circular to ordinary shareholders

The ALICM BEE shareholders comprise of the following:• Black Management Forum Investment Company Limited;• Eglin Investments No 30 (Proprietary) Limited;• G7 Investments Holdings (Proprietary) Limited;• Mary Jantjies Family Trust;• Newshelf 698 (Proprietary) Limited;• Newshelf 800 (Proprietary) Limited;• Platoon Trade and Invest 15 (Proprietary) Limited;• Prime Portfolio Investments “A” (Proprietary) Limited;• Saddle Path Props 20 (Proprietary) Limited;• Saffron;• XAU Investments CC;• Y Investments Limited; and• Young Women’s Christian Association – Dube Charitable Trust.The ALICM acquisition will be settled by the issue of 1 570 361 Gold Reef shares andR0,9 million in cash. The cash component will be used by the ALICM BEE shareholders tosettle various taxes arising from the ALICM acquisition.4.5 Additional disclosure in respect of the BEE shareholdersFor the purposes of determining the categorisation of the Proposed Share Exchange the ALIacquisition, the ALSH acquisition and the ALICM acquisition were aggregated as the transactingparties are similar. The aggregate of these three transactions constitute a Category 2 related partytransaction in terms of the Listings Requirements and accordingly the following additionalinformation is disclosed:14