleatheretoJCIdeniedthatitwas,intermsofthemediationagreement,liablefordebtswhichmaybefoundtobedue by any of the JCI subsidiaries4 or by JCI,5 other than the debts of JCILimited.Thatraisedaquestionastothescopeofthemediationagreementandourpowersthereunder.Inaddition,JCInotifiedanamendmenttotheiroriginal

1 “the RGE Claims”isdefinedinthemediationagreementasbeingallandanyclaimsofwhatsoevernature

fromwhatsoevercausearisingwhichRGEallegesitenjoysagainstJCI.

2 “the JCI Claims”isdefinedinthemediationagreementasbeingallandanyclaimsofwhatsoevernature

fromwhatsoevercausearisingwhichJCIallegesitenjoysagainstRGE.

3 Clause8.5.4provides:“ThePartyshallrequiretheMediatorstomakerecommendationstothePartiesas

regards the resolutionof theRGEClaimsandJCIClaimsassoonaspossible,butwithinnomore than

30(thirty)daysoftheParty’sfirstmeetingwiththeMediatorsorsuchlongerperiodastheMediatorsintheir

solediscretion,atalltimesactingreasonably,maysuggest.”

4 DefinedinthemediationagreementasmeaningallandanysubsidiaryorassociatedcompaniesofJCIorin

whichJCIhasaninterest,whetherdirectorindirect,includingitsinterestsinCMMS

5 DefinedinthemediationagreementasJCILimited

ANNEXURE A

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plea to seek a rectification of the mediation agreement to accord with itsinterpretationofthatagreement.JCIdidnotsubmitacounter-claim.

4. We called for written submissions on the above issue from the lawyersrepresentingtherespectiveparties.WealsointerviewedcurrentdirectorsMessrsGrayandNurekanderstwhiledirectorMrLamprechtduringearlyDecember2006inordertocometogripswiththematterinissue.

5. AsecondimportantpreliminaryissuewasraisedbyRandgold.Thisrelatedtothe method of quantification of damages: Randgold is seeking to recoverdamagesallegedlyduetotheftsbyorforthebenefitofJCI.Thequestionthatwasraisedwashowquantificationshouldtakeplaceinourlawintheeventofatheft,asopposed tobreachofcontractordelictAgain,wecalled forwrittensubmissionsfromtherespectivelegalteams.

6. Havingconsideredthesepreliminaryissues,weareinapositiontogiveguidancetothepartiesaspartofthemediationprocess.Wedonotconsideritpresentlynecessarytocallforanyfurthersubmissionsregardingthelegalissues.

7. Bytheendof2006ithadbecomeobvioustoallinvolvedintheprocessthatthemediationwouldnotbefinalisedbeforetheendofthefirstquarterof2007.

8. Various meetings have since been held between Professor Wainer and theforensicaccountants representingbothparties inorder toattempt tonarrowandtocrystallisetheareasofdifferencebetweentheparties.

9. We also met separately with the representatives from the boards of bothRandgoldandJCIon9February2007inorderto,inter alia,obtaintheirthoughtsregardingthedisputesandpossibleresolutionthereof.

10. We have recently also held meetings with the financial directors of bothcompanies,inter alia,toobtainanunderstandingofthepresentfinancialpositionofthecompaniesandtheactualcashandbenefitsreceivedfromthetransactionswhicharethesubjectofthedispute.

11. Having considered the various Randgold claims and taking into account theareasofagreementanddisagreementinrelationtotheunderlyingcashflows,itappearstousthatthevalueofsustainableRandgoldclaimsmightwellexceedthenetassetvalueofJCI.

12. Inourview,aprotractedarbitrationbetweenRandgoldandJCIfollowedbythespectreofaliquidationtosatisfyanyjudgementiscommerciallyandpracticallyunattractiveandwillbevaluedestructiveforbothsetsofshareholders.Theultimate outcome of litigation would be uncertain and valuable managementtimewillbesterilizedintheprocess.

13. Litigationisalsolikelytobetimeconsumingandexpensive,createsharevalueinhibitionsduringitsdurationandbesignificantlyvaluedestructiveonaliquidation- both by the realisation of fire sale prices for assets and due to costs ofliquidation.

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14. Anysettlementproposalwhich leavesnovalue forJCIshareholders is inourviewunrealisticandwould,forJCIbeapooralternativetothelitigationprocess,irrespectiveofitsprobableoutcome.

15. Centraltothedeterminationofanoverallsettlementwouldbeanassessmentofthefairnetassetvalueofbothcompanies,particularlyofJCI.

16. Toamelioratethedifficultiesinmakinganaccurateassessmentofthenetassetvalue,itisrecommendedthatanoverallsettlementbepursuedonthebasisofamergerbetweenthecompanies.Onamergedentitybasis,atleastanyunder/over estimationof the asset valueswill be capturedwithin the shareholders’shareholdinginthecombinedentity.Thusif,forexample,certainassetsultimatelyyielda valueofRxmore than theamountestimated fer thepurposesof theoverall settlement, that amount will inure for the benefit of both sets ofshareholders(albeitindilutedproportions).

17. Paralleltothemediationprocess,thechiefexecutiveandfinancialdirectorsofbothcompanieshaveexploredandquantifiedvariousalternativesofpossibleamounts to be used for the purposes of a settlement figure - which wouldultimatelydrivetheshareswapratiobetweenRandgoldandJCI.Wehavebeenapprisedoftheseefforts.

18. Havingregardtoalloftheabove,asettlementfigureintherangeofR1.2billiontoR1.5billionappearsatthisstageandonthefiguresavailabletoustobearealisticstartingpointtoresolvethedisputesbetweenthecompanies-thebasisbeing that the settlement figure be used to ultimately drive the merger ratiobetweentheshareholdersofthecompanies.Thecurrentbalancesheetpositionof both legal entities should be available to the shareholders to facilitateagreementonasettlementfigure.

19. Themediatorsremainavailabletoassistinachievinganacceptablesettlementwithintheparametersoutlinedabove.

SFBURGERSCCHARLESNUPENPROFHEWAINERCA(SA)

28February2007

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INTHEMEDIATIONBETWEEN:

RANDGOLD AND EXPLORATION

COMPANY LTD (“RANDGOLD”) Claimant

and

JCI LIMITED (“JCI”) Defendant

POSTScRIPT TO STATEMENT BY THE

MEDIATORS DATED 28 FEBRUARY 2007

WecirculatedastatementtotheboardsofJCIandRandgoldpriortowiderrelease.Aquestionhasbeenraisedastothescopeofwhatisbeingconveyedbyparagraph11 of that statement. What we intend to convey is that the Randgold claims, ifsuccessful,willexceedthenetassetvalueofJCI.

SFBURGERSCCHARLESNUPENPROFHEWAINERCA(SA)

5March2007

ANNEXURE A1

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ANNEXURE 2

OVERVIEW OF THE R&E cLAIMS AgAINST JcI1. BothRandgold&ExplorationCompanyLimited(“R&E”)andJCILimited(“JCI”) wereformerlylistedintheMiningSectorofthe

JSELimited(“JSE”),andweresuspendedtherefromon1August2005.

2. On24August2005,theBoardsofDirectorsofR&EandJCIwerereconstituted(“the date of reconstitution”).

3. Prior tothedateofreconstitution, the lateRogerBrettKebble (“Brett”),wastheChiefExecutiveOfficerofbothR&E(from24July2003to24August2005),andJCI(from1September1997to24August2005).

4. Asat23August2005:

4.1 theBoardofR&Ecomprisedof:

4.1.1 RogerKebble(“Roger”);

4.1.2 Brett;

4.1.3 HendrikBuitendag(“Buitendag”);

4.1.4 BrendaMadumise;

4.1.5 LungaNcwana;and

4.1.6 AndrewNissen.

4.2 theBoardofJCIcomprisedof:

4.2.1 Roger;

4.2.2 Brett;

4.2.3 Buitendag;

4.2.4 CharlesCornwall(“Cornwall”);and

4.2.5 JohnStratton(“Stratton”).

5. HavingregardtoinvestigationsundertakenbyR&E’sforensicinvestigatorsJohnLouw&Co.(Pty)Limited(formerlyknownasUmbonoFinancialAdvisoryServices(Pty)Limited)(“JLMC”)andinformationascertainedfromthirdpersons,R&EhasreasontobelievethatduringtheerawhenBrettwastheCEOofR&EandJCI(“the Kebble era”),R&Eanditsgroupofcompanieswerethevictimsofwidespreadfraudsandmisappropriations.

6. R&EhasfurtherreasontobelievehavingregardtothefindingsofJLMC,thatthefraudsandmisappropriationswhichwereperpetratedagainstitanditssubsidiariesandassociatedcompaniesresultedinR&E’sassetsandthoseofitssubsidiariesandassociatedcompaniesbeingmisappropriatedand thechannelling thereof (or theproceedsderived therefrom), toamongstothers,theJCIgroup,eitherdirectlyorindirectly,butnotforthebenefitofR&E.

7. Followingthedateofreconstitutionon24August2005andthe initial findingsofJLMCcomingtohand,theBoardofR&ErealisedthatitmayenjoyanumberofclaimsagainsttheJCIgroup.

8. Arisingherefrom,theBoardofR&EconsideredthatitwouldbeinthebestinterestsofR&E’sshareholdersforR&E’sclaimsagainsttheJCIgroup(“the R&E claims”)tofirstbeattemptedtoberesolvedbywayofmediationasopposedtocomplex,timeconsumingandcostlylitigationandfailingthis,bywayofformalarbitration.TheBoardofR&EbelievedthatratherthanpursuingtheinstitutionofamultiplicityofcourtactionsagainsttheJCIgroup,whichcouldgiverisetovigorouslycontestedclaimsandprotractedandcostlylitigation(whichcouldfurthertakeseveralyearstoresolve),itwasadvantageous,pragmaticandsensible,thatamediationandtotheextentnecessaryanarbitrationofsuchclaims(inwhichJCIanditssubsidiariesandassociatedcompanieswouldbetreatedasasingleentity),bepursued.

The Mediation/Arbitration Agreement

9. On7April2006,R&EandJCIconcludedawrittenMediation/ArbitrationAgreement(“the Mediation Agreement”).

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10. ThemainfeaturesoftheMediationAgreementareasfollows:

10.1 bothR&EanditssubsidiariesandassociatedcompaniesontheonehandandJCIanditssubsidiariesandassociatedcompaniesontheother,wouldbetreatedassingleentities.IntermsoftheMediationAgreement,JCIisdefinedsoasto includeboth itand itssubsidiariesandassociatedcompaniesor inwhichJCIhasan interest,whetherdirectorindirect, including its interest in Consolidated Mining Management Services Limited (“CMMS”). (A similar definitionappliestoR&EanditssubsidiariesandassociatedcompaniesandareferencetoR&EandJCIhereinincorporatesareferencetoeachoftheirrespectivesubsidiaryandassociatedcompanies);

10.2 attheinceptionphaseofthemediation,bothR&EandJCIwouldexchangeseparateforensicreports,detailingthebasisof any claims which they believed they enjoyed against the other, including their respective forensic investigators’findings,relativetothemediation;

10.3 bothcompanieswouldthereafterformulateclaimsagainsteachother,bywayofaStatementofClaim;

10.4 followingtheserviceoftheirrespectiveStatementsofClaim,bothR&EandJCIwouldformulateStatementsofDefence,whichwouldsimilarlybeservedoneachother;

10.5 threehighlyexperiencedandmultidisciplinaryMediators,comprisingaSeniorCounsel, aMediationSpecialistanda Chartered Accountant, were to be appointed to manage the mediation process and make recommendations tothecompanies;

10.6 theshareholdersofbothcompaniesingeneralmeetingwoulddecidewhetherornottoacceptanyrecommendationsmadebytheMediators;

10.7 failurebytheshareholdersofR&EandJCItoendorsetherecommendationsoftheMediators,wouldresultintheclaimsbeingreferredtoadversarialarbitration.

11. Initially,theMediationAgreementenvisagedthatthemediationwouldbeconcludedby31July2006,failingwhichthematterwouldbereferredtoformalarbitration.

12. R&EandJCIsoonrealisedthatitwouldnotbepossibletoconcludethemediationby31July2006,resultinginthepartiesconcludinganaddendumtotheMediationAgreementon19July2006(“the first addendum”),purposedatextendingthetimeperiodwithinwhichthemediationwastohavebeenconcludedby,until30November2006.

13. InNovember2006,theMediatorsrequestedthatthetimeperiodregulatingtheconclusionofthemediationasprovidedforinthefirstaddendum,befurtherextendedtoaffordthemareasonabletimeframewithinwhichtodosoanddischargetheirdutiesthereunderresponsibly.

14. R&EandJCIagreedtotheMediators’request,soastofacilitatetheMediatorsbeingabletomaketheirrecommendationsassoonasreasonablypossible,resultingintheconclusionofanarrangementtocaterhereforandtheformalisationthereofbywayofasecondaddendumtotheMediationAgreement,whichwassignedon28September2007(“the second addendum”).

15. Thesecondaddendumprovidesinter alia,thatintheeventoftheintendedmergerbetweenR&EandJCInotbeingimplementedforanyreasonwhatsoever,themattershallimmediatelybesubmittedtoformalarbitration,inaccordancewiththeexpeditedRulesoftheArbitrationFoundationofSouthAfrica,theoutcomeofwhichwillbebindingonthecompaniesandsubjectonlytoonerightofappeal.

The Claims instituted by R&E against JCI

16. FollowingtheconclusionoftheMediationAgreement,theinvestigationsofR&E’sforensicinvestigatorsJLMCsuggestedthatR&EenjoyedanumberofclaimsagainstJCI.

17. Theseclaims foundexpression inadedicated forensic reportwhichJLMCprepared forpurposesof themediation,dated20June2006(“the forensic report of JLMC”).

18. JCIinturn,commissionedKPMGServices(Pty)Limited(“KPMG”),toprepareaforensicreportforpurposesofthemediationwhichreportwasdated8May2006(“the 8th of May report”).

19. On20June2006,theforensicreportofJLMCandthe8thofMayreportwereintermsoftheMediationAgreementexchanged,markingthecommencementoftheformalmediationprocess.

20. FollowingtheexchangeoftheforensicreportspreparedbyJLMConbehalfofR&EandKPMGServicesonbehalfofJCI(ascontemplatedundertheMediationAgreement),R&EpreparedaStatementofClaim,comprising13claimsinitially,exceedingR5.8billionatthatstage,basedonthehighestvalueascribabletotheR&Eclaims.

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21. Asmattersstandatpresent,theR&EclaimsagainstJCIcomprisenineteenclaimsintotal,(R&E’sStatementofClaimhavingbeen amended to include two new claims in January 2007 and further amended in September 2008 to include fourfurtherclaims).

22. On3August2006,R&E’sStatementofClaimwasservedonJCI.

23. NoStatementofClaimwasservedbyJCIonR&E.

24. On8September2006,JCIservedaStatementofDefenceonR&E,contestingtheR&Eclaims.

25. Althoughnot contemplatedunder theMediationAgreement, following the serviceby JCIof itsStatementofDefence, JCIcausedafurtherJCIreportinresponsetotheforensicreportofJLMC,tobeserved.WhilstthisfurtherreportwasfurnishedtotheMediatorsinthelastquarterof2006,the8thofMayreportwasonlyfurnishedtotheMediatorsinApril2007,theexistenceofthe8thofMayreporthavingbeenbroughttotheattentionoftheMediatorsatameetingheldwiththemandthelegalteamsofbothcompanieson24November2006.

26. R&E’sclaimsareinthemainfoundedontheassertionthatJCI,asanallegedwrongdoer,waspartytotheallegedmisappropriationofavastnumberoflistedsecuritiesbeneficiallyownedbyR&E,alternativelysubsidiariesorassociatedcompaniescontrolledbyit,whileotherclaimsarisefromtheallegedissueandallotmentofsharesintheissuedsharecapitalofR&EwhichR&Econtendsitreceivednovaluefor(“the disputed R&E shares”).AstothequantumofdamageswhichR&EwouldbeentitledtowereittosucceedwithitsclaimsagainstJCI,R&Eapproachesitsclaimsonthebasisofthealternatives(whereapplicable),assetoutbelow.

27. JCIhasdeniedanyliabilityinrespectoftheclaimsprofferedbyR&E.

28. FollowingserviceofR&E’sStatementofClaimandthefilingofaStatementofDefencebyJCI,bothR&EandJCIengagedinmediation.

29. TheMediationAgreementcontemplatestwodistinctphases,thefirst,amediation,thesecond,anarbitration.Todate,noneof theclaimsproposedbyR&EagainstJCIhaveyetbeenproven,norhasR&Esecuredany formalawardsagainstJCI inrespectthereof.

30. On28February2007,theMediatorsissuedaninterimrecommendation(followedbyapostscripton5March2007),intermswhereof theMediatorsembraced thenotionofamergerand indicated tobothR&EandJCI that “it is recommended that an overall settlement be pursued on the basis of a merger between the two companies.” Theyconcludedfurther,that: “having regard to all the above, a settlement figure in the range of R1.2 to R1.5 billion appears …. to be a realistic starting point to resolve the disputes between the companies – the basis being that the settlement figure be used to ultimately drive the merger ratio between the shareholders of the Companies.”

31. On14April2008,theMediatorsprovidedawrittenReportinwhichtheystatedthat:

“In the unusual and variable circumstances enumerated above, the swap ratio proposed by the companies is in our opinion commercially prudent and not inequitable to the shareholders of Randgold or JCI.”

32. On3November2008,theMediatorsupdatedtheirReportandconcludedthefollowing:

“Havingregardtoalloftheabove,our14April2008opinionremainsofapplication,viz: ‘In the unusual and variable circumstances enumerated above, the swap ratio proposed by the companies is in our opinion commercially prudent and not inequitable to the shareholders of Randgold or JCI’.”

33. NotwithstandingthemergerrecommendedbytheMediators,therequisitemajorityofJCIshareholdersrequiredtoapprovethemergerwasnotattainedinApril2009,asaresultofwhich,themergerfailed.

34. Followingattemptsatsettlingon31August2009and18September2009whichdidnotmaterialise,on20January2010,R&E,JCIandJCIIFconcludedasettlementagreementsubjecttoanumberofconditionsprecedent.On1March2010,theMediatorsexpressedtheirviewofthesettlementconcluded,inthefollowingterms:

“Having regard to all the above, the Randgold/JCI settlement agreement is in our opinion, commercially prudent and not inequitable to shareholders of Randgold or JCI.”

35. WhatfollowsconstitutesabroadoverviewoftheR&EclaimsasfeaturedinR&E’sStatementofClaim,purposedatinformingR&E’sshareholdersofwhatsuchclaimsentail.

36. ThisOverviewoftheR&Eclaimsisinnowayintendedtobeexhaustive,andnoassurancesastotheaccuracy,completenessor otherwise of what follows is given, the contents hereof being subject always to the further findings of R&E’s forensicinvestigatorsandlegalteam,theneedtopotentiallyamendR&E’sStatementofClaiminfuture(basedonsuchfindingsandlegal

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advice),aswellasanyotherfactorswhichmayrequireconsiderationinduecourseandwhichcouldimpactupontheR&EclaimsanditsStatementofClaim.

37. Nothingcontainedhereinhasyetbeenestablishedasamatteroffactorlaw.ThisOverviewoftheR&Eclaimsisintendedmerelyas a broad and concise summary of the R&E claims (as they appear in the Statement of Claim), subject to the ongoingprocessesinwhichR&EisengagedandanyrevisiontotheStatementofClaimwhichmaybecomenecessary.Furthermore,noneofwhatfollowsisdisclosedonthebasisthatitcanbefactuallyorlegallysustainedorthatanawardforthatmatterwilldefinitivelyresultforR&E.

38. R&E’sCounselhavefurnishedanopiniontoR&Eintermswhereof(onthebasisoftheiranalysisoftheforensicreportsandthewitnessesinterviewedthusfar),theyindicatethatintheirview,areasonableprospectofsuccessexistsinrespectoftheR&Eclaims,subjectalwaystothefollowing:

38.1 that the findings of JLMC are found to be accurate and capable of substantiation through evidence and that theconclusionsreachedthereinwithstandscrutiny;

38.2 thelegalprinciplesuponwhichR&E’sclaimshavebeenformulatedareupheld;

38.3 theevidenceofthirdpartieswhohavegiveninput intotheformulationofR&E’sclaimswithstandingscrutinyandareupheld.

39. InturningtoR&E’sStatementofClaim,itisnecessarytohaveregardtothefollowingbywayofbackground.

BAckgROUND

40. R&E’s Statement of Claim assumes on the strength of inter alia the forensic findings (which have found expression in theStatementofClaim),thefollowing,namelythatatallmaterialtimes:

40.1 R&Ecarriedonbusinessasamininginvestmentandexplorationcompany;

40.2 JCIcarriedonbusinessasaspecialisedminingfinanceresourcecompany;

40.3 JCIownedtheissuedsharecapitalofConsolidatedMiningCorporationLimitedwhichinturnowned98%oftheissuedsharecapitalofCMMS;

40.4 R&E, alternatively its wholly owned subsidiary African Strategic Investment (Holdings) Limited, (formerly RandgoldResources (Holdings)Limited) (“Holdings”),wasthebeneficialownerof26624962shares inRandgoldResourcesLimited(“RRL”)(whichsharesweresplit2for1on16June2004);

40.5 theR&Egroupownedvariousotherlistedinvestments;

40.6 JCIwasrepresentedbyavarietyofpersonsformerlyemployedbyitorwithwhichithadarelationship,whoconstitutedthedirectingandcontrollingmindandwillofJCIandoneormoreofitssubsidiariesandassociatedcompanies;

40.7 anumberofpersons,someofwhomwereformerlyemployedbyJCI,alternativelyassociatedwiththeJCIgroupand/orwhoservedasDirectorsofJCIduringtheKebbleera,allegedlydevisedvariousschemes,aimedatinter alia,providingtheJCIgroupwithworkingcapitaltofundtheirongoingoperations,topaytheirliabilities,tofurthertheirgeneralinterests,andtootherwiseprovidetheJCIgroupwithsufficientfundstomaintaintheirongoingfinancialstability(“the perpetrators”).ItisfurtherallegedbyR&E,thattheperpetratorsactedinconcertwithJCI,directedtheaffairsandbusinessoperationsof the JCI group to the prejudice of R&E, either directly or indirectly, and in so doing, also acted in their personalcapacities;

40.8 theperpetratorsallegedlycarriedoutvariousactsfortheJCIgroupwhichweretotheirknowledgewrongfulandunlawfulandtotheprejudiceofR&E,eitherdirectlyorindirectly.

41. Asaresultoftheconductoftheperpetrators(whichR&EclaimsisattributabletoJCI),R&EallegesthatJCIisliabletoitatlaw.

Broad Overview of the R&E claims against JCI

42. InforminganappreciationoftheR&EclaimsagainstJCI,R&E’sshareholdersare informedthat inmost instances,theR&Eclaimshavebeenpreparedonthebasisofamainclaimandvariousalternativesthereto.IfregardbehadtoR&E’sfirstclaimagainstJCIbywayofexample,thefollowingisnoteworthy:

• ThisclaimisbasedonanallegedmisappropriationofcertainofR&E’sRRLsharesbyJCI.Ontheassumptionthatthiscanbeestablished,R&Eallegesinthefirstinstance,thatJCIisliabletoitfordamagesdeterminedwithreferencetothehighestvalueatwhichsuchshares (which itallegeswerestolen fromit),havetradedsubsequenttotheir theft.ThisconstitutesR&E’smainclaimwithreferencetoclaimone.

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• As an alternative to R&E’s main claim(toclaimone)andontheassumptionthatR&EdoesnotsucceedwithanawardfordamagesagainstJCIbasedonthehighestvalueofitsRRLshares,R&EclaimsthatJCIisliabletoreturntoitthenumberofRRLshareswhichitallegesweremisappropriatedfromit.

• As a further alternative to the two previous claimsandintheeventthatR&Eisnotsuccessful inestablishingaclaimbasedoneitheroftheabove,R&Einthisevent,contendsthattherehasbeenatheftoftheproceedsarisingfromthesaleofitsRRLsharesbyJCI,therebyentitlingittorecovertheproceedsresultingfromthesaleofitsRRLshares.

• As an alternative to all of the above claimsandintheeventthatR&Eisnotsuccessfulinestablishingeitheratheftofshares,oraclaimforthereturnofitsmisappropriatedsharesoratheftoftheproceedsresultingfromthesalethereof,R&Einsuchevent,claimsthatJCIreceivedfundsresultingfromthesaleofitsRRLshares,knowingthatsuchfundsweretainted,therebyentitlingR&Etothereturnofsuchfundsreceived.

• A further alternative failing all of the above,ispredicatedontheassertionthatJCIwasenrichedattheexpenseofR&Einthatitreceivedfundsinconsequenceofanillegalcause.

• The final alternative claim(withreferencetoR&E’sfirstclaimagainstJCI,whichpre-supposesthatR&Edoesnotsucceedwithanyoftheabovementionedclaims),isbasedonthefactthatnocauseexistedforJCItoreceivepaymentoftheamountwhichitdid,arisingfromthesaleofR&E’sRRLshares,therebygivingrisetoR&EenjoyingaclaimfordamagesagainstJCIherefor.

• R&E’smainclaimswhicharepredicatedupontheftandaredetailedbelow,aredeterminedwithreferencetothehighestpriceatwhichthesharesformingthesubjectmatterofsuchclaimshavetradedbetweenthedateoftheirallegedtheftand3August2006,whenR&E’sStatementofClaimwasservedonJCI.TheshareholdersofR&Eareinformed,thatthehighestpriceof the individual sharesalleged tohavebeenmisappropriated is subject toongoing fluctuationhavingregardtothepriceatwhichsuchsharescontinuetotrade.Attheappropriatetime,shouldtheneedarise,R&EwillcauseanamendmenttoitsStatementofClaimtobeeffected,totakeaccountofthehighestpriceatwhichsuchshareshavetraded,subsequenttotheirallegedtheft.AnindicativeadjustmentissetoutincolumnIIIofthebelowtable.

43 ThefollowingtablesummarisestheR&EclaimsagainstJCIandshouldbereadinconjunctionwiththenarrativeinrespectofeachclaimwhichissetoutlaterinthisOverview:

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Summary of claims

RandamountofmainclaimandalternativestheretoperR&EstatementofclaimI II III IV V VI

ClaimNo. BasisofMainClaim

MainClaim(HighestValue)1

MainClaim(Illustrative

Adjustment)2

FirstAlternativetoMainClaim

(Replacementofshares–

Illustrative)3

SecondAlternativetoMainClaim(Proceeds)4

ThirdAlternativetoMainClaim

(Damages–Enrichment)5

R R R R R1 Allegedtheftof12360000

RRLshares 1968082800 8090608800 2104933956 887217084 7969668252 Allegedtheftof3000000DRD

shares 169500000 169500000 14292000 89643550 896435503 Allegedtheftof1904962RRL

shares 303327099 1246950026 324419029 64326241 643000004 Allegedtheftof8100000

Afleaseshares 95499000 166212000 146835180 15108104 112923425 Alternativetoclaim4–

Ostensibleloanofshares6 – – – – –6 Allegedtheftof94000000

Afleaseshares 1108260300 1928880000 1704013200 165083164 1447118777 Allegedtheftof2000000DRD

shares 113000000 113000000 9528000 31029671 104587198 Allegedtheftof40000000

SimmerandJackshares 94000000 316000000 248432000 10000000 100000009 Allegedtheftof5460000RRL

shares 869395800 3574006800 929849466 270758673 27075867310 Issueof8800000disputed

R&Eshares 149600000 586960007 2529058407 – –11 Issueof5160000disputed

R&Eshares 87720000 344172007 1482947887 – –12 Issueof1306000disputed

R&Eshares 22202000 87110207 375335267 – –13 Issueof1492000disputed

R&Eshares 25364000 99516407 428790367 – –14 Allegedtheftof4000000RRL

shares 636920000 2618320000 681208400 368672211 36867221115 Allegedtheftof900000RRL

shares 143307000 589122000 153271890 – –16 Allegedtheftof12574836JCI

shares 113173528 113173528 11317352 – –17 Allegedtheftof28000Western

Areasshares 13916009 48832009 1391600 – –18 Allegedoralagreementsofloan 12119822410 12119822410

Total 5 920 085 175 19 061 774 262 6 811 105 263 1 901 838 698 1 766 804 197

19 Inter-companyloanaccountasanalternativetoclaims1to18above 124352730911

Notes:

1 R&E’s main claim is based on the highest price at which the shares referred to in column I have traded subsequent to their alleged theft and

prior to 3 August 2006 when R&E’s Statement of Claim was served, (save for claims 10,11,12 and 13 which are treated on the basis

described in footnote 7 hereof).

2 For illustrative purposes R&E’s main claims have been adjusted to take account of the highest price at which the shares referred to in column

I have traded subsequent to their alleged theft but prior to 28 February 2010.

3 The first alternative to R&E’s main claim is for an order that JCI deliver to it the number of shares allegedly misappropriated/issued for no

value received. For illustrative purposes the March 2007 VWAP of the shares referred to in column I has been utilised for purposes of

determining the replacement cost of the shares referred to, save for where a contrary footnote indicates otherwise.

4 The second alternative to R&E’s main claim is for an order that JCI return to R&E the proceeds resulting from the sales of the various shares

referred to in column I, where this has been ascertained.

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5 The third alternative to R&E’s main claim is for an order that JCI makes payment to R&E of such amounts as were allegedly received by JCI

on account of the sale of the shares referred to in column I, for which there was no just cause, where this has been ascertained.

6 Claim 5 is an alternative claim to Claim 4 and is based on a Scrip Lending Agreement ostensibly concluded, the details of such claim being

set out in the Overview of the R&E Claims. To avoid duplication no amounts have been included above.

7 For illustrative purposes R&E’s main claims have been adjusted to take account of the projected post settlement NAV per R&E share of R6.67

as detailed in the Circular.

8 Having regard to the fact that this claim was introduced in September 2008, the value thereof has been determined with reference to the

highest price at which the shares in question traded subsequent to their alleged theft but prior to 28 February 2010, being R0.90.

9 On 19 January 2007, Western Areas was converted to Gold Fields Operations, in consequence of which conversion, every shareholder

holding 100 Western Areas shares received 35 Gold Fields Limited shares in replacement thereof. In consequence of the said conversion,

the 28 000 Western Areas shares are currently equivalent to 9 800 Gold Fields Limited shares. A value of R174.40 per Gold Fields share is

ascribed to each Gold Fields share for illustrative purposes.

10 R&E’s claim herein is not prefaced on the basis of a theft of shares, but rather on the basis of monies allegedly lent and advanced by R&E to

CMMS.

11 R&E’s 19th claim is in the alternative to claims 1 to 18 above and is based on the assumption that R&E does not in respect of claims 1 to 9

and 14 to 17 establish the schemes therein referred to and the thefts allegedly committed in respect thereof; and on the further basis that

the transactions referred to are found to be lawful and regular transactions in consequence of which the sale of the assets referred to is found

to have been authorised for the benefit of the JCI group.

It should be noted that the values of the above claims are linked to the price of shares which are subject to ongoing fluctuation. In tandem therewith,

the claim values may change. Moreover none of such claims and the values thereof have yet been established as a matter of fact or law, all of which are

illustrative in nature and subject to change.

44. Subjecttowhatisstatedhereinandbasedonthefurtherassumptionthatsuchclaimsarefactuallyandlegallysustainable,R&Eallegesinregardtoeachofitsclaimsinter alia,asfollows:

Claim One

45. On31March2002,R&E,alternativelyHoldings,wastheregisteredandbeneficialownerof,inter alia,12360000sharesinRRL.ThenumberofsharesarereckonedonthebasisoftheirtwoforonesplitwhichoccurredduringJune2004.

46. Thesesharesarereferredtoas“the RRL shares”.

47. By1April 2002, various tradingaccountsheldatastockbroker, knownasTlotlisaSecurities (Pty)Limited (“T-sec”),wereestablishedbytheperpetratorsfortheendsandpurposesofJCI.

48. R&E contends that JCI devised a scheme in consequence of which the RRL shares were misappropriated and sold, theproceedsresulting,allegedlybeingremittedtoT-SecandusedforthebenefitofJCI.

49. Duringtheperiod5April2002to18August2005,R&Econtendsthatsuchsharesweresoldwithoutitsauthority.

50. Byvirtueoftheallegedschemereferredto,R&EassertsthatJCIisliabletoitfor:

50.1 damagesresultingfromtheallegedtheftoftheRRLsharesamountingtoR1968082800.00whichamountisbasedonthehighestpriceatwhichtheRRLsharestradedsubsequenttotheirallegedtheftandpriorto3August2006,whenR&E’sStatementofClaimwasserved.(ForillustrativepurposesandbasedonapriceofR654.58perRRLsharewhichrepresentsthehighestpriceatwhichRRLshareshavetradedsubsequenttothedateoftheirallegedtheft,butpriorto28February2010,R&E’smainclaimequatestoR8090608800.TotheextentthatthepriceofRRLsharesincreasesinfuture,suchincreasewillresultinacommensurateincreaseinR&E’smainclaim);alternatively

50.2 delivery of 12360000RRL shares to it, alternativelypaymentof suchamount as represents the valueof the said12360000RRLsharesonthedateonwhichJCIisfoundtobeliabletoR&E;alternatively

50.3 damages in the sum of R887 217 084.00, which amount represents the total proceeds allegedly received by JCI,alternativelydamagesresultingfromJCIhavingallegedlyreceivedthelesserproceedsofR796966825.42arisingfromthesaleofthesaidRRLshares.

51. Totheextentnecessary,R&EhastakenacessionfromHoldingsofanyclaimenjoyedbyitagainstJCI,arisingfromtheallegedmisappropriationofthesaidRRLshares.

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Claim Two

52. Asat12September1998,R&E,alternativelyitswhollyownedsubsidiaryFirstWesgold,wasthebeneficialownerofinter alia3000000sharesinDurbanRoodepoortDeepLimited (“DRD”),whichshareswere,asat8February2002heldinanomineeaccount.

53. R&EclaimsthatJCIdevisedaschemetosellthe3000000DRDshares.

54. The3000000DRDshareswereallegedlymisappropriatedandsubsequentlysoldinordertoenableJCItoraiseloanfundstoacquire32.5%oftheissuedsharecapitalofJCIGoldLimited,(“the minority interest”)pursuanttoaschemeofarrangementbetweenJCIGoldLimitedanditsshareholders,whichschemeofarrangementhadbeenpartiallyfundedbyBNCInvestments(Pty)Limited.

55. R&EallegesthatJCIwasbenefitedfromthesaleofthe3000000DRDshares.

56. Byvirtueofthisallegedscheme,R&EcontendsthatJCIisliabletoitfor:

56.1 damagesresultingfromtheallegedtheftofthe3000000DRDsharesamountingtoR169500000.00whichamountisbasedonthehighestpriceatwhichthe3000000DRDsharestradedsubsequenttotheirallegedtheftandpriorto3August2006,whenR&E’sStatementofClaimwasserved.(TotheextentthatthepriceofDRDsharesincreasesinfuture,suchincreasewillresultinacommensurateincreaseinR&E’smainclaim);alternatively

56.2 deliveryof3000000DRDsharestoR&E,alternativelypaymentofsuchamountasrepresentsthevalueofthesaid3000000DRDsharesonthedateonwhichJCIisfoundtobeliabletoR&E;alternatively

56.3 damagesresultingfromthetheftoftheproceedsresultingfromthesaleofthe3000000DRDsharesamountingtoR89643549.74;alternatively

56.4 paymentresultingfromthereceiptbyJCIoftheproceedsderivingfromthesaleofthe3000000DRDsharesinanamountofR89643549.74.

Claim Three

57. R&E’sthirdclaimpertainsto1904962sharesinRRL(“the 1 904 962 RRL shares”).

58. R&E alleges that as at 5 April 2002, R&E, alternatively Holdings, was the registered and beneficial owner of inter alia the1904962RRLshares.

59. Thereferencetothe1904962RRLsharesisreckonedontheirsplitwhichoccurredduringJune2004.

60. R&EallegesthatJCIanticipatedtheneedtoraisecashtoacquiretheminorityinterestandinconsequencethereof,devisedaschemewhichgaverisetothe1904962RRLsharesbeingsold.

61. R&Ereceivednoconsiderationfromthesaleoftheseshares.

62. JCIwasbenefitedasaresultofthesaleoftheseshares,eitherdirectlyorindirectly.

63. Totheextentnecessary,R&EhastakencessionfromHoldingsofanyclaimenjoyedbyitagainstJCI,arisingfromtheallegedmisappropriationofthesaid1904962RRLshares.

64. Byvirtueoftheallegedtheftofthe1904962RRLshares,R&EcontendsthatJCIisliabletoitfor:

64.1 damagesresultingfromtheallegedtheftofthe1904962RRLsharesamountingtoR303327099.26whichamountisbasedonthehighestpriceatwhichthe1904962RRLsharestradedsubsequenttotheirallegedtheftandpriorto3August2006,whenR&E’sStatementofClaimwasserved.(ForillustrativepurposesandbasedonapriceofR654.58perRRLsharewhichrepresentsthehighestpriceatwhichRRLshareshavetradedsubsequenttothedateof theirallegedtheft,butpriorto28February2010,R&E’smainclaimequatestoR1246950025.96.TotheextentthatthepriceofRRLsharesincreasesinfuture,suchincreasewillresultinacommensurateincreaseinR&E’smainclaim);alternatively

64.2 deliveryofthe1904962RRLsharestoR&E,alternativelypaymentofsuchamountasrepresentsthevalueofthesaid1904962RRLsharesonthedateonwhichJCIisfoundtobeliabletoR&E;alternatively

64.3 damagesresulting fromthetheftof theproceedsderiving fromthesaleof the1904962RRLsharesamountingtoR64326241.35;alternatively

64.4 damagesresultingfromthereceiptbyJCIoftheproceedsderivingfromthesaleofthe1904962RRLsharesinanamountofR64300000.00.

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Claim Four

65. Asat1July2003,R&Ewasthebeneficialandregisteredownerof8100000sharesinTheAfrikanderLeaseLimited(“Aflease”).

66. R&Easserts, that the8100000Afleaseshareswere lodged ina tradingaccountwhichT-Secmaintained in itsbooksofaccountunderthenameCMMS.

67. R&Econtendsthatthe8100000Afleaseshareswerealledgedlymisappropriatedfromit,andusedtobenefitJCIeitherdirectlyorindirectly.

68. Accordingly,R&EcontendsthatJCIinrelationtosuchallegedtheftofthe8100000Afleaseshares,isliabletoitfor:

68.1 damages resulting from thealleged theft of the8100000Aflease sharesor their current equivalent, amounting toR95499000.00whichamountisbasedonthehighestpriceatwhichAfleasesharestradedsubsequenttotheirtheftandpriorto3August2006,whenR&E’sStatementofClaimwasserved.(On9January2006,AfleasewasconvertedtoUraniumOneLimited(“Uranium One”), inconsequenceofwhichconversion,everyshareholderholding100Afleaseshares received 18 Uranium One shares in replacement thereof. Having regard to such conversion, the 8 100 000Afleasesharesequateto1584000UraniumOneshares.(Forillustrativepurposes,basedonthecosttoreplacethe8100000AfleasesharesatR20.52perAfleaseshareR&E’smainclaimequatestoR166212000);alternatively

68.2 deliveryofthe8100000Afleasesharesortheircurrentequivalent,alternativelypaymentofsuchamountasrepresentsthevalueofthesaid8100000Afleasesharesortheircurrentequivalent,onthedateonwhichJCIisfoundtobeliabletoR&E;alternatively

68.3 damagesresultingfromthetheftoftheproceedsderivingfromthesaleofthe8100000Afleasesharesortheircurrentequivalent,amountingtoR15108103.50;alternatively

68.4 damagesresultingfromthereceiptbyJCIoftheproceedsderivingfromthesaleofthe8100000Afleasesharesortheircurrentequivalent,inanamountofR11292341.59.

Claim Five as an alternative to Claim Four

69. InthealternativetoClaimFour,R&Eassertsthatduring2004,R&EandCMMSenteredintoaScripLendingAgreementintermswhereofR&Epurportedlyloaned8100000sharesinAfleasetoCMMS.

70. R&Econtendsthatasat31March2005,CMMSbecameobligedtoreturntoR&Ethe8100000sharesinAflease,ortheircurrentequivalent.

71. R&EallegesthatCMMSfailedtoreturnthe8100000sharesinAfleaseortheircurrentequivalent,toR&E.

72. Byvirtuehereof,R&EcontendsthatJCIisliabletoitfor:

70.1 deliveryofthe8100000sharesinAfleaseortheircurrentequivalenttoit;alternatively

70.2 paymentofthevaluethereofbeingR31590000.00.

Claim Six

73. Asat27September2004,R&E,alternativelyFirstWesgold,wasthebeneficialownerofinter alia94000000Afleaseshares(“the 94 000 000 Aflease shares”).

74. R&Eallegesthatduringthelatterpartof2004,JCIdevisedaschemewhichwasintendedto,amongstotherthings,wrongfullydepriveR&Eofthe94000000AfleasesharesandvestcontrolthereofinJCI.

75. Byvirtueofthisallegedscheme,R&EcontendsthatJCIisliabletoitfor:

75.1 damagesresulting fromtheallegedtheftof the94000000Afleasesharesor theircurrentequivalent,amounting toR1108260300.00whichamountisbasedonthehighestpriceatwhichAfleasesharestradedsubsequenttotheirtheftandpriorto3August2006,whenR&E’sStatementofClaimwasserved.(HavingregardtotheconversionofAfleasetoUraniumOneon9January2006, the94000000Afleasesharesequatedto16920000UraniumOneshares.Forillustrativepurposes,basedonthecosttoreplacethe94000000AfleasesharesatR20.52perAfleaseshareR&E’smainclaimequatestoR1928880000);alternatively

75.2 deliveryof the94000000Afleasesharesor their currentequivalent to it, alternativelypaymentof suchamountasrepresentsthevalueofthesaid94000000Afleasesharesortheircurrentequivalent,onthedateonwhichJCIisfoundtobeliabletoR&E;alternatively

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75.3 damagesresultingfromtheallegedtheftoftheproceedsderivingfromthesaleofthe94000000Afleasesharesortheircurrentequivalent,amountingtoR165083164.47;alternatively

75.4 damagesresultingfromthereceiptbyJCIoftheproceedsderivingfromthesaleofthe94000000Afleasesharesortheircurrentequivalent,inanamountofR144711877.39.

Claim Seven

76. Inandduring1998,R&Ewasthebeneficialownerofinter alia,2000000DRDshares(“the 2 000 000 DRD shares”).

77. R&EallegesthatJCIdevisedascheme,whichallegedschemewasintendedtowrongfullydepriveR&Eofthe2000000DRDshares.

78. R&EallegesthatsuchschemeresultedinJCIgainingcontrolofthe2000000DRDsharesandthesaidsharesbeingsoldforthebenefitofJCI.

79. Byvirtueoftheallegedscheme,R&EcontendsthatJCIisliabletoitfor:

79.1 damagesresultingfromtheallegedtheftofthe2000000DRDsharesamountingtoR113000000.00whichamountisbasedonthehighestpriceatwhichthe2000000DRDsharestradedsubsequenttotheirallegedtheftandpriorto3August2006,whenR&E’sStatementofClaimwasserved.(TotheextentthatthepriceofDRDsharesincreasesinfuture,suchincreasewillresultinacommensurateincreaseinR&E’smainclaim);alternatively

79.2 delivery of 2 000 000 DRD shares to it, alternatively payment of such amount as represents the value of the2000000DRDsharesonthedateonwhichJCIisfoundtobeliabletoR&E.

Claim Eight

80. Asat30November2004,R&Ewasthebeneficialownerof40000000sharesinSimmer&JackLimited(“the R&E Simmer & Jack shares”).

81. R&EcontendsthatJCI,inconjunctionwiththeperpetrators,devisedascheme,whichschemeisallegedtohavegivenrisetoR&E’sSimmer&Jacksharesbeingmisappropriatedinordertofacilitatearightsoffer,thenincontemplationbySimmer&Jack.

82. ByvirtueoftheallegedtheftoftheR&ESimmer&Jackshares,R&EallegesthatJCIisliabletoitfor:

82.1 damagesresultingfromtheallegedtheftoftheR&ESimmer&JacksharesamountingtoR94000000.00whichamountisbasedonthehighestpriceatwhichtheR&ESimmer&Jacksharestradedsubsequenttotheirallegedtheftbutpriorto3August2006,whenR&E’sStatementofClaimwasserved.(ForillustrativepurposesandbasedonapriceofR7.90perSimmer&JacksharewhichrepresentsthehighestpriceatwhichSimmer&Jackshareshavetradedsubsequenttotheirallegedtheft,butpriorto28February2010,R&E’smainclaimequatestoR316000000.TotheextentthatthepriceofSimmer&Jacksharesincreasesinfuture,suchincreasewillresultinacommensurateincreaseinR&E’smainclaim);alternatively

82.2 deliveryof40000000sharesintheissuedsharecapitalofSimmer&Jacktoit,alternativelypaymentofsuchamountasrepresentsthevalueofthesaid40000000Simmer&JacksharesonthedateonwhichJCIisfoundtobeliabletoit.

Claim Nine

83. Asat31March2002,R&E,alternativelyHoldingswastheregisteredandbeneficialownerofinter alia5460000RRLshares(“the 5 460 000 RRL shares).

84. R&EcontendsthatJCIdevisedascheme,whichschemewasintendedtodepriveR&Eofthe5460000RRLsharesandtovestcontrolthereofinJCI.

85. Inconsequencehereof,R&EclaimsthatJCIconcludedanOverseasSecuritiesLendingAgreementwithInvestecBankUKPLCwhichentailedaloanofthe5460000RRLshares,toInvestecBankUK.

86. ArisingfromtheimplementationofthesaidOverseasSecuritiesLendingAgreement,R&Eallegesthatitwasdeprivedofthe5460000RRLsharesbyJCI.

87. Totheextentnecessary,R&EhastakenacessionfromHoldingsofanyclaimenjoyedbyitagainstJCI,arisingfromtheallegedmisappropriationofthesaid5460000RRLshares.

88. Byvirtueoftheallegedtheftofthe5460000RRLshares,R&EclaimsthatJCIisliabletoitfor:

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88.1 damagesresultingfromtheallegedtheftofthe5460000RRLsharesamountingtoR869395800.26whichamountisbasedonthehighestpriceatwhichthe5460000RRLsharestradedsubsequenttotheirallegedtheftbutpriorto3August2006,whenR&E’sStatementofClaimwasserved.(ForillustrativepurposesandbasedonapriceofR654.58perRRLsharewhichrepresentsthehighestpriceatwhichRRLshareshavetradedsubsequenttothedateof theirallegedtheft,butpriorto28February2010,R&E’smainclaimequatestoR3574006800.TotheextentthatthepriceofRRLsharesincreasesinfuture,suchincreasewillresultinacommensurateincreaseinR&E’smainclaim);alternatively

88.2 deliverytoR&Eofthe5460000RRLshares,alternativelypaymenttoR&Eofsuchamountasrepresentsthevalueofthesaid5460000RRLsharesonthedateonwhichJCIisfoundtobeliabletoit;alternatively

88.3 damagesresultingfromtheallegedtheftoftheproceedsarisingfromthesaleofthe5460000RRLsharesamountingtoR270758672.90;alternatively

88.4 damagesresultingfromthereceiptbyJCIoftheproceedsarisingfromthesaleofthe5460000RRLshares, inanamountofR270758672.90.

Claim Ten

89. DuringJuly2003,R&EcontendsthatJCItogetherwiththeperpetratorsdevisedaschemewhichwaspurposedamongstotherthingsat:

89.1 ostensiblycreatinglegitimatecapitalofR&E,inanamountofR259600000.00;

89.2 appropriatingsuchcapitalthroughtheinvalidissueandallotmentof8800000R&Eshares,fromitsauthorisedbutun-issuedsharecapital;

89.3 vestingcontrolofthe8800000R&EsharesinJCIandoneormoreofitsassociatedcompanies,sothattheproceedsderivedfromanysalethereofmightbeappliedforapurposeotherthantobenefitR&E.

90. TheschemeisallegedtohavebeenimplementedthroughtheconclusionofapurportedagreementbetweenR&E,EquitantTrading(Pty)Limited(“Equitant”)andPhikolosoMining(Pty)LimitedfortheostensiblesalebyEquitanttoR&EoftheentireissuedsharecapitalofVikingPonyProperties359(Pty)Limited(“Viking Pony”)andtheclaimsduebythatentitytoEquitant,inconsiderationfortheallotmentandissuebyR&Eof8800000fullypaidupordinarysharesinthesharecapitalofR&EtoEquitant.R&Ealleges thatvariousshareswhichVikingPonywaswarranted toown, in factdidnotexistand that thesaidagreementwasasimulation,resultingintheallegedissueandallotmentof8800000R&Eshares,R&Ereceivingnovalueinrespectthereof.

91. R&Emaintainsthatthroughthisallegedscheme,JCIgainedcontroleitherdirectlyorindirectly,ofthe8800000R&Eshares.

92. The 8 800 000 R&E shares were purportedly allotted in consequence of the said alleged scheme, and were sold on theopenmarket.

93. R&Eallegesthatitreceivednovalueinconsequenceofthepurportedallotmentofthe8800000R&Eshares.

94. Toregularisetheposition,R&Eavers,thatitwillberequiredtopurchase8800000R&EsharesontheopenmarketatacosttoitofR149600000.00andtothereaftercanceltheirallotmentinitsissuedsharecapital.

95. Asaconsequenceofthisallegedscheme,R&EcontendsthatithassustaineddamagesforwhichJCIisliabletoitforpaymentof,intheamountofR149600000.00.

96. ThevalueoftheclaimmaystandtobeamendeddependentonthecosttoR&Eofpurchasing8800000R&Esharesontheopenmarketforcancellation.

Claim Eleven

97. Inandduring2004,R&EallegesthatJCItogetherwiththeperpetrators,devisedascheme,whichwasintendedtoostensiblycreatelegitimatecapitalinR&Eandtoappropriatesuchcapitalthroughtheinvalidissueandallotmentof5160000R&Esharesfromitsauthorisedbutun-issuedsharecapital.

98. Inaddition,R&EcontendsthatJCIsoughttovestde factocontrolofthe5160000R&EsharesinJCI.

99. R&Eaversthatthevariousagreementswhichwereconcludedinconsequenceofthisallegedschemeweresimulated,theseinvolvingthepurportedsaleofaninterestinacompanyinAngolaostensiblygivingR&EaccesstodiamondrightsinAngola.

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100. R&Eallegesthatthevariousagreementswhichwereconcludedinconsequenceoftheallegedschemeweresimulated.

101. The5160000R&Eshareshavingbeenissuedandsoldintheopenmarket,R&Eallegesthatitreceivednovalueinconsequenceoftheissue,allotmentandsaleoftheseshares.

102. R&E contends that it has suffered damages in that in order to regularise the position, it will be required to purchase the5160000R&Esharesontheopenmarketandthereaftertocancelsuchshareswhichwereunlawfullyissuedandallotted.

103. Asaconsequenceofthisallegedscheme,R&EcontendsthatJCIisindebtedtoitforthesumofR87720000.00,beingtheamountthatR&Ewillberequiredtoexpendinordertopurchasethe5160000R&Eshares.

104. Thevalueoftheclaimmaystandtobeamended,dependentonthecosttoR&Eofpurchasing5160000R&Esharesontheopenmarketforcancellation.

Claim Twelve

105. Inandduring2004,R&EallegesthatJCItogetherwiththeperpetrators,devisedascheme,whichwasintendedtoostensiblycreatelegitimatecapitalinR&Eandtoappropriatesuchcapitalthroughtheinvalidissueandallotmentof1306000R&Esharesfromitsauthorisedbutun-issuedsharecapital.

106. Inaddition,R&EcontendsthatJCIsoughttovestde factocontrolofthe1306000R&EsharesinJCI.

107. R&Eaversthatthevariousagreementswhichwereconcludedinconsequenceofthisallegedschemeweresimulated,theseinvolvingthepurportedsaleofaninterestinacompanyinAngolaostensiblygivingR&EaccesstodiamondrightsinAngola.

108. R&Eallegesthatthevariousagreementswhichwereconcludedinconsequenceoftheallegedschemeweresimulated.

109. The1306000R&Eshareshavingbeenissuedandsoldintheopenmarket,R&Eallegesthatitreceivednovalueinconsequenceoftheissue,allotmentandsaleoftheseshares.

110. R&Econtends that ithassuffereddamagesand that inorder to regularise theposition, itwillbe required topurchase the1306000R&Esharesontheopenmarketandthereaftertocancelsuchshareswhichwereunlawfullyissuedandallotted.

111. Asaconsequenceofthisallegedscheme,R&Econtendsfurther,thatJCIisindebtedtoitforthesumofR22202000.00,beingtheamountthatR&Ewillberequiredtoexpendinordertopurchasethe1306000R&Eshares.

112. Thevalueoftheclaimmaystandtobeamended,dependentonthecosttoR&Eofpurchasing1306000R&Esharesontheopenmarketforcancellation.

Claim Thirteen

113. Inandduring2004,R&EallegesthatJCItogetherwiththeperpetrators,devisedascheme,whichwasintendedtoostensiblycreatefurtherlegitimatecapitalinR&Eandtoappropriatesuchcapitalthroughtheinvalidissueandallotmentof1492000R&Esharesfromitsauthorisedbutun-issuedsharecapital.

114. Inaddition,R&EcontendsthatJCIsoughttovestde factocontrolofthe1492000R&EsharesinJCI.

115. R&Eaversthatthevariousagreementswhichwereconcludedinconsequenceofthisallegedschemeweresimulated,theseinvolvingthepurportedsaleofaninterestinacompanyinAngolaostensiblygivingR&EaccesstodiamondrightsinAngola.

116. R&Eallegesthatthevariousagreementswhichwereconcludedinconsequenceoftheallegedschemeweresimulated.

117. The1492000R&Eshareshavingbeenissuedandsoldintheopenmarket,R&Eallegesthatitreceivednovalueinconsequenceoftheissued,allotmentandsaleoftheseshares.

118. R&Econtends that ithassuffereddamagesand that inorder to regularise theposition, itwillbe required topurchase the1492000R&Esharesontheopenmarketandthereaftertocancelsuchshareswhichwereunlawfullyissuedandallotted.

