Ann: Formal Response to Takeover & Independent Expert Report, page-2

Excellent, so KPMG have confirmed that Ichors offer pretty much values UNV on Kangala alone and very little value for the rest. I've calculated the split of the offer by asset below. So even if we exclude the development assets and just value UNV on Kangala, NCC and their cash / debt then we would get a valuation of between 22.1c and 26.6c.

Ichor can come back at 25c or its a big fat resounding no.

	Column 1	Column 2	Column 3	Column 4
0	Asset	Method	Low	High
1	Kangala	DCF	0.151	0.166
2	NCC	DCF	0.094	0.126
3	Brakfontein	ZAR / tonne	0.003	0.007
4	Berenice	ZAR / tonne	0.027	0.044
5	Arnot South	ZAR / tonne	0.009	0.023
6	Somerville	ZAR / tonne
7	Unrestricted Cash		0.012	0.012
8	Borrowings		-0.045	-0.045
9	Other		0.009	0.007
10
11
12
13			0.26	0.34
14
15	Exclude development assets	0.221	0.266