Shareholders are referred to the detailed cautionary announcement dated 20 December 2011 which set out information relating to the distribution of shares in Sephaku Fluoride to Sephaku Holdings' shareholders in the ratio of 1 Sephaku Fluoride share valued at R0.59 per share for every 1 Sephaku Holdings share held ("the Sephaku Fluoride distribution"). The pro forma financial effects, the effective dates and the conditions precedent to the Sephaku Fluoride distribution are set out below. Documentation A circular setting out further details of the Sephaku Fluoride distribution and containing a notice convening a general meeting to consider and vote on resolutions relating to, inter alia, the Sephaku Fluoride distribution and an amendment to the company's share incentive scheme to allow for the inclusion of employees of associates of the Sephaku Holdings group, will be posted to shareholders on 7 February 2012. Withdrawal of cautionary Shareholders are advised that they are now no longer required to exercise caution in relation to the Sephaku Fluoride distribution when dealing in their Sephaku Holdings shares.