119. Asaconsequenceofthisallegedscheme,R&EcontendsthatJCIisindebtedtoitforthesumofR25364000.00,beingtheamountthatR&Ewillberequiredtoexpendinordertopurchasethe1492000R&Eshares.

120. Thevalueoftheclaimmaystandtobeamended,dependentonthecosttoR&Eofpurchasing1492000R&Esharesontheopenmarketforcancellation.

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Claim Fourteen

121. Inregardtoclaimfourteen,R&Eallegesthatasat31March2002,it,alternativelyHoldings,wasthebeneficialownerofinter alia4000000sharesinRRL(“the 4 000 000 RRL shares”).

122. R&Econtendsthatinandduringtheperiod2004to2005,JCItogetherwiththeperpetratorsdevisedaschemewhichwasintendedtowrongfullydepriveR&Eofthe4000000RRLsharesandtovestcontrolthereofinJCI.

123. Inpursuanceofthesaidscheme,R&EallegesthattheperpetratorsactingforandonbehalfofJCIcausedthe4000000RRLsharestobelodgedwithSociéteGenerale(“SocGen”) assecurityforscripadvancedbySocGentoJCI.

124. The4000000RRLsharesweresoldbySocGenforthebenefitofJCI,andnotforthebenefitofR&E.

125. R&Ethusassertsthatitreceivednobenefitonaccountofthesalethereof.

126. Totheextentnecessary,R&EhastakenacessionfromHoldingsofanyclaimenjoyedbyHoldingsagainstJCI,arisingfromtheallegedmisappropriationofthesaid4000000RRLshares.

127. Byvirtueoftheallegedappropriationofthe4000000RRLshares,R&EallegesthatithassustaineddamagesandthatJCIisliabletoitfor:

127.1 damagesresultingfromtheallegedtheftofthe4000000RRLsharesamountingtoR636920000.00whichamountisbasedonthehighestpriceatwhichthe4000000RRLsharestradedsubsequenttotheirallegedtheftbutpriorto3August2006,whenR&E’sStatementofClaimwasserved.(ForillustrativepurposesandbasedonapriceofR654.58perRRLsharewhichrepresentsthehighestpriceatwhichRRLshareshavetradedsubsequenttothedateoftheirallegedtheft,butpriorto28February2010,R&E’smainclaimequatestoR2618320000.TotheextentthatthepriceofRRLsharesincreasesinfuture,suchincreasewillresultinacommensurateincreaseinR&E’smainclaim);alternatively

127.2 deliverytoitof4000000sharesinRRL,alternativelypaymenttoR&Eofsuchamountasrepresentsthevalueofthesaid4000000RRLsharesonthedateonwhichJCIisfoundtobeliabletoit;alternatively

127.3 damages resulting from the receipt by JCI of the proceeds arising from the sale of the 4 000 000 RRL sharesamountingtoR386672211.00;alternatively

127.4 paymentoftheamountofR386672211.00onthebasisthatJCIreceivedfundsinconsequenceofanillegalcause.

Claim Fifteen

128. BywayofR&E’sfifteenthclaimagainstJCI,R&Eallegesthaton31March2002,it,alternativelyHoldings,wastheregisteredandbeneficialownerofinter alia,900000sharesinRRL(“the 900 000 RRL shares”).

129. R&E contends that during the period 1 April 2002 to 23 August 2005, the 900 000 RRL shares inter alia, were allegedlymisappropriatedbytheperpetrators(actingincollaborationwithJCI),andwhichshareswerelodgedwithonePaulMain.

130. R&E submits that the 900 000 RRL shares were appropriated from it for the benefit of JCI and that R&E received nobenefitherefor.

131. Totheextentnecessary,R&EhastakenacessionfromHoldingsofanyclaimenjoyedbyitagainstJCI,arisingfromtheallegedmisappropriationofthesaid900000RRLshares.

132. Byvirtueoftheallegedmisappropriationofthe900000RRLshares,R&EcontendsthatithassustaineddamagesandthatJCIisliabletoitfor:

132.1 damagesresultingfromtheallegedtheftofthe900000RRLsharesamountingtoR143307000.00whichamountisbasedonthehighestpriceatwhichthe900000RRLsharestradedsubsequenttotheirallegedtheftandpriorto3August2006,whenR&E’sStatementofClaimwasserved.(ForillustrativepurposesandbasedonapriceofR654.58perRRLsharewhichrepresentsthehighestpriceatwhichRRLshareshavetradedsubsequenttothedateoftheirallegedtheft,butpriorto28February2010,R&E’smainclaimequatestoR589122000.TotheextentthatthepriceofRRLsharesincreasesinfuture,suchincreasewillresultinacommensurateincreaseinR&E’smainclaim);alternatively

132.2 deliveryofthe900000RRLsharestoit,alternativelypaymentofsuchamountasrepresentsthevalueofthesaid900000RRLsharesonthedateonwhichJCIisfoundtobeliabletoR&E;alternatively

132.3 damagesresultingfromthesaleofthe900000RRLsharesamountingtoR143307000.00.

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Further Claims

133. Followingthe initialamendmenttoR&E’sStatementofClaiminJanuary2007,R&Eestablishedthat itmayenjoyadditionalclaimsagainstJCI.

134. On22August2008,R&EservedanamendmenttoitsStatementofClaim(whichwasformallyamendedinSeptember2008),andintroducedfournewclaims.

135. Suchfurtherclaimsaresetoutbelow.

Claim Sixteen

136. R&Eassertsbywayof itssixteenthclaimagainstJCI thatasat31December2002, it,alternativelyFirstWesgoldwasthebeneficialownerof12574836sharesintheissuedsharecapitalofJCI(“the 12 574 836 JCI shares”).

137. Duringtheperiod1January2003to26May2003,R&EallegesthataschemewasdevisedbyJCIandtheperpetratorswhichwasintendedthroughtheft,todepriveR&E,alternativelyFirstWesgoldofthe12574836JCIsharessothatthebenefitofsuchsharesortheproceedsderivedfromanysalethereofmightbeappliedforapurposeotherthantobenefitR&E,alternativelyFirstWesgold.

138. Inconsequenceoftheallegedtheftofthe12574836JCIshares,R&EalternativelyFirstWesgold(thelatterbeingasubsidiarycompanyofR&EwithinthemeaningoftheMediationAgreement,therebyrenderingJCIliableforthedebtsofFirstWesgoldtoR&E),hassustaineddamagesasfollows:

138.1 damagesamountingtoR11317352.40,whichamountisbasedonthehighestpriceatwhichthe12574836JCIshares traded subsequent to their alleged theft but prior to 28 February 2010, together with such amounts asrepresentthedividendamountstowhichR&E,alternativelyFirstWesgoldwouldhavebecomeentitled,butfortheallegedmisappropriationofthe12574836JCIshares;alternatively

138.2 deliveryof the12574836JCI shares to it, togetherwith suchamount as represents thedividendamounts towhich R&E, alternatively First Wesgold would have become entitled, but for the alleged misappropriation of the12574836JCIshares,inconsequenceofthedividendsdeclaredbyJCIinrespectthereof,subsequenttothedateoftheallegedtheftofthesaidshares;alternatively

138.3 suchamountasrepresentsthevalueofthe12574836JCIsharesasatthedateonwhichJCIisfoundtobeliabletogetherwithsuchamountasrepresentsthedividendamountstowhichR&E,alternativelyFirstWesgoldwouldhavebecome entitled, but for the misappropriation of the 12 574 836 JCI shares, in consequence of the dividendsdeclaredbyJCIinrespectofthe12574836JCIshareshavingbeendeclaredsubsequenttothedateoftheirallegedtheft;alternatively

138.4 anamountofR8042099.67whichamountrepresentsthenetproceedsreceivedbyJCIarisingfromthesaleofthe12574836JCIshares,togetherwithanamountequivalenttosuchgrowthaswouldhaveaccruedtoR&Eonthe12574836JCIshares,alternativelytoFirstWesgold,butfortheallegedwrongfulandunlawfulappropriationthereof,togetherwithsuchamountasrepresentsthedividendamountstowhichR&E,alternativelyFirstWesgoldwouldhavebecomeentitled,but for themisappropriationof the12574836JCIshares inconsequenceof thedividendsdeclaredbyJCIinrespectthereof,subsequenttothedateoftheirallegedtheft.

Claim Seventeen

139. R&EassertsbywayofitsseventeenthclaimagainstJCIthatasat31December2002,it,alternativelyFirstWesgoldwasthebeneficialownerof28000sharesintheissuedsharecapitalofWesternAreas(“the 28 000 Western Areas shares”).

140. Duringtheperiod1January2003to11June2003,R&EallegesthataschemewasdevisedbyJCIandtheperpetratorswhichwasintendedthroughtheft,todepriveR&E,alternativelyFirstWesgoldofthe28000WesternAreassharessothatthebenefitof such shares or the proceeds derived from any sale thereof might be applied for a purpose other than to benefit R&E,alternativelyFirstWesgold.

141. Inconsequenceoftheallegedtheftofthe28000WesternAreasshares,R&EalternativelyFirstWesgold(thelatterbeingasubsidiarycompanyofR&EwithinthemeaningoftheMediationAgreement,therebyrenderingJCIliableforthedebtsofFirstWesgoldtoR&E),hassustaineddamages.

142. On19January2007,WesternAreasshareswereconvertedtoGoldfieldsLimited (“Goldfields”) shares inconsequenceofwhichconversion,everyshareholderholding100WesternAreassharesreceived35GoldFieldssharesinreplacementthereof.

143. Inconsequenceofthesaidconversion,the28000WesternAreassharesarecurrentlyequivalentto9800Goldfieldsshares.

144. Byvirtueoftheallegedtheftofthe28000WesternAreasshares,R&Eallegesthatithassustaineddamagesasfollows:

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145. DamagesamountingtoR1391600.00,whichamountisbasedonthehighestpriceatwhichthe28000WesternAreassharestradedsubsequenttotheirallegedtheftburpriorto31March2008,togetherwithsuchamountsasrepresentthedividendamountstowhichR&E,alternativelyFirstWesgoldwouldhavebecomeentitled,but for theallegedmisappropriationof the28000WesternAreasshares.(ForillustrativepurposesandbasedonapriceofR174.40perGoldfieldssharewhichrepresentsthehighestpriceatwhichGoldfieldsshareshavetradedsubsequenttothedateoftheirallegedtheft,butpriorto28February2010,R&E’smainclaimequatestoR4883200.TotheextentthatthepriceofGoldfieldssharesincreasesinfuture,suchincreasewillresultinacommensurateincreaseinR&E’smainclaim);alternatively

145.1 deliveryofthe28000WesternAreassharestoit,togetherwithsuchamountasrepresentsthedividendamountstowhich R&E, alternatively First Wesgold would have become entitled, but for the alleged misappropriation of the28000WesternAreasshares,inconsequenceofthedividendsdeclaredbyJCIinrespectthereofsubsequenttothedateoftheallegedtheftofthesaidshares;alternatively

145.2 suchamountasrepresentsthevalueofthe28000WesternAreassharesasatthedateonwhichJCIisfoundtobeliable togetherwith suchamount as represents thedividendamounts towhichR&E,alternatively FirstWesgoldwouldhavebecomeentitled,butforthemisappropriationofthe28000WesternAreassharesinconsequenceofthedividendsdeclaredbyJCIinrespectofthe28000WesternAreasshareshavingbeendeclaredsubsequenttothedateoftheirallegedtheft;alternatively

145.3 anamountofR924294.21whichamountrepresentsthenetproceedsallegedlyreceivedbyJCIarisingfromthesaleofthe28000WesternAreasshares,togetherwithanamountequivalenttosuchgrowthaswouldhaveaccruedtoR&E,alternativelyFirstWesgoldon the28000WesternAreasshares,but for theallegedwrongfulandunlawfulappropriationthereof,togetherwithsuchamountasrepresentsthedividendamountstowhichR&E,alternativelyFirstWesgoldwouldhavebecomeentitled,but for themisappropriationof the28000WesternAreasshares inconsequenceofthedividendsdeclaredbyJCIinrespectthereof,subsequenttothedateoftheirallegedtheft.

Claim Eighteen

146. Bywayof its eighteenth claim,R&Ealleges that during theperiod30 June2003 to31December 2005, pursuant to theconclusionofaseriesoforalagreements,R&ElentandadvancedanamountofR121198224.50toCMMS.

147. R&EallegesfurtherthatCMMSwasobligedtomakepaymentofinterestonsuchamountatarateof1%abovetheprimerateofinterestchargedbyFirstRandBankLimitedfromtimetotime,compoundeddailyandcapitalisedmonthly.

148. Asat31December2005,R&EcontendsthatCMMSwasindebtedtoitintheamountofR121198224.50.

149. By virtue of the loans referred to and the Mediation Agreement, R&E alleges that JCI is liable to make payment to it ofR121198224.50,togetherwithinterestthereonattherateof1%abovetheprimerateofinterestchargedbyFirstRandBankLimitedfromtimetotime,compoundeddailyandcapitalisedmonthlywitheffectfrom1January2006todateofpayment,bothdaysinclusive.

Claim Nineteen

150. InthealternativetoclaimsOnetoEighteen(asreferredtoabove)andbasedontheassumptionthatR&Edoesnotinrespectof claims 1 to 9 and 14 to 17 establish the schemes referred to therein and more particularly, if it is established that thetransactionsinquestionwerelawfulandregulartransactionsinrespectofwhichR&E,alternativelyHoldingsauthorisedthesaleoftheirassetsforthebenefitofJCIanditssubsidiaryand/orassociatedcompanies,thenandinthisevent,R&E,alternativelyHoldings(whereapplicable),averthathavingregardtotheinter-companyloanaccountsbetweenCMMSandJCIandCMMSandR&E(whichR&EassertsCMMSwasobligedtomaintain),onaproperreconciliationofsuchloanaccounts,R&EclaimsthatCMMS and ultimately JCI, (by virtue of the provisions of the Mediation Agreement), is indebted to R&E in the amountofR1243527309.64.R&Eallegesthatinadditiontothesaidamount,interestthereonattherateof1%abovetheprimerateofinterestchargedbyFirstRandBankLimitedfromtimetotime,compoundeddailyandcapitalisedmonthlywitheffectfrom1April2007todateofpayment,ispayable.

Interest

151. Unlessotherwisespecified,inadditiontotheaboveclaimsagainstJCI,R&Eclaimsinterestonthevariousamountsclaimed,attherateof15.5%perannum.

JCI’s Statement of Defence briefly considered

152. On8September2006,JCIdelivereditsStatementofDefencetoR&E’sStatementofClaim.

153. JCIdisputesthatitisindebtedtoR&Eforanyamount.

154 JCIdeniesthattheperpetratorsconstitutedthedirectingandcontrollingmindand/orwillofJCI.Intheresult,JCIdisputesthatR&EenjoystheclaimswhichR&Eassertsagainstit.

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155 InansweringR&E’sStatementofClaim,JCIcontendsinter alia,that:

155.1 itsmainbusinesswastocarryonandinvestinminingandpropertyventuresasaprincipal;

155.2 itsmainobjectwastheinvestmentinminingandpropertyventuresasprincipal;

155.3 noancillarypowerswereexcluded;

155.4 totheextentthatanyoftheperpetratorsparticipatedinorperformedactivitiesoutsideofthecapacityoftherelevantcompany for which they acted, such perpetrators were not authorised to do so, did not thereby bind suchcompany(ies)nordid theyactwithin thecourseandscopeof theirdutiesand thereforedidnotbindanyof thecompaniestoanyconsequencearisingfromtheiracts;

155.5 neitheritnoranyofitssubsidiariesandassociatedcompaniesacceptedthebenefitsarisingfromtheconductoftheperpetrators;

156 JCIassertsthatinsofarasR&Eisabletoestablishthattheperpetratorscommittedunlawfulacts,thereisnobasisuponwhichJCIshouldbeheldresponsibleforsuchunlawfulactsgiventhatJCIcouldnotandwouldnothaveauthorisedsuchactsandinanyeventdidnothavethecapacityortheplenarypowerstodoso;

1157 JCImaintainsthatifR&EisultimatelyabletoimputeliabilitytoJCIoranyoneofitssubsidiariesorassociatedcompanies,thiscanonlybeestablishedonthebasisthatJCIandsuchsubsidiariesorassociatedcompanies,wereenriched.JCIhoweverdeniesthattherewasanysuchenrichmentandfurtherdeniesinrespectofthequantificationofR&E’sdamages,thatitisliabletoR&Efordamagesasalleged;

158 R&E is yet to receive JCI’s response to the four newclaimswhichR&E formally introduced into itsStatementofClaim inSeptember2008;

159 Inadditiontotheabove,JCIhasindicatedtoR&E,thattotheextentthatJCIisfoundtobeliabletoR&E,itmayenjoyclaimsagainstR&EonaccountofvalueallegedlygivenbyJCItoR&E,arisingfromtheproceedsofR&E’smisappropriatedassets,asfollows:

159.1 anamountofR208142593.00inrespectoffundingallegedlyfurnishedbyCMMStoR&EfortheacquisitionofcertainWesternAreasshares(allegedlyacquiredbyR&E);and

159.2 anamountofR50600.00inrespectof1.5millionDRDshares.

160 NoclaimshavebeenformallymadebyJCIagainstR&Efortheabovementionedamounts,andaccordinglyitisprematureforR&Etoconsidersuchallegedclaims(whicharedenied)intheabsenceofsuchclaimshavingbeenformallyintroduced.IfandwhenformalclaimsaremadebyJCIinregardhereto,R&Ewillconsideritspositionandrespondappropriately.

THE STATUS OF THE ARBITRATION

161 FollowingthelapsingofthesettlementagreementsconcludedbetweenR&E,JCIandJCIIFinitiallyon31August2009andsubsequentlyon16September2009,on22September2009,R&EannouncedonSENS,thatitwasreferringitsdisputeswithJCItoarbitration.

162 On6November2009,JCIissuedanapplicationoutoftheSouthGautengHighCourt(Johannesburg)(“the JCI application”)foranorderdeclaringthatthedisputesbetweenR&EandJCIshouldnotbearbitrateduponandfurthermore,thattheMediationAgreementshouldceasetohaveanyeffectwithregardtosuchdisputes.

163 AlthoughR&Edeliveredanoticetoopposesuchapplication,inthelightofthesettlementagreementconcludedbetweenR&E,JCIandJCIIFon20January2010,R&EandJCIhaveagreedthatpendingtheimplementationofthesettlementagreement,theJCIapplicationwillbeheldoverandonlyreturnedtointheeventofthesettlementagreementnotbeingimplemented.Dependenthereon,theenforceabilityoftheMediationAgreementmayinduecourseneedtobepronounceduponbytheHighCourt.Theoutcomethereofwilldeterminewhetherornotthearbitrationproceeds.

164 ShouldthesettlementwithJCInotbeimplemented,theR&Eclaimswillbepursuedintheappropriateforum.

cONcLUSION

165 R&EdoesnotproposetocommentonthedefencesraisedbyJCIherein,norareanylegalorotheropinionsassertedbywayofthisOverviewoftheR&Eclaims.

166 TheadjudicationoftheR&Eclaimsissubjecttothemediationand/orarbitrationreferredtointheMediationAgreementandthefactualandlegalsustainabilityofsuchclaims.

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ANNEXURE 3

R&E’S SENIOR cOUNSEL’S OPINION ON cLAIMS MADE BY R&E

INTRODUcTION

1. WehavebeenrequestedtoconsiderandprovideourviewsinrespectoftheprospectsofsuccessenjoyedbyRandgoldinitsvariousclaimsagainstJCI.

2. TheRandgoldlegalteamwasinstructedtoformulateclaimsagainstJCI,havingregardinter aliato:

2.1 thefindingsofRandgold’sForensicInvestigators,UmbonoFinancialAdvisoryServices(Pty)Limited(“Umbono”);

2.2 theseriesofForensicReportspreparedbyUmbono;and

2.3 thecontributionsofvariouswitnesses,(theco-operationofwhichhadbeensecuredbyRandgold’sexecutive).

3. InformulatingtheRandgoldclaimsagainstJCI,Randgold’slegalteamwasinstructedtoassertthestrongestpossiblecaseforRandgoldagainstJCI.

4. Wedirectspecificattentiontothefollowing:

4.1 In accordance with the Mediation/Arbitration Agreement concluded on the 7th of April 2006 (“the Mediation Agreement”),bothRandgoldandJCIwereobligedintermsthereof,toeachindependentlyprepareaForensicReportrelevanttotheirfindingsinrespectofeachofRandgoldandJCIseparately,andtothereafterexchangesuchReportsinaccordancewiththeprovisionsofclause7oftheMediationAgreement;

4.2 On20June2006,andataformalmeetingheldatthechambersofFarberS.C.,RandgoldandJCI’slegalrepresentativesexchangedthesaidReports;

4.3 TheJCIReportbears thedateof8May2006 (“the 8th of May Report”),whilst thatofRandgoldbears thedateof20June2006;

4.4 ConsequentupontheexchangeoftheaforesaidForensicReports,Randgold’slegalteamproceededinaccordancewithits instructions,toformulatetheclaimsenjoyedbyRandgoldagainstJCI,andwhichfoundexpressioninRandgold’sStatementofClaim;

4.5 Randgold’sStatementofClaimwasservedonJCIon3August2006;

4.6 ConsequentuponthepreparationoftheStatementofClaim,JCIservedafurtherForensicReportwhichwaspreparedbyKPMG(“the further JCI Report”),althoughthiswasnotcontemplatedundertheMediationAgreement;

4.7 ThefurtherJCIReportconstitutesacritiqueoftheclaimsprofferedbyRandgoldinitsStatementofClaimagainstJCI;

4.8 WenotethattheforensicfindingsofUmbono(onthestrengthinter aliaofwhichRandgold’sclaimswereformulated),appeartobeechoedinthe8thofMayReport;

4.9 Thereappearsfurther,toexistsubstantialparitybetweentheForensicReportbyUmbonoandthe8thofMayReportbyJCI;

4.10 WearefortifiedinourevaluationoftheprospectsofsuccessinrespectoftheclaimbyRandgoldagainstJCI,bytheapparentdisparitybetweenthe8thofMayReportandthefurtherJCIReport.

5. Weinvitespecificattentiontothefollowingexcerptsfromthe8thofMayReportwhichappeartobelargelycongruentwithandtolendcredencetothebasisuponwhichtheRandgoldclaimshavebeenformulated:

5.1 Atpage1ofthe8thofMayReport,thefollowingappears:

“The strategy adopted by the Directors and Officers of JCI Limited and its subsidiaries required access to significant funding for the execution of such strategy. We noted that JCI Limited had little access to funding and we understand that the Group did not enjoy support from financial institutions, save for the event of the Investec UK transaction, which generated funding to JCI Limited…..”

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5.2 Atpage78andatlines6to7,thefollowingisstated:

“We found no evidence indicating that JCI Limited and its subsidiaries, particularly CMMS, owned any RRL shares.”

5.2.1Page81andatlines12to14thefollowingisstated:

“DependingonthenatureofthetransactionunderlyingthesaleofsuchRRLsharesintheAlibipropstransactions,CMMSanditsfellowsubsidiariesappeartoeitherhaveanobligationtoreturn1916652RRLshares(duetheretothat theAlibiprops transactionwasperformedprior to thesplitof theRRLshares) toRRH, inaddition to thosementionedabove,ortorepaythemonetarybenefitobtained.”

5.3 Atpage83andatlines1to3thefollowingisrecorded:

“Assuming a share price of USD 17 for RRL shares and a R/USD exchange rate of some R6.38, an amount of R1 809 849 677.24 would then have been required to fund the return of the RRL shares sold to RRH.”

5.4 Atpage105andatlines4to6,thefollowingisstated:

“These facts are indicative of the following elements of the relationship between JCI Limited and REC as a result of the transactions mentioned at 7.2 supra:

• JCI Limited used the resources of RRH for its own benefit; and

• The executors of the transactions did not want to disclose such fact.”

5.5 Atpage135atlines13to21,thefollowingisstated:

“We have indicated supra that the obligation to return RRL shares to RRH rests upon JCI Limited, due to an unauthorised appropriation thereof, the Investec UK structure and due to it having benefited from the sale of RRL shares in the Alibiprops account. As some 16 686 794 RRL shares have to be returned in this manner and would need to be purchased, the cost to JCI Limited could be some R1 809 849 677.24, provided an RRL share price of USD17 and a Rand/USD exchange rate of some R6.38. If the Settlement Agreement can be interpreted to mean that the obligation of JCI Limited in this regard is limited to R500 million, it means that an effective write off of some 12 076 800 RRL shares of RRH have been achieved, once again protecting JCI Limited against a claim of RRH.”

6. ItwouldappearthatJCIhasadoptedastanceinthefurtherJCIReportatvariancewiththestanceadoptedinthe8thofMayReport.Thisapparentchangeinstanceandthereasonsgivingrisetheretowillbefullyventilatedshouldthematterproceedtoarbitration.

7. Wedrawattentiontothefollowingfurtherconsiderations:

7.1 AlargenumberoftheclaimsprofferedbyRandgoldagainstJCIinrespectofwhichmisappropriationshavebeenalleged,findtheirorigininthefindingsofUmbonoandotherwitnesseswhocontendthattheftshavebeenperpetratedagainstRandgold;

7.2 TheclaimsthathavebeenprofferedinrespectofeachsuchmisappropriationofRandgold’sassets,havebeenpredicatedonthestructureofthealternativessetoutintheOverviewoftheRandgoldClaims;

7.3 Atthehighestlevel,RandgoldassertsthattotheextentthatJCIisfoundtohavemisappropriatedtheassetsofRandgold,inthemannercontendedfor intheStatementofClaim,thenand inthosecircumstances,theappropriatemeasureofdamagesandtheappropriatedegreeofcompensationbyJCItoRandgold(basedonRomanDutchAuthorities),issuchthatRandgoldisentitledtorecoverfromJCIthehighestvalueeverachievedpertainingtothecommoditystolen;

7.4 Weredamagesnottobeawardedonthisprinciple,Randgoldinthesecondtierofitsalternativestosuchclaims,contendsthatitisentitledtoobtainareturnfromJCIoftheequivalentnumberofsharesmisappropriated.Thedifferencebetweenthisanddamagesbasedontheftmayprovenegligible;

7.5 Thefurtheralternativesonwhichtheseclaimsarebased,wouldentitleRandgoldtoalessermeasureofdamages;

7.6 Itistobeborneinmind,thattotheextentthatRandgolddoesnotestablishitscausesofactiononthesehighestlevels,thatthemeasureofdamagesattainablewouldbealesseramount;

7.7 EachoftheabovealternativesentitleRandgoldtoadifferentmeasureofdamages. Itgoeswithoutsaying,thattotheextentthatthefirstorsecondalternativeswerenottobeupheld,themeasureofdamageswouldcorrespondinglyreduceinrespectofeachofthevariousalternativeclaims.

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8. BasedonouranalysisoftheForensicReportsandthewitnesseswhohavebeeninterviewedtodate,webelievethattheclaimshaveareasonableprospectofsuccesssubjectalwaystothefollowing:

8.1 ThefindingsofUmbonobeingfoundtobeaccurateandcapableofsubstantiationthroughevidenceandtheconclusionsreachedtherein,withstandingscrutiny;

8.2 ThelegalprinciplesuponwhichRandgold’sclaimshavebeenformulatedbeingupheld;

8.3 Theevidenceofthirdparties(whohavegiveninputintotheformulationofRandgold’sclaims),andtheclaimsthemselveswithstandingscrutinyandbeingupheld.

(Litigation,byitsverynature,isuncertainandintheultimateanalysistheprospectsorotherwiseofRandgold’sclaimssucceeding,willrelyuponawidespectrumoffactors).

cONcLUSION

9. Inconclusion,thesuccessoftheclaimsprofferedbyRandgoldagainstJCI,willdependuponRandgoldanditswitnessesbeingabletoestablishthefactsinrespectofeachoftheclaimsandofcoursethefactsunderlyingeachofthealternatives.Inadditiontoestablishingthesefacts,RandgoldwillbefurtherrequiredtoestablishthelegalprinciplesapplicabletothevariousfactstobeprovedinorderforRandgoldtobeentitledtotheamountsassertedforinitsStatementofClaim.

G FARBER S.C.

N KONSTANTINIDES

28 April 2010

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ANNEXURE 4

cURRIcULA VITAE OF THE MEDIATORS

1. ScHALk FREDERIck BURgER

B.Com (Stellenbosch), 1969, LLB (Stellenbosch), 1971, LLM (University of London, King’s College), 1973

1. Professional Associations

MemberoftheJohannesburgandCapeSocietiesofAdvocates;admittedtopracticeasanadvocateinSouthAfrica,Namibia,Botswana,Lesotho,andmemberofLincoln’sInn(UK).

PastchairoftheJohannesburgBarCouncil,pastchairoftheprofessionalsub-committeeandmemberoftheBarCouncil,bothasaseniorandajunioroveraperiodofsome10years.

PastchairoftheArbitrationFoundationofSouthAfrica:WesternCapeBranch.

2. Career at the Bar

JoinedtheJohannesburgBar in1974.TookSilk in1987.ActedasaJudgeof theHighCourtofSouthAfrica (both in theWitwatersrandLocalDivisionandintheCapeProvincialDivision)onvariousoccasionssince1988.Lastactingstint:Oct–2000intheCapeProvincialDivision.

3. Professional Experience – Court

Generalchamberand litigationpractice (mostlycommercial, regulatoryandconstruction);appearsregularly intheSupremeCourtofAppealofSouthAfricaandtheHighCourts,andhasappearedintheHighCourtofNamibia,LesothoandBotswana.

4. High Court litigation:

Involvedinnumerouspastandpendingactionsandenquiries,inter alia

• InsuranceclaimofR200marisingfromanexplosionatafurnaceataplatinumsmelter(leaderofteamfortheinsured);

• Investigation into an explosion at Sasol’s Secunda plant which caused serious loss of life and substantial physicaldamageleaderofSasolteam);and

• InvestigationintoanexplosionatacoalmineintheEasternTransvaalwhichcausedseriouslossoflife(53dead)andsubstantialphysicaldamage(leaderofteamformineowner).

5. Arbitration:

Involvedinnumerousnationalandinternationalarbitrations,bothascounselandasarbitrator,eg.:

• ConstructionarbitrationinJohannesburg(1987to1992)involvingapproximatelyR250million(asleaderoftheteamfortheclaimant);

• ICCarbitrationinLondon(1998)involvingconstructionworkandaclaimofapproximatelyR30million(asleaderoftheteamfortheclaimant);

• Construction arbitration involving Namibian and German parties (1997) involving approximately R40 million (1996)(asarbitrator);

• ICCarbitrationinParis(1999–2001)involvinggenerationandsupplyofelectricityinSouthernAfricaandaclaimofsomeR250million(asleaderoftheteamfortheclaimant);

• Construction mining arbitration in Johannesburg between Ghanain parties (1999 – 2001) involving someUS$25000000asarbitrator);

RecentlynominatedtotheUnitedNationsPanelofArbitratorsforSouthernAfrica.

6. Academic position

VisitingprofessorinCommercialLaw,UniversityofStellenbosch,2002–2008.

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2. HARVEY ELLIOT WAINER

B Acc (Wits) CA(SA)

1. CharteredAccountantandRegisteredAuditor.

2. Extensiveexperienceinvariousfinancial,accountingandauditingmattersfrom1980todate.

3. VisitingProfessor,UniversityoftheWitwatersrand.Lecturerandexamineronvariousfinancial,accountingandauditingmatters(includingcompanylaw)atpost-graduatelevel.

4. Member of the South African Institute of Chartered Accountants and registered with the Independent Regulatory BoardforAuditors.

5. Past membership of statutory and professional standard-setting bodies, including the Auditing Standards Board and theAccountingPracticesCommittee.

6. ChairmanoftheGAAPMonitoringPaneloftheJSESecuritiesExchange.

7. Hasappearedasanexpertwitnessonvariousfinancial,accountingandauditingmattersintheHighCourtandinlocalandinternationalarbitrationproceedings.Extensiveexperiencewithlocalandinternationalinvestigationsandlitigation.

8. FormerlychiefexecutiveandmanagingpartnerofFisherHoffmanSithole.

3. cHARLES NUPEN

BA LLB (Natal)

1. Charlesisanattorneywithextensivelabourlaw,mediation,facilitationandarbitrationexperience.

2. HeisaformerexecutivedirectorofboththeIndependentMediationServiceofSouthAfrica(IMSSA)andtheCommissionforConciliationMediationandArbitration(CCMA).

3. HewasaCommissionerontheIndependentElectoralCommission.

4. HeisthechairmanofStratalign,acompanyofferingorganisationalandhumanresourcedevelopmentproductsandservices.

5. Hehasconsultedandtrainedinternationallyinthefieldofconflictmanagementanddisputeresolutionandhascontributedtoseveralbooksonthetopic.

6. HeisanadjunctprofessoroflawattheUniversityofCapeTown.

7. HecofacilitatedthedevelopmentoftheFinancialServicesSectorCharterandisaCEDRaccreditedcommercialmediator.

8. HeisadirectorofTokiso,aleadingprivatedisputeresolutionagencyinSouthAfrica.

9. Heserveson theboardofResourceAfricaanorganisationcommitted topromotingsustainable resourcemanagement tobenefitruralcommunitiesinSouthernAfrica.

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ANNEXURE 5

SUMMARY OF MOTIVATION TO THE JSE REgARDINg THE

MEDIATORS’ APPOINTMENT 1.1 TheMediatorswereappointedduring2006,tomediatethedisputethathadarisenbetweenR&EandJCI(“the companies”).

1.2 After considering the voluminous documentation, various reports, engaging with the companies and in particular boardmembers,thefinancialdirectorsofthecompanies,theforensicinvestigatorsandlawyers,theMediatorsissuedaStatementon28February2007followedbyanexplanatorynotethereto(copiesofwhichareavailableforinspectionintermsofparagraph39oftheCirculartowhichthisAnnexure5isattached).

1.3 BywayoftheirStatement,theMediatorsrecommendedthatamergerbetweenthecompaniesbepursued.TheMediatorsweresubsequentlyapproachedbythecompaniestofurnishanopiniononthetermsoftheshareswaparrangementthenbeingproposedbythedirectorsofthecompaniesinordertoeffectamerger.

1.4 FailingtheproposedmergercontemplatedbetweenR&EandJCIassetoutin1.3above,andtheconclusionoftherevisedSettlementAgreement,theMediatorswereagainapproachedbytheBoardsofbothR&EandJCIinJanuary2010toprovideanopinionastothetermsoftheproposedsettlementbetweenR&EandJCI.

1.5 TheBoardofR&Eisoftheviewthattherearenobetterpersonsqualifiedtoexpressanopiniononthesuitabilityoftheproposedsettlement,otherthantheMediators.

1.6 NotwithstandingthepublicationanddistributionofR&E’sconsolidatedauditedannualfinancialstatementsfortheyearsended31 December 2007 to 31 December 2009, the lack of audited financial statements of R&E from 31 December 2004 to31December2006andthelikelihoodthatthe31December2003willinvariablyneedtobere-statedrendersitimpossibleforR&EtoproduceaFairnessOpinioninrespectoftheproposedsettlementascontemplatedbytheJSEListingsRequirements,as a result of the uncertainty involved in determining the financial position and the completeness thereof for the periods31December2003to31December2006.

1.7 Inthesecircumstances,theBoardofR&EproposedbywayofapplicationtotheJSEinFebruary2010,thattheMediatorsarethemostappropriatepersonstoexpressanopiniononthesuitabilityoftheproposedsettlement.

1.8 TheMediatorshave,sincetheinceptionofthemediation,beenexposedtoallissuesrelevanttotheimpassebetweenR&EandJCI.Theyhavealsohadregardtothecomplexanddiverselegal,accountingandassociatedissueshavingabearingthereon.

1.9 TheMediatorsenjoyadiverserangeofskills,whicharecomplimentarytoeachother.AdvocateSchalkBurgerhasbeenapractisingSeniorCounsel for inexcessof twentyyears.CharlesNupen isamediationspecialistof thehighestcalibreandHarveyWaineristheformerseniorpartnerofalargeauditingfirmandhasactedasanexpertinanumberofhighprofilematters.FurtherinformationontheMediatorsiscontainedinAnnexure4ofthisCircular.

1.10 The Mediators have, over the past few years (since their original appointment) been engaged in a methodical process ofanalysing the various issueswhichhaveabearingon the impassebetweenR&EandJCI. For any institution toequal theexpertiseandlevelofunderstandingenjoyedbytheMediatorswouldnecessitatethefollowing:

1.10.1 AteamofpersonsequippedwithacomparabledegreeofexpertiseandreputationtothatoftheMediatorsintheirrespectivefieldswouldneedtobeappointed;

1.10.2 SubstantialresourceswouldneedtobeemployedineducatingthesaidpersonstothesamelevelofunderstandingastheMediatorsand,inparticular,ofthecomplexlegalandaccountingissuesbearingthereon.

1.10.3 Muchofmanagement’stimewouldbetakenupintheprocessofeducatingsuchteamofpersonsinordertoenablethemtounderstandthekeyissuesrequiringthemtoopineon.

1.10.4 ThedelayandcosttotheshareholdersofR&EmaynotbeintheinterestsofR&Eandwouldinvariablygiverisetomanagement’stimebeingdivertedawayfromthepursuitofordinarybusiness.

1.10.5 ItisunlikelythatanotherinstitutionwouldbeabletoequalorbettertheattributesoftheMediatorsintheabsenceofsubstantialcost,analysisandfamiliarizationwiththesameissueswhichhavealreadybeenpainstakinglyassessedbytheMediators.

1.11 TheMediatorshavehadnopriorassociationwitheitherR&EorJCI.EachoftheMediatorsactasindependentprofessionalsintheirrespectivefieldsofexpertise.

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1.12 Havingevaluated the relevant issues resulting in their recommendations thus far, theMediatorsare in thebestposition toexpressanopinioninregardtothesuitabilityorotherwise,oftheproposedsettlement.

1.13 FortheabovereasonstheJSEhaveacceptedthevoluntary inclusionbyR&EofMediatorsReports inwhichtheMediatorsexpressanopinioninregardtotheproposedsettlement.

1.14 On19April2010,theMediatorsfurnishedawrittenReportinwhichtheyconcludedthat:

1.14.1 “Havingregardtoalloftheabove,theRandgold/JCIsettlementagreementisinouropinion,commerciallyprudentandnotinequitabletotheshareholdersofRandgoldorJCI.”

1.15 FollowingtherenderingoftheirReport,theMediatorswerepaidthefollowingamounts:

1.16 SFBurgerS.C,R800000plusVAT;

1.17 CNupen,R800000plusVAT;

1.18 HEWainer,R1050000plusVAT.

1.19 AcopyofthefullMediators’ReportisannexedtothisCircularasAnnexure1.

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ANNEXURE 6

HISTORIcAL FINANcIAL INFORMATION OF R&E

cONDENSED REPORT OF HISTORIcAL FINANcIAL INFORMATION OF THE R&E gROUP

Introduction

ThisreporthasbeenextractedfromtheconsolidatedfinancialstatementsofR&Eanditssubsidiaries(“R&Egroup”)whichhavebeenpreparedinaccordancewithIFRS,incompliancewiththeCompaniesActandtheListingsRequirementsoftheJSE.Thebasisofpreparationhasbeenconsistentlyapplied,exceptwhereotherwise indicated.ForabetterunderstandingofR&Egroup’sfinancialpositionandtheresultsofitsoperationsandcashflowsfortheyear,thissummarisedreportshouldbereadinconjunctionwiththeannualfinancialstatementsfromwhichitisderived.ThesefinancialstatementswereauditedbyKPMGInc,whoissuedanunqualifiedauditopinioninrespectofthefinancialstatements.

cOMMENTARY

TheR&Egroupresultsforthe2009yearwerepositive,showingnetincomeofR64millionbeforetaxation.ThisismainlyasaresultofrecoveriesmadeandfinanceincomeearnedonfundsinvestedandloanstotheJCIgroup.

Thenetattributableprofitforthe2009yearisR34,7million(2008:lossofR41,6million;2007:profitofR130,7million)resultinginearningsof48centspershare(comparedtoalossof56centspersharein2008andearningsof175centspersharein2007).Theearningspersharecalculation(aswellasthenetassetvaluepershareshownbelow)takesintoaccountadecreaseof2,34%intheweightedaveragenumberofsharesinissueduringthereportingperiod.ThedecreaseisduetoR&Eholding3000000ofitsownsharesastreasurysharesfromtheendofMay2009.

Therewasnochangeinthenumberofsharesinissueduringthereportingperiod,however,thenumberofauthorisedshareswasincreasedby30000000ordinarysharesofR0,01(onecent)eachbyspecial resolutionatageneralmeetingofshareholderson19January2009pursuanttotheproposedmergerwithJCILimited,whichmergersubsequentlylapsed.

NodividendsweredeclaredbytheR&Egroupduringanyoftheperiodsreportedon.

ThemajorassetsoftheR&Egroupat31December2009consistofcash,securedloansandgold-relatedinvestments.

TheR&Egroup’sprospectingrightsarestatedatcostlessimpairmentsasthereiscurrentlyinsufficientgeologicalinformationtoallowR&Etodeclaretheresourcesorreserves.

Total group assets amount to R796,1 million (2008: R732,7 million; 2007: R826,9 million). The net asset value per share at31December2009was674cents(2008:584cents;2007:640cents)andthenettangibleassetvaluepershareat31December2009was674cents(2008:584cents;2007:639cents).

Thegroupwasinapositivecashpositionat31December2009,withcashandcashequivalentsreachingR294,8millionatyear-end(2008:R275,7million;2007:R448,6million).

93

cONSOLIDATED STATEMENT OF cOMPREHENSIVE INcOMEFortheyearended31December

GROUP

2009 2008 2007

Notes R’000 R’000 R’000

Revenue 17 433 10546 3760

Profitonsaleofprospectingrights – – 395000

Recoveries–fromthirdparties 60 240 5031 3108

Otherincome 22 935 4818

Personnelexpenses (8 580) (17348) (9384)

Depreciation (23) (21) (7)

Changeinfairvalueofequitysecurities 198 (14403) (60356)

Otheroperatingexpenses (38 916) (46598) (31422)

Resultsfromoperatingactivities 30 374 (61858) 305517

Financeexpenses 2 – – –

Financeincome 2 33 662 56537 19011

Profit/(Loss) before taxation 64 036 (5321) 324528

Taxation (11 678) (16617) (20704)

Profit/(Loss) for the year 52 358 (21938) 303824

Other comprehensive income

Netchangeinfairvalueofavailable-for-saleinvestments 12 137 – (8484)

FCTR 19 (19) 1

Total comprehensive income 64 514 (21957) 295341

Profit attributable to:

Ownersofthecompany 34 743 (41631) 130732

Non-controllinginterest 17 615 19693 173092

(Loss)/Profit for the year 52 358 (21938) 303824

Total comprehensive income attributable to:

Ownersofthecompany 46 899 (41650) 122249

Non-controllinginterest 17 615 19693 173092

Total comprehensive income for the year 64 514 (21957) 295341

Basicanddilutedearnings/(loss)pershare–cents 6 48 (56) 175

94

cONSOLIDATED STATEMENT OF FINANcIAL POSITIONfortheyearsended31December GROUP

2009 2008 2007

Notes R’000 R’000 R’000

Assets

Non-current assets 247 032 454382 362266

Plantandequipment 3 108 117 104

Intangibleassets 474 474 474

Investmentsinequitysecurities 4 246 450 228986 243389

Loansreceivable – 224805 118299

Current assets 549 096 278351 464645

Loansreceivable 5 207 543 – –

Tradeandotherreceivables 46 747 2626 16039

Cashandcashequivalents 294 806 275725 448606

Total assets 796 128 732733 826911

Equity and liabilities

Shareholders’ equity 484 152 437253 478903

Issuedcapital 748 748 748

Sharepremium 986 054 986054 986054

Reserves 12 137 (19) –

Accumulatedloss (514 787) (549530) (507899)

Non-contolling interest 250 378 232763 213070

Total equity 734 530 670016 691973

Liabilities

Non-current liabilities

Post-retirementmedicalbenefitobligation 34 575 34778 33194

Current liabilities 27 023 27939 101744

Taxliabilities 15 579 13989 30110

Tradeandotherpayables 11 444 13950 71634

Total equity and liabilities 796 128 732733 826911

95

Consolidated statement of changes in equity

Share capital

Share premium

Foreign currency

trans-lation

reserve

Invest-ment

fair value

reserve

Accu-mulated

loss

Total Non-control-

ling interest

Total equity

R’000 R’000 R’000 R’000 R’000 R’000 R’000 R’000

Balanceat1January2007 748 986054 (1) 8484 (643798) 351487 39978 391465

Total comprehensive income for the year

Profit – – – – 130732 130732 173092 303824

Other comprehensive income – – 1 (8484) – (8483) – (8483)

Foreigncurrencytranslationdifferences – – 1 – – 1 – 1

Netchangeinfairvalueavailable-for-saleinvestments – – – (8484) – (8484) – (8484)

Total comprehensive income – – 1 (8 484) 130 732 122 249 173 092 295 341

Transactionwithnon-controllingshareholdersrecordeddirectlyinequity – – – – 5167 5167 – 5167

Balance at 31 December 2007 748 986 054 – – (507 899) 478 903 213 070 691 973

Total comprehensive income for the year

Profitorloss – – – – (41631) (41631) 19693 (21938)

Other comprehensive income

Foreigncurrencytranslationdifferences – – (19) – – (19) – (19)

Total comprehensive income – – (19) – (41631) (41650) 19693 (21957)

Balance at 31 December 2008 748 986 054 (19) – (549 530) 437 253 232 763 670 016

Total comprehensive income for the year

Profit – – – – 34743 34743 17615 52358

Other comprehensive income – – 19 12137 – 12156 – 12156

Foreigncurrencytranslationdifferences – – 19 – – 19 – 19

Netchangeinfairvalueavilable-for-saleinvestment – – – 12137 – 12137 – 12137

Total comprehensive income – – 19 12 137 34 743 46 899 17 615 64 514

Balance at 31 December 2009 748 986 054 – 12 137 (514 787) 484 152 250 378 734 530

96

cONSOLIDATED cASH FLOW STATEMENTfortheyearsended31December

2009 2008 2007

R’000 R’000 R’000

Cash flow from operating activities (43 112) (102062) 30998

Cash(utilisedin)/generatedbyoperatingactivities (34 064) (100607) 23336

Financeincome 1 040 31283 7662

Financeexpenses – – –

Taxationpaid (10 088) (32738) –

Cash flow from investing activities 62 174 (70800) 395818

Dividendsreceived 17 433 10486 3760

Proceedsondisposalofinvestmentinequitysecurities – – 18163

Proceedsondisposalofprospectingrights – – 395000

Acquisitionofinvestmentinequitysecurities (5 129) – –

Acquisitionofplantandequipment (14) (34) (42)

Loanrepaymentsreceived 135 350 – –

Loansadvanced (85 466) (81252) (21063)

Translationeffectonforeigncashandcashequivalents 19 (19) 1

Increase/(Decrease) in cash and cash equivalents 19 081 (172881) 426817

Cashandcashequivalentsatbeginningofyear 275 725 448606 21789

Cashandcashequivalentsattheendoftheyear 294 806 275725 448606

97

cONDENSED NOTES TO cONSOLIDATED FINANcIAL STATEMENTS

1. BASIS OF PREPARATION

ThecondensedfinancialinformationoftheR&Egrouppresentedbelowhasbeenextractedandcompiled,withoutadjustment,from the audited consolidated financial statements of the R&E group for the years ended 31 December 2007,31December2008and31December2009andistheresponsibilityofthedirectorsofR&E.Theauditedconsolidatedfinancialstatementsfortheyearended31December2009havebeenpublishedanddistributedtoshareholderson29March2010.

TheannualfinancialstatementsoftheR&EgroupwereauditedbyKPMGInc.andwerereportedonwithoutqualification.

ThefinancialinformationassetoutaboveshouldbereadinconjunctionwiththeauditedannualreportofR&Efortheyearended31December2009,distributedtoR&Eshareholderson29March2010.

2. FINANCE INCOME 2009 2008 2007

R’000 R’000 R’000

33 662 56537 19011

Cashandcashequivalents 1 032 30986 6788

ConsolidatedMiningManagementServicesLimited(“CMMS”) 14 620 10730 –

JCIGoldLimited 18 002 14524 11349

Loansreceivable–other 8 297 874

Finance expenses – – –

33 662 56537 19011

3. PLANT AND EqUIPMENT 2009

Cost

Accumulated depreciation

and impairment

Carrying value

R’000 R’000 R’000

Owned assets

Motorvehicles 175 (175) –

Computerequipment 141 (97) 44

Paintingsandartwork 64 – 64

380 (272) 108

2008

Owned assets

Motorvehicles 368 (368) –

Computerequipment 137 (84) 53

Paintingsandartwork 64 – 64

569 (452) 117

2007

Owned assets

Motorvehicles 368 (368) –

Computerequipment 103 (63) 40

Paintingsandartwork 64 – 64

535 (431) 104

98

3. PLANT AND EqUIPMENT (CONTINUED)Thecarryingamountofassetscanbereconciledasfollows:

Carrying value at

beginning of the year Additions Depreciation

Carrying value

at end of year

2009 R’000 R’000 R’000 R’000

Owned assets

Computerequipment 53 14 (23) 44

Paintingsandartwork 64 – – 64

117 14 (23) 108

Duringtheyear,amotorvehiclewithacostofR193000andaccumulateddepreciationofR193000wasscrapped.ComputerequipmentwithacostofR10000andaccumulateddepreciationofR10000wasalsoscrapped.

4. INVESTMENTS IN EqUITY SECURITIES 2009 2008 2007

R’000 R’000 R’000

Heldfortrading 9 193 8995 9225

Available-for-sale 237 257 219991 234164

246 450 228986 243389

2009

The Group held investments in the following companies:Number of

shares heldPercentage

held%

Fair value 31 December

R’000

Unlisted investments – South African

KelgranLimited1 2 324 830 2.47 –

Listed investments – South African

GoldFieldsLimited 2 028 6842 0.29 198 771

JCILimited1 305 186 049 13.72 47 679

246 450

2008

The Group held investments in the following companies:Numberof

sharesheldPercentage

held%

Fairvalue31December

R’000

Unlisted investments – South African

KelgranLimited1 2324830 2.47 –

Listed investments – South African

GoldFieldsLimited 20286842 0.31 186436

JCILimited1 2659358543 11.95 42550

228986

99

4. INVESTMENTS IN EqUITY SECURITIES (CONTINUED)2007

The Group held investments in the following companies:Numberof

sharesheldPercentage

held%

Fairvalue31December

R’000

Listed investments – South African

GoldFieldsLimited 20286842 0.31 200839

KelgranLimited1 2324830 2.47 –

JCILimited1 2659358543 11.95 42550

243389

1JCILimitedwassuspendedfromtradingontheJSEatapriceofR0.16pershareon1August2005.KelgranLimitedwassuspendedfromtradingontheJSEatapriceofR0,02on3September2007,andde-listedon28July2008.KelgranwassubsequentlyliquidatedinFebruary2010.Asaresultboththeseinvestmentsarevaluedatcostlessimpairmentasfairvaluecannotbemeasuredreliably.Thecarryingamountsfortheseinvestmentsrepresentthedirectors’bestestimateoffairvalue.

232485ofthesesharesareheldfortradingbygroupentities.337560613ofthesesharesareheldfortradingbygroupentities.

The carrying amount of investments in equity securities can be reconciled as follows:

2009 R’000

2008R’000

2007R’000

Openingbalance1January 228 986 243389 325635

Acquisitions 5 129 – –

Disposal – – (13406)

Impairmentofavailable-for-saleinvestmentsinprofitandloss – (14173) (59259)

Fairvaluemovementinheldfortradinginvestmentsinprofitandloss 198 (230) (1097)

Fairvaluemovementofavailable-for-saleinvestmentsinothercomprehensiveincome 12 137 – (8484)

Closingbalanceat31December 246 450 228986 243389

2009 R’000

2008R’000

2007R’000

5. LOANS RECEIVABLEConsolidatedMiningManagementServicesLimited(“CMMS”) – 120730 28000

JCIGoldLimited 207 543 104075 90299

207 543 224805 118299

Thegroup,throughitsholdingcompanyR&E,hasaloanreceivablefromJCIGoldLimitedintheamountindicatedabove.TheloanbearsinterestatthebankprimelendingrateandwasfullyrecoveredafteryearendthroughpartialrepaymentandR&Eexcising its security against the loans. As a result, R&E become the beneficial owner of a further 6 690 610 FSD shares(approximately30.10%oftheequitysharecapitalofFSD),increasingitstotalshareholdinginFSDfrom55.11%to85.21%.

100

2009 2008 2007

6. EARNINGS PER SHAREPer share (in cents)

Pershare(incents)

Pershare(incents)

Thecalculationofbasicanddilutedearnings/(loss)perordinaryshareisbasedon earnings of R34,7 million (2008: loss of R41,6 million, 2007: Profit ofR130,7 million) attributable to ordinary shareholders of the company and aweightedaverageof73063128(2008and2007:74813128)sharesinissue. 48 (56) 175

Headline earnings/(loss) and diluted headline earnings/(loss) per share 48 (37) (33)

The calculation of the headline earnings and diluted headline earnings pershareisbasedonaheadlineearningsofR34,7million(2008:headlinelossofR27,5million;2007:headlineearningsofR24,9million)attributabletoequityholdersof thecompanyandaweightedaverageof73063128 (2008and2007:74813128)ordinarysharesinissueduringtheyear.

Reconciliation between basic profit/(loss) for the year and headline profit/(loss) R’000 R’000 R’000

Profit/(Loss)fortheyearattributabletoequityholdersofthecompany 34 743 (41631) 130732

Adjusted for:

Profitonsaleofprospectingrights – – (395000)

Profitondisposalofavailable-for-saleinvestments – – (4757)

Impairmentsofavailable-for-saleinvestments – 14173 59259

34 743 (27458) (209766)

Taxeffectsofadjustments – – 13766

Portionattributabletonon-controllinginterest – – 171136

Headline profit/(loss) for the year attributable to equity holders of the company 34 743 (27458) (24864)

7. CONTINGENT ASSETS

Claims

R&EhasvariousclaimsagainstthirdpartieswhichR&Eisproceedingwith.Suchclaimscouldbesubstantial,althoughthereisnoguaranteethatsuchclaimswillresultinawardsbeinggrantedinfavourofR&EorforthatmatterthatR&Ewillbeabletomakesuccessfulrecoveriesinrespectthereof.

DuetotheallegedfraudsandmisappropriationofassetsinprioryearsandtheresultinguncertaintyregardingtheCompany’sVATposition,noVAThasbeenclaimedonexpenditureincurredsinceMay2005.Havinggivendueconsiderationtothefindingscontained ina reportpreparedbyexternaladvisers,R&Eentered intoaprocessofsettling itshistoric incometaxandVATpositionwithSARS.Oncethissettlementhasbeenfinalised,aVATclaimfortheinterveningperiodwillbesubmitted.WhilethecumulativeamountclaimablehasbeencalculatedasR1,2million(2008:R1,1million;2007:R0,6million),noassethasbeenraisedasthereexistsadegreeofuncertaintyregardingitsrecoverability.

8. COMMITMENTS

Thegroupdoesnothaveanysignificantcommitments.

9. SEGMENT REPORTING

Thegroupoperates inasingle reportableoperatingsegmentasan investmentholdingcompanywithassets in theminingindustry.

101

10. SUBSEqUENT EVENTS

(i) Settlement with JCI

On21January2010,R&EnotifieditsshareholdersviaSENSthattheCompanyhadconcludedasettlementagreementwithJCIandJCIInvestmentFinanceLtd(JCIIF),thedetailsofwhichwerepublishedonSENSon28January2010.Thisagreementissubject to various suspensive conditions, themost notablebeing approval by amajority of shareholders at the upcominggeneralmeeting.Thesettlementtransactionswillbefullyaccountedforinthe2010financialyear.

Detailsoftheproposedsettlementassetsareasfollows:

– 6051632GoldFieldsLimitedshares

– 1555710220JCILimitedshares(afreshissue)

Theseshareswillbetransferredtothegroup,subjecttoshareholderapproval,aftertheproposedsettlementmeetingandintermsofthesettlementagreement.TheseassetswillthenbedistributedtoR&Eshareholders.TheunauditedfinancialeffectsoftheproposedsettlementhavebeenoutlinedinAnnexure7ofthiscircular.

(ii) Litigation settlement agreement

As a result of the litigation settlement agreement, R&E will also receive 42 000 Randgold Resources Limited shares. Thistransactionwillalsobefullyaccountedforinthe2010financialyear.

(iii) Settlement of loans receivable

Refertonote5aboveforinformationonthesettlementoftheloanreceivablefromJCIGoldafteryearend.

11. COMMON DIRECTORSHIP

Duringthe2007and2008financialyears,certaindirectorshadcommondirectorshipswithJCILimitedanditssubsidiaries,whichincludeCMMSandJCIGoldLimited,(“JCIgroup”)andasaresult,theJCIgrouphasbeenidentifiedasarelatedparty.

Inaddition,thegroupandtheJCIgrouphaveacrossholdingineachotherinexcessof10%asatthedateofthesefinancialstatements.

2009 2008 2007

12. ORDINARY SHARE CAPITAL R’000 R’000 R’000

Authorised

105000000(2008and2007:75000000)ordinarysharesof1centeach 1 050 750 750

Issued

74813128(2008and2007:74813128)ordinarysharesof1centeach 748 748 748

Theauthorisedsharecapitalwasincreasedto105000000shareson19January2009.

Treasury shares

Atthereportingdate,R&Eheld3000000ofitsownsharesastreasuryshares(2008and2007:nil).TheCompanyobtainedthesesharesfornoconsiderationduringMay2009.

Dividends

Noordinarydividendsweredeclaredorpaidduring2009(2008and2007:nil).FurtherdetailsrelatingtotheproposedcapitaldistributionandunbundlingtoR&Eshareholdersissetoutinparagraph7oftheCirculartowhichthisAnnexureisattached.

102

13. INVESTMENT IN SUBSIDIARIES Detailsofthesubsidiariesaresetoutasfollows:

Effective holdingShare of subsidiary profit/(loss) for

the year

Issued share

capital 2009 2008 2007 2009 2008 2007

Direct holdings R’000 % % % R’000 R’000 R’000

AfricanStrategicInvestment(Holdings)Ltd(incorporatedinJersey)(“ASI”) * 100 100 100 44 495 (3014) (81)

BentoniteNomineesLtd# * 100 100 100 (2 436) – –

ContinentalBaseMetalMiningCompany(Pty)Ltd 2 100 100 100 (85) (9) (33)

Corgroup(Neptune)InvestmentsLtd 4 100 100 100 (38) (8) (32)

DoornrivierMineralsLtd * 100 100 100 (1 528) (118) (31)

FirstWesgoldMining(Pty)Ltd 340 100 100 100 196 (218) (927)

FreeStateDevelopmentandInvestmentCorporationLtd(“FSD”)1 2223 55.1 55.1 55.1 12 593 4385 5576

LundaAlluvialOperation(Pty)Ltd * 100 100 100 113 (56) (25)

MinricoLtd * 74 74 74 1 549 – (16)

PanAfricanExplorationSyndicate(Pty)Ltd 4 100 100 100 – – –

RandMinesLandsLtd * 100 100 100 17 – (25)

RandgoldProspectingAndMineralHoldingsLtd * 100 100 100 (948) (16) (37)

RandgoldFinanceBVILtd(incorporatedinBritishVirginIslands) * 100 100 100 (14) (20) (9)

VersatexTrading446(Pty)Ltd# * 100 100 100 * – –

Indirect Holdings

GoldridgeGoldMiningCompany(Pty)Ltd * 55.1 55.1 55.1 17 730 19791 207242

PalmietfonteinMiningVentures(Pty)Ltd * 55.1 55.1 55.1 633 (4) (1)

SouthernHoldingsLtd * 55.1 55.1 55.1 (826) 1 *

RefractionInvestments(Pty)Ltd * 100 100 100 – (56) (14)

1On11January2010, following therealisationofcertainsecurityheldby it,R&Ebecamethebeneficialownerofa further30.10%ofFSD’sissuedsharecapital,bringingthetotalholdingto85.21%.

*LessthanR1000 #Deregistered

103

ANNEXURE 7

UNAUDITED PRO FORMA cONSOLIDATED STATEMENT OF

cOMPREHENSIVE INcOME AND STATEMENT OF FINANcIAL

POSITION OF R&E AFTER THE PROPOSED SETTLEMENT AND

THE FSD EXcUSSIONTheunauditedpro forma consolidated statement of comprehensive incomeand statement of financial positionofR&Epost theimplementationoftheproposedsettlementandtheFSDexcussion,assetoutbelow,istheresponsibilityofthedirectorsofR&E.Theunauditedpro formaconsolidatedstatementofcomprehensiveincomeandstatementoffinancialpositionofR&EarepresentedinamannerconsistentwiththebasisonwhichthehistoricalfinancialinformationhasbeenpreparedintermsofR&E’saccountingpolicies.Theunauditedpro formaconsolidatedstatementofcomprehensiveincomeandstatementoffinancialpositionhavebeenpresentedforillustrativepurposesonlyand,becauseoftheirnature,maynotgiveafairreflectionofR&E’sfinancialpositionnoroftheeffectonfutureearningsaftertheimplementationoftheproposedsettlementandtheFSDexcussion.

Theunauditedpro formafinancialeffectsassetoutbelowshouldbereadinconjunctionwiththeIndependentReportingAccountants’assurancereportrelatingthereonassetoutinAnnexure8ofthiscircular.

UNAUDITED Pro forma CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME OF R&E

Before proposed settlement

and FSDexcussion(1)

FSD excussion(7)

Transfer of settlement GFI shares to R&E by

JCI andJCIIF(3)(5)

Issue of new JCI

shares to R&E(4)(5)

Transaction costs(6)

R&E after proposed

settlement, distribution

of settlement GFI shares, unbundling

of JCI sharesand FSD

excussion

(R’000,unlessstatedotherwise)

Revenue 17433 17433

Recoveries 60240 556145 307796 924181

Otherincome 22 22

Personnelexpenses (8580) (8580)

Depreciation (23) (23)

Changeinfairvalueofequitysecurities 198 198

Otheroperatingexpenses (38916) (4617) (43533)

Results from operating activities 30 374 556 145 307 796 (4 617) 889 698

Financeincome 33662 33662

Profit before taxation 64 036 556 145 307 796 (4 617) 923 360

Taxation (11678) (11678)

Profit for the year 52 358 – 556 145 307 796 (4 617) 911 682

–Non-controllinginterest 17615 (11810) 5805

–Ownersofthecompany 34743 11810 556145 307796 (4617) 905877

104

UNAUDITED Pro forma CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME OF R&E (CONTINUED)

Before proposed settlement

and FSDexcussion(1)

FSD excussion(7)

Transfer of settlement GFI shares to R&E by

JCI andJCIIF(3)(5)

Issue of new JCI

shares to R&E(4)(5)

Transaction costs(6)

R&E after proposed

settlement, distribution

of settlement GFI shares, unbundling

of JCI shares and FSD

excussion

Other comprehensive income

Netchangeinfairvalueofavailable-for-salefinancialinstruments 12137 12137

Foreigncurrencytranslationdifferences 19 19

Total comprehensive income 64 514 556 145 307 796 (4 617) 923 838

–Non-controllinginterest 17615 (11810) 5805

–Ownersofthecompany 46899 11810 556145 307796 (4617) 918033

Reconciliation of headline earnings

Profitattributabletoownersofthecompany 34743 11810 556145 307796 (4617) 905877

(no adjusting items)

Headline earnings 34743 11810 556145 307796 (4617) 905877

Weightedaveragenumberofsharesinissue 73063128 73063128

BasicanddilutedEarningspershare(cents) 48 1240

BasicanddilutedHeadlineearningspershare(cents) 48 1240

Notes and assumptions

1. Extracted from the audited consolidated financial statements of R&E for the year ended 31 December 2009.

2. The unaudited pro forma consolidated statement of comprehensive income has been prepared on the basis that the proposed settlement and

the FSD excussion were effected in its entirety on 1 January 2009.

3. In terms of the revised Settlement Agreement, R&E will receive 6 051 632 Gold Fields shares from JCI and JCIIF. The market value of the Gold

Fields shares at 1 January 2009 is R91.90 per share.

4. In terms of the revised Settlement Agreement, JCI will issue 1 555 710 220 new JCI shares to R&E as part of the proposed settlement. The net

asset value per JCI share, which was determined by using JCI’s NAV at 31 December 2009 (which is included in Annexure 13) and adjusting for

the effects of the settlement, equates to 19.78 cents per share. This is the best estimate of fair value per share available.

5. The recoveries have no tax effect as they are off-set against calculated tax losses from prior years.

6. The transactions costs for the proposed settlement, excluding VAT where applicable, for R&E are estimated at R4.6 million.

7. In terms of the FSD excussion, R&E had a loan receivable from JCI Gold, which amounted to R207.5 million at 31 December 2009 in terms

of the R&E Loan Agreement and FSD Loan Agreement. The said loan was secured by a pledge of shares in FSD as set out in the Pledge

Agreement. On 11 January 2010, (being the due date of the loan), JCI Gold was unable to re-pay the outstanding loan due to R&E of

R161 960 265, and on 14 January 2010, R&E exercised a portion of its security, and as a result became the beneficial owner of a further

6 690 610 FSD shares, increasing its equity shareholding in FSD by 30.1% to 85.21%. This would have the impact of increasing the profit

attributable to the owners of the company as a result of the increase in R&E’s share of FSD’s profits.

105

Before

proposed

settlement

and FSD

excus-

sion(1)

FSD

excussion(10)

Transfer of

settlement

GFI shares

to R&E by

JCI and

JCIIF (3)(8)

Issue

of new

JCI shares

to R&E(4)(8)

Capital

distribution

of settle-

ment

GFI

shares(5)(9)

Unbundling

of new JCI

shares to

R&E

share-

holders(6)

Transaction

costs(11)

R&E after

distribution

of

settlement

GFI shares,

unbundling

of new JCI

shares

and FSD

excussion

Unbundling

existing JCI

shares to

R&E share-

holders (7)

Total after

proposed

settlement

and FSD

excussion(R’000,unlessstatedotherwise)ASSETSNon-current assets 247 032 592 939 307 796 (592 939) (307 796) 247 032 (47 679) 199 353 Property,plantandequipment 108 108 108Intangibleassets 474 474 474Investmentinequitysecurities 246450 592939 307796 (592939) (307796) 246450 (47679) 198771

Current assets 549 096 (161 960) (4 617) 382 519 382 519Loanreceivable 207543 (161960) 45583 45583Tadeandotherreceivables 46747 46747 46747Cashandcashequivalents 294806 (4617) 290189 290189

Total assets 796 128 (161 960) 592 939 307 796 (592 939) (307 796) (4 617) 629 551 (47 679) 581 872

EqUITY AND LIABILITIESShareholders’ equity 484 152 592 939 307 796 (592 939) (307 796) (4 617) 479 535 (47 679) 431 856 Issuedcapital 748 748 748Sharepremium 986054 (592939) (307796) 85319 (47679) 37640

Reserves 12137 12137 12137Accumulated(loss)/Profit (514787) 592939 307796 (4617) 381331 381331

Non-controllinginterest 250378 (161960) 88418 88418Total equity 734 530 (161 960) 592 939 307 796 (592 939) (307 796) (4 617) 567 953 (47 679) 520 274

LiabilitiesNon-current liabilitiesPostretirementmedicalbenefitobligation 34575 34575 34575

Current liabilities 27 023 27 023 27 023 Taxliabilities 15579 15579 15579Tradeandotherpayables 11444 11444 11444

Total equity and liabilities 796 128 (161 960) 592 939 307 796 (592 939) (307 796) (4 617) 629 551 (47 679) 581 872

Numberofsharesinissueatyear-end 71813128 71813128 71813128Netassetvaluepershare(cents) 674 668 601Nettangibleassetvaluepershare(cents) 674 667 601

UNAUDITED Pro forma CONSOLIDATED STATEMENT OF FINANCIAL POSITION OF R&E

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Notes and assumptions

1. Extracted from the audited consolidated financial statements of R&E for the year ended 31 December 2009.

2. The unaudited pro forma consolidated statement of financial position has been prepared on the basis that the proposed settlement and related

capital distribution and unbundling and the FSD excussion were effected in its entirety on 31 December 2009.

3. In terms of the revised Settlement Agreement, R&E will receive 6 051 632 Gold Fields shares from JCI and JCIIF. The market value of the Gold

Fields shares at 31 December 2009 is R97.98 per share.

4. In terms of the revised Settlement Agreement, JCI will issue 1 555 710 220 new JCI shares to R&E as part of the proposed settlement. The net

asset value per JCI share, which was determined by using JCI’s NAV for 31 December 2009 (included in Annexure 13) and adjusting for the

effects of the settlement, equates to 19.78 cents per share. This is the best estimate of fair value per share available.

5. In terms of the revised Settlement Agreement, R&E shall distribute by way of a capital distribution out of share premium, the settlement GFI

shares, i.e. 6 051 632 Gold Fields shares, to R&E shareholders in proportion to their respective shareholding in R&E, further details of which are

set out in the Table of Entitlements attached as Annexure 12 to this Circular.

6. In terms of the revised Settlement Agreement, R&E shall distribute by way of an unbundling in terms of Section 46 of the Income Tax Act, the

new JCI shares to R&E shareholders in proportion to their respective shareholding in R&E, further details of which are set out in the Table of

Entitlements attached as Annexure 12 to this Circular

7. In addition to the revised Settlement Agreement, R&E has elected to distribute by way of an unbundling in terms of Section 46 of the Income Tax

Act, the remaining JCI shares held by R&E, i.e. 305 186 049 JCI, shares to R&E shareholders. The average cost of JCI shares held amounted to

15.62 cents per existing JCI share. The two tranches of shares are shown separately for illustrative purposes only, but in fact form part of a single

transaction.

8. The recoveries have no tax effect as they are off-set against calculated tax losses from prior years.

9. The capital distribution of the settlement GFI shares (as a dividend in specie) has no STC implications as such distribution has been made out of

share premium.

10. In terms of the FSD excussion, R&E had a loan receivable from JCI Gold, which amounted to R207.5 million at 31 December 2009 in terms of

the R&E Loan Agreement and FSD Loan Agreement. The said loan was secured by a pledge of shares in FSD as set out in the Pledge

Agreement. On 11 January 2010, the due date of the loan, JCI Gold was unable to repay the outstanding loan due to R&E of R161 960 265,

and on 14 January 2010, R&E exercised a portion this security, and as a result became the owner of a further 6,690,610 FSD shares, increasing

its equity shareholding in FSD by 30.1% to 85.21%. This had the impact of decreasing the loan receivable from JCI Gold as recorded on the

statement of financial position at 31 December 2009.

11. The transaction costs for the proposed settlement, excluding VAT where applicable, for R&E are estimated at R4.6 million.

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ANNEXURE 8

INDEPENDENT REPORTINg AccOUNTANTS’ LIMITED

ASSURANcE REPORT ON THE PRO FORMA FINANcIAL

INFORMATION OF R&E

TheDirectorsRandgold&ExplorationCompanyLimitedPOBox650905Benmore2010

28April2010

DearSirs

Independent Reporting Accountants’ on the unaudited pro forma financial effects, statement of comprehensive income and statement of financial position

Introduction

We have performed our limited assurance engagement with regard to the unaudited pro forma financial effects, statement ofcomprehensiveincomeandstatementoffinancialposition(collectively“thepro formafinancialinformation”)ofRandgold&ExplorationCompanyLimited(“R&E”)setoutinparagraph22andAnnexure7ofthecirculartobedatedonorabout30April2010issuedinconnectionwiththeproposedsettlementwiththeJCILimitedgroup(“JCI”)(“circular”)andtheacquisitionof6690510ordinarysharesinFreeStateDevelopmentandInvestmentCorporationLimited(“FSD”)fromJCIGoldLimited(“circular”).

Thepro formafinancialinformationhasbeenpreparedforpurposesofcomplyingwiththerequirementsoftheJSELimited(“JSE”),forillustrativepurposesonly,toprovideinformationabouthowtheproposedsettlementbetweenR&EandJCIandtheacquisitionofordinarysharesinFSD(“transaction”)mighthaveaffectedthereportedfinancialinformationhadthetransactionbeenundertakenon1January2009forthestatementofcomprehensiveincomepurposesandon31December2009forstatementoffinancialpositionpurposes.

Becauseofitsnature,thepro formafinancialinformationmaynotpresentafairreflectionofthefinancialposition,changesinequity,resultsofoperationsorcashflowsofR&Eafterthetransaction.

Directors’ responsibility

ThedirectorsofR&Eare solely responsible for thecompilation, contentsandpresentationof thepro forma financial informationcontainedinthecircularandforthefinancialinformationfromwhichithasbeenprepared.

Theirresponsibilityincludesdeterminingthatthepro formafinancialinformationcontainedinthecircularhasbeenproperlycompiledonthebasisstated,thebasisisconsistentwiththeaccountingpoliciesofR&Eandthepro formaadjustmentsareappropriateforthepurposesofthepro formafinancialinformationasdisclosedintermsoftheJSEListingsRequirements.

Reporting accountants’ responsibility

Our responsibility is toexpressa limitedassuranceconclusionon thepro forma financial information included in thecircular.WeconductedourlimitedassuranceengagementinaccordancewiththeInternationalStandardonAssuranceEngagementsapplicabletoAssurance Engagements Other Than Audits or Reviews of Historical Financial information andthe Guide on Pro Forma Financial InformationissuedbytheSouthAfricanInstituteofCharteredAccountants.

Thisstandardrequiresustocomplywithethicalrequirementsandtoplanandperformtheassuranceengagementtoobtainsufficientappropriateauditevidencetosupportourlimitedassuranceconclusion,expressedbelow.

Wedonotacceptanyresponsibilityforanyreportspreviouslygivenbyusonanyfinancialinformationusedinthecompilationofthepro formafinancialinformationbeyondthatowedtothosetowhomthosereportswereaddressedbyusatthedatesoftheirissue.

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Sources of information and work performed

Our procedures consisted primarily of comparing the unadjusted audited historical financial information of R&E with the sourcedocuments,consideringthepro formaadjustmentsinlightoftheaccountingpoliciesofR&E,consideringtheevidencesupportingthepro formaadjustments,recalculatingtheamountsbasedontheinformationobtainedanddiscussingthepro formafinancialinformationwiththedirectorsofR&E.

Inarrivingatourconclusion,wehaverelieduponfinancialinformationpreparedbythedirectorsofR&Eandotherinformationfromvariouspublic,financialandindustrysources.

Whilstourworkperformedinvolvedananalysisofthehistoricalauditedfinancialinformationandotherinformationprovidedtous,ourlimitedassuranceengagementdoesnotconstituteeitheranauditorreviewofanyoftheunderlyingfinancialinformationundertakeninaccordancewiththeInternationalStandardsonAuditingortheInternationalStandardsonReviewEngagementsandaccordingly,wedonotexpressanauditorreviewopinion.

Inalimitedassuranceengagementtheevidence-gatheringproceduresaremorelimitedthanforareasonableassuranceengagementand therefore lessassurance isobtained than ina reasonableassuranceengagement.Webelieve thatourevidenceobtained issufficientandappropriatetoprovideabasisforourconclusion.

Opinion

Basedonourexaminationoftheevidenceobtained,nothinghascometoourattentionthatcausesustobelievethat intermsofSection8.17and8.30oftheJSEListingsRequirements:

• thepro formafinancialinformationhasnotbeenproperlycompiledonthebasisstated,

• suchbasisisinconsistentwiththeaccountingpoliciesofR&Eand,

• theadjustmentsarenotappropriateforthepurposesofthepro formafinancialinformationasdisclosedpursuanttosection8.30oftheJSEListingsRequirements.

Consent

WeconsenttotheinclusionofthisletterandthereferencetoouropinioninthecirculartobeissuedbyR&Eintheformandcontextinwhichitappears.

Yoursfaithfully

KPMGInc.

PerCHBassonCharteredAccountant(SA)RegisteredAuditorDirector

KPMGCrescent85EmpireRoadParktownJohannesburg

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ANNEXURE 9

R&E’S LITIgATION STATEMENT

1. DuringtheerawhenthelateRogerBrettKebble(“Kebble”)wastheChiefExecutiveOfficerofRandgold&ExplorationCompanyLimited(“R&E”)andJCILimited(“JCI”) “the Kebble era”,havingregardtothefindingsofR&E’sforensicinvestigatorsJohnLouw&Co.(Pty)Limited,(formerlyUmbonoFinancialAdvisoryServices(Pty)Limited)(“JLMC”)andinformationfurnishedtoR&Ebythirdparties,R&Eallegesthatitwasthevictimofwidespreadfraudsandmisappropriationsofitsassets.

2. R&E contends that the frauds and misappropriations which appear to have been perpetrated against it and certain of itssubsidiaries,comprisedpredominantlyoftheallegedmisappropriationofR&E’slistedsecuritiesandthechannellingthereof(ortheproceedsderivedtherefrom),toavarietyofpersonsandentities,whomR&Ehasreasontobelievegaverisetoitandcertainofitssubsidiariessustainingdamages.

3. Arising from theallegeddefalcations, theboardofR&Ewhichwas re-constitutedon24August2005,appointedJLMCtoundertakeaforensicinvestigationintoitsaffairsduringtheKebbleera.

4. The forensic investigationsenabledR&E to identify variouspersons, includingJCIwhomR&EallegescausedR&Eand itssubsidiaries(“the R&E group”)loss.

5. Inconsequence,R&EhasinstitutedanumberofactionsagainstvariouspersonsandentitieswhichareallegedtohavegivenrisetotheR&Egroupsustaininglosses.

6. Suchclaimsarebroadlyreferredtobelow.Foramorein-depthaccountofthevariousmattersinwhichtheR&Egrouphasbeenengaged since the reconstitution of R&E’s Board of Directors on 24 August 2005 (“the date of reconstitution”), R&Eshareholdersare referred toprior legal updatesandstatements in relation to legalmatters andsettlementsconcluded (aspreviouslypublishedbyR&E),whichshouldbereadinconjunctionwiththisStatement.

R&E’s claims against JCI:

The Mediation against JCI

7. On7April2006,R&EandJCIconcludedawrittenMediationandArbitrationAgreement(“the Arbitration Agreement”).

8. IntermsoftheArbitrationAgreement,R&EanditssubsidiariesandassociatedcompaniesontheonehandandJCIanditssubsidiariesandassociatedcompaniesontheother,were,forpurposesofthemediation/arbitration,tobetreatedassingleentities.JCIisdefinedtoincludebothitanditssubsidiariesandassociatedcompaniesorinwhichJCIhasaninterest,whetherdirectlyor indirectly, including its interest inCMMS. (Asimilardefinitionapplies toR&Eand itssubsidiariesandassociatedcompanies.)

9. TheArbitrationAgreementcontemplatestwophases,thefirst,amediationphase,thesecond,anarbitrationphase.

10. Following the conclusion of the Arbitration Agreement, R&E’s forensic investigators, JLMC, established that R&E enjoyedanumberofclaimsagainstJCI.

11. FollowingtheexchangeofforensicreportspreparedbyJLMConbehalfofR&EandKPMGForensicServices(Pty)LimitedonbehalfofJCI,R&EservedaStatementofClaimonJCI,on3August2006.

12. R&E’sStatementofClaiminitiallycomprisedof13claims,approximatingtoR5,8billionbasedonthehighestvalueofsuchclaimsatthetimeoftheissuethereof.

13. NoStatementofClaimwasservedbyJCIonR&E,however,on8September2006,JCIservedaStatementofDefenceonR&Edenyingtheclaimsagainstit.

14. InJanuary2007,R&Eamended itsStatementofClaim to introduce twonewclaimsand inSeptember2008amended itsStatementofClaimfurther to introduce fouradditionalclaims.R&E’sStatementofClaimpresentlycomprisesof19claims,althoughclaim19isanalternativeclaimtoclaims1to18toR&E’sStatementofClaimandamountstoR1243527309.64.

15. R&E’s claimsare in themain, foundedon the assertion that JCI allegedlymisappropriateda vast arrayof listed securitiesbeneficially ownedbyR&E, alternatively subsidiaries controlledby it,whilst other claimsallegedly arise from the issueandallotmentofsharesintheissuedsharecapitalofR&Efornovaluereceived.

16. R&EmaintainsthatJCIwasrepresentedbyavarietyofpersonsformerlyemployedbyJCIorwithwhichithadarelationship,whoconstitutedthedirectingandcontrollingmindandwillofJCIandoneormoreofitssubsidiariesandassociatedcompanieswhoareallegedtohavecollaboratedwithJCIintheimplementationofvariousschemeswhichweredevised,tothedetrimentoftheR&Egroup.

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17. InrespectoftheclaimspredicatedontheassertionthatR&E’ssecuritiesweremisappropriated,R&Eseekstorecoverdamagesagainst JCI on a measure of the highest value at which such listed investments have traded subsequent to their allegedmisappropriation.Thereareanumberofalternativestotheclaimspredicatedontheft,eachofwhich(ifestablished),afforduntoR&Ea lowerquantumofdamagesrespectively.Suchalternativesaresetout intheOverviewoftheR&EclaimsbeingAnnexure2tothisCirculartowhichtheshareholdersofR&Earereferred.

18. JCIhasdeniedinitsStatementofDefence,thatitwasawrongdoerorthatitwasapartytoanyfraudsormisappropriationsandconsequentlythatitisindebtedtoR&Efortheamountsclaimedoratall.(JCIhashowevernotformallyrespondedtothefournewclaimsintroducedbyR&EintoitsStatementofClaiminSeptember2008.)

19. Todate,noneof theclaimsofR&EagainstJCIhavebeenproven,norhasR&Esecuredany formalawardsagainstJCI inrespectthereof.

20. On26August2008,R&Eannouncedthatthemerger,whichatthatstagewasbeingproposed,hadfailedandthatthedisputebetweenthecompanieswouldbereferredtoarbitration.Subsequenthereto,thepartiesconcludedtwosettlementagreements.

21. Followingthe lapsingof thesettlementagreementsconcludedbetweenR&E,JCIandJCI InvestmentFinance(Pty)Limited(“JCIIF”)(initiallyon31August2009andsubsequentlyon16September2009),on22September2009,R&EannouncedonSENS,thatitwasreferringitsdisputeswithJCItoarbitration.

22. On6November2009,JCIissuedanapplicationoutoftheSouthGautengHighCourt(Johannesburg)(“the JCI application”)foranorderdeclaringthatthedisputesbetweenR&EandJCIshallnotbearbitrateduponandfurthermore,thattheArbitrationAgreementshallceasetohaveanyeffectwithregardtosuchdisputes.

23. AlthoughR&Edeliveredanoticetoopposesuchapplication,inthelightofthesettlementagreementconcludedbetweenR&E,JCIandJCIIFon20January2010(whichformsthesubjectmatterofthisCircular),R&EandJCIhaveagreedthatpendingthe implementationof thesettlementagreement, theJCIapplicationwillbeheldoverandonly returned to in theeventofthesettlementagreementnotbeingimplemented.Dependanthereon,theenforceabilityoftheArbitrationAgreementmayinduecourseneedtobepronounceduponbytheHighCourt.Theoutcomethereofwilldeterminewhetherornot thearbitrationproceeds.

24. ShouldthesettlementwithJCInotbeimplemented,R&E’sclaimsagainstJCIwillbepursuedintheappropriateforum.

The settlement agreement concluded with JCI and JCIIF:

25. On20January2010,R&E,JCIandJCIIFconcludedasettlementagreementwhichhasbeenextensivelyreferredtointhemainbodyoftheCircular(“the updated settlement agreement”).Theupdatedsettlementagreementissubjecttothefulfilmentofanumberofsuspensiveconditions.(Theshareholdersattentionisdirectedtopages31and32oftheCircularinthisregard.)Inbroadterms,upontheimplementationoftheupdatedsettlementagreement:

25.1 JCIandJCIIFwillcause6051632GoldFieldsLimitedordinaryshares(“the GFL shares”)tobetransferredtoR&E;

25.2 JCIwillallotandissue1555710220newJCIordinaryshares(“the new JCI shares”)toR&E,representingapproximately44%oftheissuedsharecapitalofJCIposttheissueofsuchnewJCIshares;

25.3 R&E will, following the transfer of the GFL shares to R&E, make a capital distribution of the GFL shares to R&E’sshareholdersinproportiontotheirrespectiveshareholdings;

25.4 R&EwilldistributeitsentireholdingofJCIshares(whichwillconsistofboththenewJCIsharesperthesettlementanditsexistingJCIsharesownedpre-settlement)totheR&Eshareholdersintermsofsection46oftheIncomeTaxAct,inproportiontoR&Eshareholders’respectiveshareholdingsasdetailedintheCircular.

26. Followingtheimplementationoftheupdatedsettlementagreement,theJCIgroupandcertainofJCI’sdirectorsandofficerswillbepersonallydischargedfromtheR&Eclaimsagainstthemandviceversa.

27. ThefurtherdetailsoftheupdatedsettlementagreementaredetailedinthemainsectionoftheCircular.

The Litigation Settlement Agreement:

28. On 22 January 2010, R&E and AfricanStrategic Investment (Holdings) Limited (“ASI”) concludedan agreementwith JCI,JCIIF, Investec Bank Limited (“Investec”), Investec Bank PLC (“Investec PLC”), Letseng Diamonds Limited (“Letseng”),HawkhurstInvestmentsLimited,DiscusLimited,GlobalManagementOverseasLimited,LatitudeInvestmentsLimitedandtheAzaliaTrust(“the Litigation Settlement Agreement”).

29. Certain legalproceedings in relation to various legaldisputes,which legaldisputesaredefined in theLitigationSettlementAgreement, have been instituted amongst certain of the parties to the Litigation Settlement Agreement (“the Litigation Disputes”).

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30. TheprovisionsoftheLitigationSettlementAgreementandthepaymentstobemadeintermsthereofconstituteasettlementoftheLitigationDisputesinsofarasthepartiestotheLitigationSettlementAgreementareconcerned.FromanR&Eperspectivethe Litigation Settlement Agreement settles the claims enjoyed by R&E and ASI against the other parties to the LitigationSettlementAgreement(onthetermsthereof),includinginter alia,theclaimsagainstInvestecandInvestecPLConly.

31. On8March2010,theshareholdersofJCIingeneralmeetingvotedinfavouroftheLitigationSettlementAgreement.

32. On9March2010,theLitigationSettlementAgreementbecameunconditional,inconsequenceofwhichinter alia:

32.1 JCIbecameobligedtopayanamountofR40000000.00intoanaccountnominatedbyLetseng;

32.2 JCIbecameobligedtopaytoInvestecanamountofR267500000.00,inrespectofwhicharrangementsarebeingmadetogiveeffecthereto;

32.3 followingreceiptoftheamountofR267500000.00InvestecisobligedtoreleasetheassetsofJCIandJCIIFheldassecurityintermsoftheInvestecLoanAgreement;

32.4 Letsengistotransfer42000sharesintheissuedsharecapitalofRandgoldResourcesLimited(“RRL”)toR&E.

33. TheLitigationSettlementAgreementisindependentoftheupdatedSettlementAgreement.

34. ThesalienttermsoftheLitigationSettlementAgreementappearinthemainsectionoftheCircular.

35. FurtherdetailregardingboththeupdatedsettlementagreementandtheLitigationSettlementAgreementwerepublishedonSENSon28January2010towhichR&E’sshareholdersarereferred.

Claims against third parties:

36. ThefollowingspecificactionshavebeentakenbytheBoardofR&Esincethedateofreconstitution:

Liquidation of various corporations

36.1 R&Ehasliquidatedanumberofentitieswhomitallegesparticipatedintheschemesreferredtoeitherdirectlyorindirectly,includinginter alia,TuscanMood1224(Pty)Limited(“Tuscan Mood”),VikingPonyProperties359(Pty)Limited(“Viking Pony”),Investage170(Pty)Limited(“Investage”)andBNCInvestments(Pty)Limited(“BNC”);

36.2 Section417and418enquirieshavebeenheldinrespectoftheseliquidatedentitiesinorderinter alia,toidentifypersonswhohavewrongedR&E,withaviewtomakingpossiblerecoveriesagainstsuchpersons.Furtherdetailshereofappearbelow.

Paradigm Shift CC

36.3 Inthelastquarterof2005,R&EsuccessfullybroughtanapplicationoutoftheHighCourttowindupParadigmShift.R&Ehassinceprovedaclaimintheestate.

Tuscan Mood

36.4 Towardstheendof2005,R&Esuccessfullybroughtanapplicationoutof theHighCourt towindupTuscanMood.In2008,R&EprovedaclaimintheinsolventestateofTuscanMoodintheamountofR1,968billion.

Viking Pony

36.5 Towardstheendof2005,R&EsuccessfullybroughtanapplicationoutoftheHighCourttowindupVikingPonyandin2006provedaclaimintheinsolventestateofVikingPony.

Investage

36.6 In2006,R&EsuccessfullybroughtanapplicationoutoftheHighCourttowindupInvestageandprovedaclaimintheinsolventestateofInvestageintheamountofR69million.

BNC Investments (Pty) Limited (“BNC”)

36.7 In2006,R&Esuccessfullybroughtanapplicationoutof theHighCourt towindupBNCandprovedaclaim in theinsolventestateofBNCintheamountofR169,5million.

36.8 On1October2008theliquidatorsofBNCobtainedanorderagainstR&Edirectingittomakepaymentofsuchlegalcostsasareincurredbytheliquidatorsfromtimetotimeintheprosecutionoflegalactionswhichtheymaypursue.

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Sequestration of Kebble

36.9 InMarch2006,R&EposthumouslysequestratedtheestateofKebble;

36.10 R&Einitiallyprovedaconcurrentclaimatthefirstmeetingofcreditors,inKebble’sestate,intheamountofR1.968billion;

36.11 AtameetingspeciallyconvenedbythetrusteesinKebble’sestate,inOctober2006,R&EsoughttoprovefurtherclaimsinKebble’sestate, in theamountofR711539099.26 (“the additional claims”).Theadditionalclaimswere initiallyrejectedbytheMasteroftheHighCourt,however,R&EsuccessfullyreviewedthedecisionoftheMaster,suchclaimshavingbeenacceptedintoproofbytheCapeHighCourt,inOctober2007.R&EthusprovedtotalclaimsinthedeceasedsequestratedestateofKebble,inanamountofR2679539099.26;

36.12 InMarch2009,R&EandFirstWesgoldMining(Pty)Limited(“First Wesgold”)issuedsummonsoutoftheWesternCapeHighCourtagainsttheTrusteesofBrettKebble’sestateclaimingadditionalreliefagainsthim.Induecourse,R&EandFirstWesgoldwillseektoobtainjudgmentagainstBrettKebble’sestateinrespectofsuchclaims.

36.13 Arisingfromsuchclaims,R&EmadeasubstantialrecoveryintheamountofR41millionfromKebble’sestatewhichtheMasterapprovedinDecember2009andwaspaidoutinJanuary2010.

Action against Paul Main (“Main”)

36.14 On2October2007,R&EservedasummonsonMain(“Main”)forinter alia,thereturnof900000sharesintheissuedsharecapitalofRRL.SuchactionwasbroadenedandreplacedbyasummonsservedonMaininAugust2008,towhichAfricanStrategic Investments (Holdings)Limited (formerlyRandgoldResources (Holdings)Limited) (“Holdings”)wasaddedasaparty.

36.15 R&E,alternativelyHoldings,claim thatMain isobliged to returnsuchsharesand in thealternativehereto, thevaluethereof.Inthefurtheralternative,R&EandHoldingsclaim550000RRLshares,alternativelythevaluethereof,basedonanallegedundertakingfromMaintoreturnsuchshares.

36.16 R&E and Holdings also claim payment of the dividends which RRL declared for the financial year ended31December2006toholdersofitsshares,inrespectoftheRRLsharesclaimed.

36.17 Theactionsarebeingdefended.

36.18 InOctober2009,R&EandASIissuedaclaimoutoftheHighCourtofJustice,ChanceryDivisionclaimingvariousreliefagainstMain.TheclaimisbeingcontestedbyMainwhofiledhisdefencetheretoinMarch2010.

Action against PriceWaterhouseCoopers (“PWC”)

36.19 On7March2008,R&EissuedsummonsoutoftheHighCourtofSouthAfricaagainstPWC.

36.20 On25March2008,PWCfiledanoticetodefendtheactionandon29July2008servedanexceptiontotheParticularsofClaimallegingthattheywerevagueandembarrassing.

36.21 FollowingthearguingofanExceptionon16September2008,inrespectofwhichjudgmentwashandeddownalmostayearlater,R&Eisamendingcertainaspectsofitsclaim.

36.22 Thematterisproceedingasadefendedone.

Action against inter alia certain former directors/employees

36.23 In August 2008, R&E, ASI and First Wesgold issued summons out of the High Court of South Africa against thefollowingpersons:

36.23.1 HendrikChristoffelBuitendag(theformerfinancialdirectorofR&EandJCI) (“Buitendag”);

36.23.2 JohnStratton(aformerdirectorofJCI)(“Stratton”);

36.23.3 CharlesHenryDelacourCornwall(aformerdirectorofJCI)(“Cornwall”);

36.23.4 LiebenHendrikSwanevelder(theformergroupfinancialaccountantofJCI);

36.23.5 JohnChrisLamprecht(theformerfinancialdirectorofR&EandJCI)(“Lamprecht”);

36.23.6 LungaRaymondNcwana(aformerdirectorofR&EandadirectorofEquitantTrading(Pty)Ltd);

36.23.7 SongezoBentonMjongile(aformerdirectorofEquitantTrading(Pty)Ltd);

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36.23.8 EquitantTrading(Pty)Ltd;and

36.23.9 DimitriosPerevos,

claimingvariousreliefagainstthem.

36.24 Thesedefendantshaveallfilednoticestodefendtheactionwhichisproceedingasadefendedone.

Action against Bookmark Holdings (Pty) Ltd (“Bookmark”)

36.25 On11August2008,R&EandASI issuedsummonsoutof theHighCourtofSouthAfricaagainstBookmark,SelloRasethaba(“Rasethaba”),andLamprechtclaimingvariousrelief.

36.26 Suchactionisproceedingasadefendedone.

Action against Charles Orbach

36.27 On 12 August 2008, R&E issued summons out of the High Court against Charles Orbach & Company (“Charles Orbach”)R&E’serstwhilestatutoryauditor,claimingcertainrelief.

36.28 Thisactiontooisproceedingasadefendedone.

Action against SocGen

36.29 On21August2008,R&EandASI issuedsummonsoutof theHighCourtofSouthAfricaagainstSocieteGeneraleJohannesburgBranch (“SocGen”).

36.30 Althoughinitiallydefended,suchactionhassubsequentlybeensettled,thedetailsofwhichappearlaterherein.

Action against Goldfields Operations Limited

36.31 On20August2008,R&EandASIissuedsummonsoutoftheHighCourtofSouthAfricaagainstGoldfieldsOperationsLimited (“Goldfields”),comprisingoffiveclaims.

36.32 Thematterisproceedingasadefendedone.

Action against Lamprecht, Buitendag and Stratton

36.33 On21August2008,R&EandASIissuedsummonsoutoftheHighCourtofSouthAfricaagainstLamprecht,BuitendagandStratton.

36.34 Suchactionissimilarlyproceedingasadefendedone.

Action against Investec and Investec PLC

36.35 On22August2008,R&EandASIissuedsummonsoutoftheHighCourtofSouthAfricaagainstInvestec(“the SA action”).

36.36 In2008,ASIandR&EalsoissuedaclaimoutoftheHighCourtofJustice,ChanceryDivision,London,againstInvestecPLCandInvestec(“the UK action”).

36.37 Althoughinitiallydefended,giventhattheLitigationSettlementAgreementbecameunconditionalon9March2010,bothactionshavebecomesettled.

Action against Patricia Beale (“Beale”)

36.38 On30October2008,R&EandASIservedsummonsoutoftheHighCourtofSouthAfricaagainstBeale.

36.39 Thematterisbeingdefended.

Action against BNC

36.40 In January 2009, Roger Kebble (“Roger”) proceeded with an application out of the South Gauteng High Court(Johannesburg)tosetasideasubpoenatoattendanenquiryintothetrade,dealingsandaffairsofBNCatthebeginningofFebruary2009.R&Ewascitedasarespondenttotheapplication.R&Edidnotopposetheapplication,butfiledanaffidavitaddressingcertainaspectsoftheapplicationwhichwarrantedclarification.InMarch2009,theapplicationwasdismissedbytheSouthGautengHighCourt.(Rogerwasdeclinedleavetoappealagainstthejudgment,resultinginhimpetitioningtheSupremeCourtofAppealforleavetoappealwhichapplicationwasalsounsuccessful.)

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General

37. Certainoftheclaimsfeatureinmorethanoneaction.WerethePlaintiffstosucceedinmakingarecoveryinanyactionagainstaDefendant(s)inrespectofsuchclaims,recoveriesmadewouldneedtobetakenintoaccountindeterminingtheextentoftheDefendant(s)liabilityinanyotheraction.

Possible joinder of JCI

38. ThepossibilityexiststhatoneorallofthepersonsagainstwhomR&E,ASIandFirstWesgoldhaveinstitutedactionmayseektojoinJCIintherespectiveactions.

39. Shouldthisoccur,suchpersonsmayclaimacontributionfromJCI,inrespectofanyindebtednesswhichmayultimatelybefoundtobeduebythemtoR&E,HoldingsandFirstWesgoldasthecasemaybeinwhichevent,theindemnityprovisionsintermsoftheupdatedsettlementagreementwhicharereferredtointheCircular,maycomeintooperation.

40. TheextenttowhichrecoursemaybesoughtagainstJCIandtowhatextentJCImaybejoined,remainstobeseen.

Settlements concluded:

Equitant Trading (Pty) Limited (“Equitant”)

41. InMarch2006,R&EconcludedanagreementwithEquitant inpartial settlementofcertainclaimsenjoyedbyR&EagainstEquitant.Intermsofsuchsettlement,56millionJCIsharesandR890321.61weretransferredtoR&E.

Itsuseng Strategic Investments (Pty) Limited (“Itsuseng”) and Itsuseng Financial Services (Pty) Limited (“Financial Services”)

42. InMarch2006,R&Econcludedasettlementagreementwith ItsusengandFinancialServices inpartialsettlementofcertainclaimsenjoyedbyR&EagainstItsusengandFinancialServices.Itsusengagreedtotransfer9013410JCIsharesandafurther16857179JCIsharestoR&E,togetherwithanamountofR3,5million.Inaddition,FinancialServicesundertooktopayanamountofR5,2milliontoR&E.

George Poole (“Poole”)

43. R&EhasconcludedanagreementwithPoole,whichissubjecttovariousongoingobligationsthatareduebyPooletoR&E.

Roger Kebble (“Roger”)

44. AsettlementagreementwithRogerwas initiallyconcludedon1October2006.Followingadisputearising inregardtothecancellationoftheagreementbyR&E,afurtheragreementwasconcludedbetweenR&E,JCIandRogerinFebruary2008,theeffectofwhichwastoreinstatetheearlieragreement.RogerhasmadepaymenttoR&EofR30millionintermsoftheagreements,whicharesimilarlysubjecttovariousongoingobligationsthatareduebyRogertoR&E.

John de Villiers Berry (“Berry”), Marjorie Maria Labuschagne (“Labuschagne”), Emmarentia Oosthuizen (“Oosthuizen”) and Maureen Louise Snashall (“Snashall”)

45. InMaytoJune2006,followingseparateactionshavingbeeninstitutedagainstR&EbyBerry,Labuschagne,OosthuizenandSnashall,R&Econcludedsettlementagreementswitheachofthem.Thesettlementagreementsweresubjecttoconfidentialityundertakings.

Masupatsela Angola Mining Ventures (Pty) Limited (“Masupatsela”)

46. FollowinganapplicationhavingbeenissuedbyMasupatselaoutoftheSouthGautengHighCourt(Johannesburg)inOctober2006, inwhichR&EwascitedastheSecondRespondent,MasupatselaagreedtowithdrawsuchapplicationagainstR&E,inApril2007.

Kabusha Mining and Finance (Pty) Limited (“Kabusha”), Trinity Holdings (Pty) Limited (“Trinity Holdings”) and Viking Pony

47. InSeptember2006,R&E,JCI,Kabusha,TrinityHoldingsandVikingPonyconcludedasettlementagreementinsettlementofclaimsbyR&EagainstKabushaandTrinityHoldings regardingcertainAfleaseshares.Thesettlementagreementprovidedfurtherforthesettlementofanumberofothermattersbetweenthepartiesthereto.

Application for the liquidation of R&E

48. InMarch2006,TrinityPreferredEndowmentFund,TrinityPreferredLivingAnnuityFund,GregBecker,MartinduPlessis,theTrusteesforthetimebeingoftheJWATrust,RorySweetandSilverStrandAbsoluteReturnFundLP(collectively“Trinity and six others”),proceededwithanapplicationfortheliquidationofR&EoutoftheSouthGautengHighCourt(Johannesburg).InSeptember2006,theliquidationapplicationwaswithdrawnbyTrinityandsixothersbyagreementbetweentheparties.

115

Interdict application

49. InMarch2007,TrinityPreferredProvidentFund,TrinityProtectedProvidentFund,TrinityPreferredLivingAnnuityFund,ClearHorizon Multi Strategy Fund En Commandite Partnership, Trinity Protected Living Annuity Fund (collectively “the Trinity Applicants”),proceededwithanapplicationforinterdictoryreliefoutoftheSouthGautengHighCourt(Johannesburg)againstDavidNurek,PeterGray(“Gray”),AndrewNissenandR&E,forvariousrelief.Theapplicationwasopposedandon4June2007wassettled intermsofawrittensettlementagreementconcludedbetweenthepartiesthereto.On7June2007,theTrinityApplicantsformallywithdrewtheapplication.

Application to set aside deemed Annual General Meeting of 9 March 2007

50. On10April2007, theTrinityApplicants (as referred toabove), issuedanapplicationoutof theNorthGautengHighCourt(Pretoria)againsttheRegistrarofCompaniesandR&E,purposedatreviewingandsettingasidethedecisionoftheRegistrartoconveneanAnnualGeneralMeetingintermsoftheprovisionsofSection179(4)oftheCompaniesAct.Suchapplicationwassubsequentlywithdrawnon7June2007.

T-Sec and others

51. FollowingtheissueofsummonsbyR&EandASIoutoftheSouthGautengHighCourt(Johannesburg)inAugust2008againstTlotlisa Securities (Pty) Limited (“T-Sec”), Tlotlisa Holdings Limited (“T-Sec Holdings”), Gray and Leonard Steenkamp(“Steenkamp”),asettlementagreementwasconcludedinFebruary2009.Intermsofthesettlementagreement,T-Secwasobliged tomakepaymentofR14million toR&E,which ithaspaid.TheactionagainstGray forpaymentofanamountofR80millionwasnotsettledintermsofthesettlementagreement,however,shouldtheupdatedsettlementagreementbetweenR&E,JCIandJCIIFbeimplemented,Graywillbereleasedfromthisclaim.

SocGen

52. R&E,ASIandSocGen inter aliaconcludedasettlementagreementwhichwassignedbySocGenon27November2009intermsofwhichSocGenagreedtomakepaymentofaSettlementAmountofR5milliontoR&E.TheSettlementAmounthasbeenpaidbySocGen.

Hart

53. On27October2008,summonswasissuedagainstR&EoutoftheHighCourtofSouthAfricabyKeithArchieHart(“Hart”).

54. TheclaimwasbasedonacontractofsaleallegedlyenteredintobyR&EandHart,inwhichR&EwasallegedtohavesoldusedminingequipmenttoHart,whichcontractwassubsequentlycancelled.

55. Thematterhasbeensettledbetweentheparties,thetermsofwhicharesubjecttoconfidentialityprovisions.

Frankel

56. In2007,summonswas issuedbySydneyFrankelagainstJCIIFandR&EforpaymentofR3311000.00 inrespectof feesallegedlyowingarisingoutofthedisposalofcertainWesternAreassharestoGoldfields.ThematterhassincebeensettledandhasbeenwithdrawnagainstR&E.

Investec and Investec PLC

57. FollowingtheLitigationSettlementAgreementhavingbecomeunconditionalon9March2010,theSAactionandtheUKactionweresettledintermsthereof.

116

ANNEXURE 10.1

EXEcUTIVE SUMMARY OF MINERAL ASSET VALUATION

SUMMARY OF THE DU PREEZ LEgER PROJEcT EFFEcTIVE

19 FEBRUARY 2010

INTRODUcTION

Minxcon(Pty)Ltd(“Minxcon”)wascommissionedbyFreeStateDevelopmentandInvestmentCorporationLimited(“FSD”)toupdateanIndependentMineralAssetValuationReportonthemineralassetsoftheDuPreezLegerProject,locatednearthetownofWelkom,FreeStateProvince,SouthAfrica.TheReportisfullycompliantwiththeSouthAfricanCodefortheReportingofExplorationResults,MineralResourcesandMineralReserves(“theSAMRECCode”),theSouthAfricanCodefortheReportingofMineralAssetValuation(“theSAMVALCode”)andSection12oftheJSElistingrequirements,withtheexceptionofsectionspertainingtodevelopedoperationsasthisProjectisstillintheexplorationphase.TheCompetentPersonoftheValuationReportdeemsthissummarydocumenttobeatruereflectionofthecontentofthefullReport.

TheDuPreezLegerProjectcomprisesfourexplorationareasintheFreeStateProvince;namelytheDuPreezLeger/Jonkersrust72(“DuPreezLeger”)area,theVermeulenskraalarea,theRebelkopareaandtheTweepanarea.DuetothelimitedinformationavailableregardingtheRebelkoparea,thisareahasnotbeenevaluatedforaMineralResource.

TheareasofinterestarelocatedFreeStateGoldfieldoftheWitwatersrandBasin,withadjacentproducinggoldminesincludingthePresidentSteynGoldMine,BambananiMine,HarmonyMine,BeatrixMineandStHelenaMine.ThesemineshavemainlytargetedtheBasalandLeaderReefs.TheA-ReefhasalsobeenextensivelyminedonBrandMinetothenorthoftheProjectArea.TheplacersofprimaryeconomicinterestattheProjectAreaaretheBasalandLeaderReefs.

FSDhasheldthemineralrightspertainingtotheProjectArea(‘oldorderrights’)sincetheearlypartofthetwentiethcenturycirca1945.TheserightswereconvertedtoaNewOrderProspectingPermiton7November2006,undertheMineralandPetroleumResourcesDevelopmentAct,2002.TheNewOrderprospectingpermitexpireson6November2011.NoinvasivephysicalexplorationactivitieshavebeenconductedbyFSDtodate,andaccordinglytheenvironmenthasnotbeenimpacted.

Proposed furtherworkon theProjectwill includean in-depth reviewof theavailabledatabyacompetentgeological consultingcompany with the possible progression, depending upon the results of the aforesaid review, to drilling of up to four geologicalboreholesasenvisagedintheProspectingworksProgramme.

Theestimatedfundingrequirementsforexplorationforthe2009−2010combinedyearisR5.185millionandfor2011isR350000.TheCompanyhassufficientcashresourcestofundfutureexplorationandenvironmentalwork.

117

Noaccountofanymodifyingfactorssuchasminingmethods,metallurgicaltreatmentprocessesandparameters,taxation,socio-economic,marketingorpoliticalfactorshavebeentakenintoaccount.

RESOURcE EVALUATION

TheResourceevaluationwasundertakenusingMinxcon’s‘Mt-Estimation’geostatisticalprogramwhichutilizesDatamineTMastheplatformsoftware.Fullreefcompositeminingcutvalues(Aucontent(cm.g/t))havebeeninterpolatedintoa2Dblockmodel.Theblockmodelsizeof500X500mwasdetermined fromthedrillholespacing,and thecontinuousnatureof theorebody (‘stationarity’principal).Simplekrigingestimationtechniquewasused,basedprimarilyondrillholespacing.Detailedcheckswerecarriedouttovalidatekrigingoutputs,includinginputdata,krigedestimatesandkrigingefficiencychecks.

Fourgeostatisticaldomains(geozones)weremodelledfortheBasalReefandelevengeozonesweremodelledfortheLeaderReef,basedonthegraderelationshipsanddatatrendsoftheboreholes.

The drill holes represent full reef composites, i.e. one intersection value per drill hole. The composite was then used in theestimationprocess.

TheNovember2008MinxconestimatedblockmodelswerediscountedbasedonregionalstructuredataandtheMineralResourcewassubsequentlyadjustedaccordingly.

VALUATION OF THE PROJEcT

Basedontheinformationavailable,thestandardcomparativevaluemethodwasselectedtovaluethemineralassetsoftheProject.Theoutcomeswerealsobenchmarkedagainstrecentmarkettransactionsinvolvingsimilarassets,aswellascurrentmarketvalueoflistedentitiesholdingsimilarassets.

A2010forecastrand/dollarexchangerateofR7.59totheUS$wasusedintheconversionoftheUS$.TwomethodswereusedtoestimatethevalueoftheProject,namelytheComparativeandHistoricalCostmethods.

Thebusinessofminingandmineralexploration,developmentandproductionby theirnaturecontainsignificantoperational risks.Thebusinessdependsupon,amongstotherthings,successfulprospectingprogrammesandcompetentmanagement.Profitabilityandassetvaluescanbeaffectedbyunforeseenchangesinoperatingcircumstancesandtechnicalissues.Factorssuchaspoliticaland industrialdisruption,currencyfluctuationand interestratescouldhavean impactonfutureoperations,andpotential revenuestreamscanalsobeaffectedbythesefactors.Themajorityofthesefactorsare,andwillbe,beyondthecontrolofanyoperatingentity.

118

cONcLUSIONS

• ThemineralisedreefsofeconomicinterestattheProjectareaaretheBasalandLeaderReefs;

• Thegeologyoftheareaisstructurallycomplex;

• TheMineralResourcesestimatedattheProjectareahavebeenclassifiedasINFERREDMineralResources,basedonSAMRECclassificationstandards;

• ThetotaldilutedInferredMineralResourcefortheDuPreezLegerProjectatacutoffgradeof250cm.g/tandapplicationofageologicallossfactorof5%is56.91Mtatagradeof5.02g/t;and

• Thevaluation rangewasestablishedatbetweenR153.988millionandR252.003million respectively;witha “fair” valueofR240.684million.TheabovevaluationrepresentsatotalvaluefortheDuPreezLegerProject.

MineralResourceStatementwithregardstoReefversusResourceCut(minimumstopingwidthof120cm) Tonnage Geo

Loss(%)

Tonnage Content

MineralResourceAreaCut-Off(cm.g/t)

Reef(Mt)

SW(Mt)

Reef(Mt)

SW(Mt) Au(g/t)

DilutedAu(g/t)

CW(cm)

SW(cm) (‘000kg) (Moz)

BASAL REEFDuPreezLeger 0 1.08 2.28 5 1.03 2.17 18.44 8.75 61 120 18.99 0.61

250 1.06 2.24 5 1.01 2.13 18.82 8.92 60 120 19.01 0.61

Vermeulenskraal 0 8.89 11.47 5 8.45 10.9 8.39 6.50 120 137 70.90 2.28

250 7.12 7.94 5 6.76 7.54 9.98 8.95 135 145 67.46 2.17

LEADER REEFDuPreezLeger 0 25.16 28.43 5 23.90 27.01 5.99 5.30 86 120 143.16 4.60

250 22.34 25.35 5 21.22 24.08 6.24 5.50 91 120 132.41 4.26

Vermeulenskraal 0 17.45 24.57 5 16.58 23.34 3.10 2.20 124 141 51.4 1.65

250 12.40 18.88 5 11.78 17.94 3.84 2.52 124 144 45.24 1.45

Millo/Tweepan 0 6.21 7.53 5 5.90 7.15 3.74 3.09 110 128 22.07 0.71

250 5.26 5.49 5 5.00 5.22 4.33 4.15 119 130 21.65 0.7

Notes:SW–MinimumStopingWidthof120cm;CW–CorrectedChannelWidth;SG–2.7

MineralAssetValuation

Farm Name Total

LowerPrice:Q(.50)

RiskAdjusted

Price

UpperPrice:Q(.75)

LowerValue

FairValue

UpperValue

Exploration Areas with Resources oz US$/oz R’000ComparativeMethodTotalDP,V,M,T 9188507 2.03 3.21 8.39 141668 223445 584891HistoricalCostMethodTotalDP,V,M,T 234765 264832 289844Exploration Areas without Resources ha R/ha R’000Rebelkop 690 17867 25000 37662 12320 17239 25970Notes:DP–DuPreezLeger;V–Vermeulenskraal;M–Millo;T–Tweepan

N J ODENDAAL C J MULLERB.Sc.(Geol.),B.Sc.(Hons)(Min.Econ.),M.Sc.(Min.Eng.) B.Sc.(Hons)(Geol.),Pr.Sci.Nat.,MGSSAPr.Sci.Nat.,FSAIMM,MGSSA,MAusIMMDIRECTOR, MINXCON DIRECTOR, MINXCONComPETENT VaLUaTor ComPETENT PErSoN

119

ANNEXURE 10.2

EXEcUTIVE SUMMARY OF THE MINERAL ASSET VALUATION

OF THE WELTEVREDEN & JEANETTE gOLD PROJEcTS

EFFEcTIVE 19 MARcH 2010

INTRODUcTION

Minxcon (Pty) Ltd (“Minxcon”) was commissioned by Rand Gold and Exploration Company Limited (“Randgold”) to provideanIndependentMineralAssetValuationReportonthemineralassetsoftheWeltevredenandJeanetteGoldProjects,locatednearthetownofOdendaalsrus,FreeStateProvince,SouthAfrica.TheReportisfullycompliantwiththeSouthAfricanCodefortheReportingofExplorationResults,MineralResourcesandMineralReserves(“theSAMRECCode”),theSouthAfricanCodefortheReportingofMineralAssetValuation(“theSAMVALCode”)andSection12oftheJSElistingrequirements,withtheexceptionofsectionspertainingtodevelopedoperationsasthisProjectisstillintheexplorationphase.TheCompetentPersonoftheValuationReportdeemsthissummarydocumenttobeatruereflectionofthecontentofthefullReport.

TheProjectsareregardedasexplorationtargetsandnoMineralResourceshavebeendelineatedacrosseitherinterest.

TheWeltevredenProjectcomprisesanareaof272haofportions10through13andREofportion5ofthefarmLeeuwbosch285,aswellasthefarmKutlwanong451.TheJeanetteProspectingAreacomprisescontiguousportionsofthefarmsBuitendachshoop122,Emmanuel433andWeltevreden59,withmineralrightsextendingforaround1,028ha.

TheareasofinterestarelocatedintheFreeStateGoldfieldoftheWitwatersrandBasin,withadjacentgoldminesincludingthedefunctJeanetteMineandHarmony’sproducingTshepongMine.TheplacersofprimaryeconomicinterestattheWeltevredenProjectaretheBasalReef,andattheJeanetteAreasaretheBasalandAReefs,respectively.

Randgold(orsubsidiariesofRandgold)currentlyholdProspectingRightsfortheProjectAreasknownasWeltevredenandJeanette.AlegalreviewreportbytheCompany’sattorneys(EsmeFerreiraAttorneys)hashighlightedkeyriskswithregardstotheseRights.MinxconhavereviewedtherisksandaresatisfiedthatsecurityoflegaltenurefortheProjectsisofanacceptablelevel.NophysicalexplorationactivitieshavebeenconductedbyRandgoldtodate,andaccordinglytheenvironmenthasnotbeenimpacted.

FortheWeltevredenProject,proposedfurtherworkwillincludeavibrosiesseismicsurveytodelineateorebodies.Ifdeemednecessary,a drilling programme will be initiated and further down-hole geophysical surveys will be conducted. The estimated total fundingrequirementisR625000withoutthedrillingcampaign,andR3503000withdrilling.

NofurtherinvasiveexplorationneedstobeconductedfortheJeanettearea.Existingdatafromsurroundingareaswillbeconsolidatedandextrapolated.Totalexpenditureincludinglegalfees,dataanalysesandnegotiationsisestimatedatR589000.

Noaccountofanymodifyingfactorssuchasminingmethods,metallurgicaltreatmentprocessesandparameters,taxation,socio-economic,marketingorpoliticalfactorshavebeentakenintoaccount.

120

VALUATION OF THE PROJEcT

ThetwoprojectareasdonothaveanyestimatedMineralResources;hencetheProjectwasvaluedusingavalueperhectare.

AsampleofWitwatersrandgoldtransactionsthattookplaceinSouthAfricawastakenfromthebiggerpopulationoftransactionsandanalysed.Theuppervalueofthesetransactionsincludedprojectswithinfrastructure.MinxconderivedaR/havalueclosertothelowerendofthespectrum.WhilsttheJeanetteexplorationisadjacenttothedefunctJeanettemine,Weltevredenisisolatedandwilllikelyattractnointerestandlowvalue.

Thebusinessofminingandmineralexploration,developmentandproductionbytheirnaturecontainsignificantoperationalrisks.Thebusinessdependsupon,amongstotherthings,successfulprospectingprogrammesandcompetentmanagement.Profitabilityandasset values can be affected by unforeseen changes in operating circumstances and technical issues. Factors such as politicaland industrialdisruption,currencyfluctuationand interestratescouldhavean impactonfutureoperations,andpotential revenuestreamscanalsobeaffectedbythesefactors.Themajorityofthesefactorsare,andwillbe,beyondthecontrolofanyoperatingentity.

Mineralassetvaluation

TotalLowerPrice

MeanValue

UpperPrice

LowerValue

FairValue

UpperValue

Approach Ha R/ha R’000Weltevreden 272 R2517 R17867 R37662 R684 R4860 R10244Jeanette 1028 R17867 R25000 R37662 R18367 R25700 R38717Total 1300 R14655 R23508 R37662 R19052 R30560 R48961

cONcLUSIONS

• ThemineralisedreefsofeconomicinterestattheProjectAreasaretheBasalandAReefs;

• Thegeologyoftheareaisstructurallycomplex;

• WeltevredenissmallinsizeandJeanetteismediumsized.Bothdepositsaretoosmalltobeminedonastand-alonebasis;

• Weltevredenisisolatedandwilllikelyattractnointerestandalowvalue;

• ThevaluationrangeforboththeJeanetteandWeltevredenprojectswasestablishedatbetweenR19.052millionandR48.961millionrespectively;witha“fair”valueofR30.560million

NJ ODENDAAL CJ MULLERB.Sc.(Geol.),B.Sc.(Hons)(Min.Econ.),M.Sc.(Min.Eng.) B.Sc.(Hons)(Geol.),Pr.Sci.Nat.,MGSSAPr.Sci.Nat.,FSAIMM,MGSSA,MAusIMMDIRECTOR, MINXCON DIRECTOR, MINXCONComPETENT VaLUaTor ComPETENT PErSoN

121

ANNEXURE 10.3

EXEcUTIVE SUMMARY OF THE MINERAL ASSET VALUATION

OF THE DOORNBOScH PLATINUM PROJEcT & kAMEELHOEk

IRON ORE PROJEcT EFFEcTIVE 26 MARcH 2010

INTRODUcTION

Minxcon (Pty) Ltd (“Minxcon”) was commissioned by Rand Gold and Exploration Company Limited (“Randgold”) to provide anIndependentMineralAssetValuationReportonthemineralassetsoftheDoornboschPlatinumProject,locatednorthofthetownofSteelpoort,MpumalangaProvince,andKameelhoek IronOreProject, locatedsouthof the townofPostmasburg,NorthernCapeProvince,SouthAfrica.TheReportisfullycompliantwiththeSouthAfricanCodefortheReportingofExplorationResults,MineralResourcesandMineralReserves(“theSAMRECCode”),theSouthAfricanCodefortheReportingofMineralAssetValuation(“theSAMVALCode”)andSection12oftheJSElistingrequirements,withtheexceptionofsectionspertainingtodevelopedoperationsasthisProjectisstillintheexplorationphase.TheCompetentPersonoftheValuationReportdeemsthissummarydocumenttobeatruereflectionofthecontentofthefullReport.

TheDoornbosch Project comprises an areaof 3,629haof the farmDoornbosch294KTand lies adjacent toAngloPlatinum’sModikwaMine.TheKameelhoekProspectingAreacomprisestheRemainderoffarmKameelhoek477,withmineralrightsextendingforaround974haandneighbouringKumba’sSishenSouthMine.

TheDoornboschArea is locatedwithintheBushveld IgneousComplex,themaintargethorizonbeingtheUG2.TheKameelhoekProjectcomprisesaSuperior-typebandedironformationoftheTransvaalSupergroup.

Randgold(orsubsidiariesofRandgold)currentlyholdProspectingRightsfortheDoornboschandKameelhoekProjectAreas.AlegalreviewreportbytheCompany’sattorneys(EsmeFerreiraAttorneys)hashighlightedkeyriskswithregardstotheseRights.MinxconhavereviewedtherisksandaresatisfiedthatsecurityoflegaltenurefortheProjectsisofanacceptablelevel.

AspertheDecember2009AmendedProspectingWorkProgramme(“PWP”),afeasibilitystudyistobeconductedbyafirmappointedbyRandgoldtoevaluatethepotentialofdevelopmentofDoornboschintoastand-aloneoperationversusincorporatingit intotheadjacentModikwaoperation.FutureexplorationattheProjectisthustoadegreedependentonextendingnegotiationswithAngloPlatinum.Financialmodellingwillbecarriedout.Trenching,bulksamplingandmetallurgicaltestworkmaybeconductedifdeemednecessarybytheoutcomeofthemodelling.AdualphaseprogrammehasbeensetoutbyRandgold.TotalexpenditureforfutureexplorationforDoornbosch,hasbeenestimatedatR2.2million.MinxconrecommendsthedrillingofadditionalboreholestoincreasetheconfidenceintheMineralResourcecategorytoIndicated.

Explorationaspera2006PWPforKameelhoekiswellintoPhase3withthedrillingcampaign,whichhadanestimatedbudgetofR1.5million.Apre-feasibilitystudywillbeconductedaftercompletionofdrilling,withanestimatedexpenditureforthefourthandfinalphaseofR800000.

Noaccountofanymodifyingfactorssuchasminingmethods,metallurgicaltreatmentprocessesandparameters,taxation,socio-economic,marketingorpoliticalfactorshavebeentakenintoaccount.

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AchromemineisactiveonthesamefarmasonwhichtheDoornboschProject lies.Theenvironmental impactofanyoperationsregardingplatinumprospectingorextractionwillthusbeintimatelylinkedwithanyrehabilitationprogrammessetforthbythechromeoperation.KameelhoekliesadjacenttoawildlifereserveestablishedbytheadjacentKumbaoperation.EnvironmentalconservationwillthusbeahighpriorityforanydevelopmentsfortheKameelhoekProject.

MINERAL RESOURcES

TheKameelhoekProjectisregardedasanexplorationtargetandnoMineralResourceshavebeendelineatedacrossthisinterest.AMineralResourceevaluationfortheDoornboschProjectbyGeo-ConsultInternational(Pty)Ltd(“Geo-Consult”)placedtheassetinanIndicatedcategory.However,basedon theavailabledataMinxcon issatisfied that theDoornboschMineralResource representsanInferredMineralResource.

VALUATION OF THE PROJEcT

Doornbosch

ThevaluationoftheprojectareawasbasedonthemarketapproachforwhichMinxconusedtheirvaluationcurve,constructedfromhistoricaltransactionsofpropertiesofasimilarnature.

A range of values was provided together with a fair value for both the Mineral Resource figures produced by Geo-Consult andMinxcon.Thevaluesprovidedwereasfollows:–

• Value1:ValuationbasedonMinxconreportedInferredResources(excludesOxidisedZone);

• Value2:ValuationbasedonMinxconResourcesassumingtheyareIndicatedResources(excludesOxidisedZone),forcomparison;and

• Value3:ValuationbasedonGeo-ConsultIndicatedResources(includesOxidisedZone).

ThethreevaluationapproachesabovewereprovidedbecauseofthevaluatorsopinionthatafairprojectvalueforDoornboschwillverymuchdependonthepotentialbuyerofthemineralasset:–

• Shoulditbetreatedonastand-alonebasis,theProjectwillbevaluedonamuchlowerunitvalueandthetotalvaluehave to be determined on the Inferred Mineral Resource ounces reported by Minxcon and hence a fair value ofR2.098milliononly;or

• If theProject isconsolidatedwithneighbouringModikwa,whichhasaMeasuredMineralResourcesurrounding theDoornboscharea,thenDoornboschcouldattractahighervalueofR15milliontoR20million.

Kameelhoek

TheKameelhoekProjectdoesnothaveanyestimatedMineralResources,andnoinformationisavailablewhichcouldbeusedtoapplythehistoricalcostmethodofvaluation.HencetheProjectwasvaluedusingavalueperhectareapproach.

A range of values was provided together with a fair value. The upper and lower valuation range was established at betweenR6.799millionandR95.338millionrespectively;witha“fair”valueofR21.851million.ThevaluationrepresentsatotalvaluefortheKameelhoekProject.

Thebusinessofminingandmineralexploration,developmentandproductionbytheirnaturecontainsignificantoperationalrisks.Thebusinessdependsupon,amongstotherthings,successfulprospectingprogrammesandcompetentmanagement.Profitabilityandassetvaluescanbeaffectedbyunforeseenchangesinoperatingcircumstancesandtechnicalissues.Factorssuchaspoliticalandindustrialdisruption,currencyfluctuationandinterestratescouldhaveanimpactonfutureoperations,andpotentialrevenuestreamscanalsobeaffectedbythesefactors.Themajorityofthesefactorsare,andwillbe,beyondthecontrolofanyoperatingentity.

MINXcON DOORNBOScH Ug2 INFERRED MINERAL RESOURcE STATEMENT

MineralResourceEstimate

TotalAreaonDip

(m2)

AveStopingWidth

(m)

CalculatedVolume

(m3)

AveUG2Density

(t/m3)Tonnage

(Mt)

TonnageAfter20%Geological

Loss(Mt)

AveUG2Grade(4E)

(g/t)Content

4E(Grams)Content4E(Moz)

Unoxidised Zone 212862 1.02 217119 3.66 0.795 0.636 4.67 2970120 0.095Total 212862 1.02 217119 3.66 0.795 0.636 4.67 2970120 0.095

Notes: Effective Date 26 March 2010; No cut off grades were used; The tonnages and grades are quoted as mining width tonnes; Regolith Zone

(Oxidised Zone) excluded from Resource tabulation – no data to attest to grade and specific gravity of this zone; the estimated cubic metres for this

zone is 84,500 m3; Mineral Resources are inclusive of Mineral Reserves

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MINERAL ASSET VALUATION

ValuationMethodology TotalLowerPrice

RiskAdjusted

PriceUpperPrice

LowerValue

FairValue

UpperValue

Doornbosch – exploration properties with resources

MarketApproach3PGE+Au(‘000) USD/oz R’000

Geo-ConsultIndicatedResource 169 9.66 18.09 25.54 12544 23492 33179MinxconInferredResource 95 0.57 2.86 6.49 416 2098 4761

TotalLowerPrice

RiskAdjusted

PriceUpperPrice

LowerValue

FairValue

UpperValue

Kameelhoek – exploration properties without resourcesHa R/ha R’000

R6021 R26271 R6799 R21851 R95338MarketApproach(Comp.) 3629 1874 6021 26271 6799 21851 95338

cONcLUSIONS• TheDoornboschProjectistargetingextractionoftheUG2seamatshallowdepths;

• TheDoornboschProjectislikelygoingtobeanexceptiontotheruleintermsofthevaluationoftheMineralResource;

• Threevaluationswereprovideddue to thevaluator’sopinion thata fairprojectvalue forDoornboschwillverymuchdependonthepotentialbuyerofthemineralassetwhichcouldeitherbeonastand-alonebasisorconsolidationoftheareawiththesurroundingModikwamine.

• ThisplacesawiderangeofvaluesontheProjectwhichrangefromjustoverR2milliontoR20million.

• MinxconcommentedontheriskassociatedwiththeGeo-ConsultdeclarationofanIndicatedMineralResourcewith

• theopinionthatcurrentinformationrepresentsanInferredMineralResource;

• DetailedevaluationoftheMineralResourcecouldrevealoxidationintheshallowerunexploredareasoftheresourceandoxidisedtonneswereexcludedfromtheresource;

• ItisMinxcon’sopinionthatanagreementwiththeneighbouringminewouldmakethebestsense.TheconsolidationoftheareaintheModikwaresourcewouldliftthevaluebeyondtheupperUSD/ozrangeofthecurrentvaluation;

• BandedironformationcontainstheMineralResourceforKameelhoek;

• IronOreindicativegradesfortheKameelhoekpropertyishighandthereforewilllikelyattracttheinterestfromneighbouringoperation;

• TheKameelhoekProjectdoesnothaveanyestimatedMineralResources,andnoinformationisavailablewhichcouldbeusedtoapplythehistoricalcostmethodofvaluation;

• MinxconvaluedtheKameelhoekProjectonavalue/habasisaderiveda“fair”valueofR21.851millionfortheproject;&

• BoththeDoornboschandKameelhoekpropertiesaresmall insizeandwill likelybeuneconomicalonastand-alonebasis.

NJ ODENDAAL CJ MULLERB.Sc.(Geol.),B.Sc.(Hons)(Min.Econ.),M.Sc.(Min.Eng.) B.Sc.(Hons)(Geol.),Pr.Sci.Nat.,MGSSAPr.Sci.Nat.,FSAIMM,MGSSA,MAusIMMDIRECTOR, MINXCON DIRECTOR, MINXCONComPETENT VaLUaTor ComPETENT PErSoN

124

ANNEXURE 11

BIOgRAPHIcAL INFORMATION OF THE DIREcTORS OF R&E

AND OTHER DIREcTORSHIPS HELD BY R&E DIREcTORS

1. R&E DIREcTORS’ DETAILS

1.1 DAVID CHAIM KOVARSKY (62)

Non-executive Chairman BComm(Hons),CA(SA) Dateofappointment:5December2007

AfterqualifyingasaCharteredAccountant,DavidwasappointedasanauditmanageratArthurAndersen.In1983hejoinedJCI inacorporate finance function,eventuallyprogressing tocontrollingJCI’sFerrochromearm,CMI.ThereafterDavid ranTimesMediaLimited(TML)andservedontheboardsof listedcompaniessuchasTML,SABreweries,M-NetandPremierMilling.SubsequentlyDavidhasbeeninvolvedinfinanceandstrategyconsultingfunctionsandservedastheCEOofcompaniesofvaryingsizes.

HeservedaschieffinancialofficerforWesternAreasLimitedbetweenAugust1998andAugust2000.CurrentlyDavidistheCEOofInternationalFerroMetalsLimited,aLondon-listedcompanyproducingferrochromeinSouthAfrica.

Specific experience related to mining and exploration

David,supervisedtheFSDportfolioofexplorationassetsfrom1986to1990.HewaspartofthefinancialteamthatevaluatedandfloatedtheJoelGoldMineandLebowaPlatinumMineinthelate1980sandpartoftheteamthatevaluatedtheSouthDeepminein1989HealsohadultimateresponsibilityforThorncliffechromeminefeasibilitystudyin1991andSkyChromefeasibilitystudyin2008andoverallresponsibilityoffeasibilitystudiesofdepositsinGhanain1998.

Business Address

InternationalFerroMetalsLimited Suite14b,3rdFloor, 3MelroseBoulevard, MelroseArch2076

1.2 MARAIS STEYN (38)

Chief Executive Officer BComm(Hons),CA(SA) Dateofappointment:13December2006

AfterqualifyingasaCharteredAccountant,Maraiswasappointedasamanager in theaudit andmanagementconsultingdepartmentsatKPMG.Subsequently,hemanagedandfoundedanauditingandcorporateadvisoryfirmservingtheneedsofvariousmajorcorporationsandparastatals.PriortohisappointmenttotheboardofR&E,heservedasfinancialdirectorofAfleaseLimited;aJSE-listedgoldanduraniumminingcompany.

Previous positions and experience in the Mining and Related Industry

• FinancialDirector–AfleaseLimited(currentlyUraniumOneInc.)–2002to2005

• ChiefFinancialOfficer–WesternAreasLimited1999to2000

• FinancialDirector–BullionPLC2000to2001

• FinancialAdvisor–SouthDeepMineExpansionandlongtermplanning(MinecurrentlyownedbyGoldfieldLimitedandknowforthedeepestsingleshaftsystemintheworld)

• ExpertwitnessandbriefingofcouncilonJSEandNASDAQlistedentity’sdefenceagainstUnitedStatesclassactionlegalproceedings.

• Financial advisor to partnership between PriceWaterhouseCoopers and Parson Brinckerhoff (Pty) Ltd, electricitydistributionvaluationandringfencingprojectforvariousmunicipalitiesinSouthAfrica.

• Financialadvisortovariousminingcompanies&relatedindustry,including(Inprincipalposition):

• AfricanVanguardResourcesLtd;

• InvestecPrivateEquity

125

• DRDLimited,

• EnviroserveLtd;

• NamakwaDiamondsPLC,

• MineWasteSolutionsLtd;

• PyrometLtd.

• KPMG – Manager in the Energy and Mining division. Specific experience in IFRS accounting and control systemimplementation.

Experience specifically related to exploration and prospecting:

R&E

• 2006tocurrent–Marais,chairstheexecutiveprospectingrightcommitteeontheplanning,exploration,expansionandmanagementofR&E’sprospectingrights.

• R&EcontractedtheservicesofGeo-Consulttomaintainexplorationprograms,andpresentR&Ewithscenarioplanningproposals.

• Minxcon is contracted to produce independent assessments of exploration targets. In addition, Minxcon is alsocontractedtoprepareCompetentPersonsReportswhichispublishedforthebenefitofshareholders.

Western Areas Limited: Marais was responsible for the compilation of South Deep’s Long Term Life of Mine plan which included the following tasks:

• Interpretationofgeologicalandmineengineeringmodelstodetermineeconomicviability.

• Coordinatingthedesign,geologicalandmineengineeringdepartments’outputtofacilitatelongtermfinancialscenarioplanning;

• ProjectingcostingandtechnicalparameterstodetermineReservedeclaration;

• DevelopmentoflongtermfinancialmodeltodetermineDiscountedCashFlowscenarios;

• Weeklyupdatingminingmodelswithgeologicalinformationaccumulatedfromunderground&surfacedrillingexplorationesults;

• Creationofshorttermduediligencemodelstodetermineeconomicviabilityofspecificundergroundminingtargets.

• ModderEast:Maraisresponsibilitiesincluded:

• Managementofanoutsourcedexplorationteam;

• Interpretationofexplorationdrillingresultsandincorporationthereofintoupdatedgeologicalmodels;

• Compilationofminemodelinasmallentrepreneurialteamconsistingofminingengineer,accountantandgeologist;

• Determinationofeconomicworthofprospectingrights;and

• Negotiationanddisposaloftheassettoalistedentitybasedontheaboveactivities.

• DRDLimited:Maraisresponsibilitiesincluded:

• Minecostingmodelandfinancialconsolidationofminingmodelsforvariousupdergroundandopenpitminesbasedonundergroundandsurfaceexplorationandminesurveyresults.

• Assessmentofeconomicworthandviabilityvariousgeologicalmodels.

Aflease Limited/UraniumOne Inc: Marais responsibilities included:

• Combiningmineengineering,geologicalandcostingdepartmentsmodelstocreateacorporatefinancialmodelwhichwasalsoincorporatedbySRKintoCompetentPersonsReportforpurposesofReservedeclaration.

• ManagementandapprovalofexplorationbudgetreGold&Uranium;

• Partofexecutiveteamwhichwasresponsibleforoverseeinggeologicaldepartmentandtheexplorationactivities.

Business Address

Randgold&ExplorationCompanyLimited 7thFloorFredmanTowers, 13FredmanDrive, Sandown2196

126

1.3 MOTSEHOA BRENDA MADUMISE (45)

Independent non-executive director BProcLLB,MBA,DipInternationalTradeLaw Dateofappointment:24July2003

BrendaholdsaBProcLLBandaGraduateDiplomainInternationalTradeLawfromtheUniversityoftheWitwatersrandandan MBA from Bond University. Brenda is a non-practicing advocate with extensive experience in business, commercialandcorporatelawthroughservingonvariousprivateandpublic-sectorboards.In2006and2007sheservedontheMineralsandPetroleumDevelopmentBoardandwrotenumerousopinionsontheapplicationoftheMineralsandPetroleumDevelopmentActintheminingsector.Shecurrentlyprovidesmanagementconsultancyservicestovariousclientsinthefieldsoflabourlaw,contractmanagement,governanceandriskmanagement.SheisalsotheexecutivechairpersonofKhomelelaInvestments(Pty)LimitedandcurrentlyservesontheBoardofHospitalityFundandBayportFinancialServices.

Business Address

Unit3,17GeorgianCrescentRoad, NorthdownsOfficePark, Bryanston2191

1.4 JOHN HULME SCHOLES (43)

Independant non-executive director BA(Law),LLB(Wits)

HulmeholdsaBALawandLLBdegreefromtheUniversityoftheWitwatersrandandisanadmittedattorneyoftheHighCourtof the RSA. Hulme specialised in mining and mineral law and has practiced exclusively in the field for 15 years. He wasappointedasacommercialdirectorofAquariusPlatinum(“AQPSA”)during2008andwasapartneratWerksmansAttorneysfrom1999to2008andanon-executivedirectorofAQPSAfrom2004untilhebecameanexecutivedirectorofAQPSAin2008.

Business Address

AquariusPlatinum(SouthAfrica)(Proprietary)Limited 1stFloor,Building5 HarrowdeneOfficePark WesternServiceRoad Woodmead 2191

1.5 VAN ZYL BOTHA (29)

Financial Director of Randgold & Exploration BComm(Stellenbosch),(Hons),CA(SA)

After qualifying as a charteredaccountant,VanZyl foundeda financial consulting firm focusedon themining industry.HeconsultedforduallistedminingcompaniesandwasinvolvedingovernmentconsultingattheDepartmentofDefencethroughthe office of the Auditor General. He joined R&E in 2006 to assist with accounting and forensic requirements and wassubsequentlyappointedasgroupfinancialmanagerandasCFOon1August2009,andasfinancialdirectoron6May2010.

Specific mining, prospecting right and exploration experience:

Advisingonnegotiationsregardingtheacquisition,disposalandexpansiononprospectingrightsingold,uraniumanddiamondandthedeterminationofadequacyofresourcebase/prospectingrightsforlistingandperformingduediligenceonresourcecompanies.

ManagingtheprospectingrightsinR&Ewheremorethan40oldordermineralrightswereconvertedinto20prospectingrights,theserightswerethendisposedoforrelinquishedandsomenewprospectingrightswereappliedforandgranted.Forthepast3yearsVanZylwasdirectlyresponsibleforthemanagementandmaintenanceoftheprospectingrightsinternallyandthroughoutsourcingwherespecificskillswererequired,controllingallexpenditure,budgetsandforecasting.

VanZylwasalsoinvolvedinthenegotiationandthecircularonthesaleofR395millioncontiguousrightsfromanR&Esubsidiary,Goldridge,toGoldFields.

VanZylwasresponsiblefortheinvestigationofa2005transactionwherePanPalladiumissuedsharesinexchangeforR&Eprospectingrights,specificallyinvolvedinthevaluingthedeterminationofrights.

VanZyliscurrentlynegotiatingonbehalfofR&EcollaborationagreementswithAngloPlatinum,ARM,TaungGold,WitsGold,HarmonyandSephakuregardingR&E’scurrentrights.

127

Pre- R&E experience

• FoundedFinFiveInc.www.finfive.com,financialconsultingfirmfocusingontransactionsintheminingindustry.

Directly involved in:

• UraniumOne–BEEstructure, financialmodellingandM&Aanalysis.Specificresearchassignmentontheuraniummarketandfeasibilitystudyonthepotentialofjuniorminerstoentertheresourceindustry

• Afleasegold–Indirecttaxinvestigationsandreporting

• JCI–JointforensicinvestigationswithR&E

• RRL–Budgetingandforecastingsystems

• MerafeResources–Statutoryreporting

Indirectly involved in:

• NamakwaDiamonds-ListingonLSEmainboard

• Claritycapital–Goldminingreportingandrestructuring

• GreatBasinGold–Costaccountingandstatutoryreporting

• Alexkor-Restructuring

Business Address

RandgoldandExplorationCompanyLimited 7thFloorFredmanTowers, 13FredmanDrive, Sandown2196.

1.6 DIREcTORS OF SUBSIDIARY cOMPANIES OF RANDgOLD & EXPLORATION cOMPANY

1.6.1 Roger Patrick Pearcey (61)

Company Secretary FCIS

AfterqualifyingasaCharteredSecretaryin1976,Rogerwasappointedasfinancialmanagerforvariouscompaniesinvolvedinminingsupplies,medicalaidandenergygeneration.Inrecentyearshehasservedascompanysecretaryfor Kelloggs, and later to listed companies Simmer and Jack, Rand Leases Properties and Stilfontein. He wasappointedascompanysecretaryon1stNovember2005.

Business Address

Randgold&ExplorationCompanyLimited 7thFloorFredmanTowers, 13FredmanDrive, Sandown2196

1.6.2 Les Maxwell (63)

DirectorofFreeStateDevelopmentandInvestmentCorporationLimited

Les is a Chartered Accountant who was formerly financial director of Joy Manufacturing (Pty) Limited and of Fralex Limited/Fraser Alexander Limited. Thereafter he was involved in consulting and private business ventures before joining JCI.

Business Address

c/oJCILimited 10BenmoreRoad Morningside, Sandton 2196

128

2. OTHER DIRECTORSHIPS HELD BY RANDGOLD & EXPLORATION COMPANY DIRECTORS OtherdirectorshipsandmembershipsheldbythedirectorsofR&Eareasfollows:

Name Company Nature of business

D C Kovarsky Current

IFMCogen(Pty)Ltd TradingCompany

InternationalFerroMetals(SA)(Pty)Ltd MiningandExploration

InternationalFerroMetals(SA)Holdings(Pty)Ltd MiningandExploration

InternationalFerrochrome(Pty)Ltd MiningandExploration

PyrometTechnologies(Pty)Ltd

Randgold&ExplorationCompanyLimited MiningandExploration

Hentiq2618(Pty)Ltd TradingCompany

MinoLopatoNurserySchool Section21company

MirbrookeInvestments(Pty)Ltd Investments

PacificBreezeTrading88(Pty)Ltd TradingCompany

RichtrauNo115(Pty)Ltd TradingCompany

SkyChromeMining(Pty)Ltd MiningandExploration

Past

BarplatsInvestmentsLimited InvestmentCompany

CrownHillProperties(Pty)Ltd PropertyCompany

SublimeTechnologies(Pty)Ltd TradingCompany

SustainableFuelTechnologies(Pty)Ltd EnergyGeneration

TenovaPyromet(Pty)Ltd TradingCompany

M Steyn Current

Anerela Socialwelfare

ContinentalBaseMetalMiningCompanyLtd MiningandExploration

Corgroup(Neptune)InvestmentsLtd MiningandExploration

DoornriverMineralsLtd MiningandExploration

FirstWesgoldMining(Pty)Ltd MiningandExploration

FreeStateDevelopmentandInvestmentCorporationLtd

MiningandExploration

GautengDairy(Pty)Ltd Farmingandtrading

GoldridgeGoldMiningCompany(Pty)Ltd MiningandExploration

HyperTruckSpares(Pty)Ltd GeneralTrading

KingswayCentreofConcern Socialwelfare

KronenHoldings(Pty)Ltd HoldingCompany

KronenInvestments(Pty)Ltd Investmentcompany

LundaAlluvialOperation(Pty)Ltd MiningandExploration

MinricoLtd MiningandExploration

MJLMPropertyHoldingCC MiningandExploration

PanAfricanExplorationSyndicate(Pty)Ltd MiningandExploration

RandMinesLandsLimited MiningandExploration

Randgold&ExplorationCompanyLimited MiningandExploration

RandgoldProspectingandMineralHoldingsLtd MiningandExploration

RCIPower(Pty)Ltd EnergyGeneration

RefractionInvestments(Pty)Ltd Investments

SouthernHoldingsLimited MiningandExploration

YellowStarProperties PropertyCompany

129

Past

VersatexTrading446(Pty)Ltd MiningandExploration

BentoniteNominees(Pty)Ltd Investments

AudentisInvestments(Pty)Ltd Investments

Hentiq1899(Pty)Ltd Consulting

SteynVisagieInc Consulting

ViaFinancialServicesCC Consulting

RietkuilMining(Pty)Ltd MiningandExploration

M B Madumise Current

BayportFinancialServices(Pty)Ltd Personallending

DitswammungInvestments(Pty)Ltd InvestmentCompany

Motse-AyaTradingCC TradingCC

KhomelelaBusinessConsultingServices(Pty)Ltd Consulting

KhomelelaInvestments(Pty)Ltd InvestmentCompany

RadioIgagasi995(Pty)Ltd BroadcastingCompany

ArgonAssetManagement(Pty)Ltd Consulting

Atumia InvestmentCompany

BrenmadConsultantsCC Consulting

GlobalPactTrading667(Pty)Ltd TradingCompany

HospitalityPropertyFund(Pty)Ltd PropertyLoanStockCompany

ImbumbaAganangPrivateParty(Pty)Ltd Construction

Koraspec(Pty)Ltd TradingCompany

Koratron(Pty)Ltd TradingCompany

NasasaCellular(Pty)Ltd TradingCompany

NobuntuInvestments(Pty)Ltd PropertyFund

ProffesionalWomensForum Consulting

PsionTeklogixAfrica(Pty)Ltd TradingCompany

RadioHeart1049(Pty)Ltd Radio

Randgold&ExplorationCompanyLimited MiningandExploration

KatlehoCommunicationsCC Communications

Past

TselengTechnologiesAfrica(Pty)Ltd TradingCompany

MAapiesandAssociatesCC Consulting

SatsTaxiGo(Pty)Ltd Transport

KhomelelaConstruction(Pty)Ltd Construction

KhomelelaGroup(Pty)Ltd HoldingCompany

KhomelelaInvestmentDFAPPP(Pty)Ltd Investment

KhomelelaPropertyInvestments(Pty)Ltd Property

KhomelelaResources(Pty)Ltd Investmentcompany

KhomelelaTechnologies(Pty)Ltd TradingCompany

IgwijaGamingBEESPV(Pty)Ltd Gaming

LocateinMatjhabeng(Pty)Ltd PropertyCompany

PhikolosoMining(Pty)Ltd MiningandProspecting

TananeSweswiinvestmentCompany(Pty)Ltd Investment

TlotlisaFinancialServices(Pty)Ltd SecuritiesTrading

TwoShipsTradingandManufacturing(Pty)Ltd ManufacturingCompany

IgwijaGaming(Pty)Ltd Gaming

MatsheloSecurities(Pty)Ltd SecuritiesTrading

UkukhanyaHoldings(Pty)Ltd HoldingCompany

130

EpunguloInvestments(Pty)Ltd InvestmentCompany

IkweziEmpowermentEnterprises(Pty)Ltd InvestmentCompany

InkwenkweziGold(Pty)Ltd MiningAndProspecting

MDNMotorCorporation(Pty)Ltd TradingCompany

MainStreet545(Pty)Ltd Property

Nu-SefikaMineralandEnergy(Pty)Ltd MiningAndProspecting

PsionTeklogixSouthAfrica(Pty)Ltd TradingCompany

TlotlisaHoldingsLimited SecuritiesTrading

TlotlisaSecurities(Pty)Ltd SecuritiesTrading

TMSGroupIndustrialServices(Pty)Ltd Consulting

UkukhanyaFoods(Pty)Ltd TradingCompany

UkukhanyaForestandFarmProtectionServices(Pty)Ltd

Security

UkukhanyaITServices(Pty)Ltd InformationTechnology

UkukhanyaProperties(Pty)Ltd PropertyCompany

UkukhanyaVirtualEducation(Pty)Ltd TradingCompany

VikingPonyProperties359(Pty)Ltd Investmentcompany

Lawainvestments(Pty)Ltd Investmentcompany

UkukhanyaHubTechnologies(Pty)Ltd TradingCompany

UkukhanyaHuskySupport(Pty)Ltd TradingCompany

SkyBridgeCommunications(Pty)Ltd TradingCompany

J H Scholes Current

AquariusPlatinum(SouthAfrica)(Pty)Ltd MiningandExploration

HelpmekaarDiamante(Pty)Ltd MiningandExploration

RidgeMining(Pty)Ltd MiningandExploration

Sheba’sRidgePlatinum(Pty)Ltd MiningandExploration

SoutherneraMiningandExplorationSouthAfrica(Pty)Ltd

MiningandExploration

WatervalePlatinumMines(Pty)Ltd MiningandExploration

Randgold&ExplorationCompanyLimited MiningandExploration

Past

NewKleinfonteinMiningCompany(Pty)Ltd MiningandExploration

CyrusDiamondMine(Pty)Ltd MiningandExploration

BlueRidgePlatinum(Pty)Ltd MiningandExploration

AgisanangMine(Pty)Ltd MiningandExploration

BokangMine(Pty)Ltd MiningandExploration

BonteKoeMynbouOndernemings MiningandExploration

CarbonLeaderLimited MiningandExploration

MibaHoldingslimited MiningandExploration

MultiDiamondMine(Pty)Ltd MiningandExploration

RexMiningCorporationLimited MiningandExploration

SimolotseMine(Pty)Ltd MiningandExploration

WerksmansInc Attorneys

WolfbergMynbou MiningandExploration

131

V Botha Current

ContinentalBaseMetalMiningCompanyLtd MiningandExploration

Corgroup(Neptune)InvestmentsLtd MiningandExploration

DoornriverMineralsLtd MiningandExploration

EHinvestmentsCC Property

EmeraldErf101CC Property

Fin5Inc Consulting

FinfiveHoldingsPtyLtd Consulting

FirstWesgoldMining(Pty)Ltd MiningandExploration

FourRiversTrading333(Pty)Ltd Generaltrading

FreeStateDevelopmentandInvestmentCorporationLtd

MiningandExploration

GoldridgeGoldMiningCompany(Pty)Ltd MiningandExploration

LundaAlluvialOperation(Pty)Ltd MiningandExploration

MinricoLtd MiningandExploration

PalmietfonteinMiningVentures(Pty)Ltd MiningandExploration

PanAfricanExplorationSyndicate(Pty)Ltd MiningandExploration

RandMinesLandsLimited MiningandExploration

RandgoldProspectingandMineralHoldingsLtd MiningandExploration

RefractionInvestments(Pty)Ltd Consulting

ShelfCorporationKing104CC Consulting

SouthernHoldingsLimited MiningandExploration

Randgold&ExplorationCompanyLimited MiningandExploration

Past

VersatexTrading446(Pty)Ltd GeneralTrading

BentoniteNominees(Pty)Ltd Investmentcompany

Fin5BusinessSolutions(Pty)Ltd Consulting

Fin5Consulting(pty)Ltd Consulting

Fin5holdings(Pty)Ltd Consulting

Hanmag57(Pty)Ltd Consulting

3. OTHER DIRECTORSHIPS HELD BY R&E’S SUBSIDIARY COMPANY DIRECTORS OtherdirectorshipsandmembershipsheldbythedirectorsofthesubsidiariesofR&Eareasfollows:

R P Pearcey Current

Corgroup(Neptune)InvestmentsLtd MiningandExploration

FreeStateDevelopmentandInvestmentCorporationLtd

MiningandExploration

MinricoLtd MiningandExploration

RandMinesLandsLimited MiningandExploration

RandgoldProspectingandMineralHoldingsLtd MiningandExploration

SouthernHoldingsLimited MiningandExploration

Past

VersatexTrading446(Pty)Ltd TradingCompany

BentoniteNominees(Pty)Ltd Investmentcompany

L A Maxwell Current

CapeVerde ExternalCompany

JCICorporateLeaseFund(Pty)Ltd Investmentcompany

Aconcagua24shareblockCompany(Pty)Ltd Property

BarnatoExplorationCompanyLtd MiningandExploration

132

BioProspectAfrica(Pty)Ltd Trading

BlueWavesProperties(Pty)Ltd Property

BoschendalLimited Property

BunkerHillsInvestments623(Pty)Ltd Investments

CatalystProperties(Pty)Ltd Property

CatwalkInvestments394(Pty)Ltd Investments

CitydeepEstatePtyLtd Property

ConsolidatedMiningCorporationLtd MiningandExploration

ConsolidatedMiningManagementServicesLtd MiningandExploration

DABSecuritiesLtd Investments

Erf496Polokwane(Pty)Ltd Property

Erf756Woodmead(Pty)Ltd Property

FoundationVariableLoanStockCompanyLtd Investments

FreeStateDevelopmentandInvestmentCorporationLtd

MiningandExploration

GoldenDividend392(Pty)Ltd Investments

GreatComorantInvestments63(Pty)Ltd Investments

HighlandNightInvestments157(Pty)Ltd Investments

JCILtd MiningandExploration

JCIFinancialSolutions(Pty)Ltd Investments

JCIFinancialSolutionsHoldings(Pty)Ltd Investments

JCIGoldLtd MiningandExploration

JCIPropertiesSolutions(Pty)Ltd Property

JubilleeProspectors(Pty)Ltd MiningandExploration

KirstenberryLodge(Pty)Ltd Property

KovacsInvestments(Pty)Ltd Investments

LibertyMoonInvestments23(Pty)Ltd MiningandExploration

LindumReefsGoldMiningCompanyLtd MiningandExploration

NorthernLightsTrading184(Pty)Ltd MiningandExploration

OmnipactSAInvestments85(Pty)Ltd Investments

OnshelfInvestmentsoneHundredAndOne(Pty)Ltd

Investments

OnshelfPropertySeventyFour(Pty)Ltd Property

OnshelfTradingEighty(Pty)Ltd Property

PurplePlumProperties59(Pty)Ltd Property

RaubexGroupLtd Investments

SpanishIceProperties(Pty)Ltd Property

TangentMining(Pty)Ltd MiningandExploration

TheFallsShoppingCentre(Pty)Ltd Property

Unit1004SandtonEmperor(Pty)Ltd Property

Past

SnowyOwlProperties176(Pty)Ltd Property

307RandparkExt4Randburg(Pty)Ltd Property

55LoperAveAeroportext2(Pty)Ltd Property

BattleaxeEstateandInvestmentCompany(Pty)Ltd

Investments

CapensisInvestments(Pty)Ltd Investments

CaptainSterlingInvestments39(Pty)Ltd Investments

CastleUltraTrading295(Pty)Ltd Property

CelexaSouthAfrica(Pty)Ltd Property

CnrofLoperAveAeroportext2(Pty)Ltd Property

133

CnrDirectorandLoperAeroport(Pty)Ltd Property

DeFactoInvestments(Pty)Ltd Investments

DonneInvestments(Pty)Ltd Investments

Erf13and16sandown(Pty)Ltd Property

Erf212and213Millenium(Pty)Ltd Property

Erf249Millenium(Pty)Ltd Property

Erf251Eastgateext12(Pty)Ltd Property

FastPulseTrading22(Pty)Ltd Property

FutureIndefiniteInvestments(Pty)Ltd Investments

GreatComorantInvestments62(Pty)Ltd Investments

JCICapitalandAssetFinance(Pty)Ltd Investments

JCICorporateLeaseFundnumber2(Pty)Ltd Investments

JCICorporateStructuredFinance(Pty)Ltd Investments

JCIPlanningStudio(Pty)Ltd Investments

JohannesburgConsolidatedInvestmentCompanyLtd

Investments

LakeTowers(Pty)Ltd Property

LakeTowersDevelopments(Pty)Ltd Property

LibertyMoonInvestments19(Pty)Ltd Investments

LibertyMoonInvestments22(Pty)Ltd Investments

OntrakInvestments21(Pty)Ltd Investments

PermusInvestmentsLtd

Portion1ofErfMeadowdale(Pty)Ltd Property

Portion169Stand602SpartanExt2(Pty)Ltd Property

Portion170Stand602SpartanExt2(Pty)Ltd Property

Portion2ofErf430Isandoext1(Pty)Ltd Property

Portion53Stand602SpartanExt2(Pty)Ltd Property

PresentPerfectInvestments96(Pty)Ltd Investments

PrivatePreviewInvestments41(Pty)Ltd Investments

QuantumLeapInvestments433(Pty)Ltd Investments

QuantumLeapInvestments450(Pty)Ltd Investments

QuantumLeapInvestments590(Pty)Ltd Investments

Rapivest18(Pty)Ltd Investments

SandveldtInvestments(Pty)Ltd Investments

ShelfigretEighty(Pty)Ltd Investments

ShelfigretEightyEight(Pty)Ltd Investments

ShelfigretEightyFour(Pty)Ltd Investments

ShelfigretEightyNine(Pty)Ltd Investments

ShelfigretEightySeven(Pty)Ltd Investments

ShelfigretEightySix(Pty)Ltd Investments

ShelfigretEightyThree(Pty)Ltd Investments

ShelfigretEightyTwo(Pty)Ltd Investments

ShelfigretSeventyEight(Pty)Ltd Investments

ShelfigretSeventySix(Pty)Ltd Investments

Skygistics(Pty)Ltd SatelliteTechnology

Tradewith108(Pty)Ltd Trading

WhiteWaterResourcesLtd(Pty)Ltd Investments

134

ANNEXURE 12

TABLE OF ENTITLEMENTS OF R&E SHAREHOLDERSThetable,asummaryoftheentitlementofR&EshareholderstosettlementGFIsharesasaresultofcapitaldistributionandJCIsharesasaresultoftheunbundlingofshares,basedontheratio0.0809GoldfieldssharesforeveryoneR&Eshareheldand24.8739JCIshares(newandexisting)foreveryoneR&Eshareheldontherecorddateandbasedontheroundingprinciple,issetoutbelow.

R & E SharesGoldfields Share

EntitlementJCI Share

Entitlement R & E SharesGoldfields Share

EntitlementJCI Share

Entitlement

1 – 25 64 5 1592

2 – 50 65 5 1617

3 – 75 66 5 1642

4 – 99 67 5 1667

5 – 124 68 6 1691

6 – 149 69 6 1716

7 1 174 70 6 1741

8 1 199 71 6 1766

9 1 224 72 6 1791

10 1 249 73 6 1816

11 1 274 74 6 1841

12 1 298 75 6 1866

13 1 323 76 6 1890

14 1 348 77 6 1915

15 1 373 78 6 1940

16 1 398 79 6 1965

17 1 423 80 6 1990

18 1 448 81 7 2015

19 2 473 82 7 2040

20 2 497 83 7 2065

21 2 522 84 7 2089

22 2 547 85 7 2114

23 2 572 86 7 2139

24 2 597 87 7 2164

25 2 622 88 7 2189

26 2 647 89 7 2214

27 2 672 90 7 2239

28 2 696 91 7 2264

29 2 721 92 7 2288

30 2 746 93 8 2313

31 3 771 94 8 2338

32 3 796 95 8 2363

33 3 821 96 8 2388

34 3 846 97 8 2413

35 3 871 98 8 2438

36 3 895 99 8 2463

37 3 920 100 8 2487

38 3 945 200 16 4975

39 3 970 300 24 7462

40 3 995 400 32 9950

41 3 1020 500 40 12437

42 3 1045 600 49 14924

135

43 3 1070 700 57 17412

44 4 1094 800 65 19899

45 4 1119 900 73 22387

46 4 1144 1000 81 24874

47 4 1169 2000 162 49748

48 4 1194 3000 243 74622

49 4 1219 4000 324 99496

50 4 1244 5000 404 124370

51 4 1269 6000 485 149244

52 4 1293 7000 566 174117

53 4 1318 8000 647 198991

54 4 1343 9000 728 223865

55 4 1368 10000 809 248739

56 5 1393 20000 1618 497479

57 5 1418 30000 2427 746218

58 5 1443 40000 3236 994957

59 5 1468 50000 4044 1243696

60 5 1492 60000 4853 1492436

61 5 1517 70000 5662 1741175

62 5 1542 80000 6471 1989914

63 5 1567 90000 7280 2238653

100000 8089 2487393

Notes:

i) The share entitlement table is based on 74,813,128 R&E shares in issue;

ii) 6,051,632 GFL shares are transferred to R&E and the shares are a capital distribution to R&E shareholders; and

iii) The JCI shares unbundled to R&E shareholders consist of 1,555,710,220 new JCI shares issued to R&E and 305,186,049 existing JCI shares held

by R&E.

136

ANNEXURE 13

JcI gROUP NAV STATEMENT AT 31 DEcEMBER 2009ThefollowingisatranscriptoftheJCIgroupNAVstatementat31December2009aspublishedonSENSon16February2010.

Annexures13,13A,13Band13ChavebeenextractedwithoutadjustmentfromtheJCIcirculartoJCIshareholdersinrespectoftheproposedsettlement.TheboardofR&Edoesnotacceptanyresponsibilityforthedisclosuremadeinthisannexure.

Please note: a glossary of terms used in this Annexure appears at the end of the Annexure

“JCI LIMITED(“JCI”or“theCompany”)(IncorporatedintheRepublicofSouthAfrica)(Registrationnumber1894/000854/06)Sharecode:JCD(Suspended)ISIN:ZAE0000039681

gROUP NET ASSET VALUE STATEMENT AT 31 DEcEMBER 2009

DIREcTORS’ RESPONSIBILITY STATEMENT

TheJCIdirectorsareresponsibleforthepreparationandpresentationoftheGroupNAVStatementofJCIat31December2009andaccompanyingNotesassetoutherein.

TheGroupNAVStatementhasbeenpreparedinaccordancewiththebasisofpreparationsetoutintheaccompanyingNotesforthepurposeofprovidingtheshareholdersofJCIwithfinancialinformationdeterminedinaccordancewiththebasisofpreparationsetoutinnote2,andhasnotbeenpreparedinaccordancewithIFRSorothergenerallyacceptedaccountingprinciples.

TheJCIdirectors’responsibilityincludesdeterminingthatthebasisofpreparationisanacceptablebasisforpreparingandpresentingtheGroupNAVStatementandaccompanyingNotes,andmakingaccountingestimates,which,intheopinionoftheJCIdirectors,arereasonableinthecircumstances.

KPMGInc,theindependentauditor,isresponsibleforreportingonwhether,basedontheauditor’sproceduresarisingfromalimitedassuranceengagement,theGroupNAVStatementat31December2009hasbeenprepared,inallmaterialrespects,inaccordancewiththebasisofpreparationsetoutintheaccompanyingNotes.

Approval of the Group NAV Statement

TheGroupNAVStatementat31December2009andaccompanyingNoteswereapprovedbytheJCIboardon9February2010andsignedonitsbehalfby:

Peter Henry Gray Leslie Arthur MaxwellChiefExecutiveOfficer FinancialDirector

137

LIMITED ASSURANcE REPORT OF THE INDEPENDENT AUDITOR TO THE SHAREHOLDERS OF JcI LIMITED

WehaveperformedourlimitedassuranceengagementontheGroupNAVStatementofJCIat31December2009andaccompanyingNotes.

Directors’ responsibility for the Group NAV Statement

TheJCIdirectorsareresponsibleforthepreparationandpresentationoftheGroupNAVStatementinaccordancewiththebasisofpreparationsetoutintheNotestotheGroupNAVStatement.ThisresponsibilityincludesdeterminingthatthebasisofpreparationisanacceptablebasisforpreparingandpresentingtheGroupNAVStatementandmakingaccountingestimates,which,intheopinionoftheJCIdirectors,arereasonableinthecircumstances.

Auditor’s responsibility

Ourresponsibility istoconcludeonwhethertheGroupNAVStatementat31December2009hasbeenpreparedonthebasisofpreparationsetoutintheaccompanyingNotes,basedontheproceduresperformedbyusinalimitedassuranceengagement.TherearenoInternationalStandardsonAuditing(EngagementStandards)applicabletoanengagementofthisnature.Inthesecircumstancesweappliedourprofessional judgement inplanningandperformingourprocedurestoobtain limitedassuranceontheGroupNAVStatementinaccordancewiththebasisofpreparationsetoutintheaccompanyingNotes.Ourevidencegatheringproceduresaremorelimitedthanforareasonableassuranceengagement.Webelievethattheevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourconclusion.

Summary of work performed

OurworkincludedmakingenquiriesofmanagementandperformingprocedurestoobtainevidenceinrespectoftheamountsanddisclosuresintheGroupNAVStatementinaccordancewiththebasisofpreparationsetoutintheaccompanyingNotes.Wehaveevaluatedtheappropriatenessofthebasisofpreparationinthecircumstancesandthereasonablenessofaccountingestimatesmadebymanagement,aswellasevaluatingtheoverallpresentationoftheGroupNAVStatement.

Conclusion

Basedontheproceduresperformedbyus,nothinghascometoourattentionthatcausedustobelievethattheGroupNAVStatementat31December2009hasnotbeenprepared,inallmaterialrespects,onthebasisofpreparationsetoutintheaccompanyingNotes.

Restriction on use of this report

TheGroupNAVStatementhasbeenprepared,inallmaterialrespects,inaccordancewiththebasisofpreparation,setoutintheaccompanyingNotes.

TheGroupNAVStatementandourlimitedassurancereportmaynotbesuitableforanyotherpurpose.

KPMGIncCharteredAccountant(SA)RegisteredAuditorDirector

15February2010

138

GROUP NET ASSET VALUE STATEMENTAt

31 December At

31 March

2009 2008

Notes R’000 R’000

ASSETS

Listed investments 3 910 852 1 705 101

Goldfields 843446 1449293

R&E 67406 189596

Otherlistedinvestments – 64205

Derivativeinstruments – 2007

Unlisted investments 787 221 782 879

Boschendal 4 397190 160988

Jaganda 5 140984 284302

FSDInvestment 6 241547 252766

Businessesheldforsale 7 – 68823

Loans 8 7500 16000

Other assets 92 070 94 185

Investmentproperties 9 40519 30498

Cashandcashequivalents 10 51551 63687

TOTAL ASSETS 1 790 143 2 582 165

LIABILITIES

Litigationsettlementagreement 11 (307500) (373335)

Incometaxpayable 12 – –

Deferredtaxation 13 (22674) (2564)

Tradeandotherpayables 14 (215743) (207319)

TOTAL LIABILITIES (545 917) (583 218)

NET ASSETS 1 244 226 1 998 947

Noofshares Noofshares

ISSUED SHARES 15

Numberofsharesinissue 2224798993 2224798993

Treasuryshares (217656187) (202115127)

Netsharesinissue 2 007 142 806 2 022 683 866

GroupNAVpershare–Rand 0.6199 0.9883

139

NOTES TO THE gROUP NAV STATEMENT AT

31 DEcEMBER 2009

1. PURPOSE OF THE GROUP NAV STATEMENT

On 7 April 2006, JCI published unreviewed, unaudited and restated provisional financial results for the six months ended30September2005,andforeachoftheyearsended31March2004and31March2005(”provisionalresults”).

Intheaccompanyingcommentarytothoseprovisionalresults,theJCIdirectorsindicated,inter alia,thatduetotheextentofthemisappropriations, for which details were disclosed in the commentary, there may have been other material events andcircumstancesofwhichtheJCIdirectorswerenotawareandwhichmayhavehadamaterialeffectonJCI.Thesemayhaveaffectedthecompletenessandaccuracyoftheinformationreflectedintheprovisionalresultsand/ormayhavehadtheeffectthat the provisional results did not reflect a true and complete account of the financial and other affairs of JCI. In thesecircumstances theJCIdirectorsdisclaimedany liability in respectof theaccuracy,correctnessand/orcompletenessof theinformationreflectedintheprovisionalresults.Thisisstilltheposition.

KPMGInc.wasappointedastheindependentauditorofJCIduringOctober2005.Inviewoftheuncertaintiesrelatingtotheprovisionalresults,andthedisclaimerbytheJCIdirectors,theywereunableto,anddidnot,expressanauditorreviewopinionontheprovisionalresults.Thisisstilltheposition.

TheGroupNAVStatementhasbeenpreparedtoprovideshareholderswithfinancialinformationwhichmayinter aliabeusedatalaterdatetoassistthemwithadecisionontheproposedsettlementagreementwithR&E(refertonote18).

2. BASIS OF PREPARATION

TheGroupNAVStatementhasbeenpreparedfrominformationavailabletotheJCIdirectorsandmaynotbecompleteforthereasonsgiveninnote1above.Inparticular,theGroupNAVStatementexcludesmajorclaimsandcounterclaimsbetweenJCIandR&Eanddoesnotinclude pro formaadjustmentsrelatingtotheproposedsettlementbetweenthem.

Otherthanfortheseclaims,theGroupNAVStatementincludesallknownsignificantassetsandliabilitiesoftheJCIGroupandassociatecompanies.TheGroupNAVStatementincludesthevalueofJCI’sinvestmentinFSD.

TheGroupNAVStatementhasbeenpreparedinRands.AllfinancialinformationispresentedinRandsandhasbeenroundedto the nearest thousand. Foreign currency monetary and non-monetary items are reported using the closing rate at31December2009.

TheGroupNAVStatementrequiredtheJCIdirectorstomakejudgements,estimatesandassumptionsthataffectthebasisofpreparationandthereportedamountsofassetsandliabilities.Actualresultsmaydifferfromtheseestimates.

TheassetsandliabilitiesofsubsidiariesareincludedintheGroupNAVStatement,exceptininstanceswherethesubsidiariesareconsideredasbusinessesheldforsale,orifthesubsidiariesareconsideredtobeinsolvent,ordormant,oriftheownershipoftheassetsand liabilitiescouldnotbeproven.However, insolventsubsidiaries’ liabilitieshavebeen includedtotheextentwhereJCIoranyofitsothersubsidiarieshaveguaranteedtheliabilities.

Intra-groupbalancesareeliminatedinthepreparationoftheGroupNAVStatement.

TheGroupNAVStatementhasnotbeenpreparedintermsofIFRS,butonthebasisdiscussedundereachheadingbelow:

2.1 Listed investments

TheJCIGroup’slistedinvestments,exceptfortheinvestmentinR&E,arebasedontheVWAPforDecember2009comprising21tradingdays(2008:VWAPforMarch2008comprising19tradingdays).

ThevalueoftheR&Einvestment isbasedontheNAVpershareofR&Eat31December2009,asdisclosedtoJCIbythedirectorsoftheR&EGroup(March2008:NAVpershareofR&Eat31March2008,asdisclosedtoJCIbythedirectorsoftheR&EGroup,afteradjustingfortheproposedmergerratioof95to1).

SAFEXfutureswerederivativeinstrumentsandweremeasuredatthefairvalueoftheinstrumentat31March2008.Thefairvalueofthefutureswasbasedontheamountofcashthatwouldhavebeenreceivedifthefuturecontractswereclosedouton31March2008whichincludedtheprofit/lossontheinstruments.

2.2 Other assets

2.2.1 Boschendal and Jaganda

Theseinvestmentsarevaluedonthebasisdescribedinthenotes4and5respectively.

140

2.2.2 FSD

FSDhasbeenvaluedpernote6.

2.3 Businesses held for sale

Thefairvaluesofthesebusinessesarebasedonthelatestofferreceivedasanindicationofthebusinesses’minimumvalues.Theactualsalesvaluewasusedwherethebusinesshasbeensold.

2.4 Loans

Loans are only brought into account when they are either certain of recovery or are secured by assets which value canbedetermined.

2.5 Other assets

Otherassetsincludeinvestmentpropertiesandcashandcashequivalents.

2.5.1 Investment properties

Whereanagreementissignedtosellthepropertiesthevalueisbasedontheconsiderationinthesignedagreement.

Wheretherearenosuchagreementsinplace,thevalueisbasedonthelatestoffertopurchasereceivedfromathirdparty.

Wheretherearenosuchofferstopurchase,arentalyieldbasishasbeenusedtodeterminethevalue.

2.5.2 Cash and cash equivalents

Cashandcashequivalentscomprisescashandcashdepositswithbanking institutions.Thecarryingamountofcashandcashdepositswithbankinginstitutionsapproximatesfairvalue.

2.6 Taxation

2.6.1 Income tax payable

Incometaxpayablecomprisestaxationpayablecalculatedonthebasisoftheexpectedtaxableincomeusingthetax ratesenactedorsubstantivelyenactedat the reportingdate,andanyadjustmentof income taxpayable forpreviousyears.

Incometaxpayablehasbeencalculatedbasedonthebestinformationcurrentlyavailabletothedirectorsgiventhecircumstancesdetailedinnote1above(includingprioryearassessmentsandmanagement’sinterpretationofcurrenttaxlaw).

2.6.2 Deferred taxation

Deferredtaxationisprovidedbasedontemporarydifferences.TemporarydifferencesaredifferencesbetweenthecarryingamountsofassetsandliabilitiesreportedintheGroupNAVStatementandtheirtaxbase.

The amount of deferred taxation provided is based on the expected manner of realisation or settlement of thecarryingamountofassetsandliabilitiesusingtaxratesenactedorsubstantivelyenactedatthereportingdate.

Adeferredtaxationassetisrecognisedonlytotheextentthatitisprobablethatfuturetaxableprofitswillbeavailableagainst which the associated unused tax losses, unredeemed capital expenditure and deductible temporarydifferencescanbeutilised.Deferredtaxationassetsarereducedtotheextentthatitisnolongerprobablethattherelatedtaxbenefitwillberealised.

2.7 Trade and other payables

Trade and other payables include accruals and other amounts payable, based on management’s best estimate at thereportingdate.

2.8 Contingent assets

Contingentassetsaredisclosedwhenitisprobablethattheywillberealised.Theamountsdisclosedarethebestestimateofamountsexpected toberecovered.Due to thecomplexnatureof the legaland forensicproceedingsunderway theactualamountstoberecoveredfromthemisappropriationoftheJCIGroup’sassetscouldvarysignificantly.

141

2.9 Contingent liabilities

Contingentliabilitiesaredisclosedwhenitisprobablethattheywillberealised.Theamountsdisclosedarethebestestimateofamountsexpectedtobepaid.

AllguaranteesaredisclosedevenifthedirectorsareoftheopinionthattheywillnotbecalleduporJCIistobereleasedfromsuchguaranteesonthesaleoftheunderlyingassetsorbusinesses.

No of shares/futures

Value per share/future

At 31 December

At 31 March

2009 2008

R R’000 R’000

3. LISTED INVESTMENTSGoldfields 7948508 106.1138 843446 1449293

R&E 8305427 8.1160 67406 189596

Other listed investments – 64205

Matodzi – – – 53744

Simmers – – – 10461

Derivative instruments – 2007

GoldfieldsSAFEXfutures – – – 2007

910 852 1 705 101

3.1 Listed investments

Thevalueofthelistedinvestments,exceptfortheinvestmentinR&E,isbasedontheVWAPforDecember2009comprising21tradingdays.

3.2 Derivative instruments

Goldfields SAFEX futures

GoldfieldsSAFEXfutures – 2007

Deposit–variancemargin(disclosedundercashrefernote12) – 28197

Deposit–initialmargin(disclosedundercashrefernote12) – 26622

– 56826

ThevalueoftheGoldfieldsSAFEXfutureswasbasedontheclosingrateperfutureat31March2008.Thevaluerepresentedthemarktomarketpriceofthefuturesat31March2008lessthemarktomarketpricesattheinceptionofthecontract.

EachGoldfieldsSAFEX futurescontractwasconvertible into100ordinaryGoldfieldsSAFEXSharesonexpiryof the futurecontracts.ThustheGoldfieldsfutureswereconvertibleintoGoldfieldssharesonexpirydateofthefuturecontracts.

ThevariancemarginisthesurpluscashintheJCIfuturestradingaccountthatisusedtosettlethedailymarktomarketpricemovements.

TheinitialmarginonthecontractisthecashdepositedwithSAFEXheldassecuritybySAFEXoverthefutures.

3.3 R&E NAV

Forthe31December2009NAV,thevalueoftheR&EinvestmentisbasedontheNAVpershareofR&Eat31December2009,asdisclosedtoJCIbythedirectorsofR&EGroup,priortoanyadjustmentsfortheproposedsettlementbetweenJCIandR&E.Forthe31March2008NAV,thevalueoftheR&EinvestmentisbasedontheadjustedNAVpershareofR&Easpresentedformergerpurposes.

2009 2008

R R

NetAssetValuepershare–R&EGroupNAVStatementasdisclosedtoJCIbythedirectorsofR&EGroup 8.1160 8.3607

NetAssetValuepershare–adjustedtoreflecttheproposedmergerratioof1R&Esharefor95JCIShares N/A 27.9453

142

At 31 December

At31March

2009 2008

R’000 R’000

4. BOSCHENDAL20.002%investmentthroughMoregate 55 007 45006

42.668%investmentthroughJCIInvestmentFinance(Pty)Ltd 117 342 –

DebenturesinKovacsincludinginterestandprofitshare – 115077

LoantoBoschendal 224 841 905

Total investment in Boschendal 397 190 160988

TheinvestmentinBoschendalisheldthroughaninvestmentviaMoregateandJCIInvestmentFinance(Pty)Limited.

DuringJuly2009JCIInvestmentFinance(Pty)LtdacquiredKovacs’Boschendalshares,andKovacs settled the debentures. The Boschendal investment has been valued at the pricecontainedinthatpurchaseagreement.

TheJCIboardisoftheopinionthatthevaluationasdetailedaboveofR397millionisfairandreasonable

5. JAGANDAInvestment at valuation 140 984 284302

TheinvestmentinJagandacomprises357374000preferenceshares.ThepreferencesharesmatureinJune2010.

DuringApril2006JCIinstitutedanactionagainstJagandaforthedeliveryof357374000preferencesharesheldbyJCIinthatcompany which holds ordinary shares in Simmers. Jaganda has disputed the validity of the preference shares. JagandaacknowledgesthatitisindebtedtoJCIforR89.3million,whichistheoriginalvalueofthepreferenceshares,butdeniesfurtherobligations.PleadingsinrespectofthedisputeshaveclosedandthematterwaspostponedduetoanapplicationforliquidationofJaganda.TheliquidationapplicationwascontestedbyJCI,andwassetasideon8December2009.Theotherdisputesarewaitingtobeheardbycourtoflaw.

Thepreferencesharescarryinterestatprimebankoverdraftrate(SouthAfrica)onlyintheeventandtotheextentthatSimmerspaysdividendstoitsshareholders.Inaddition,onredemption,20%ofthe21-dayVWAPoftheSimmersquotedsharepriceontheJSEthatexceeds25centspersharebecomespayabletoJCIincash.AtaSimmerssharepriceofR1.6950(March2008:R5.7053),whichistheVWAPforDecember2009,thetotalupsideoftheJagandapreferencesharesagreementisR193million(March2008:R479.3million).

TheJCIdirectorshaveplacedavalueofR141million(March2008:R284million)ontheinvestmentinJaganda,thisbeingthemidpointoftheoriginalfacevalueofthepreferenceshares(i.e.R89.3million)andthetotalvalueofthe20%upsideasdetailedabove.Thedirectorsareoftheopinionthatthisisafairandreasonablevalueastheremaybecostsassociatedwithenforcingourrights.

At 31 December

At31March

NumberofShares

ValuepershareR

2009 2008

R’000 R’000

6. FSD INVESTMENTSharesheldinFSD 9978350 24.2071 241 547 252766

At31December2009JCI’sinvestmentinFSDGrouphasbeenvaluedatR24.2071pershareasthisisthevalueusedinthesettlementofloansfromFSDGroupandR&EandtheinvestmentinFSD.ThesettlementduringJanuary2010resultedinthesettlementoftheloansbyR&Eexercisingtheirsecurityover6690610FSDsharesandthepaymentofadividendbyFSDsufficienttosettletheremainingoutstandingloan.Withthesettlementoftheloanstheremainingsecurityhasbeenreleased.

143

At 31 December

At31March

2009 2008

R’000 R’000

7. BUSINESSES HELD FOR SALEAMT(Salesagreementsigned31March2008) – 36200

AML,MSI,CueincidentincludingCMMSLoanaccount(MoniesreceivedsubsequenttoMarch2008) – 16423

Bioclones(Salesagreementsigned18February2008) – 4200

Skygistics(Salesagreementsigned30November2007) – 12000

– 68823

AlltheabovebusinessesheldforsalehadbeenvaluedbytheJCIdirectorsbaseduponsignedsalesagreementsreceivedfortheinvestments.Theaboveamountswerereceivedsubsequentto31March2008.

TheJCIGrouphasaninvestmentintheLyonsgroupwhichhasnotbeenincludedastheJCIdirectors have not received any offers and are of opinion that it would not be prudent toattributeanyvaluetothisbusinessatthecurrenttime.

8. LOANSLoanstoLyonssecuredbyimmovableproperties 7 500 16000

TheloanstoLyonshavebeenvalued,basedonthevalueoftheconcludedsaleagreementsofthepropertiesheldassecurityfortherepaymentoftheloans.

ABSA holds R7.5 million of the proceeds received from the sale of the Sandton EmperorpenthouseUnit1004propertyuntilthereleaseoftheguarantee.However,managementhasenteredintoanagreementwithathirdpartywherethethirdpartyhasundertakentohavetheguaranteereleased.

9. INVESTMENT PROPERTIESValuedatofferprice

Houghtonproperty(Offeraccepted30May2007) – 3500

StJamesPlace–London(DateofofferJanuary2010) 23 578 19498

Valuedatvaluation,beingGBP2millionatrullingexchangerate

InvestmentHouse(Conclusionofsharepurchase2November2008) 16 941 7500

40 519 30498

Thesepropertiesareheld throughsubsidiarycompanies.Thevalueof theStJamesPlacepropertywasbasedonanoffertopurchasereceived,whichisstillbeingnegotiatedfurtherbythedirectors. InvestmentHousehasbeen valuedon thenet present valueof future rentalincomelesstheoutstandingbond.(March2008:Cost)

10. CASH AND CASH EqUIVALENTSCashandcashdeposits 51 551 8868

Deposits–VariancemarginonGoldfieldsfuturecontracts(restrictedcash) – 28197

Deposits–InitialmarginonGoldfieldsfuturecontracts(restrictedcash) – 26622

51 551 63687

144

11. LITIGATION SETTLEMENT AGREEMENTInvestecfee (267 500) (373335)

Letsenglegal/indemnitycosts (40 000) –

(307 500) (373335)

TheInvestecloanagreementprovidesforaprofitsharetobepaidasafeetoInvesteconcertainselectedassetsofJCIandtheparties have, in terms of the litigation settlement agreement signed on 20 January 2010, resolved to settle the fee atR267.5million(March2008:JCIdirectors’interpretationoftheInvestecloanagreement).

TheLetsenglegal/indemnitycostsarepayabletoLetsengDiamondsLimitedintermsofthe litigationsettlementagreementsignedon20January2010.

Investecholdthefollowingassetsassecurityfortheoutstandingfee:

Number of shares

Value per share

At 31 December

2009

At 31 March

2008

R R’000 R’000

Goldfields 7902240 106.1138 838537 1439750

Matodzi – – – 47740

R&E 5039318 8.1160 40899 90696

Boschendal 397190 160988

Jaganda 140984 284302

1417610470 2023476

At 31 December

At 31 March

2009 2008

R’000 R’000

12. INCOME TAX PAYABLEThegrouphassettledwithSARSinrelationtoCGTandIncomeTax.Thegrouphasnotaxableincome.

13. DEFERRED TAXATIONDeferredtaxation (22 674) (2564)

Thedeferred taxationbalance is asa result of temporarydifferenceson listed investments,unlistedinvestmentsandinvestmentproperties,exceptwherethedeferredtaxliabilityhasbeenoffsetagainstdeferredtaxassetsintherespectiveJCIGroupcompanies.

NodeferredtaxationassetswereraisedontheassessedlossesoftheJCIGroupasitisnotprobable that future taxable profits will be available when the related deductible temporarydifferencesreverse.

14. TRADE AND OTHER PAYABLESTradeandotherpayables (6 954) (73100)

R&Eloan (91 357) –

FSDgrouploans (117 432) (134219)

(215 743) (207319)

TradeandotherpayablesincludeprovisionsforunsettledlegalclaimsandmattersthatJCIisengagedin.JCIhasalsoraisedprovisionsforamountsforwhichithasprovidedsecurity;whichamountsJCIbelieveswillnotbesettledbytheprincipaldebtor.

R&EandFSDgrouploans:

TheseloanswhichtotalanamountofR209millionweresettledduringJanuary2010andhavebeenreflectedatfullsettlementvalue.

145

At 31 December

At31March

2009 2008

R’000 R’000

15. ISSUED SHARES15.1 Treasury shares

TreasurysharesareJCIsharesheldbysubsidiarycompanies. 217 656 187 202115127

15.2 Shares identified for cancellation

Sharesidentifiedforpossiblecancellation 194 874 834 194874834

SharesinthepossessionofR&E (104 000 000) (104000000)

TotalsharesidentifiedforpossiblecancellationexcludingthesharesheldbyR&E 90 874 834 90874834

Theaboveshareshavebeenidentifiedasfraudulentissuesbythepreviousboard.Forthepurposeofcalculatingthenetsharesinissuethenumberofsharesinissuehasnotbeenreducedbythesharesidentifiedforpossiblecancellationforthefollowingreasons;

a) the104millionJCIsharesareinthepossessionofR&EwithwhomJCIhassignedasettlementagreementand

b) thebalanceof90874834shareshavebeenexcludedaslegalproceedingsinrelationtheretohavenotyetbeenfinalised..

16. CONTINGENT ASSETS

The JCI Group has several contingent assets not included in the Group NAV Statement as their value, recoverability andownershipcannotbedeterminedwithanyreliabilityatthistime.

16.1 Claims against third parties (excluding R&E)

JCIhasidentifiedvariousclaimsagainstthirdparties.Itisnotprudentatthisstagetodiscloseaclaimvalueorabreak-downthereof,ortoidentifyanameortodiscloseanyotherrelatingdetailsasitmightinfluencetherecoverabilityoftheseclaims.

17. CONTINGENT LIABILITIES R’000

TheJCIGrouphasprovidedthefollowingguarantees:

NedbankonbehalfofBoschendal 109 503

NedbankonbehalfofAML(tobereleasedaspartofthesaleofAMLtoMvelaphanda) 3 800

DME,SARSandfinancialinstitutions 190

Noprovisionhasbeenraisedfortheseguarantees

Thedirectorshaveassessedallclaimsandhaveraisedprovisionsforthoseclaimswhichtheyconsidertobeprobableandatvaluesestimatedtobethesettlementvalues.”

18. SUBSEqUENT EVENTS

Editorial note: the information set out in this note 18 has been supplanted by the information contained in the circular to which this NAV statement is annexed and should therefore be ignored

On20January2010JCIandR&EconcludedandsignedaSettlementAgreement intermsofwhichallclaims(withcertainspecifiedexclusions)betweenthemare,subjecttothefulfilmentofcertainsuspensiveconditions,fullyandfinallysettled.InthisregardshareholdersarereferredtothedetailedannouncementbyJCIandR&Eon28January2010.

Thetablebelowsetsouttheunauditedpro formafinancialeffectsofthesettlementontheNAVandtangibleNAVattributabletoaJCIshareheldbyaJCIshareholder.Theunauditedpro formafinancialeffectsarepreparedforillustrativepurposesonlyandduetotheirnaturemaynotfairlypresentJCI’sfinancialposition.ThedirectorsofJCIareresponsibleforthepreparationoftheunauditedpro forma financialeffects.

146

Beforethesettlement

Afterthesettlement

%changeafterthesettlement

NAV–centsperJCIshare 61.99 19.99 (66.59)

Nettangibleassetvalue–centsperJCIshare 61.99 19.99 (66.59)

Sharesinissue 2224798993 3780509213 69.93

Treasuryshares (217656187) (397579246) 82.66

Netsharesinissue 2007142806 3382929967 68.54

Notes and Assumptions:

1. The “Before the settlement” column of the table is based on the JCI NAV statement as at 31 December 2009 as published on SENS simultaneously

with this announcement. It must be noted in this respect that the JCI NaV statement as set out makes no provision for the r&E claims,

which are the subject of the settlement, and the “Before the settlement” column is misleading in that respect.

2. The “After the settlement” column of the table is calculated using the following assumptions:

• the issue of 1 555 710 220 new JCI ordinary shares in terms of the Settlement Agreement announced on 28 January 2010;

• the transfer of 6 051 632 shares in Goldfields to R&E in terms of the Settlement Agreement announced on 28 January 2010;

• The immediate distribution by R&E of the above items.

The NAV and net tangible asset value were calculated on the assumption that the settlement was effective as at 31 December 2009.

No other material events occurred subsequent to 31 December 2009 other than those disclosed elsewhere in the Group NAV Statement.

“19. ENCUMBRANCES

Except as noted above in the notes, no significant assets havebeen encumberedor pledgedother than thosedisclosedelsewhereintheGroupNAVStatement.

20. COMPARATIVES

TheMarch2008comparativeshavebeenrestatedtobringtheFSDdisclosureinlinewiththatofDecember2009,thischangehashadnoeffectonthecomparativeNAVpershare.”

147

gLOSSARY OF TERMS

“AMT” Kovacs620 (Proprietary) Limited (Registrationnumber2003/019844/07) tradingasAdvancedMedicalTechnologies,aprivatecompanyincorporatedinSouthAfrica;

“AML” AfricanMaritimeLogistics(Proprietary)Limited(Registrationnumber2000/011486/07),aprivatecompanyincorporatedinSouthAfrica;

“Bioclones” Bioclones (Proprietary) Limited (Registration number 1982/005469/07), a private companyincorporatedinSouthAfrica;

“Boschendal” BoschendalLimited(Registrationnumber2002/023534/06),apubliccompany incorporated inSouthAfrica;

“CGT” capitalgainstaxleviedintermsoftheIncomeTaxAct;

“CMMS” Consolidated Mining Management Services Limited (Registration number 1925/008135/06), apubliccompanyincorporatedinSouthAfricaandasubsidiaryoftheJCIGroup;

“Cueincident” Cueincident (Proprietary) Limited, (Registration number 2000/000708/07), a private companyincorporatedinSouthAfrica;

“DME” DepartmentofMineralsandEnergy;

“Du Preez Leger Project” TheDuPreezLegerProjectisaprojectencompassingthefarmsDuPreezLeger324,Jonkersrus72,Milo639,Rebelkop456,Tweepan678andVermeulenskraal223 located in thedistrictofVirginiaintheFreeStateProvince;

“FSD” Free State Development and Investment Corporation Limited (Registration number1944/016931/06),apubliccompanyincorporatedinSouthAfrica,jointlyheldbyJCIandR&E;

“GFO” Gold Fields Operations Limited (formerly Western Areas Limited) (Registration number1959/003209/06),apubliccompanyincorporatedinSouthAfrica,andawhollyownedsubsidiaryofGoldFields;

“Goldfields” GoldFieldsLimited (Registrationnumber1968/004880/06),apubliccompany incorporated inSouthAfrica,thesharesofwhicharelistedontheJSE;

“IFRS” theInternationalFinancialReportingStandards;

“Income Tax” incometaxleviedintermsoftheIncomeTaxAct;

“Income Tax Act” theIncomeTaxAct1962(Act58of1962),asamended;

“Investec” InvestecBankLimited(Registrationnumber1969/004763/06),apubliccompanyincorporatedinSouthAfrica,thesharesofwhicharelistedontheJSE;

“Investec loan agreement” theagreementbetweenJCIandInvestecasamended,intermsofwhichInvestecundertooktoarrangealoanfacilityofuptoR460milliontoJCIIF,thetermsofwhicharesummarisedinthecirculartoshareholdersissuedon15October2006.Foravoidanceofdoubt,thelatestagreement,incorporatingalltherespectiveamendmentswassignedon16January2006;

“Investec loan facility” theloanfacilitymadeavailabletoJCIIFintermsoftheInvestecloanagreement;

“Investec raising fee” theraisingfeeaspertheInvestecloanagreement;

“Jaganda” Xelexwa Investment Holdings (Proprietary) Limited, formally known as Jaganda (Proprietary)Limited(Registrationnumber2004/005559/07),aprivatecompanyincorporatedinSouthAfrica;

“JCI” JCI Limited (Registration number 1894/000854/06), a public company incorporated in SouthAfrica,thesharesofwhichislistedontheJSEbutwhicharesuspended;

“JCI board” or “JCI directors” theboardofdirectorsofJCI;

“JCIIF” JCI InvestmentFinance (Proprietary) Limited (Registrationnumber2005/021440/07), aprivatecompanyincorporatedinSouthAfricaandawholly-ownedsubsidiaryofJCI;

“JCI Gold” JCI Gold Limited (Registration number 1998/005215/06), a public company incorporated inSouthAfrica,beingawholly-ownedsubsidiaryofJCIandashareholderinFSD;

“JCI Group” JCIanditssubsidiarycompanies;

“JSE” JSE Limited (Registration number 2005/022939/06) a public company incorporated in SouthAfrica,whichislicensedasanexchangeundertheSecuritiesServicesAct;

“Kovacs” KovacsInvestments608(Proprietary)Limited(Registrationnumber2003/015125/07),aprivatecompanyincorporatedinSouthAfrica;

“KPMG” KPMG Inc (Registration number 1999/021543/21), a public company incorporated in SouthAfrica;

“Lyons” LyonsPropertySolutions(Proprietary)Limited(Registrationnumber2006/026142/07),aprivatecompanyincorporatedinSouthAfrica;

“Matodzi” Matodzi Resources Limited (Registration number 1933/004523/06), a public companyincorporatedinSouthAfrica,thesharesofwhicharelistedontheJSE,asubsidiaryofJCI;

148

“MSI” MvelaphandaSecurityInvestments(Proprietary)Limited,(Registrationnumber2002/008808/07),aprivatecompanyincorporatedinSouthAfrica;

“Moregate” MoregateInvestmentsLimited(Registrationnumber358251),apubliccompanyincorporatedintheBritishVirginIslands;

“NAV” Netassetvalue;

“previous board” TheboardofJCIpriortoitsreconstitutionon24December2005,comprisedofRogerAinsleyRalph Kebble, Roger Brett Kebble, Hendrik Christoffel Buitendag, Charles Henry DelacourCornwallandJohnStratton;

“R&E” Randgold & Exploration Company Limited (Registration number 1992/005642/06), a publiccompanyincorporatedinSouthAfrica,thesharesofwhicharelistedontheJSEbutwhicharesuspended;

“R&E claims” theallegedclaimsbyR&EagainstJCI;

“SARS” SouthAfricanRevenueServices;

“Securities Services Act” theSecuritiesServicesAct,2004,(Act36of2004)asamended;

“shareholders” holdersofJCIshares;

“shares” or “JCI shares” ordinarysharesofR0.01eachintheissuedsharecapitalofJCI;

“Skygistics” Skygistics (Proprietary) Limited (Registration number 2000/018328/07), a private companyincorporatedinSouthAfrica;

“Simmers” Simmer and Jack Mines Limited (Registration number 1924/007778/06), a public companyincorporatedinSouthAfrica,thesharesofwhicharelistedontheJSE;

"South Africa" theRepublicofSouthAfrica;

“US$” UnitedStatesDollars;

“VWAP” volumeweightedaveragepriceontheJSE;

149

ANNEXURE 13A

VALUATION OF BOScHENDAL, FSD, R&E AND THE

INVESTMENT PROPERTIES

“TheDirectorsJCILimited10BenmoreRoadMorningsideSandton2196

28April2010

DearSirs

REPORT OF THE INDEPENDENT PROFESSIONAL EXPERT TO JcI LIMITED REgARDINg gROUP NET ASSET VALUE

INTRODUcTION

MooreStephensCorporateFinancehasbeenappointedbytheboardofdirectorsofJCILimited(“JCI”,or“thecompany”)toprovideindependentvaluationsofthefollowingassetsasat31December2009(“valuationdate”):

• JCI’sequityinterestinR&E,comprising8,305,427ordinarysharesinRandgoldandExplorationCompanyLimited(“R&E”);

• JCI’s interest inBoschendal (Proprietary)Limited (“Boschendal”),comprising62.67%of theordinary issuedsharecapitalofBoschendal,andshareholderloansowingbyBoschendaltoJCI;and

• JCI’sequity interest inFreeStateDevelopmentandInvestmentCorporationLimited(“FSD”),comprising9,978,350ordinarysharesinFSD

• TheinvestmentpropertiesheldbyJCIviaits100%heldsubsidiariesasfollows:

− CorallineLimited:thebeneficialownerof6StJamesPlaceLondon(StJamesPlace”);and

− Liberty Moon Investments, 23 (Pty) Limited: the beneficial owner of 10 Benmore Road, Morningside, Sandton(“InvestmentHouse”)

(the“valuations”).

DETAILS AND SOURcES OF INFORMATION

Inarrivingatourvaluationswehaverelieduponthefollowingprincipalsourcesofinformation:

• IndependentvaluationofEstateBoschendalpreparedbyDHofmeyer:MScUS,MSOS,dated6April2010;

• AuditedannualfinancialstatementsforR&Efortheyearended31December2009;

• DraftannualfinancialstatementsforFSDfortheyearended31December2009;

• ReviewedJCInetassetvaluestatementasat31December2009;

• SelectedadditionalfinancialinformationinrespectofJCI,R&EandFSDupto31December2009;

• Independent competentperson’s reports (“CPRs”) andmineral asset valuation reports in respectof the followingprojects,preparedbyNJOdendaal:B.Sc. (Geol.),B.Sc. (Min.Econ.),M.Sc. (Min.Eng.),Pr.Sci.Nat.,FSAIMM,MGSSA,MAusIMM.(CompetentValuator)andCJMuller:B.Sc.(Hons)(Geol.),Pr.Sci.Nat.(CompetentPerson):

− WeltevredenandJeanettegoldprojects,dated19March2010;

150

− DuPreezledgerproject,dated19February2010;

− DoornboschPlatinumproject,dated26March2010;and

− KameelhoekIronOreproject,dated26March2010.

(the“mineralassets”)

• Actualandplannedexplorationanddevelopmentexpenditureinrespectofthemineralassets;

• Estimatedfundingrequirementsinrespectofplannedexplorationandenvironmentalworkinrespectofthemineralprojects;

• DiscussionswithJCIandR&Edirectorsandmanagementregardingthefinancialinformationpresentedaswellasthesettlementcalculationsandtherationaleforthetransaction;

• DiscussionswiththeindependentconsultinggeologistandcompetentpersonsandwithJCIandR&Edirectorsandmanagementinrespectofthemineralassets;

• Draft share purchase agreement between JCI and Cytos Limited for the acquisition of 100% of the shares and claims inCorallineLimited,a100%heldsubsidiaryofJCIandthebeneficialownerof6StJamesPlace;

• Titledeeds,leaseagreements,schedulesofcurrentandforecastrentalandotherincome,schedulesofcurrentandforecastoperatingexpensesandthevalueoftheoutstandingmortgagebondasatvaluationdateinrespectofInvestmentHouse;

• Discussions with JCI and R&E directors and management and advisors on prevailing market, economic, legal and otherconditionswhichmayaffectunderlyingvalue;

• PubliclyavailableinformationrelatingtoJCI,R&EandFSDthatwedeemedtoberelevant,includingcompanyannouncements,analysts’reportsandmediaarticles;and

• Publicly available information relating to the industry in which JCI, R&E and FSD operate that we deemed to be relevant,includingcompanyannouncements,analysts’reportsandmediaarticles.

Theinformationabovewassourcedfrom:

• DirectorsandmanagementofJCIandR&Eandtheiradvisors;and

• Thirdpartysources,insofarassuchinformationrelatedtopubliclyavailableeconomic,marketandotherdataapplicabletoorpotentiallyinfluencingourvaluation.

MooreStephensCorporateFinancehasnotperformedaduediligence,noranaudit.

BASIS OF VALUATION

R&E

“MarketValue”ofacompany’sequityiscommonlyderivedbyapplyingoneormoreofthefollowingvaluationmethodologies

• discountedcashflow;

• capitalisedearnings,or

• netassetvalues.

Wehaveusedthenetassetvalue(“NAV”)methodologyasourprimarybasisforthevaluationofJCI’sinterestinR&E.

UnderthenetassetvaluationapproachinrespectofR&E,totalequityvalueisbasedonthesumoftangiblenetassetvalueplusthevalueofintangibleassetsnotrecordedonthebalancesheet.

TheNAVmethodofvaluationisnormallymostappropriateforthevaluationofapureinvestmentcompany.Thisvaluationapproachisconsideredappropriatetovalueaninvestmentholdingcompany,wherethevalueattributabletosuchholdingcompanywouldbedeterminedona“sumoftheparts”basis.Assuch,anetassetmethodologyismostapplicableforbusinessessuchasR&Ewherethevalueliesintheunderlyingassetsandnottheongoingoperationsofthebusiness.

Netassetvalueisdeterminedbymarkingeveryassetandliabilityonandoffthecompany’sbalancesheettocurrentmarketvalues.

151

R&E’sprincipalassetsandliabilitiesaresetoutinthetablebelow.Themethodologyusedtoestablishthefairvalueofeachasset/liabilityclassisdetailedalongside.

Asset Nature of asset Valuation approach

Goldfields Listedinvestments Marketprice

JCILimited Listedinvestments Netassetvalue

Prospectingrights Mineralasset Comparativevaluemethod

LoanreceivablefromJCIGold Financialinstrument Amortisedcost

Tradereceivablesincludingoutstandingsettlements

Financialinstrument Amortisedcost

Cashandcashequivalents Financialinstrument Cashvalue

Liability Nature of asset Valuation approach

Post-retirementmedicalbenefitobligation Employerobligation Actuarialvaluation

Incometaxpayable Financialinstrument Amortisedcost

LoanpayabletoFSD Financialinstrument Amortisedcost

Tradeandotherpayables Financialinstrument Amortisedcost

R&E’sattributableinterestintheassetsandliabilitiesofFSDhasbeenvaluedonthesamebasisasdetailedabove.

ThevaluationsofthemineralassetswereperformedwithdueconsiderationoftherequirementsoftheSouthAfricanCodefortheReportingofMineralAssetValuation(the“SAMVALCode”),preparedundertheauspicesoftheSouthernAfricanInstituteofMiningandMetallurgy(“SAIMM”)andtheGeologicalSocietyofSouthernAfrica(“GSSA”),whichisspecificallyrelevanttomineralcompanies.TheSAMVALCodeisincorporatedintoresourceclassificationandvaluationstandardspromulgatedbytheInternationalCouncilonMiningandMetals(ICMM)andCommitteeforMineralReservesInternationalReportingStandards(CRIRSCO).

ThestandardcomparativevaluemethodwasselectedastheprimaryapproachtovaluethemineralassetsofJCIanditsattributableshareofFSD’smineralassets.Thecomparativevaluemethodtakes intoaccountcomparabletransactionsrelatingtothesale, jointventureorfarm-in/farm-outofmineralassets.Suchtransactionsmaybeusedasaguideto,ormeansof,valuation.Foratransactiontobeconsideredcomparableitshouldbesimilartotheassetbeingvaluedintermsoflocation,timingandcommodityandthetransactionregardedasof“arm’slength”.Theoutcomeswerealsobenchmarkedagainstcurrentmarketvalueoflistedentitiesholdingsimilarassets.InvaluingthemineralassetsheldbyR&E,wetookcongnisanceofthefactthattheDoornboschPlatinumprojectandKameelhoekIronOreprojectaresmallinsizeanditisconsideredthatthesewilllikelybeuneconomicalonastand-alonebasis.InvaluingthemineralassetsheldbyFSDandR&E’sattributable share thereof,weconsidered the relativemarketabilityof thegoldprospecting rights,potentialacquirersandanassessmentofrecenteffortsbyFSDtodisposeoftheprojects.Basedonthesefactorsweappliedanadditionalriskpremiumandmarketabilitydiscounttothevaluationtoreflectthelimitedsaleprospectsoftheproperties.

Boschendal

JCI’sinterestinBoschendalcomprises62.67%oftheordinaryissuedsharecapitalofBoschendalandshareholderloansowingbyBoschendaltoJCI.TheinvestmentinBoschendalisheldthroughaninvestmentbyJCIinMoregate(20.002%attributableinterest)andJCIInvestmentFinance(Pty)Limited(42.668%attributableinterest).TheprincipalmethodologyusedinthevaluationofBoschendalwasthecomparablesalesapproach.ThisapproachentailsacomparisonofBoschendal’scharacteristicswiththoseofcomparablepropertieswhichhaverecentlysoldinsimilartransactions,adjustedforcharacteristicsspecifictoBoschendal.Wehavealsousedthereplacementcostsapproachasacross-checktotheconclusionsreachedunderthecomparablesalesapproach.Thereplacementcostapproachincorporatesthevalueoflandandthedepreciatedvalueofanyimprovements.

ThevalueofoutstandingloanswasdeductedfromthefairvalueofBoschendaltodetermineanequityvalueandJCI’sattributableshare,i.e.62.67%.Shareholderloanscompriseamixofnon-interestbearingandinterestbearingloans,whichhavebeenmeasuredatamortisedcost,whichis:

• Measuredatinitialrecognition

• Minusprincipalrepayments

• Plusorminusthecumulativeinterestusingtheeffectiveinterestmethodofanydifferencebetweenthatinitialamountandthematurityamount

• Minusanyreduction(directlythroughtheuseofanallowanceaccount)forimpairmentoruncollectibility

152

FSD

WehaveusedtheNAVmethodologyasourprimarybasisforthevaluationofFSD’sassetsandliabilities.FSD’sprincipalassetsandliabilitiesaresetout in the tablebelow.Themethodologyused toestablish the fair valueofeachasset/ liabilityclass isdetailedalongside.

Asset Nature of asset Valuation approachProspectingrights Mineralasset ComparativevaluemethodTradeandotherreceivables Financialinstrument AmortisedcostLoansreceivable(R&E) Financialinstrument AmortisedcostCashandcashequivalents Financialinstrument Cashvalue Liability Nature of asset Valuation approachTradeandotherpayables Financialinstrument AmortisedcostIncometaxpayable Financialinstrument Amortisedcost

Investment properties

ThevaluationofSt JamesPlacehasbeenperformedbasedonanoffer topurchase thesharesandclaims inCorallineLimitedamountingto£2000000whichhasbeenacceptedbyJCI,althoughthesaleagreementhadnotbeensignedasatthedateofourvaluation.TheamountabovereflectsthefullproceedspayabletoJCIlessanycapitalgainstaxes.

WehaveperformedavaluationofInvestmentHousebasedontheincomecapitalisationapproach.Theincomecapitalisationapproachentailsthecapitalisationofthenetoperatingincomestreamusinganappropriatemarketyield.Netoperatingincomeisdefinedas‘grosspotential rental andother income, less vacancy andcollection loss, lessoperating expenses (but excludingdebt service,incometaxes,anddepreciationcharges)’.

Thevalueoftheoutstandingbondasatvaluationdatehasbeendeductedfromthevaluedeterminedbasedontheincomecapitalisationapproach.

VALUATION

JCIholds8,305,427sharesinR&EandR&Eholds305,186,049sharesinJCI.TheNAVofJCIthereforereflectsaproportionofJCI’sunderlyingvalueheldviaR&EandthevalueofR&EsimilarlyreflectsaproportionofR&E’sunderlyingvalueheldviaJCI.WearrivedatthefollowingvaluationsforJCI’sequityinterestinR&E,JCI’sequityinterestinBoschendalandshareholderloansowingbyBoschendaltoJCIandJCI’sequityinterestinFSD:

Table 1: Valuations

Description

No of shares held

(000)

% held (excluding

treasury shares)

Value per share

Rand31-Dec-09

(R’000)Listed investments R&E 8305 11.57% 9.71 80654Unlisted investments Boschendal n/a 62.67% n/a 341128FSDInvestment 9978 44.89% 27.25 271907 Investmentproperties n/a 100% n/a 37817Total 731 506

Thevaluationmethodologies,assumptionsandapproachesappliedinrespectofR&E,JCIandFSDandeachunderlyingassetaredetailedabove.

Notwithstandingourvaluations,thetruevaluenegotiatedbetweenpartiesmaydifferfromthisvalueasitisdependentuponotherconsiderations,includingbutnotlimitedtodifferingviewsofmicroandmacroeconomicconditionsandforecastsaswellasdifferentassessmentsofrisk.Trueandfairvaluesnegotiatedbetweenpartiescanonlybedeterminedthroughaprocessofnegotiation.

Yoursfaithfully

MooreStephens(Jhb)CorporateFinance(Pty)Limited

NickLazanakis AndrewNaudeDirector Director7WestStreet 7WestStreetHoughton Houghton2198 2198”

153

ANNEXURE 13B

PRO FORMA gROUP NAV STATEMENT INcORPORATINg THE

INDEPENDENT VALUATIONS

“Theattachedtablesetsoutthepro formaNAVofJCIincorporatingthevaluesascribedinAnnexure13AbytheindependentvaluertotheprincipalunlistedassetsofJCI.Thedirectorsacceptresponsibilityforpreparationofthetable,butnotforthevaluations,whichwerepreparedattherequestoftheJSE.

At 31 December

2009As published

R’000

At 31 December

2009Adjustments

Increase/(decrease)

R’000

At 31 December

2009Pro forma

adjusted forvaluations

R’000

ASSETS

Listed investments 910 852 13 296 924 148

Goldfields 843446 843446

R&E 67406 13296 80702

Unlisted investments 787 221 (25 699) 761 522

Boschendal 397190 (56062) 341128

Jaganda 140984 140984

FSDInvestment 241547 30363 271910

Loans 7500 7500

Other assets 92 070 (2 702) 89 368

Investmentproperties 40519 (2702) 37817

Cashandcashequivalents 51551 – 51551

TOTAL ASSETS 1 790 143 (15 105) 1 775 038

LIABILITIES

Litigationsettlementagreement (307500) (307500)

Incometaxpayable – –

Deferredtaxation (22674) (22674)

Tradeandotherpayables (215743) (215743)

TOTAL LIABILITIES (545 917) (545 917)

NET ASSETS 1 244 226 (15 105) 1 229 121

ISSUED SHARES No of shares No of shares

Numberofsharesinissue 2224798993 2224798993

Treasuryshares– (217656187) (217656187)

Netsharesinissue 2 007 142 806 2 007 142 806

GroupNAVpershare–Rand 0.6199 0.6124”

154

ANNEXURE 13c

REcONcILIATION BETWEEN THE 31 MARcH 2008 JcI gROUP

NAV STATEMENT AND THE 31 DEcEMBER 2009 JcI gROUP

NAV STATEMENT“BelowisareconciliationpreparedbyJCIreconcilingthedifferencesbetweenthe31March2008GroupNAVstatementandthe31December2009GroupNAVstatementassetoutinAnnexure1.Thereconciliationhasnotbeenreviewedorcommentedonbythecompany’sauditors.

At 31 March

At 31 December

2008 2009 Difference

Notes R’000 R’000 R’000

ASSETS

Listed investments 1 705 101 910 852 (794 249)

Goldfields 1 1449293 843446 (605847)

Derivativeinstruments 2 2007 – (2007)

R&E 3 189596 67406 (122190)

Otherlistedinvestments 4 64205 – (64205)

Unlisted investments 782 879 787 221 4 342

Boschendal 5 160988 397190 236202

Jaganda 6 284302 140984 (143318)

FSDInvestment 7 252766 241547 (11219)

Businessesheldforsale 8 68823 – (68823)

Loans 9 16000 7500 (8500)

Other assets 94 185 92 070 (2 115)

Investmentproperties 10 30498 40519 10021

Cashandcashequivalents 11 63687 51551 (12136)

TOTAL ASSETS 2 582 166 1 790 143 (792 022)

LIABILITIES

Litigationsettlementagreement 12 (373335) (307500) 65835

Deferredtaxation 13 (2564) (22674) (20110)

Tradeandotherpayables 14 (207319) (215743) (8424)

TOTAL LIABILITIES (583 218) (545 917) 37 301

NET ASSETS 1 998 947 1 244 226 (754 721)

At 31 March

At 31 December

2008 2009

Notes No of shares No of shares

ISSUED SHARES

Numberofsharesinissue 2224798993 2224798993

Treasuryshares– 15 (202115127) (217656187)

Netsharesinissue 2 022 683 866 2 007 142 806

GroupNAVpershare–Rand 0.9883 0.6199

155

NOTES TO JcI gROUP REcONcILIATION OF MOVEMENTS IN ASSETS FROM MARcH 2008 TO 31 DEcEMBER 2009

1. GOLDFIELDS SHARES

ThemovementinGoldFieldssharesisdetailedbelow:

SharesPrice

(month VWAP) Value

Balance–31March2008 11734508 123.50690 1449292706

Disposal1000000GoldFieldssharessoldand1000000futuresenteredinto (1000000)

Disposal155000GoldFieldssharesswoppedfor1000000R&Eshares (155000)

Disposal

SharespledgedassecurityfortheGoldridgeloansoldtosettletheloan (1666000)

DisposalGoldFieldssharessoldtofundoperationsofJCI (965000)

Balance–31December2009 7948508 106.11380 843446388

2. DERIVATIVE INSTRUMENTS

Thisstructureisusedasabankaccountandaloanfacilityitisalsoadjustedasaresultofmargincalls.Themarginscallspaidin,canbenotedinnote11.Detailsofmarginbalancesareasfollows:Thefacilitywasclosedoutduringtheperiod.

March December Difference

Derivativevalue 2007000 – (2007000)

Unrealisedvalue 28197000 – (28197000)

Safexmargin 26621875 – (26621875)

3. R&E

Value

Sharesheldincreasedasfollowed: Shares Price – Rand R’000

Balance–31March2008 6794007 27.91 189596

Acquisition–Sharestradedfor155000GFIshares 1000000

Acquisition–Matodzishareswop 1679289

Disposals–Swoppedforliquidsharesandliquidsharessoldtoraiseworkingcapital

(1167869)

Balance–31December2009 8305427 8.12 67406

4. OTHER LISTED INVESTMENTS

MatodziResources(Refertonote3,sharesswoppedforR&Eshares) 211590595 0.254 53744011

SimmerandJack 1833592 5.7053 10461192

Balance – March 2008 64205204

MatodziResourcesexchangedfor1679289R&Eshares (211590595) –

SimmerandJacksharessoldforcash (1833592) –

Balance – December 2009 – –

156

5. BOSCHENDAL

Boschendalinvestment–adjustedforlatestpurchaseatavalueofR2.75millionperpercent.31March2008numbersarebasedonanofferofR2.250millionperpercent.

31 March2008

31 December2009

@ R2.25 m @ R2.750 m

R’000 R’000

Valueof20.02%heldthroughMoregateinvestment 45006 55007

Valueof50%shareholdinginKovacs,holding30%inBoschendal 16721 –

DebenturesinKovacs 60000 –

LoantoKovacs 905 –

InterestondebenturesaccruedtoJCI 38356 –

BoschendalsharespurchasedfromKovacs – 102907

BoschendalsharespurchasedfromCitation – 14435

InterestfreeloantoBoschendal – 70000

InterestbearingloantoBoschendal – 154841

160 988 397 190

TheBoschendalsharesownedbyKovacswereboughtfromKovacsandKovacssettledthedebenturesandloans.

6. JAGANDA

JagandavaluehasdecreasedduetochangeintheVWAPofSimmerandJacksharesasthishasresultedintoadecreaseoftheprofitsharecalculationandthereforethemidpoint.

7. FSD INVESTMENTS

31 March2008

31 December2009

R’000 R’000

Shareofassociatesbankaccounts 159860 132022

OtherProspectingRights 62528 –

Deferredtaxontheotherrights (17502) –

LoansGiven 60251 120813

FSDNormaltaxliability (12371) (11288)

252 766 241 547

ThemaindifferenceinthevaluationofFSDisthatthemineralrightswerevaluedatRnilinthepricewhichwasattributabletoFSDshouldthepledgeofthosesharebeexercised.

8. BUSINESS HELD FOR RESALE

BusinessasnotedinMarch2008NAV,asreviewedbyKPMG,ThesebusinessesweredisposedofpriortotheDecember2009NAV,pleaserefertothecashbalancereconciliationfordetailinnote11.

9. LOANS

TheseareloanstoLyonsofwhichR8.5mwasrepaidduringtheperiod

10. INVESTMENT PROPERTIES

These values are based on the latest offer to purchase for the London property which has increased since the last offer and adiscounted rentalbasis for theMorningsideproperty,as reviewedbyKPMG.TheMorningsidepropertyvaluehasonly increasedR1.4millionfromthecost.

157

11. CASH AND CASH EqUIVALENTS

Cashmovementreconciliation(basedonmanagement’sbestestimates)

R’000

Balance 30 March 2008 63 687

Businessesheldforsaledisposed(Refertonote8) 68823

GFISharesdisposedof(1000000) 65000

GFISharesdisposedof(1666000) 185000

GFISharesdisposedof(965000) 96500

RepaymentofGoldridgeloan (135000)

NetloanadvancesfromR&E 91789

NetamountreceivedafterR&EtradesR&Esharespurchased 15182

Markettomarketdifferencesonfuturecontractspaidin(Refertonote2) (81149)

Taxpaid (3917)

RAWASsettlement(partoftradecreditors@31March2008) (22000)

Boschendal–additionalcapitalcontributed (170041)

Lyonsadditionaladvances (4500)

SettlementofbondonLondonproperty(Componentoftradepayables) (15446)

Legalfeespaid(excludesanycostsrelatingtocircularasthishappenedafter31December2009 (26388)

Forensicfeespaid (16295)

Directorsfees (20876)

Netmonthlyrunningexpensespaid (38818)

Balanceat31December2009 51 551

12. LITIGATION SETTLEMENT

ValuenowbasedontheLitigationSettlementAgreementwhereaswaspreviouslybasedondirectorsbestestimategiveninformationavailable,asreviewedbyKPMG.

13. DEFERRED TAX

ThemovementisaresultoftheFSDexcussion.

14. TRADE AND OTHER PAYABLES

Normalmovementintradepayables

15. TREASURY SHARES

SharesrecoveredaspartofSettlementAgreementsandthelike.”

158

159

ThegroupstructureassetoutabovereflectsR&E’sholdingsinsubsidiarycompanies.ShareholdersarefurtherremindedthatR&EhasanequityinterestinJCIof13.7%andanequityinterestinGoldFieldsofapproximately0.29%.

ANNEXURE 14

R&E gROUP STRUcTURE

*–Theseentitiesaredeemedtobeinsignificant

#–Deregistered

Lunda Alluvial Operation (Pty) Ltd

Refraction Investments (Pty) Ltd

Randgold Finance BVI Ltd (incorporated in British Virgin Islands)

Rand Mines Lands Ltd

Pan African Exploration Syndicate (Pty) LtdRandgold Prospecting and

Mineral Holdings Ltd

corgroup (Neptune) Investments Ltd Versatex Trading 446 (Pty) Ltd#

continental Base Metal Mining company (Pty) Ltd

Minrico Ltd

Bentonite Nominees Ltd# Palmietfontein Mining Ventures (Pty) Ltd

First Wesgold Mining (Pty) Ltd Southern Holdings Ltd

Doornrivier Minerals Ltdgoldridge gold Mining

company (Pty) Ltd

African Strategic Investment (Holdings) Ltd,(formerly Randgold Resources (Holdings) Ltd)

Free State Development andInvestment corporation Ltd (FSD)

*Small

Other

Iron Ore

Other

100%

100%

100%

74% 85.21%

*Small

*Small *Small

Gold

*Small *Small

*Small

Other

*Small

*Small

Other

Gold

*Small

*Small

RANDgOLD & EXPLORATION

cOMPANY LTD

160

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ANNEXURE 15

SUBSIDIARY cOMPANIES OF R&E AT THE LAST

PRAcTIcABLE DATE

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162

ANNEXURE 16

EXTRAcTS FROM THE MEMORANDUM AND ARTIcLES OF

ASSOcIATION OF R&E

SHARES

7. SubjectalwaystotheprovisionsofSections221and222oftheAct,thelistingsrequirementsofanyStockExchangeonwhichthesharesoftheCompanyarelistedorquotedandthesearticles,anysharesforthetimebeingunissued(whetherformingpartoftheoriginaloranyincreasedcapital)shall,subjectashereinafterprovided,onlybedisposedofordealtwithinsuchmannerastheCompanyingeneralmeetingmayhavedirectedormaydirect,butsothattheCompanyingeneralmeetingmayresolvethatalloranyofsuchsharesshallbeat thedisposalof thedirectors,whomay insucheventallot,grantoptionsover,orotherwisedealwithordisposeofthemtosuchpersonsatsuchtimes,andgenerallyonsuchtermsandconditions,andforsuchconsideration,whetherpayable incashorotherwise,as theymay thinkproper;butso thatnosharesshallbe issuedatadiscountexceptinaccordancewithSection81oftheAct.

8. Withoutprejudicetoanyspecialrightspreviouslyconferredontheholdersofexistingsharesandsubjecttoanyprovisionsofthesearticles,anyshareintheCompanymaybeissuedwithorhaveattachedtheretosuchpreferred,deferredorotherspecialrightsorsuchrestrictions,whetherinregardtodividend,returnofsharecapitalorotherwise,and(subjectasprovidedbytheAct)suchlimitedorsuspendedrightstovotingastheCompanyingeneralmeetingmayfromtimetotimedetermine;providedthattheCompanymaybyresolutionpassedatageneralmeetingdirectthatsharesshallbeissuedbythedirectorsonsuchtermsandconditions,andwithsuchrights,privilegesorrestrictionsattachedtheretoasthedirectorsmaydetermine.

9. TheCompanymayexercisethepowersofpayingcommissionsconferredbySection80oftheAct,providedthattherateoramountofthecommissionpaidoragreedtobepaidandthenumberofshareswhichpersonshaveagreedforacommissiontosubscribeabsolutelywillbedisclosedinthemannerrequiredbythesaidsection,andthatsuchcommissionshallnotexceed10%(tenpercentum)ofthepriceatwhichthesharesinrespectwhereofthesameispaidareissued.Suchcommissionmaybesatisfiedbythepaymentofcash.TheCompanymayalsoonanyissueofsharespaysuchbrokerageasmaybelawful.

10. IfanysharesoftheCompanyareissuedforthepurposeofraisingmoneytodefraytheexpensesoftheconstructionofanyworksorbuildingsortheprovisionofanyplantwhichcannotbemadeprofitableforalengthyperiod,theCompanymay,subjecttotheconditionsandrestrictionsmentionedinSection79oftheAct,payinterestonsomuchofsuchsharecapitalasisforthetimebeingpaidupandmaychargethesametocapitalaspartofthecostofconstructionoftheworksorbuildingsortheprovisionofplant.

11. Except as ordered by a Court of competent jurisdiction or as by law required, the Company shall be entitled to treat theregisteredholderofanyshareastheabsoluteownerthereof,sothatnopersonshallberecognisedbytheCompanyasholdinganyshareuponanytrust,andtheCompanyshallnotbeboundbyorbecompelledinanywaytorecognise(evenwhenhavingnoticethereof)anyequitable,contingent,futureorpartial interest inanyshareor(exceptonlyasbythesearticlesorbylawotherwiseprovided)anyotherrightinrespectofanyshareexceptanabsoluterighttotheentiretythereofintheregisteredholder.

INcREASE OF cAPITAL

34. TheCompanymayfromtimetotimebyspecialresolutionincreaseitssharecapitalbysuchsumdividedintosharesofsuchamount,ormayconstitutesharesofnoparvalueormayincreasethenumberofitssharesofnoparvaluetosuchnumber,asthespecialresolutionshallprescribe.

35. TheCompanymayincreaseitscapitalconstitutedbysharesofnoparvaluebytransferringreservesorprofitstothestatedcapital,withorwithoutadistributionofshares.

36. Newsharesshallbesubject tothesameprovisionsastotransfer, transmissionandotherwiseastheshares in theoriginalcapital.

37. Exceptsofarasotherwiseprovidedbytheresolutioncreatingit,bytheconditionsofissueorbythesearticles,anycapitalraisedbythecreationofnewsharesshallbeconsideredpartofthepresentcapital,andasconsistingofordinarysharesandshallbesubjecttotheprovisionshereincontainedwithreferencetotransferandtransmission,andotherwiseasifithadbeenpartofthepresentcapital.

163

cONSOLIDATION, SUBDIVISION, AcQUISITION OF OWN SHARES, cONVERSION OF PREFERENcE SHARES, ALTERATION OF MEMORANDUM

38. TheCompanymayfromtimetotimebyspecialresolution:

(i) consolidateanddividealloranypartofitssharecapitalintosharesoflargeramountthanitsexistingshares,orconsolidateandreducethenumberoftheissuedsharesofnoparvalue;

(ii) increasethenumberofitsissuednoparvalueshareswithoutanincreaseofitsstatedcapital;

(iii) cancelanyshareswhich,atthetimeofpassingoftheresolutioninrespectthereof,havenotbeentakenoragreedtobetakenbyanyperson,anddiminishtheamountofitssharecapitalbytheamountofthesharessocancelled;

(iv) subdivideitssharesoranyofthemintosharesofsmalleramountthanisfixedbyorpursuanttoitsMemorandumofAssociationandsothattheresolutionwherebyanyshareissubdivided,maydeterminethat,asbetweentheholdersofthesharesresultingfromsuchsubdivisiononeormoreofthesharesmayhavesuchpreferredorotherrightsover,ormayhavesuchqualifiedordeferredrights,orbesubjecttoanysuchrestrictionsascomparedwith,theotherorothersastheCompanyhaspowertoattachtounissuedortonewshares;

(v) vary,modifyoramendanyrightsattachedtoanyshareswhetherissuedornot(includingtheconversionofanysharesintopreferredshares)subjecttoanyconsentorsanctionrequiredfromtheholdersof thatand/oranyotherclassofsharesunderArticle41;

(vi) subjecttothelistingsrequirementsofanyStockExchangeonwhichthesharesordebenturesoftheCompanyarelistedorquoted,approvetheacquisitionofsharesordebenturesissuedbytheCompanyor,iftheCompanyisasubsidiary,issuedbyitsholdingcompany,whichapprovalmaybeageneralapprovalsubjecttotheprovisionsoftheStatutesoraspecificapprovalforaparticulartransaction;

(vii) convertallitssharesofoneclasshavingaparvalueintostatedcapitalconstitutedbysharesofnoparvalueorsuchofitsstatedcapitalasisconstitutedbysharesofnoparvalueintosharecapitalconsistingofshareshavingaparvalue;

(viii) convertanyofitsshares,whetherissuedornot,intosharesofanotherclass;

(ix) altertheprovisionsofitsMemorandumofAssociationwithrespecttotheobjectsandpowersoftheCompany.

39. AnythingdoneinpursuanceofthelastarticleshallbedoneinamannerprovidedandsubjecttoanyconditionsimposedbytheAct,sofarastheyshallbeapplicable,andsofarastheyshallnotbeapplicable,inaccordancewiththetermsofthespecialresolutionauthorisingthesameand,sofarassuchspecialresolutionshallnotbeapplicable,insuchmannerasthedirectorsdeemmostexpedient.Wheneverastheresultofanyconsolidationafractionofashareisincludedintheholdingofanymembersuchfractionmaybesoldbysomepersonappointedbythedirectorsforthatpurposeandtheproceedsthereofpaidtosuchmember.Whenafractionissoldasaforesaidthepersonsoappointedtosellitshallbedeemedtobeauthorisedtomakesuchsalethevalidityofwhichshallnotbequestioned.

40. AllunclaimedamountsdueasaresultofanyacquisitionofsharesordebenturesissuedbytheCompanyoranyconsolidationorsubdivisionofcapitalorfromanyothercause(butexcludinganyunclaimeddividends)shallbeheldintrustbytheCompanyuntillawfullyclaimedbythemember,providedthatnosuchamountshallbelawfullyclaimablebythememberifsuchclaimhasprescribed.

MODIFIcATION OF RIgHTS

41. SubjecttotheprovisionsofSection102oftheActandtoanyprovisionsofthesearticles,ifatanytimetheCompany’ssharecapital,byreasonoftheissueofpreferencesharesorotherwise,isdividedintodifferentclassesofshares,alloranyoftherightsandprivilegesattachedtoanyclassmaybemodifiedorvariedbyagreementbetweentheCompanyandanypersonpurportingtocontractonbehalfofthatclass,providedsuchagreementiseither:

(i) authorisedorratifiedinwritingbytheholdersofatleastthree-fourthsofthenominalamountoftheissuedsharesofthatclass;or

(ii) confirmedbyresolutionpassedataseparategeneralmeetingof theholdersof thesharesof thatclass,andall theprovisions of Section 199 of the Act and the provisions hereinafter contained as to general meetings shall mutatismutandisapplytoeverysuchmeeting,exceptthatthequorumtherefor(subjecttotheprovisionscontainedinArticle50inregardtothequorumatadjournedmeetings)shallbetwomembersatleastholdingorrepresentingbyproxynotlessthanone-thirdofthenominalamountoftheissuedsharesofthatclass,unlessthatclasshasonlyonemember,inwhichcaseitshallbesuchmember.

Thecreationorissueofadditionalpreferencesharesrankingastocapitalanddividendafterthesaidpreferencesharesand/orordinarysharesshallnotbedeemedtobeamodificationorvariationoftherightsoftheholdersofanypreferencesharesinthe

164

Company.Inthisarticlereferencetoauthorisedorratifiedinwritingshallincludetheuseofelectroniccommunication,subjecttoanytermsandconditionsdecidedonbythedirectors.

42. Therightsconferredupontheholdersofthesharesofanyclassshallnot,unlessotherwiseexpresslyprovidedbytheconditionsofissueofsuchshares,bedeemedtobevariedbythecreationorissueoffurthersharesrankingpari passutherewith.

VOTES OF MEMBERS

60. SubjecttotheprovisionsofSection195oftheActandofthesearticlesandtoanyspecialtermsastovotinguponwhichanysharemaybeissuedormayforthetimebeingbeheld,onashowofhands,everymemberpresentinpersonorbyproxyandentitledtovoteshallhaveonevoteand,uponapoll,everymemberpresentinpersonorbyproxyandentitledtovoteshallhaveonevoteforeveryshareheldbyhim.

61. Anycorporationholdingsharesconferringtherighttovotemay,byresolutionofitsdirectorsorothergoverningbody,authorisesuchpersonasitthinksfittoactasitsrepresentativeatanyGeneralMeetingoftheCompanyoratanymeetingofholdersofanyclassofsharesoftheCompany,asprovidedbySection188oftheActandsuchrepresentativeshallbeentitledtoexercisethesamepowersonbehalfofthecorporationwhichherepresentsasthatcorporationcouldexerciseifitwereanindividualmemberoftheCompany.Thedirectorsmaybutshallnotbeobligedtorequireprooftotheirsatisfactionoftheappointmentorauthorityofsuchrepresentativetoact.

62. Inthecaseofjointholdersofasharethevoteoftheseniorwhotendersavote,whetherinpersonorbyproxy,shallbeacceptedtotheexclusionofthevotesoftheotherjointholdersandforthispurposeseniorityshallbedeterminedbytheorderinwhichthenamesstandintheregisterorinthecaseofpersonsentitledtoasharebytransmissiontheorderinwhichtheirnamesweregiveninthenoticetotheCompanyofthefactofthetransmission.

DIREcTORS

69. (a) UntilotherwisefromtimetotimedeterminedbytheCompanyingeneralmeeting,thenumberofdirectorsshallbenotlessthanfour,andifthenumberofdirectorsfallsbelowfour,theremainingdirectorsshallonlybepermittedtoactforthepurpose of filling vacancies or calling general meetings of shareholders. The first directors shall be those personsappointedinwritingbythemajorityofthesubscriberstothememorandumoftheCompany.Untildirectorsareappointed,section208(2)oftheActshallapply.

(b) Thedirectorsshallbeentitled tosuch remunerationasadirectoras theCompanybyordinary resolution ingeneralmeetingmayfromtimetotimedetermine,exceptthatanydirectorholdingofficeforlessthanayearshallonlybeentitledtosuchremunerationinproportiontotheperiodduringwhichhehasheldofficeduringtheyear.

70. AnydirectorwhoservesonanyexecutiveorothercommitteeorwhodevotesspecialattentiontothebusinessoftheCompanyorwhogoesorresidesoutsideSouthAfricaforanypurposesoftheCompany,orwhootherwiseperformsserviceswhich,intheopinionofthedirectors,areoutsidethescopeoftheordinarydutiesofadirector,maybepaidsuchextraremuneration,inadditiontotheremunerationtowhichhemaybeentitledasadirector,asthedirectorsmaydetermine.ThedirectorsshallalsobepaidalltheirtravellingandotherexpensesproperlyandnecessarilyexpendedbytheminandaboutthebusinessoftheCompanyandinattendingmeetingsofthedirectorsorofcommitteesofthedirectorsoroftheCompany.

71. Withoutprejudicetotheprovisionsforretirementbyrotationorotherwisehereinaftercontained,theofficeofadirectorshallbevacatedinanyoftheeventsfollowing,namely:

(i) ifhebecomesinsolventorassignshisestateforthebenefitofhiscreditors,suspendspaymentsgenerally,orcompoundswithhiscreditors,orfilesapetitionforthesurrenderofhisestate;

(ii) ifheisfoundorbecomesofunsoundmind;

(iii) ifheisrequestedinwritingbyallhisco-directorstoresign;

(iv) ifheberemovedbyaresolutionoftheCompanypursuanttoSection220oftheAct;

(v) ifheshall,pursuanttotheprovisionsoftheStatutesorbyreasonofanyordermadethereunder,beprohibitedfromactingasadirector;

(vi) ifheresignshisofficebynoticeinwritingtotheCompany;

(vii) ifheisabsentfrommeetingsofthedirectorsforsixconsecutivemonthswithoutleaveofthedirectorsotherwisethanonthebusinessoftheCompanyandisnotrepresentedatanysuchmeetingsduringsuchsixconsecutivemonthsbyanalternatedirector,andthedirectorsresolvethathisofficebe,byreasonofsuchabsence,vacated;providedthatthedirectorsshallhavepowertogranttoanydirectornotresidentinSouthAfricaleaveofabsenceforanyoranindefiniteperiod.

165

Inthisarticlereferencetorequestedornoticeinwritingshallincludetheuseofelectroniccommunication,subjecttoanytermsandconditionsdecidedonbythedirectors.

72. AdirectormayholdanyotherofficeunderorpositionwiththeCompany(exceptthatofauditor)inconjunctionwithhisofficeofdirector forsuchperiodandonsuchremunerationterms(inadditiontotheremunerationtowhichhemaybeentitledasadirector)andotherwiseasadisinterestedquorumofthedirectorsmaydetermine.

73. AdirectoroftheCompanymaybeorbecomeadirectororotherofficerof,orotherwiseinterestedin,anycompanypromotedbytheCompanyor inwhichtheCompanymaybeinterestedasshareholderorotherwiseand(except insofarasotherwisedecidedbythedirectors),heshallnotbeaccountableforanyremunerationorotherbenefitsreceivedbyhimasadirectororofficeroforfromhisinterestinsuchothercompany.

74. AnydirectormayactbyhimselforthroughhisfirminaprofessionalcapacityfortheCompany(otherwisethanasauditor)andheorhisfirmshallbeentitledtoremunerationforprofessionalservicesasifhewerenotadirector.

75. Adirectorwho is inanywaywhetherdirectlyor indirectly interested inacontractorarrangementorproposedcontractorarrangementwiththeCompany,shalldeclarethenatureofhisinterestinaccordancewithSections234,235,237and238oftheAct.

76. Subjecttothenextsucceedingarticlenodirectororintendingdirectorshallbedisqualifiedbyhisofficefromcontractingwiththe Company either with regard to his tenure of any other office under or position with the Company or in any companypromotedby theCompanyor inwhich theCompany is interestedor in respectofprofessionalservices renderedor toberenderedbysuchdirectororasvendor,purchaserorinanyothermannerwhatever,norshallanysuchcontractorarrangemententeredintobyoronbehalfoftheCompanyinwhichanydirectorisinanywayinterestedbeliabletobeavoided,norshallanydirectorsocontractingorbeingsointerestedbeliabletoaccounttotheCompanyforanyprofitrealisedbyanysuchappointment,contractorarrangementbyreasonofsuchdirectorholdingtheofficeorofthefiduciaryrelationshiptherebyestablished.

77. (a) AdirectorshallnotvotenorbecountedinthequorumandifheshalldosohisvoteshallnotbecountedonanyresolutionforhisownappointmenttoanyotherofficeunderorpositionwiththeCompanyorinrespectofanycontractorarrangementinwhichheisinterested,butthisprohibitionshallnotapplyto:

(i) anyarrangementforgivingtoanydirectoranysecurityorindemnityinrespectofmoneylentbyhimtoorobligationsundertakenbyhimforthebenefitoftheCompany,or

(ii) anyarrangementforthegivingbytheCompanyofanysecuritytoathirdpartyinrespectofadebtorobligationoftheCompanywhichthedirectorhashimselfguaranteedorsecured;or

(iii) anycontractbyadirectortosubscribefororunderwritesharesordebenturesoftheCompany;or

(iv) anycontractorarrangementwithacompanyinwhichheis interestedbyreasononlyofbeingadirector,officer,creditorormemberofsuchcompany;

providedthattheseprohibitionsmayatanytimebesuspendedorrelaxedtoanyextenteithergenerally,orinrespectofanyparticularcontractorarrangement,bytheCompanyingeneralmeeting.

(b) Whereproposalsareunderconsiderationconcerningtheappointment(includingfixingorvaryingthetermsofappointment)oftwoormoredirectorstoofficesoremploymentswiththeCompanyoranycompanyinwhichtheCompanyisinterested,suchproposalsmaybedividedandconsidered in relation toeachdirectorseparatelyand insuchcaseseachof thedirectorsconcernedshallbeentitledtovote(andbecountedinthequorum)inrespectofeachresolutionexceptthatconcerninghisownappointment.

(c) Ifanyquestionshallariseatanymeetingastotheentitlementofanydirectorstovoteandsuchquestionisnotresolvedbyhisvoluntarilyagreeingtoabstainfromvoting,suchquestionshallbereferredtothechairmanofthemeetingandhisruling in relation toanyotherdirectorshallbe finalandconclusiveexcept inacasewhere thenatureorextentof theinterestsofthedirectorconcernedhavenotbeenfairlydisclosed.

78. ThedirectorsmayexercisethevotingpowersconferredbythesharesinanyothercompanyheldorownedbytheCompanyinsuchmannerinallrespectsastheythinkfit,includingtheexercisethereofinfavourofanyresolutionappointingthemselvesoranyofthemtobedirectorsorofficersofsuchothercompanyorvotingorprovidingforthepaymentofremunerationtothedirectorsorofficersofsuchothercompany.

ALTERNATE DIREcTORS

79. Eachdirectormayappointeitheranotherdirectororanypersonapprovedforthatpurposebyaresolutionofthedirectorstoactasalternatedirectorinhisplaceandduringhisabsenceandmayathisdiscretionremovesuchalternatedirector.Apersonsoappointedshall,exceptasregardspowertoappointanalternate,andremuneration,besubjectinallrespectstothetermsand

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conditionsexistingwithreferencetotheotherdirectorsoftheCompany,andeachalternatedirector,whilstsoacting,shallbeentitledtoreceivenoticesofallmeetingsofthedirectorsorofanycommitteeofthedirectorsofwhichhisappointorisamember,andtoattendandvoteatanysuchmeetingatwhichhisappointorisamember,andtoattendandvoteatanysuchmeetingatwhichhisappointor isnotpersonallypresentandheshallgenerallybeentitled toexerciseanddischargeall the functions,powersanddutiesofhisappointorinsuchappointor’sabsenceasifhewereadirector.Anydirectoractingasalternateshall(inadditiontohisownvote)haveavoteforeachdirectorforwhomheactsasalternate.Analternatedirectorshallipsofactoceasetobeanalternatedirectorifhisappointorceasesforanyreasontobeadirector,providedthatifanydirectorretiresbyrotationorotherwisebutisre-electedatthesamemeeting,anyappointmentmadebyhimpursuanttothisarticlewhichwasinforceimmediatelybeforehisretirementshallremaininforceasthoughhehadnotretired.Anyappointmentorremovalofanalternatedirectorshallbeeffectedbyinstrumentinwritingdeliveredattheofficeandsignedbytheappointor.TheremunerationofanalternatedirectorshallbepayableonlyoutoftheremunerationpayabletothedirectorappointinghimandheshallhavenoclaimagainsttheCompanyforhisremuneration.Inthisarticlereferencetoinwritingshallincludetheuseofelectroniccommunication,subjecttoanytermsandconditionsdecidedonbythedirectors.

RETIREMENT OF DIREcTORS IN ROTATION

80. SubjecttoArticle90hereofatthefirstAnnualGeneralMeetingallofthedirectorsforthetimebeingandateverysubsequentAnnualGeneralMeetingone-thirdofthedirectorsforthetimebeingoriftheirnumberisnotamultipleofthree,thenthenumbernearest tobutnot lessthanone-thirdshall retire fromoffice.ThedirectorssotoretireateverysubsequentAnnualGeneralMeetingshallbethosewhohavebeenlongestinofficesincetheirlastelection,butasbetweenpersonswhobecomeorwerelastelecteddirectorsonthesameday,thosetoretireshall(unlesstheyotherwiseagreeamongthemselves)bedeterminedbylot;providedthatnotwithstandinganythinghereincontained,ifatthedateofanyAnnualGeneralMeetinganydirectorshallhaveheldofficeforaperiodofthreeyearssincehislastelectionorappointment,heshallretireatsuchmeetingeitherasoneofthedirectorstoretireinpursuanceoftheaforegoingoradditionallythereto.Thelengthoftimeadirectorhasbeeninofficeshallbecomputedfromhislastelection,appointmentordateuponwhichhewasdeemedre-elected.Adirectorretiringatameetingshallretainofficeuntilthecloseoradjournmentofthemeeting.

81. Retiring directors shall be eligible for re-election but no person, other than a director retiring at the meeting, shall, unlessrecommendedbythedirectors,beeligibleforelectiontotheofficeofadirectoratanyGeneralMeetingunlessnotmorethanthirteenbutatleastsixcleardaysbeforethedayappointedforthemeeting,thereshallhavebeenleftattheofficeoranybranchorotherofficeoutsideSouthAfrica,anoticeinwritingbysomememberdulyqualifiedtobepresentandvoteatthemeetingforwhichsuchnoticeisgivenofhisintentiontoproposesuchpersonforelectionandalsonoticeinwritingsignedbythepersontobeproposedofhiswillingnesstobeelected(sothattheperiodofdaysshallnotincludethedayonwhichthenoticesareleftattheofficeorthedayappointedforthemeeting).Inthisarticlereferencetonoticeinwritingshallincludetheuseofelectroniccommunication,subjecttoanytermsandconditionsdecidedonbythedirectors.

82. SubjecttothelastprecedingarticletheCompanyatthemeetingatwhichadirectorretiresinmanneraforesaid,mayfillthevacatedofficebyelectingapersontheretoandindefaulttheretiringdirector,ifwillingtocontinuetoact,shallbedeemedtohavebeenre-elected,unlessatsuchmeetingitisexpresslyresolvednottofillsuchvacatedoffice,orunlessaresolutionforthere-electionofsuchdirectorshallhavebeenputtothemeetingandlost.

83. TheCompanymayingeneralmeeting(butsubjecttotheprovisionsofArticle81)electanypersontobeadirectoreithertofillacasualvacancyorasanadditionaldirector,butsothatthetotalnumberofdirectorsshallnotexceedatanytimeanymaximumnumberfixedinaccordancewiththesearticles.TheCompanyingeneralmeetingmayalsofromtimetotimeincreaseorreducethenumberofdirectorsandmayalsodetermineinwhatrotationsuchincreasedorreducednumberistogooutofoffice.

84. ThevalidityoftheappointmentofanydirectorshallnotbeaffectedbyafailuretocomplywithSection211(3)oftheAct.

POWERS OF DIREcTORS

85. ThedirectorsonbehalfoftheCompanymaypayagratuityorpensionorallowanceonretirementorotherbenefittoanydirectororex-directororotherofficeroremployeeof theCompany, itsholdingcompany (ifany)oranysubsidiaryof theCompanywhetherornothehasheldanyothersalariedofficeunderorpositionwiththeCompanyortohiswidowordependantsandmakecontributionstoanyfundandpaypremiumsforthepurchaseorprovisionofanysuchgratuity,pensionorallowanceorlifeassuranceorotherbenefits.

86. The directors may take all steps that may be necessary or expedient in order to enable the shares, debentures or othersecuritiesoftheCompanytobeintroducedintoanddealtwithinanycountryorstateandtoprocurethesametoberecognisedbyandspeciallyquoteduponanyStockExchangeorBourseinanycountryorstateandmayacceptresponsibilityforandpayanddischargealltaxes,duties,fees,expensesorothersumswhichmaybepayableinrelationtoanyofthemattersaforesaidandmaysubscribetoandcomplywiththelawsandregulationsofanysuchcountryorstateandtherulesorregulationsofanysuchStockExchangeorBourse.

87. Saveasotherwiseexpresslyprovidedby thesearticles, all cheques,promissorynotes,drafts,billsof exchangeandothernegotiableortransferableinstrumentsandalldocumentstobeexecutedbytheCompanyshallbesigned,drawn,accepted,endorsedorexecutedasthecasemaybeinsuchmannerasthedirectorsshallfromtimetotimebyresolutiondetermine.

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BORROWINg POWERS

89. (a) TheCompanymaycreateandissuesecuredorunsecureddebenturesandsubjecttothelistingsrequirementsofanyStockExchangeonwhichthesharesofanyholdingcompanyoftheCompanyarelistedorquotedandtoanyregulationsfromtimetotimemadebytheCompanyingeneralmeeting,thedirectorsmayraiseorborrowfromtimetotimeforthepurposesoftheCompanyorsecurethepaymentofsuchsumsastheythinkfitandmaysecuretherepaymentorpaymentofanysuchsumsbybond,mortgageorchargeuponalloranyofthepropertyorassetsoftheCompanyorbytheissueofdebenturesorotherwiseastheymaythinkfit,andmaymakesuchregulationsregardingthetransferofdebentures,theissuingofcertificatestherefor(subjectalwaystoArticle12hereof)andallsuchothermattersincidentaltodebenturesastheymaythinkfit:ProvidedthatnospecialprivilegesastoallotmentofsharesintheCompany,attendingandvotingatgeneralmeetings,appointmentofdirectorsorotherwise,shallbegiventotheholdersofdebenturesoftheCompanysavewiththesanctionoftheCompanyingeneralmeeting.

(b) The Company may issue guarantees in order to secure obligations and loans, including but not limited to loanstosubsidiaries.

LOcAL BOARDS, AgENTS AND cOMMITTEES OF THE BOARD

90. ThedirectorsmayestablishanylocalboardsoragenciesinSouthAfricaorelsewhereformanaginganyoftheaffairsoftheCompanyandmayappointanypersonstobemembersofsuchlocalboards,oranymanagersoragentsandmayfixtheirremuneration,andmaydelegatetoanylocalboard,manageroragentanyofthepowers,authoritiesanddiscretionsvestedinthedirectorswithpowertosub-delegate,andmayauthorisethemembersofanylocalboardoranyofthemtofillanyvacanciesthereinandtoactnotwithstandingvacancies,andanysuchappointmentordelegationmaybemadeuponsuchtermsandsubjecttosuchconditionsasthedirectorsmaythinkfit,andthedirectorsmayremoveanypersonsoappointedandmayannulorvaryanysuchdelegation,butnopersondealingingoodfaithandwithoutnoticeofanysuchannulmentorvariationshallbeaffectedthereby.

91. Thedirectorsmaybypowerofattorneyappointanycompany, firmorpersonorany fluctuatingbodyofpersons,whethernominateddirectlyorindirectlybythedirectors,tobetheattorneyoragentoftheCompanyforsuchpurposesandwithsuchpowers,authoritiesanddiscretions(notexceedingthosevestedinorexercisablebythedirectorsunderthesearticles)andforsuchperiodandsubjecttosuchconditionsastheymaythinkfit,andanysuchpowerofattorneymaycontainsuchprovisionsfor theprotectionandconvenienceofpersonsdealingwithanysuchattorneyas thedirectorsmay think fit,andmayalsoauthoriseanysuchattorneytosub-delegatealloranyofthepowers,authoritiesanddiscretionsvestedinhimorthem.

92. Thedirectorsmaydelegateanyoftheirpowerstoanexecutiveorothercommitteewhetherconsistingofamemberormembersoftheirbodyornotastheythinkfit.Anycommitteesoformedshall,intheexerciseofthepowerssodelegated,conformtoanyregulationsthatmayfromtimetotimebeimposedonitbythedirectorsandanysuchregulationsmayauthorisetheappointmentofsub-committees.

MANAgINg AND EXEcUTIVE DIREcTORS

93. ThedirectorsmayfromtimetotimeappointoneormoreoftheirbodytobeManagingDirector,AssistantManagingDirector,ExecutiveDirector(withorwithoutspecificdesignation)orGeneralManageroftheCompanyortootherexecutiveofficewiththeCompanyasthedirectorsshallthinkfit,andmayfromtimetotimeremoveordismisshimorthemfromofficeandappointanotherorothersinhisortheirplaceorplaces.

94. Subjecttoanyprovisionseitherinthesearticlesorinthecontractunderwhichheisappointedanydirectorappointedtoanypositionorexecutiveofficepursuanttothelastprecedingarticleshallnot,whilehecontinuestoholdthatpositionorofficeunderacontractforatermofyears(whichprovidesforhimtobeexemptedfromretirementbyrotationduringsuchtermofyears),besubjecttoretirementbyrotationduringthecurrencyofsuchcontractandheshallnot,insuchcase,betakenintoaccountindeterminingtherotationofretirementofdirectorsbutheshallbesubjecttothesameremovaltermsastheotherdirectorsoftheCompanyand,ifheceasestoholdofficeasdirector,hisappointmenttosuchpositionorexecutiveofficeshallipsofactoandimmediatelybeterminatedbutwithoutprejudicetoanyclaimsordamageswhichmayaccrueunderanysuchcontractinrespectofsuchtermination:Providedthatthedirectorsshallnotappointanydirectortoanypositionorexecutiveofficeunderacontractasaforesaidwhichprovidesforhimtobesoexempted,ifatthetimeofsuchappointmentundersuchcontracttheeffectofsuchexemptionwouldbetocauseone-halformoreofthedirectorstobeexemptfromretirementbyrotation.

95. ThedirectorsmayfromtimetotimeentrusttoandconferuponadirectorappointedtoanypositionorexecutiveofficeunderArticle93suchofthepowersexercisableunderthesearticlesbythedirectorsastheythinkfit,andmayconfersuchpowersforsuchtime,andtobeexercisedforsuchobjectsandpurposesanduponsuchtermsandconditionsandwithsuchrestrictions,astheythinkexpedient,andtheymayconfersuchpowerseithercollaterallywithortotheexclusionofandinsubstitutionforalloranyofthepowersofthedirectorsinthatbehalf,andmayfromtimetotimerevoke,withdraw,alterorvaryalloranyofsuchpowers.

PROcEEDINgS OF DIREcTORS AND cOMMITTEES

96. Thedirectorsmaymeetforthedispatchofbusiness,adjourn,andotherwiseregulatetheirmeetingsandtheconveningoftheirmeetingsastheythinkfit,andmaydeterminethequorumnecessaryforthetransactionofbusiness.Untilotherwisedetermined

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bythedirectors,threedirectorsshallformaquorum.Adirectormayatanytimeandthesecretary,upontherequestofadirector,shallatanytimeconveneameetingofthedirectors.AdirectorwhoisnotinSouthAfrica,shallnotbeentitledtonoticeofanymeeting,butitshallbegiventohisalternate,ifany,unlesssuchalternateisalsoabsentfromSouthAfrica.

97. Thecontinuingdirectorsmayactnotwithstandinganyvacancyintheirbody,butifandsolongastheirnumberbereducedbelow the minimum number fixed by or in accordance with these articles, they may act only for the purpose of filling upvacanciesintheirbodyorofsummoninggeneralmeetingsoftheCompanybutnotforanyotherpurpose,andmayactforeitherofthepurposesaforesaidwhetherornottheirnumberbereducedbelowtheminimumnumberfixedbyorinaccordancewiththesearticlesasaquorum.

98. ThedirectorsmayelectaChairmanandaDeputyChairman(toact intheabsenceof theChairman)of theirmeetingsanddeterminetheperiodforwhichtheyaretoholdoffice,whichperiodshallnotexceedoneyear,butifnosuchChairmanorDeputyChairmaniselectedorifatanymeetingtheChairmanorDeputyChairmanbenotpresentwithinfiveminutesafterthetimeappointedforholdingthesame,thedirectorspresentshallchooseoneoftheirnumberpresenttobeChairmanatsuchmeeting.

99. Questionsarisingatanymeetingshallbedecidedbyamajorityofvotes,andincaseofanequalityofvotestheChairmanshallhavea secondorcasting vote,provided that should thequorumbe twoandshouldonly twodirectorsbepresentat themeeting,theChairmanshallnothaveacastingvote.

100. Ameetingofthedirectorsatwhichaquorumispresentshallbecompetenttoexercisealloranyofthepowers,authoritiesanddiscretionsbyorunderthesearticlesforthetimebeingvestedinorexercisablebythedirectorsgenerally.

101. AresolutioninwritingsignedbythedirectorswhomaybepresentinSouthAfricaatthetimewhensuchresolutionissignedbythefirstofsuchdirectors,beingnotlessthanaresufficienttoformaquorum,shallbeasvalidandeffectualasifithadbeenpassedatameetingofthedirectorsdulycalledandconstituted;providedthatwhereadirectorisnotsopresent,buthasanalternatewhoissopresent,thensuchresolutionmustalsobesignedbysuchalternate.Allsuchresolutionsshallbedescribedas“directors’resolutions”andshallbeforwardedorotherwisedeliveredtothesecretarywithoutdelay,andshallberecordedbyhimintheCompany’sminutebookandnotedatthemeetingofthedirectorsnextfollowingthereceiptthereofbyhim.Adirectors’resolution(unlesssignedbyallthedirectorsortheiralternates)shallbeinoperativeifitshallpurporttoauthoriseortodoanyactwhichameetingofthedirectorshasdecidedshallnotbeauthorisedordone,untilconfirmedbyameetingofthedirectors. In thisarticle reference to inwritingshall include theuseofelectroniccommunication,subject toany termsandconditionsdecidedonbythedirectorsandreferencetosignedshall includesignature inanyformwhichthedirectorsmayrequireforthepurposeofestablishingtheauthenticityorintegrityofanelectroniccommunication.

102. Themeetingsandproceedingsofanycommitteeofdirectorsconsistingoftwoormoremembers,shallbegovernedbytheprovisionshereincontainedforregulatingthemeetingsandproceedingsofdirectorssofarasthesameareapplicabletheretoandarenotsupersededbyanyregulationsmadeorimposedbythedirectors.

103. Allactsdonebythedirectorsorbyacommitteeofdirectorsorbyanypersonactingasadirectororamemberofacommittee,shall,notwithstandingthatitshallafterwardsbediscoveredthattherewassomedefectintheappointmentofthedirectorsorpersonsactingaforesaid,orthattheyoranyofthemweredisqualifiedfromorhadvacatedoffice,shallbeasvalidasifeverysuchpersonhadbeendulyappointedandwasqualifiedandhadcontinuedtobeadirectorormemberofsuchcommittee.

DIVIDENDS

107. TheCompanyingeneralmeetingorthedirectorsmayfromtimetotimedeclareadividendtobepaidtothemembersaccordingtotheirrespectiverightsandinterestinproportiontothenumberofsharesheldbythemineachclassinrespectwhereofthedividendispayable;butifanysharebeissuedontermsprovidingthatitshallrankfordividendasfromaparticulardateorforalldividendsdeclaredafteraparticulardate,suchshareshallrankfordividendaccordingly.

108. AdividendmaybedeclaredoutoftheprofitsorreservesoftheCompany,whetherrealisedorunrealised,whetherofarevenueoracapitalnatureandwhetherdesignateddistributionsornot,andnodividendshallcarryinterestasagainsttheCompany,exceptasotherwiseprovidedundertheconditionsofissueofthesharesinrespectofwhichsuchdividendispayable.Dividendsmaybedeclaredeither freeoforsubjecttothedeductionof incometaxandanyothertaxorduty inrespectofwhichtheCompanymaybechargeable.

109. TheCompanyingeneralmeetingorthedirectorsmayfromtimetotimepaytothememberssuchinterimdividendsasappeartothedirectorstobejustifiedbythepositionoftheCompany.ThedirectorsmayalsopaythefixeddividendpayableonanypreferenceshareoftheCompanyhalf-yearlyorotherwiseonfixeddateswheneversuchpositionintheopinionofthedirectorsjustifiesthatcourse.

110. Dividendsshallbedeclaredpayable tomembers registeredassuchonadateat least fourteendaysafter thedateof thedeclarationofthedividend.

111. No larger dividend shall be declared by the Company in general meeting than is recommended by the directors; but theCompanyingeneralmeetingmaydeclareasmallerdividend.

112. AllunclaimeddividendsmaybeinvestedorotherwisemadeuseofbythedirectorsforthebenefitoftheCompanyuntilclaimed,providedthatdividendsunclaimedforaperiodofthreeyearsmaybeforfeitedbythedirectorsforthebenefitoftheCompany.

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113. Anydividend,interestorothersumpayableincashtotheholderofasharemaybepaidbychequeorwarrantsentthroughthepostaddressedtotheholderathisregisteredaddressor,inthecaseofjointholders,addressedtotheholderwhosenamestandsfirstontheregisterinrespectoftheshareathisregisteredaddress,oraddressedtosuchpersonandatsuchaddressastheholderorjointholdersmayinwritingdirect,orbyelectronictransferintothebankaccountnominatedbytheholderor,inthecaseofjointholders,intothebankaccountnominatedbytheholderwhosenamestandsfirstintheregisterinrespectoftheshare.Everysuchchequeorwarrantshall,unlesstheholderorjointholdersotherwisedirect,bemadepayabletotheorderofthepersontowhomitisaddressedandshallbesentattheriskoftheholderorjointholders.Everysuchelectronictransfershallbemadeattheriskoftheholderorjointholders.TheCompanyshallnotberesponsibleforthelossintransmissionofanychequeorwarrantorofanydocument(whethersimilartoachequeorwarrantornot)sentthroughthepostasaforesaidorforthelossormisdirectionofanyelectronictransfer.Paymentofanysuchchequeorwarrant,orthemakingofsuchelectronictransfer,towhomsoevereffected,shallbeagooddischargetotheCompany.Inthisarticlereferencetoinwritingshallincludetheuseofelectroniccommunication,subjecttoanytermsandconditionsdecidedonbythedirectors.

114. Anydividendmaybepaidandsatisfied,eitherwhollyor inpart,bythedistributionofspecificassets,or inpaid-upshares,debenturesorsecuritiesof theCompanyorofanyothercompany,or incash,or inanyoneormoreofsuchwaysas thedirectorsoftheCompanyingeneralmeetingmayatthetimeofdeclaringthedividenddetermineanddirect,andwhereanydifficultyarisesinregardtosuchdistributionthedirectorsmaysettlethesameastheythinkexpedientandinparticularmayfixthevaluefordistributionofsuchspecificassetsandmaydeterminethatcashpaymentsshallbemadetoanymemberuponthefootingofthevaluesofixedinordertosecureequalityofdistributionandmayvestanysuchassetsintrusteesuponsuchtrustsforthepersonsentitledtothedividendasmayseemexpedienttothedirectors.

115. Thedirectorsmay from time to timemakesuch regulationsas theymay think fit in regard to thepaymentofdividends tomembershavingregisteredaddressesoutsideSouthAfrica,andsuchregulationsmayprovideforthepaymentofsuchdividendsinanyforeigncurrencyandtherateofexchangeatwhichsuchpaymentshallbemadeandsuchothermattersasthedirectorsmaythinkfit.

RESERVES

116. Thedirectorsmaybefore recommendinganydividendwhetherpreferentialorotherwise,setasideoutof theprofitsof theCompanysuchsumastheythinkproperasreserveswhichshall,atthediscretionofthedirectorsbeapplicableforanypurposetowhichtheprofitsoftheCompanymaybeproperlyappliedandpendingsuchapplicationmay,atthelikediscretion,eitherbeemployedinthebusinessoftheCompanyorbeinvestedinsuchinvestmentsasthedirectorsmayfromtimetotimethinkfit.Thedirectorsmayalsowithoutplacingthesametoreserve,carryforwardanyprofitswhichtheymaythinkprudentnottodivide.

cAPITALISATION OR DISTRIBUTION OF PROFITS

117. TheCompanyingeneralmeetingmayupontherecommendationofthedirectorsatanytimeandfromtimetotimeresolvethatitisdesirabletocapitalisealloranypartoftheamountforthetimebeingstandingtothecreditofanyoftheCompany’sreservesorofanysharepremiumaccountorcapitalredemptionreservefundortothecreditoftheincomestatementorotherwiseavailablefordistributionandnotrequiredforthepaymentofthefixeddividendsonanypreferencesharesoftheCompany,andaccordinglythatsuchamountbeset free fordistributionamong themembersoranyclassofmemberswhowouldbeentitled thereto ifdistributedbywayofdividendandinthesameproportionsonthefootingthatthesamebenotpaidincashbuteitherbeappliedinpayingupunissuedsharesoftheCompanytobeissuedtosuchmembersasfullypaidcapitalisationshareshavingaparvalueorbetransferredtotheCompany’sstatedcapitalandbeappliedindistributingtosuchmemberssharesofnoparvalue.

DIREcTORS POWERS ON cAPITALISATION OR DISTRIBUTION OF PROFITS

118. Ifanydifficultyarisesinregardtoanydistributionundertheprecedingarticle,thedirectorsmaysettlethesameastheythinkitexpedient.Theymaymakeallappropriationsandapplicationsoftheundividedprofitsorsumresolvedtobecapitalisedthereby,andallallotmentsandissuesofsharesordebentures,ifany,andgenerallyshalldoallactsandthingsrequiredtogiveeffectthereto,withfullpowertothedirectorstoprovidethatfractionsshallbeignoredaltogether,orbypaymentincashorotherwise,astheythinkfit,inthecaseofsharesordebenturesbecomingdistributableinfractions.Thedirectorsmayalsoappointanypersontoenter,onbehalfofallmembersentitledtothebenefitofsuchappropriationsandapplicationsortoparticipateinsuchdistribution,intoanycontractrequisiteorconvenientforgivingeffectthereto,andsuchappointmentandcontractmadeundersuchappointmentshallbeeffectiveandbindingonallsuchmembers.

PAYMENTS TO MEMBERS

119. Notwithstanding theprovisionsof theprecedingarticles insofar as they relate topaymentsofdividendsordistributions tomembers,theCompanymayfromtimetotime,subjecttotheprovisionsoftheStatutes,makepaymentstomembers.

SHARE cAPITAL, STATED cAPITAL AND SHARE PREMIUM AccOUNT, RESERVES AND cAPITAL REDEMPTION RESERVE FUND

120. WithoutderogatingfromtheprovisionsofArticle119,theCompanymayfromtimetotime,subjecttoanyrequirementswhichmaybeimposedbytheStatute,byordinaryresolutionauthorisethedirectorstodistributealloranypartoftheamountforthetimebeingstandingtothecreditofordealwith,inanywayrecommendedbythedirectorsorauthorisedbytheStatutes,anysharecapital,statedcapitalorsharepremiumaccount,anyreservesoranycapitalredemptionreservefundoftheCompany,savethattheprovisionsofthisarticleshallnotapplyinrespectofanyactionproperlytakenbytheCompanyintermsofSections76(3)or98(4)oftheAct.

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ANNEXURE 17

STATEMENT OF cORPORATE PRAcTIcE OF R&E

cORPORATE gOVERNANcE

R&EanditsdirectorscontinuetobecommittedtotheprinciplesofgoodcorporategovernanceandtoapplyingthehighestethicalstandardsinconductingthebusinessandaffairsoftheR&Egroup.

Thegroupfurtherendorsestheprinciplesofopenness,integrityandaccountabilityasadvocatedbytheCodeofCorporatePracticesandConductsetoutintheKingIIreportonCorporateGovernance(KingII);andwitheffectfrom1March2010,asespousedintheKingIIIreportonCorporateGovernance(KingIII).

Duringthe2009financialyear,thecompanycompliedwiththeprinciplescontainedinKingII.

There isnoone-size-fits-allapproach tocorporategovernanceand theboardofdirectorsbelieve that thecorporategovernanceframeworkshouldbeappropriatetothesizeofthecompany,itscomplexity,itsstructureandtherisksaffectingit,providingastructurethroughwhichobjectivesare regularly set andmonitored.Where thecompanyhasnotconstitutedcertainof the recommendedcommittees(duetolimitedresources),theboardofdirectorsasawholehasassumedresponsibilityfortheseduties.

Continual improvements in the implementation of good governance practices

ThecompanyconstantlystrivestodevelopandimproveexistingcorporategovernancestructuresandpracticestoensurecontinuedcompliancewiththerecommendationsofKingIIandKingIII(withtheadventthereofon1March2010)andothergoodgovernancepractices.

For2010thekeycorporategovernanceareasoffocuswillremain:

• tocontinuetomaintaincompliancewiththeprinciplesascontainedinKingIIandtoensurecompliancewiththeprinciplesofKingIII;and

• acontinuedfocusonstrategicissuesatboardlevel.

Board of directors

Thecurrentboardcomprisesfivedirectors,twoexecutivesandthreeindependentnon-executives.Thepositionsofchairmanandchiefexecutiveofficerareseparatelyheldwithacleardivisionofduties.Theindependentnon-executivedirectorshaveawiderangeofdifferingexpertise,aswellasfinancialandcommercialexperienceandotherskillsthatenablethemtobringindependentjudgementtoboarddeliberationsanddecisions.Theboardmeetsatleastquarterlyandonotheroccasionswherenecessary.

Theboardcontinuallystrivestogivestrategicdirectiontothecompanyforthebenefitofitsshareholders.Aformalagendaispreparedforconsiderationatallsuchmeetings.

Theboardrecognises itsresponsibilitytoretainfullandeffectivecontroloverthecompany.Theboardalsoauthorisesallmaterialmatters,whicharereservedforitsconsideration.

Theboardfurtherreviewspracticesforthementoringofseniormanagementandtheboardwillcontinuereviewingtermsofreferenceforthevarioussubcommitteesoftheboard.

Aboardcharterwasapprovedandadoptedwitheffectfrom24June2004,settingoutitsmission,role,dutiesandresponsibilities.Theboardcontinuestoadherethereto.

Thecurrentboardofdirectorscomprisesofthefollowingdirectors:

• DCKovarsky (IndependentNon-executiveChairman);• MSteyn (ChiefExecutiveOfficer);• MBMadumise (IndependentNon-executiveDirector);and• JHScholes (IndependentNon-executiveDirector)**• VBotha (FinancialDirector)*

**MrDIdeBruinresignedon19February2010andMrJHScholeswasappointedonthesamedate.* MrVBothawasappointedasFinancialDirectorofR&Eeffective6May2010.

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Code of Conduct

ThecompanyapprovedofandadoptedaCodeofConducton24June2004.

Company Secretary

TheboardisresponsiblefortheselectionandappointmentofthecompanysecretarywhomustbeasuitablyqualifiedpersonascontemplatedinSection268oftheAct.

ThecompanysecretaryisresponsibleforthedutiessetoutinSection268(G)oftheActandforensuringcompliancewiththeJSEListingsRequirements.

Directorshaveaccesstotheservicesandadviceofthecompanysecretary.

ThesecretaryofthecompanyisMrRPPearcey(FCIS).

Audit committee

Theauditcommitteecharterwasapprovedandadoptedwitheffectfrom24March2004.Theauditcommitteeiscomprisedoftwoindependentnon-executivedirectors.Meetingsarenormallyattendedbythecompanysecretaryassecretarytothecommittee,theexternalauditors,thechiefexecutiveandthechieffinancialofficer.

During2009membersofthecommitteewere:

• DCKovarsky(Chairman);and

• DIdeBruin(IndependentNon-executiveDirector),whoresignedon19February2010.

Currentmembers:

SincetheresignationofMrDIdeBruin,allindependentnon-executivedirectorstookresponsibilityforthisfunctionwithDCKovarskyasChairman.

Thecommittee’stermsofreferenceanditsresponsibilitiesinclude,amongothers:

• Theappointmentand/orterminationoftheexternalauditors,includingtheirindependenceandobjectivity;

• Determiningtheauditfeeoftheexternalauditors;

• Consideringanddeterminingtheuseoftheexternalauditorsfornon-auditrelatedservices;

• Determininginconjunctionwiththeexternalauditorsthenatureandscopeoftheaudit;

• Evaluatingtheeffectivenessoftheexternalaudit;

• Consideringtheappropriatenessoftheexpertiseandexperienceofthefinancialdirector;

• Reviewingandapprovingtheaccountingpoliciesandpracticesandanyproposedchangesthereto;

• Assisting thedirectors in fulfilling their responsibilities,ensuring thatpublished financial reportsareobjective,completeandaccurate;and

• Receivinganddealingwithcomplaintsrelatedtoaccountingmatters.

Thecommitteealsomeetswiththeexternalauditors,outsideofmeetings,asfrequentlyasisnecessary.

Report of the audit committee

Thecurrentauditcommitteemettwiceduring2009.Bothauditcommitteemembersattendedthesemeetings.

Arisingfromtheattendanceofthesemeetingsandtheinteractionswiththeexternalauditor,theauditcommitteehasexecuteditsdutiesandresponsibilitiesrelatingtothe2009financialyearinaccordancewithitstermsofreference.SinceJuly2008,R&EhasnothadafinancialdirectorasrequiredbyJSEregulations.ThecompanyofficiallyappointedMrVBothaasFinancialDirectorofR&Eeffective 6 May 2010. The audit committee was satisfied with the experience, competence and qualifications of Mr V Botha asFinancialDirector

TheauditcommitteeissatisfiedthatKPMGInc.isindependentoftheR&Egroup.

172

Nominations committee

Anominationscommitteecharterwasapprovedandadoptedwitheffectfrom24June2004.Currently,allnon-executivedirectorsconstitutethenominationscommittee.

Remuneration committee

Aremunerationcommitteemandatewasapprovedandadoptedbytheboardofdirectorswitheffectfrom24March2004.Currently,theentireboardofdirectorsconstitutestheremunerationcommittee.

Dealing in securities

Thecompanyhasadopteda“closedperiod”policywhichcomplieswiththeJSEListingsRequirements.Duringthistime,thedirectors,companysecretaryanddesignatedemployeesareprohibitedfromdealinginthecompany’ssecurities,eitherdirectlyorindirectly,onthebasisofunpublishedprice-sensitive informationabout thebusiness. Identifiedemployeesareadvisedto thateffect.AclosedperiodarisesautomaticallyfromtheendofafinancialreportingperioduntilthepublicationoffinancialresultscomplyingwiththeJSEListingsRequirements for thatperiod.Additionalclosedperiodsmaybedeclared from time to time ifcircumstancessowarrant.Dealings in securities by directors and officers of the company require prior approval by the chairman or chief executive officer,dependingonthepersondealinginthesecurities.AnysharedealingsbydirectorsandthecompanysecretaryofthecompanyarenotifiedtotheJSEforpublicationviaSENS.

Nodirectorheldanyshares,directlyorindirectlyinthecompanyduring2009anduptothelastpracticabledate.

Director and officer liability insurance

Thecompanyhasinplacedirectors’andofficers’liabilityinsurancewhichprovidessomecoveragainstlegalactionbythirdparties.

173

ANNEXURE 18

DETAILS OF DIREcTORS AND OFFIcERS OF JcI AND R&E

WHO WOULD BE DIScHARgED FROM cLAIMS BY JcI AND

R&E RESPEcTIVELY, IF THE REVISED SETTLEMENT

AgREEMENT IS IMPLEMENTED

Part I:

DIREcTORS AND OFFIcERS OF JcI1. PeterHenryGray

2. LeslieArthurMaxwell

3. StewartCharlesCavanagh

4. DavidOwenJones

5. KevinRoyEborall

6. PeterRichardSuterThomas

7. AndrewChristoffelNissen

8. HyltonWilsonCochrane

9. GlynnRobertBurger

10. CraigEdwardCavanagh

11. DavidMorrisNurek

12. DonEdwardJowell

13. BenitaElizabethMorton

14. PhilipDexter

15. MikeGrant

16. ColinBird

17. AndrewDawson

18. DavidNorth

19. SolonDirectorLimited

20. ChristoSutherland

21. LynnVieira

Part II:

DIREcTORS AND OFFIcERS OF R&E1. MBMadumise

2. MSteyn

3. DIdeBruin

4. DCKovarsky

5. RPearcey

6. MSchalkwijk

7. VBotha

174

ANNEXURE 19

SHARE TRADINg HISTORY OF gOLD FIELDS LIMITED

ORDINARY SHARES

Year Month Day quantity Value Average price (weighted)Quarterly R Cents2007 May 31 185507947 24037292320 129582007 August 31 194582502 21782803964 111952007 November 30 189022221 22740078822 120302008 February 29 181557794 19652042521 108242008 May 31 201212517 22889755563 113762008 August 31 187150293 16313676643 87172008 November 30 230416556 16159163245 70132009 February 28 179142771 17295152266 9654Monthly2009 March 31 70248270 7951385983 113192009 April 30 56562624 5617022878 99312009 May 31 56035725 5819457702 103852009 June 30 66636132 6521154772 97862009 July 31 60255099 5572502804 92482009 August 31 71882501 7003256698 97432009 September 30 73300229 7610770933 103832009 October 31 60944174 6467565009 106122009 November 30 63592644 6853271058 107772008 December 31 46651960 4950418487 106112010 January 31 56439647 5466605170 96862010 February 28 65305258 5861410437 8975Daily2010 March 1 1402933 124262539 88572010 March 2 1442131 127327643 88292010 March 3 2906899 268174487 92252010 March 4 1338123 122957645 91892010 March 5 1362194 124200259 91182010 March 8 2026169 187209194 92402010 March 9 1657364 150905121 91052010 March 10 1199861 108901630 90762010 March 11 1667930 148757136 89192010 March 12 1968411 177566676 90212010 March 15 2059289 183490830 89102010 March 16 1661609 148896046 89612010 March 17 1963050 179286932 91332010 March 18 3845663 351910422 91512010 March 19 1338439 122157524 91272010 March 23 2096136 191905532 91552010 March 24 2195190 199865530 91052010 March 25 1316296 119040858 90442010 March 26 1510792 135778310 89872010 March 29 1689341 153759121 91022010 March 30 1766888 161579894 91452010 March 31 2401656 220351550 91752010 April 1 649450 59982123 92362010 April 6 1864718 174817309 93752010 April 7 3210178 302446822 94212010 April 8 2092419 200297493 95732010 April 9 1348120 129802423 96282010 April 12 1405960 134970633 96002010 April 13 2024742 190605879 94142010 April 14 3787734 361196842 95362010 April 15 2059459 197020518 95672010 April 16 1402559 133602799 9526

175

ANNEXURE 20

JcI LITIgATION STATEMENT

ThefollowinghasbeenextractedfromtheJCIcirculartoJCIshareholdersinrespectoftheproposedsettlement.TheboardofR&Edoesnotacceptanyresponsibilityforthedisclosuremadeinthisannexure.

“1. AcTIONS AND APPLIcATIONS INSTITUTED BY OR IN THE PROcESS OF PREPARATION BY JcI LIMITED AND/OR JcI SUBSIDIARY AgAINST VARIOUS PARTIES:

MostoftheactionsdescribedbelowaredefendedandJCImakesnorepresentationsregardingtheprospectsofsuccessortheprospectsofrecoveryinrespectofsuchactions.LikewiseJCIdoesnotmakeanyrepresentationsregardingcounter-claimswhichhavebeenmadeormaybemadeandtheprospectsofsuccessfullyresistingsuchcounter-claims.Thesummarybelowisanindicativedescriptionofthemattersanddoesnotpurporttobeacompleteandaccuraterecordalofthepleadingandthevariousclaimsanddefencesandthepleadingsareavailableforinspection,ifrequired.

NO. PARTIES MATTER DESCRIPTION AMOUNT1. CMMS,JCILimitedversusSpring

Lights6(Pty)Limited,GlenAgliottiandMistyMountainTrading18(Pty)Limited,CaseNo:2008/19583

ThisisanactionfordamagesarisingoutofaseriesofpaymentsmadetothefirstDefendant,alternativelysecondDefendantalternativelythirdDefendantmadeostensiblyforservicesrenderedincircumstanceswhereJCIcontendssuchpaymentswerenotdueandowing.Thematterisdefended.

R29539794.60andvariousalternativeclaims

2. JCILimitedversusMoregateInvestmentsLimited,ContinentalCapitalLimited,AculshaNomineesLimited,TlotlisaSecuritiesLimitedandComputershareInvestorServices(Proprietary)Limited,CaseNo:2009/872

Thisisanapplication,whichisopposed,tohave98000000JCIsharesdeclaredvoid,whichsharesareheldbyMoregate,ContinentalCapitalandAculshaNomineesandtobeauthorisedtocanceltheaforementionedshares.ContinentalandAculshahavebothfiledconditionalcounterapplicationsdeclaringthatJCIbeliabletocompensateitonaccountofthesalebyJCIofitsshareholdingduringtheperiodMayand/orJune2005anddirectingthatitbepaidthevalueofthosesharesatsuchtime.ThecounterapplicationisintheregionofR19430814.53byContinentalandR12061473.86byAculshaNominees.

3. CMMS,JCILimitedandJCIGoldversusTrusteesofKebbleEstateandGlenAgliotti,CaseNo:2008/43163

ThisisanactionfordamagesarisingoutofpaymentofaseriesofinvoicesforservicesallegedlyrenderedandsubmittedforpaymentincircumstanceswhereJCIcontendsthatsuchpaymentswerenotdue.Thematterisdefended.

R1870000.00

4. CMMS,JCILimitedandJCIGoldversustheTrusteesofKebbleEstate,CaseNo:2008/43164

ThisactionisanactionfordamagesarisingoutofpaymentofaseriesofinvoicessubmittedforpaymentincircumstanceswhereJCIcontendsthatsuchpaymentswerenotdue.Thematterisdefended.

R522500.00

5. CMMS,JCILimited,JCIGoldandJCIPropertyDevelopmentversustheTrusteesoftheKebbleEstate,HennieBuitendag,MicromathTrading485CCandMauroSabbatini,CaseNo:2008/43162

ThisisanactionfordamagesarisingoutofpaymentofaseriesofinvoicespreparedandsubmittedforpaymentbythesixthdefendantactingonbehalfofthefifthdefendantincircumstanceswhereJCIcontendsthatsuchpaymentswerenotdue.Thematterisdefended.

R1970000.00

6. JCIGoldversustheTrusteesoftheKebbleEstate,GeorgePoole,PatriciaBeale,RogerKebbleandHennieBuitendag,CaseNo:2009/13754

ThisisanactionfordamageswheretheclaimarisesoutoftheunlawfulmisappropriationofanumberofsharesinWesternAreasLimited.Thematterisdefended.

R44986919.66

7. JCIGoldversusBajiAdventures(Proprietary)Limited,CaseNo:2009/10594

ThisisanactionbroughtbyJCIGoldagainstBajiAdventuresarisingoutofashareholdersagreementconcludedandintermsofwhichJCIGoldlentandadvancedcertainmoniestoBajiAdventures,whichmonieswerenotrepaid.Thematterisdefended.

R4200000.00

176

8. CMMS,JCILimited,JCIGoldandJCIPropertyDevelopmentversusCharlesOrbach&Company,CaseNo:2009/14645

Thisisanactionfordamagesarisingoutofvarioustransactionsincluding89000000JCIsharesissuedtoSlipknot,42500000JCIsharestoParadiseCreek,aloantoDormellProperties,ajointventurearrangementwithMasupatsela(Pty)Limited,atransactioninrespectofKirstenberryLodge,theprocessingofvariousBrettKebblejournalentries,thedisposalofWesternAreaLimitedshares,theMasupatselaRandgoldloanaccountaswellastheAlibipropstransactionandvariousscrip-lendingtransactions.TheeffectofthesetransactionsresultedinthefinancialstatementsofJCIbeingmateriallymisstatedandCharlesOrbachfailedtoidentifyimproprietariesandmaterialmisstatementsrelatingtothis,intheperformanceofitslegalauditdutiestothecompanyresultinginlossesclaimed.Thematterisdefended.

R319636053.62

9. CMMS,JCILimitedandJCIGoldversustheTrusteesoftheKebbleEstate,SwanevelderandDeBeer,CaseNo:2008/43166

ThisisanactionfordamagesarisingoutofanagreemententeredintowithShelleyStreett/aShelleyStreetDesignConsultantintermsofwhichShelleyStreetwouldrenderdesignconsultingand/ordecorationservicesinrespectofSwanevelder’sMontereyBuildinginBishop’sCourtinCapeTown.VariousinvoicesweresubmittedandpaidbyJCILimitedincircumstanceswhereJCIcontendspaymentswerenotdueandowingbyJCI.Thematterisdefended.

R353970.00

10. CMMSandJCILimitedversusTantcoGlobal(Proprietary)Limited,KVanDerMerwe,RVanDerMerwe,BuitendagandSwanevelder,CaseNo:2008/43161

ThisisanactionbasedonanumberofdifferentcausesofactionwhereCMMSandJCIwereinducedtomakepaymentstothedefendantsintermsofvariousagreementswithoutvalidcause.Thematterisdefended.

R22767048.71(andvariousalternativeamounts)

11. CMMS,JCILimited,JCIGoldLimited,JCIPropertyDevelopmentversustheTrusteesoftheKebbleEstate,Buitendag,DeBeer,PooleandTurbineAviation(Proprietary)Limited,CaseNo:2008/43165

ThisisanactionfordamagesarisingoutofpaymentofaseriesofTurbineAviationinvoicesforservicesallegedlyrenderedandsubmittedforpaymentincircumstanceswhereJCIcontendsthatsuchpaymentswerenotdue.Thematterisdefended.

R480000.00

12. JCIPropertyDevelopmentandCMMSversustheTrusteesoftheKebbleEstateandPatriciaBeale,CaseNo:2009/13750(Dormell)

ThisisanactionfordamagesbyJCIPropertyDevelopmentandCMMSagainsttheTrusteesoftheEstateLateKebbleandBealearisingoutofthetransferofthesharesinDormellProperty211(Pty)Limitedwithoutreceivingvalueandforrecoveryofbondpayments.InstructednottoproceedagainstBeale.

R9617642.72

13. JCIGoldLimitedversusPaulMain,ConcertoNomineesLimitedandtheTrusteesforInter-OceanManagementLimited,CaseNo:2007/11826

ThisisanactionfordamagessufferedasaresultofthedisposalofWesternAreasLimitedsharesbythedefendants.However,settlementnegotiationsareongoingbetweenrepresentativesofJCIandPaulMain.Thematterisdefended.

R49000000.00andvariousalternativeclaims

14. CMMS,JCILimitedandJCIGoldLimitedversustheTrusteesoftheKebbleEstateandSwanevelder,CaseNo:09/14038

ThisisanactionfordamagesbyCMMS,JCI&JCIGoldrelatingtomoniesloanedtoKebbleandvariousfinancialmisappropriationscausingJCIloss.Thematterisdefended.

R30510076.48

15. CMMS,JCIGoldLimitedandJCIPropertyDevelopmentversusTlotlisaSecurities(Proprietary)Limited,TrusteesoftheKebbleEstate,Buitendag,Swanevelder,PooleandBeale,CaseNo:09/13749

ThisisanactionfordamagesbyCMMS,JCIGoldandJCIPropertyDevelopmentagainstinter aliaT-Sec.TheclaimisbasedonaschemedevisedbycertaindefendantswherebytheysoughttomisappropriatefundsviaaccountsheldbyT-SecwhorenderedservicesasastockbrokerandwhowasinbreachofcertainlegalandstatutorydutiesowedtothePlaintiffs.Thematterisdefended.

R360995603.88

177

16. CMMSversusBuitendag,DeBeer,SwanevelderandtheTrusteesoftheKebbleEstate,CaseNo:09/13753

KebblewasindebtedtoCMMSandcertainpropertiesownedbyKirstenberryLodgeCCandOnshelfTradingandwerepledgedassecurity.KebbleownedthesharesinOnshelfandmembersinterestinKirstenberryandsoldbothforavalueexceedingthesharesandmembersinterest.Thedifferencebetweenthetruevalueofthesharesandthesalepriceconstitutestheclaimfordamages.Thematterisdefended.

R24856577.85

17. CMMS,JCILimitedversustheTrusteesoftheKebbleEstateandTonyYengeni,CaseNo:09/6798

ThisisanactionfordamagesinrespectofconsultancyfeespaidtoYengeniforservicesallegedlyrenderedandinrespectoflegalfeespaidonYengeni’sbehalfwheretherewasnoobligationtomakepayment.Thematterisdefended.

R879061.96

18. Xelexwa(Pty)LimitedpreviouslytradingasJaganda

XelexwapreviouslytradingasJaganda.Thereweretwomatters,thefirstwasanapplicationintermsofsection354oftheCompaniesacttosettheliquidationofXelexwaaside.Thisapplicationwassuccessful.ThesecondisanactionthatJCIandJCIFhaveinstitutedagainstXelexwa(Pty)Limitedinrelationto200millionpreferencesharesheldbyJCIinXelexwa(Pty)Limited.ThevalueoftheclaimdependsonthesharepriceofSimmerandJackshares.ThisactionwillbeheardinMarch2011.

–

19. ApplicationtojoinJohnStratton AnapplicationtojoinJohnStrattontovariousmattershasbeenlaunched.TheseapplicationsareintheprocessofbeingservedandwillinvolvejoiningJohnStrattontoanumberofotherdefendantsagainstwhomproceedingshavealreadybeeninstituted.Itisinevitablethattheapplicationandactionswillbedefended.

20. Lyons/Fromentin VariouspossibleclaimsarebeinginvestigatedagainstGaryFromentinandLyonsAssetManagement(Pty)Limited.Itislikelythatifmattersproceedtheywillbedefended.Anapplicationforejectmentfromleasedpremisesat10BenmoreRoad,SandtonhasbeenissuedagainstLyonsAssetManagement(Pty)Limited.

2. ACTIONS AND APPLICATIONS INSTITUTED OR THREATENED AGAINST JCI LIMITED AND/OR JCI SUBSIDIARY:

MostoftheactionsdescribedbelowaredefendedbyJCI.However,JCImakesnorepresentationsregardingtheprospectsofsuccessorotherwiseinrespectofsuchactionsorinrespectofanycounter-claimsthatmaybemadebyJCI.Thesummarybelowisanindicativedescriptionofthemattersanddoesnotpurporttobeacompleteandaccuraterecordalofthepleadingandthevariousclaimsanddefencesandthepleadingsareavailableforinspection,ifrequired.

NO. PARTIES MATTER DESCRIPTION AMOUNT21. BaobabAviation(Proprietary)Limited

in(liquidation)versusJCILimited,CaseNo:2008/12286

BaobabAviationhasissuedsummonsagainstJCIforrepaymentofpartoftheproceedsofthesaleofaGulfstreamG5000Aircraft,alternativelytosetasidethepaymentasadispositionwithoutvalue.Thematterisdefended.

R2537955.91

22. Toico(Proprietary)LimitedversusCraigCroweandJCILimited,CaseNo:2007/4231

ThiswasanactionbyToico(Pty)LimitedinApril2007againstJCIandMrCraigCrowe,jointlyandseverally,arisingoutofdamagesoutofanallegedbreachofapre-emptiverightintermsofashareholdersagreementinrespectofthePinnaclePointHoldingsrelatingtothePinnaclePointCasino.ThematterisnotproceedingagainstJCIasitisnolongercitedasadefendantpursuanttoplaintiff’sNoticeofAmendment.

R27845818.00

23. MasupatselaAngolaMiningVentures(Proprietary)LimitedversusJCILimitedandCMMSLimited,CaseNo:2008/28964

MasupatselaservedsummonsagainstJCIandCMMS,jointlyandseverallyfordamagesarisingoutoftheallegedmisappropriationandsaleofthePlaintiffsshares.DamagesareclaimedfortheallegedvalueofthesharesandfordividedamountsthePlaintiffswouldhavereceivedbutforthemisappropriationandvariousalternatives.Thematterisdefended.

R42880080.00+dividends.

178

24. JointTrusteesofEstateLateRBKebbleversusCMMSLimited,CaseNo:2008/11200

ThisisanactionbythejointtrusteesoftheinsolventEstateofRBKebbleinwhichitisallegedthatKebblemadetwopaymentstoCMMSintheamountclaimedandallegesthatthepaymentsmadebesetasideasdispositionswithoutvalueintermsofSection2oftheInsolvencyAct,andalternativeclaims.Thematterisdefended.

R1515419.75

25. TheLiquidatorsofTuscanMood1224(Proprietary)LimitedversusAlongshoreResources(Proprietary)Limited,CaseNo:2008/37518

ThisisanactionbroughtbythejointLiquidatorsofTuscanMood1224(Pty)LimitedwherethebasisoftheclaimisthatTuscanMood1224(Pty)LimitedmadepaymentstoAlongshoreResources(Pty)LimitedandthatthepaymentsconstitutedadispositionintermsofSection2oftheInsolvencyActandalternativeclaims.Thisactionhasnotbeendefended.

R1188611.20

26. TheLiquidatorsofTuscanMood1224(Proprietary)LimitedversusCatwalkInvestments394(Proprietary)Limited,CaseNo:2008/37517

ThisisanactionbroughtbytheLiquidatorsofTuscanMood1224(Pty)LimitedwherethebasisoftheclaimisthatTuscanMoodmadepaymentstoCatwalkInvestments394(Pty)LimitedandthatthepaymentsconstituteddispositionsintermsofSection2oftheInsolvencyActandalternativeclaims.Thisactionisdefended.

R231000.00

27. TheLiquidatorsofTuscanMood1224(Proprietary)LimitedversusOnshelfProperty74(Proprietary)Limited,CaseNo:2008/37519

ThiswasanactionbroughtbythejointLiquidatorsofTuscanMood1224(Pty)LimitedwherethebasisoftheclaimwasthatTuscanMoodmadepaymentstoOnshelfProperty74(Pty)LimitedandthatthepaymentsconstituteddispositionsintermsofSection2oftheInsolvencyAct.Thismatterhasbecomesettled.

R5640000.00

28. ThirdPartyNoticeservedbyHennieBuitendaginthematterofRandgoldandOthersversusBuitendagandOthersinrespectofCMMSLimitedandJCILimited,CaseNo:2008/25329

ThisisanactionbroughtbyRandgoldagainstBuitendagandOtherswhereBuitendagservedathirdpartynoticeforacontributiononCMMSandJCIandthisrelatestotheclaimsofRandgold.Thisactionisdefended.

ApproximatelyR12billion

29. ThirdPartyNoticeservedbyHennieBuitendaginthematterofRandgoldandOthersversusBuitendagandOthersinrespectofCMMSLimitedandJCILimited,CaseNo:2008/27801

ThisisanactionbroughtbyRandgoldagainstBuitendagandwhereBuitendagservedthirdpartynoticesforacontributiononCMMS,JCIandPeterGray.Thisactionisdefended.

R389823970.00

30. LetsengDiamondsLimitedversusJCILimited,InvestecLimited,JCIInvestmentFinance(Proprietary)Limited,JSELimited,GEMDiamondMiningCompanyofAfricaLimited,CaseNo:

Letseng,joinedbyanotherJCIshareholder,TrinityAssetManagement(Pty)LimitedseektohavetheInvestecloanagreementsetasideand/orinvalidatedonseveralgrounds.JCIfiledaffidavitscontendingthattheloanagreementisvalidbuttookadecisionthatitwouldnottakeanyproactivepartinthatlitigationandwillabidebythedecisionoftheCourt.Thismatterhasbeensettled.

31. TrinityAssetManagement(Proprietary)LimitedandTrinityEndowmentFund(Proprietary)LimitedandLJInvestmentsLimitedversusInvestecBankLimited,JCILimitedandJCIInvestmentFinance(Proprietary)Limited,CaseNo:

Letseng,joinedbyanotherJCIshareholder,TrinityAssetManagement(Pty)LimitedseekedtohavetheInvestecloanagreementsetasideand/orinvalidatedonseveralgrounds.JCIfiledaffidavitscontendingthattheloanagreementisvalidbuttookadecisionthatitwouldnottakeanyproactivepartinthatlitigationandwillabidebythedecisionoftheCourt.Thishasbecomesettled.

Settled

32. MarcoFishing(Proprietary)LimitedversusJCILimited,CaseNo:–

MarcoFishingProprietaryLimitedandothershaveissuedSummonsagainstJCIforpaymentofapproximatelyR711000.00foranallegedfailuretomakeinterimpaymentsintermsofanallegedsharesaletransaction.Thematterisdefended.

R711000.00

33. HemispherxBiopharmaInc.versusBioclones,ConsolidatedInvestmentsandOthers,CaseNo:2004/10129/CIV/KING

ThisisanactionbroughtoutoftheUSDistrictCourtofSouthernCaliforniaHighCourtwhichseemstobeaclaimforfraudandinjunctiverelief,damagesandpunitivedamageswhichatthisstageisnotquantified.

Notquantified

179

34. SouthernNamibianHakeFishingIndustries(Proprietary)LimitedversusJCILimited,CaseNo:A341/2008

ThisapossibleactionbroughtoutoftheNamibianHighCourtforaclaimallegedlyarisingoutofarentalagreement.Nopapershavebeenservedasyet.Theclaimwillbedisputedifproceededwith.

N$467555.47

35. SiphiweExperienceZikalala JCIhasbeenjoinedinthismatterbyZikalala.TheTrusteesofKebblehavesuedZikalalaforanamountofR600000-00whichwasallegedlypaidtohimbyKebblefornovalue.ZikalaladeniesliabilityonthebasisthatanypaymentsmadetohimwerereceivedinhiscapacityasrepresentativeofMineralDensityGroup.

R600000.00

36. TheLiquidatorsofTuscanMood1224(Proprietary)LimitedandtheTrusteesofEstateLateRBKebblesentoutanumberoflettersofdemandinrespectofatleast14claimstoJCILimitedand/orCMMSduringMay2007

Itisunclearwhatthecauseofactioninthesemattersare,anumberoflettersofdemandwerereceivedfromtheLiquidatorsofTuscanMood1224(Pty)LimitedandtheTrusteesofEstateLateRBKebble,buthavenotyetbeenproceededwith.

ApproximatelyR41000000.00

37. PartiessuedortobesuedbyRandgold

Thereareanumberofpartiesagainstwhomproceedingshavebeeninstituted(ormaybeinstituted)byRandgoldoraRandgoldSubsidiaryanditisanticipatedthatallorsomeofthesecompaniesmayjoinJCIoraJCISubsidiaryasadefendantinsuchmatters.

Unknown

38. MrDCPalmerandMrDSmyth LettersofdemandhavebeenreceivedfromMrDCPalmer,claimingtorepresentagroupofconcernedshareholdersandMrDSmythmakingvariousallegationswhichallegeindebtednessofJCILimited,allegeJCILimitedtobetradingininsolventcircumstancesandmakingvariousdemandsincludingreservationofallegedrightsinrespectofSection424oftheCompaniesAct.

Notquantified

39. FJPoole,PJLPooleBoundforGold109BK,HJVanZylandDJVanZyl

LettersofdemandfromRibbensAttorneysinOctober2007andDecember2007requestinginformationinregardtowhethertheGoldfieldstransactionwasimplementedandallegingacaveatinrespectofmineralrightsorinterestsonbehalfofhisclientswithareservationofrights,inter alia,toinstituteactionintermsofAct2of2000.

Notquantified

40. OrlyfundHoldings(Proprietary)Limited OrlyfundHoldings(Pty)LtdisthreateninglegalactioninrespectofSimmerandJacksharespledgedtoCMMSinanamountofapproximatelyR2952769.00.

ApproximatelyR2952769.00

41. TrinityHoldings(Proprietary)Limited Trinityisthreateningwithlegalaction.JCIsold57%ofitsinterestinMatodzitoTrinitywhonowallegesthatJCIomittedcertaininformationforthetaxyear2003,andSARShasnowfinedMatodziforsaidomission–thefinebeingR484275.00.

ApproximatelyR484275.00

42. JeffreyClosenberg JeffreyClosenbergthroughcorrespondencefromhisattorneyhasthreatenedwithlegalactioninrespectofservicesthatheallegedlyrenderedtoJCIbutwaspaidbyTuscanMoodwhohavenowsetsuchpaymentsasideasvoidabledispositions.

Notknown

43. Lembedeand/orANCYouthLeague TherearethreatsofaclaimbyathirdpartyregardingthecontiguousmineralrightstransactionwithGoldfields.ThisisaclaimforGoldridgeshares.

Notquantified

44. LyonsAssetManagement(Pty)Limited

AnactionbyJCIforejectmentofLyonsfromthepremisesat10,BenmoreRoad,Morningside,fornonpaymentofrent.

3.

3.1 During2005,98000000JCIshareswere issuedtoMoregate InvestmentHoldings,ContinentalCapitalLimitedandAculshaNomineesLimitedincircumstanceswherenovaluewasreceivedandapplicationshavebeenservedforanorderdeclaringsuchissuetobevoidandfortherelevantsharestobecancelled.TheapplicationshavebeenopposedandcounterapplicationshavebeenreceivedforvalueofthesharesofapproximatelyR19430814.53byContinentalandR12061473.86byAculshaNominees.

3.2 During200342.5millionJCIshareswereissuedtoParadiseCreekincircumstanceswhere24.9millionofsuchJCIsharesheldbyParadiseCreekshouldhavebeencancelled.TheseJCIsharesweredistributedtobeneficiariesofParadiseCreekincludingBNCandotherparties.”

180

ANNEXURE 21

JcI gROUP NET PRO FORMA EFFEcTS AT

31 DEcEMBER 2009 INcORPORATINg THE REPORTINg

AccOUNTANTS’ LIMITED ASSURANcE REPORT THEREON

The directors of R&E have extracted the information contained in this Annexure 21, without adjustment from the circular to JCIshareholders.TheboardofR&Edoesnotacceptanyresponsibilityforthedisclosuremadeinthisannexure.

INDEPENDENT REPORTINg AccOUNTANT’S LIMITED ASSURANcE REPORT ON THE PRO FORMA JcI gROUP NAV STATEMENT

TheDirectorsJCILimited10BenmoreRoadMorningsideSandton2146

DearSirs

Independent Reporting Accountants’ limited assurance report on the pro forma financial effects of JCI Limited Group at 31 December 2009.

Introduction

Wehaveperformedourlimitedassuranceengagementwithregardtothepro formafinancialeffectsofJCILimitedGroup(“JCI”)at31December 2009as reflected inAnnexure6 and thepro forma financial effects of theproposed settlementwithRandgold&ExplorationCompanyLimited (“Randgold”)assetout inparagraph6of themainbodyof thecircular tobedated26April2010(“circular”)issuedinconnectionwiththeSettlementAgreementbetweenJCI,Randgold(“proposedtransaction”)andtheexcussionbyRandgoldofFreeStateDevelopmentandInvestmentCorporationLimited(“FSD”)sharesheldbyJCI(“FSDexcussion”).

Thepro formafinancialeffectshasbeenpreparedforthepurposesofcomplyingwiththeListingRequirementsoftheJSELimited(“JSE”),toprovideinformationabouthowtheproposedtransactionmighthaveaffectedthepro formaNetAssetValueStatementpresentedhadthetransactionbeenundertakenon31December2009.

Ourconclusionbelowhasbeenformedonthebasisof,andissubjecttothelimitationsrelativetocertainfinancialinformationwhichformsthebasisofthepro formafinancialeffectsofJCIat31December2009.Theselimitationsrelatetothelackofauditedfinancialinformation as well as limitations on the completeness of the financial information contained in the pro forma effects of JCI at31December2009includedinAnnexure6inthecircular.InthenotestotheGroupNetAssetValueStatementofJCIat31December2009,thedirectorsofJCIhavedescribedthecircumstancesgivingrisetothebasisofpreparationofthesefinancialstatementsandhavehighlightedcertaininhibitingfactorsregardingthecompletenessof information.Ourrespectiveconclusionsonthepro formafinancialeffectsofJCIat31December2009as included inAnnexure6provided limitedassurancehavingregardtothebasisofpreparationandthebasisofourassuranceengagement.Forabetterunderstandingofthecircumstancesandthebasisofpreparationofthepro formafinancialeffectsofJCI,referenceshouldbemadetothenotesoftheGroupNetAssetValueStatementofJCIat31December2009andourreportthereon.

Becauseofitsnatureandinhibitingfactorsreferredtoabove,thepro formafinancialeffectsofJCIat31December2009maynotpresentafairreflectionofthenetassetvaluepositionofJCIaftertheproposedtransaction.

Directors’ responsibility

ThedirectorsofJCIaresolelyresponsibleforthecompilation,contentsandpresentationofthepro formafinancialeffectsofJCIat31December2009containedinthecircularandforthefinancial informationfromwhichithasbeenprepared,forthepurposeofprovidinginformationtotheshareholdersasrequiredintermsofSection8.17NatureofInformationandSection8.30AdjustmentsoftheJSEListingRequirements.

Theirresponsibilityincludesdeterminingthatthepro formacombinedfinancialeffectsofJCIat31December2009containedinthecircularhasbeenproperlycompiledonthebasisstated,thebasisisconsistentwiththebasisofpreparationdescribedinthenotesaccompanyingtheGroupNetAssetValueStatementofJCIat31December2009andthatthepro formaadjustmentsareappropriateforthepurposesofthepro formafinancialeffectsofJCIat31December2009.

181

reporting accountants’ responsibility

Ourresponsibilityistoexpressalimitedassuranceconclusiononthepro formafinancialeffectsofJCIat31December2009includedintheCirculartoJCIshareholders.WeconductedourlimitedassuranceengagementinaccordancewiththeInternationalStandardonAssuranceEngagementsapplicabletoAssuranceEngagementsOtherThanAuditsorReviewsofHistoricalFinancialInformationandtheGuideonPro FormaFinancialInformationissuedbytheSouthAfricanInstituteofCharteredAccountants.

Thisstandardrequiresustocomplywithethicalrequirementsandtoplanandperformtheassuranceengagementtoobtainsufficientappropriateauditevidencetosupportourlimitedassuranceconclusion,expressedbelow.

Wedonotacceptanyresponsibilityforanyreportspreviouslygivenbyusonanyfinancialinformationusedinthecompilationofthepro formafinancialeffectsofJCIat31December2009,beyondthatowedtothosetowhomthosereportswereaddressedbyus,havingregardtothepurposeforwhichthosereportswerepreparedandanyrestrictionsinusecontainedinthosereports,atthedatesoftheirissue.

Sources of information and work performed

OurproceduresconsistedprimarilyofcomparingtheGroupNetAssetValueStatementofJCIat31December2009asreflectedinthe circular,with sourcedocuments, considering thepro forma adjustments in light of thebasis of preparationdescribed in theaccompanyingnotestotheGroupNetAssetValueStatementofJCIat31December2009,consideringtheevidencesupportingthepro formaadjustments,recalculatingtheamountsbasedontheinformationobtainedanddiscussingthepro formafinancialeffectswiththedirectorsofJCI.

Inarrivingatourconclusion,wehaverelieduponfinancialinformationpreparedbythedirectorsofJCI.

Inalimitedassuranceengagementtheevidence-gatheringproceduresaremorelimitedthanforareasonableassuranceengagementand therefore lessassurance isobtained than ina reasonableassuranceengagement.Webelieve thatourevidenceobtained issufficientandappropriatetoprovideabasisforourconclusion.

Conclusion on the pro forma adjustments included in the pro forma financial effects of JCI at 31 December 2009.

Basedonourexaminationoftheevidenceobtained,nothinghascometoourattentionthatcausesustobelievethat intermsofSection8.17NatureofInformationand8.30AdjustmentsoftheJSEListingsRequirements,thepro formaadjustments:

• havenotbeenproperlycompiledonthebasisstated;

• suchbasisisinconsistentwiththebasisofpreparationdescribedintheaccompanyingnotestotheGroupNetAssetValueStatementofJCIat31December2009,and

Thisconclusionhasbeenformedonthebasisof,andissubjecttotheinherent limitationsoutlinedelsewhereinthisIndependentReportingAccountants’report.

Yoursfaithfully

KPMGInc.

PerBavhanaSookuCharteredAccountant(SA)RegisteredAuditorDirector

30April2010”

182

PRO FORMA JcI gROUP NAV STATEMENTThisunauditedpro formafinancialinformationhasbeenpreparedforillustrativepurposesonlyandbecauseofitsnaturemaynotfairlypresentJCI’sfinancialposition,northeeffectandimpactoftheSettlementAgreementgoingforward.

IthasbeenassumedthattheSettlementAgreementandtheFSDexcussionwereeffectiveat31December2009forthepurposesofthepro formaNAVstatement.

InaccordancewitharulinggrantedbytheJSE,theunauditedpro formaNAVstatementhasnotbeenpreparedusingaccountingpoliciesthatcomplywithInternationalFinancialReportingStandards.

ThedirectorsofJCIareresponsibleforthecompilation,contentsandpreparationoftheunauditedpro formafinancial informationcontainedinthiscircularandforthefinancialinformationfromwhichithasbeenprepared.Theirresponsibilityincludesdeterminingthat:theunauditedpro formafinancialinformationhasbeenproperlycompiledonthebasisstated;thebasisisconsistentwiththeaccountingpoliciesofJCI;and thepro formaadjustmentsareappropriate for thepurposesof theunauditedpro forma financialinformationdisclosedintermsoftheJSEListingsRequirementsasmodifiedintermsofspecificrulingsmadebytheJSE.

At31December At31December At31December At31December

2009 2009 2009 2009

BeforesettlementandFSDexcussion FSDexcussion Settlement

AftersettlementandFSDexcussion

Notes R’000 R’000 R’000 R’000

ASSETS

Listed investments 910 852 (574 952) 335 900

Goldfields 2 843446 (567894) 275552

R&E 3 67406 (7058) 60348

Unlisted investments 787 221 (161 960) 625 261

Boschendal 397190 397190

Jaganda 140984 140984

FSDInvestment 4 241547 (161960) 79587

Loans 7500 7500

Other assets 92 070 (10 625) 81 445

Investmentproperties 40519 40519

Cashandcashequivalents 5 51551 (10625) 40926

TOTAL ASSETS 1 790 143 (161 960) (585 577) 1 042 606

LIABILITIES

Litigationsettlementagreement (307500) (307500)

Incometaxpayable – –

Deferredtaxation (22674) (22674)

Tradeandotherpayables 4 (215743) 161960 (53783)

TOTAL LIABILITIES (545 917) 161 960 (383 957)

NET ASSETS 1 244 226 – (585 577) 658 649

ISSUED SHARES No of shares No of shares

Numberofsharesinissue 6 2224798993 – 1555710220 3780509213

Treasuryshares–UnbundledbyR&E 7 – (35295781) (35295781)

Treasuryshares– 8 (217656187) – (179923059) (397579246)

Netsharesinissue 2007142806 – 1340491380 3347634186

GroupNAVpershare–Rand 0.6199 0.1968

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NOTES AND ASSUMPTIONS TO THE UNAUDITED Pro forma FINANCIAL EFFECTS AT 31 DECEMBER 2009

1. The “Before the settlement” column of the table is based on the JCI NAV statement as at 31 December 2009 as published on SENS. It must

be noted in this respect that the JCI NaV statement as set out makes no provision for the r&E claims and the “Before the settlement”

column is misleading in that respect.

2. The pro forma effects take into account the 6 051 632 Goldfield shares given up as part of the settlement and the receipt of 699 891 Goldfield

shares as a distribution from R&E at VWAP of R106.1138.

3. The pro forma effects take into account a change in R&E NAV per share at 31 December 2009 as communicated by R&E management of

R8.1160 to a recalculated R&E pro forma NAV per share of R7.2661.

4. The pro forma effects take into account the 6 690 610 FSD shares excussed in terms of the FSD excussion by R&E as part settlement of the

loan by R&E to JCI group. The shares were excussed at a value of R161 960 000

5. The pro forma effects take into account the R10 625 000 of transaction costs.

6. The pro forma effects take into account the 1 555 710 220 New JCI shares allotted and issued to R&E as part of the settlement.

7. The pro forma effects take into account the 305 186 049 JCI shares currently owned by R&E and to be distributed by them.

8. The pro forma effects take into account the 1 555 710 220 New JCI shares issued to R&E and then immediately distributed by R&E. This results

in 179 923 059 New JCI shares being returned to the JCI group.

9. As the JCI Group NAV statement is at fair value there would be no pro forma adjustment to the income statement for the movement of assets

as part of the settlement, there will be loss of income, of the approximate dividend of R1.10 per year per Gold Fields share, which amounts to

R5 886 915.”

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ANNEXURE 22

RANDGOLD & EXPLORATION COMPANY LIMITED (IncorporatedintheRepublicofSouthAfrica)

(Registrationnumber1992/005642/06)Sharecode:RNG

ISIN:ZAE000008819(“R&E”)

REVISED LISTINg PARTIcULARS

ThisRevisedListingParticularsisnotaninvitationtothepublictosubscribefororanoffertothepublictopurchaseordinarysharesinR&E,but ispreparedand issued in termsof theListingsRequirementsof theJSEfor thepurposeofprovidingthepublicandshareholdersofR&Ewithinformationpertainingtothecompanyanditsre-listingontheJSE.

TheJSEhasgrantedthecompanyapprovaltore-listbywayofintroduction,ofallofitsissuedordinarysharesonthemainboardoftheJSEinthe“Mining:GoldMining”sectoroftheJSElistundertheabbreviatedname“Randgold”andsharecode“RNG”witheffectfromthecommencementoftradeonoraboutFriday,4June2010.

Asatthedateofre-listing,thetotalauthorisedordinarysharecapitalofthecompanywillcompriseof105000000ordinaryshareswithaparvalueofR0.01(onecent)each,theissuedordinarysharecapitalwillcompriseof74813128ordinaryshareswithaparvalueofR0.01(onecent)eachandatotalsharepremiumaccountofR986,054million.Allordinarysharesinissuerankpari passuwitheachother.

ShareholdersofR&Eareadvised that theirR&Eshareswillonlybe tradedon theJSE indematerialised formandaccordinglyallshareholderswhoholdtheirR&EsharesincertificatedformwillhavetodematerialisetheirsharecertificatesinordertotradetheirR&EsharesontheJSE.SuchshareholdersmustmakearrangementswiththeirCSDPorbrokerintermsofthecustodyagreementwiththeirCSDPorbroker.

SubjecttothecontentoftheForward-LookingStatementDisclaimerwhichappearsonpage4oftheCirculartowhichthisRevisedListingParticularsisattached,thedirectorsofR&E,whosenamesaresetoutonpage20oftheCircularcollectivelyandindividually,acceptfullresponsibilityfortheaccuracyoftheinformationcontainedhereinandcertifythat,tothebestoftheirknowledgeandbelief,therearenoomissionsoffactsorconsiderationswhichwouldmakeanystatementsoffactoropinioncontainedintheseRevisedListingParticularsfalseormisleadingandthatallreasonableenquiriestoascertainsuchfactshavebeenmadeandthattheseRevisedListingParticulars,unlessexpresslystatedtothecontrary,containsallinformationrequiredbylawandtheJSEListingsRequirements.

KPMGInc.,whosereportisreferredtointheseRevisedListingParticulars,havegivenandhavenot,priortotheissueoftheseRevisedListingParticulars,withdrawntheirwrittenconsenttotheinclusionoftheirreportintheformandcontextinwhichitappears.Thesponsorandcorporateadviser,attorneysandtransfersecretaries,whosenamesareincludedintheseRevisedListingParticulars,havegivenandhavenot,priortodistributionofthiscircular,withdrawntheirwrittenconsentstotheinclusionoftheirnamesinthecapacitiesstatedand,whereapplicable,totheirreportsbeingincludedinthisRevisedListingParticulars.

AnabridgedversionoftheseRevisedListingParticularswillbepublishedonSENSonWednesday,12May2010andinthepressonThursday,13May2010.

DateofIssue:Wednesday,12May2010

These Revised Listing Particulars is available in English only. Copies may be obtained from the registered office of the company, the transfer secretaries

of the company and the sponsor of the company at the addresses set out in the “Corporate Information” section of the Circular during normal office

hours, and will also be available on the company’s website (www.randgoldexp.co.za) from Wednesday, 12 May 2010 until Friday, 4 June 2010.

Auditors and Independent reporting accountants Sponsor and corporate advisor Attorneys to R&E

185

cORPORATE INFORMATION, DEFINITION AND INTERPRETATIONS

The Corporate Information which appears on the inside front cover of the Circular in relation to R&E, applies to these RevisedListingParticulars.

IntheseRevisedListingParticulars,unlessstatedotherwiseorthecontextindicatesotherwise,allwords,termsand/orexpressionswillhavethesamemeaningasascribedtothemintheCircular.Referencetothesingularshallincludethepluralandviceversa,wordsdenotingonegendershallincludetheothergenders,wordsandexpressionsdenotingnaturalpersonsshallincludejuristicpersonsandassociationsofpersons.

186

TABLE OF cONTENTS

Thedefinitionsonpages11to18oftheCircularapply,mutatis mutandistothefollowingtableofcontents:

PAGECORPORATE INFORMATION, DEFINITIONS AND INTERPRETATIONS 185TABLE OF CONTENTS 186SALIENT FEATURES 188SALIENT DATES 190REVISED LISTING PARTICULARS 191

1. BUSINESS OF THE R&E GROUP 1911.1 Incorporation 1911.2 Backgroundtothere-listing 1911.3 De-registrationofUSSecurities 1911.4 OverviewofR&E 1911.5 ProspectingRights 1921.6 Prospects 192

2. RE-LISTING ON JSE 1932.1 JSEapproval 1932.2 Purposeofre-listing 1932.3 NoactionrequiredfromexistingR&Eshareholdersonre-listingofR&E 194

3. MANAGEMENT AND CORPORATE GOVERNANCE 1943.1 Detailsandexperienceofdirectors 1943.2 Experienceofmanagement 1943.3 Qualification,appointmentandborrowingpowersofdirectors 1943.4 Remunerationofdirectors 1943.5 Interestsofdirectors 1953.6 ServicecontractswithR&E’spresentBoardofdirectors 1953.7 Otherdirectorshipsheldbythedirectors 1953.8 CodeofCorporatePracticeandConduct 195

4. SHARE CAPITAL 1954.1 Authorisedandissuedsharecapital 1954.2 Alterationstoauthorisedsharecapital 1964.3 Issuesofshares 1964.4 Unissuedshares 1964.5 Voting,variationandconversionofrights 1964.6 Nootherlistings 1974.7 Majorandcontrollingshareholdersandshareholderspread 1974.8 Optionsandpreferentialrightsinrespectofshares 1974.9 Sharesissued,otherthanforcash 197

5. FINANCIAL INFORMATION 1975.1 Dividendpolicy 1975.2 Historicalfinancialinformation 1985.3 Materialchanges 1985.4 Materialcommitments,leasepaymentsandcontingentliabilities 1985.5 Loansandborrowingpowers 1985.6 Workingcapitalstatement 198

6. EXCHANGE CONTROL REGULATIONS 198

6.1 Emigrantsfromthecommonmonetaryarea 198

6.2 Allothernon-residentsofthecommonmonetaryarea 199

6.3 Shareholdersinotherjurisdictions 199

187

7. ADDITIONAL INFORMATION 1997.1 Secretarialandtechnicalfees 1997.2 Detailsofsubsidiaries 1997.3 Principalimmovablepropertyownedandleased 1997.4 Propertyandsubsidiariesacquiredortobeacquired 1997.5 Propertyandsubsidiariesdisposedofortobedisposedof 1997.6 Promoters’andotherinterests 1997.7 MaterialContracts 2007.8 Governmentprotectionandinvestmentencouragementlaw 2007.9 Expensesandlistingsfees 200

8. LITIGATION STATEMENT 200

9. DIRECTORS’ RESPONSIBILITY STATEMENT 200

10. CONSENTS 200

11. DOCUMENTS AVAILABLE FOR INSPECTION 200

188

SALIENT FEATURES

Thedefinitionsonpages11to18oftheCircular,towhichtheseRevisedListingParticularsareattached,applytothefollowingSalientFeatures.

1. INcORPORATION

R&Ewas incorporated inSouthAfricaasapubliccompanyunder thenameRandgold&ExplorationCompanyLimitedon29September1992totakeoverthegoldinterestsofRandMinesLimited,beingSouthAfrica’soldestmininghouse.

2. BAckgROUND TO THE RE-LISTINg

2.1 Forthebackgroundtothere-listing,shareholdersarereferredtothetimelineassetout inparagraph3oftheCirculardetailing, inter alia, thesequenceofevents fromwhenR&Ediscoveredthat theR&Egrouphadbecomethevictimofwidespreadfraudandmisappropriationallegedlyperpetratedagainstit,andthesuspensioninthetradingofR&EsharesontheJSE,on1August2005,asaresultofthefailurebyR&EtopresentitsannualfinancialstatementsintermsoftheJSEListingsRequirementsfortheperiodended31December2004andtheeventsfollowingthereon.

2.2. AtthetimeofreleasingtheauditedfinancialresultsforR&Eforthefinancialyearsended31December2007and2008and31December2009,thepresentBoardofR&Ehadreaffirmeditscommitmenttore-listtheordinarysharesofR&EontheJSEasamanagementpriority,therebyallowingshareholderstotradetheirordinarysharesinR&E.

2.3. R&Eshareholdersshouldnoteat theoutset that it is important toprefacewhat iscontained in theseRevisedListingParticularswiththefollowing:

2.3.1 muchofwhatisdescribedintheseRevisedListingParticularsoccurredpriortothereconstitutionoftheBoardofR&Eon24August2005;

2.3.2 the findingswhichgave rise toR&E’s claimsagainst variousparties asmore fully described in theCirculartowhichtheseRevisedListingParticularsareattached,weremadebyR&E’sforensicinvestigators,JLMC,thelatestreportofwhichwasdisclosedintheMergerCircularandisavailableforinspectionintermsofparagraph39oftheCircular.Itwasonthestrengthofsuchfindings,thattheBoardofR&EdirectedthattheR&EclaimsagainstJCIandotherpartiesbeformulated;and

2.3.3 manyofthestatementscontainedintheseRevisedListingParticularshavenotyetbeenestablishedasamatteroffactand/orlawandhavebeenmadebasedontheassumptionthatsuchfindingscanbefactuallyandlegallysustained.

3. OVERVIEW OF R&E

3.1 R&Eisaninvestmentholdingcompanywithassetsintheminingindustry.AnorganogramsettingoutthegroupstructureofR&EiscontainedinAnnexure14totheCircular,whichsetsoutinvestmentshelddirectlyandindirectlythroughR&Esubsidiaries.

3.2 Thecompanyaimstoinvestinhighqualityassetsintheminingindustrythatwillensuremaximumreturnforitsshareholders.R&Ewillonlyconsiderminingwheretheresourceanalysisprovesthatitiscommerciallyprudenttodoso.

3.3 FormoreinformationregardingthebusinessofR&E,shareholdersarereferredtoparagraph4.1.2,4.1.3and4.1.4oftheCircular.

4. RE-LISTINg ON JSE

4.1 JSE approval

TheJSEhasformallyapprovedthere-listingofalloftheordinarysharesintheissuedsharecapitalofR&EonthemainboardoftheJSEinthe“Mining:GoldMining”sectoroftheJSElistundertheabbreviatedname“Randgold”andsharecode“RNG”witheffectfromthecommencementoftradeonoraboutFriday4June2010.

189

4.2 Purpose of re-listing

4.2.1 Themainpurposeofthere-listingistobringtheaforementionedstrategytofruition.Thepresentboardbelievesthat,asalistedentity,themarketwillrewardR&E’sloyalshareholdersappropriatelyandunlockadditionalvalueforshareholders.R&Ewillproceedwithare-listingontheJSEirrespectiveofwhethertheproposedsettlement,details of which are contained in the Circular to which these Revised Listing Particulars are attached, isimplementedornot.

4.3 No action required from existing R&E shareholders on re-listing

4.3.1 Noactionisrequiredfromshareholdersonthere-listingofR&E.

4.3.2 Upon the re-listingof theordinarysharesofR&E, theexistingsharecertificateswhichhavebeen issued tocertificatedshareholdersshallremainthevaliddocumentsoftitle.CertificatedshareholderswhowishtotradetheirR&EsharesontheJSEfollowingthere-listing,mustfirsthavetheirsharecertificatesdematerialisedbeforetheycantradesuchsharesinelectronicform.

4.3.3 ThesharesofdematerialisedshareholderswillbereflectedasfreelytradableintheiraccountswiththeirCSDPsorbrokersasthecasemaybeonre-listing.

5. HISTORIcAL FINANcIAL INFORMATION

5.1 On31March2006,R&Epublishedprovisionalunauditedfinancialresultsforthefinancialyearsended31December2004and 2005, and restated provisional results for the financial year ended 31 December 2003. In the accompanyingcommentarytotheseprovisionalresults,thenewlyconstitutedBoardindicated, inter alia,thatduetotheextentoftheallegedmisappropriations,theremaybeothermaterialeventsandcircumstancesofwhichthenewlyconstitutedBoardofdirectorswerenotawareofandwhichwouldhaveamaterialeffectonR&E.Thesewould, in turn,haveaffected thecompletenessandaccuracyoftheinformationreflectedintheprovisionalresultsand/orwouldhavehadtheeffectthattheprovisionalresultsdidnotreflectatrueandcompleteaccountofthefinancialandotheraffairsofR&E.InthesecircumstancesthenewlyconstitutedBoardofdirectorsdisclaimedanyliabilityinrespectoftheaccuracy,correctnessand/orcompletenessoftheinformationreflectedintheprovisionalresults.ThepresentBoardhavemaintainedthispositionrelatingtoallfinancialinformation for the years ended 31 December 2003 to 31 December 2006. A copy of the unaudited, disclaimedconsolidated annual financial statements for the aforementioned period was distributed to shareholders on8December2009andwasadoptedbyR&E’sshareholdersattheannualgeneralmeeting,heldon21January2010.

5.2 On8December2009,thepresentBoardofR&EreleasedthefirstsetofauditedfinancialstatementsfortheCompanysince its suspension from the JSE. These included the audited financial statements for the financial years ended31December2007and2008whichwerealsoadoptedbyR&E’sshareholdersattheannualgeneralmeeting,heldon21January2010.

5.3 Theauditedannualfinancialstatementsofthecompanyfortheyearended31December2009havebeenreleasedtoshareholderson29March2010,andhavebeenadoptedattheannualgeneralmeetingheldonTuesday,20April2010.

5.4 Annexure6oftheCircularsetsoutthecondensedconsolidatedauditedhistoricalfinancialinformationfortheR&Egroupforthethreefinancialyearsended31December2007,2008and2009.

190

SALIENT DATES

2010 AbridgedRevisedListingParticularspublishedonSENS Wednesday,12May

Circular,incorporatingRevisedListingParticulars,postedtoshareholderson Wednesday,12May

AbridgedRevisedListingParticularspublishedinthepresson Thursday,13May

ListingofR&EonJSEatcommencementoftradeonorabout Friday,4June

Note:

The above dates are subject to change. Any such change will be announced on SENS and in the press.

191

RANDGOLD & EXPLORATION COMPANY LIMITED (IncorporatedintheRepublicofSouthAfrica)

(Registrationnumber1992/005642/06)Sharecode:RNGISIN:ZAE000008819

Directors of R&E DCKovarsky(Independentnon-executiveChairman)MSteyn(ChiefExecutiveOfficer)VBotha(FinancialDirector)MBMadumise(Independentnon-executiveDirector)JHScholes(Independentnon-executiveDirector)

REVISED LISTINg PARTIcULARS

1. BUSINESS OF THE R&E GROUP

1.1 Incorporation

1.1.1 R&EwasincorporatedasapubliccompanyinSouthAfricaunderthenameRandgold&ExplorationCompanyLimitedon29September1992 to takeover thegold interestsofRandMinesLimited,beingSouthAfrica’soldestmininghouse.

1.1.2 DetailsrelatingtotheincorporationofR&E’ssubsidiaries,theirissuedcapital,theirmainbusinessandthedateuponwhichtheybecamesubsidiariesofR&EaresetoutinAnnexure15totheCirculartowhichtheseRevisedListingParticularsareattached.

1.2 Background to the re-listing

1.2.1 Shareholdersarereferredtothetimelineassetout inparagraph3oftheCirculardetailingthesequenceofeventsfromwhenR&Eallegesitbecamethevictimofwidespreadfraudandmisappropriation, includingthesuspension in the tradingofR&Eshareson theJSEon1August2005asa resultof the failurebyR&E topresent its annual financial statements in terms of the JSE Listings Requirements for the period ended31December2004,totheconclusionoftherevisedSettlementAgreementandLitigationSettlementAgreement.

1.2.2 UponreleasingtheauditedfinancialresultsforR&Eforthefinancialyearsended31December2007and2008,thepresentBoardofR&Ehadreaffirmeditscommitmenttore-listtheordinarysharesofR&EontheJSEasamanagementpriority,therebyallowingshareholderstotradetheirordinarysharesinR&E.TheCompanyhasobtainedapproval from theJSE to re-list followingpublicationanddistributionof theCircular, incorporatingthese Revised Listing Particulars of R&E. R&E will re-list on the JSE irrespective of whether the proposedsettlementisimplementedornot.

1.2.3 Themainpurposeofthere-listingistobringtheaforementionedstrategytofruition.Thepresentboardbelievesthat,asalistedentity,themarketwillrewardR&E’sloyalshareholdersappropriatelyandunlockadditionalvalueforshareholders.

1.3 De-registration of US securities

Assetoutinparagraph4.6.2oftheseRevisedListingParticulars,theSECissuedanOrderon24March2008pursuanttoSection12(j)oftheSecuritiesExchangeAct,pursuanttowhichtheregistrationofR&E’ssharesandADRsintheUnitedStateswasrevoked.

1.4 Overview of R&E

1.4.1 The business of R&E

1.4.1.1 R&Eisaninvestmentholdingcompanywithassetsintheminingindustry.AnorganogramofR&EiscontainedinAnnexure14totheCircular,whichsetsoutinvestmentshelddirectlyandindirectlythroughR&Esubsidiaries.

1.4.1.2 TheCompanyaimstoinvestinhighqualityassetsintheminingindustrythatwillensuremaximumreturnforitsshareholders.R&Ewillonlyconsiderminingwheretheresourceanalysisprovesthatitiscommerciallyprudenttodoso.Therearecurrentlynooperationalminesinthegroup.

1.4.1.3 R&Ecurrentlyholdsprospectingrightsdirectlyandindirectlythroughsubsidiarycompanieswhichitplanstodevelopfurther,ifprovenviable,inordertoincreasethevalueofitsinvestments.

1.4.1.4 Moreparticularly,approximately26%oftheassetsofR&Eat31December2009,beingthedateofthelastauditedfinancialstatements,constitutesinvestmentsinthegoldmarketthroughR&E’sinvestment in Gold Fields and gold-related prospecting rights. For more detail in this regard,

192

shareholdersarereferredtotheoverviewof theCompetentPerson’sReports (Annexures10.1,10.2 and 10.3 to the Circular) and the consolidated statement of financial position at31December2009(Annexure6)totheCircular).ThebalanceoftheassetsofR&EiscomprisedofcashandsecuredloanstotheJCIgroup,makingR&Eextremelyliquidandwellplacedtotakeadvantageofviableinvestmentopportunitiesintheminingindustry.

1.4.2 Recovery of assets by R&E

1.4.2.1 R&EallegesthatitwasthevictimofwidespreadfraudsandtheftsofitsassetsduringtheKebbleerawhichresultedintheCompanybeingstrippedofthemajorityofitsassets.Basedonforensicinvestigations, legal assessments and theopinionofR&E’sCounsel,R&Ehas embarkedon aprocessofattempting to recoverdamagesallegedlyoccasioned to it in respectof theallegedmisappropriationofitsassets.

1.4.2.2 ThisprocesshasculminatedintheconclusionoftherevisedSettlementAgreement,theLitigationSettlementAgreementandtheinstitutionofvariousclaimsagainstthirdparties(seeAnnexure9ofthe Circular, for more detail regarding the current status of the claims against third parties).Shareholdersarefurtherreferredtoparagraph15oftheCircularfordetailsofsettlementsthathavebeenconcludedbetweenR&EandthirdpartiespostthenewlyconstitutedboardofR&E.

1.5 Prospecting Rights

The R&E Group has several prospecting rights which it intends to develop further. Shareholders are referred toparagraph4.1.4of theCircularwhichprovides further informationon theprospecting rightsofR&Easwellas to theCompetentPersons’Reportsthathavebeenissuedinthisregard(seealsoAnnexures10.1,10.2and10.3totheCircularfortheoverviewsoftheCompetentPersons’Reports).

1.6 Prospects

1.6.1 R&E continues to operate as an investment and exploration company in the gold mining sector, while therecovery of misappropriated assets remains a high priority. Management accordingly continues to strike abalancebetweeninvestinginlitigationandpreservingandgrowingcurrentassets.

1.6.2 TheCompanyismanagedbyasmallbutskilledandcommittedteamthatendeavoursatalltimestocontainoperatingexpenses.

1.6.3 Assetoutinparagraph17.3oftheCircular,intheopinionofthepresentBoard,anyincreaseinvaluebeyondthecurrentNAVofJCIwillbelargelydependentonR&E’sabilitytoproveandextractvaluefromitscivilclaimsandinparticularupontheimplementationoftherevisedSettlementAgreement,orfailingsuchimplementation,itsabilitytoproveitsclaimsagainstJCI.

1.6.4 R&E’s legal team were instructed to formulate the R&E claims with reference to the findings of JLMC, theforensicreportsandtheinputofvariouswitnesses.R&E’sCounselhavefurnishedanopiniontoR&Eintermswhereof(onthebasisoftheiranalysisoftheforensicreportsandwitnessesinterviewed)theyindicatethatintheirview,areasonableprospectofsuccessexistsinrespectoftheR&Eclaims,subjecttothequalificationsasmorefullysetoutintheformalopinionbyR&E’sCounselattachedtotheCircularasAnnexure3.

1.6.5 R&E’smainobjectiveatpresentistoresolvethecurrentimpassewithJCI,inrespectofwhichR&EhaslodgedtheR&E’sclaimsagainstJCIamountingtoapproximatelyR19billionbasedonthehighestvaluethereofupto31December2009.ThedetailsofR&EclaimsaresetoutinAnnexure2oftheCircular.

1.6.6 Subsequenttothere-listingofR&EsharesontheJSE,R&E’sstrategicobjectivesareasfollows:

• To seek commercial opportunities and to successfully exploit them for the benefit of R&E and itsshareholders;

• Toutiliseitsassetsasleveragetofurtherdevelopotherassetsoracquireandinvestinassetstogrowthecurrentportfolio;

• Tocontinuepursuingitsclaimsagainstthirdpartiesandwherepossibletomakerecoveriesagainstsuchparties;and

• Torealisevalue(insofarasispossible)fromtheexistingprospectingrightsportfolio.

1.6.7 Furtherto1.6.6aboveandmorespecifically,R&E,will,inthefollowing12to18months:

1.6.7.1 beassessingvariousoptionsat itsdisposal regarding itsexistingprospecting rights (whicharevalued in terms of the CPR’s provided, in excess of R 300 million), which will include furtherexploration,jointventureswithstrategicplayersordisposal(wheretheotheropportunitieshavenolongtermviability),andotherminingrelatedopportunities.DependingonthemarketconditionstheprospectingrightscanyieldasmuchasthevaluesincludedintheCPR’sbuthavetobedeveloped

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overalongperiodandassuchtheincometobegeneratedintheshorttermcannotbereflectedwithanydegreeofcertainty.R&Ehassufficientcashresources(approximatelyR450millionoffreecash or liquid resources) to perform further feasibility studies where necessary with a view toprospectorminesuchrightsfurther,oracquirefurtherrights;

1.6.7.1.1 morespecificallywithrespecttotheexistingprospectingrightsheldandasfurthersetoutinparagraph4.1.4:

• InrespectoftheKameelhoekProject(CPRvalueofapproximatelyR22million)R&Eiscarryingoutprospectingworkandwillseektocarryoutfeasibilitystudieswithaviewofenteringintoarrangementswithadjacentprojectowners.

• In respect of the Weltevreden and Jeanette Project ( combined CPR value ofbetweenR19millionandR49million)R&Ewillseektocarryoutfeasibilitystudieswithaviewtoprospectingfurtherand/orenteringintojointventureagreementswithappropriate parties to prospect or mine. R&E has also applied at the DMR foradditionalprospectingrightstoaddontotheseprojects,whichapplicationshavebeen accepted by the DMR. Although in the early stages the grant of suchprospectingrightwillservetobolsterR&E’sexposuretogoldounces.

• R&EwillcarryoutfurtherdrillinginrespectoftheDuPreezLegerProjectwithaviewtoenhancingthevaluefurther.Oncecompleted,R&Emayelecttoprospectfurther,mineand/orelecttodisposeofsuchright(disposalisthelesspreferableoptionandwillonlybeundertakenifthecostsofprospecting/miningfurtherdonotoutweighthepotentialbenefitthatR&Eshareholderscanderivefromsuchright).ThecurrentCPRvaluationrange,assetoutinAnnexure10,isbetweenR154milliontoR252million,reflectingapproximately9millionouncesofgold);and

• R&EwillseektoenhancethevalueoftheDoornboschprospectingright(CPRvalueof between R2million and R20 million) as the resource estimate may prove to bebeneficial.R&Ehaveenteredintonegotiationswithvariousparties,toseektoprospector mine such such right further, but there can be no guarantee that they will besuccessful.Totheextentthatthenegotiationsfail,R&Ewillexploreotheropportunitiestoextractfurthervaluefromthisrightheld;

1.6.7.2 look to acquire further prospecting rights should the opportunity arise. R&E, will post theimplementationof theproposedsettlement,have largely resolvedthemajoroutstanding issuesandassuch theboardofR&E is focusedonenhancingvalue forshareholdersbyseekingoutviableopportunities in theexplorationandminingsector.Theboardhasalready instructed theexecutivemanagementteamtoinvestigatevariouspotentialtransactionsandobtainoptionsfortheCompanytoexpanditsfootholdintheresourcesindustry.TheboardbelievesthatthestrongcashpositionthatR&Eisin(approximatelyR450millionoffreecashorliquidresources),putsR&Einastrongpositiontobeasignificantplayerintheresourcessector;and

1.6.7.3 reviewitslegalclaimsagainst3rdpartieswithaviewtomakerecoveriesagainstthirdparties.Theincometoberecordedinthenext12to18monthsinrespectofsuchrecoveriesareuncertain,buttheprospectofsuccessinsomeoutstanding3rdpartyclaimsremainsintact.

2. RE-LISTINg ON JSE

2.1 JSE approval

TheJSEhasformallyapprovedthere-listingofalloftheordinarysharesintheissuedsharecapitalofR&EonthemainboardoftheJSEinthe“Mining:GoldMining”sectoroftheJSElistundertheabbreviatedname“Randgold”andsharecode“RNG”witheffectfromthecommencementoftradeonoraboutFriday4June2010.

2.2 Purpose of re-listing

2.2.1 Shareholdersarereferredtothetimelineassetoutinparagraph3oftheCirculardetailingthesequenceofeventsfromwhenR&Eallegesitbecamethevictimofwidespreadfraudandmisappropriation,includingthesuspensioninthetradingofR&EsharesontheJSEon1August2005asaresultofthefailurebyR&EtopresentitsannualfinancialstatementsintermsoftheJSEListingsRequirementsfortheperiodended31December2004.

2.2.2 UponreleasingtheauditedfinancialresultsforR&Eforthefinancialyearsended31December2007and2008and31December2009,thepresentBoardofR&Ehadreaffirmeditscommitmenttore-listtheordinarysharesofR&EontheJSEasamanagementpriority,therebyallowingshareholderstotradetheirordinarysharesinR&E.

2.2.3 Themainpurposeofthere-listingistobringtheaforementionedstrategytofruition.Thepresentboardbelievesthat,asalistedentity,themarketwillrewardR&E’sloyalshareholdersappropriatelyandunlockadditionalvalueforshareholders.R&Ewillproceedwiththere-listingontheJSEirrespectiveofwhethertheproposedsettlementisimplementedornot.

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2.3 No action required from existing R&E shareholders on re-listing of R&E

2.3.1 Noactionisrequiredfromshareholdersonthere-listingofR&E.

2.3.2 Upon the re-listingof theordinarysharesofR&E, theexistingsharecertificateswhichhavebeen issued tocertificatedshareholdersshallremainthevaliddocumentsoftitle.CertificatedshareholderswhowishtotradetheirR&EsharesontheJSEfollowingthere-listing,mustfirsthavetheirsharecertificatesdematerialisedbeforetheycantradesuchsharesinelectronicform.

2.3.3 ThesharesofdematerialisedshareholderswillbereflectedasfreelytradableintheiraccountswiththeirCSDPsorbrokersasthecasemaybeonre-listing.

3. MANAgEMENT AND cORPORATE gOVERNANcE

3.1 Details and experience of directors

Thefullnames,ages,businessaddress,experienceandcapacitiesofthedirectorsofthepresentBoardofR&EaswellasthedirectorsofthematerialsubsidiariesofR&EaresetoutinAnnexure11oftheCircular.AllofthedirectorsareSouthAfricancitizens.

3.2 Experience of management

ThesubsidiariesofR&EareeachguidedbyindependentboardswiththenecessaryskillandexpertisetoensurethateachofR&E’sinvestmentsaremanagedbycapable,skilledteams.

3.3 qualification, appointment and borrowing powers of directors

3.3.1 TherelevantprovisionsofthearticlesofassociationofR&Erelatingtoqualification,appointment,remunerationandborrowingpowersofdirectorsaresetoutinAnnexure16totheCircular.TheborrowingpowersmayonlybevariedbyspecialresolutionandhavenotbeenexceededsinceR&E’sincorporation.

3.3.2 NoneofthepresentboardofdirectorsofR&Ehave:

• beendeclaredbankrupt,insolventorhaveenteredintoanyindividualvoluntarycompromisearrangements;

• enteredintoanyreceiverships,compulsoryliquidations,creditorsvoluntaryliquidations,administrations,companyvoluntaryarrangementsoranycompromiseorarrangementwithcreditorsgenerallyoranyclassofcreditorsofanycompanywheresuchdirectorsareorweredirectorswithanexecutivefunctionduringthepreceding12months;

• entered intoanycompulsory liquidations,administrationsorpartnershipvoluntaryarrangementsofanypartnershipswheresuchdirectorsareorwerepartnersduringthepreceding12months;

• enteredintoanyreceivershipsofanyasset(s)orofapartnershipwheresuchdirectorsareorwerepartnersduringthepreceding12months;

• beenpubliclycriticisedbyastatutoryorregulatoryauthority,includingrecognisedprofessionalbodiesordisqualified by a court from acting as a director of a company or from acting in the management orconductoftheaffairsofanycompany;and/or

• beeninvolvedinanyoffenceofdishonesty,fraudorembezzlement.

3.4 Remuneration of directors

3.4.1 Directors’ emoluments and incentives

3.4.1.1 Shareholdersarereferredtoparagraphs27.8to27.11oftheCircular,whichdetailstheemolumentsandincentivesofdirectorsofR&E.

3.4.1.2 Otherthanasdisclosedinparagraph27.10oftheCircular,R&Ehasnotpaidanymanagement,consulting, technical or other fees for services rendered by directors, including payments tomanagementcompanies,apartofwhichwasthenpaidtoadirector,fortheperiodcommencing1January2009andendingonthelastpracticabledate.

3.4.1.3 No share options are held by any directors and therefore none were exercised for the periodcommencing1January2009andendingonthelastpracticabledate.Furthermore,nocommission,gainorprofitsharingarrangementswereconcludedwithanydirectors.

3.4.1.4 Saveasdisclosedinparagraph27.12oftheCircular,nocashorsecuritieswerepaidoranybenefitgivenwithinthethreeyearsprecedingthedateofthisRevisedListingParticulars,orareproposedtobepaidorgiven,toanypromoterordirectorofR&E.NopromoterhadanydirectorindirectbeneficialinterestinanytransactionmadebytheR&EgroupwithinthethreeyearsprecedingthedateoftheseRevisedListingParticulars.

3.4.1.5 Thetotalemolumentsreceivedbydirectorswillnotbevariedasaconsequenceofthere-listing.

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3.4.2 Directors’ remuneration

3.4.2.1 The remunerationpaid to thedirectorsofR&E for theperiodcommencing1January2009 to31December2009issetoutinparagraph27.14oftheCircular.

3.4.2.2 There will be no variation in the remuneration receivable by any of the directors as a directconsequenceofthere-listing.

3.4.2.3 Saveassetoutinparagraph3.6.2below,neitherthebusinessofR&Enoranyofitssubsidiaries,oranypartthereof,ismanagedorproposedtobemanagedbyanythirdpartyundercontractorarrangement.

3.5 Interests of directors

3.5.1 Directors’ interests in R&E shares before and after the re-listing

Asatlastpracticabledate,nodirectorsheldanybeneficialornon-beneficialinterest,neitherinthepastnorasatthelastpracticabledate,whetherdirectlyorindirectly,inR&Esharesneitherwillanysuchdirectorsholdanysuchinterestsposttheimplementationofthere-listing.

3.5.2 Directors’ interests in transactions

Saveasdisclosedinparagraph3.6.2below,nodirectorintheR&EGrouphasorhadanyinterest,directlyorindirectly,inanytransactionwhichis,orwas,materialtothebusinessofR&EandwhichwaseffectedbyR&Eduringthecurrentfinancialyearorimmediatelyprecedingfinancialyearorinrespectofanypreviousfinancialyearwhichremainsinanyrespectoutstandingorunperformed.

3.6 Service contracts with R&E’s present Board of directors

3.6.1 There are no service contracts between R&E and its non-executive directors. Shareholders are referred toparagraph27oftheCircularforfurtherdetailinthisregard.

3.6.2 Shareholdersarefurtherreferredtoparagraphs27.2to27.6oftheCircularwhichsetsoutthedetailsofthecontractofengagementconcludedbetween thecompanyandKronen Investments96 (Proprietary)Limited(acompanyinwhichSteynhasaninterest)andSteyn,regulatingtheengagementofSteynasthechiefexecutiveofficerofthecompanyandthecontractofengagementbetweenthecompany,Fin5IncorporatedandBotha,regardingtheengagementofBothaaschieffinancialofficerofR&E.

3.6.3 ThecontractofengagementpertainingtoSteynandBothaisavailabletoshareholdersforinspectionintermsofparagraph11below.

3.6.4 NofurthercandidateshavebeennominatedorproposedasdirectorsofR&E.Accordingly,nootherservicecontractswithanyproposeddirectorshavebeenenteredinto.

3.7 Other directorships held by the directors

DetailsofotherdirectorshipsheldbythedirectorsofR&EarecontainedinAnnexure11totheCircular.

3.8 Code of Corporate Practice and Conduct

3.8.1 R&Eanditsdirectorsarecommittedtotheprinciplesofeffectivecorporategovernanceandapplicationofthehighestethicalstandardsintheconductofitsbusinessandaffairs.

3.8.2 Theboardofdirectorshasassumedresponsibilityforthefollowingcommittees:

3.8.2.1 AuditandRiskCommittee;

3.8.2.2 RemunerationCommittee;and

3.8.2.3 NominationCommittee

save thatonly independentnon-executivedirectorsaremembersof theAuditandRiskCommitteeand theNominationCommittee.

3.8.3 DetailsofR&E’sCodeofCorporatePracticeandConductaresetoutinAnnexure17totheCircular.

4. SHARE cAPITAL

4.1 Authorised and issued share capital

4.1.1 TheauthorisedandissuedsharecapitalofR&E,atthelastpracticabledateissetoutbelow:

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Authorised – Before and after the re-listing R’000105000000ordinarysharesof1Centeach 1050Issued – Before and after the re-listing 74813128ordinarysharesof1centeach 748Share Premium (before and after re-listing) 986 054TreasuryShares3000000ordinarysharesof1centeachheldbyasubsidiary

4.1.2 AlloftheissuedR&Esharesarelistedinthe“Mining:GoldMining”sectoroftheJSE.TradinginR&EshareswassuspendedbytheJSEon1August2005andremainssosuspended.TheJSEhasformallyapprovedthere-listingofR&EsharesontheJSEfromthecommencementoftradeonoraboutonFriday,4June2010,furtherdetailsofwhicharesetoutinparagraph2oftheseRevisedListingParticulars.

4.1.3 ADRswereformerlylistedontheNasdaq.R&E’slistingwasterminatedbytheNasdaqon19September2005.

4.1.4 NodebentureshavebeencreatedorissuedbyR&E.

4.1.5 R&Ehasnoloancapitaloutstanding.

4.1.6 Otherwise irregular or invalid allotment of shares and reservation of rights.

Saveasotherwisesetoutinparagraph4.3.3belowandasdisclosedinAnnexure2oftheCircular,therearenoirregularorinvalidallotmentsofsharesandreservationsofrights.

4.2 Alterations to authorised share capital

4.2.1 R&Ewas initially incorporatedwithanauthorisedordinarysharecapitalof40000000ordinaryshareswithaparvalueofR0.01eachon29September1992.

4.2.2 Therehasbeennosub-divisionorconsolidationofR&E’Sauthorisedsharecapitalinthe3yearsprecedingthedateofthisRevisedListingParticulars.

4.2.3 FollowingtheproposalbytheCompanytoitsshareholdersthattheproposedMergerwithJCIbeeffectedassetoutintheMergerCircularbywayoftheschemeofarrangement,theCompanyobtainedapprovalfromitsshareholderstoincreaseitsauthorisedsharecapitalfrom75000000to105000000ordinarysharesforthepurposesofallottingsuchsharesascontemplated intermsofsection311,schemeofarrangement.AstheproposedMergerwasrejectedbytheshareholdersofJCI,thesesharesremainunissued.

4.3 Issues of shares

4.3.1 On incorporation, R&E issued and allotted 700 ordinary shares with a par value of R0.01 per share to itsfoundingshareholders.

4.3.2 No offers or issues of shares have been made by R&E during the 3 years preceding this Revised ListingParticulars.

4.3.3 InMay2009,R&Emadeapartialrecoveryof3000000ofitsownsharesfromJCIintermsoftheclaimsmadeinrespectofthePhikolosotransaction,furtherdetailsofwhicharesetoutinAnnexure2ofthisCircular.The3 000 000 R&E shares, being disputed shares in terms of Phikoloso transaction, are held by RefractionInvestments.TheBoardofR&Ehaveundertaken, that following theapproval of the requisite resolutions toapproveandimplementtheproposedsettlementassetoutintheNoticeofGeneralMeetingattachedtotheCircular,R&Emaycancelorvalidatetheissueoftheaforementioneddisputed3000000R&Eshares.

4.3.4 Otherthanassetoutinparagraph4.3.3above,nosharerepurchases,nosub-divisionsnorconsolidationshavebeenundertakenbyR&Eduringthepreceding3(three)years.

4.4 Unissued shares

Atthelastannualgeneralmeetingofshareholdersheldon20April2010,shareholdersapprovedoftheordinaryresolution,placingalloftheauthorisedbutunissuedsharecapitalinthecompanyunderthecontrolofthedirectors.

4.5 Voting, variation and conversion of rights

4.5.1 TheprovisionsofthearticlesofassociationofR&ErelatingtothevotingrightsandvariationofrightsattachingtosharesinthesharecapitalofR&EaresetoutinAnnexure16totheCircular.

4.5.2 TherearecurrentlynopreferentialconversionorexchangerightstosharesinR&E.

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4.6 No other listings

4.6.1 R&E’ssharesweretradedontheJSEuntiltheyweresuspendedon1August2005,forfailuretotimelyproduceauditedfinancialstatementsforthefinancialyearended31December2004.R&EhasobtainedapprovalfromtheJSEtore-listalloftheCompany’sissuedordinarysharesonthemainboardoftheJSEinthe“Mining:GoldMining”sectoroftheJSElistundertheabbreviatedname“Randgold”andsharecode“RNG”witheffectfromthecommencementoftradeonoraboutFriday4June2010.

4.6.2 De-registrationofUSsecurities

On24March2008,theSECissuedanOrderpursuanttoSection12(j)oftheSecuritiesExchangeAct,pursuanttowhichtheregistrationofR&E’ssharesandADRs in theUnitedStateswasrevoked.WithoutadmittingordenyingthesubstantiveallegationsintheOrder,R&EconsentedtotheentryoftheOrder.

AssetforthintheOrder,R&E’ssharesanditsAmericanDepositaryShares(“ADSs”),evidencedbyAmericanDepositaryReceipts(“ADRs”)wereregisteredunderSection12(g)oftheSecuritiesExchangeActsince1997.R&E’sADRsweretradedontheNasdaquntiltheyweredelistedon21September2005,forfailuretofileanAnnualReportonForm20-Fwith theSEC for theyearended31December2004.R&E’sADRswere thenquotedandtradedonthe“PinkSheets.”

AsaresultoftheOrderbytheSEC,nomemberofaUSnationalsecuritiesexchange,USbroker,orUSdealermaymakeuseofthemailsoranymeansorinstrumentalityofUSinterstatecommercetoeffectanytransactionin,ortoinducethepurchaseorsaleof,R&E’ssharesandADRsintheUnitedStates.TheeffectofthisorderistoprohibittradinginR&E’ssharesandADRsintheUnitedStates.

4.6.3 Atthetimeofre-listingitssharesontheJSE,nosharesofR&Ewillbelistedonanyotherstockexchange.

4.7 Major and controlling shareholders and shareholder spread

4.7.1 Shareholders are referred to paragraph 24 of the Circular which sets out, as at the last practicable date,shareholdersholdingabeneficialinterest,directlyorindirectly,of5%ormoreofthe74813128ordinaryR&Esharescurrentlyinissue.

4.7.2 R&Ehasnothad,duringthepreceding5years,norwillithaveacontrollingshareholder(asdefinedintheJSEListingsRequirements)onre-listing.

4.7.3 AsrequiredbytheJSEListingsRequirements,R&EhasasharecapitalofatleastR25millionandwillhaveapublicshareholdingofatleast300shareholdersholdingaminimumof20%ofR&Esharesinissueonre-listing.

4.8 Options and preferential rights in respect of shares

Thereisnocontractorarrangement,eitheractualorproposed,wherebyanyoptionorpreferentialrightofanykindhasbeenorwillbegiventoanypersontosubscribeforanysharesinthecompanyoritssubsidiaries.

4.9 Shares issued, other than for cash

Savefortheissuesassetoutinparagraph4.3above,noshareshavebeenissuedoragreedtobeissuedbytheCompanyoranyofitssubsidiariesinthepastthreeyearssincethelastpracticabledate,otherthanforcash.

5. FINANcIAL INFORMATION

5.1 Dividend policy

5.1.1 TheCompanywillperiodicallyconsider itsdividendpolicytotakeintoaccountprevailingmarketconditions,particular financial circumstances of the Company and future cash requirements in determining whether itwouldbeappropriatetopayadividendinrespectofanyparticularfinancialreportingperiod.

5.1.2 Subjecttoparagraph5.1.5below,thereareaccordinglynofixeddatesforthepaymentofdividendsandshouldtheCompanyresolvetopayanyordinarydividend,R&Ewilldeclareandpaysuchdividendsinrespectofanygiven financial year subject to any JSE timetable that may be applicable in respect to the declaration andpaymentofdividendsbytheCompany.

5.1.3 IntermsoftheCompany’sarticlesofassociation,anydividendthatremainsunclaimedforaperiodof3yearsafterhavingbeendeclaredbythecompanyshallreverttotheCompany.

5.1.4 Thereisnoarrangementunderwhichfuturedividendswillbewaivedorhavebeenwaived.

5.1.5 ShareholdersareremindedthatiftherevisedSettlementAgreementbecomesunconditionalastoitstermsandisimplemented,R&Ewill,assetoutintheCircular,makeacapitaldistributionofthesettlementGFIsharesand

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unbundleitsentireshareholdinginJCI(whichcomprisesthenewJCIsharesintermsoftheproposedsettlementandtheexistingJCIsharespre-settlement)toR&Eshareholdersinproportiontotheirrespectiveshareholdingsasapaymentintermsofsection90oftheCompaniesAct.

5.2 Historical financial information

ThecondensedauditedhistoricalfinancialinformationforR&E,thepreparationofwhichistheresponsibilityofthedirectors,is presented in Annexure 6 of the Circular. The condensed audited historical financial information should be read inconjunctionwiththeannualreportcontainingthereportoftheindependentauditorsasdistributedtoR&Eshareholderson29March2010.

5.3 Material changes

5.3.1 Saveassetoutinparagraph25oftheCircular,therehavebeennomaterialchangesinthefinancialortradingpositionofR&Esince31December2009untilthelastpracticabledate,otherthanintheordinarycourseofbusiness.

5.3.2 Therehasbeennochangeincontrollingshareholder(s)ortradingobjectsofR&Eoranyofitssubsidiariesinthelast5yearssincethelastpracticabledate.

5.4 Material commitments, lease payments and contingent liabilities

TheR&Egrouphadnomaterialcommitments,leasepaymentsorcontingentliabilitiesatthelastpracticabledateotherthanitsobligationsarisingfromtheLitigationSettlementAgreementandtherevisedSettlementAgreement.

5.5 Loans and borrowing powers

5.5.1 Asatthelastpracticabledate,R&Ehadnomaterialborrowings.

5.5.2 NomaterialloanshavebeenmadebyR&Eoranyofitssubsidiariessaveasdisclosedin32.3and32.4oftheCircular.

5.5.3 NeitherR&Enoranyofitssubsidiarieshavemadeanyloanstoorforthebenefitofanydirector,managerorassociateofanydirectorormanagerofR&E.

5.5.4 Thereiscurrentlynoloancapitaloutstanding.

5.5.5 TheborrowingpowersoftheCompanymayonlybevariedbyspecialresolutionandhavenotbeenexceededin thepast threeyearssince the lastpracticabledate.Noexchangecontrolorother restrictionshavebeenimposedontheCompanyoranyofitssubsidiaries’borrowingspowersinthepastthreeyearssincethelastpracticabledate.

5.5.6 TheborrowingpowersofthedirectorsaresetoutinAnnexure16oftheCircular.

5.5.7 There are no material inter-company financial or other transactions, save as set out in Annexure 15 oftheCircular.

5.5.8 Inter-companybalancesbeforeeliminationonconsolidationaresetoutinAnnexure15oftheCircular.

5.6 Working capital statement

TheBoardofR&EisoftheopinionthattheworkingcapitalresourcesofR&EanditssubsidiariesaresufficientforR&E’scurrentworkingcapitalrequirementsandwillbeadequateforaperiodof12monthsfromthedateofthere-listing.

6. EXcHANgE cONTROL REgULATIONS

ThefollowingisintendedasaguideoftheExchangeControlRegulationsandisnot,therefore,acomprehensivestatement.ShareholdersoranypartyinterestedintradingR&Esharesareadvisedtoconsulttheirprofessionaladvisersiftheyhaveanydoubtastotheeffectoftheseregulationsin,ortheapplicabilityoftheseregulationstotheirparticularcircumstances.

6.1 Emigrants from the common monetary area

Certificatestobeissuedoralreadyissuedtoanyemigrantshareholderswillorwillhavebeenendorsedanddepositedwiththeauthoriseddealercontrollingsuchemigrant’sblockedassets.IntermsoftheExchangeControlRegulations,theseR&Eshareswillnotbefreelytransferablefromthecommonmonetaryarea.TheCSDPorbrokerconcernedwillensurethatallrequirementsinrespectoftheExchangeControlRegulationsareadheredtoinrespectofanyoftheirclientsbeingR&Eshareholdersfallingintothiscategory,whethersuchclientsholdtheirsharesindematerialisedorcertificatedform.

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6.2 All other non-residents of the common monetary area

Thesharecertificatesofnon-residentshareholderswillorwillhavebeenendorsed“non-resident”.TheCSDPorbrokerconcernedwillensurethatallrequirementsinrespectoftheExchangeControlRegulationsareadheredtoinrespectofanyoftheirclientsbeingR&Eshareholdersfallingintothiscategory,whethersuchclientsholdtheirsharesindematerialisedorcertificatedform.

6.3 Shareholders in other jurisdictions

Non-residentsmustsatisfythemselvesastothefullobservanceofthelawsofanyrelevantterritoryconcerningthetradingofR&EsharesontheJSE,includingobtaininganyrequisitegovernmentalorotherconsents,observinganyotherrequisiteformalitiesandpayinganyissue,transferorothertaxesduetosuchterritory(ifapplicable).

Anyfuturepaymentstobemadetoshareholders(whetherintheformofdividendsorotherwise)whoareresidentsin,orcitizensornationalsof jurisdictionsoutsideofSouthAfricaorcustodians,nomineesor trustees for residentswhoarecitizens or nationals of other countries, may be prohibited or affected by the laws of the relevant jurisdictions. Suchpersonsshouldthereforeacquaintthemselveswithandobserveanyapplicablelegalrequirements.

7. ADDITIONAL INFORMATION

7.1 Secretarial and technical fees

Shareholdersarereferredtoparagraph35.1oftheCircularwhichsetsoutsecretarialandtechnicalfeespaidasatthelastpracticabledatebyR&Eanditssubsidiariesinaggregateoverthepast3years.

7.2 Details of subsidiaries

DetailsastoR&E’ssubsidiaries,atthelastpracticabledate,appearinAnnexure15totheCircular.

7.3 Principal immovable property owned and leased

7.3.1 Asatthelastpracticabledate,theR&EGroupdoesnotownanyimmovableproperty.

7.3.2 Asatthelastpracticabledate,R&Eanditssubsidiariesleasethefollowingimmovablepropertyassetoutbelow:

7.3.2.17thFloor,FredmanTowers13FredmanDrive,Sandown,2196,totheextentof208.94m2atagrossmonthlyrentalofR27162.19(exclVAT),commencingon1February2010andvalidforoneyearuntil1February2011.

7.4 Property and subsidiaries acquired or to be acquired

7.4.1 Saveassetoutinparagraph32oftheCircular,theR&EgrouphasnotmadeanymaterialacquisitionsintheprecedingthreeyearspriortothedateofissueofthisCircular.

7.4.2 R&Ehasnotacquiredanysubsidiarieswithinthepastthreeyears.

7.4.3 Theapplicationforre-listingdoesnotcoincide,directlyorindirectly,withtheacquisitionbytheCompany,oranyof itssubsidiaries,ofsecurities inorof thebusinessundertakingofanyotherCompany, inconsequenceofwhichthatCompanyorbusinessundertakingwillbecomeasubsidiaryoforpartofthebusinessofR&E.

7.5 Property and subsidiaries disposed of or to be disposed of

Saveassetoutinparagraph32oftheCircular,nomaterialpropertyhasbeendisposedofbytheR&EgroupduringtheprecedingthreeyearspriortothedateofissueofthisRevisedListingParticulars,norwillanysuchpropertybedisposedofintheforeseeablefuture.

7.6 Promoters’ and other interests

7.6.1 NofeehasbeenpaidtoapromoterbyR&Eoritssubsidiariesinthepastthreeyears.

7.6.2 NodirectororpromoterofR&Ehasanymaterialbeneficialinterest,eitherdirectlyorindirectly,inthepromotionoftheCompanyorinrespectofanypropertyacquiredwithinthepastthreeyears,ortobeacquired.

7.6.3 No commissions, discounts, brokeragesor other special terms havebeengrantedby R&Ewithin thepastthreeyearsinconnectionwiththeissueorsaleofanysharesinR&E.

7.6.4 NocommissionswerepaidbyR&Ewithinthepastthreeyearsinrespectofanyunderwriting.

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7.7 Material contracts

7.7.1 Shareholdersarereferredtoparagraph32oftheCircularforthematerialcontractsconcludedbyR&EinthethreeyearsprecedingthedateofissueoftheseRevisedListingParticulars.

7.7.2 Saveassetoutinparagraph32oftheCircular,nomaterialassetshavebeenacquiredbytheR&EgroupwithinthelastthreeyearspriortothedateoftheseRevisedListingParticulars.Asaconsequence,therearenobookdebtsorotherassetsthathavebeenguaranteedbyanyvendorstotheR&Egroupnorarethereanyliabilitiesfortaxationthathavetobesettledintermsofsuchacquisitions.

7.7.3 TheR&Egroupisnotsubjecttoanyroyaltyagreements.

7.8 Government protection and investment encouragement law

ThereisnogovernmentprotectionorinvestmentencouragementlawaffectingtheR&EGroup.

7.9 Expenses and listings fees

7.9.1 The expenses of the transactions contemplated in the Circular, including the re-listing are set out inparagraph36oftheCircular.

7.9.2 TheabovementionedestimatedexpenseswillbebornebyR&Eandsettledfromavailablecashresources.

7.9.3 NopreliminaryexpenseswereincurredbyR&EwithinthethreeyearsprecedingtheissuedateoftheseRevisedListingParticulars.

8. LITIgATION STATEMENT

OtherthanasdisclosedinAnnexure9totheCircular,therearenolegalorarbitrationproceedings(includinganysuchproceedingsthatarependingorthreatened)inrelationtoR&EofwhichtheBoardofR&Eisawarewhichmayhave,orhavehad,amaterialeffectonR&E’sfinancialpositionduringthepast12monthsprecedingthedateoftheseRevisedListingParticulars.

9. DIREcTORS’ RESPONSIBILITY STATEMENT

ThepresentBoardofR&Ecannotprovideanyassurancesas to thecorrectnessof thehistorical factsandallegationsandfinancialinformationcontainedintheseRevisedListingParticularswhichrelatestotheperiodprecedingthereconstitutionoftheBoardofR&Eon24August2005and in respectof the financialyearsended31December,2003,2004,2005and2006.SubjecttothecontentoftheForward-LookingStatementDisclaimer(whichappearsonpage4oftheCircular),thecurrentdirectors(whosenamesarespecifiedinonpage20oftheCircular),collectivelyandindividuallyacceptfullresponsibilityfortheaccuracyoftheinformationfurnishedrelatingtotheR&Egroup,andcertifythattothebestoftheirknowledgeandbelief,thatthereareno factswhichhavebeenomittedwhichwouldmakeanystatement falseormisleading,and thatall reasonableenquiriestoascertainsuchfactshavebeenmade,andthattheseRevisedListingParticularscontainasmuchoftheinformationrequiredbylawandintermsoftheJSEListingsRequirements.

10. cONSENTS

TheSponsorandCorporateAdvisor,Mediators,Auditorsand IndependentReportingAccountants,Attorneys, IndependentExpert,R&ESeniorCounsel,SouthAfricantransfersecretaries,andUnitedStatesDepositaryhaveconsentedinwritingtoactinthecapacitystatedandtotheirnamesbeingstatedintheseRevisedListingParticulars,andinthecaseoftheAuditorsandIndependentReportingAccountants,IndependentExpertandMediators,haveconsentedtothereferencetotheirrespectivereportsintheformandcontextinwhichtheyappearandhavenotwithdrawntheirconsentspriortothepublicationoftheseRevisedListingParticulars.

11. DOcUMENTS AVAILABLE FOR INSPEcTION

Alldocumentationreferredtoinparagraph39oftheCircularorcopiesthereofwillbeavailablefor inspectionduringnormalbusinesshoursat the registeredofficeofR&E,and theofficeof theSponsors fromWednesday,12May,2010up toandincludingFriday,4June2010.

SIGNED AT JOHANNESBURG ON 28 APRIL 2010 BY ROGER PEARCEY ON BEHALF OF ALL THE DIRECTORS OF R&E, AS LISTED BELOW, IN TERMS OF POWERS OF ATTORNEY SIGNED BY SUCH DIRECTORS

DC Kovarsky M Steyn V Botha

JH Scholes MB Madumise

RP Pearcey

CompanySecretaryJohannesburg28April2010

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ANNEXURE 23

INDEPENDENT EXPERT OPINION

TheDirectorsRandgold&ExplorationCompanyLimited7thFloor,FredmanTowers13FredmanDrive,SandownSandton,219628April2010

DearSirs

REPORT OF THE INDEPENDENT PROFESSIONAL EXPERT TO RANDGOLD & EXPLORATION COMPANY LIMITED REGARDING THE EFFECTIVE ACqUISITION BY RANDGOLD & EXPLORATION COMPANY LIMITED OF SHARES IN FREE STATE DEVELOPMENT AND INVESTMENT CORPORATION LIMITED

Introduction

MooreStephensCorporateFinancehasbeenappointedbytheboardofdirectorsofRandgold&ExplorationCompanyLimited(“R&E”or“thecompany”)toprovideanindependentfairnessopiniontotheshareholdersofR&EwithregardtotheeffectiveacquisitionbyR&Eof 6,690,610 shares in FreeStateDevelopment and InvestmentCorporationLimited (“FSD”) (“the acquisition shares”) fromJCIGoldLimited(awhollyownedsubsidiaryofJCILimited(“JCI”))on11January2010(“thetransaction”).ThetotalvalueofloansreceivablebyR&E fromJCIasat11January2011amounted toR208million.Asconsideration for theacquisitionshares, loansowingbyJCItotallingR162millionandsecuredbytheacquisitionshares(“thesecuredloans”)weredischarged(“theconsideration”).AdditionalsecuredloansowingbyJCItoR&EtotallingR46million(foratotalsecuredloanvalueofR208million)weredischargedviathedeclarationofadividendbyFSD,ofwhichJCI’sportionwasretainedbyR&Einsettlementofthisremainingloanamount.

Fairness opinion required in terms of Section 10 of the JSE Listings Requirements

Thetransaction isarelatedparty transactionasdefined insection10.1(b)(i)of theJSELimited (“theJSE”)ListingsRequirementsandthedirectorsofR&E(“thedirectors”)arerequired,intermsofsection10.4oftheJSEListingsRequirementstoobtainafairnessopinionfromanindependentprofessionalexpertastowhetherthetermsofthetransactionarefairasfarastheshareholdersofR&E(excludinganyrelatedparties)areconcerned(“thefairnessopinion”).

Responsibility

Compliancewith theJSEListingsRequirements is the responsibilityof thedirectorsofR&E.Our responsibility is to report to theshareholdersonthefairnessofthetermsandconditionsofthetransaction.

Explanation as to how the term “fair” applies in the context of the transaction

Schedule5.7oftheJSEListingsRequirementsstatesthatthe“fairness”ofatransactionisbasedonquantitativeissues.Inthecaseofthedisposalofanassettoarelatedparty,atransactionmaybesaidtobefairifthevalueoftheconsiderationreceivedisgreaterthanorequaltothevalueoftheassetthatisthesubjectofthetransaction.

ThetransactionwouldthereforebeconsideredfairtotheshareholdersofR&Eifthevaluereceivedintermsofthetransactionisequaltoorgreaterthanthevalueofthedisposalshares,orunfairifthevaluereceivedintermsofthetransactionislessthanthevalueoftheconsideration.

Details and sources of information

Inarrivingatouropinionwehaverelieduponthefollowingprincipalsourcesofinformation:

• SignedAgreementsinrespectofthetransaction;

• HistoricalFinancialinformationinrespectofJCI,R&EandFSDfortheperiodsended31December2009;

• Selectedadditional financial information in respectofJCI,R&EandFSDup to31December2009andup to28April2010(insofarasthisimpactsonthevaluationofthedisposalsharesasatthedateofthetransaction);

• JCIandR&Emanagementcalculationsinrespectofthesecuredloans,thedisposalsharesandthetransaction(“thesettlementcalculations”);

• Unauditednetassetvalue(“NAV”)statementsforJCIandR&Easat31December2009;

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• AuditedannualfinancialstatementsforR&Efortheyearended31December2009;

• AuditedannualfinancialstatementsforFSDfortheyearended31December2009;

• Signedloanagreementsandaddendumstheretoinrespectofthesecuredloans;

• Signedsuretyshipagreementsinrespectofthesecuredloans;

• DraftCirculartoR&Eshareholdersrelatingto, inter alia, thesettlementagreementbetweenJCIandR&E(“thesettlementagreement”)(“theR&Ecircular”);

• DraftCirculartoJCIshareholdersrelatingto,inter alia,thesettlementagreement(“theJCIcircular”);

• Independentcompetentperson’sreports(“CPRs”)andmineralassetvaluationreportsinrespectofthefollowingprojects,preparedbyNJOdendaal(DirectorMinxcon):B.Sc.(Geol.),B.Sc.(Min.Econ.),M.Sc.(Min.Eng.),Pr.Sci.Nat.,FSAIMM,MGSSA,MAusIMM.(CompetentValuator)andCJMuller(DirectorMinxcon):B.Sc.(Hons)(Geol.),Pr.Sci.Nat.(CompetentPerson):

– WeltevredenandJeanettegoldprojects(dated19March2010);and

– DuPreezledgerproject(dated19February2010)

• ActualandplannedexplorationanddevelopmentexpenditureinrespectofFSD’smineralprojects;

• EstimatedfundingrequirementsinrespectofplannedexplorationandenvironmentalworktobeundertakenbyFSD;

• DiscussionswithJCIandR&Edirectorsandmanagementregardingthefinancialinformationpresentedaswellasthesettlementcalculationsandtherationaleforthetransaction;

• DiscussionswiththeindependentconsultinggeologistandcompetentpersonsandwithJCIandR&EdirectorsandmanagementinrespectofFSD’smineralassetsandrights;

• DiscussionswithJCIandR&Edirectorsandmanagementandadvisorsonprevailingmarket,economic,legalandotherconditionswhichmayaffectunderlyingvalue;

• PubliclyavailableinformationrelatingtoJCI,R&EandFSDthatwedeemedtoberelevant, includingcompanyannouncements,analysts’reportsandmediaarticles;and

• PubliclyavailableinformationrelatingtotheindustryinwhichJCI,R&EandFSDoperatethatwedeemedtoberelevant,includingcompanyannouncements,analysts’reportsandmediaarticles.

Theinformationabovewassourcedfrom:

• DirectorsandmanagementofJCIandR&Eandtheiradvisors;and

• Thirdpartysources, insofarassuch informationrelatedtopubliclyavailableeconomic,marketandotherdataapplicabletoorpotentiallyinfluencingourvaluation.

Assumptions

Wearrivedatouropinionbasedonthefollowingassumptions:

• Thatallagreementsthatwillbeenteredintointermsofthetransactionwillbelegallyenforceable;and

• ThatreliancecanbeplacedontheauditedfinancialinformationofJCI,R&EandFSD.

Appropriateness and reasonableness of underlying information and assumptions

Wesatisfiedourselvesastotheappropriatenessandreasonablenessoftheinformationandassumptionsemployedinarrivingatouropinionby:

• RelianceonauditreportsinthefinancialstatementsofR&EandFSD;

• ConductingreviewsonthefinancialandeconomicdataandforecastssetoutintheCPRs;and

• DeterminingtheextenttowhichrepresentationsfrommanagementwereconfirmedbydocumentaryevidenceaswellasourunderstandingofJCI,R&EandFSDandtheeconomicenvironmentinwhichtheyoperate.

Limiting conditions

ThisopinionisprovidedtotheboardofdirectorsandshareholdersofR&Einconnectionwithandforthepurposesofthetransaction.The opinion does not purport to cater for each individual shareholder’s perspective, but rather that of the general body of R&Eshareholders.

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Individual shareholders’ decisions regarding the transaction may be influenced by such shareholders’ particular circumstancesandaccordinglyindividualshareholdersshouldconsultanindependentadvisorif inanydoubtastothemeritsorotherwiseofthetransaction.

Wehaverelieduponandassumedtheaccuracyoftheinformationprovidedtousinderivingouropinion.Wherepractical,wehavecorroboratedthereasonablenessoftheinformationprovidedtousforthepurposeofouropinion,whetherinwritingorobtainedindiscussionwithmanagement,byreferencetopubliclyavailableorindependentlyobtainedinformation.Whileourworkhasinvolvedananalysisof,inter alia,theannualfinancialstatements,andotherinformationprovidedtous,ourengagementdoesnotconstituteanauditconductedinaccordancewithgenerallyacceptedauditingstandards.

Whererelevant,forward-lookinginformationonFSD’smineralassetsrelatestofutureeventsandisbasedonassumptionsthatmayormaynotremainvalid.Consequently,suchinformationcannotbereliedupontothesameextentasthatderivedfromauditedfinancialstatementsforcompletedaccountingperiods.WeexpressnoopinionastohowcloselytheactualfutureresultsofFSD’smineralassetswillcorrespondtothoseprojected.Wherepracticable,wehavecomparedthekeyvariablessetoutintheCPRstoactualdataandtransactionsaswellasdiscussingtheassumptionsinherentthereinwithmanagement.

Wehavealsoassumedthatthetransactionwillhavethelegalconsequencesdescribedindiscussionswith,andmaterialsfurnishedtousbyrepresentativesandadvisorsofJCIandR&Eandweexpressnoopiniononsuchconsequences.

Ouropinionisbasedoncurrenteconomic,regulatoryandmarketaswellasotherconditions.Subsequentdevelopmentsmayaffectthisopinion,andweareundernoobligationtoupdate,revieworre-affirmouropinionbasedonsuchdevelopments.

Independence

In termsofschedule5.1(a)of theJSEListingsRequirements,weconfirmthatMooreStephensCorporateFinancehasnoequityinterestinJCI,FSD,R&Eorinanyotherpartytothetransaction.Intermsofschedule5.1(b)oftheJSEListingsRequirements,weconfirmthatthereisnoexistingrelationshipbetweenMooreStephensCorporateFinanceandanyofthepartiestothetransaction.

Furthermore,weconfirmthatourprofessionalfeesarenotcontingentuponthesuccessoftheproposedtransaction.

Valuation

MooreStephensCorporateFinanceperformedavaluationofFSDtodeterminethevalueofthedisposalshares.

TheprimaryvaluationmethodologyemployedtovalueFSDwastheNetAssetsvaluationmethodology.However,thevaluesoftheFSDmineralassetswasassessedbasedontheapproachesprescribedintheSouthAfricanCodefortheReportingofExplorationResults,MineralResourcesandMineralreserves(“theSAMRECcode”)andtheSouthAfricanCodefortheReportingofMineralAssetValuation(“theSAMVALcode”).

FSD’s mineral assets comprise exploration properties in the Free State Province. There are two generally accepted valuationapproachesusedinthevaluationofexplorationproperties:

• Costapproach;and

• Marketorcomparativevaluemethod

Wherepreviousandfuturecommittedexplorationexpendituresareknown,orcanbereasonablyestimated,theMultipleofExplorationExpenditures(“MME”)methodcanbeappliedtoderiveacost-basedtechnicalvalue.ThemethodrequiresestablishingarelevantExpenditureBase(“EB”)frompastandfuturecommittedexplorationexpenditure.ApremiumordiscountisthenassignedtotheEBthroughapplicationofaProspectivityEnhancementMultiplier (“PEM”),whichreflectsthesuccessorfailureofexplorationdonetodateandthefuturepotentialoftheasset.Thebasictenetofthisapproachisthattheamountofexplorationexpenditurejustifiedonapropertyisrelatedtoitsintrinsictechnicalvalue.

Wherecomparabletransactionsrelatingtothesale,jointventureorfarm-in/farm-outofmineralassetsareknown,suchtransactionsmaybeusedasaguideto,ormeansof,valuation.Foratransactiontobeconsideredcomparable,itshouldbesimilartotheassetbeingvaluedintermsoflocation,timingandcommodityandthetransactionregardedasof“arm’slength”.

We applied the standard comparative value method to FSD’s mineral assets to establish the upper valuation range for FSD.

OurlowervaluerangeascribednovaluetotheFSDmineralprojects,basedonanassessmentofthemarketforsuchpropertiesinthespecificareasinwhichtheyarelocated,andbasedonanassessmentofpossiblebuyersforsuchproperties.OurlowervaluerangeisthereforebasedonlyonFSD’scashreservesandothernetassetvalues.OuruppervaluerangeisbasedonthevaluesimpliedbytheguidancesetoutwithintheSAMRECandSAMVALcodes,withanadditionalriskpremiumandmarketabilitydiscountfactoredintothevaluationtoreflectthelimitedsaleprospectsoftheproperties.

ThevaluationswereperformedtakingcognisanceofriskandothermarketandindustryfactorsaffectingFSD.Additionally,sensitivityanalyseswereperformedconsideringkeyvaluedriverstothemineralassetvaluations.

Keyinternalvaluedriverstothevaluationsincludedestimatedgeologicaldataandfutureexplorationspend.Externalvaluedrivers,includingcommodityprices,interestrates,CPIxratesandprevailingmarketandindustryconditionswerealsoconsideredinassessingthemineralassetvaluationsandriskprofilesofFSDandJCI.

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Inundertakingthevaluationexerciseabove,incorporatingcertainassumptionsregardingthefuturerealisablevalueofFSD’smineralassets,wedeterminedavaluationrangeforFSDofR24.37toR27.25pershare,whichequatestoavaluerangefortheacquisitionsharesofR163.05milliontoR182.32million.

Procedures

Inarrivingatouropinionwehaveundertakenthefollowingproceduresandtakenintoaccountthefollowingfactorsinevaluatingthefairnessofthetransaction:

• Reviewedthetermsandconditionsofthetransaction;

• Reviewedthetermsandconditionsoftheagreementsinrespectofthesecuredloans;

• ReviewedtheauditedandunauditedfinancialinformationrelatedtoR&E,JCIandFSD,asdetailedabove;

• Helddiscussionswithdirectors andmanagementofR&EandJCI andconsidered suchothermatters asweconsidernecessary,includingassessingtheprevailingeconomicandmarketconditionsandtrends;

• Reviewed FSD’s CPRs and the basis of the assumptions therein, including the saleability and development potentialof theprojects.This review includedanassessmentof recenteffortsbyFSDtodisposeof theprojects,aswellas thereasonablenessoftheoutlookassumedbasedondiscussionswithmanagement;

• CompiledafinancialmodelusingtheinformationcontainedintheCPRsandappliedMooreStephensCorporateFinance’sassumptionsandinputstoproduceavaluationoftheFSDmineralassets;

• Performed a sensitivity analysis on key assumptions included in the financial models, specifically relating to geologicalassumptionsandexpectedprojectadvancement;

• Assessedthelong-termpotentialofFSD;

• EvaluatedtherelativerisksassociatedwithFSD,itsmineralassetsandtheindustryinwhichtheyoperate;

• ReviewedcertainpubliclyavailableinformationrelatingtoJCIandFSDthatwedeemedtoberelevant,includingcompanyannouncements,analysts’reportsandmediaarticles;and

• Where relevant, representations made by management and/or directors were corroborated to source documents orindependentanalyticalprocedureswereperformedbyus,toexamineandunderstandtheindustryinwhichFSDoperates,andtoanalyseexternalfactorsthatcouldinfluencethevalueofFSD.

Fairness Opinion

MooreStephensCorporateFinancehasconsideredthetermsandconditionsofthetransactionand,basedonandsubjecttotheconditionssetoutherein,isoftheopinionthatthetransactionisfairtotheshareholdersofR&E.

Ouropinionisnecessarilybasedupontheinformationavailabletousupto28April2010,includinginrespectofthefinancialinformationaswellasotherconditionsandcircumstancesexistinganddisclosedtous.Wehaveassumedthatallconditionsprecedent,includinganymaterialregulatoryandotherapprovalsorconsentsrequiredinconnectionwiththetransactionhavebeenfulfilledorobtained.

Accordingly, itshouldbeunderstoodthatsubsequentdevelopmentsmayaffectthisopinion,whichweareundernoobligationtoupdate,reviseorre-affirm.

Yoursfaithfully

MooreStephens(Jhb)CorporateFinance(Pty)Limited

NickLazanakis AndrewNaudeDirector Director7WestStreet 7WestStreetHoughton,2198 Houghton,2198